Slide 1: Third Quarter 2025 Results
Third Quarter 2025 Results MISSION ENABLEMENT l END-TO-END CAPABILITIES l GLOBAL REACH November 3, 2025 GO TOWARDS TOMORROW #goV2X GO TOWARDS TOMORROW #goV2X
Slide 2: Disclaimers
Disclaimers FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), Section 27A of the Securities Act of 1933, as amended (the Securities Act), and the Private Securities
Slide 3: Q3'25 & Recent Highlights
Q3’25 & Recent Highlights • Record revenue of $1.17B +8% y/y $1.17B • Net income $24.6M; Adj. net income1 of $43.7M +6% y/y Q3’25 Revenue • Adj. EBITDA1 of $85.2M, 7.3% margin; Record Adj. EPS1 of $1.37 +6% y/y • Growth driven by execution & customer demand for mission readiness $85.2M • Repurchased
Slide 4: Winning in Key Markets
Winning in Key Markets T-6 Aircraft Fleet Services2 F-16 Platform Support F-16 Cockpit Modernization Awarded 9-year contract1 to support over Awarded contract to provide support services Awarded contract1 to modernize & upgrade 700 T-6 aircraft. for the Iraq F-16 program. F-16 cockpit displays for t
Slide 5: V2X Positioning
V2X Positioning • Capitalizing on a large and growing market opportunity and investing for Large & Growing the future Market Opportunity • Positioned to turn data into decision advantage for customers Data Powered Solutions • Highly aligned to customer’s missions and budgetary priorities Exceptional
Slide 6: Q3'25 Financial Results
Q3’25 Financial Results Revenue ($M) Adj. EBITDA1 ($M) Net Income ($M) $1,167 $83 $85 $25 $1,082 $15 Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 EPS Adj. EPS1 Adj. OCF 1 ($M) $130 $1.29 $1.37 $0.77 $0.47 $36 Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 1 See appendix for reconciliation and definitions of non-GAAP me
Slide 7: YTD Q3'25 Financial Results
YTD Q3’25 Financial Results Revenue ($M) Adj. EBITDA1 ($M) Net Income ($M) $3,261 $55 $3,164 $235 $224 $10 YTD Q3'24 YTD Q3'25 YTD Q3'24 YTD Q3'25 YTD Q3'24 YTD Q3'25 EPS Adj. EPS1 Adj. OCF 1 ($M) $(7) $(24) $1.73 $3.68 $3.01 $0.30 YTD Q3'24 YTD Q3'25 YTD Q3'24 YTD Q3'25 YTD Q3'24 YTD Q3'25 1 See ap
Slide 8: Backlog Visibility
Backlog1 Visibility Backlog1 ($B) • Backlog1 improved ~$240 million sequentially $2.3 • Net bookings of $1.4 billion • Backlog1 not reflective of ~$4 billion T-6 award2 $ 11.6B • Trailing twelve-month book-to-bill 0.9x • No major disruptions in funding for current $9.3 contracts Funded Unfunded 1 Se
Slide 9: 2025 Guidance
2025 Guidance 2025 Prior 2025 Current ($M, except per share data) Guidance Guidance Revenue $4,375 - $4,500 $4,425 - $4,500 Adjusted EBITDA1 $305 - $320 $312 - $320 Adjusted Earnings Per Share1 $4.65 - $4.95 $4.85 - $5.05 Adjusted Net Cash Provided by $150 - $170 $120 - $150 Operating Activities1 20
Slide 10: Looking Ahead
Looking Ahead • Recent awards and limited recompetes set a strong foundation • Recompetes estimated to be <7% of revenue in 2026 • Topline considerations Training Modernization FMS growth Contingency support T-6 • Timing associated with Government Shutdown GO TOWARDS TOMORROW #goV2X
Slide 11: Appendix
Appendix GO TOWARDS TOMORROW #goV2X GO TOWARDS TOMORROW #goV2X
Slide 12: Key Performance Indicators and Non-GAAP Measures
Key Performance Indicators and Non-GAAP Measures This presentation includes certain non-GAAP financial measures, including adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, pro forma revenue, net leverage ratio, and adjusted
Slide 13: Reconciliation Of Non-GAAP Measures
Reconciliation Of Non-GAAP Measures ($K, except per share data) Three Months Ended Nine Months Ended September 26, 2025 September 27, 2024 September 26, 2025 September 27, 2024 Revenue $ 1,167,137 $ 1,081,656 $ 3,261,390 $ 3,164,403 Net income $ 24,605 $ 15,051 $ 55,103 $ 9,651 Plus: Income tax expe
Slide 14: Reconciliation Of Non-GAAP Measures
Reconciliation Of Non-GAAP Measures ($K) TTM September 26, 2025 Net income $ 80,137 Plus: Interest expense, net 84,645 Income tax expense 18,425 Depreciation and amortization 111,985 1 Additional permitted add-backs 38,871 TTM Bank EBITDA $ 334,063 ($K, except ratio) Period Ending September 26, 2025
Slide 15: Reconciliation Of Non-GAAP Measures
Reconciliation Of Non-GAAP Measures ($K) Three Months Ended Nine Months Ended September 26, 2025 September 27, 2024 September 26, 2025 September 27, 2024 Net cash provided (used) by operating activities 39,448 62,654 (27,484) 31,103 Plus: M&A, integration, and related payments 1,298 13,009 12,060 25
Slide 16: GO TOWARDS TOMORROW #goV2X
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