What's Up w/ BAby: China 777F Order; T-7 Airworthiness Memo; $2BB Comms Award

研报英文原文证据摘录

What's Up w/ BAby: China 777F Order; T-7 Airworthiness Memo; $2BB Comms Award

d risks to the T-7 via an internal Air Force documents (Aug ’25) Unannounced commercial customer 42

indicating the first 82 Boeing T-7 Red Hawk trainer aircraft could operate w/ airworthiness risks due Cathay Pacific 35

to missing critical safety item data, w/ additional issues including inability to fly in rain, simulator SingaporeChina AirlinesAirlines 3125

performance challenges, and supplier data gaps. The $9.2BB program, awarded in 2018 and British Airways 24

now delayed by 2+ years, w/ ~344 flight test hours across 350+ flights, w/ the USAF targeting KoreanLufthansaAir 2020

initial operational capability in fall 2027 and pilot training beginning in 2028 while continuing to ANA 18

operate legacy T-38 aircraft.This news dated Aug '25 is largely in the rear-view as the T-7A achieved Other 80

Milestone C and was approved to move into LRIP in April 2026, w/ production underway of the . Total 695

Source: Cirium

production-representative models with training expected to begin later this year. St. Louis is capable

of producing 84 T-7s per year, including back filling the F/A-18 lines in 2027. Exhibit 2 - Trading at a 3.9% FY2 FCF Yield, 1%

Prem to Mkt vs. Historical Avg Prem of 6%

8% 200%

Boeing Wins $2BB Air Force Contract for MUOS Service Life Extension Phase II. Boeing was 7% 150%

6% (%)awarded a $2BB fixed-price-incentive-firm-target contract from the USAF to support Phase II (%)

100%

5% S&P Yield

to 4% 50%of the Mobile User Objective System (MUOS) service life extension. Boeing will provide design,

FCF

development, and production services for two MUOS satellites, along with launch support and on- FY2 3%2% 0% Premium