MOOG INC CL B Jefferies Global Industrials Conference 2026

Thanks, Sheila. Yeah, it would be great if you joined in to coverage, but we are happy to support you at the event today. Moog is celebrating its 75th anniversary this year, so we were established in 1951. First product of the company was on a missile fin control, ship-to-air missile. That is the founding of the company, and there is a trajectory through its entire life which has been around missiles, developing onto intercontinental ballistic missiles, and then you go on to the Gemini program, Saturn program, and Artemis most recently. So we are doing thrust vector control, actuation on all of those rockets and missiles. That is where the company has come from. It expanded capability over the years to do systems of systems engineering.

If you look at an Embraer E2 jet, we do everything from the moving surfaces on the wing through to the flight control computer in the cockpit. So a really broad range of engineering capabilities in the organization. We do precision components from hydraulic servo valves through to slip rings, electric motors, ball screws. So all of those technologies that allow us to do motion control and fluid control, basically, for our customers. Applications we go after are either mission critical, flight safety critical, or have high economic impact if they do not work. That is a common feature across our business. Culture of the company is really important. The reason I bring it up here is over the last three years, we have had a Glassdoor award as one of the 100 top best places to work in the U.S. for companies of over 1,000 employees.

So we are very proud of the fact that we are recognized for that, but that has been a feature of our company over its full 75-year history. Why it is important is the employee value proposition, that this is being a great place to work. It helps us as we are ramping, in these times, to attract new talent into the organization. So it is a differentiator for us. That is a little bit about the background of the company. The applications we are on, we design the IP. We are sticky in those applications because you are qualified for them, so we are hard to displace from many of the applications that we do.

I think overall, there's a fundamental change that happened from a few years ago, and that's really accountability for the leaders of the business and making sure that we've got clear expectations as far as what performance looks like. I would say we are very deliberate about those and aided those in some very simple restructurings of our business so that the businesses actually have control of their resources, their destination, and their outcomes. That was a fundamental change. To achieve the results that they did, we really focused on some things that we've been chatting about, and that's pricing and simplification. They've used those tools to help in their execution. The execution has delivered. Overall, the nature of the products that we supply, that hasn't changed. Our overall markets that we served, that hasn't changed.

It's really the discipline that we put in and the accountability that is the core change that was made, and then the focus on the pricing and simplification as the tools that we help to achieve those results.

Yeah. Thanks, Sheila. The backlog itself that's listed there, that's our 12-month backlog, so that will get executed over the coming 12 months. Our total backlog is about $7.1 billion. The backlog is growing faster than the sales revenue, you are correct. If I go back to Investor Day, which was June 2023, we said our rate of growth at the top line would be between 5% and 7%. We have exceeded that for the three-year period. Our overall growth rate will be around 9% CAGR over the three-year period. Year-over-year, given our 2026 guidance relative to 2025, we are probably up 14%. It is true that revenue growth has strengthened over the time. It is a result of tailwinds in the market, for one.

I think more importantly, our capability to deliver for our customers has secured us additional wins, has taken wins away from competitors, and is gaining us new scope on some applications as well. We are growing faster, we think, as a consequence of those things.

I think our Space and Defense Group business has grown faster than was originally anticipated. A lot of growth is coming through there. I guess the surprise might be at data center cooling on the industrial side and the stability in the industrial business. The rest of the industrial business is holding up, and then you have this hotspot associated with data center cooling that has added extra fuel on the industrial side in terms of growth.

Yeah. As you said, we have record backlog, but yet none of that backlog includes the buy 2, buy 3, or buy 4 rates that were on the missile programs. Missiles for us is about $275 million of revenue in FY 2026. It's grown probably at around 20% plus growth rate over the last year or so, but that does not yet reflect anything coming through on those higher production rates. We are in negotiations with all of the primes on those missile programs. We have a high level of exposure to the Mach 12 missile programs. We're on PAC-3. We're on PAC-2. We're on THAAD. We're on AMRAAM. We're on Standard Missile-3. We're on Standard Missile-6. We're on Tomahawk. As all of those go through ramp increases, we will begin to see that coming through as orders to our business probably in the next three to six months.