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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X Third Quarter 2026 Results NOTE: The appearance of U.S. Department of War (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 CAUTIONARY NOTE REGARDING 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, including cyber risks associated with the increased frequency and use of sophisticated artificial intelligence technologies, 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. or international 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, including artificial intelligence and/or super intelligence; our ability to protectour 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 with other 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, in our Quarterly Report on Form 10-Q for the quarterly period ended October 2, 2026 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 Key Takeaways 3 1.SEE APPENDIX FOR KEY PERFORMANCE INDICATORS, RECONCILIATION AND DEFINITIONS OF NON- GAAP MEASURES Revenue increased 9% yr/yr and 16% YTD capitalizing on business momentum and contract wins Focused execution of strategy driving continued award activity and solid book-to-bill ratio 1 Diversity of presence and capabilities supporting customer demand and requirements Strong cash generation enabling focused investments in priority growth areas Increasing full year 2026 guidance with clear line of sightto continued growth in 2027
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X Third Quarter Performance Underscores Business Momentum 1. SEE APPENDIX FOR RECONCILIATION AND DEFINITIONS OF NON- GAAP MEASURES 4 FINANCIAL AND OPERATIONAL PERFORMANCE DEMONSTRATES PROVEN DELIVERY AGAINST STRATEGIC PRIORITIES Q3 2026 REVENUE $1.27B NET INCOME $32.0M ADJ. NET INCOME1 $51.7M ADJ. EBITDA1 $88.6M, 7.0% Margin1 ADJ. DILUTED EPS1 $1.64 +19% Y/Y +19% Y/Y +9% Y/Y YTD 2026 REVENUE $3.78B NET INCOME $76.5M ADJ. NET INCOME1 $151.4M ADJ. EBITDA1 $264.0M, 7.0% Margin1 ADJ. DILUTED EPS1 $4.80 +16% Y/Y +29% Y/Y +30% Y/Y
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X AWARDS REINFORCE CUSTOMER DEMAND FOR V2X’S MISSION-CRITICAL SOLUTIONS Backlog1 and Continued Award Activity Support 2026 Confidence 5 AWARDS REINFORCE CUSTOMER DEMAND FOR V2X’S MISSION-CRITICAL SOLUTIONS Trailing twelve- month book-to-bill1 of 1.4x Total book-to-bill1 in the quarter of 1.2x Total backlog1 of $12.8B Solid funded backlog1 of $2.6B Supports 2026 outlook and line of sight moving into 2027 BACKLOG1 ($B) TOTAL VALUE OF Q3’26 AWARDS1 ~$1.6B $2.6 $10.2 $12 . 8 Funded Unfunded 1.SEE "KEY PERFORMANCE INDICATORS AND NON- GAAP MEASURES" FOR DESCRIPTIONS
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X THE V2X DIFFERENCE Leveraging Our Strengths to Drive Growth 6 • Mission proximity drives unique understanding of future needs and requirements • Differentiated solutions, broad capabilities, past performance and key partnerships bring a right to win • Superior execution, agility, and unwavering commitment in all environments build trust • Mission partnerships allow us to bring relevant solutions tailored to customer requirements OUR RIGHT TO WIN STARTS WITH OUR PROXIMITY TO THE MISSION IDENTIFY CAPTUREEXECUTE GROW ON CONTRACT GROWTH BOOKINGS (YTD) ~$800M 1 23 4
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X Our Strategy in Action Select examples 7 WELL-POSITIONED TO DELIVER TAILORED SOLUTIONS THAT CREATE LASTING VALUE To address the immediate need for affordable counter-UAS solutions, V2X: • Moved from concept to live-fire in four months and fielding in six months • Built on 1,000+ successful engagements while expanding counter-UAS solution to multiple customers • Delivered very cost-effective, highly successful systems in a fraction of typical DoW acquisition cycles • Invested to dramatically shorten lead times for urgent deployments ENGINEERING To increase platform availability and pilot readiness through end-to-end solutions and support, V2X: • Operated an instrumented runway and FAA Part 145 repair stations • Achieved superior First Time Quality rates averaging >96% across ~1,700 aircraft while remaining a Top 5 DoW MRO provider • Expanded AI-driven predictive maintenance through Cold Steel and multi-platform modernization MISSION READINESS To strengthen deterrence in APAC while delivering full spectrum mission solutions at scale, V2X: • Leveraged best-in-class partnerships to deliver no- fail mission technology in all environments across 47 countries • Delivered readiness through >13,000 annual shipments across 800,000 material items in APAC • Provided dynamic, secure, and accredited operational visibility in APAC • Became a Top 5 provider of Logistics Support Services for DoW GLOBAL LOGISTICS
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X Investing Today to Meet Tomorrow’s Requirements 8 Current Demand Signals • Global demand signals driving increased customer-funded R&D awards with incremental production opportunity • Positioned for continued growth tailwinds with engineering and rapid prototyping solutions Priority Growth Areas • Expanding capacity to meet anticipated customer demand • Investing in facilities, operational infrastructure, and R&D to support program execution and capacity expansion • Integrating differentiated capabilities to strengthen innovation 2026 CUSTOMER FUNDED AND INTERNAL R&D INVESTMENT GROWTH OVER PRIOR YEAR: 2.3x INVESTMENTS REMAIN WITHIN ~$20M ANNUAL CAPEX PLAN DEEP CUSTOMER RELATIONSHIPS AND CONFIDENCE IN CAPABILITIES ARE DRIVING DEMAND TODAY WHILE STRENGTHENING THE PLATFORM FOR CONTINUED GROWTH
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X EPS ADJ. OCF1 ($M)ADJ. DILUTED EPS1 Strong Third Quarter Financial Performance REVENUE ($M) NET INCOME ($M)ADJ. EBITDA1 ($M) 9 1.SEE APPENDIX FOR RECONCILIATION AND DEFINITIONS OF NON- GAAP MEASURES $36 $62 Q3'25 Q3'26 $85 $89 Q3'25 Q3'26 $1,167 $1,271 Q3'25 Q3'26 $1.37 $1.64 Q3'25 Q3'26 $25 $32 Q3'25 Q3'26 $0.77 $1.01 Q3'25 Q3'26
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X EPS ADJ. OCF1 ($M)ADJ. DILUTED EPS1 Focused Execution Driving YTD 2026 Financial Performance REVENUE ($M) NET INCOME ($M)ADJ. EBITDA1 ($M) 10 1.SEE APPENDIX FOR RECONCILIATION AND DEFINITIONS OF NON- GAAP MEASURES $(24) $112 YTD Q3'25 YTD Q3'26 $235 $264 YTD Q3'25 YTD Q3'26 $3,261 $3,782 YTD Q3'25 YTD Q3'26 $3.68 $4.80 YTD Q3'25 YTD Q3'26 $55 $76 YTD Q3'25 YTD Q3'26 $1.73 $2.42 YTD Q3'25 YTD Q3'26
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X Robust Cash Generation, Healthy Balance Sheet 11 1.SEE APPENDIX FOR KEY PERFORMANCE INDICATORS, RECONCILIATION AND DEFINITIONS OF NON- GAAP MEASURES 2.PERIODS COVERING 2024, 2025, and MID- POINT of 2026 GUIDANCE CUMULATIVE ADJUSTED OPERATING CASH FLOW1 (Three-Year2) ~$500M Continued focus on cash generation is yielding positive results Significant balance sheet capacity of ~$750M provides flexibility for strategic growth investments Cumulative cash flows demonstrate solid and sustainable cash return attributes of the business High cash flow and low capex business model drives enduring value creation and capital deployment optionality Net Leverage Ratio1 3.3x 2.6x 2.2x ~2.0x 2023 2024 2025 2026E
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X Increasing 2026 Guidance 1.SEE "KEY PERFORMANCE INDICATORS AND NON- GAAP MEASURES" FOR DESCRIPTIONS 12 2026 Guidance Assumptions Include: • 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 ~$20 million ($M, except per share data) PRIOR 2026 GUIDANCE RANGE UPDATED 2026 GUIDANCE RANGE REVENUE $4,875 – $5,025 $4,950 – $5,100 ADJUSTED EBITDA1 $347.5 –$362.5 $352.5 –$367.5 ADJUSTED DILUTED EPS1 $5.90 –$6.30 $6.15 –$6.55 ADJUSTED NET CASH PROVIDED BY OPERATING ACTIVITIES1 $160 –$180 $175 –$195 • Cash interest expense of ~$65 million and other expense of ~$15 million • Depreciation and amortization of ~$112 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 Preliminary 2027 Perspectives RECOMPETES Estimated to be ~6% of revenue BOTTOM LINE Growth across Adj. EBITDA margin1, Adj. EPS1 and Adj. Operating Cash Flow1 TOPLINE Asia Pacific: Up yr/yr T-6: Up yr/yr Modernization: Up yr/yr National Security: Flat yr/yr (through H1) Middle East: Down yr/yr GO TOWARDS TOMORROW go V2X 13 1.SEE "KEY PERFORMANCE INDICATORS AND NON- GAAP MEASURES" FOR DESCRIPTIONS
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X Key Takeaways 14 1.SEE APPENDIX FOR KEY PERFORMANCE INDICATORS, RECONCILIATION AND DEFINITIONS OF NON- GAAP MEASURES Revenue increased 9% yr/yr and 16% YTD capitalizing on business momentum and contract wins Focused execution of strategy driving continued award activity and solid book-to-bill ratio 1 Diversity of presence and capabilities supporting customer demand and requirements Strong cash generation enabling focused investments in priority growth areas Increasing full year 2026 guidance with clear line of sightto continued growth in 2027
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2XAPPENDIX 15
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X 16 Key Performance Indicators and Non-GAAP Measures 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.
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X Reconciliation Of Non-GAAP Measures 17 ($K, except per share data) October 2, 2026 September 26, 2025 October 2, 2026 September 26, 2025 Revenue 1,271,463$ 1,167,137$ 3,782,234$ 3,261,390$ Net income 31,993$ 24,605$ 76,458$ 55,103$ Plus: Income tax expense 9,526 8,141 21,809 17,163 Other expense, net 2,428 2,962 7,011 7,836 Interest expense, net 15,534 19,961 50,364 60,278 Loss on extinguishment of debt — — 1,739 2,527 Operating income 59,481$ 55,669$ 157,381$ 142,907$ Plus: Amortization of intangible assets 22,897 22,601 68,693 67,726 M&A, integration and related costs 1,236 1,370 22,313 7,775 Adjusted operating income 83,614$ 79,640$ 248,388$ 218,407$ Plus: Depreciation and CCA amortization 4,982 5,517 15,581 16,144 Adjusted EBITDA 88,596$ 85,156$ 263,968$ 234,552$ Adjusted EBITDA margin 7.0 % 7.3 % 7.0 % 7.2 % Minus: Cash interest expense, net 13,987 18,405 45,577 55,690 Income tax expense, as adjusted 15,464 14,620 44,359 37,169 Depreciation and CCA amortization 4,982 5,517 15,581 16,144 Other expense, net, as adjusted 2,428 2,962 7,011 8,086 Adjusted net income 51,736$ 43,653$ 151,441$ 117,463$ ($K, except per share data) October 2, 2026 September 26, 2025 October 2, 2026 September 26, 2025 Diluted earnings per share 1.01$ 0.77$ 2.42$ 1.73$ Plus: M&A, integration and related costs 0.03 0.03 0.54 0.18 Amortization of intangible assets 0.56 0.53 1.67 1.61 Amortization of debt issuance costs and Loss on extinguishment of debt 0.04 0.04 0.16 0.17 Gain on acquisition, net —$ 0.00 —$ (0.01)$ Adjusted diluted earnings per share 1.64$ 1.37$ 4.80$ 3.68$ Average shares outstanding: Basic, as reported 31,346 31,617 31,295 31,634 Diluted, as reported 31,588 31,856 31,563 31,881 Adjusted diluted 31,588 31,856 0 31,563 31,881 Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X Reconciliation Of Non-GAAP Measures 18 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 ($K) TTM October 2, 2026 Net income 99,237$ Plus: Interest expense, net 69,996 Income tax expense 27,667 Depreciation and amortization 112,928 Additional permitted add-backs 1 59,584 TTM Bank EBITDA 369,412$ ($K, except ratio) Period Ending October 2, 2026 Total debt 1,072,774$ Cash, cash equivalents and restricted cash 265,070$ Less: Restricted cash (4,014) Cash and cash equivalents 261,057$ Net debt 811,718$ TTM bank EBITDA 369,412$ Net leverage ratio 2.2x
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X Reconciliation Of Non-GAAP Measures 19 ($K) October 2, 2026 September 26, 2025 October 2, 2026 September 26, 2025 Net cash provided by/(used in) by operating activities 67,319$ 39,448$ (41,040)$ (27,484)$ Plus: M&A, integration, and related payments 2,033 1,298 11,475 12,060 MARPA facility activity (7,505) (4,991) 141,103 (8,641) Adjusted operating cash flow 61,847$ 35,755$ 111,538$ (24,064)$ Three Months Ended Nine Months Ended
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GO TOWARDS TOMORROW go V2X GO TOWARDS TOMORROW go V2X