Ducommun Incorporated · NYSE:DCO
Ducommun — Investor Day (September 2026)
82 slides from Ducommun's investor day presentation, Sep 17, 2026
Slide 1: Investor Day
Investor Day September 17, 2026
Slide 2: Disclosures
Disclosures Forward-Looking Statements: This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be preceded by, followed by or include the words “believe,” “continue,” “estimate,” “expect,” “may,
Slide 3: Agenda
Agenda Product Showcase Ducommun Team VISION 2027 Update Stephen Oswald VISION 2032 Plan Stephen Oswald Structural Systems Jerry Redondo, Clay Bringhurst Electronic Systems Jerry Redondo, Clay Bringhurst M&A Strategy Suman Mookerji Financial Performance Suman Mookerji Closing Remarks Stephen Oswald
Slide 4: Oldest Company in California Still Active Today
Oldest Company in California Still Active Today 1849 1950s 2000s 2022+ Post pandemic Founded as a Becomes largest Expands into watch business, metals materials Engineered lays out VISION & then general supplier to the Products through 2027 roadmap. store, during Aerospace industry strategic Gold Rus
Slide 5: VISION 2027 Update
VISION 2027 Update Stephen Oswald CHAIRMAN, PRESIDENT AND CEO
Slide 6: VISION 2027 – Performance against Key Metrics
VISION 2027 – Performance against Key Metrics Revenue Adj. EBITDA Margin (%) EP1 % Revenue ($ millions) LTM 2026 LTM 2026 LTM 2026 ~ 950 – Q2 at 17.2% 25% Q2 at $865M Q2 at 23% 1,000 ~18% 13% 15% 713 2022 Vision 2022 Vision 2022 Vision 2027 2027 2027 2027E 2027E 2027E ~$950M+ ~18% ~25% On Track to M
Slide 7: VISION 2027 – Delivering Shareholder Value
VISION 2027 – Delivering Shareholder Value DCO Stock Price Performance under VISION 2027 220 200 180 8/31/2026 $171.42 TSR of 243% since the end of 20221 160 Market capitalization has increased from 140 $605 million to ~$2.6 billion1 120 Average Daily Traded Value (‘ADTV’) 100 has increased fr
Slide 8: VISION 2027 – Revenue Growth
VISION 2027 – Revenue Growth ($ millions) Revenue Strong growth in Defense revenues 2022-27E 1,000 driven by Missiles, Radar and CAGR of 6-7% Electronic Warfare programs 890 950 Commercial Aerospace build-rate 880 ramp was slower than anticipated 825 but recovering 786 757 713 Excellent organi
Slide 9: VISION 2027 – Adjusted EBITDA Margin Expansion
VISION 2027 – Adjusted EBITDA Margin Expansion Adj. EBITDA Margin Revenue Mix Shift Value Pricing LTM Q2 Engineered Repricing low 2026 at Products Mix from margin contracts 17.2% 15% to 25% and better 18.0% with AM from management of 10% to 15% cost escalations 16.5% 14.7% Footprint Consolidation 13
Slide 10: VISION 2027 – Growth in Engineered Products & Aftermarket
VISION 2027 – Growth in Engineered Products & Aftermarket Engineered Products Revenues Transformed legacy DCO Engineered 25% of Revenue Products business in Carson, CA 5YR CAGR of 18% with 15% organic! 250 Tripled MagSeal since acquisition 240 Acquisition of BLR Aerospace 190 Recovery in aft
Slide 11: VISION 2027 - Expanded Portfolio of Engineered Products
VISION 2027 - Expanded Portfolio of Engineered Products 2021 Acquisition 2019 Acquisition 2023 Acquisition 2017 Acquisition 2018 Acquisition Human Ammunition Machine Aerodynamic Lightning Thermoplastic Magnetic Seals Handling RF Switches Motion Control Interface Systems Protection Extrusions Systems
Slide 12: VISION 2032 Plan
VISION 2032 Plan Stephen Oswald CHAIRMAN, PRESIDENT AND CEO
Slide 13: Our Company
Our Company LTM Q2 2026 LTM Q2 2026 Adjusted Q2 2026 Diverse Product Content on Large and Growing Platforms… Revenue: EBITDA Margin: Ending RPO: $865M 17.2% $1.16B Missiles & Radar Commercial & Business Aircraft Other 4% Revenue by End PAC-3 Tomahawk B737 Family A320 Market1 Commercial Military & 38
Slide 14: Our Segments
Our Segments Engineered Products Electronic Systems Structural Systems (57% of LTM Q2 2026 Revenue) (43% of LTM Q2 2026 Revenue) Overview Innovative and ruggedized electronic and Engineered aerostructure electromechanical products and assemblies components and assemblies Financial Revenue $493mm $37
Slide 15: Our Leadership Team
Our Leadership Team Stephen Oswald Chairman, President and CEO Jerry Redondo Clay Bringhurst Suman Mookerji Rajiv Tata Laureen Gonzalez SVP, Structural and VP, Engineered Products SVP, CFO VP, General Counsel & VP & Chief Human Electronics Solutions & Corporate Secretary Resources Officer Carson Bes
Slide 16: Tier 1 Industry Player Entirely Focused on Aerospace & Defense
Tier 1 Industry Player Entirely Focused on Aerospace & Defense Defense Majors and Commercial Aerospace OEM Customers Leading manufacturer mainly as a Tier 1 supplier of complex electronics and structural systems for the commercial aerospace, defense, and space markets Tier 2 Customers 16
Slide 17: Expanded Portfolio of Engineered Products
Expanded Portfolio of Engineered Products 2021 Acquisition 2019 Acquisition 2023 Acquisition 2017 Acquisition 2018 Acquisition Human Ammunition Machine Aerodynamic Lightning Thermoplastic Magnetic Seals Handling RF Switches Motion Control Interface Systems Protection Extrusions Systems Products Push
Slide 18: Differentiated Manufacturing Services Capabilities
Differentiated Manufacturing Services Capabilities Titanium Hot & Circuit card assemblies Ruggedized Complex Stretch Form VersaCore Composites SuperPlastic forming & box builds Interconnects & Chem Mill Significant trusted, low-cost, secured domestic footprint Unique capability to stretch Proprietar
Slide 19: Our VISION 2032 Plan
Our VISION 2032 Plan 1 Double down on Engineered Products and Aftermarket revenues organically VISION 2032 Goals 2 Step-up acquisition size (up to 3-5x) and pace of Engineered Product & Aftermarket businesses Revenue Adj. EBITDA % $1.6 - 1.7B 23% 3 Drive robust growth in Defense Revenues across Miss
Slide 20: Double Down on Engineered Products
Double Down on Engineered Products (‘EP’) Engineered Products Mix Aftermarket Mix % of Total Revenue % of Total Revenue 9% 23% 25% 40% 6% 13% 15% 20% 2032 Target 2017 Today 2027 Target 2032 Target 2017 Today 2027 Target New Product Pipeline Volume Growth Value Based Pricing Win new content Ramp in O
Slide 21: Step up Acquisition Size & Pace for Engineered Products
Step up Acquisition Size & Pace for Engineered Products (‘EP’) Building out the Engineered Product Larger Acquisition(s) to Accelerate Mix Shift Continue Tuck-In Acquisitions Portfolio to 40% of Revenues Existing EP business Pro Forma Acquisitions (Carson Engineered Products) 2026E 2027E 2028E 2029E
Slide 22: Geopolitical tensions to drive Defense spending
Geopolitical tensions to drive Defense spending 1. Source: Fairmont Consulting Group forecast 22
Slide 23: Missiles Driving Spend across the US Military
Missiles Driving Spend across the US Military Dept. of War Procurement Budget Forecast1 DoW Missile Framework Agreements Significant increase in missile production expected to be one of the key drivers of defense spending growth 1. Source: Fairmont Consulting Group forecast 2. Current production and
Slide 24: Strong Growth in DCO Missile and Radar Revenues
Strong Growth in DCO Missile and Radar Revenues Incumbent Supplier on Expansive Portfolio of Missile & Radar Platforms 2x+ Tomahawk PAC-3 Iron Dome SPY-6 Revenue TOW THAAD AMRAAM MESA E-7 LTM Q2 VISION 2026 2032 DCO Missile and Radar SM3 SM6 Coyote C-UAS G/ATOR AN/TPY-2 franchise1 expected to grow a
Slide 25: DCO to Continue Pivot to New Defense Priorities
DCO to Continue Pivot to New Defense Priorities Positioning for the Changing needs of the Warfighter Broadening the Customer Portfolio Other Other Military Increase content with other defense primes Military Aircraft Aircraft Maintain Grow Missiles, Missiles, Radars, & EW Radars, & EW Missile Defens
Slide 26: Continued Recovery in Commercial Aerospace Build Rates
Continued Recovery in Commercial Aerospace Build Rates Large Commercial OEM Build Rate Forecast1 (Number of Aircraft) 2026-2032 CAGR 6.4% Large Commercial OEM build rates expected to grow Narrowbody Widebody 2,118 at 6.4% through 2032 2,045 2,100 1,921 1,853 Destocking is expected to be largely
Slide 27: Well Positioned on Key Commercial Aerospace Platforms
Well Positioned on Key Commercial Aerospace Platforms Shipset value estimate Boeing Recovery Play – Content on MAX and 787 Growth with Airbus Platforms Business Jet and Commercial Rotorcraft Significant content with titanium superplastic 3X growth in revenues from Airbus platforms Ducommun awarded G
Slide 28: Our VISION 2032 Plan
Our VISION 2032 Plan 1 Double down on Engineered Products and Aftermarket revenues organically VISION 2032 Goals 2 Step-up acquisition size (up to 3-5x) and pace of Engineered Product & Aftermarket businesses Revenue Adj. EBITDA % $1.6 - 1.7B 23% 3 Drive robust growth in Defense Revenues across Miss
Slide 29: Structural Systems
Structural Systems Jerry Redondo Clay Bringhurst SENIOR VICE PRESIDENT, VICE PRESIDENT, ELECTRONICS & STRUCTURES ENGINEERED PRODUCTS
Slide 30: Structural Systems – Key Products
Structural Systems – Key Products • Engine nacelles • Fuselage skin panels • Firewall & exhaust ducts • Flight control surface assemblies • Pylon & auxiliary power units • Rotary blades • Missile assemblies • Ammunition handling systems • Magnetic & mechanical seals • Extruded thermoplastics • Aerod
Slide 31: Structural Systems – Who We Are
Structural Systems – Who We Are Well positioned for Proprietary World leader in commercial VersaCore titanium super Robust Defense & Eight scalable aerospace recovery Composite plastic forming (SPF) Growing Performance Centers with narrowbody technology & Hot Forming (HF) focus commercialized End Ma
Slide 32: Structural Systems – Key Sectors and Applications
Structural Systems – Key Sectors and Applications Military & Commercial Missiles, Military Fixed Commercial Aircraft Business Jets Rotorcraft Wing, and Other B737 A320 Apache Blackhawk TOW Missile Global 7500/8000 King Air A220 CH-47 Airbus H125 F-35 F/A-18 GS Business Jets Titanium hot and super pl
Slide 33: Expanded Portfolio of Engineered Products
Expanded Portfolio of Engineered Products 2021 Acquisition 2019 Acquisition 2023 Acquisition 2017 Acquisition 2018 Acquisition Human Ammunition Machine Aerodynamic Lightning Thermoplastic Magnetic Seals Handling RF Switches Motion Control Interface Systems Protection Extrusions Systems Products Push
Slide 34: Structural Systems – Engineered Products
Structural Systems – Engineered Products Magnetic Seals Ammunition Handling Systems Leading designer and manufacturer of proprietary, sole sourced Leading designer and manufacturer of proprietary, sole sourced magnetic seals for A&D applications with significant aftermarket ammunition chutes and han
Slide 35: Structural Systems – Engineered Products
Structural Systems – Engineered Products Aerodynamic Structures Thermoplastic Extrusions Proprietary, patented FastFinTM technology for rotorcraft; proprietary Unique capability to extrude difficult materials including Peek, Ultem and winglets for business jets and distribution of propellers other r
Slide 36: Leading Titanium & Aluminum Sheet Forming Franchises
Leading Titanium & Aluminum Sheet Forming Franchises Titanium Sheet Hot & Superplastic Forming Aluminum Sheet Stretch Forming Largest non-OEM titanium hot forming and Unique capability to stretch form and chemical mill super plastic forming provider¹ in the world large structural components includin
Slide 37: Structural Systems – Airbus & Boeing
Structural Systems – Airbus & Boeing Long legacy relationship since 1965 includes titanium SPF Relationship began over 10 years ago, now a top & HF and metal bond composite solutions supporting performance awarded D2P (Detailed Parts Partner) provider airframe, nacelles, fuselage skins, and flig
Slide 38: Low Cost Footprint in Guaymas, Mexico
Low Cost Footprint in Guaymas, Mexico Capabilities Products Metal bond Flight control surfaces VersaCore Composites Nacelle components & assemblies Hard metal fabrication and assembly Missile assemblies Thrust reverser assemblies Increased square footage from 62k pre-pandemic to 115k in Q4 2022 High
Slide 39: Structural Systems – Highlights
Structural Systems – Highlights Portfolio of niche engineered product businesses with industry leading brands with sole source positions and aftermarket content - magnetic seals, ammunition handling systems, aerodynamic structures for rotorcraft and business jets and thermoplastic extrusions 100
Slide 40: Electronic Systems
Electronic Systems Jerry Redondo Clay Bringhurst SENIOR VICE PRESIDENT, VICE PRESIDENT, ELECTRONICS & STRUCTURES ENGINEERED PRODUCTS
Slide 41: Electronic Systems – Key Products
Electronic Systems – Key Products Ruggedized interconnects Complex circuit card assemblies Integrated electronic box builds Cockpit avionics switches Lightning protection systems Complex motors and resolvers Custom RF components 41
Slide 42: Electronic Systems – Who We Are
Electronic Systems – Who We Are Highlights A leader in highly- Sole source specialized, mission- Trusted domestic Robust & high Seven scalable proprietary market critical defense manufacturing growth defense Performance Centers positions in niche electronics for harsh footprint platforms (three clea
Slide 43: Electronic Systems – Key Sectors & Applications
Electronic Systems – Key Sectors & Applications Military Aircraft Commercial and Missiles Naval Space and Communications and UAVs Business Aviation MIR/Iron Dome Virginia-class Viasat PAC3 F-35 F-15 AN/BLQ-10 Artemis Submarine B787 B737 MAX Classified F/A-18 Satellite Program Starlink Legacy afterma
Slide 44: Missiles Driving Spend across the US Military
Missiles Driving Spend across the US Military Dept. of War Procurement Budget Forecast1 DoW Missile Framework Agreements Significant increase in missile production expected to be one of the key drivers of defense spending growth 1. Source: Fairmont Consulting Group forecast 2. Current production and
Slide 45: Strong Growth in DCO Missile and Radar Revenues
Strong Growth in DCO Missile and Radar Revenues Incumbent Supplier on Expansive Portfolio of Missile & Radar Platforms 2x+ Tomahawk PAC-3 Iron Dome SPY-6 Revenue TOW THAAD AMRAAM MESA E-7 LTM Q2 VISION 2026 2032 DCO Missile and Radar SM3 SM6 Coyote C-UAS G/ATOR AN/TPY-2 franchise1 expected to grow a
Slide 46: Scale Production Capacity to meet rising Defense Volumes
Scale Production Capacity to meet rising Defense Volumes Appleton, WI Joplin, MO Today VISION 2032 Today VISION 2032 77k sq ft 77k sq ft 144k sq ft 190k sq ft ~310 employees ~370 employees ~450 employees ~650 employees Complex Circuit Card Assemblies Capex ~$3-4M Ruggedized Interconnects Capex ~$4-5
Slide 47: Expanded Portfolio of Engineered Products
Expanded Portfolio of Engineered Products 2021 Acquisition 2019 Acquisition 2023 Acquisition 2017 Acquisition 2018 Acquisition Human Ammunition Machine Aerodynamic Lightning Thermoplastic Magnetic Seals Handling RF Switches Motion Control Interface Systems Protection Extrusions Systems Products Push
Slide 48: Electronic Systems – Engineered Products
Electronic Systems – Engineered Products Human Machine Interface Lightning Protection Systems Designer and manufacturer of proprietary, sole sourced push button, Leading designer and manufacturer of proprietary, sole sourced rotary and electric switches used in military and commercial aircraft light
Slide 49: Electronic Systems – Engineered Products
Electronic Systems – Engineered Products Motion Control Radio Frequency (RF) Products Designer and manufacturer of proprietary, sole sourced motors Proprietary designer and manufacturer of microwave and millimeter and resolvers for A&D applications wave switches and switch matrices for A&D applicati
Slide 50: Electronic Systems – Highlights
Electronic Systems – Highlights Portfolio of niche engineered product businesses with sole source positions and aftermarket content - human machine interface products, lightning protection systems, motors & resolvers and RF products Growing base business with key Tier 1s for new business & share
Slide 51: M&A Strategy
M&A Strategy Suman Mookerji SENIOR VICE PRESIDENT, CHIEF FINANCIAL OFFICER
Slide 52: M&A Strategy
M&A Strategy Mission VISION 2032 Transition to higher engineered product Acquire proprietary engineered A&D content and aftermarket revenues while product businesses that have sufficient continuing to build a portfolio of niche runway for Ducommun to create A&D businesses that are industry leaders s
Slide 53: Track Record of Successful Acquisitions
Track Record of Successful Acquisitions Aerospace & Defense Everett, WA Warren, RI St. Croix Falls, WI Santa Clarita, CA Huntington Beach, CA Engineered Products April 2023 December 2021 October 2019 April 2018 September 2017 Sole Source Positions $115M $70M $77M $31M $60M Aftermarket Patented aerod
Slide 54: Key Acquisition Metrics
Key Acquisition Metrics ~8x Double Digit Above Deal Model Revenue and EBITDA multiple reduction1 Return On Invested Capital2 EBITDA targets3 1. Based on year ended 12/31/2025 EBITDA versus LTM EBITDA multiple at the time of acquisition 2. Based on LTM Q1 2026 financials across the five acquisitions;
Slide 55: Demonstrated M&A Strategy and Execution
Demonstrated M&A Strategy and Execution Deploy Programmatic Approach to Integration Typical Revenue and Cost Synergies Revenue Synergy Buckets Appoint executive sponsor to lead and own integration process Accelerate New Value Share Gain Strategy Product Development Pricing Primary Focus of Recent Ac
Slide 56: Step up Acquisition Size & Pace for Engineered Products
Step up Acquisition Size & Pace for Engineered Products (‘EP’) Building out the Engineered Product Larger Acquisition(s) to Accelerate Mix Shift Continue Tuck-In Acquisitions Portfolio to 40% of Revenues Existing EP business Pro Forma Acquisitions (Carson Engineered Products) 2026E 2027E 2028E 2029E
Slide 57: M&A Outlook
M&A Outlook Actively engaged on multiple opportunities Working to return to a cadence of one or more transactions every year Working with partners to grow the pipeline of opportunities Talent in place to execute on deals Step-up acquisition size (up to 3-5x) from prior deals which were in
Slide 58: Financial Performance
Financial Performance Suman Mookerji SENIOR VICE PRESIDENT, CHIEF FINANCIAL OFFICER
Slide 59: Evolution of Ducommun's Financial Profile
Evolution of Ducommun’s Financial Profile FY 2016 LTM Q2 2026 Change ($ millions Market Statistics Except EPS) Market $286 $2,817 884% Capitalization1 Enterprise $449 $3,055 581% Value2 Net Revenues $551 $865 57% Adjusted EPS3 $1.21 $4.30 255% Financial Adj. EBITDA $55 $148 168% Adj. EBITDA % 10% 17
Slide 60: Total Shareholder Return ('TSR')
Total Shareholder Return (‘TSR’) Total Shareholder Return (“TSR”) Over Time Q2 2026 DCO 730.0 Peer Group Median Russell 2000 S&P 500 391.2 384.0 250.7 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Under current management DCO TSR outperformed the median of its Proxy Peers, the Russell 2000 and t
Slide 61: Notable Progress Since VISION 2027 Investor Meeting
Notable Progress Since VISION 2027 Investor Meeting Adjusted Adjusted EPS Adjusted FCF Revenue RPO EBITDA % +6% +9% +400 +8% +71% CAGR CAGR bps CAGR CAGR 1,159 17% $4.30 83 853 13% 865 $3.24 713 13 2022 LTM Q2 2026 2022 LTM Q2 2026 2022 LTM Q2 2026 2022 LTM Q2 2026 2022 LTM Q2 2026 Note: Free Cash F
Slide 62: Our VISION 2032 Targets
Our VISION 2032 Targets Total Revenue EP Rev Mix Adj. EBITDA% FCF Conversion $1.6 – 1.7 billion ~40% 23% 90-100%3 Organic Growth CAGR 7-8%1 Increase by ~17% 600 bps Expansion Strong Cash From 23% in over 2026E1 Conversion Acquisition Placeholder LTM 2026 Q2 $250 – 300 million2 1. Revenue growth CAGR
Slide 63: VISION 2032 Revenue
VISION 2032 Revenue Net Revenues of $1.6 – 1.7 Billion by 2032 2026 – 2032 Organic revenue growth CAGR of 7-8% with stronger ($ millions) growth in the early years 1,600 – 1,700 Acquisition placeholder of $250-300 million in revenue 880 - 890 Defense organic revenue CAGR of 8-9% with Missiles and Ra
Slide 64: VISION 2032 Adjusted EBITDA Margin Expansion
VISION 2032 Adjusted EBITDA Margin Expansion Adj. EBITDA Margin of 23% (+ ~600bps) (% of Revenue) Acquisitions to shift Engineered Products (‘EP’) mix ~23% from ~23% to ~40% of Revenue Scale and Operating Leverage from Growth in Defense and Commercial Aerospace ~17% Productivity and Organic Growth f
Slide 65: Financial Performance Summary
Financial Performance Summary Portfolio leveraged to expected ramp in missile production and commercial aerospace OEM build rates driving strong organic growth Continued shift to more engineered products organically and through acquisitions will keep pushing margins upward Strong revenue growt
Slide 66: Closing Remarks
>) Ducommun Closing Remarks
Slide 67: VISION 2027 – Performance against Key Metrics
VISION 2027 – Performance against Key Metrics Revenue Adj. EBITDA Margin (%) EP % Revenue ($ millions) LTM 2026 LTM 2026 LTM 2026 ~ 950 – Q2 at 17.2% 25% Q2 at $865M Q2 at 23% 1,000 ~18% 13% 15% 713 2022 Vision 2022 Vision 2022 Vision 2027 2027 2027 2027E 2027E 2027E ~$950M+ ~18% ~25% On Track to Me
Slide 68: Our VISION 2032 Plan
Our VISION 2032 Plan 1 Double down on Engineered Products and Aftermarket revenues organically VISION 2032 Goals 2 Step-up acquisition size (up to 3-5x) and pace of Engineered Product & Aftermarket businesses Revenue Adj. EBITDA % $1.6 - 1.7B 23% 3 Drive robust growth in Defense Revenues across Miss
Slide 69: Q&A
>) Ducommun Q&A
Slide 70: Appendix
>) Ducommun Appendix
Slide 71: Non-GAAP Financial Measures
Non-GAAP Financial Measures Note Regarding Non-GAAP Financial Information: This presentation contains non-GAAP financial measures, including Adjusted EBITDA (which excludes interest expense, income tax expense (benefit), depreciation, amortization, stock-based compensation expense, restructuring cha
Slide 72: Non-GAAP Reconciliation for Adj. Operating Income
Non-GAAP Reconciliation for Adj. Operating Income ($ millions) LTM Q2 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Net Revenues $ 551 $ 558 $ 629 $ 721 $ 629 $ 645 $ 713 $ 757 $ 786 $ 825 $ 865 Operating Income $ 29 $ 16 $ 24 $ 56 $ 46 $ 49 $ 40 $ 29 $ 42 ($36) ($14) Restructuring Charges
Slide 73: Adjusted EBITDA for 2016 through Q2 2026
Adjusted EBITDA for 2016 through Q2 2026 ($ millions) LTM Q2 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Net Revenues $ 551 $ 558 $ 629 $ 721 $ 629 $ 645 $ 713 $ 757 $ 786 $ 825 $865 Net Income $ 25 $ 20 $9 $ 32 $ 29 $ 136 $ 29 $ 16 $ 22 ($37) ($21) Interest Expense 9 9 13 18 14 11 12 21
Slide 74: Non-GAAP Reconciliation for Structural Systems
Non-GAAP Reconciliation for Structural Systems ($ millions) LTM Q2 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Net Revenues $ 246 $ 241 $ 291 $ 361 $ 236 $ 233 $ 272 $ 327 $ 355 $ 362 $ 372 Operating Income $ 16 $6 $ 19 $ 47 $ 20 $ 20 $ 17 $ 23 $ 25 $ 46 $ 50 Restructuring Charges - 6 8 -
Slide 75: Non-GAAP Reconciliation for Structural Systems
Non-GAAP Reconciliation for Structural Systems ($ millions) LTM Q2 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Net Revenues $ 246 $ 241 $ 291 $ 361 $ 236 $ 233 $ 272 $ 327 $ 355 $ 362 $372 Operating Income $ 16 $6 $ 19 $ 47 $ 20 $ 20 $ 17 $ 23 $ 25 $46 $50 Depreciation and Amortization 9
Slide 76: Non-GAAP Reconciliation for Electronic Systems
Non-GAAP Reconciliation for Electronic Systems ($ millions) LTM Q2 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Net Revenues $ 304 $ 317 $ 338 $ 360 $ 393 $ 413 $ 441 $ 430 $ 431 $ 463 $ 493 Operating Income $ 29 $ 31 $ 31 $ 39 $ 52 $ 58 $ 50 $ 42 $ 74 $ 82 $ 93 Restructuring Charges 0 1 5
Slide 77: Non-GAAP Reconciliation for Electronic Systems
Non-GAAP Reconciliation for Electronic Systems ($ millions) LTM 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2 2026 Net Revenues $ 304 $ 317 $ 338 $ 360 $ 393 $ 413 $ 441 $ 430 $ 431 $ 463 $493 Operating Income $ 29 $ 31 $ 31 $ 39 $ 52 $ 58 $ 50 $ 42 $ 74 $82 $93 Depreciation and Amortization
Slide 78: Non-GAAP Reconciliation for Net Debt
Non-GAAP Reconciliation for Net Debt ($ millions) LTM Q2 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Adjusted EBITDA $ 55 $ 54 $ 71 $ 92 $ 88 $ 93 $ 95 $ 102 $ 117 $ 136 $ 148 Current Portion of Long Term Debt 0 - 2 7 7 7 6 8 13 5 5 Long Term Debt 170 218 231 303 314 281 241 257 230 299 2
Slide 79: Non-GAAP Reconciliation of Adjusted Net Income
Non-GAAP Reconciliation of Adjusted Net Income LTM Q2 2016 2022 2026 ($ millions, except EPS) GAAP Net Income $25.3 $28.8 ($21.2) GAAP EPS 1 $2.24 $2.33 ($1.41) Divestiture Of Miltec Operation Net Working Capital Adjustment 1.6 - - Divestiture Of Miltec Operation Tax Basis Adjustment 1.0 - - Gain On
Slide 80: Non-GAAP Reconciliation of Adjusted Free Cash Flow
Non-GAAP Reconciliation of Adjusted Free Cash Flow ($ millions) LTM Q2 2022 2026 Cash Flows from Operations $ 33 $ (12) Capital Expenditures (20) (13) Free Cash Flow $ 13 $ (24) Litigation Settlement and Related Costs, Net 107 Adjusted Free Cash Flow $ 13 $ 83 Note: May not sum due to rounding. 80
Slide 81: Sources for Missile Production and Growth
Sources for Missile Production and Growth • https://militarnyi.com/en/news/raytheon-doubles-production-of-aim-120-amraam-air-defense-missiles/ • https://defence-industry.eu/rtx-raytheon-secures-long-term-pentagon-frameworks-to-expand-u-s-production-of-critical-missiles-nationwide/ • https://www.rtx.
Slide 82: Investor Day
Investor Day September 17, 2026