Solid Space Services revenue growth; robust EBITDA margin

研报英文原文证据摘录

Solid Space Services revenue growth; robust EBITDA margin

MENA Technology

Space42 (SPACE42 UH)

EQUITY RESEARCH Quick Take

May 14, 2026

Solid Space Services revenue growth; robust EBITDA Price: AED1.62

Price Target: AED3.50 margin

Rating: Overweight Takeaways

Key Statistics: We expect Space42 1Q26 results to be taken broadly positively by the

Symbol ADS: SPACE42 UH market, with the company reporting normalised EBITDA at US$53m, only

52-Week Range 1.29 - 2.36 slightly lower y/y, but margin well above the company’s c.40% guidance. Market Cap 7,714.3

ADV (3 mo) 4,717,969 The company provided an update on its strategy, which highlighted that

Free Float (%) 21.000 new government and commercial business is likely to accelerate this year,

Shares Out (M) 4,761.9 in our view. The company’s results demonstrate it is delivering on its growth

contracts and able to sustain EBITDA margin. We reiterate our Overweight

Research Analysts: rating; see our initiation report for more details on the company.

Scott Darling

+971 52 699 0785 Solid Space Services revenue y/y growth. Space42 reported revenue at

scott.darling@cantor.com US$116m, flat y/y, which was driven by Space Services up 15% y/y offset

by lower y/y growth for Smart Solutions. The revenue split between Space

One-Year Price History Services and Smart Solutions was 95%/5% (vs 68%/32% in 4Q25 and

2.4 83%/17% in 1Q25). The company stated that its Smart Solutions ongoing

2.2

2 transformation is 'expected to complete later this year and deliver new

1.8

1.6 growth trajectory'. Normalised EBITDA margin was 46% (vs 31% in 4Q25

1.4 and 52% in 1Q25), well ahead of its c.40% EBITDA margin guidance.

05/25 08/25 11/25 02/26 05/26

Space42 Created by BlueMatrix Unique four pillar strategy reiterated. The company has a unique