Aero & Defense Weekly Recap

Research evidence excerpt

Aero & Defense Weekly Recap

TD SECURITIES (USA) LLC WEEKLY REPORT

May 22, 2026

■Aerospace & Defense Electronics: Aero & Defense Weekly Recap

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■Aerospace & Defense Electronics:

Commercial Aerospace

■Aerospace & Defense Electronics: Defense

Gautam Khanna THE TD COWEN INSIGHT

617 946 3978

This note aggregates some observations from the week in A&D. Enjoy the long weekend!

gautam.khanna@tdsecurities.com

Ed Keller (1) CRS – We hosted CRS's executive leadership team for investor meetings on 5/20 (note

214 406 7726 here). Demand/pricing remains strong, CRS believes aerostructure customers, who have

ed.keller@tdsecurities.com

stopped de-stocking, still need to order more to meet prodn rates. CRS doesn’t have outsized

Anton Rinnert pricing on CFM 56 vs. LEAP, so eventual CFM 56 A/M pressure should not disproportionately

646 562 1455 dampen profits. We surmise that CRS may stop disclosing tonnage, as imputed price/lb

anton.rinnert@tdsecurities.com confuses investors about underlying price strength, since mix can skew ASP.

Chuka Isioji (2) BAH - The midpoint of F27's sales guide (+0-4%) was in-line with consensus. March Q book/

646 562 1345

bill was 0.9x but excludes the $697MM Army contract win that is under protest. Commentary

chuka.isioji@tdsecurities.com

on the bid pipeline & contract adjudication pace were upbeat. FCF guide implies a 10%+ FCF

Barrett Taylor yield.

646 562 1409

barrett.taylor@tdsecurities.com (3) Airbus - Press accounts indicate that Airbus has informed A350 customers to expect

delivery delays, and that the cause seems to relate to inadequate tooling/infra. at Airbus's

acquired SPR facility. YTD A350 deliveries have lagged, and this does pose some eventual

"destocking" risk to A350 suppliers.