J P M O R G A N North America Equity Research 07 August 2026 MDA Space First Look at Q2 Earnings MDA posted a solid quarter, in our view, with sales and adj EBITDA each 7-8% above our forecasts and modestly higher guidance. Importantly, contract wins announced during the quarter with the Canadian Space Agency and Japan's Ministry of Defense meant that MDA returned to growing its backlog. Cash flow fell a bit short, but we assume MDA can recover this in 2H. We anticipate a portion of the call today will focu ...