Slides
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L3HARRIS Investor Day 2026 L3HARRIS Investor Day 2026 TONY CALDERON Vice President of Investor Relations & Corporate Development 2
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L3HARRIS Investor Day 2026 AGENDA TONY CALDERON Vice President of Investor Relations & Corporate Development INTRODUCTION CHRIS KUBASIK Chairman and CEO COMPANY & STRATEGIC UPDATE TANIA HANNA Vice President, Government & Customer Relations GOVERNMENT & CUSTOMER RELATIONS KEN BEDINGFIELD Senior Vice President and CFO a nd President, M SL MISSILE SOLUTIONS (MSL) SAM MEHTA President, SMS SPACE & MISSION SYSTEMS (SMS) JON RAMBEAU President, CSD COMMUNICATIONS & SPECTRUM DOMINANCE (CSD) KEN BEDINGFIELD Senior Vice President and CFO and President, MSL 2028 FINANCIAL FRAMEWORK BREAK ALL Q&A CONCLUSION CHRIS KUBASIK Chairman and CEO BREAK 3
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L3HARRIS Investor Day 2026 FORWARD - LOOKING STATEMENTS Statements in this presentation reflecting management's current expectations, assumptions and estimates of future performance an d economic conditions that are not historical facts are forward - looking statements made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward - looking statements include but are not limited to: 2026 guidance; DoW investment, which contemplates an IPO to accelerate missile solutions capability (the “Partnership”); international revenue growth; capacity and production expansion and outsized growth; growth durability a nd full rate revenue expectations; our pipeline and the domestic and international demand growth environment, including the U.S. DoW budget and international spending; counter - drone system, communications and sensing deliveries and investment; program, contract and order opportunities, future production opportunit ies , awards and program ramps, and the value or potential value and timing thereof, including related to missionized business jets; technology capabilities and program timing; long - term targets, including 2028 framework financial objectives and growth projections and drivers thereof; margin durability; strategic transa cti ons; estimated capital deployment and capital allocation strategy, including return of cash to shareholders; investments to scale production; and other stateme nts regarding the business outlook and financial performance guidance that are not historical facts. Forward - looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ mate rially from those matters expressed in or implied therein. Consolidated results, future trends and forward - looking statements could be affected by many fa ctors, risks and uncertainties, including but not limited to: U.S. Government spending priorities; changes in contract mix; risks relating to the divestiture of our Space Propulsion and Power Systems (SP&PS) business, including satisfaction of closing conditions; the termination, failure to fund, or negative audit fin dings for U.S. Government contracts; the impact of any legal challenge, protest, investigation or reaction to the Partnership or to any transactions in connection th erewith; any unexpected tax, accounting or regulatory treatment of the Partnership or to any transactions in connection therewith; the availability of gov ern ment funding; any adverse impacts on L3Harris other businesses or relationship with its customers, its suppliers or other contractors for whom L3Harris is a su bco ntractor or supplier; uncertain economic conditions; the consequences of future geo - political events; the impact of government investigations; the risks of doin g business internationally; disputes with prime contractors, subcontractors or key suppliers, or their inability to perform or timely deliver our compone nts , parts or services; risks related to other strategic transactions, including divestitures. Further information relating to these and other factors that may impact th e company's results, future trends and forward - looking statements are disclosed in the company's filings with the SEC. The timing, volume and nature of share repur chases are at the discretion of the company and subject to business and market conditions, applicable laws, regulations, policy and other factors and may be sus pended or discontinued at any time without prior notice. The forward - looking statements contained herein are made as of the date hereof, and the company discl aims any intention or obligation, other than imposed by law, to update or revise any forward - looking statements, whether as a result of new information, future ev ents, or otherwise. Persons reading this presentation are cautioned not to place undue reliance on forward - looking statements. 4
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L3HARRIS Investor Day 2026 L3HARRIS Investor Day 2026 CHRIS KUBASIK Chairman and CEO ADAPT FAST, SCALE SMART, ACCELERATE GROWTH 6
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L3HARRIS Investor Day 2026 7 BUILT FOR CUSTOMER SUCCESS. DELIVERING SHAREHOLDER VALUE. ACCELERATE DELIBERATE PORTFOLIO SHAPING AGILE APPROACH: ACQUIRE, PARTNER, AND INVEST FOCUSED PORTFOLIO DELIVERING KEY WINS M&A PARTNERSHIPS KEY BUSINESS WINS The appearance of U.S. Department of War visual information does not imply or constitute DoW endorsement.
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L3HARRIS Investor Day 2026 L3HARRIS INVESTMENT CASE 8 01 TRACK RECORD of delivering on commitments UNIQUE, FOCUSED STRATEGY portfolio built for the future of warfare 02 WORLD - CLASS LEADERSHIP TEAM with deep operating expertise and proven results 03 STRONG FINANCIALS m arket - leading growth, margins and free cash flow 04
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L3HARRIS Investor Day 2026 DELIVERING STRONG PERFORMANCE 9 REVENUE ($B) 19.4 23.3 2023 2024 2025 2026 Guide (Midpoint) 6% CAGR 14.8% 2023 2024 2025 2026 Guide ADJUSTED SEGMENT OPERATING MARGIN >100 BPS 2.0 3.0 2023 2024 2025 2026 Guide ADJUSTED FREE CASH FLOW ($B) 14% CAGR 2026 guidance exceeds financial framework set 3 years ago $23.0B Low - 16s >20% & Growing International Revenue Strong FCF Conversion 20 ,000+ Employees with Clearances 16% $2.8B 2026 financial framework set at Dec - 23 Investor Day
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L3HARRIS Investor Day 2026 10 OUR STRATEGY FOR INDUSTRY - LEADING PROFITABLE GROWTH ADAPT Fast ACCELERATE Growth SCALE Smart
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L3HARRIS Investor Day 2026 11 OUR STRATEGY IN ACTION Annual revenue acquired and divested since merger > $ 3 B Missionized business jets delivered >100 ~2M SqFt a dd itional capacity new / under construction Venture Capital investments / partnerships to pull technology into our solutions >70 Improvement in air traffic network capacity 10x 56 SDA tracking layer satellites delivered / in production DoW investment and IPO to accelerate missile solutions capacity $1B MSL revenue doubling by the end of the decade 2 x 1M Tactical radios in use today ADAPT Fast ACCELERATE Growth SCALE S mart
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L3HARRIS Investor Day 2026 Speed, Innovation, Technology, Sizzle, Cache Backlog,BalanceSheet, Lobbyists, Programs, Workforce, Facilities,Clearances DESIGNED FOR DISRUPTION 12 DISRUPTORTRUSTED DEFENSE PRIMES NEW ENTRANTS
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L3HARRIS Investor Day 2026 DESIGNED FOR DISRUPTION 13 Backlog,BalanceSheet, Lobbyists, Programs, Workforce, Facilities,Clearances TRUSTED DEFENSE PRIMES Speed, Innovation, Technology, Sizzle, Cache DISRUPTOR NEW ENTRANTS
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L3HARRIS Investor Day 2026 DESIGNED FOR DISRUPTION 14 SCALE ACCELERATE ADAPT Backlog Balance Sheet Gov’t Relations Programs Workforce Facilities Clearances Speed Innovation Technology Sizzle Cache
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L3HARRIS Investor Day 2026 15 PORTFOLIO BUILT FOR THE FUTURE OF WARFARE CSD Spectrum Solutions MSL Missiles Propulsion/ Advanced Effects SMS Multi - Domain Defense Solutions WE LISTEN. WE DECIDE. WE ACT.
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L3HARRIS Investor Day 2026 EXAMPLES: ADAPTING FOR SPEED AND GROWTH Innovating capability to the greatest customer need 16 SMS Missile Warning / Missile Defense CSD Over - the - Air Radio Software Upgrades MSL Revitalized a National Asset Rapidly developed the premier low - earth orbit tracking satellite, delivering operational capability in half the time Commercial business model enable d the delivery of software - defined radio updates in weeks, not years Implemented a vision to modernize Aerojet Rocketdyne into the premier provider of solid rocket motors
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L3HARRIS Investor Day 2026 REVISED SEGMENTS ALIGN CAPABILITIES FOR STRONGER GROWTH AND EXECUTION Expected % of 2026 - 2028 17 Commercial Margins Growth Engine L3HARRIS Investor Day 2026 Strong Growth Enduring Platforms Space & Mission Systems (SMS) 50% OF REVENUE Communications and Spectrum Dominance (CSD) Missile Solutions (MSL) 50% OF PROFIT 50% OF GROWTH
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L3HARRIS Investor Day 2026 FORWARD - THINKING LEADERS 18 Kim Mackenroth Vice President & Chief Information Officer Mel Rakita Vice President & Chief Human Resources Officer Heidi Wood Vice President & Chief Transformation Officer Dave Zack Vice President, Operations & Program Excellence Ed Zoiss Vice President, Engineering & Innovation Ken Bedingfield Senior Vice President, CFO & President, Missile Solutions Chris Kubasik Chairman and CEO Sam Mehta President, Space & Mission Systems Jon Rambeau President, Communications & Spectrum Dominance Tania Hanna Vice President, Government & Customer Relations Christoph Feddersen Senior Vice President, General Counsel & Secretary
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L3HARRIS Investor Day 2026 19 MISSILE SOLUTIONS: UNLEASHING THE ARSENAL OF FREEDOM Creating a pure play missile solutions company with a portfolio across entire domestic inventory : Solid Rocket Motors Low - Cost Extended Range Effects Munition Fuzes Weapons Release Systems Stinger Griffin Javelin Nulka GMLRS ATACMS PAC - 3 Hypersonics SM THAAD Sentinel
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L3HARRIS Investor Day 2026 ONE COMPANY. ONE FOCUS. PROFIT AB LE GROWTH. SUCCESSFUL TRACK RECORD OF INVESTING AHEAD OF THE MARKET TO CREATE THE NEXT GROWTH ENGINES Missile Solutions investment follows successful investment programs 20 10+ YEARS AGO Tactical comms CSD 5 YEARS AGO Satellites SMS TODAY Missiles AJRD MSL MSL FOLLOWS SUCCESSFUL INVESTMENT PROGRAMS ENTERPRISE GROWTH POWERHOUSE
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L3HARRIS Investor Day 2026 21 L3HARRIS Investor Day 2026 Helping our customers ACHIEVE PEACE THROUGH STRENGTH against adversaries Our customers are demanding change… WE LISTEN. WE DECIDE. WE ACT. BUILT FOR CUSTOMER SUCCESS. DELIVERING SHAREHOLDER VALUE. We are in a race …WE INTEND TO WIN
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L3HARRIS Investor Day 2026 L3HARRIS Investor Day 2026 TANIA HANNA Vice President, Government & Customer Relations 22 The appearance of U.S. Department of War visual information does not imply or constitute DoW endorsement.
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L3HARRIS Investor Day 2026 DURABLE GLOBAL DEMAND Accelerating global threats aligned to LHX capabilities 23 Rebuilding defense industrial base Allied burden sharing Prioritization of advanced capabilities The appearance of U.S. Department of War visual information does not imply or constitute DoW endorsement.
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L3HARRIS Investor Day 2026 GEOPOLITICAL ENVIRONMENT IS DYNAMIC & VOLATILE NATO – North Atlantic Treaty Organization, B.R.I. – Belt and Road Initiative NATO UKRAINE CHINESE AND RUSSIAN NAVAL ACTIVITY IN BALTICS INSTABILITY IN NORTHERN TRIANGLE TRANSNATIONAL CRIMINAL, TRAFFICKING AND NARCOTICS ACTIVITY VENEZUELA CRISIS CHINESE INFLUENCE IN SOUTH AMERICA CONFRONTATION WITH IRAN ISRAELI - PALESTINIAN CONFLICT NEW SYRIAN REGIME GULF ON THE RISE CONFRONTATION OVER TAIWAN EVOLVING DIPLOMATIC ARRANGEMENTS TO COUNTER CHINA ECONOMICALLY NORTH KOREA MEXICO / BORDER MIGRATION CANADA CHINESE B.R.I. INFLUENCE IN AFRICA CONFLICT BETWEEN INDIA & PAKISTAN 24
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L3HARRIS Investor Day 2026 L3HARRIS Investor Day 2026 GFY25 GFY26 Enacted 313 309 UPDATES TO NATIONAL DEFENSE STRATEGY INFLUENCE FUNDING PRIORITIES ALIGNED TO LHX CAPABILITIES GFY – Government Fiscal Year RECONCILIATION BOOSTS US DoW INVESTMENT ACCOUNT FUNDING $B BUDGET GROWTH AREAS L3HARRIS Investor Day 2026 25 Space Missiles/Munitions Resilient Communications Missionized Aircraft DoW Budget Reconciliation DoW Base Budget Investment Accounts
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L3HARRIS Investor Day 2026 GROWTH IN KEY MARKETS AND EXPANDING PRODUCTION IN MAJOR LHX PRODUCT LINES 26 UK Software - Defined R adios Electronic Warfare POLAND Electronic Warfare Electro - Optical Sensors Resilient Comms SOUTH KOREA Missionized Aircraft JAPAN Missile Warning / Missile Defense GERMANY Software - Defined Radios ITALY Missionized Aircraft Naval Mechanical Systems EUROPE Acquiring Proven capability AUSTRALIA Missionized Aircraft Software - Defined Radios Electronic Warfare TAIWAN Electronic Warfare Submarine Systems Resilient Comms INDOPAC Countering the China threat
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L3HARRIS Investor Day 2026 L3HARRIS Investor Day 2026 KEN BEDINGFIELD 27 Senior Vice President , CFO and President, Missile Solutions
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L3HARRIS Investor Day 2026 MISSILE SOLUTIONS (MSL) The appearance of U.S. Department of War visual information does not imply or constitute DoW endorsement. 28 Strengthen the Arsenal of Freedom by creating a pure play missile solutions company with unparalleled alignment to the entire domestic arsenal STRATEGIC PORTFOLIO CHARACTERISTICS Durable high - teens growth Focused investment to expand capacity GROWTH DRIVERS Multi - Year Missile and Munition Growth Golden Dome Interceptor Ramp - Up Large Solid Rocket Motors Low - Cost Extended Range Effects BUSINESS MODEL DEFENSE / COMMERCIAL 28 L3HARRIS Investor Day 2026 CAPABILITIES CAPABILITIES Munition Fuzes and Ignitors Solid Rocket Motors Advanced Technologies, Seekers, Divert and Attitude Control Systems Air Launched Effects, Hypersonics, Advanced Weapons Racks
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L3HARRIS Investor Day 2026 29 MSL AT A GLANCE 2026 Rev Guidance >30 Discriminating capabilities across the most critical elements of the missiles value chain Missiles / Munitions Space Propulsion Advanced Effects 2025 Revenue by Capability 2026 Margin Guidance Missile Positions mid 12% ~$4.4B The appearance of U.S. Department of War visual information does not imply or constitute DoW endorsement.
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L3HARRIS Investor Day 2026 ADAPT ALIGN ING PORTFOLIO WITH DoW’S HIGHEST PRIORITY PROGRAMS INVEST ING TO DELIVER ON GENERATIONAL DEMAND 30 CREATING A HIGH - GROWTH, END - TO - END MISSILE TECHNOLOGIES COMPANY Capacity Expansion to Drive Outsized Growth 60 buildings / 1M sq ft of new factory floor space Positions for high - teens growth through end of decade Intentional Portfolio Shaping to Unlock Synergies Aligned all LHX missiles assets into one business Monetizing majority stake in space propulsion to focus on high - growth missile solutions Access equity markets for capital expansion project Acquisition synergies Bolstered talent base Rebuilt customer confidence Operational turnaround; Initial capacity investments 2024 - 2025 2026 - 2027 2028+ TODAY 2027 2028 2029 2026 2030
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L3HARRIS Investor Day 2026 A LEADER IN MISSILE SOLUTIONS 31 GENERATIONAL DEMAND MARKET - LEADING DIVERSIFIED, ENTRENCHED POSITIONS DIFFERENTIATED GROWTH OUTLOOK SCALE ADVANTAGE MARGIN EXPANSION OPPORTUNITY Positioning for unprecedented, durable missile demand DoW requires 3 - 4x increase in key MAC interceptors ; MSL is supplier on majority of these programs MSL is on 75% of all domestic missiles currently fielded On >30 missile programs ; ~80% sole source Durable high - teens growth Delivering production capacity faster than anyone in industry Strong margins today with opportunity to expand as production ramps L3HARRIS Investor Day 2026 The appearance of U.S. Department of War visual information does not imply or constitute DoW endorsement.
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L3HARRIS Investor Day 2026 NEAR - TERM GROWTH DRIVERS EXPOSURE TO FULL SPECTRUM OF MISSILE VALUE CHAIN Investments in capacity and capabilities unlock generational growth 32 COMPLETE DEVELOPMENT AND SCALE PRODUCTION SCALING TO ACCELERATE HIGH - GROWTH INTERCEPTOR AND STRIKE MISSILE PRODUCTION NGI, Sentinel and Zeus Construction underway Full - rate revenue expected in 2030+ INCREASING SIZE, RANGE, CAPABILITY STRATEGIC INTERCEPTORS TACTICAL Expanding production for PAC - 3, THAAD and Standard Missile Construction underway; 2029 completion with full rate in 2030 GMLRS, Javelin, Tomahawk and Munition Fuzing Advanced Effects / Classified
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L3HARRIS Investor Day 2026 COMPETITIVE MOAT OF TALENT, MISSILE POSITIONS, AND SCALE 33 MSL “ artisans ” are the source of unique process knowledge and proprietary manufacturing expertise 400M+ hours of manufacturing experience PORTFOLIO Diversified, entrenched positions across Army, Navy, MDA, and Air Force SRMs on 8 out of the 13 Munition Acceleration Council programs PRODUCTION Building state - of - the - art manufacturing facilities, scalable to meet demand, while enhancing quality and safety 200+ buildings, 4,000+ acres, embracing robotics and automation PEOPLE
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L3HARRIS Investor Day 2026 34 CAPACITY IS THE NEW CAPABILITY Deploying technology for next - gen franchises – Large Solid Rocket Motors, Air Launched Effects, Hypersonics Investing $3B to scale SRM production to capture visible, durable demand ADAPT Fast ACCELERATE Growth SCALE Smart 2028 REVENUE ~$6.3B
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L3HARRIS Investor Day 2026 L3HARRIS Investor Day 2026 SCALE 35 SCALING TO MEET >3X GROWTH IN SRM PRODUCTION VIA NEW FACILITIES AND MODERNIZED MANUFACTURING DELIVERING PEACE THROUGH INDUSTRIAL STRENGTH Advanced Manufacturing Facility Inert SRM components Advanced Propulsion Facility 1 Medium and Large SRM Advanced Propulsion Facility 2 Medium and Large SRM Canoga Park campus expansion Divert and Attitude Control Systems ALABAMA ARKANSAS VIRGINIA CALIFORNIA
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L3HARRIS Investor Day 2026 ACCELERATE 1 Growth projections reflect management’s expectations based on estimated long - term market opportunities. MAC – Department of War’s Munitions Acceleration Council The appearance of U.S. Department of War visual information does not imply or constitute DoW endorsement. Image courtesy Loc khe ed Martin . CLEAR VISIBILITY DRIVING CAPACITY EXPANSION GEOPOLITICAL DRIVERS DURABLE DEMAND SIGNAL DRIVING CAPACITY EXPANSION 36 ADVERSARY THREAT GOLDEN DOME REPLENISH STOCKPILES AND INCREASE INVENTORIES MAC PRIORITY PROGRAM GROWTH CURRENT ANNUAL DELIVERIES EXPECTED DEMAND GROWTH 1 PAC - 3 Air & Missile Defense 700 ~ 3 x Tomahawk Strike 200 ~5x THAAD Missile Defense 1 50 ~3x Standard Missile Air & Missile Defense 250 ~ 2 x
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L3HARRIS Investor Day 2026 37 KEY PRIORITIES L3HARRIS Investor Day 2026 SCALING FOR GENERATIONAL DEMAND for missiles & munitions 01 MEET CUSTOMER DELIVERY COMMITMENTS as production scales 02 EXPAND COMPETITIVE MOAT in people, portfolio, and production to drive incremental value 03 COMPLETE CAPITAL RAISE FOR SRM PROJECT in the second half of 2026 04
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L3HARRIS Investor Day 2026 38 BREAK 10 min L3HARRIS Investor Day 2026
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L3HARRIS Investor Day 2026 L3HARRIS Investor Day 2026 JON RAMBEAU President, Communications & Spectrum Dominance 39
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L3HARRIS Investor Day 2026 COMMUNICATIONS & SPECTRUM DOMINANCE (CSD) Image courtesy GA - ASI 40 Dominating the spectrum across sensors, communications and effects DoW and International Communication Modernization Operations in Contested Environments Drone Proliferation and Associated Defense STRATEGIC PORTFOLIO RATIONALE Mid - Single D igit G rowth Commercial Margins GROWTH DRIVERS BUSINESS MODEL COMMERCIAL L3HARRIS Investor Day 2026 40 CAPABILITIES CAPABILITIES Resilient, Software - Defined Radios and Waveforms Passive Sensors Weapons / Unmanned Data Links Counter - Drone Systems Electronic Warfare
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L3HARRIS Investor Day 2026 Tactical Communications Network / Electronic Warfare Solutions Electro - Optical / Infrared Sensors Night Vision 41 CSD AT A GLANCE 2026 Rev Guidance 80% Delivering Electromagnetic Spectrum Solutions at Scale 2025 Revenue by Capability 2026 Margin Guidance Commercial Model ~25% ~$8.0B
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L3HARRIS Investor Day 2026 COMMERCIAL MODEL FUELS COMPETITIVE MOAT 42 BREADTH SPEED DEPTH Market - leading positions across sensors, comms and effects Next - gen, secure technologies Solutions across land, sea, air, space and cyber domains 12,000+ employees worldwide 10 global business and production hubs Millions of systems fielded across 130+ countries Agile, high - capacity production Self - funded R&D delivers next - gen capabilities ahead of need Customer feedback incorporated quickly to refine products 42 L3HARRIS Investor Day 2026
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L3HARRIS Investor Day 2026 ADAPT Images are illustrated representations 43 ADVANCED THREATS DRIVE DEMAND Offensive and defensive electromagnetic spectrum solutions provide battlefield options OFFENSIVE DEFENSIVE RESPONSE Resilient waveforms Next - gen electronic warfare products Advanced jamming of communications in Ukraine RESPONSE Undetectable threat sensing Airborne electronic warfare solutions Sophisticated systems introduced in Indo - Pacific RESPONSE AI - enabled detection, classification and response Low - cost per intercept Adversaries scaling cheap drone production THREAT THREAT THREAT Adversary Jammer Adversary Passive Detection System Adversary Drone
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L3HARRIS Investor Day 2026 SCALE Image courtesy Schiebel 44 TARGETED INVESTMENTS IN GROWTH PRODUCT LINES Investing in commerciality and capacity to meet demand for CSD capabilities ACCELERATE COUNTER - DRONE SYSTEMS PRODUCTION EXPANSION WITH MSL NEW ELECTRO - OPTICAL / INFRARED SENSING SYSTEMS FACTORY 40% EXPANSION OF PRODUCTION CAPACITY IN GROWTH PRODUCT LINES Delivering 140K+ radios in 2026 Monetizing 30+ waveforms RESILIENT COMMS Delivering 600+ turrets in 2026 Installations across 120+ platform types PASSIVE SENSING Deliveries increase 4x by 2028 Investment set to match demand COUNTER - DRONE SYSTEMS
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L3HARRIS Investor Day 2026 ACCELERATE *Figures rounded for presentation 45 TOPLINE GROWTH DRIVEN BY ADVANCING THREATS Global security environment driving strong demand in core products RESILIENT COMMS PASSIVE SENSING COUNTER - DRONE SYSTEMS SUBSTANTIALLY INCREASING DELIVERIES OVER THREE YEARS Cumulative tactical radio install base* (units K) 2020 2023 2026 2028 Estimated global military drone production of all sizes (units K )* Cumulative WESCAM turret install base* (units total) 850 1050 1300 1500 5000 7000 8600 10000 75 1500 15000 31000 2020 2023 2026 2028 2020 2023 2026 2028
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L3HARRIS Investor Day 2026 KEY PRIORITIES Accelerating global growth at commercial margins STRENGTHEN AND EXPAND IN CORE MARKETS by filling customer capability gaps POSITION FOR THE FUTURE through flexible capacity and discriminating technology DRIVE GROWTH across sensors, communications and effects MAINTAIN INDUSTRY - LEADING MARGINS by leveraging the commercial business model 46 01 02 03 04 L3HARRIS Investor Day 2026
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L3HARRIS Investor Day 2026 L3HARRIS Investor Day 2026 SAM MEHTA President, Space & Mission Systems 47
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L3HARRIS Investor Day 2026 SPACE & MISSION SYSTEMS (SMS) * Includes significant classified capabilities 48 48 L3HARRIS Investor Day 2026 Missile Warning / Missile Defense International ISR and Aircraft Missionization STRATEGIC PORTFOLIO RATIONALE Upper - single digit growth Defense margins GROWTH DRIVERS BUSINESS MODEL DEFENSE Leveraging differentiated capabilities to drive revenue and growth CAPABILITIES CAPABILITIES Space - based Missile Defense Solutions* Missionized ISR Aircraft, Military Avionics* Maritime Power, Control, Sensing Solutions Intel Products and Solutions* Mission - Critical Networks International Maritime
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L3HARRIS Investor Day 2026 49 SMS AT A GLANCE 2026 Rev Guidance >30% Delivering multi - domain mission - critical defense solutions Space Mission - Critical Networks Intel Products & Solutions Airborne Platforms Aircraft Missionization 2025 Revenue by Capability 2026 Margin Guidance Classified mid 10% ~$11.5B Maritime
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L3HARRIS Investor Day 2026 COMPETITIVE MOAT OF CAPABILITY, AGILITY, MISSION APPLICATION 50 Differentiated technical depth and intellectual property expand industry leadership in growing markets MISSION PROVEN Legacy of customer intimacy and delivery of mission - critical solutions AGILITY Flexible business model , investment ahead of need, and optimization to maximize return CAPABILITY
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L3HARRIS Investor Day 2026 FOUNDATION FOR GROWTH 51 AIR INTEL / NETWORKS Power, Control, Sensing Solutions SEA SPACE Intel Products and Solutions, Mission - Critical Networks Imaging, Spectral Sensing Systems Aircraft Missionization, Military Avionics 50 % OF LHX ANNUAL REVENUE The appearance of U.S. Department of War visual information does not imply or constitute DoW endorsement.
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L3HARRIS Investor Day 2026 52 DEPLOYING MULTI - DOMAIN CAPABILITIES AT SCALE Deployed differentiated foundational capabilities to new space, air missions Expanded capacity and efficiency to meet customer demand ADAPT Fast ACCELERATE Growth SCALE Smart 2028 REVENUE ~$13B
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L3HARRIS Investor Day 2026 ADAPT WELL - POSITIONED FOR OUTSIZED GROWTH IN MISSILE DEFENSE AND AIRCRAFT ISR Product portfolio and capabilities deployed to address critical opportunities MW/MD – Missile Warning / Missile Defense, ISR – Intelligence Surveillance and Reconnaissance 53 $4B+ (Opportunity Pipeline) $20B+ (Opportunity Pipeline) MISSILE WARNING / MISSILE DEFENSE Missile threats outpacing legacy warning and defense architectures Adapted space - based weather monitoring to create premier MW/MD solution US Homeland defense elevated as core pillar of deterrence MISSIONIZED BUSINESS JETS Localized threats expanding at an unprecedented pace Signaled increase demand for international ISR and Early Warning missions Developed lower acquisition and lifetime cost solution than legacy E - 7 offering
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L3HARRIS Investor Day 2026 SCALE RAMPING CAPACITY TO MEET STRONG DEMAND GROWTH AND MAINTAIN LEADERSHIP POSITION 54 2023 2026 2028 SPACE SATELLITE PRODUCTION RATE 3x Missile defense and weather Infrared sensor production STATE - OF - THE - ART SPACE FACILITY EXPANSIONS 200K+ sq ft SCALE 80 satellites delivered / on contract 2x production rate increase in 2 years Record space backlog INDIANA FLORIDA Space Vehicle integration Top Secret, Secret and Unclassified
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L3HARRIS Investor Day 2026 ACCELERATE PREVENT WARN TRACK MISSILE WARNING/MISSILE DEFENSE SATELLITE PORTFOLIO DRIVES LONG - TERM GROWTH Investing in capabilities across the value chain 55 SENSE COMMUNICATE INTERCEPT Hypersonic and Ballistic Tracking Space Sensor (HBTSS) Proven MDA HBTSS Prototype Space Development Agency (SDA) Tracking Layer 4 Launched / Delivered 52 in Production / on Order Intercept Missile System DIFFERENTIATED CLASSIFIED ASSETS INVESTMENT ALREADY RETURNED HIGH GROWTH INVESTING NOW FOR REVENUE POST 2028 $430M Investment PHASES LHX SOLUTION Left of launch intel assessment See the threat Follow the threat Send real - time message to the ground Terminate Adversary Missile Launch Multi - domain National Security Solutions SMS CSD MSL
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L3HARRIS Investor Day 2026 ACCELERATE ISR – Intelligence Surveillance and Reconnaissance, EW – Electronic warfare, AEW&C – Airborne Early Warning & Control 56 INNOVATE TO GROW MISSIONIZED BUSINESS JETS $3B+ Awarded Since Q4 2025 Through repeatable, scaled, advanced manufacturing processes By winning Korea AEW&C to unlock large international franchise For missionized aircraft that deliver differentiated, tailored ISR, EW, and Early Warning capabilities $20B+ New Opportunities Unlocked STRONG MARKET DEMAND DISCRIMINATING PRODUCTION CAPACITY POSITIONED FOR OUTSIZED GROWTH
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L3HARRIS Investor Day 2026 KEY PRIORITIES CONTINUE TO INVEST in capacity, technology, and modernization to deliver advanced capability at speed and scale EXECUTE, EXECUTE, EXECUTE Maintain customers’ trust with predictable, reliable execution and delivery…to grow PARTNER with defense industry and new entrants to provide comprehensive, mission - level capabilities REMAIN FOCUSED AHEAD OF INDUSTRY on strategic capability and talent to outpace competitors 01 02 03 04 57
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L3HARRIS Investor Day 2026 L3HARRIS Investor Day 2026 KEN BEDINGFIELD 58 Senior Vice President, CFO and President, Missile Solutions
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L3HARRIS Investor Day 2026 L3HARRIS Investor Day 2026 L3HARRIS FINANCIAL OVERVIEW Strategic transactions Investing for growth; competitive capital returns 2028 Financial F ramework UNLOCKING VALUE CAPITAL DEPLOYMENT COMMITMENT L3HARRIS Investor Day 2026 59
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L3HARRIS Investor Day 2026 MEETING COMMITMENTS Delivering on 3 - yr Financial Framework set at Investor Day in December 2023 60 FINANCIAL FRAMEWORK AND GUIDANCE 2023 Actuals 2026 Financial Framework 2026 Guidance Revenue $19.4B $23B $23.0B - $23.5B Segment Operating Margin 14.8% 16% low 16% Free Cash Flow $2.0B 1 $2.8B $3.0B CATALYSTS DRIVING FINANCIAL FRAMEWORK OUT - PERFORMANCE Delivered on customer commitments Portfolio focused on highest growth priorities Bid rigor enabling win and execution Dec ‘23 Feb ‘26 $150 $200 $250 $300 $350 $400 Improved program execution 1 Represents Adjusted Free Cash Flow
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L3HARRIS Investor Day 2026 2026 SEGMENT FINANCIAL GUIDANCE 61 2025 2026E Sales Operating Margin Revenue Operating Margin $10.7B 9.8% ~$11.5B mid 10% $7.6B 25.4% ~$8B ~25% $3.8B 11.8%* ~$4.4B mid 12% CSD MSL SMS *Operating margin at MSL is adjusted for segment impairment of goodwill
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L3HARRIS Investor Day 2026 On Jan. 5, 2026, we announced the sale of a majority stake in our Space Technology disposal group; the financials of this bus ine ss are included in our 2026 guidance and 2028 financial framework. We expect the transaction to close in the second half of 2026 at which time our guida nce will be updated. Compound annual growth rate (CAGR) calculated over the 3 - year period commencing with fiscal year 2025 actual results, as reporte d in our SEC filings. 62 $27B 8% Organic CAGR $4.4B 9% CAGR $5B 15%+ CAGR REVENUE CASH FROM OPERATIONS 3 - Year Increase ~$5B 3 - Year Increase ~$1B 3 - Year Increase ~$2B 2028 FINANCIAL TARGETS SEGMENT OPERATING INCOME Free Cash Flow $3.5B
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L3HARRIS Investor Day 2026 GROWTH ALIGNED TO KEY CUSTOMER PRIORITIES 63 Comms / Spectrum Dominance 2025 Sales 2028 Sales Missiles / Munitions Space $27B $21.9B 2028 SEGMENT REVENUE* ISR GROWTH DRIVERS TO 2028 ~$13B ~$9B ~$6.3B CSD MSL SMS *Segment revenue includes intra - company sales that are eliminated at the company level
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L3HARRIS Investor Day 2026 SEGMENT OPERATING INCOME DRIVEN BY SALES GROWTH AND EXECUTION IMPROVEMENTS 64 $3.4B DRIVERS OF OPERATING INCOME TO 2028 Revenue growth Aligned to fastest growing customer priorities 01 Margin Improvement Continued positive EAC momentum; Increased international / commercial sales 02 $4.4B 2025 Segment Operating Income Revenue Growth Margin Improvement 2028 Segment Operating Income
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L3HARRIS Investor Day 2026 STRUCTURALLY ATTRACTIVE FREE CASH FLOW 65 2025 Free Cash Flow 2028 Free Cash Flow $ 2.8 B $3.5B DRIVERS OF FREE CASH FLOW Contractual milestones and early delivery performance WORKING CAPITAL 2% - 2.5% of sales + SRM Project CAPEX Execution on new SRM awards MULTI - YEAR MILESTONES Segment operating income growth GROWTH / PERFORMANCE
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L3HARRIS Investor Day 2026 L3HARRIS Investor Day 2026 CAPITAL ALLOCATION STRATEGY FOCUSED ON DELIVERING LONG - TERM VALUE CREATION INTERNAL INVESTMENT Missile Solutions investment ~$3B Baseline Capex 2% - 2.5% of sales RETURN TO SHAREHOLDERS Maintain competitive dividend Share repurchases offset dilution PRESERVE FLEXIBILITY Strong balance sheet Well - aligned portfolio, drives disciplined decisions on future structural changes 66 L3HARRIS Investor Day 2026
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L3HARRIS Investor Day 2026 67 UNLOCKING SHAREHOLDER VALUE Customer aligned Focused Segments Investing for growth Segments with common capability and business models Tightly aligned technology roadmaps and investment priorities Aligns with DoW key demand signals SEGMENT REALIGNMENT Enables investment focus on SRM expansion Our partner has deep experience in commercial space and positioned to invest in next gen space propulsion franchise Participate in long - term value with minority stake SP&PS MAJORITY STAKE SALE Provides investment for capital expansion Aligns incentives with our customer Maintains flexibility for core business Unlocks a high - growth, pure - play missile business MISSILE SOLUTIONS TRANSACTION 2026 STRATEGIC TRANSACTIONS
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L3HARRIS Investor Day 2026 A PORTFOLIO POSITIONED TO DELIVER SHAREHOLDER VALUE 68 Defense Primes Mid - Cap Defense Suppliers Profitable Space & Defense Tech SMS MSL GROWTH VALUATION MULTIPLE Strong growth across suite of multi - domain mission - critical solutions SMS Delivers profitability with commercial margins and market - leading positions across sensors, comms and effects CSD Fuels future momentum on pace with high growth defense tech peers MSL ENTERPRISE GROWTH POWERHOUSE CSD
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L3HARRIS Investor Day 2026 69 BREAK 10 min L3HARRIS Investor Day 2026
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L3HARRIS Investor Day 2026 70 L3HARRIS Investor Day 2026 Q&A
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L3HARRIS Investor Day 2026 71 Q&A PANELISTS Ken Bedingfield Senior Vice President, CFO & President, Missile Solutions Chris Kubasik Chairman and CEO Sam Mehta President, Space & Mission Systems Jon Rambeau President, Communications & Spectrum Dominance Tania Hanna Vice President, Government & Customer Relations Moderated by Tony Calderon, VP Investor Relations & Corporate Development
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L3HARRIS Investor Day 2026 L3HARRIS Investor Day 2026 ADAPT. SCALE. ACCELERATE. 72 UNIQUE, FOCUSED STRATEGY P ortfolio built for the future of warfare WORLD - CLASS LEADERSHIP TEAM with deep operating expertise and proven results TRACK RECORD of delivering on commitments STRONG FINANCIALS M arket - leading growth, margins and free cash flow $4.4B SEGMENT OPERATING INCOME CAGR ~$5B CASH FLOW FROM OPERATIONS $27B SALES 2028 FINANCIAL FRAMEWORK 01 02 03 04