A&D Weekly: M&A Velocity in the A&D Universe

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A&D Weekly: M&A Velocity in the A&D Universe

ortfolio pruning, and HEI bolt-ons. June 2026 HEI Cook Defence Systems Defense

. June2026 2026Total/AverageHEI CalRamic Technologies $12,547 2.8x 11.8x Defense

Source: Company data, Jefferies estimates. Note: Based on

Disclosed Volumes Understate The Breadth Of 2026 Activity. Of the 27 transactions we tally date of announcement.

through early Jun '26 (based on date of announcement), 20 include disclosed values, with average Exhibit 2 - Aerospace Trading at 18.0X EV/

disclosed deal size of $627MM vs $958MM in 2025. Total disclosed value of $12.5BB YTD EBITDA, vs S&P at 13.7X and 10-Year Average

compares to $45.4BB in 2025, with the largest deals tied to LDOS-Entrust for $2.4BB (16X), of 13.6X

TDG-JPE/VSA for $2.2BB (18X), VSEC-PAG for $2BB (13X), and ARXS-Omnetics/MagCanica for 24x21x

18x$890MM (12X 2027 EBITDA). (x)

15x

12xDefense Leads Activity As Buyers Add Mission-Critical Capabilities. Defense represents 37% of EV/EBITDA

YTD deal volume vs just 13% in 2025 (7 transactions), making it the most active end market YTD FY2 9x6x

in volume. Activity spans naval composites, UAS manufacturing, defense electronics, antennas, 3x

tactical gear, armored vehicle components, and capacitors, suggesting buyers remain focused on 0x Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26

adding niche capabilities tied to priority defense programs rather than pursuing broad platform SP50 SP133

.

consolidation. Disclosed Defense EBITDA multiples avg 8.5X in 2026 vs 13.0X in 2025. Source: Jefferies, FactSet

Comm'l Aero Still Drives Value, With Aftermarket Assets Pricing Well.