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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X Second Quarter 2026 Results NOTE: The appearance of U.S. Department of Defense (DoW) visual information does not imply or constitute DoW endorsement.
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X 2 Disclaimers FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), Section 27A of the Securities Act of 1933, as amended (the Securities Act), and the Private Securities Litigation Reform Act of 1995 and, as such, may involve risks and uncertainties. All statementsincluded or incorporated by reference in this presentation, other than statements that are purely historical, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminologysuch as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “could,” “potential,” “continue” or similar terminology. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to: our ability to submit proposals for and/or win all potential opportunities in our pipeline; our ability to retain and renew our existing contracts;our ability to compete with other companies in our market; security breaches, cyber-attacks or cyber intrusions, and other disruptions to our information technology and operation; our mix of cost-plus, cost-reimbursable, firm-fixed-price and time-and-materials contracts; maintaining our reputation and relationship with the U.S. government; protests of new awards; economic, political and social conditions in the countries in which we conduct our businesses; changes in U.S. orinternational government defense budgets, including potential changes or uncertainty arising from the U.S. president and administration; government regulations and compliance therewith, including changes to the DoW procurement process; changes in technology; our ability to protect our intellectual property rights; governmental investigations, reviews, audits and cost adjustments; contingencies related to actual or alleged environmental contamination,claims and concerns; delays in completion of the U.S. government budget; our success in extending, deepening, and enhancing our technical capabilities; our success in expanding our geographic footprint or broadening our customer base; our ability to realize the full amounts reflected in our backlog; impairment of goodwill; misconduct of our employees, subcontractors, agents, prime contractors and business partners; our ability to control costs; our level of indebtedness; terms of our credit agreements; inflation and interest rate risk; geopolitical risk, including as a result of recent global hostilities and tariffs; our suppliers’ and subcontractors' performance; economic and capital markets conditions; our ability to maintain safe work sites and equipment; our ability to retain and recruit qualified personnel; our ability to maintain good relationships with our workforce and unions; our teaming relationships withother contractors; changes in our accounting estimates; the adequacy of our insurance coverage; volatility in our stock price; changes in our tax provisions or exposure to additional income tax liabilities; risks and uncertainties relating to integrating and refining internal control systems, including enterprise resource planning and business systems; changes in accounting principles generally accepted in the United States (“GAAP”); and other factors described in Part I. “Item 1A Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2025 and described from time to time in our future reports filed with the SEC. USE OF NON-GAAP FINANCIAL MEASURES This presentation includes certain non-GAAP financial measures that are not prepared in accordance with GAAP, including forward-looking measures, which may be different from non-GAAP financial measures used by other companies. These non-GAAP measures that management believes are useful to investors, and other measures that are calculated using these non-GAAP measures, are an addition, and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to operating income, net income or any other performance measures derived in accordance with GAAP. We have provided additional information regarding these measures in the Appendix to this presentation and our filings with the SEC.
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X Double digit year- over-year revenue growth in Q2 and H1’26, driven by consistent strategic execution, recent wins, and alignment to customer priorities Recent awards 1 of ~$1.0B reflect end- to-end solutions, ability to support global no-fail missions, and improving composite margin of backlog Submitted >$8B of bids incorporating AI powered and innovative solutions to support National Security requirements Strong cash generation and balance sheet providing opportunities for strategic organic and inorganic investments Increasing full year 2026 guidancefor revenue, adj. EBITDA 2, and adj. EPS2; revenue now expected to increase 10% yr/yr at the mid- point Key Takeaways 3 1.AWARDS RECEIVED SUBSEQUENT TO Q2’26 2.SEE APPENDIX FOR KEY PERFORMANCE INDICATORS, RECONCILIATION AND DEFINITIONS OF NON- GAAP MEASURES
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X Second Quarter Performance Reflects Consistent Execution Q2 2026 SOLID FINANCIAL AND OPERATIONAL PERFORMANCE DEMONSTRATES PROVEN DELIVERY AGAINST STRATEGIC PRIORITIES REVENUE $1.26B NET INCOME $25.5M ADJ. NET INCOME1 $51.6M ADJ. EBITDA1 $89.8M, 7.1% margin ADJ. DILUTED EPS1 $1.64 +22% Y/Y +23% Y/Y +17% Y/Y 1. SEE APPENDIX FOR RECONCILIATION AND DEFINITIONS OF NON- GAAP MEASURES 4 H1 2026 REVENUE $2.51B NET INCOME $44.5M ADJ. NET INCOME1 $99.7M ADJ. EBITDA1 $175.4M, 7.0% margin ADJ. DILUTED EPS1 $3.16 +20% Y/Y +35% Y/Y +37% Y/Y
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X Growing Customer Demand for Differentiated, End-to-End Capabilities and Disciplined Pursuit of High-Value Opportunities 5 AWARDS REINFORCE CUSTOMER DEMAND FOR V2X’S MISSION-CRITICAL SOLUTIONS Recent Awards1 Modernization: Awarded multi-year production of carriage equipment that enables next-gen weapons for the strategic bomber fleet Global Training:Awards to deliversolutions for enhanced Unmanned Aircraft Systems (UAS) maintenance and operator training Aerospace: Continuing to deliver proven readiness for the U.S. Air Force C-12 fleet Mission Readiness: Award to maximize operational readiness for U.S. Marine Corps assets; Supporting enhanced electronic security capabilities for critical infrastructure to a Foreign Military customer in Middle East 1.AWARDS RECEIVED SUBSEQUENT TO Q2’26 TOTAL VALUE OF RECENT AWARDS1 ~$1.0B Spanning modernization, global training, aerospace, and mission readiness High-quality awards with aggregate margin above current profile, reflecting disciplined pursuit of profitable growth opportunities
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X 2026 OUTLOOK SUPPORTED BY STRONG FUNDED BACKLOG1 1.SEE "KEY PERFORMANCE INDICATORS AND NON- GAAP MEASURES" FOR DESCRIPTIONS 2.INCLUSIVE OF $415M BACKLOG ADJUSTMENT DUE TO MODIFIED SCOPE OF WORK UNDER LOGCAP V – KUWAIT TASK ORDER 3.AWARDS RECEIVED SUBSEQUENT TO Q2’26 Robust Backlog1 Supports 2026 Confidence 6 Trailing twelve- month book-to- bill1 of 1.4x Total book-to-bill1 in the quarter of 0.5x Total backlog1 of $12.7B2 Funded backlog1 of $2.5B; +10% increase from Q1’26 Backlog1 does not reflect the ~$1 billion in recent awards 3 BACKLOG1 ($B) $2.5 $10.2 Funded Unfunded $12 . 7
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X AI is Increasing Competitive Differentiation Across the Business 7 OUR AI TECHNOLOGY IS PART OF HOW WE DO BUSINESS, COMPETE FOR GROWTH AND EXECUTE CUSTOMERS’ MISSIONS Established and Expanding Internal AI Capabilities AI Capabilities Embedded in New Contract Pursuits Operating three AI platforms across V2X enterprise IT infrastructure • Strong adoption and expanding internal use cases • Ongoing training and immersion to further enhance education and operational efficiency Building Blocks for Long-Term Differentiation >$8B of margin accretive new bids where V2X AI solutions are key differentiators • Pursuits feature AI-enabled tools designed to differentiate V2X’s offerings • Early customer-facing applications focused on predictive readiness and operational efficiency • Expanding opportunities for AI-assisted engineering into complex systems integration, digital modernization, and advanced C5ISR solutioning for diversified bid portfolios Investing in AI capabilities that continue to advance internal operations and customer solutions • Innovation progress reflects sustained investment in and integration across differentiated offerings • Applying AI for internal operations optimization against program management, proposal development, talent matching, and supply chain logistics • AI-powered customer solutions enhancing C5ISR engineering, cyber threat hunting, digital twins for mission systems, and real-time analytics for mission operations
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X EPS ADJ. OCF1 ($M)ADJ. DILUTED EPS1 Solid Second Quarter Financial Performance REVENUE ($M) NET INCOME ($M)ADJ. EBITDA1 ($M) 8 1.SEE APPENDIX FOR RECONCILIATION AND DEFINITIONS OF NON- GAAP MEASURES $58 $72 Q2'25 Q2'26 $82 $90 Q2'25 Q2'26 $1,078 $1,257 Q2'25 Q2'26 $1.33 $1.64 Q2'25 Q2'26 $22 $26 Q2'25 Q2'26 $0.70 $0.81 Q2'25 Q2'26
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X EPS ADJ. OCF1 ($M)ADJ. DILUTED EPS1 H1 2026 Financial Performance Across Key Metrics Demonstrates Momentum Going into H2 REVENUE ($M) NET INCOME ($M)ADJ. EBITDA1 ($M) 9 1.SEE APPENDIX FOR RECONCILIATION AND DEFINITIONS OF NON- GAAP MEASURES $(60) $50 H1 '25 H1 '26 $149 $175 H1 '25 H1 '26 $2,094 $2,511 H1 '25 H1 '26 $2.31 $3.16 H1 '25 H1 '26 $30 $44 H1 '25 H1 '26 $0.96 $1.41 H1 '25 H1 '26
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X Strong cash generation Solid operating cash flow and low capex • Durable high cash flow and low capex business model • Adjusted Operating Cash1 +23% yr/yr in Q2’26 • Capex has been 0.4% of revenue on average in last three years Strengthening balance sheet • Net debt improvement of $71.4M yr/yr • Repriced Term Loan B, lowering cost of capital while generating additional interest savings • Credit ratings outlook revised to Positive by Moody’s reflecting continued strength of business profile Significant balance sheet capacity IN 2026, WE EXPECT… Strong Cash Flow Profile and Balance Sheet Capacity 1.SEE APPENDIX FOR KEY PERFORMANCE INDICATORS, RECONCILIATION AND DEFINITIONS OF NON- GAAP MEASURES 10 ADJUSTED OPERATING CASH FLOW1 $170M NET LEVERAGE RATIO1 ~2.0x
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X Focused Capital Allocation Strategy to Drive Growth and Value Creation 1.SEE APPENDIX FOR KEY PERFORMANCE INDICATORS, RECONCILIATION AND DEFINITIONS OF NON- GAAP MEASURES 11 Deploy capital for opportunities that support growth and value creation • Acquire margin accretive opportunities that reinforce value proposition, bolster capabilities, customer access, and domains • Deploy internal R&D to support engineering and modernization opportunities • Invest in AI to enhance business processes and profitability Generate strong predictable operating cash flow SPACE DOMAIN AWARENESS C6ISR ENGINEERING INTEGRATED AIR & MISSILE DEFENSE ELECTRONIC WARFARE PLATFORM MODERNIZATION COUNTER UAS REPRESENTATIVE M&A CAPABILITIES INCLUDE: Operating Cash Generation Strategic Acquisitions & Investments Drive growth and margin expansion for operating leverage Target ≥100% Adj. Net Income1 conversion on average Maintain low capex profile, targeting ~1% revenue
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X 12 1.SEE APPENDIX FOR KEY PERFORMANCE INDICATORS, RECONCILIATION AND DEFINITIONS OF NON- GAAP MEASURES Increasing 2026 Outlook for Revenue, Adj. EBITDA1 and Adj. EPS1 2026 Guidance Assumptions Include: ($M, except per share data) PRIOR 2026 GUIDANCE RANGE UPDATED 2026 GUIDANCE RANGE REVENUE $4,825 –$4,975 $4,875 –$5,025 ADJUSTED EBITDA1 $345 –$360 $347.5 –$362.5 ADJUSTED DILUTED EPS1 $5.75 –$6.15 $5.90 –$6.30 ADJUSTED NET CASH PROVIDED BY OPERATING ACTIVITIES1 $160 –$180 $160 –$180 (unchanged) • Cash interest expense of ~$67 million and other expense of ~$15 million • Depreciation and amortization of ~$113 million • Amortization of acquired intangible assets of ~$92 million • Tax rate of ~23% • Diluted EPS assumes ~32.0 million weighted average diluted shares • Capital expenditures of ~$20 million
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X Double digit year- over-year revenue growth in Q2 and H1’26, driven by consistent strategic execution, recent wins, and alignment to customer priorities Recent awards 1 of ~$1.0B reflect end- to-end solutions, ability to support global no-fail missions, and improving composite margin of backlog Submitted >$8B of bids incorporating AI powered and innovative solutions to support National Security requirements Strong cash generation and balance sheet providing opportunities for strategic organic and inorganic investments Increasing full year 2026 guidancefor revenue, adj. EBITDA 2, and adj. EPS2; revenue now expected to increase 10% yr/yr at the mid- point Key Takeaways 13 1.AWARDS RECEIVED SUBSEQUENT TO Q2’26 2.SEE APPENDIX FOR KEY PERFORMANCE INDICATORS, RECONCILIATION AND DEFINITIONS OF NON- GAAP MEASURES
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2XAPPENDIX 14
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X This presentation includes certain non-GAAP financial measures, including adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, net leverage ratio, and adjusted net cash provided by (used in) operating activities. These financial measures are not prepared in accordance with accounting principles generally accepted in the United States and may be different from non-GAAP financial measures used by other companies. V2X believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends of the company. These non-GAAP measures with comparable names should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. The Company is not providing a quantitative reconciliation with respect to the forward-looking non-GAAP measures in reliance on the “unreasonable efforts” exception set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, unusual, one-time, non- ordinary, or non-recurring costs, which relate to M&A, integration and related activities cannot be reasonably estimated. Forward-looking statements are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth in the Disclaimers. • Adjusted operating income is defined as operating income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non- operating items that impact current results but are not related to our ongoing operations, such as M&A, integration, and related costs. • Adjusted EBITDA is defined as operating income, adjusted to exclude depreciation and amortization of intangible assets, and items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration and related costs. • Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue. • Adjusted net income is defined as net income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration and related costs, amortization of acquired intangible assets, amortization of debt issuance costs, land impairments, and loss on extinguishment of debt. • Adjusted diluted earnings per share is defined as adjusted net income divided by the weighted average diluted common shares outstanding. • Cash interest expense, net is defined as interest expense, net adjusted to exclude amortization of debt issuance costs. • Adjusted net cash provided by (used in) operating activities or adjusted operating cash flow is defined as net cash provided by (or used in) operating activities adjusted to exclude non- operating items, such as M&A payments and related costs, and MARPA facility activity. • Adjusted net income (NI) conversion is defined as adjusted operating cash flow divided by adjusted net income. • Net leverage ratio is defined as net debt (or total debt less unrestricted cash) divided by trailing twelve-month (TTM) bank EBITDA. • This presentation also includes key performance indicators management uses to manage our business and monitor results of operations. Backlog represents revenue we expect to recognize in the future as work is performed for remaining performance obligations for our contracts. Backlog includes funded amounts (funding is contractually authorized and appropriated by the customer) and unfunded amounts (amounts not currently contractually obligated by the customer, including unexercised options when the exercise of those options is considered probable). Total backlog excludes potential orders under IDIQ contracts and contracts awarded to us that are being protested by competitors with the GAO or in the COFC for which a stop work order has been received by the Company. Bookings includes approved values formally booked into V2X’s backlog for new business contract awards including unexercised options, contract modifications, recompetes, contract extensions and add-on work to existing contracts. Book-to-bill is derived by dividing bookings by revenue. 15 Key Performance Indicators and Non-GAAP Measures
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X Reconciliation Of Non-GAAP Measures 16 ($K, except per share data) July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025 Revenue 1,256,643$ 1,078,330$ 2,510,771$ 2,094,253$ Net income 25,540$ 22,391$ 44,465$ 30,498$ Plus: Income tax expense 7,689 7,059 12,283 9,022 Other expense, net 2,137 2,579 4,583 4,874 Interest expense, net 16,705 20,598 34,830 40,317 Loss on extinguishment of debt 1,739 313 1,739 2,527 Operating income 53,810$ 52,940$ 97,900$ 87,238$ Plus: Amortization of intangible assets 22,897 22,562 45,796 45,125 M&A, integration and related costs 7,704 1,780 21,077 6,405 Adjusted operating income 84,410$ 77,283$ 164,774$ 138,768$ Plus: Depreciation and CCA amortization 5,390 5,152 10,598 10,628 Adjusted EBITDA 89,800$ 82,435$ 175,372$ 149,396$ Adjusted EBITDA margin 7.1 % 7.6 % 7.0 % 7.1 % Minus: Cash interest expense, net 15,135 19,055 31,590 37,285 Income tax expense, as adjusted 15,530 13,315 28,895 22,549 Depreciation and CCA amortization 5,390 5,152 10,598 10,628 Other expense, net, as adjusted 2,137 2,579 4,583 5,124 Adjusted net income 51,609$ 42,334$ 99,706$ 73,810$ ($K, except per share data) July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025 Diluted earnings per share 0.81$ 0.70$ 1.41$ 0.96$ Plus: M&A, integration and related costs 0.19 0.04 0.51 0.15 Amortization of intangible assets 0.56 0.54 1.12 1.08 Amortization of debt issuance costs and Loss on extinguishment of debt 0.08 0.04 0.12 0.13 FMV land impairment — — — — Gain on acquisiton, net — 0.00 — (0.01) Adjusted diluted earnings per share 1.64$ 1.33$ 3.16$ 2.31$ Average shares outstanding: Basic, as reported 31,327 31,693 31,270 31,643 Diluted, as reported 31,524 31,883 31,519 31,886 Adjusted diluted 31,524 31,883 31,519 31,886 Three Months Ended Six Months Ended Three Months Ended Six Months Ended
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X Reconciliation Of Non-GAAP Measures 17 ($K) TTM July 3, 2026 Net income $ 91,849 Plus: Interest expense, net 74,423 Income tax expense 26,282 Depreciation and amortization 113,167 Additional permitted add-backs1 59,863 TTM Bank EBITDA $ 365,584 ($K, except ratio) Period Ending July 3, 2026 Total debt $ $1,086,429 Cash, cash equivalents and restricted cash $ 214,313 Less: Restricted cash (4,014) Cash and cash equivalents $ 210,299 Net debt $ 876,130 TTM bank EBITDA $ 365,584 Net leverage ratio 2.4x 1. Includes among other items, non-cash losses like loss on extinguishment of debt and/or lease impairments, stock compensation,transaction and integration related costs
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X Reconciliation Of Non-GAAP Measures 18 ($K) July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025 Net cash provided by/(used in) by operating activities 21,551 28,532 (108,360) (66,931) Plus: M&A, integration, and related payments 7,237 7,754 9,442 10,762 MARPA facility activity 42,980 21,968 148,608 (3,649) Adjusted operating cash flow 71,767 58,254 49,690 (59,819) Three Months Ended Six Months Ended
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X