July Aerospace, Defense & Airlines Data Set and Top Picks

Research evidence excerpt

July Aerospace, Defense & Airlines Data Set and Top Picks

Sheila KahyaogluJefferies Aerospace & Defense and Airlines 212.336.7216

Sheila.kahyaoglu@jefferies.comJULY 2026 | MARKETING DECK AND TOP PICKS

Commercial OE Kyle Wenclawiak

• BA: Recent execution & continued visibility to higher BCA rates on 737/787, a cleaner margin profile by derisking BDS programs, and sustained growth at BGS support the 212.323.7671

kwenclawiak@jefferies.com path to +$1-3BB of FCF in 2026 (or +HSD $BB ex items) and to $10BB+ in time.

Commercial AM Adam Samuelson

• GE: Aftermarket fears overdone given Services represents 60% of CES, while profits accelerating toward the $11.5B 2028 target and LEAP & CFM56 economics inflect 212.707.6303

sooner than expected, GE9X losses improve, and next-gen engine programs add longer-term upside. asamuelson@jefferies.com

• HEI: Elevated M&A in recent quarters & ongoing deal pipeline bolster the growth opportunity anchored in the PMA adoption runway across commercial and, increasingly, Jack Ewell

US government customers. 646.352.5646

Defense Primes jewell@jefferies.com

• GD: Unprecedented shipbuilding demand with growth supported by multi-year workforce and sourcing investments, and meaningful margin upside as productivity

improves under schedule-incentivized contracts. Eegan McDermott

212.323.3323

Space emcdermott1@jefferies.com

• VOYG: A defense and space technology company with exposure to munitions, ISR, and commercial space, driving 31% core revenue CAGR through 2030, underpinned by

production scaling and new pipeline wins, with long term growth in majority ownership of the Starlab commercial space station JV. Billy Healey

212.778.8725

bhealy@jefferies.com