MDA Space Ltd. (MDA) 2026 Q2 法說會逐字稿

Good morning and welcome to the MDA space conference call and webcast. This call is being recorded on August 7, 2026 at 8:30 A.m. Eastern Time.

早安，歡迎參加 MDA Space 的電話會議與網路直播。本次電話會議將於 2026 年 8 月 7 日美東時間上午 8:30 錄音。

(Operator Instructions)

(接線員指示)

I would like to now turn the call over to Jim Floros, Vice President of Investor Relations at MDA Space.

現在我想把電話會議交給 MDA Space 投資人關係副總裁 Jim Floros。

Thank you, Melissa. Good morning, and welcome to the MDA Space second-quarter 2026 earnings call. Mike Greenley, our CEO, and Guillaume Lavoie, our CFO, will lead today's call by sharing some prepared remarks before taking your questions.

謝謝你，Melissa。各位早安，歡迎參加 MDA Space 2026 年第二季財報電話會議。我們的執行長 Mike Greenley 與財務長 Guillaume Lavoie 將先分享事先準備的發言，之後再回答各位的提問。

Before we begin, I would like to remind you that today's call is accessible via webcast on our Investor Relations website. All our disclosures, including the press release, MD&A, and financial statements, are also available on our Investor Relations website in addition to CEDAR+ and EDGAR. I would also like to remind you that today's call will include estimates and other forward-looking information, which may differ from actual results. Please review the cautionary language in today's presentation and press release. As well as our other public filings regarding various factors, assumptions and risks that could cause actual results to differ from those expressed here today. In addition, we may refer to certain non-IFRS financial measures. Although we believe these measures provide useful supplemental information about our financial performance, they do not have any standardized meaning under IFRS and our approach in calculating these measures may differ from that of other issuers and therefore may not be directly comparable.

在開始之前，我想提醒各位，今天的電話會議可透過我們投資人關係網站的網路直播收看。我們所有揭露資訊（包括新聞稿、管理階層討論與分析（MD&A）以及財務報表）除可在投資人關係網站取得外，也可於 CEDAR+ 與 EDGAR 查閱。我也要提醒各位，今天的電話會議將包含估計與其他前瞻性資訊，實際結果可能與之不同。請查閱今日簡報與新聞稿中的警示性用語。以及我們其他公開申報文件中所述、可能導致實際結果與今日所表達內容不同的各項因素、假設與風險。此外，我們可能會提及若干非 IFRS 財務衡量指標。雖然我們相信這些指標可提供有助於理解我們財務表現的補充資訊，但其在 IFRS 下並無標準化定義，且我們計算方式可能與其他發行人不同，因此未必可直接比較。

Please see the company's most recent quarterly report and other public filings for more information, including reconciliations to the nearest IFRS measures. With that, I will turn it over to Mike.

更多資訊（包括與最接近 IFRS 指標之調節表），請參閱公司最新季度報告及其他公開申報文件。接下來我把時間交給 Mike。

Thank you, Jim. Good morning, everyone, and thank you for joining us to discuss our Q2 results and also to get an update on the MDA space we are building for the future as a result of recent business activity. I'm going to present a broader range of comments than normal today. Starting with an update on Q2 and the year, followed by a discussion of organic growth, then M&A-based growth, and then I'm going to branch out into some comments on new capabilities in development and the future strategic posture of the company that is driving this recent activity. Guillaume will then take you through the quarterly financial results in more detail. To begin, let's start with the quarter and the headline numbers. Revenue in the quarter was up 34% year-over-year, leading to adjusted EBITDA of $96 million and adjusted EBITDA margin of 19.3%. This brings first half revenue to $963 million, up 33% year-over-year, leading to adjusted EBITDA of $187 million year-to-date, representing adjusted EBITDA margin of 19.4%. The strong first half reflects broad-based growth across the three business areas and provides confidence in our 2026 outlook. This meet or beat performance year-to-date has resulted in us now raising the midpoint of both our full year revenue and adjusted EBITDA expectations to $1.85 billion and $350 million, respectively, with the midpoint of our revenue guide inferring that we expect to continue our track record of delivering double-digit organic revenue growth.

謝謝你，Jim。各位早安，感謝各位加入我們，一同討論第二季（Q2）業績，並更新近期業務活動所推動、我們正在為未來打造的 MDA Space 進展。今天我將比平常提供更廣泛的評論。我會先更新第二季與全年狀況，接著討論有機成長，再談併購（M&A）帶動的成長，然後延伸說明正在開發的新能力，以及驅動近期活動的公司未來策略態勢。之後 Guillaume 將更詳細帶各位檢視本季財務結果。首先，先從本季與主要數字開始。本季營收年增 34%，帶動調整後 EBITDA 達 9,600 萬美元，調整後 EBITDA 利潤率為 19.3%。上半年營收達 9.63 億美元，年增 33%，帶動年初至今調整後 EBITDA 達 1.87 億美元，調整後 EBITDA 利潤率為 19.4%。強勁的上半年表現反映三大業務領域的全面成長，並提升我們對 2026 年展望的信心。年初至今「達標或超標」的表現，使我們將全年營收與調整後 EBITDA 預期的中位數分別上調至 18.5 億美元與 3.5 億美元；而我們營收指引的中位數也意味著，我們預期將延續雙位數有機營收成長的交付紀錄。

This continued business execution performance reflects organic growth across the entire business, including some areas that the casual observer cannot see. Most importantly, Q2 reflects continued momentum building in our order book and our proven ability to convert opportunities within our $40 billion pipeline, leading to a second quarter book-to-bill ratio of 1.6 times.

這項持續的業務執行成果，反映整體業務的有機成長，其中也包含一些外界不易察覺的領域。最重要的是，第二季反映我們訂單簿持續累積動能，以及我們已證實能將 400 億美元商機管線中的機會轉化為訂單，使第二季接單出貨比（book-to-bill）達 1.6 倍。

Several of these orders relate to government or defense work spanning multiple continents and to customers who have either expanded their initial order or issued follow-on contracts. This week, post-quarter close, Telesat expanded our scope of work on the Lightspeed LEO constellation to add 27 NDA Aurora satellites on top of the previously announced 198 satellites to be manufactured, bringing the total fully funded constellation to 225 satellites.

其中數筆訂單與橫跨多洲的政府或國防業務相關，客戶也擴大了初始訂單或簽發後續合約。本週在季後結帳後，Telesat 擴大我們在 Lightspeed 低軌（LEO）星座的工作範圍，在先前宣布將製造的 198 顆衛星之外，再新增 27 顆 NDA Aurora 衛星，使已完全到位資金支持的星座總數達 225 顆衛星。

As a result, the total value of our contract for this program has increased by $474 million, which includes these new satellites, the addition of the previously announced military Ka band capabilities, and long lead items. The Canadian Space Agency awarded us a follow-on contract valued at over $600 million to supply an advanced synthetic aperture radar satellite that will operate as a fourth satellite within the existing Radarsat Constellation mission.

因此，我們在該計畫的合約總價值增加了 4.74 億美元，包含這些新增衛星、先前宣布的軍用 Ka 頻段能力的加入，以及長交期項目。加拿大太空總署（CSA）授予我們一份價值超過 6 億美元的後續合約，供應一顆先進合成孔徑雷達（SAR）衛星，將作為現有 Radarsat 星座任務中的第四顆衛星運行。

In addition to the space segment, the scope of work includes launch, ground control enhancements, and security and data management systems. This contract builds on our successful delivery of the original Radarsat constellation mission that MDA Space designed, manufactured, and launched in 2019. The Telesat and CSA orders are an important demonstration of the dynamics of the satellite constellation market.

除太空段外，工作範圍亦包含發射、地面控制強化，以及資安與資料管理系統。此合約建立在我們成功交付原 Radarsat 星座任務的基礎上；該任務由 MDA Space 設計、製造並於 2019 年發射。Telesat 與 CSA 的訂單，是衛星星座市場動態的重要展現。

Initial orders to establish a constellation, such as RadarSat constellation mission or Lightspeed, are routinely followed by constellation expansion orders to increase capacity and eventually satellite replacement orders to ensure continuity of service into the future. Establishing sustained customer relationships on these constellations demonstrates the recurring life cycle nature of satellite orders with these constellation customers.

用以建立星座的初始訂單（例如 RadarSat 星座任務或 Lightspeed）通常會接續出現星座擴充訂單以提升容量，最終也會出現衛星汰換訂單，以確保未來服務的連續性。在這些星座專案上建立長期客戶關係，展現了與星座客戶之衛星訂單具有循環式生命週期的特性。

In addition, this quarter, Mitsubishi Electric in Japan contracted MDA Space to design and manufacture the digital payload, antennas, and other subsystems for the Japan Ministry of Defense's Next Generation Defense Communications Satellite program in geostationary orbit. MDA Space UK will deliver the advanced anti-jamming digital beamforming payload that can be dynamically reconfigured in orbit. While our team in Montreal will manufacture and test the advanced antenna solutions. This multinational delivery across two MVA Space sites demonstrates our diverse set of international capabilities. This order is also an important demonstration of the expansion of the MVA Space digital communications payloads to geosynchronous orbit satellites and not just LEO constellations.

此外，本季日本三菱電機與 MDA Space 簽約，為日本防衛省的下一代防衛通訊衛星計畫（地球同步軌道）設計與製造數位酬載、天線及其他子系統。MDA Space 英國團隊將交付可在軌動態重新配置的先進抗干擾數位波束成形酬載。而我們蒙特婁團隊將製造並測試先進天線解決方案。此跨越兩個 MVA Space 據點的跨國交付，展現我們多元的國際能力組合。此訂單亦重要地展現 MVA Space 的數位通訊酬載正擴展至地球同步軌道衛星，而不僅限於低軌（LEO）星座。

We were also selected by BAA Systems to support the US Space Systems Command NEO Epoch 2 constellation, a key element of the US multi-orbit missile warning and tracking architecture with critical payload technologies. MDA Space will design and build antennas and antenna control electronics for medium Earth orbit resilient missile warning and tracking satellites. This award is a continuation of previous work by MDA Space on the Space Systems Command's Epoch 1 constellation. As well as on the Space Development Agency's Low Earth Orbit proliferated warfighter space architecture, CON0, 1 and 2 transport and tracking layers from multiple prime contractors.

我們也獲 BAA Systems 選定，支援美國太空系統司令部（US Space Systems Command）的 NEO Epoch 2 星座；該星座是美國多軌道飛彈預警與追蹤架構的關鍵要素，並包含關鍵酬載技術。MDA Space 將為中地球軌道（MEO）具韌性的飛彈預警與追蹤衛星設計並製造天線及天線控制電子設備。此項授標延續了 MDA Space 先前在太空系統司令部 Epoch 1 星座上的工作。以及我們在太空發展署（Space Development Agency）低軌（LEO）分散式作戰人員太空架構中，CON0、1 與 2 的運輸層與追蹤層（由多家主承包商負責）所進行的工作。

The U.S. Air Force renewed its long-term contract for 49 North's global procedure designer services through a new indefinite delivery indefinite quantity agreement, which provides a ceiling value of up to $43 million through June 2031. This contract supports global military operations and extends a more than 25-year relationship between 49 North and the U.S. Department of War. And we've received a pre-authorization to proceed contract from OHB in Germany. To deliver critical lunar landing sensors for the European Space Agency's Argonaut mission. This contract allows NBA Space to begin engineering activities and procure long lead items from our UK base of operations to support Europe's flagship moon mission ahead of the anticipated full contract. The lunar landing sensor order is a reminder of the extent of NBA Space activity that is now occurring in support of return to the moon. And the creation of sustained habitats on other planets. MDA Space is now engaged in multiple lunar landing programs, in rover development programs for lunar transportation and logistics, and in lunar communication network design and development to support teams living and working there.

美國空軍透過一份新的不定期交付／不定量（IDIQ）協議，續約 49 North 的全球程序設計師服務長期合約，該協議上限金額最高可達 4,300 萬美元，期限至 2031 年 6 月。此合約支援全球軍事行動，並延續 49 North 與美國戰爭部（U.S. Department of War）超過 25 年的合作關係。此外，我們也收到德國 OHB 的「預先授權開始（pre-authorization to proceed）」合約。以交付歐洲太空總署（ESA）Argonaut 任務所需的關鍵月球著陸感測器。此合約使 NBA Space 得以在預期正式合約簽訂前，先自我們英國營運基地展開工程活動並採購長交期項目，以支援歐洲的旗艦登月任務。月球著陸感測器訂單提醒我們，NBA Space 目前正廣泛投入支援重返月球的各項活動。以及在其他行星建立可長期維持的棲地。MDA Space 目前參與多項月球著陸計畫、月面運輸與後勤的探測車（rover）開發計畫，以及支援團隊在月球生活與工作的月球通訊網路設計與開發。

And this week, our Robotic and Space Operations team received formal confirmation from the Canadian Space Agency that plans are advancing to repurpose current Canadarm3 investments to support the next phase of lunar exploration as part of the Artemis program to support a wide range of complex lunar operations. As the global effort to live and work on the Moon builds momentum, MDA Space is in a strong position to expand our involvement in this endeavor.

而在本週，我們的機器人與太空作業團隊已正式收到加拿大太空總署的確認，相關計畫正推進中，將重新運用目前對 Canadarm3 的投資，以支援 Artemis 計畫下月球探索下一階段，並支援各式各樣複雜的月球作業。隨著全球在月球生活與工作的努力持續加速，MDA Space 具備有利條件，可擴大我們在此項事業中的參與。

To enable this steady organic growth, we also continue building the operational foundation to support our growth strategy. Recently, in Montreal, we inaugurated our new high-volume satellite manufacturing facility, one of the world's most advanced in its class, doubling our manufacturing floor space. This facility was built in under two years and expands MDA space capability to meet growing global demand for advanced satellite constellations.

為了實現這種穩健的內生成長，我們也持續建構營運基礎，以支援我們的成長策略。近期在蒙特婁，我們為新的高產量衛星製造設施揭幕；該設施為同級中全球最先進之一，並使我們的製造廠房面積倍增。此設施在不到兩年內建成，並擴充 MDA Space 的能力，以滿足全球對先進衛星星座日益成長的需求。

It represents a significant step in our evolution as a world-leading digital satellite systems provider and a big milestone for our team. With MBA Chorus, our next generation Earth observation constellation, full integration of the main C-band spacecraft has been completed, with the smaller X-band satellite successfully completing its pre-shift review. We have also completed launch mission analysis with SpaceX and are now entering environmental and vibration testing phases. In addition, we are getting ready to open the doors to our new control facility in Quebec. Work is progressing well as we continue to track for launch later this year. With VIN 49 North, we completed a significant refresh of our global procedure designer product and established operationally proven expert software tool for instrument flight procedure design and sustainment updated to align with the latest regulatory criteria and data standards.

這代表我們作為全球領先的數位衛星系統供應商演進過程中的重要一步，也是我們團隊的一大里程碑。就 MDA Chorus（我們的下一代地球觀測星座）而言，主要 C 波段航天器的完整整合已完成，較小的 X 波段衛星也已成功完成其 pre-shift 審查。我們亦已與 SpaceX 完成發射任務分析，現正進入環境與振動測試階段。此外，我們也正準備在魁北克啟用新的控制設施。各項工作進展順利，我們仍按計畫追蹤於今年稍晚發射。就 VIN 49 North 而言，我們完成了全球程序設計器產品的重要更新，並將用於儀器飛行程序設計與維護、且已在營運上驗證的專家級軟體工具更新，使其符合最新的監管準則與資料標準。

In addition to the strong organic growth across MDA space, we are increasing momentum in our acquisition-based growth in accordance with our strategy. About a year ago, we closed the Satisfy acquisition in accordance with our strategy to vertically integrate where it makes sense to ensure our differentiated capability roadmaps and that acquisition continues to deliver and prove the business case that was behind it.

除了 MDA Space 各業務的強勁內生成長之外，我們也依循策略，持續提升以併購為基礎的成長動能。約一年前，我們依策略完成 Satisfy 併購案交割，在合理之處推動垂直整合，以確保我們具差異化的能力路線圖；而該併購也持續交付成果並驗證其背後的商業理由。

This past quarter, we turned our attention to geographic expansion of the company and expansion of our geo-intelligence capability. In June, we agreed to acquire Blue Canyon Technologies, or BCT, a spacecraft and satellite component manufacturer based in Colorado. BCT is a proven supplier to blue-chip US defense primes with 18 years of flight heritage, over 85 spacecraft launched and more than 3,500 products on orbit.

在本季度，我們將重點放在公司的地理版圖擴張，以及地理情報能力的擴充。6 月，我們同意收購 Blue Canyon Technologies（BCT），一家位於科羅拉多州的航天器與衛星零組件製造商。BCT 是美國一線國防主承包商的成熟供應商，擁有 18 年飛行實績、已發射超過 85 艘航天器，且有超過 3,500 項產品在軌運行。

BCT is a profitable, growing business, with 75% of their revenue attributable to defense applications and is expected to add approximately $5 billion to our opportunity pipeline once the transaction closes, estimated for Q4 2026. Bringing together our complementary product portfolios expands our total addressable market through greater participation in the spaced economy.

BCT 是一家獲利且成長中的企業，其 75% 的營收來自國防應用；交易完成後（預計於 2026 年第 4 季交割），預期將為我們的商機管線新增約 50 億美元。整合我們互補的產品組合，將透過更深度參與太空經濟而擴大我們的可服務市場總量（TAM）。

While BCT is a strong company on its own merits, we expect the combination of MDA Space and BCT to unlock meaningful synergies for our product lines. The facility security clearance that BCT maintains from the Defense Counterintelligence and Security Agency provides a direct pathway to classified US government programs and increases access to a $50 billion US defense space budget for MDA Space technologies. In addition.

雖然 BCT 本身即是一家實力堅強的公司，但我們預期 MDA Space 與 BCT 的結合，將為我們的產品線釋放具實質意義的綜效。BCT 由美國國防反情報與安全局（Defense Counterintelligence and Security Agency）維持的設施安全許可，為我們提供直接進入美國政府機密計畫的途徑，並提升 MDA Space 技術對美國 500 億美元國防太空預算的可及性。此外。

VCT's industry-leading guidance, navigation, and control technology provides high precision, high pointing accuracy, and low jitter platforms and components, supporting vertical integration opportunities within product lines such as MVA Aurora and MVA Midnight.

VCT 業界領先的導引、導航與控制（GNC）技術，提供高精度、高指向精度與低抖動的平台與元件，支援在 MVA Aurora 與 MVA Midnight 等產品線中的垂直整合機會。

Earlier this month, we announced a second transition where we entered into an agreement to acquire a majority interest in CLS, providing a unique opportunity to create a vertically integrated global space-based geointelligence leader. CLS serves more than 14,000 customers across approximately 150 countries through 41 sites in 19 countries, including a 24-hour-a-day, seven-day-a-week global monitoring command center in Toulouse, France.

本月稍早，我們宣布第二項交易，我們已簽署協議收購 CLS 的控股權，提供一個獨特機會，打造垂直整合的全球太空地理情報領導者。CLS 透過分布於 19 個國家的 41 個據點，為約 150 個國家、超過 14,000 名客戶提供服務，其中包括位於法國土魯斯、全年無休 24 小時運作的全球監測指揮中心。

It delivers advanced Earth observation monitoring and forecasting services through AI-driven multi-source data analytics and insights, supported by over 250 proprietary algorithms and models, as well as data from more than 400 satellites. CLS serves five distinct client ecosystems: environmental monitoring, energy and infrastructure, fisheries monitoring, maritime security, and mobility.

CLS 透過 AI 驅動的多來源資料分析與洞察，提供先進的地球觀測監測與預測服務；其能力由超過 250 個自有演算法與模型支撐，並結合來自 400 多顆衛星的資料。CLS 服務五個不同的客戶生態系：環境監測、能源與基礎設施、漁業監測、海事安全，以及移動性（mobility）。

The scale of operations is significant. CLS processes 30 million maritime positions daily, monitors 100% of global maritime traffic, tracks 100,000 connected mobile assets, has tracked 400,000 land and marine animals over the last 40 years and more. CLS directly integrates proprietary sensors with over 60% of their revenue tied to those in-field devices working in combination with space-based data.

其營運規模相當可觀。CLS 每日處理 3,000 萬筆海事位置資料，監測全球 100% 的海上交通，追蹤 100,000 個連網移動資產，並在過去 40 年追蹤了 400,000 隻陸地與海洋動物等。CLS 直接整合自有感測器，且其超過 60% 的營收與這些現場裝置相關，並與太空資料結合運作。

This underlying data set and access to it underpins the value that CSS provides its customers. CLS, AI and machine learning models leverage this data to produce intelligence and insights that a new market entrant simply cannot replicate easily as this takes decades to build. Combining our geo-intelligence business with CLS's profitable, cash-generating business doubles our recurring revenue base and creates significant strategic benefits.

這套底層資料集及其存取權，構成 CLS 為客戶提供價值的基礎。CLS 的 AI 與機器學習模型運用這些資料產出情報與洞察；新進入者難以輕易複製，因為這需要數十年才能建立。將我們的地理情報業務與 CLS 這項具獲利能力、可產生現金流的業務結合，可使我們的經常性收入基礎倍增，並帶來顯著的策略效益。

Once this transaction closes, targeted for Q4 '26 to Q1 '27 timeframe, CLS' global direct sales network of over 100 people immediately becomes a distribution channel for MDA Qorus, accelerating revenue generation just as we prepare to launch. Combining MDA Space upstream satellites and near real-time data services with CLS downstream analytics delivers vertical integration benefits. And establishing an MDA Space strategic presence in Europe, along with maintaining CLS's long-standing partnership with France's National Space Agency , is expected to open doors into the European space ecosystem for other MDA Space business areas. I'd now like to comment on two aspects of the emerging growth of MDA Space beyond straightforward organic and M&A-based growth activities.

待此交易完成後（目標時程為 2026 年第 4 季至 2027 年第 1 季），CLS 由 100 多人組成的全球直銷網絡將立即成為 MDA Qorus 的通路，加速營收產生，正好配合我們準備發射之際。結合 MDA Space 上游衛星與近即時資料服務，以及 CLS 下游分析能力，可帶來垂直整合效益。同時，在歐洲建立 MDA Space 的策略據點，並維持 CLS 與法國國家太空總署的長期合作關係，預期將為 MDA Space 其他業務領域打開進入歐洲太空生態系的大門。接下來我想就 MDA Space 除了單純的內生成長與併購（M&A）成長活動之外，正在浮現的成長面向提出兩點評論。

The first is the emergence of new business models in response to market demand. We've already made moves to respond to the global surge in defense spending in response to sovereignty and security programs. This has resulted in our creation of 49 North, our non-space defense subsidiary in Canada, which is now in its 1st year of execution and is steadily building its pipeline of opportunity for the future while executing on historical backlog in this area.

第一，是因應市場需求而出現的新商業模式。我們已採取行動，以回應因主權與安全計畫而引發的全球國防支出激增。這促使我們在加拿大成立 49 North（我們的非太空國防子公司）；該公司目前正處於執行的第 1 年，一方面持續執行此領域的既有在手訂單，另一方面也穩步建立未來的商機管線。

This has also resulted in our launch of MBA Midnight in April this year at the National Space Symposium, introducing this new product line of spacecraft to protect and defend satellites and constellations as part of nation's sovereignty programs. Interest in this product post-launch continues to build.

這也促成我們於今年 4 月在 National Space Symposium 推出 MDA Midnight，發表此一新的航天器產品線，用於在國家主權計畫下保護與防衛衛星及星座。該產品在發表後的市場興趣仍持續升溫。

MDA Midnight has the potential to be delivered as a spacecraft for operation by international customers, but also as a service with MDA leveraging our decades of experience in rendezvous and proximity operations on orbit and our newly constructed mission control centers in Toronto to deliver on-orbit protection and security as a service for countries and companies interested in this capability. A second area of evolving business models is in the area of AI-based analytics.

MDA Midnight 不僅可作為航天器交付給國際客戶自行運作，也可作為一項服務，由 MDA 憑藉我們在軌交會與近距作業（rendezvous and proximity operations）數十年的經驗，以及我們在多倫多新建的任務控制中心，向有此需求的國家與企業提供「在軌防護與安全即服務」。第二個正在演進的商業模式領域，則是在 AI 為基礎的分析。

Today, NBA Space conducts a range of AI-based R&D in our geointelligence business to rapidly analyze geospatial data to create information products for customers. However, with the acquisition of the CLS business, our geointelligence business will now have a much broader offering of AI-based information products and platforms to offer the world across a much broader range of application verticals. With more than 15 years of archives of the Earth and of Earth observation imagery from Radarsat-2. And significant archives at CLS, combined with CLS's 10 years of machine learning and AI-based delivery of over 7,000 information products to 14,000 customers in over 150 countries, MBA Space will be at a new level of AI-based data analysis and delivery to commercial and government customers worldwide as we enter 2027.

目前，NBA Space 在我們的地理情報業務中進行多項以 AI 為基礎的研發，以快速分析地理空間資料，為客戶建立資訊產品。然而，隨著收購 CLS 業務，我們的地理情報業務將能提供更廣泛的 AI 資訊產品與平台，並涵蓋更廣的應用垂直領域，面向全球市場。憑藉 Radarsat-2 超過 15 年的地球與地球觀測影像檔案。以及 CLS 的大量檔案資料，再結合 CLS 10 年來以機器學習與 AI 交付超過 7,000 項資訊產品、服務 150 多個國家 14,000 名客戶的經驗，當我們邁入 2027 年時，MBA Space 在面向全球商業與政府客戶的 AI 資料分析與交付能力將提升至全新層級。

Lastly, this past quarter, there has been increasing dialogue in the space sector about MDA Space moves to secure spectrum and potentially own and operate a satellite communication network. Many of you may have seen publicly disclosed information about an MDA Space filing for spectrum with Canada in support of an initiative we call SpaceRAM. This is a collaborative initiative led by MDA Space but involving a consortium of Canadian partners to leverage our MDA Aurora satellites now entering high-volume production to establish a sovereign direct-to-device and Internet of Things space network for Canada with the ability to partner and deliver capability worldwide. Investors should not.

最後，在剛過去這一季，太空產業內對於 MDA Space 為取得頻譜、並可能擁有及營運衛星通訊網路的動向，討論日益增加。許多人可能已看到 MDA Space 向加拿大提出頻譜申請的公開資訊，以支持我們稱為 SpaceRAM 的一項倡議。這是一項由 MDA Space 主導、但由加拿大合作夥伴聯盟共同參與的協作倡議，旨在運用我們現正進入大量生產的 MDA Aurora 衛星，為加拿大建立一個具主權的直連裝置（direct-to-device）與物聯網（IoT）太空網路，並具備與全球夥伴合作、在全球交付能力的潛力。投資人不應。

Assume this will represent a large investment for MDA Space as it is expected to be funded through partnerships with other very capable parties. However, SpaceRAN is a strong business opportunity for the company, adding a new line of business to our offering, extending our business models in the future.

假設這將代表 MDA Space 的一項大型投資，因為預期將透過與其他非常有能力的合作方之夥伴關係來提供資金。然而，SpaceRAN 對公司而言是一個強勁的商機，將為我們的產品與服務新增一條業務線，並在未來延伸我們的商業模式。

As we execute our business and work with partners and customers around the world, our development activities are creating new capabilities that will become more prevalent as we continue to expand as a global business. One of these areas is on-orbit compute. Following the acquisition of Sata Spy, MBA Space now designs and produces our own line of space-grade chips. These in turn lead to the development of digital satellite capability, including our own onboard processor or compute capability. In addition, we are in discussions with multiple parties about the development and launch of on-orbit compute satellites for various processing tasks in orbit. The first MDA space capability in this area will be on our MDA Chorus constellation to be launched this year, which includes a vessel detection onboard processor. A new development that will enable us to pilot onboard processing of radar data on the actual satellite for the first time. All of these development activities will result in increasing discussion of on-orbit compute and on-orbit compute satellite platforms as an MDA space development area and a topic within our pipeline in future orders. On-orbit compute will then provide a platform for on-orbit AI applications. Whereby my previous comments on leveraging AI to create information products will have the opportunity to move to the edge in the future and be a key capability on the in-orbit platforms we develop and deliver.

在我們執行業務並與全球各地的合作夥伴與客戶合作的同時，我們的開發活動正在創造新的能力；隨著我們持續擴展為全球性企業，這些能力將變得更加普遍。其中一個領域是軌道上運算（on-orbit compute）。在收購 Sata Spy 之後，MBA Space 現在自行設計並生產我們自有系列的太空級晶片。這些進而帶動數位衛星能力的開發，包括我們自有的星載處理器或運算能力。此外，我們正與多方洽談，開發並發射用於各類軌道處理任務的軌道上運算衛星。MDA 在此領域的第一項太空能力將搭載於我們預計今年發射的 MDA Chorus 星座，其中包含一個船舶偵測的星載處理器。這是一項新的開發，將使我們能首次在實際衛星上試行雷達資料的星載處理。所有這些開發活動，將使「軌道上運算」與「軌道上運算衛星平台」的討論日益增加，成為 MDA 太空的開發領域之一，並成為我們未來訂單管線中的一個主題。軌道上運算接著將為軌道上 AI 應用提供平台。因此，我先前關於運用 AI 來創造資訊產品的評論，未來將有機會移至邊緣端（edge），並成為我們所開發與交付之在軌平台上的關鍵能力。

Lastly, we are now in our second full year of formal research and development of AI applications for our enterprise operations. MBA space now has a Corporate Senior Director of AI.

最後，我們目前正進入針對企業營運之 AI 應用進行正式研發的第二個完整年度。MBA Space 現已設置企業 AI 資深總監（Corporate Senior Director of AI）。

And AI champions are being established within each of our business areas. These teams are working on a series of proof of concept initiatives on enterprise AI applications and leading the rollout of operational capability as it becomes mature.

並且在我們各個業務領域內建立 AI 推動者（AI champions）。這些團隊正就企業 AI 應用推動一系列概念驗證（proof of concept）計畫，並在能力成熟後主導營運能力的推廣上線。

MDA Space now has an operational on-premises generative AI platform that we have logically named ChatMDA that is now available to ALL4,000 employees across the company to provide rapid support to business operations.

MDA Space 現已擁有一個可運作的內部部署（on-premises）生成式 AI 平台，我們合乎邏輯地將其命名為 ChatMDA，現已提供給公司全體 4,000 名員工使用，以快速支援業務營運。

We are now using well-managed deployments of AI tools and software development to enhance productivity.

我們目前正透過妥善管理的 AI 工具部署與軟體開發來提升生產力。

Our AI teams are leading the company through a series of pilot projects to evaluate a range of additional AI use cases in a number of areas that will systematically be rolled out once operational.

我們的 AI 團隊正帶領公司進行一系列試點專案，以評估多個領域中一系列額外的 AI 使用情境，並在具備營運條件後系統性地推廣上線。

These new business models and new areas of capability under development are a natural evolution of our business into the strongest growing areas of the global markets we serve, leveraging the trends in the growth of space. Growth of sovereign defense spend and the growth of AI-based digital capabilities.

這些正在開發的新商業模式與新能力領域，是我們業務自然演進的一部分，使我們得以進入我們所服務之全球市場中成長最強勁的領域，並掌握太空成長趨勢所帶來的機會。包括主權國防支出的成長，以及以 AI 為基礎的數位能力之成長。

As a result of my remarks today, I hope that you can gain an appreciation for the strategic direction of MDA Space as we advance to the future and can understand the differentiated posture that we have as a company compared to our space peers.

基於我今天的說明，我希望各位能更理解 MDA Space 邁向未來的策略方向，並能了解相較於同業太空公司，我們作為一家公司的差異化定位。

MDA Space is a financially strong industrial company that specializes in space.

MDA Space 是一家財務穩健、專精於太空領域的工業公司。

We have a strong balance sheet, strong financial statements, persistent growth, steady profits, sustained cash generation, and disciplined targeted investment.

我們擁有強健的資產負債表、穩健的財務報表、持續成長、穩定獲利、持續的現金創造能力，以及有紀律且聚焦的投資。

Guillaume will provide commentary on this financial discipline in a few minutes.

Guillaume 將在幾分鐘後就這項財務紀律提供評論。

MBA Space is emerging into a global full-spectrum space company that is engaged in a growing market along multiple growth vectors, and we are positioned to fully benefit from global growth trends in space. Defense, sovereignty, and AI-based digital capabilities.

MBA Space 正逐步成為一家全球性的全頻譜太空公司，於多個成長向量上參與一個持續擴張的市場，並已就位以充分受益於全球太空成長趨勢。包括國防、主權，以及以 AI 為基礎的數位能力。

At the same time, our business is increasing in the recurring nature of our revenues, further stabilizing financial performance and fueling investments in our continued growth.

同時，我們的業務在收入經常性（recurring）方面持續提升，進一步穩定財務表現，並為我們持續成長的投資提供動能。

As the investment community models our future, we have been clearly communicating the pro forma impact of recent wins and recent acquisitions once they close.

在投資社群建模我們的未來時，我們一直清楚溝通近期得標與近期收購案在完成交割後的備考（pro forma）影響。

While our guidance for the year is targeted at $1.85 billion in revenue at the midpoint.

我們對本年度的指引，在中位數目標為 18.5 億美元營收。

Our pro forma company, including these recent transactions, would be $2.5 billion in 2026.

我們的備考公司（包含這些近期交易）在 2026 年將達到 25 億美元。

As we roll that business into 2027, we expect to see another year of around 50% growth compared to our 2026 close, along with more than a third of our revenue being recurring, a strong backlog, a strong pipeline and a strong balance sheet for the future.

當我們將該業務延伸至 2027 年時，我們預期相較於 2026 年結束時的規模，將再出現約 50% 的成長；同時，我們預期超過三分之一的營收將為經常性收入，並具備強勁的在手訂單（backlog）、強勁的商機管線（pipeline），以及面向未來的強健資產負債表。

I will now pass it over to Guillaume to walk through the financial results in detail.

我現在把時間交給 Guillaume，請他詳細說明財務結果。

Thank you, Mike and good morning, everyone. Before I take you through our Q2 financial results, I want to start by providing some details on our acquisition financing strategy.

謝謝你，Mike，各位早安。在我帶各位回顧我們第二季（Q2）的財務結果之前，我想先提供一些關於我們收購案融資策略的細節。

Together, the two acquisitions represent a cost of approximately $2 billion, including transaction and other fees.

兩項收購合計成本約 20 億美元，包含交易及其他費用。

We have structured the financing as a deliberate blend of equity and debt in order to maintain our conservative capital structure.

我們將融資結構設計為股權與債務的審慎組合，以維持我們保守的資本結構。

We completed a bought deal equity offering of 23 million common shares, which was upsized from 20 million shares on the strength of investor demand, raising $1.15 billion in gross proceeds.

我們完成了一項包銷（bought deal）股權發行，發行 2,300 萬股普通股；在投資人需求強勁的帶動下，規模由 2,000 萬股上調，募集總額 11.5 億美元（毛額）。

We subsequently raised an additional $600 million through the issuance of senior unsecured notes.

隨後，我們透過發行高級無擔保票據（senior unsecured notes）再募集 6 億美元。

This issue was well received. By the market and was increased above the initial indicated size. We expect the balance to be funded to a combination of existing cash and a term loan facility.

本次發行獲得良好回響。市場反應熱烈，發行規模也高於最初所指示的規模。我們預期其餘資金將由既有現金與一項定期貸款融資額度（term loan facility）的組合來支應。

We were very pleased with the success of these capital raises as the robust market demand for both equity and debt investors reflects strong endorsement of our acquisition strategy. And of MDA space in general.

我們對這些募資的成功感到非常滿意，因為股權與債務投資人皆展現出強勁的市場需求，反映出市場對我們收購策略的高度認同。以及對 MDA Space 整體的認同。

This mix of financing is expected to result in a leverage ratio within our targeted range of 1.5 times to 2.5 times net debt to last 12 months adjusted EBITDA upon closing of both acquisitions.

這樣的融資組合，預期在兩項收購完成交割後，將使槓桿比率落在我們目標區間內：淨負債對過去 12 個月調整後 EBITDA 為 1.5 倍至 2.5 倍。

I will now turn to the financials.

我現在進入財務數字。

Total revenue for the second quarter was $499 million, an increase of 34% year-over-year, driven by strong performance within all three of our business areas. Satellite systems contributed $336 million, up 44%. Driven primarily by increased volume of work on the Telesat Lightspeed program as the team continues to make progress towards completing all engineering models and the initial set of Pathfinder satellites.

第二季總營收為 4.99 億美元，年增 34%，主要受我們三大業務領域皆表現強勁所帶動。衛星系統貢獻 3.36 億美元，成長 44%。主要由 Telesat Lightspeed 計畫的工作量增加所驅動，團隊持續朝完成所有工程模型以及首批 Pathfinder 衛星的目標推進。

Robotics and space operations contributed $100 million, up 13%, driven by the increased volume of work on the Canadarm3 program as the team continues to advance work while working with the CSA to pivot robotics delivery to the lunar surface.

機器人與太空營運貢獻 1 億美元，成長 13%，主要由 Canadarm3 計畫的工作量增加所帶動；團隊在持續推進工作的同時，也正與加拿大太空總署（CSA）合作，將機器人交付轉向月球表面。

Geointelligence contributed $63 million, up 20% on higher volumes across new programs, including the I-STAR program for the Royal Canadian Navy.

地理情報業務貢獻6,300萬美元，在新專案（包括為加拿大皇家海軍提供的 I-STAR 計畫）帶動下，因出貨量提升而年增20%。

Gross profit in Q2 was $126 million, an increase of 33% over the same period last year, while gross margin of 25.3% in the quarter was in line with Q2 of last year.

第二季毛利為1.26億美元，較去年同期增加33%；本季毛利率為25.3%，與去年第二季持平。

Adjusted EBITDA in the quarter was $96 million, up 26% year-over-year as profit from higher volume. Of work was partially offset by planned investments in R&D and SG&A to support growth objectives and scaling of the business.

本季調整後 EBITDA 為9,600萬美元，因工作量提升帶動利潤增加而年增26%。部分增幅被為支持成長目標與業務規模化而規劃的研發及銷售、一般與管理費用（SG&A）投資所抵銷。

This translated into adjusted EBITDA margin of 19.3%, which was in line with our full year guidance.

因此，調整後 EBITDA 利潤率為19.3%，符合我們全年指引。

Adjusted net income of $52 million increased 13% year-over-year as higher profit was partially offset by a higher income tax rate in the quarter. This led to adjusted diluted earnings per share of $0.36 in Q2, unchanged year-over-year as higher adjusted net income was offset by an increase in average diluted shares outstanding as a result of the equity issuance.

調整後淨利為5,200萬美元，因較高利潤部分被本季較高的所得稅率所抵銷，年增13%。這使得第二季調整後稀釋每股盈餘為0.36美元，與去年同期持平；因調整後淨利增加被股權發行導致的平均稀釋流通股數增加所抵銷。

Completed earlier in March.

已於3月稍早完成。

Turning to the backlog, we ended with a very solid backlog of $4 billion, an increase of approximately $300 million compared to the first quarter of 2026. This increase was driven by net order bookings that exceeded $800 million in Q2, resulting in a solid book-to-bill ratio of 1.6 times.

談到在手訂單（backlog），期末我們的在手訂單達40億美元，較2026年第一季增加約3億美元。此增幅主要由第二季淨接單超過8億美元所帶動，使接單出貨比（book-to-bill）達到穩健的1.6倍。

As Mike touched on earlier, we are very pleased with the momentum that we see building in our order bookings. After a strong Q2, we recently announced that Telesat has extended our scope of work on the Lightspeed LEO constellation to add 27 additional MDA Aurora satellites.

如 Mike 先前提到的，我們對接單動能持續增強感到非常滿意。在第二季表現強勁之後，我們近期宣布 Telesat 已擴大我們在 Lightspeed 低軌（LEO）星座的工作範圍，新增27顆 MDA Aurora 衛星。

This adds approximately $400 million more to our backlog, which on a pro forma basis would have increased our Q2 backlog to $4.4 billion.

這將使我們的在手訂單再增加約4億美元；以備考（pro forma）計算，將使第二季在手訂單提高至44億美元。

Our $4.4 billion pro forma backlog provides revenue visibility beyond 2026 and demonstrates the scale we have compared to other players in the sector. In addition, our $40 billion pipeline opportunity.

我們44億美元的備考在手訂單，提供了2026年以後的營收能見度，並展現我們相較於同業的規模。此外，我們還有400億美元的機會管線。

Opportunity pipeline, including $10 billion and down selected our follow-on opportunities provides confidence that we have in line of sight to future order intake and backlog growth.

機會管線（opportunity pipeline），其中包括100億美元，並且下調選定的後續機會，讓我們對未來接單與在手訂單成長具備可視性與信心。

Shifting to CapEx, we spent $145 million in the first half of the year on capital expenditures compared to $98 million in the first half of last year. While this is a significant year-over-year increase, we continue to expect our CapEx to fall within the stated range of $225 million to $275 million for the full year.

轉到資本支出（CapEx），今年上半年我們的資本支出為1.45億美元，去年上半年為9,800萬美元。雖然年增幅顯著，但我們仍預期全年 CapEx 將落在既定區間2.25億至2.75億美元。

Spending on some of our larger projects moderates in the second-half of this year.

我們部分較大型專案的支出在今年下半年將趨於緩和。

Operating cash flow for the first half of the year was negative $33 million compared to positive $320 million in the first half of 2025. The year-over-year decline was mainly due to normal and expected program working capital fluctuations on major contracts. Lower cash from operations combined with higher CapEx drove free cash flow to negative $178 million in the first half of 2026 compared to positive $222 million in the same period last year.

今年上半年營運現金流為負3,300萬美元，對比2025年上半年為正3.20億美元。年減主要來自大型合約在專案營運資金上的正常且可預期波動。營運現金流降低加上 CapEx 增加，使2026年上半年自由現金流為負1.78億美元，對比去年同期為正2.22億美元。

We ended the quarter in a strong financial position with a net cash position of $153 million at the end of Q2 compared to a net debt position of $120 million as of December 31, 2025. Total available liquidity as of Q2 stood at $1.1 billion, consisting of almost $400 million in cash and available liquidity under our credit facility of approximately $700 million.

本季末我們的財務狀況強勁，第二季末淨現金為1.53億美元，對比2025年12月31日為淨負債1.20億美元。截至第二季，可用流動性總額為11億美元，包括近4億美元現金，以及我們信貸額度下約7億美元的可用額度。

As I touched on earlier, after the conclusion of the quarter, we successfully raised an additional $1.75 billion in gross proceeds to secure the financing needed to support the closing of the VCT and CLS acquisitions.

如我先前提到的，在本季結束後，我們成功再籌得17.5億美元的總募集款項，以確保支持完成 VCT 與 CLS 併購案交割所需的融資。

Moving to our outlook, we are updating our full year 2026 guidance on the strength of our first half execution.

接著談展望，我們基於上半年執行表現強勁，更新2026年全年指引。

The full year, we're now expecting revenue in the range of $1.8 billion to $1.9 billion compared to $1.7 billion to $1.9 billion previously. At the midpoint, this implies year-over-year revenue growth of approximately 13% compared to 10% previously. We now expect adjusted EBITDA in the range of $330 million to $370 million compared to $320 million to $370 million previously. At the midpoint, this implies a year-over-year growth of approximately 8% compared to 7% previously. We have made no changes to the remaining items in our guidance as we continue to expect adjusted EBITDA margins of 18% to 20%. Capital expenditures between $225 million and $275 million and free cash flow to be neutral to negative, driven by normal program working capital fluctuations, combined with the CapEx required to support our future growth.

全年營收目前預期為18億至19億美元，先前為17億至19億美元。以中位數計算，代表營收年增約13%，先前為10%。我們目前預期調整後 EBITDA 為3.30億至3.70億美元，先前為3.20億至3.70億美元。以中位數計算，代表年增約8%，先前為7%。指引其餘項目維持不變，我們仍預期調整後 EBITDA 利潤率為18%至20%。資本支出為2.25億至2.75億美元，自由現金流預期持平至為負，主要受正常的專案營運資金波動影響，並加上支持未來成長所需的 CapEx。

I would like to point out that our 2026 guidance excludes contributions from the Blue Canyon Technologies. And CLS acquisitions as both remain subject to receipt of regulatory approvals and transaction closing.

我想指出，我們的2026年指引不包含 Blue Canyon Technologies以及 CLS 併購案的貢獻，因兩案仍需取得監管核准並完成交易交割。

Before we open the call for Q&A, I wanted to provide a look into MDA space as a combined pro forma basis.

在進入問答之前，我想以合併後的備考基礎，提供對 MDA Space 的概覽。

With both BCT and CLS. Taking the midpoint of our updated 2026 guidance, MDA Space standalone revenue is approximately $1.85 billion. BCT would add approximately $225 million and CLS would add approximately $465 million. As Mike pointed out earlier, this would bring the combined entity to $2.5 billion in revenue on a pro forma basis for 2026. Further, since both DCT and CLS are established, profitable businesses, we expect to be able to maintain our overall adjusted EBITDA margin with an 18% to 20%.

在同時納入 BCT 與 CLS 的情況下。以我們更新後2026年指引的中位數計算，MDA Space 單體營收約為18.5億美元。BCT將增加約2.25億美元，CLS 將增加約4.65億美元。如 Mike 先前指出，這將使合併後實體在2026年的備考營收達到25億美元。此外，由於 DCT 與 CLS 皆為成熟且獲利的業務，我們預期整體調整後 EBITDA 利潤率可維持在18%至20%。

Guidance range.

指引區間。

Our ability to find strong acquisition targets that align with our financial profile is demonstrating the discipline of our capital allocation strategy. As a result, and as I mentioned earlier, we expect to be able to stay within our conservative leverage target ratio of 1.5 to 2.5 times net debt to last 12 months adjusted EBITDA upon closing of both transactions. We are even more excited about the opportunities ahead as both Blue Canyon Technologies, BCT and CLS expand our market reach, increases our geographic customer access and create cross-selling opportunities across a broader portfolio. We are building a stronger, more diversified MDA space.

我們能夠找到符合我們財務特徵的優質併購標的，展現了我們資本配置策略的紀律。因此，如我先前提到的，我們預期在兩項交易完成交割後，仍可維持保守的槓桿目標：淨負債對過去12個月調整後 EBITDA 為1.5至2.5倍。我們對未來機會更感到振奮，因為 Blue Canyon Technologies（BCT）與 CLS 將擴大我們的市場觸及、提升我們在不同地理區域的客戶可及性，並在更廣泛的產品組合上創造交叉銷售機會。我們正在打造更強大、更多元化的 MDA Space。

With that, operator, we are now ready for questions.

接下來，接線員，我們已準備好回答問題。

(Operator Instructions)

(接線員指示)

Your first question comes from Edison with the Deutsche Bank.

第一個問題來自德意志銀行的 Edison。

Good morning and thank you for taking our questions. First, a strategic one. You obviously laid out a much deeper, broader roadmap, much more ambitious.

早安，謝謝讓我們提問。首先是一個策略性的問題。你們顯然提出了一個更深、更廣的路線圖，也更具企圖心。

I'm wondering if there's any thoughts about kind of consolidating both the manufacturing part, obviously, of SATCOM and also the operating part. And I asked that in the context, you did talk about Space Rent and DDD. Does it make sense to kind of combine those aspects of the model?

我想了解是否有考慮整合 SATCOM 的製造端以及營運端。我這樣問的背景是，你們確實提到了 Space Rent 和 DDD。把這些模式面向結合起來是否合理？

Right now.

現在。

I think it's important for satellite systems to remain the satellite technology manufacturer that it is. We provide satellite components and subsystems to satellite manufacturers around the world. We provide satellites to satellite network operators, whether that's Earth observation or communications around the world and that's an important interface to the rest of the business.

我認為，讓衛星系統持續作為其本質上的衛星技術製造商是很重要的。我們向全球各地的衛星製造商提供衛星零組件與子系統。我們也向衛星網路營運商提供衛星，不論是用於地球觀測或全球通訊，而這是與其他業務之間一個重要的介面。

If we get into things like SpaceRAN and there's like a communication space networking operations, that is a different business model. And I think that that would be on its own, focused on sovereign Canadian activities and collaboration with others internationally. And so as we initiate these, as we move out on those things over the next future, we would probably want to keep those two activities separate.

如果我們涉入像 SpaceRAN 這類事務，並且涉及通訊太空網路的營運，那就是不同的商業模式。我認為那會是一個獨立的業務，聚焦於加拿大的主權相關活動，並與國際夥伴合作。因此，當我們啟動這些、並在未來一段時間推進這些事項時，我們可能會希望將這兩項活動分開。

You talk about AI, and I'm wondering in that context that you spoke about, you could have a lot of data, especially with CLS, but as we all see with AI, compute is a very important element. So how does one think about, how do you think about the compute aspect of kind of rolling out and enhancing your AI capabilities?

你提到 AI，我想在你剛才談到的脈絡下，你可能會有大量資料，尤其是有 CLS 的情況下；但如同我們都看到的，對 AI 而言，運算能力是非常重要的要素。那麼在推動並強化你們 AI 能力的過程中，該如何思考運算（compute）這一塊？你們又是怎麼思考運算面的？

Yeah, so we have been increasing in our on-premises facilities. We have been increasing our GPUs over the last couple of years as we've been developing increasing capability.

是的，所以我們一直在擴增自有機房（on-premises）設施。過去幾年，隨著我們能力持續提升，我們也一直在增加 GPU 的配置。

In terms of the level of compute that we would need to be able to do things like what we were just talking about, leveraging archival geospatial resources to develop algorithms that would allow us to detect and analyze.

就我們需要的運算規模而言，才能做像我們剛才談到的事情——利用歷史歸檔的地理空間資源來開發演算法，使我們能夠進行偵測與分析。

Geospatial data in real time more accurately and to be able to produce AI-based reports for customers more quickly and with more data fusion, we'll be able to have access to that. In terms of where we are going, we won't be excessive. CLS comes with a strong compute capability in its command center. They have over 900 servers in their command center today.

更即時且更精準地處理地理空間資料，並能更快速地為客戶產出以 AI 為基礎的報告、進行更多資料融合，我們將能取得所需的存取能力。就我們前進的方向而言，我們不會過度擴張。CLS 在其指揮中心具備強大的運算能力。他們目前在指揮中心有超過 900 台伺服器。

So, I think we'll be able to proceed okay with that.

所以，我認為我們用這些就能順利推進。

Your next question comes from Greg with Stifel.

下一個問題來自 Stifel 的 Greg。

Thanks. Good morning, guys. And again, also, Mike, thanks for the rundown on the roadmap. That's really helpful for us.

謝謝。各位早安。另外，Mike，再次感謝你對路線圖的說明。這對我們非常有幫助。

I think about what the company's done in the last year, but really, we have seen evidence in the last quarter. Two acquisitions, we have gotten better indicators from the ESCAPE program, and there's more to come from the medium Earth orbit opportunity there.

我在想公司過去一年的作為，但其實我們在上一季已經看到一些證據。兩起併購案、我們從 ESCAPE 計畫得到更好的指標，而且在那個中地球軌道（MEO）機會上，後續還會有更多進展。

This company has clearly built itself up to be a global prime, right, which could be a strategy that you are taking ahead of demand. It could be in response to existing demand that you are seeing. It's probably a bit of both. But if you could talk a little bit, please, about what you are seeing in existing demand, i.e., we have seen a firming up of the Halo initiative. Telesat's talked a lot about contracts from Japan, Italy, Germany, US. You yourself have gotten new contracts from Japan and Germany recently. This all feels to me like there's more coordination going on in the last year with the NATO plus countries. You see this stuff behind the wall, we don't. Can you talk a little bit without getting into specifics or things that you can't tell us, can you talk a little bit about that?

這家公司顯然已經把自己打造為全球主承包商（global prime），對吧？這可能是一種你們超前需求所採取的策略。也可能是回應你們看到的既有需求。可能兩者都有。但如果可以的話，請你談談你們在既有需求上看到什麼——例如我們看到 Halo 計畫正在趨於明朗。Telesat 談了很多來自日本、義大利、德國、美國的合約。你們自己最近也從日本與德國拿到新合約。這一切讓我感覺，過去一年在 NATO+ 國家之間有更多協調在進行。你們在幕後看得到，我們看不到。你能不能在不涉及細節或你不能透露的事情的前提下，稍微談談這件事？

Kind of what's happening with NATO+, the coordination and how you're seeing that as new opportunities for yourself.

也就是 NATO+ 的情況、協調的進展，以及你如何看待這些成為你們的新機會。

Yeah, I think that our strategic opportunities globally are following the geopolitics that we would all monitor every day, whereby there is a trend for countries to be more sovereign, more secure, more independent, stronger.

是的，我認為我們在全球的策略性機會，正跟隨著我們每天都在關注的地緣政治走向：各國正呈現更重視主權、更安全、更獨立、更強大的趨勢。

To drive economic prosperity in any one nation. All countries are working on that at the same time. The United States is doing that and they're publicly talking about pulling back a bit and not worrying about being necessarily the support to the entire globe but take care of themselves a little bit more. They are certainly increasing their spending on defense and space.

以推動任何一個國家的經濟繁榮。所有國家都在同時做這件事。美國也在做，而且他們公開談到會稍微收縮一些，不再那麼在意必須成為支援全球的角色，而是更照顧自己一些。他們當然也在增加國防與太空方面的支出。

The acquisition of BCT.

對 BCT 的收購。

In a proper, secure, foci-mitigated structure in the United States, puts us in a strong position now to have a strong arm of the company participating in that activity.

在美國以適當、安全、且能降低外部影響（foci-mitigated）的架構下，讓我們現在處於有利位置，使公司能有一個強而有力的部門參與這些活動。

Outside the United States, though, in other countries like Canada and other nations, we have that same pattern. Folks are standing up, increasing their defense spending. They want to increase security, sovereignty and economic prosperity. We are benefiting from that in Canada, as you mentioned, from programs like ESCAPE in terms of government defense spend.

不過在美國以外，在加拿大與其他國家，我們也看到同樣的模式。各方正在站出來、提高國防支出。他們希望提升安全、主權與經濟繁榮。如你所提到的，我們在加拿大正從像 ESCAPE 這類政府國防支出計畫中受益。

And you mentioned correctly that there's still lots to come on ESCAPE and then other programs in the future as part of all those programs with a defense industrial. Strategy that guides Canada to build with Canadian firms in the space domain. And so there's long legs on that part of the opportunity pipeline. Internationally though, as other countries are doing that, we're feeling a pull. So we're feeling a pull into Europe and other nations whereby in positions where we have like world-leading technology leadership such as digital satellites.

而你也說得沒錯，ESCAPE 後續還有很多內容，未來也會有其他計畫，這些都屬於國防產業相關的整體規劃之一部分。加拿大有一套國防產業策略，指引加拿大在太空領域與加拿大企業共同建置。因此，這部分機會管線具有很長的延伸性。但在國際上，當其他國家也在做同樣的事時，我們感受到一股拉力。我們感受到被拉向歐洲與其他國家；在我們具備世界領先技術領導力的領域，例如數位衛星。

Synthetic aperture radar, space-based robotic and infrastructure operations. These skill sets in a 57, 58-year-old space company are very well established and the over $1 billion of investments we have made in the last five years in our technologies and facilities have put us in a position where we are competitively very strong. And so, we are being pulled into these other nations. That's going to cause increased partnerships with other countries. It will cause us to have. More capability present in other nations like we are seeing with the CLS and us starting the process of getting set up in Europe a bit more.

合成孔徑雷達、太空機器人與基礎設施作業。這些能力在一家擁有 57、58 年歷史的太空公司中非常成熟；而我們在過去五年於技術與設施上投入超過 10 億美元，使我們在競爭上非常強勢。因此，我們正被其他國家拉進去。這將帶來與其他國家更多的合作夥伴關係。也會促使我們。在其他國家建立更多在地能力，就像我們透過 CLS 所看到的，以及我們開始在歐洲更進一步設立據點的過程。

But we will definitely be responding to growing pipeline opportunities in other nations. And because those nations want to have some form of economic prosperity in their nations, they'll be increasing partnerships or increasing little pieces of MDA space showing up in more places.

但我們肯定會回應其他國家日益成長的機會管線。而由於那些國家希望在其國內帶來某種形式的經濟繁榮，他們將會增加合作夥伴關係，或讓 MDA 太空業務的一小部分在更多地方出現。

From a coordination aspect, that is true. You've seen the public dialogue around the middle power dialogue in terms of, yes, people taking care of themselves, but also looking to collaborate more with each other. We definitely see that as an activity as well as nations try to identify what areas are they stronger at and therefore want to lead at and then.

就協調的面向而言，確實如此。你已經看到關於「中等強國對話」（middle power dialogue）的公開討論：也就是說，各國一方面照顧自己，同時也更尋求彼此之間的合作。我們也確實看到這是一項正在進行的活動，各國試圖辨識自己在哪些領域更強，因此希望在那些領域領導，然後。

What areas do they want to just get from each other. So, you saw Canada do that and buying $100 billion worth of submarines from Germany and in that contract had in exchange the expectation of $100 billion back to work to Canada.

哪些領域則希望彼此互相取得。所以，你看到加拿大這麼做：向德國採購價值 1,000 億美元的潛艦，並在合約中以對價方式期待有 1,000 億美元的回流工作量到加拿大。

Areas where Canada is really strong would be in things like what we do in space. And so we would look to be able to leverage that in those nations. So that activity is in multiple countries.

加拿大真正強的領域之一，就是我們在太空所做的這些事情。因此，我們會希望能在那些國家中加以運用這項優勢。所以這類活動正在多個國家發生。

Where you are looking for the kind of like where the relative strength is going to be. I think that Canada is in a very strong position from a space perspective in that back and forth with other nations because as the third country into space after the United States and USSR, we are sitting here with a 60-year history and a strong industrial base. And we have companies like us and like Telesat that can then do this level of interaction and engagement with the other nations and deliver like really quality. For things that the Canada is going to want from others. That's kind of the dynamic that's going on right now.

你要找的其實是相對強勢會出現在哪裡。我認為從太空領域的角度來看，加拿大在與其他國家你來我往的互動中處於非常有利的位置，因為作為繼美國與蘇聯之後第三個進入太空的國家，我們擁有60年的歷史與強大的產業基礎。而且我們有像我們以及 Telesat 這樣的公司，能夠與其他國家進行這種層級的互動與合作，並交付真正高品質的成果。就加拿大希望從他方獲得的事項而言，這大概就是目前正在發生的動態。

Really helpful. Just a quick follow-on, Mike. In terms of timing, like is this a situation where you are going to see in the next 12 months.

非常有幫助。Mike，我再快速追問一下。就時程而言，這是否屬於你在未來12個月內就會看到的情況。

More contract opportunities from outside the or inside the U.S. Or outside the U.S. When it comes to MILFAT or does it take longer? I'm just trying to figure out kind of what's happening in the planning process or how fast some of these countries are willing to act.

在 MILFAT 方面，來自美國境內或美國境外的合約機會會增加嗎？還是需要更久？我只是想了解在規劃流程中大概發生了什麼，或這些國家願意採取行動的速度有多快。

Like I think while you take a country like the United States, it always has a very active pipeline of opportunity. I think for us, we're going to close this BCT acquisition in 2026. We'll take a bit of time in early '27 to get all those folks familiar with the full capabilities of MVA space that they now have available to them to be able to take into that U.S. Government pipeline. And then the pace of pickup on those will be dependent on really when the U.S. Government procures. But that's a very active environment.

我認為像美國這樣的國家，一直都有非常活躍的機會管線。對我們而言，我們會在2026年完成這項 BCT 收購。我們會在27年初花一點時間，讓那些人熟悉他們現在可用的 MVA Space 全部能力，並能把這些能力帶入美國政府的機會管線。接著，這些機會的承接速度，實際上取決於美國政府何時進行採購。但那是一個非常活躍的環境。

I think if I was being. Conservative, I'd say that we need '27 to let them continue what they are doing and learn about us and build up a strong pipeline of opportunity that they would then start to bid on and get after as we finish '27 and head into '28. It could trip over something that's an immediate lift, but I think in any government procurement environment, it tends to be a bit of a build.

如果我要比較保守地說，我會說我們需要用27年讓他們延續目前正在做的事情、認識我們，並建立起強健的機會管線；然後在27年結束、進入28年時，他們就會開始投標並積極推進。也可能會碰到某個能立即帶來提升的案子，但我認為在任何政府採購環境中，通常都需要一段時間累積。

Your next question comes from Seth with JPMorgan.

下一個問題來自 JPMorgan 的 Seth。

Thanks very much and good morning.

非常感謝，早安。

I had one clarification and one question. On the clarification, I think when you talked about the continuing 50% growth next year, that's off of the reported dominant for this year.

我有一個釐清與一個問題。先釐清一下，我想你提到明年仍將維持50%的成長，是以今年已揭露的數字為基礎。

Of the 1.85, yeah, I understand. Well, if we closed this year at mid-point that we're guiding to at 1.85, and then you roll in the impact of closing all these acquisitions plus, then, yeah, that's what's going to happen.

以1.85為基礎，是的，我了解。嗯，如果我們今年以指引中點1.85結束，然後再把完成所有這些收購的影響納入，那麼，是的，結果就會是那樣。

Right, so that's like low double-digit proforma.

對，所以按備考（pro forma）來看就是低雙位數成長。

Okay, excellent. And then on another question, I guess just on the one capability that we didn't talk about was launch.

好的，非常好。另外一個問題，我想我們沒有談到的一項能力是發射（launch）。

We read potentially about SpaceX kind of moving back from, stepping back from Falcon as they focused increasingly on Starship.

我們看到一些報導說 SpaceX 可能在更聚焦 Starship 的同時，對 Falcon 有所後退、稍微收手。

When you think about launch and kind of your. Access to space over time, how do you think about it? Do you see Starship becoming a key vehicle for MDA to access space or other vehicles?

當你思考發射，以及你們長期的太空進入能力（access to space）時，你怎麼看？你是否認為 Starship 會成為 MDA 進入太空的關鍵載具，或是其他載具？

And how are you thinking about that move away from Falcon?

以及你們如何看待從 Falcon 轉移的這個趨勢？

I think Starship is going to be obviously a very strong capability as it comes to full operational capability. We already in our road maps for the NBA Aurora product, for example.

我認為 Starship 一旦達到完全作業能力，顯然會是一項非常強的能力。例如在我們的 NBA Aurora 產品路線圖中，我們已經。

Design configurations that are targeted at Starship as the launch platform. So our roadmaps already integrate all that thinking.

有針對以 Starship 作為發射平台的設計配置。所以我們的路線圖已經把這些思考整合進去了。

In the rest of world, access to launch as SpaceX manages their business, certainly you have a few trends.

在世界其他地區，隨著 SpaceX 經營其業務，太空發射的可取得性方面，確實有幾個趨勢。

For those that aren't configuring their technologies for Starship launch, they'll want different rocket systems to launch. In addition, countries are, as part of the whole sovereignty play that I talked about before, countries are looking for independence in their ability to design space systems, build space systems and launch space systems so that they have sovereignty in space.

對於那些不把技術配置為適配 Starship 發射的業者，他們會需要不同的火箭系統來發射。此外，各國也在我先前提到的「主權」布局下，尋求在設計太空系統、建造太空系統與發射太空系統方面的自主性，讓他們在太空中擁有主權。

Canada is no different in that regard. You've seen maritime launch systems obtain contracts, well, announce that it's moving out. Obtain contracts from the Department of National Defense, obtain contracts from ISAR in Germany, and it is aggressively carrying forward in its spaceport in Canada.

加拿大在這方面也不例外。你已經看到 Maritime Launch Systems 拿到合約——嗯，或者說宣布它正在推進——取得國防部（Department of National Defense）的合約、取得德國 ISAR 的合約，並且正積極推動其在加拿大的太空港。

NBA Space has a minority position in that spaceport, and we remain actively involved in supporting them and helping it advance in its future. And so that's going to be a thing.

NBA Space 在該太空港持有少數股權，我們仍然積極參與，支持他們並協助其推進未來發展。所以這會成為一件事。

So, as we, I think we'll see over the next year or two, we'll see more activity from countries including Canada.

因此，我認為在未來一到兩年內，我們會看到包括加拿大在內的更多國家有更多動作。

Really leaning into like medium lift launch so that folks can have access to rocket systems and spaceports in different parts of the world. But Canada remains one of those places that is publicly making moves to increase independent capability there as well.

更積極投入像是中型運力（medium lift）的發射，讓各方能在世界不同地區取得火箭系統與太空港的使用權。但加拿大仍是其中之一，正公開採取行動以提升其獨立能力。

Your next question comes from Benoit with De Jardin.

下一個問題來自 De Jardin 的 Benoit。

Yes, thank you very much.

是的，非常感謝。

Mike, just on SpaceRan, your filing describes the initial service in 2029 with the potential requirement for about 170 satellites. So would it be fair to say that it's a $3 billion plus revenue opportunity and would it be part of your current bidding pipeline and what about the. The next steps for space rent.

Mike，關於 SpaceRan，你們的申報文件描述初始服務在2029年，且可能需要約170顆衛星。那麼是否可以說這是一個超過30億美元的營收機會，而且它會在你們目前的投標管線中嗎？以及SpaceRan 的下一步是什麼？

Yeah. So, I wouldn't want to comment on forecast and revenue potential there. These networks are certainly strong opportunities. There's no doubt about that.

是的。我不想對那裡的預測與營收潛力發表評論。這類網路確實是很強的機會。這點毫無疑問。

It is not in our pipeline. So when we talk about our. Our $40 billion pipeline or $5 billion more coming into our pipeline from the close of Blue Canyon Technologies, those types of things.

它不在我們的管線中。所以當我們談到我們的400億美元管線，或因完成 Blue Canyon Technologies 交割而新增進入我們管線的50億美元等這些事情時。

Anything from the Space Ram is not in that pipeline. That's a separate business development activity that we are involved in with others on top of them. In terms of next step, the Canadian government is going through a series of consultations regarding spectrum and spectrum allocation to various players. We are actively involved in responding to those. Conversations, consultations I mean, and so we'll go through that process while in parallel we continue to advance the design of that constellation and are in communications with potential anchor customers for that constellation both in Canada and around the world. So there's a team of people that work on that every day and they'll continue with their work.

任何來自 Space Ram 的內容都不在那個管線裡。那是我們與其他夥伴共同參與、獨立於上述之外的業務開發活動。就下一步而言，加拿大政府正在就頻譜與頻譜分配給各方參與者進行一系列諮詢。我們正積極參與並回應這些。我指的是對話、諮詢；因此我們會走完這個流程，同時我們也會並行推進該星座的設計，並與加拿大及全球的潛在主力客戶（anchor customers）就該星座進行溝通。所以有一個團隊每天都在做這件事，他們會持續推進。

That's a great update. And just in terms of follow-up related to Canadarm3, following yesterday's announcement, can you walk us through what happens to the existing Phase C&D and what can we expect the new scope to be defined?

這是很好的更新。另外就 Canadarm3 的後續問題，隨著昨天的公告，你能否帶我們了解既有的 C&D 階段會如何處理，以及我們可以期待新的範疇何時會被界定？

So right now, we have always said that with this transition.

所以目前，我們一直都說在這次轉換之下。

Following the ignition event announcements that the Canon 3 program continues full steam ahead, so it does continue full steam ahead, the teams continue to work on their designs and development, but the end use of those designs and developments. Is the thing that's going through the adjustment at the moment. It was great to see and we really appreciate Canada's announcing their support for this, what we call the pivot, but focusing on the lunar surface and we are going to work through that now in terms of like contractually what that looks like to make sure that all that gets dependentized properly as we go forward into the future. But the teams.

在點火事件的公告之後，Canon 3 計畫仍全速推進，因此確實持續全速前進；各團隊持續進行設計與研發工作，但這些設計與研發的最終用途。是目前正在調整中的事項。很高興看到，也非常感謝加拿大宣布對我們所稱的「轉向」（pivot）的支持，將重點放在月球表面；我們現在會就合約層面逐步推進，釐清其具體樣貌，以確保在未來推進過程中，所有事項都能被妥善依賴化（dependentized）處理。但各團隊。

Continue working within the same sort of high-level financial scope and timeline frameworks that you are used to modeling.

將在你們一向用來建模的同一類高層級財務範疇與時程框架內，持續推進工作。

Your next question comes from Ken with RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Ken。

Hey, good morning, Guillaume. Good morning, Mark. This is Steve's track office for Ken.

嗨，早安，Guillaume。早安，Mark。我是代 Ken 發言的 Steve。

Just the first question, in terms of the second-half implied revenue growth, from doing the math to midpoint, I think it's about 2%, give or take, which I would assume implies some slowdown in the satellite systems. Can you maybe just walk us through, are you guys running into capacity issues or not even issues, but just capacity constraints currently in terms of kind of working through that contract? Can you just kind of talk us through the kind of the step down. From first half to second-half, in terms of the growth.

第一個問題，關於下半年隱含的營收成長，按中位數簡單算一下，我認為大約是 2% 左右，上下些許浮動；我猜這可能意味著衛星系統業務有些放緩。你們能否說明一下：你們目前在推進那份合約時，是否遇到產能問題——或不一定是問題，但是否有產能限制？能否帶我們理解一下這種下滑。也就是從上半年到下半年，在成長方面的變化。

I'm just going to say before, yeah, we don't have any capacity issues in NBA space. Go ahead, Gill.

我先說一下，是的，我們在 NBA 領域沒有任何產能問題。Gill，你接著說。

I was just about to say the same. Good morning, Steve. So look, first of all, we had a very strong first half, and that demonstrates that we're executing as per our plan. So absolutely no capacity issues of any kind. The second thing is we've raised the midpoint of our guidance. We're now looking at 13% growth year on year versus 10%, so that's positive. What's happening really is because we're executing so well. We've now recognized a lot of revenue on, let's say, the Globalstar next generation LEO constellation coming from just suppliers delivering and basically delivering components, subsystems, and that's expected to slow down a little bit in the second-half as we will now transition gradually to the assembly integration and testing phase for that program. That's just one example.

我正要說同樣的話。早安，Steve。首先，我們上半年表現非常強勁，這也證明我們正依照計畫執行。所以完全沒有任何形式的產能問題。第二點是，我們上調了財測指引的中位數。我們現在看的是年增 13%，而不是 10%，這是正面的。實際上發生的是，因為我們執行得非常好。我們已經在例如 Globalstar 下一代 LEO 低軌星座計畫上認列了相當多的營收，主要來自供應商交付、也就是交付零組件與子系統；而在下半年，隨著我們逐步轉入該計畫的組裝、整合與測試（AIT）階段，這部分預期會稍微放慢。這只是其中一個例子。

And so, we don't expect anything super significant, but perhaps a bit of a slowdown just because of the pace of our program execution being on track, and so that's all normal.

因此，我們不預期會有任何非常重大的變化，但可能會稍微放緩一些，主要只是因為我們的專案執行節奏如期推進，所以這一切都很正常。

The last thing is, obviously, we would not want anybody to expect that the second-half would be the run rate for 2027. As Mike stated, we see some organic growth next year on top of obviously all the acquisitions that we will be closing.

最後一點是，顯然我們不希望任何人把下半年視為 2027 年的常態化運行水準（run rate）。如 Mike 所說，明年我們會看到一些有機成長，此外還有我們將完成交割的所有併購案所帶來的成長。

And so, from our perspective with the bookings that we just did in Q2 with our strong backlog. Some other programs are going to gradually start ramping up, and hence, we're going to see some solid organic growth next year as well.

因此，從我們的角度來看，憑藉我們在第二季完成的接單，以及強勁的在手訂單（backlog）。其他一些專案將會逐步開始爬坡，因此我們明年也會看到相當扎實的有機成長。

That's really helpful color, and apologies for the word capacity.

這些補充說明非常有幫助，也為我用「產能」這個詞道歉。

I should try to rephrase that a little bit better just in terms of kind of application.

我應該把它重新表述得更好一些，主要是就應用面來說。

As a quick follow-up, one thing that you guys maybe didn't talk about was of course. Certainly, with the CLS acquisition, course becomes quite a bit more focused. Can you just kind of level set up on course?

快速追問一下，你們剛才可能沒有談到的一點是，當然。尤其在收購 CLS 之後，Chorus 顯然變得更受關注。你們能否幫我們把 Chorus 的狀況重新校準一下？

Timeline for launch and just kind of where we are with that.

包括發射時程，以及目前進度大概到哪裡。

Yeah, we remain on track with Chorus. We have said that we'll get that targeted for launch this year. It is.

好的，我們在 Chorus 方面仍按計畫進行。我們先前說過，目標是在今年發射。確實如此。

I had made like a few remarks there when I was talking whereby the one satellite has done its pre-shipment review. The larger satellite is a long way through all of its final testing. It's just doing some final vibration testing and stuff at the moment.

我之前在談到這部分時也提過幾點，其中一顆衛星已完成出貨前審查（pre-shipment review）。較大的那顆衛星也已完成大部分最終測試。目前正在做一些最後的振動測試之類的工作。

And the ground systems to be able to operate the satellite are in a position where they have everything, they need to be able to launch. And so, yeah, so we're in a good spot for that as we go through the next few months. That'll get all tightened up and then we're targeting launch before the end of the year.

而用來操作衛星的地面系統也已具備所有所需條件，能夠支援發射。所以，是的，接下來幾個月我們在這方面處於不錯的位置。我們會把所有細節再收斂確認，並以年底前發射為目標。

Your next question comes from Justin with Morgan Stanley.

下一個問題來自 Morgan Stanley 的 Justin。

Hi. Good morning. Thanks for taking the questions.

嗨。早安。謝謝讓我提問。

If I take the comments around '27 being 50% higher than this year, it looks like it would imply just shy of 10% growth year-over-year off the '26 pro forma levels. Do we have that right? And if so, what would drive the deceleration next year given all the momentum we're talking about on new awards? And then maybe since you threw out the 50% mark, maybe you could just give us a flavor roughly for underlying MDA growth next year?

如果我把你們提到「27 年比今年高 50%」的評論換算一下，看起來意味著相對於 26 年的備考（pro forma）水準，年增略低於 10%。我們這樣理解對嗎？如果是，那在我們談到新案得標動能這麼強的情況下，明年成長為何會減速？另外，既然你們提到了 50% 這個數字，或許也能大致分享一下明年 MDA 本業的底層成長（underlying growth）大概會是什麼樣子？

I think that we normally give all of our guidance and stuff in Q1 of the year and we'll continue with that pattern in terms of formal guidance.

我想我們通常會在每年第一季提供所有指引等資訊，正式指引方面我們也會延續這個慣例。

All I was saying as a minimum bar in terms of like just continued expectations of the company that in the combination of organic growth and M&A based growth, we continue to make significant strides in advancing the size and global scale of the business.

我剛才所說的，只是作為一個最低門檻（minimum bar），也就是對公司持續表現的基本期待：結合有機成長與併購帶來的成長，我們會持續在擴大業務規模與全球化版圖方面取得顯著進展。

Making that comment to be able to indicate that we're making organic and acquisition-based moves to really continue the pace of growth in a strong way. As we go through Q4, all of our forecasting and next year models and five-year models are all updated and reviewed with our Board of Directors, and then we come out with our guidance in the new year. So that's when that will occur. I don't have any expectation of a declining rate of growth. In NBA.

我提出那段話，是為了表明我們正透過有機與併購兩方面的動作，持續以強勁的方式維持成長步伐。進入第四季後，我們會把所有預測、明年模型與五年模型更新，並與董事會一起檢視，然後在新年度對外發布指引。所以會在那個時點發生。我並不預期成長率會下滑。在 NBA。

Okay, great, that's helpful. And then maybe just one on the recent Telesat expansion. Can you just talk a little bit about sort of the timing of revenue recognition there and how much, if there's any impact even this year, and then looking out further, and even TAP to prime the UHF and Nexstand portion of Escape. I know there might be not a ton you can talk about at this point, but. Can we just sort of maybe ring fences the opportunity for MDA on that portion and rough sense of timing there, too? Thanks.

好的，很好，這很有幫助。接著想問最近 Telesat 擴充的部分。你們能否談談那邊營收認列的時間點，以及今年是否會有任何影響（如果有的話），再往後看；另外，甚至 TAP 作為主承包商（prime），在 Escape 的 UHF 與 Nexstand 部分。我知道你們此刻可能不方便談太多，但。我們能否大致圈定（ring-fence）一下 MDA 在那一部分的機會，以及大概的時程？謝謝。

Yeah, of course. So, Justin, good morning. So, yeah, I mean, we have been working with Talisat on the military cave and implementation into the constellation.

好的，當然。Justin，早安。是的，我們一直在與 Talisat 合作，將軍用能力（military cave）導入並整合到星座系統中。

They contracted us for some long lead time items already. And so, for 2026, the change is not super material, but we are going to gradually start ramping up in 2026.

他們已經就一些長交期項目（long lead time items）與我們簽約。因此對 2026 年而言，這項變更並非特別重大，但我們會在 2026 年逐步開始拉升（ramp up）。

For 2027, then yes, that's a big increase. In terms of our revenue that's going to contribute to the organic growth next year. You can think of an increase in excess of $150 million.

就 2027 年而言，是的，那是一次大幅增加。就我們的營收而言，這將有助於明年的有機成長。你可以把它想成超過 1.5 億美元的增量。

And then it's largely the same for 2028, and then we'll finalize everything in 2029. So, it does contribute to the growth profile for 2027 and for 2028 in quite a sizable way.

接著 2028 年大致也是一樣，然後我們會在 2029 年把所有事情定案。因此，它會以相當可觀的幅度，對 2027 年與 2028 年的成長輪廓做出貢獻。

Okay, great. And just to be clear, that's just the Telesat expansion that you announced, but the other portion of ESCAPE is still to come?

好的，很棒。再確認一下，那只是你們宣布的 Telesat 擴建案，但 ESCAPE 的其他部分還在後面？

Oh, of course. Yeah, so the ESCAPE program will be at least larger than what Telesat has announced this week.

喔，當然。是的，所以 ESCAPE 計畫至少會比 Telesat 本週宣布的規模更大。

The timing of the awards will depend on how fast the government can move, but that will provide more updates as we go. But that's an entirely different work stream for us, and it will be a very large contract.

授標時程將取決於政府推進的速度，但我們會在進展過程中提供更多更新。不過那對我們而言是完全不同的工作流，而且會是一份非常大的合約。

It's really good, actually. It's hard to predict the exact timing. I know you guys will all be looking for that but complements to Canada here.

其實真的很好。很難預測確切的時間點。我知道你們都會在找那個，但也算是對加拿大的肯定。

In terms of moving forward with the increase in Defence spend, having the Defence Industrial Strategy and using it, establishing the Defence Investment Agency and moving forward in new methods of procurement such as these strategic agreements. So, the fact that we have gone from signing a strategic agreement with the government last November through the initial phases of a defense contract in the old systems would have taken multiple years. We're sitting here in less than a year having moved through initial phases and then seeing a portion of the contract of the program, the KA-band portion now being contracted. It's excellent. And so, we will continue to work in this strategic agreement framework with MBA Space being the prime on the UHF and X-band portions of the constellation to be able to have the NEO constellation portions developed and made operational.

就推動國防支出增加而言，包含制定並運用《國防產業策略》，成立國防投資署，並以這類策略協議等新型採購方式向前推進。因此，我們從去年 11 月與政府簽署策略協議開始，到在舊體系下國防合約的初期階段原本需要好幾年。而我們在不到一年就走完初期階段，並看到該計畫合約的一部分——也就是 KA 頻段部分——現在已經簽約。這非常出色。因此，我們將持續在這個策略協議框架下運作，由 MBA Space 擔任星座中 UHF 與 X 頻段部分的主承包商，以便能夠把 NEO 星座的各部分開發完成並投入營運。

And then we will, so we'll continue with that work. It's got to go through all the necessary definitions and approvals to be able to get there, but it's been excellent seeing us all work together in a new way with very positive outcomes as we move forward into the future.

接著我們會——所以我們會持續推進這項工作。它必須經過所有必要的定義與核准才能到達那一步，但看到大家以新的方式合作、並在邁向未來的過程中取得非常正面的成果，真的很棒。

Your next question comes from Konar with Scotiabank.

下一個問題來自豐業銀行（Scotiabank）的 Konar。

Thanks, and good morning, Mike and team.

謝謝，早安，Mike 與團隊。

The first one, in terms of your growth opportunities, do you think MDA is pivoting in a big way to defense and sovereign from commercial? And if you are, is it because that's where demand is growing faster or because competition is getting. Tougher in commercial.

第一個問題，關於你們的成長機會，你認為 MDA 是否正在大幅從商業轉向國防與主權（客戶）？如果是，原因是因為那邊需求成長更快，還是因為商業領域的競爭變得更激烈？

No, we still are very balanced in commercial and government. I think that in our remarks today, just because of the little burst that we've just had, and the questions around the overall market and trends globally, the sovereign conversation is driving a lot of that dialogue.

不，我們在商業與政府之間仍然非常均衡。我想今天我們的談話之所以會這樣，主要是因為我們剛出現一小波動能，以及大家對整體市場與全球趨勢的提問，使得主權相關的討論帶動了很多對話。

But commercial remains strong, space remains an affordable place to access and do business, and. Our pipeline, when we talked a year and a half ago about having a $20 billion pipeline, and then we came around this year and said we had a $40 billion pipeline.

但商業端仍然強勁，太空仍是可負擔、可進入並可做生意的領域，而且。我們的案源（pipeline），當我們在一年半前談到有 200 億美元的 pipeline，然後今年我們又說有 400 億美元的 pipeline。

A bunch of that growth was through defense and sovereign activity, but it also included commercial growth, and there's still a very strong commercial component in all of our conversations all the time.

其中相當一部分的成長來自國防與主權相關活動，但也包含商業端的成長，而且在我們所有的對話中一直都有非常強的商業成分。

We still have strong commercial space networks, the commercial space station opportunities are still out there, commercial activities on the moon are still out there, and so there's still a really strong commercial activity.

我們仍然有強勁的商業太空網路，商業太空站的機會仍然存在，月球上的商業活動也仍然存在，所以商業活動依然非常強勁。

Thanks, and if I can follow-up, I think there's a lot of discussion these days about capacity constraints in launching orbital spacecraft.

謝謝，如果我可以追問，我想最近大家對於軌道航太器發射的運力限制有很多討論。

And I don't know what the future holds, but obviously Canada is doing something on that front, and we are seeing some activity around the world as well.

我不知道未來會如何，但顯然加拿大在這方面正在做一些事情，我們也看到全球各地有一些動作。

In the number of spacecrafts that are contemplated to be launched in the future and US expediting some of the approval processes, et cetera.

就未來預計要發射的航太器數量，以及美國加速部分核准流程等等。

Do you think the capacity constraint launch is coming in the way of your discussions with customers in converting those pipeline opportunities into contracts?

你認為發射運力的限制，是否正在影響你們與客戶的討論，進而影響把這些 pipeline 機會轉換成合約？

We have not seen that yet, no.

我們目前還沒有看到這種情況，沒有。

No, like I have not been in a conversation where someone said, we are adjusting our timelines, blah, based on launch, that is not occurring, no.

沒有，我沒有在任何對話中聽到有人說，因為發射因素而調整我們的時程之類的，沒有發生，沒有。

Okay, so it's a pretty active discussion still and the expectation is that the launch capacity will improve over time.

好的，所以目前討論仍然相當活躍，而預期發射運力會隨時間改善。

Yes, I believe so. Yes. And people are in their various conversations around launch. Yeah. So, any time that customers are talking about their timelines and things, it's always just in relation to their business models, their anchor customers, their access to financing, all the normal business things. I have not been in any conversations where people are adjusting timelines based on access to launch.

是的，我相信會。是的。而且大家也都在各自就發射進行各種討論。是的。所以，任何時候客戶在談他們的時程與各種事項，通常都只是與他們的商業模式、他們的主力客戶（anchor customers）、他們取得融資的能力，以及所有一般的商業因素有關。我沒有在任何對話中遇到有人因為取得發射的可得性而調整時程。

Ladies and gentlemen, that is all the time we have for today. Any remaining individuals with questions, please reach out to the MDA space IR team. I will turn the call back over to Mike Greenley.

各位女士先生，今天的時間就到這裡。若仍有任何人士有問題，請聯繫 MDA space 的投資人關係（IR）團隊。我把電話交回給 Mike Greenley。

Thanks, everyone. Thanks for the conversation. A lot of information exchanged today. I hope that that is helpful. We are certainly very pleased with the level of progress that we're making with the business, and we look forward to meeting again in this mode next quarter. Thanks a lot. Have a great day.

謝謝各位。謝謝今天的交流。今天交換了很多資訊。希望這些內容對大家有幫助。我們對業務推進的進展程度當然非常滿意，也期待下個季度以同樣方式再與各位見面。非常感謝。祝各位有美好的一天。

Ladies and gentlemen, this concludes today's conference call.

各位女士先生，今天的電話會議到此結束。

Thank you for participating. You may now disconnect.

感謝各位參與。您現在可以掛線。