When have you ever had a scenario where a huge portion of a G7 country’s future space/sovereign defence budget can flow to one public company. $MDA / $ MDA.TO / $ MDALF • This is the five eyes and allies sovereignty thesis. $MDA is one of the only scaled non-US space primes that NATO and allied governments can lean on when they want sovereign space capability, but don’t want to be dependent on SpaceX and the US (industry still feeling effects of Musk/Ukraine). • Canada moving hard towards its own space capabilities. Europe moving away from US (also US moving away from EU/NATO). Militaries need LEO comms, surveillance, Arctic coverage, maritime domain awareness, more satellites, etc. Sovereignty is the new trend and $MDA is a huge beneficiary. Laying out a bunch of catalysts below. • Obviously $MDA is well known in the industry. Works or partnered with Airbus, TSAT GSAT LHX RKLB Hanwha ($000880.KS) VOYG/Starlab DND CSA ESA etc. All 5 US primes for SDA use components from $MDA • Compared to US peers, valuation gap is crazy. $MDA is profitable, growing, already has insane ISS heritage, and since IPO on TSX (2021) the business has compounded revenue at ~32% CAGR but analysts are modeling future revenue growth till 2029 at 12% (!). Crazy that at a time where Canada is full steam ahead on defence /space/Arctic etc. that $MDA's growth significantly decelerates, whereas they were growing at 32% for the past 5 years when the industry was mainly US/foreign primes. Also, Canada does not have a bunch of primes competing for the same contracts, they are the ONLY Canadian scaled, trusted, space partner with decades of experience. • Last earnings, $MDA showed a backlog of ~$4b CAD with a pipeline of ~$40b CAD. The pipeline DOUBLED year over year with $ 10b of that downselected to them. A lot of the below contract are still in the beginning /design phases. $MDA is about go on a huge run of contract award announcements (contract award list attached in thread) • One of the biggest catalysts coming up is the ESCP-P (Polar mission). Yesterday during TSAT's earnings call, the CEO mentioned they are in advanced stages with the Canadian gov and it should be awarded over the coming months. This is a >$5b program none of which is not even recognized in the backlog yet (huge part of the 40b pipeline though). $MDA TSAT and CDN Gov already signed the strategic partnership on Dec 9. • Another huge potential catalyst that no analyst is modelling is Defence Enhanced Surveillance from Space - Project (DESSP) which $MDA is a natural contender for. Although early and start definition is 2028/2029, this is another greater than $5 b CAD program that $MDA should get a huge chunk of since the contract is an upgrade to RADARSAT and $MDA already has a done of a ton of work there (even implementing RADARSAT heritage and experience in their new MDA Chorus product) • The above is completely different than Lightspeed (which the TSAT constellation that got awarded to $MDA). Lightspeed is progressing well, on time, and ready for first launch end of 2026. TSAT mentioned lots of demand coming to them, also last quarter they updated their sats to add Ka-band/military payload. They mentioned this due to increasing demand and it shows how $MDA's Aurora platform is dual use and easily configurable. Current TSAT contract is for 198 satellites with option to add 100 more. With increased demand, TSAT could be looking sooner than later to extend (need to get past their lawsuit first) • Another catalyst is the Surveillance of Space 2 Program. So far, $MDA has only awarded $32 million out of the $250 million to $499 million program. Expect some follow on awards there. • $MDA is also part of the River Class Destroyer. They got $60 m for the first 3 ships for sensors. Canada is building 15 ships total, so you could get ~300 million over contract. • They also spun off an internal subsidiary called 49North to focus on opportunities in Canadian defence tech. They've already done tons of work for Canada with River destroyer, UAVs, ISTAR, command/control, surveillance, Arctic, etc. So 49North is not starting from zero but having their own president presents more opportunities and focus. • You also have the Amazon/GSAT thesis. This is purely a call option on $MDA. Obviously AMZN acquired GSAT and has plans to bring production in-house. But AMZN is likely to face some regulatory hurdles with their slower than expected roll out. $MDA is still contracted to finish building GSAT's C-3 (17 sats the next 50). However, you got GSAT announcing in September Globalstar HIBLEO-XL-1 where it filed for up to 3,080 LEO satellites. $MDA is already the prime on Globalstar C-3 so more work potentially ahead if AMZN can't keep up? • Hanwha 000880.KS signed MOU with MDA, but if you listen to Mike Greenley on podcasts and interviews, it seems like a collab on a military constellation for South Korea in exchange for Canada awarding the submarine deal to Hanwha (vs. TKMS). Submarine deal (whether it goes to Hanwha or TKMS) is expected to be awarded in June. Hanwha beefed up their offer big time, even sent the KSS III subm to Victoria which is being accompanied by 2 RCNs. Part of me thinks this lines up with a Canada/South Korea media PR campaign during award (could be wrong). • $MDA also recently launched (and yesterday signed multiple contracts and LOIs) for MDA CHORUS. The reason CHORUS is different than other EO sats is because of RADARSAT heritage. Everyone might think its just another EO constellation but this is differentiated because of RADARSAT heritage which makes it more geared for military ops (specifically in Arctic) than a PL or BKSY. Recurring rev starting and re-pricing from space components to space data provider. • Another underrated aspect of $MDA is Aurora D2D NTN (which was already a proven concept with Echostar SATS). Hiring is picking up in APAC and UK. During satcom, Mike Greenly ($MDA CEO) pitched building a neutral satellite network layer for MNOs and operators so they can offer terrestrial and NTN coverage without handing their customer/data relationship to a third party. Military angle is even more obvious too. Governments don’t want sovereign comms/data flowing to third party networks and will avoid doing that. I like the ASTS thesis, but if D2D ARPUs are real, sat costs keep falling, why wouldn’t MNOs or tower operators fund a consortium and keep the revs to themselves. • You also got Starlab ($VOYG). Not a lot of investors know but $MDA owns a small equity stake (around 1%), and basically has a deal for SKYMAKER (their robotics Canadaarm). Yesterday VOYG seemed optimistic about the prospects of Starlab. • Can't forget the increased Canada and EU space partnerships. They signed a classified info sharing agreement (which is pretty big). Canadian firms can also now bid on ESA programs: Moonlight, FutureNAV, ACCESS, and ERS-EO. • Also, MDA is a prime for SkyPhi which is European and UK Space agencies to enable regenerative 5G D2D. Right now is still early days, but if it works (which I think it will), what's stopping them from building it out into a full constellation (similar to what SATS was trying to do). • One of their more wellknown accomplishments in Space is the Canadaarm. Hard to find anyone else who has the advantage of over 25 years of robotics heritage on the ISS. Currently working on Canadaarm3 which is funded by the Canadian Space Agency and will be used for future lunar work as well (also on Starlab via Skymaker as mentioned above). • They've got a solid balance sheet. Raised $300 million USD in NYSE listing in March. Mike literally said they have a shortlist of acquisitions in US and Europe (vid below). Could speculate all day here on who they acquire, maybe European supply chain, SpaceFlux type asset in UK, maybe AccelerComm if they want to enhance D2D NTN, maybe something in domestic launch/sovereign infrastructure, but don’t know and will keep looking. • Recently listed on NYSE. No options yet, so adding that could be a nice boost. You also see institutions now can adding. Probably gets added to some US space/ aerospace ETFs over time. Dont know Russell rules well enough because Canadian HQ/foreign issuer issue, but I would imagine index / ETF ownership should improve from here. • Can’t forget the Montreal facility. They went from being able to manufacture ~1 satellite per week to (with fill capacity expected in second half of 2026) to 2 Aurora digital sats per day. Very underrated and $MDA calling it world’s largest high-volume manufacturing facility in its satellite class. Management said they expect to sign 1-2 constellations in the next year. Perfect timing with the facility. • Another catalyst is first orders for $MDA Midnight (guard sats). Japan, India, EU, etc. all exploring guard sats. With companies and governments putting high value assets in orbit (military comms) and all the talk about orbital data centers, you're going to need some protection. Canadaarm playing a huge role here. • Can't not talk about the Golden Dome. $MDA was awarded SHIELD IDIQ followed by TSAT a month after. TSAT already adding lots of Ka-band and hinting to more military revenues. Canada also removed all restrictions on air and missile defence of Canada, which is them lining up to join. If/when Canada officially announces it's joining Golden Dome, these can pop. US needs Canada for this and they are basically shoeins for the contracts. • In orbit refuelling and space debris is another theme that could get going soon. $MDA is already advanced there via MDA Midnight. Now obviously space is heating up and lots of new entrants and everyone competing, but $MDA does not get enough credit (especially on fintwit). Canada literally named space and aerospace as sovereign capabilities under the new Defence Industrial Strategy. Canada hit 2% NATO and is targeting 5% by 2035. Arctic sovereignty is becoming actual policy. ESA agreement with Canada opens more doors to Europan programs. You can clearly see how MDA Space becomes Canada’s national defence and space champion trusted supplier to allies globally (all for ~$4 billion USD marketcap all for the lowest forward EV/Sales in the industry - aside from value trap RDW). Analysts still pricing $MDA like a space subcontractors while backlog is $4 billion, pipeline $40 billion, record revenue, profitable, new NYSE listing, national champion status, Canada defence budget inflecting, moving to recurring revenue, and MDA Space is one of the only prime beneficiaries in Canada. Carney literally said Canada will raise the share of defence acquisitions awarded to Canadian firms to 70%. Earnings tomorrow morning. Feels like the market still hasn’t fully priced what happens when a G7 country decides space is no longer optional, but core to national sovereignty, and there is basically only one scaled public Canadian space prime standing in the middle of it.

AccelerComm says it has secured its 56th patent for 5G non-terrestrial networks... Read more: spaceanddefense.io/accelerco… @AccelerComm #5G #NTN #SatelliteCommunications #SpaceTech #Telecommunications #IoT #3GPP #Innovation

📬 Our March newsletter is now live ,ft. the latest news from across the Group & our portfolio, inc. Oxa, @MicrobioticaLtd & @AccelerComm. 👉 Read the newsletter: bit.ly/3Ni8gwT ✉️ Sign up to receive future editions: bit.ly/4s0MsFd

Weekly portfolio update of my wikifolio (March 7, 2026) The stock market is not giving us a break, with the war in Iran interrupting the recent recovery. Following the news over the weekend, the market initially fell sharply at the beginning of the week, but then recovered for the most part over the course of the week. Over the week, the wikifolio (-0.8%) came away with a moderate loss, while the MSCI World (-1.5%) suffered more. Since the beginning of the year, the wiki (-5.6%) has lagged behind the MSCI World ( 0.0%) after fees. The IP Group was among the week's losers, which I saw as an opportunity to expand the position – I wrote a separate post about this on Thursday. In my view, the reason for the sell-off of IP Group this week was, in addition to the general war theme, primarily the figures from Oxford Nanopore. In my opinion, these were in line with expectations, but the stock market nevertheless sold off the figures by around -15%. Oxford Nanopore was the IP Group's biggest success to date – from a small investment at its founding to a £5 billion valuation after its IPO. Accordingly, Oxford Nanopore had a high weighting of over 30% in the IP Group at peak times, and the share price reacted very sensitively to changes in Oxford Nanopore's share price. However, over time, the IP Group has gradually reduced its stake and Oxford Nanopore's valuation is now significantly lower, with Oxford Nanopore's share in the IP Group now accounting for just over 10% of the reported NAV. A price decline of -15% for Nanopore therefore corresponds to a NAV decline of ~-1.5% for IP Group, but the stock market punished IP Group just as severely as Oxford Nanopore itself, which increased the gap to the intrinsic value and which I saw as an opportunity. It was particularly bitter that Oxford Nanopore recovered significantly over the course of the week, while IP Group was unable to benefit from that. Otherwise, I found no negative news about the IP Group's investments this week. On the contrary, there was positive news again from Accelercomm and Oxa. AccelerComm makes 5G wireless communications from space more efficient and error-free. They ensure that data arrives at the satellite securely and faster, despite extreme distances. This week, it was reported that, together with its partner Radisys, it now wants to connect even the smallest IoT devices (sensors, trackers) worldwide via satellite, thereby significantly expanding its market. AccelerComm plays a key role in the growth market of global connectivity and aims to become the standard for “Internet from space.” The IP Group holds a 23.4% stake in the company. On Wednesday, Oxa announced even more important news for the IP Group. Oxa is a pioneer in the field of autonomous driving. They do not build vehicles, but rather the software to make a wide variety of vehicles autonomous, especially off normal roads, and they are already working with DHL and BP, for example. Oxa was a top 10 company for the IP Group for a long time until a surprisingly large write-down of ⅔ was made in the last half-year report because the financing round for Oxa was delayed and the IP Group once again exercised caution. Now the round has been completed, raising $103 million from Nvidia and the new UK government investment vehicle (National Wealth Fund), among others, but the IP Group itself and its Australian fund have also added to their holdings. So we should now see a revaluation here. After the round, the IP Group still holds 10.6% of the shares. Eurokai has delivered another very conservative management performance. On Wednesday, they announced that the 2025 results will significantly exceed their own expectations. In recent quarters, I have regularly pointed out that I firmly believe this will ultimately be the case, as Eurokai's management, like that of IP Group, regularly presents itself worse than it needs to be. As a result, despite the sharp rise, Eurokai is only valued at a P/E ratio of around 10. I remain optimistic that things could be even better here in 2026. However, the winner of the week was GoDaddy. Last week, I complained that the topic of ANS was not addressed sufficiently in the conference call on the quarterly figures – this week, there was a new analyst call in which the topic was discussed in greater detail, which ultimately benefited the share price. Biggest winners of the week: 9.8% GoDaddy 6.3% Eurokai 5.9% Rightmove Biggest losers of the week: -10.6% IP Group -2.7% Bolsa Mexicana -1.7% Yougov

🚀🌍 An exciting update from portfolio company @AccelerComm, which has announced it has expanded its satellite 5G partnership with @Radisys. 🔗 Read more: bit.ly/4l4B1JX

Radisys and AccelerComm add NB-IoT to satellite 5G... Read more: spaceanddefense.io/radisys-a… @Radisys #AccelerComm #5G #NTN #SatelliteIoT #NB_IoT #NR_NTN #SpaceTech

Airbus is planning the UpNext SpaceRAN demonstrator, which will test a 5G NTN software-defined satellite. The demo will bring together a group of satellite tech leaders including Aalyria, AccelerComm, ST Engineering iDirect, and others. bit.ly/45JKyja

Looking back at 2025: A Year of Impact and Innovation 🚀 From @HingeHealth's IPO on the @NYSE, to major fundraises by @artiospharma, @OXCCU_Tech, @AccelerComm & Rage Biotech, to strategic exits like @Monolith_AI’s sale to @CoreWeave, our portfolio has continued to shape the future across healthtech, deeptech and cleantech. The year also brought exciting progress towards potential future royalty income from @MetseraInc obesity drug candidates Together with our EIS fund management business @ParkwalkAdvisor, we’re proud to be the most active investor in UK spinouts, driving progress for a healthier, tech-enriched, and sustainable future. We look forward to what 2026 has in store!

Is this @AccelerComm or @pulsone ? 🤔

This year, there were quite a few interesting sub-20 M deals on satcom downstream like Accelercomm, Microamp, Nxgsat... and I see a few more coming up

It's feedback like this that keeps us building and improving. Huge thanks to Graham Pearce from AccelerComm Ltd. for the kind words 🙏 We'll keep working hard, striving to always deliver reliable, performance-driven solutions! 💪

Weekly portfolio update of my wikifolio (October 4, 2025) Gamblers are currently enjoying a boom on the stock market. It's one of those phases again where the market feels like a casino—shares are being driven up to many times their actual value simply because the company is active in a certain sector. It's a bit like the game “hot potato” – everyone playing tries to pass the potato quickly while the music is playing, but when the music stops, the person holding the potato has a problem. Even though this speculative party is currently bypassing the wikifolio and the last month feels like a standstill with no returns, I will not be tempted to join the game, but will remain committed to my strategy as always. Over the course of the week, the wikifolio ( 0.7%) gained slightly, while the DAX ( 2.7%) gained more strongly. Since the start of the year, the wiki ( 31.8%) remains ahead of the DAX ( 22.7%) after fees. On Wednesday, I posted my Q3 report on the blog, which you can find here: szew.substack.com/p/q3-2025-… This week, there was another adjustment to the wikifolio: B3 was sold. It is important to note that only the illiquid ADR of B3 listed in the US can be traded in Germany. This ADR is supposed to reflect the price of B3 shares traded on the Brazilian stock exchange, but due to its low liquidity, the price of this ADR occasionally takes on a life of its own. In Germany, B3 is regularly offered at a 10% spread, especially at L&S. This means that when the ADR price is equivalent to €6.30, the spread here is in the range of €6.00 to €6.60, so that you can only buy or sell at a significant disadvantage. But sometimes the price of the ADR deviates so much from the actual Brazilian price that, despite the high spread, you can buy below the actual price or sell above the actual price – as was the case at the beginning of the week. While the price in Brazil was €6.25, the ADR was priced here at €6.85 to €7.50. I didn't want to miss the opportunity to exit a low-liquidity stock at just under 10% above the actual price. Since the wikifolio now trades larger volumes, I was unable to secure this price for the entire position, but on average I was able to sell well above the actual price. This reduces the wikifolio to my self-imposed minimum number of 10 stocks, so no further exits are planned for the moment. This week, Eurokai published its half-year report. The volume traded rose by 13.8%, and earnings per share rose from €1.76 to €2.82. The new large port of Damietta will be launched this quarter. Everything is going in the direction I outlined in my blog article, and the pessimism of the management at the beginning of the year has largely disappeared. However, interest in the Eurokai story is still rather subdued, with the share price continuing to climb without much euphoria. I still see sufficient upside potential and am maintaining a higher weighting for the stock. There were two interesting news releases from the IP Group: OXCCU, a spin-out from the University of Oxford, is developing a technology that converts CO₂ and hydrogen into sustainable aviation fuels in a single step. This week, the company announced the completion of a Series B financing round of around £21 million, attracting many industry heavyweights such as Aramco, Orlen, Eni, Safran, and IAG. The fresh capital will help OXCCU ramp up commercialization of the technology, expand production, and launch the next demonstration plant (“OX2”). The IP Group most recently held an 18.4% stake in OXCCU. AccelerComm is a spin-out from the University of Southampton specializing in signal processing technologies for 5G and 6G. Its focus is on “non-terrestrial networks,” i.e., communication systems in which satellites are connected directly to mobile phones or IoT devices. Its solutions ensure that data transmission is more efficient, stable, and energy-efficient, which is crucial for future satellite mobile communications. This week, AccelerComm, together with Radisys, received funding from the UK Space Agency to more closely integrate their 5G satellite technologies and jointly bring them to market. For AccelerComm, this is an important validation step and opens the door to the rapidly growing satellite mobile communications market. The IP Group holds a 23.4% stake in Accelercomm. Biggest winners of the week: 6.2% Molten Ventures 2.6% Kinnevik 2.5% CEWE Biggest losers of the week: -5.5% Bolsa Mexicana -1.3% Inter&co -0.9%: GPW

AccelerComm joins MSSA. AccelerComm has joined the Mobile Satellite Services Association (MSSA), an industry group formed to further the development of Direct-to-Device (D2D) IoT, and other, advanced, Non-Terrestrial Network (NTN) connectivity.... ow.ly/5Z4a106kcgK

Stakeholders are coming together under MSSA to bring significant scale and choice, promoting and advancing the emerging #D2D & #IoT ecosystems. 🌍📡 Delighted to welcome @AccelerComm, a leader in delivering high-performance #5G tech #NTN, as our newest member!

AccelerComm announced that it has closed a funding round totalling €13.1M to accelerate deployments of their 5G satellite communications products and technology. eu-startups.com/2025/06/brit…

.@AccelerComm has closed a funding round totaling $15M to further develop and accelerate deployments of the company’s 5G satcom products and technology that enable D2D communications between phone handsets and space-based satellite networks. microwavejournal.com/article…

5G için IP çözümleri geliştiren AccelerComm, 15 milyon dolar yatırım aldı webrazzi.com/2025/06/02/5g-i…

AccelerComm Ltd, the UK-based company that’s developing high-performance 5G technology for satellite networks, has closed a funding round totalling $15m. newelectronics.co.uk/content… #manufacturing #engineering #electricity

Or Accelercomm

I would absolutely love to see $ASTS partner with this company! @AccelerComm could potentially make ASTS’s network faster and more reliable. They already have a partnership with Lockheed TacSats. Please correct me if I’m wrong. @AST_SpaceMobile the-mobile-network.com/2025/…