Slides
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First Quarter 2026 Earnings Supplemental January 2026 moog
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Cautionary Statement Regarding Forward Looking Information This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which can be identified by words such as: “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume,” “assume” and other words and terms of similar meaning (including their negative counterparts or other various or comparable terminology). These forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995, are neither historical facts nor guarantees of future performance and are subject to several factors, risks and uncertainties, the impact or occurrence of which could cause actual results to differ materially from the expected results described in the forward-looking statements. Although it is not possible to create a comprehensive list of all factors that may cause our actual results to differ from the results expressed or implied by our forward-looking statements or that may affect our future results, some of these factors and other risks and uncertainties are described in Item 1A “Risk Factors” of our Annual Report on Form 10-K and in our other periodic filings with the Securities and Exchange Commission (“SEC”) and include, but are not limited to, risks relating to: (i) our operation in highly competitive markets with competitors who may have greater resources than we possess; (ii) our operation in cyclical markets that are sensitive to domestic and foreign economic conditions and events; (iii) our heavy dependence on government contracts that may not be fully funded or may be terminated; (iv) supply chain constraints and inflationary impacts on prices for raw materials and components used in our products; (v) failure of our subcontractors or suppliers to perform their contractual obligations; and (vi) our accounting estimations for over-time contracts and any changes we need to make thereto. You should evaluate all forward-looking statements made in this presentation in the context of these risks and uncertainties. While we believe we have identified and discussed in our SEC filings the material risks affecting our business, there may be additional factors, risks and uncertainties not currently known to us or that we currently consider immaterial that may affect the forward- looking statements we make herein. Given these factors, risks and uncertainties, investors should not place undue reliance onforward-looking statements as predictive of future results. Any forward-looking statement speaks only as of the date on which it is made, and we disclaim any obligation to update any forward-looking statement made in this presentation, except as required by applicable law. Non-GAAP Financial Measures The presentation also includes certain financial information that is not presented in accordance with Generally Accepted Accounting Principles (“GAAP”), including, but not limited to, “Adjusted Operating Margin,” “Adjusted Net Earnings Per Share,” “Adjusted EBITDA,” “Free Cash Flow” and “Free Cash Flow Conversion.”While we believe that these non-GAAP financial measures may be useful in evaluating our financial condition and results of operations, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP.Adjustments to operating profit and margin and net earnings per share have included restructuring charges; acquisition- and integration-related costs; gains or losses on investments; asset impairments; litigationand regulatory matters; discrete tax items; changes in the fair value of contingent consideration; foreign exchange gains or losses; and other non-recurring or non-cash items.Reconciliations of the non-GAAP measures to the most directly comparable GAAP measures can be found in the appendix to this presentation. The presentation also includes certain forward-looking non-GAAP financial guidance, including, but not limited to, “Adjusted Diluted Net Earnings per Share”, “Adjusted Operating Profit”, “Adjusted Operating Margin” and “Adjusted Effective Tax Rate.” The Company is unable to provide a reconciliation of such forward-looking non-GAAP guidance to the most directly comparable GAAP measures without unreasonable effort because certain items that are material to the comparable GAAP measures are not available and cannot be estimated with reasonable certainty. These items are dependent on future events that are difficult to predict and outside the Company’s control. These items may include, but are not limited to, restructuring charges; acquisition- and integration-related costs; gains or losses on investments; asset impairments; litigation and regulatory matters; discrete tax items; changes in the fair value of contingent consideration; foreign exchange gains or losses; and other non-recurring or non-cash items. The timing and amount of these items may vary significantly from period to period and could have a material impact on the Company’s GAAP results, including, but not limited to, “Diluted Net Earnings per Share,” “Operating Profit,” “Operating Margin” and “Effective Tax Rate.” Note – numbers in tables may not add to totals due to rounding. 2 Disclosures
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A Delivered an outstanding first quarter with record sales across all four segments Continued success in achieving financial and operational objectives Achieved another quarter of record twelve-month backlog, driven by exceptional orders 3 First Quarter 2026 Highlights
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Customer Focus Recognized as a Glassdoor Top 100 “Best Places to Work” in 2026 Named “Business of the Year” by the Buffalo Niagara Partnership People, Community and Planet Matured 80/20 methodology by embedding key principles further into the business Implemented structural supply chain changes to improve flexibility and working capital Financial Strength Earned BAE Systems’ “Gold Supplier of the Year” award for 100% quality and delivery Secured new orders supporting future production in Commercial Aircraft Won additional PAC-3 order and space vehicles contract in Space and Defense 4 First Quarter 2026 Operational Highlights
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$1.1B 13.0% Sales Adjusted Operating Margin* $2.63 Adjusted Earnings Per Share* $(79M) Free Cash Flow* * Non-GAAP measures, see Appendix for reconciliations Outstanding quarter - strong sales, adjusted operating margin and adjusted earnings per share 5 First Quarter 2026 Financial Headlines Record Record
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USD in millions Sales Q1’26 Q1’25** Delta Comments Space and Defense $ 324 $ 248 31% Driven by missile controls and satellite components Military Aircraft 247 213 16% Received a significant V-22 spares order and higher MV-75 activity Commercial Aircraft 268 218 23% Higher volume on major production programs, strong aftermarket demand, and pricing Industrial 261 228 14% Strong demand for data center cooling pumps, other industrial automation products, and enteral feeding and IV sets Moog $ 1,100 $ 908 21% 6 $908 $1,100 Q1'25 Q1'26 ** Reflects revised prior-period financials. Refer to the Company’s previously filed Form 10-K and Appendix following for additional information 21% First Quarter 2026 Sales
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Adjusted Operating Margins* Q1’26 Q1’25** Delta (bps) Comments Space and Defense 14.8% 12.0% 280 Profitable sales growth, partially offset by increased business capture, product development, and operational readiness investments Military Aircraft 11.9% 11.3% 60 Benefited from strong aftermarket sales, offset by a less favorable OE sales mix Commercial Aircraft 10.6% 11.8% (120) Tariff pressure, partially mitigated by increased sales volume and pricing benefits Industrial 14.1% 13.1% 100 Business optimization and sales growth, partially offset by tariff pressure Moog 13.0% 12.1% 90 * Non-GAAP measures, see Appendix for reconciliations ** Reflects revised prior-period financials. Refer to the Company’s previously filed Form 10-K and Appendix following for additional information 7 First Quarter 2026 Adjusted Operating Margin* 12.1% 13.0% 12.7% 14.3% Ex. Tariff Q1'25 Q1'26 90bps 220bps
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$4.3B 13.4% Sales Adjusted Operating Margin* $10.20** Adjusted Earnings Per Share* 60% Free Cash Flow Conversion* * Non-GAAP measures, see Non-GAAP Financial Measures disclosure on slide 2 ** Midpoint of ±$0.20 range Guidance raised for sales and adjusted earnings per share; affirmed adjusted operating margin and free cash flow conversion 8 2026 Guidance as of Jan’26
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USD in millions Sales FY’26 (F) As of Jan’26 FY’26 (F) As of Oct’25 Delta ($) Space and Defense $1,265 $1,235 $30 MilitaryAircraft 950 950 - CommercialAircraft 1,050 1,035 15 Industrial 1,000 985 15 Moog $4,265 $4,205 $60 * Non-GAAP measures, see Non-GAAP Financial Measures disclosure on slide 2 9 Change in 2026 Guidance: Segment Sales & Margins Adjusted Operating Margins* FY’26 (F) As of Jan’26 FY’26 (F) As of Oct’25 Delta (bps) Space and Defense 13.9% 13.5% 40 MilitaryAircraft 13.8% 14.3% (50) CommercialAircraft 11.5% 11.5% - Industrial 14.3% 14.3% - Moog 13.4% 13.4% -
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USD in millions, except for EPS * Non-GAAP measures, see Non-GAAP Financial Measures disclosure on slide 2 ** Midpoint of ±$0.20 range FY’26 (F) As of Jan’26 FY’26 (F) As of Oct’25 TotalSales $4,265 $4,205 Adjusted Operating Profit* $571 $563 Adjusted Operating Margin* 13.4% 13.4% Interest $70 $73 Adjusted Effective Tax Rate* 25% 25% Adjusted EPS*,** $10.20 $10.00 Depreciation and Amortization $118 $119 Adjusted EBITDA* $625 $620 Free Cash Flow Conversion* 60% 60% 10 Change in 2026 Guidance: Additional Information
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Outstanding start to FY’26 with records for sales, 12-month backlog and earnings per share Simplification initiatives driving operating margin expansion and balance sheet optimization Improved guidance based on market strength and business improvements 11 Results reflect continued success in driving stronger operational and financial performance First Quarter 2026 Key Takeaways
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12 Appendix
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13 Notes to Appendix Tables • As previously disclosed, fiscal year 2025 amounts have been revised to reflect the correction of immaterial misstatements. See "Revision of Previously Issued Consolidated Financial Statements" section in our 2025 Form 10-K. • While management believes that these adjusted financial measures may be useful in evaluating the financial condition and results of operations of the Company, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP. • Refer to the Company’s 2026 first quarter press release and accompanying tables for additional information on adjustments.
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51% 28% Reconciliation of Adjusted Net Earnings and Diluted Earnings Per Share USD in millions, except for shares, EPS and effective income tax rate 14
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51% 28% Reconciliation of Adjusted Operating Profit and Margin USD in millions 15
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51% 28% Reconciliation to Free Cash Flow and Free Cash Flow Conversion USD in millions 16
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17 2025 Adjusted Results As Previously Reported 2025 As Revised 2025 * Delta: $ & bps Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Space and Defense Sales $248 $270 $288 $307 $248 $270 $288 $307 $- $- $- $- Adjusted Operating Profit 29 34 41 46 30 34 41 46 1 - - - Adjusted Operating Margin 11.9% 12.6% 14.1% 15.1% 12.0% 12.6% 14.2% 15.1% 10 bps - 10 bps - Military Aircraft Sales $213 $214 $225 $236 $213 $214 $225 $236 $- $- $- $- Adjusted Operating Profit 24 26 26 33 24 26 26 33 - - - - Adjusted Operating Margin 11.0% 12.0% 11.6% 14.1% 11.3% 12.0% 11.8% 14.1% 30 bps - 20 bps - Commercial Aircraft Sales $221 $216 $219 $252 $218 $216 $218 $252 $(3) $- $(1) $- Adjusted Operating Profit 24 26 33 29 26 25 32 29 2 (1) (1) - Adjusted Operating Margin 11.0% 11.8% 14.9% 11.4% 11.8% 11.8% 14.7% 11.4% 80 bps - (20) bps - Industrial Sales $228 $234 $240 $253 $228 $234 $240 $253 $- $- $- $- Adjusted Operating Profit 30 31 32 35 30 31 33 35 - - 1 - Adjusted Operating Margin 13.2% 13.4% 13.5% 13.9% 13.1% 13.4% 13.6% 13.9% (10) bps - 10 bps - Moog Sales $910 $935 $971 $1,049 $908 $934 $970 $1,049 $(2) $(1) $(1) $- Adjusted Operating Profit 107 117 132 143 110 116 132 143 3 (1) - - Adjusted Operating Margin 11.8% 12.5% 13.6% 13.7% 12.1% 12.5% 13.6% 13.7% 30 bps - - - Moog Adjusted Earnings per Share $1.78 $1.92 $2.37 $2.56 $1.92 $1.88 $2.33 $2.56 $0.14 $(0.04) $(0.04) $- USD in millions, except for EPS Comparison of adjusted as previously reported during FY’25 quarterly financial statements to adjusted as revised *Non-GAAP measures, see following slides for reconciliations
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51% 28% 2025 Reconciliation of Adjusted Net Earnings and Diluted Earnings Per Share 18 Total Company USD in millions, except for shares, EPS and effective income tax rate * Simplification initiatives in Q4’25 and FY’25 include one-time income tax expense associated with simplifying our legal entity structure.
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51% 28% 2025 Reconciliation of Adjusted Operating Profit and Margin Total Company 19 USD in millions
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51% 28% 2025 Reconciliation of Adjusted Operating Profit and Margin 20 Space and Defense USD in millions
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51% 28% 2025 Reconciliation of Adjusted Operating Profit and Margin 21 Military Aircraft USD in millions
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51% 28% 2025 Reconciliation of Adjusted Operating Profit and Margin 22 Commercial Aircraft USD in millions
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51% 28% 2025 Reconciliation of Adjusted Operating Profit and Margin 23 Industrial USD in millions