V2X, Inc. Jefferies Global Industrials Conference 2026

Good afternoon, everybody. My name is Dominic Aquilina, Managing Director with Jefferies in the Aerospace, Defense & Government Group. With me today, I've got Jeremy Wensinger, the President and Chief Executive Officer of V2X. Appreciate everyone's time. Just a quick format check before we jump in. I'm going to turn it over to Jeremy to kick it off with a few slides and overview of the company. We'll go through a few discussion points, and then we'll open it up to the floor for questions if we've got remaining time. Thanks, and Jeremy, over to you.

Thank you. Appreciate the time. Thanks for taking the time, especially during the lunch hour, to do this. V2X plays in the government services space. We are principally a provider to DoD and the intel community. We do have some civil work with NASA and the FBI and DEA, but most of it is either going to be MRO work or some very specific work that we do for NASA. And then obviously we have some classified work that is in the portfolio as well. You can see about $4.9 billion in revenue, 16,000-ish employees. We're in almost every single time zone around the globe. It's a global company in the sense of supporting our customers. And we support them in numerous ways. Base operating support, so think about a base.

Somebody's got to be able to run the infrastructure for the base so that we can support the war fighter, or in the MRO world, keeping aircraft in the air for our customers. Then there's another leg of the business. There's a lot of engineering, doing very bespoke work for Department of Defense and some other customers. But it's a lot of engineering. It's about 1 million square feet in Indianapolis that we support that engineering business with. Then there's a C5ISR part of the portfolio, mostly services again, and in the intel space, which is a lot of services. Again, around the globe, high logistics company, in terms of our ability to move equipment around the world. Pretty good balance in terms of portfolio of customers.

But again, we play in the O&M budget, which is a pretty attractive budget when it comes to budgetary activity on the Hill. Typically doesn't get caught up in all of the congressional stuff. We like where we play. We've seen good growth in our business over the last couple of years. Principally, it's because we have been able to take the entire company to a lot of these bids and create separation and differentiation with our customers. I'll just highlight on the next page. Here's some recent awards, and you can see on the left-hand side, it kind of spans the entire portfolio. So we're winning work in each of our portfolio areas. We think the differentiation that the combination of these companies came together several years ago is starting to bear fruit.

If you look at our book-to-bill, or you look at our revenue growth, I think all the metrics are pointing in the same direction that I just conveyed. We've really started to see the benefits of the merger several years ago.

Yeah. Let's jump in. Well, Jeremy, I want to congratulate you for just passing your two-year anniversary with V2X. Just curious, what are some of your key takeaways with your time so far with the company, and what are you most excited about moving forward here?

Yeah. In the two years, the things that I've been most impressed by is the persistence of the missions we support. They have long legs to them. They're enduring. The complicating side of how do you do business in all these foreign countries? How do we get licensing, bank accounts? All the stuff that in my prior job was a stumbling block because it was not a core muscle memory of those companies. Where it is, I think for V2X, it's been very impressive. Then just the ability to move equipment around the globe seamlessly. Big supply chain. I really did not appreciate that when I first came in. But again, I think when I look at the overall missions that we support and the enduring nature that they are, and our customers' willingness to continually turn to us based on our execution for continued growth.

We do an awful lot of on-contract growth, and we're winning our fair share or more of new work as well. It's been a great two years in terms of learning for me to understand what are those levers that drive the business outcomes. We've built a good team. Over that two-year period, we've seen it kind of transform from dispersed companies that kind of came together to now it's really one company.

It is operating as one.

I think top of mind for investors is always, from a macro perspective, the budget policy environment. I would say right now it seems to be more dynamic than it has been in a long time, and part of that is the threat environment. How do you think about V2X and the relative positioning against some of the funding priorities and where dollars are heading, like readiness, modernization, national security, evolving threats?

Yeah. If you look at those awards that I was showing on the other page, they are mostly readiness and modernization type of awards. This administration has put a strong focus on us being ready and modernizing where we can. It plays well in terms of the portfolio, and I think that is why we are experiencing the growth that we are having. Two, like I said before, a lot of where we are at, these are enduring missions that they are not going to go away overnight. When I look at budgetary stuff, I look at the overall O&M budget. Like I said before, it typically does not get a lot of notice other than just the dollar size in terms of Congress fussing with it. What they really want is they want to keep aircraft in the air, keep bases protected, keep our personnel in a way that they are ready to fight.

I think when I look at what we do really well, then when I look at the Indy facility, our ability to take very quick react contracts and put them in a way that puts them in the theater in a very short period of time, I think that capability has really proven well for us and for our customers. Being nimble, quick, I always refer to us as kind of scrappy.

We are very easy to work with, and also, I think, just quick in terms of our ability to be responsive to needs.

You mentioned the Indy facility, and maybe just double-click on that a little bit. You are doing some rapid prototyping- some modernization work there.