Transdigm Group Incorporated

Q3 performance + guidance raise (strong “ahead of plan” quarter) - TransDigm reported Q3 EBITDA As Defined margin of 52.8%, improving sequentially vs Q2 despite ~0.5% margin headwind tied to newly acquired Jet Parts and Victor Sierra. - Q3 included >2 percentage points of margin dilution from recent acquisitions (still part of how the company frames margins). - Raised fiscal 2026 guidance: at the midpoint - Revenue: $10.51B (~+19% YoY) - EBITDA As Defined: $5.52B (~+16% YoY, ~52.5% expected margin) - Adjusted EPS: $41.04 (midpoint) - Management expects commercial aftermarket + defense + commercial OEM to remain supportive into Q4.

End-market momentum (where growth is coming from) - Commercial OEM: ~double-digit growth in Q3; commercial transport OEM up ~25% YoY (excluding bizjet). Boeing/Airbus production rates are steadily rising; bookings remained solidly positive (leading indicator). - Commercial aftermarket: ~+17% YoY in Q3 (company excludes Jet Parts/Victor Sierra from this “base” discussion); commercial transport aftermarket +18% YoY (excluding bizjet). - Bookings ahead of expectations for a third quarter in a row; distributor POS grew double digits. - Company raised commercial aftermarket full-year growth guidance to low-double-digit range. - Defense: ~+11% YoY in Q3 revenue; bookings increased nicely, supporting continued growth expectations into FY26/FY27.

Aftermarket strength despite Middle East/RPM concerns (a “good but watchful” point) - Management acknowledged RPM declines tied to the Middle East conflict but said they have not yet seen material impact on commercial aftermarket. - They continue to monitor closely with customers and indicated no meaningful slowdown has shown up in their observed aftermarket indicators yet. - Commentary also highlighted the usual timing dynamic: investors asked about aftermarket lag vs flight activity; management said their backlog/leading indicators give visibility for near-term quarters, but longer-range prediction remains harder.