Although MDA Space believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect and there can be no assurance that actual results will be consistent with the forward- looking statements. There are a number of additional risks and uncertainties affecting or that could affect MDA Space, which could cause actual results and developments to differ materially from those described in, expressed or implied by these forward-looking statements. Accordingly, readers should ...

巴基斯坦空军成功试验国产"泰穆尔"空射巡航导弹 巴基斯坦三军新闻局3日发表声明说，巴空军当天成功试验了国产"泰穆尔"空射巡航导弹。 编辑：施予 校对：张丽媛 来源：新华社 声明说，"泰穆尔"巡航导弹能够在600公里的范围内高精度打击敌方陆地和海上目标。同时，由于配备了先进的导航和制导系统，该导弹可在极低的 高度飞行，使其能够有效躲避敌方的防空和导弹防御系统。 声明表示，该导弹的精确打击能力显著增强了巴空军的常规威慑能力和作战灵活性，进一步巩固了该国的整体防御体系。 巴基斯坦总统扎尔达里、总理夏巴兹对巴空军成功完成此次试验表示祝贺。 审核：朱稳坦 ...

德国国防部长皮斯托里乌斯在新系统启用前对媒体表示，这一系统使德国"首次获得针对远程弹道 导弹的早期预警能力"。他说，这一战略能力在"欧洲伙伴中独一无二，巩固了德国处于欧洲核心地带的 关键地位"。 德国防部消息显示，德以两国2023年11月签署"箭-3"反导系统军售合同，包含发射装置、弹药和雷 达系统。据以色列媒体报道，合同价值40亿欧元。 "箭-3"反导系统能够在大气层外拦截飞行高度达100公里的导弹及其他飞行器，最大射程2400公 里，由以色列和美国合作开发生产，2015年首次成功进行拦截测试，2017年投入部署。 新华社柏林12月3日电（记者 张毅荣 李超）德国军队3日启用从以色列进口的"箭-3"式导弹防御系 统，以加强防空能力。 据德国媒体报道，首套"箭-3"反导系统部署在柏林以南约120公里处的霍尔茨多夫空军基地，未来 还将确定另外两处部署地点。媒体援引军方消息说，该系统的雷达、发射装置和经过训练的操作人员已 经具备条件，可以在有限范围内执行防护任务。 ...

Financial Data and Key Metrics Changes - The company reported $6.6 billion in orders for the quarter, resulting in a book-to-bill ratio of 1.2, with revenue of $5.7 billion reflecting strong organic growth of 10% [14][15] - Segment operating margin was 15.9%, up 20 basis points, marking the eighth consecutive quarter of sequential margin expansion [14][15] - Non-GAAP EPS was $2.70, up 10% year over year, with a pension-adjusted EPS increase of 15% [15] - Free cash flow was approximately $450 million, impacted by temporary customer-related delays in payment, with confidence in achieving 2025 cash flow guidance [15][24] Business Line Data and Key Metrics Changes - Communication Systems (CS) delivered revenue of $1.5 billion, up 6%, driven by international deliveries and next-generation program ramp [15] - Integrated Mission Systems (IMS) revenue was $1.7 billion, up 17% organically due to multiple ISR classified programs ramping [16] - Space and Airborne Systems (SAS) revenue was $1.8 billion, up 7%, primarily driven by increased FAA volume and higher volume in airborne combat systems [16] - Aerojet Rocketdyne achieved organic growth of 15%, marking its second consecutive quarter of double-digit growth, with record revenue driven by higher production volumes [16][17] Market Data and Key Metrics Changes - The company is fully aligned with the U.S. administration's priorities for developing next-generation missile defense architecture, with significant demand for interceptors [6][9] - Aerojet Rocketdyne reached a record financial backlog of $8.3 billion, primarily to support increased demand for solid rocket motors [9] - The company is expanding its domestic manufacturing footprint across multiple states to meet national defense demand [10][11] Company Strategy and Development Direction - The company is focused on transforming its acquisition processes to enable a fast-moving industrial base, emphasizing collaboration and rapid delivery of solutions [5][6] - Investments are being directed towards expanding manufacturing capacity and modernizing facilities to support national security priorities [10][11] - The company is actively partnering with emerging technology firms to co-develop AI-enabled mission systems and resilient communication equipment [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving increased 2025 guidance, with expectations for durable, profitable growth beyond 2026 [6][14] - The ongoing government shutdown and budget challenges are acknowledged as potential headwinds, but management remains focused on execution and readiness [10][83] - The company anticipates strong fourth-quarter cash performance and is prepared to invest and deliver once funding is released [24][10] Other Important Information - The company secured a $2.2 billion award from South Korea for next-generation airborne early warning business jets, reinforcing its position as a leading integrator [18][19] - The Digital Cockpit program, built on Palantir's infrastructure, is being implemented to enhance program management and execution across the company [22][23] Q&A Session Summary Question: Outlook for ISR segment and recent wins - Management noted significant improvements in the ISR segment, with a backlog doubling in 12 months and positive outlook driven by classified program growth [30][31] Question: Managing agility in a large organization - The company has focused on empowering leadership and reducing bureaucracy to maintain agility and responsiveness in partnerships with smaller firms [35][38] Question: Outlook for Golden Dome space-based competitions - Management expressed confidence in capabilities for missile defense architecture and readiness for upcoming competitions, pending government actions [40][41] Question: Growth outlook for Aerojet Rocketdyne - Management indicated significant growth potential for Aerojet Rocketdyne, with expectations for double-digit growth driven by solid rocket motors and space propulsion [66][67] Question: International business expansion and teaming operations - The company is actively partnering globally, with a focus on resilience and interoperability, and is seeing increased international demand [71][73] Question: Multi-year contracts and their impact - Management emphasized the need for multi-year contracts to support significant production ramp-up and align investments with customer needs [90][91]

Financial Data and Key Metrics Changes - The company reported third quarter sales of $10.4 billion, representing a 4% increase compared to the prior year and a 5% increase on an organic basis [17] - Segment operating margin increased to 12.3% in Q3, driving a 10% year-over-year increase in earnings per share, which reached $7.67 [5][21] - Free cash flow increased by 72% year-over-year, with Q3 free cash flow of $1.3 billion [6][23] Business Line Data and Key Metrics Changes - Aeronautics generated sales of $3.1 billion, up 6% year-over-year, driven by higher volume on the F-35 program [17] - Defense Systems (DS) sales accelerated to nearly $2.1 billion, growing by 14% year-over-year and 19% organically [17][18] - Mission Systems (MS) achieved double-digit sales growth, with operating income increasing by 32% and segment operating margin rising to 16.7% [20] - Space Systems sales grew sequentially to $2.7 billion, although down mid-single digits year-over-year due to previous program headwinds [18] Market Data and Key Metrics Changes - International sales grew by 20% year-to-date, with a book-to-bill ratio of 1.4 at the beginning of the year [14][74] - The company achieved an exceptionally strong book-to-bill ratio of 1.17 in the quarter [5] Company Strategy and Development Direction - The company is focused on disciplined execution of its business strategy, prioritizing technology leadership and innovation to build a strong backlog of future business [4] - Investments in capacity and capability over the last six years are aimed at meeting urgent customer priorities and enhancing operational performance [5][10] - The company is exploring creative ways to accelerate program delivery and is committed to investing in American factories and workers [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustained growth due to strong bipartisan support for national security priorities and robust levels of investment [15] - The company anticipates mid-single-digit organic sales growth in 2026, supported by growth across all segments [15][26] - Management noted that the ongoing U.S. government shutdown may impact program award timing but does not expect significant financial repercussions [14][45] Other Important Information - The company has invested over $2 billion in its digital ecosystem, which is expected to yield significant improvements in product design and production [10][11] - The company is actively engaged in discussions with the Air Force regarding the acceleration of the B-21 production rate [42] Q&A Session Summary Question: Can you provide more color on FPXX and B-21 acceleration for 2026 outlook? - Management indicated that neither FPXX nor B-21 acceleration is included in the 2026 outlook, but both could provide upside to revenue in the long term [32][34] Question: Can you discuss your sourcing strategy for rare earths and supply chain risks? - Management highlighted that the company has mitigated dependency on rare earths through domestic foundries and is working with the U.S. government to establish additional supply sources [35] Question: What is the status of the B-21 production rate increase? - Management confirmed active discussions with the customer regarding the acceleration of the B-21 production rate, with clarity expected in the coming months [42][43] Question: How is the IBCS program performing and its growth potential? - Management expressed optimism about IBCS growth opportunities, particularly in international markets, with expectations for significant double-digit growth in 2026 [64] Question: What are the implications of the government shutdown on your operations? - Management stated that while the shutdown has caused some delays, they do not anticipate significant impacts on financial results if resolved soon [45][54] Question: Can you provide an update on the Lumberjack program? - Management described Lumberjack as a ground-launched counter-UAS opportunity with potential domestic and international markets, currently in development [80]

Core Viewpoint - The Pentagon has completed the design of the "Iron Dome" missile defense system, but has not disclosed cost details [2] Group 1: Project Development - The design work for the "Iron Dome" missile defense system has concluded, according to U.S. Space Force General Michael Guetlein [2] - The design is currently under review, and no further information is available for release [2] Group 2: Financial Estimates - The U.S. Congressional Budget Office estimates that the funding required for the "Iron Dome" will be significantly higher than expected, with the space-based interception component projected to cost $542 billion over the next 20 years [2] - President Trump announced the development plan for the "Iron Dome" in May, stating that the system will integrate with existing U.S. missile defense capabilities and will be able to intercept missiles launched from various locations, including space [2] - The total estimated cost for the entire system is approximately $175 billion, with plans for it to be fully operational within three years [2]

Core Points - The "Iron Dome" missile defense system, a key project for the Trump administration, has been detailed with a complex four-layer interception system, but its transition from concept to reality remains uncertain [1][2] - The system's space-based component will consist of numerous satellites for missile warning, tracking, and interception, integrating various existing satellite systems [1] - The project faces challenges in satellite development and coordination among different defense contractors, with significant uncertainties regarding the system's architecture and required infrastructure [3] Funding and Costs - The estimated cost for the "Iron Dome" system is projected at $175 billion, with Congress allocating $25 billion and an additional $45.3 billion requested in the 2026 budget [3] - Experts predict that the actual costs could exceed initial estimates, with projections indicating that space-based components alone may surpass $500 billion over the next 20 years [3] Contractor Involvement - The system will involve multiple defense contractors, with the need for effective communication between different systems being a critical bottleneck [3] - SpaceX's potential involvement is uncertain, as the company was previously seen as capable of launching the required satellites, but the government is looking to reduce reliance on it following a fallout with its founder [2]

Core Viewpoint - The Russian Foreign Ministry spokesperson, Maria Zakharova, stated that Russia will respond if it detects new threats from Japan regarding missile defense systems [1] Group 1 - Russia is closely monitoring Japan's missile defense developments and will take necessary actions if perceived as a threat [1]

Core Viewpoint - The recent conflict between Iran and Israel has highlighted vulnerabilities in advanced missile defense systems, prompting concerns for countries with similar technologies [1] Group 1: Missile Defense Vulnerabilities - Iran has successfully breached Israel's missile defense systems, with an increase in the effectiveness of its missile strikes over the course of the conflict [1] - In the first half of the conflict, 8% of Iranian missiles evaded Israeli defenses, which increased to 16% in the latter half [1] Group 2: Tactical Changes by Iran - Iran has adapted its missile launch strategies by using a wider range of launch sites and employing more advanced missiles with greater ranges [1] - The timing and patterns of attacks have also been modified, expanding the geographical distribution of targets [1]

Group 1 - Israel's "Arrow" missile defense system inventory is nearing depletion, posing a significant challenge to its ability to counter Iranian long-range ballistic missiles if the conflict is not resolved quickly [1] - The U.S. has been aware of Israel's defense system production issues for months and has been reinforcing Israel through multi-dimensional defense assets [1] - The Pentagon has deployed additional missile defense assets to the region since the escalation of the Israel-Iran conflict, but there are concerns about the rapid consumption of U.S. missile defense systems [1] Group 2 - Iran's Islamic Revolutionary Guard Corps announced the use of the "Fateh-1" hypersonic missile in a recent operation, claiming it signifies the beginning of the end for Israel's legendary defense [2] - The Iranian missile strike is described as a powerful message to Israel, indicating that Iran has complete control over Israeli airspace [2] - An Iranian official reported the downing of an Israeli F-35 fighter jet, although Israel has not confirmed this incident [2]