A&D Question Bank Questions for the Spring Conference Circuit

研报英文原文证据摘录

A&D Question Bank Questions for the Spring Conference Circuit

J P M O R G A N North America Equity Research

18 May 2026

A&D Question Bank

Questions for the Spring Conference Circuit

Good morning, we’re sharing our question bank ahead of upcoming conferences. Aerospace & Defense

ACPlease see below and reach out if we can be helpful. Seth M. Seifman, CFA

(1-212) 622-5597

Boeing (BA) seth.m.seifman@jpmorgan.com

Rocco J Barbero

• How do the recent announcements in China fit into your expectations, both in (1-212)rocco.j.barbero@jpmorgan.com622-8140

terms of medium term sales to that country and cash advances this year? Do you

Alexander Ladd

expect orders to follow developments in US-China relations?

(1-212) 622-0077

• What areas of the supply chain will make it harder to boost production above alex.ladd@jpmorgan.com

47/mo? When do engines become a gating factor? Separately, what are the J.P. Morgan Securities LLC

areas where you expect to draw down part inventory this year?

• What is remaining to secure MAX 7 and 10 certification this year? Is it all

paperwork at this time?

• What remains for 777X certification and what are the key risks? How should

we think about the cash profile of the program progressing? How many will

you build this year? Around what year should the deferred balance peak?

• Do you expect MAX 10 certification to unlock orders?

• It looks like 737 unit profitability reset lower following the Spirit acquisition

after some good progress in 2025. How quickly can we see that unit margin

increase?

• 787 production should reach 10/mo later this year. Should that translate into

120 deliveries next year? Can the 787 deferred balance start falling

meaningfully once production reaches 10/mo?

• How can we think about the cash flow impact from concessions and how it