Financial Analysis

Commitments and Contingencies From time to time, we are involved in legal proceedings. We are not a party to any pending legal proceedings which management believes will result in a material adverse effect on our financial condition, results of operations or cash flows. We are engaged in administrative proceedings with governmental agencies and legal proceedings with governmental agencies and other third parties in the normal course of our business, including litigation under Superfund laws, regarding environmental matters. We believe that adequate reserves have been established for our share of the estimated cost for all currently pending environmental administrative or legal proceedings and do not expect that these environmental matters will have a material adverse effect on our financial condition, results of operations or cash flows. In the ordinary course of business we could be subject to ongoing claims or disputes from our customers, the ultimate settlement of which could have a material adverse impact on our consolidated results of operations. While the receivables and any loss provisions recorded to date reflect management's best estimate of the projected costs to complete a given project, there is still significant effort required to complete the ultimate deliverable. Future variability in internal cost and future profitability is dependent upon a number of factors including deliveries, performance and government budgetary pressures. The inability to achieve a satis …

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"Indebtedness We maintain short-term line of credit facilities with banks throughout the world that are principally demand lines subject to revision by the banks. Long-term debt consists of: June 27, 2026 September 27, 2025 Revolving loan (Credit Facility) $ 164,000 $ 195,000 Term loan (Credit Facility) 250,000 250,000 Revolving loan (SECT) 5,000 1,000 Senior notes 5.50% 500,000 Senior notes 4.25% 500,000 Senior debt 919,000 946,000 Less deferred debt issuance cost (11,011) (314) Less current installments (1,563) (1,563) Long-term debt $ 906,426 $ 944,123 On February 26, 2026, we entered into the Eighth Amended and Restated Loan Agreement (the ""Credit Facility""), which amended and restated our prior credit agreement and, among other things, extended the maturity date of our revolving loan from October 27, 2027 to February 26, 2031. The revolving loan has aggregate commitments of $1,100,000. The agreement also permits us to request incremental revolving commitments and/or one or more incremental term loan facilities in an aggregate amount of up to $400,000, upon satisfaction of certain conditions. The agreement also includes a $250,000 term loan maturing on February 26, 2031. The term loan amortizes in quarterly installments of $4,688 in 2027, $6,250 in 2028, $10,937 in 2029, $9,375 in 2030, $6,250 in 2031 and the remaining balance on the maturity date of February 26, 2031. Interest on our outstanding revolving loan and term loan borrowings is based on SOFR plus the applicab …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Three Months Ended Nine Months Ended Revenue Recognition Method June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 Net sales: Over-time $ 295,356 $ 254,222 $ 859,072 $ 720,254 Point in time 40,739 33,483 114,894 85,419 Space and Defense 336,095 287,705 973,966 805,673 Over-time 212,214 184,720 627,291 542,353 Point in time 32,950 39,942 100,773 109,578 Military Aircraft 245,164 224,662 728,064 651,931 Over-time 182,341 142,789 570,565 458,863 Point in time 71,228 74,866 197,854 192,845 Commercial Aircraft 253,569 217,655 768,419 651,708 Over-time 27,204 27,440 71,831 82,680 Point in time 254,513 212,120 726,558 619,494 Industrial 281,717 239,560 798,389 702,174 Over-time 717,115 609,171 2,128,759 1,804,150 Point in time 399,430 360,411 1,140,079 1,007,336 Net sales $ 1,116,545 $ 969,582 $ 3,268,838 $ 2,811,486

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Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate fair value. The definition of the fair value hierarchy is as follows: Level 1 Quoted prices in active markets for identical assets and liabilities. Level 2 Observable inputs other than quoted prices in active markets for similar assets and liabilities. Level 3 Inputs for which significant valuation assumptions are unobservable in a market and therefore value is based on the best available data, some of which is internally developed and considers risk premiums that a market participant would require. Our derivatives are valued using various pricing models or discounted cash flow analyses that incorporate observable market data, such as interest rate yield curves and currency rates, and are classified as Level 2 within the valuation hierarchy. The following table presents the fair values and classification of our financial assets and liabilities measured on a recurring basis, all of which are classified as Level 2, except for the acquisition contingent consideration, which is classified as Level 3: Balance Sheets location June 27, 2026 September 27, 2025 Foreign currency contracts Other current assets $ 12 $ 250 Foreign currency contracts Other assets 147 39 Total assets $ 159 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Intangible Assets The changes in the carrying amount of goodwill are as follows: Space and Defense Military Aircraft Commercial Aircraft Industrial Total Balance at September 27, 2025 $ 262,740 $ 118,545 $ 92,612 $ 368,416 $ 842,313 Adjustments to prior year acquisitions (971) (971) Reclassification of held for sale 33,000 33,000 Foreign currency translation (10) (664) (4,483) (5,157) Balance at June 27, 2026 $ 294,759 $ 117,881 $ 92,612 $ 363,933 $ 869,185 Goodwill in our Space and Defense segment is net of a $4,800 accumulated impairment loss at June 27, 2026. Goodwill in our Medical Devices reporting unit, included in our Industrial segment, is net of a $38,200 accumulated impairment loss at June 27, 2026. The components of intangible assets are as follows: June 27, 2026 September 27, 2025 Weighted- Average Life (years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer-related 11 $ 131,998 $ (104,326) $ 131,967 $ (100,655) Technology-related 9 78,211 (61,708) 77,172 (57,817) Program-related 23 39,490 (27,483) 39,799 (26,476) Marketing-related 8 22,258 (20,839) 21,387 (19,320) Other 3 1,275 (1,249) 1,376 (1,332) Intangible assets 12 $ 273,232 $ (215,605) $ 271,701 $ (205,600) All acquired intangible assets other than goodwill are being amortized. Customer-related intangible assets primarily consist of customer relationships. Technology-related intangible assets primarily consist of technology, patents and int …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The effective tax rate for the three and nine months ended June 27, 2026 was (10.6)% and 10.0%, respectively. The effective tax rate for the three and nine months ended June 28, 2025 was 23.4% and 23.4%, respectively. The effective tax rates for the three and nine months ended June 27, 2026 are lower than the U.S. federal statutory tax rate of 21%. The Company identified, in the current year, additional expenditures qualifying for U.S. research and development tax credits through an enhanced review of its research activities and related costs. As a result, the Company recorded a discrete income tax benefit of approximately $40,572, offset by an approximate $5,732 reduction representing unrecognized tax benefits related to the additional qualifying expenditures. The benefit reflects improved identification and documentation of qualifying expenditures and does not represent a change in the Company's underlying research and development activities. The Company also recognized a discrete income tax benefit of approximately $7,774 related to legal entity simplification initiatives. The effective tax rates for three and nine months ended June 28, 2025 are different than the U.S. federal statutory tax rate of 21% due to tax on earnings generated outside the U.S. with higher statutory rates and U.S. state income taxes, partially offset by research and development tax credits.

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"Leases We lease certain manufacturing facilities, office space and machinery and equipment globally. At inception, we evaluate whether a contractual arrangement contains a lease. Specifically, we consider whether we control the underlying asset and have the right to obtain substantially all the economic benefits or outputs from the asset. If the contractual arrangement contains a lease, we then determine the classification of the lease, operating or finance, using the classification criteria described in ASC 842. We then determine the term of the lease based on terms and conditions of the contractual arrangement, including whether the options to extend or terminate the lease are reasonably certain to be exercised. We have elected to not separate lease components from non-lease components, such as common area maintenance charges and instead, account for the lease and non-lease components as a single component. Our lease right-of-use (""ROU"") assets represent our right to use an underlying asset for the lease term and our lease liabilities represent our obligation to make lease payments. The ROU assets and lease liabilities for both operating and finance leases are recognized as of the commencement date at the net present value of the fixed minimum lease payments over the term of the lease including expected buyouts, using the discount rate described below. Variable lease payments are recorded in the period in which the obligation for the payment is incurred. Variable lease p …

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"Recent Accounting Pronouncements Adopted There have been no new accounting pronouncements adopted for the nine months ended June 27, 2026. Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU no. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures This standard expands annual income tax disclosures to require specific categories in the rate reconciliation table to be disclosed using both percentages and reporting currency amounts and requires additional information for reconciling items that meet a quantitative threshold. Additionally, the amendment requires disclosure of income taxes paid by jurisdiction. The provisions of the standard are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis. Retrospective application is permitted. The Company has assessed the impact of the disclosure changes and is prepared for adoption within the upcoming 10-K. Planned date of adoption: FY 2026 ASU no. 2024-03 Income Statement -Reporting Comprehensive Income-Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses This standard requires disclosure of specified information about certain costs and expenses at each interim and annual reporting period. This includes disclosure of the amounts of purchases of inventory, employee compensation, depreciation and intangible a …

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Employee Benefit Plans Pension expense for our defined contribution plans consists of: Three Months Ended Nine Months Ended June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 U.S. defined contribution plans $ 14,489 $ 13,689 $ 42,303 $ 37,996 Non-U.S. defined contribution plans 3,020 2,762 9,126 7,906 Total expense for defined contribution plans $ 17,509 $ 16,451 $ 51,429 $ 45,902 Net periodic benefit costs for our defined benefit pension plans are as follows: Three Months Ended Nine Months Ended June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 U.S. Plans Service cost $ 2,017 $ 2,470 $ 6,051 $ 7,411 Interest cost 6,925 6,725 20,774 20,173 Expected return on plan assets (8,414) (7,901) (25,242) (23,701) Amortization of actuarial loss 2,326 2,977 6,979 8,931 Expense for U.S. defined benefit plans $ 2,854 $ 4,271 $ 8,562 $ 12,814 Non-U.S. Plans Service cost $ 697 $ 787 $ 2,098 $ 2,318 Interest cost 1,436 1,349 4,322 3,943 Expected return on plan assets (1,052) (1,067) (3,171) (3,129) Amortization of prior service cost 15 14 45 43 Amortization of actuarial loss 125 197 377 573 Expense for non-U.S. defined benefit plans $ 1,221 $ 1,280 $ 3,671 $ 3,748

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Related Party Transactions Our transactions with related parties were not material for the three and nine months ended June 27, 2026.

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Revenue from Contracts with Customers We recognize revenue from contracts with customers using the five-step model prescribed in ASC 606. The first step is identifying the contract. The identification of a contract with a customer requires an assessment of each partys rights and obligations regarding the products or services to be transferred, including an evaluation of termination clauses and presently enforceable rights and obligations. Each partys rights and obligations and the associated terms and conditions are typically determined in purchase orders. For sales that are governed by master supply agreements under which provisions define specific program requirements, purchase orders are issued under these agreements to reflect presently enforceable rights and obligations for the units of products and services being purchased. The next step is identifying the performance obligations. A performance obligation is a promise to transfer goods or services to a customer that is distinct in the context of the contract, as defined by ASC 606. We identify a performance obligation for each promise in a contract to transfer a distinct good or service to the customer. As part of our assessment, we consider all goods and/or services promised in the contract, regardless of whether they are explicitly stated or implied by customary business practices. The products and services in our contracts are typically not distinct from one another due to their complexity and reliance on each other …

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Segments Disaggregation of net sales by segment for the three and nine months ended June 27, 2026 and June 28, 2025 are as follows: Three Months Ended Nine Months Ended Market Type June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 Net sales: Space $ 127,292 $ 118,664 $ 377,712 $ 348,869 Defense 208,803 169,041 596,254 456,804 Space and Defense 336,095 287,705 973,966 805,673 Original Equipment Manufacturers 181,764 177,110 542,944 508,483 Aftermarket 63,400 47,552 185,120 143,448 Military Aircraft 245,164 224,662 728,064 651,931 Original Equipment Manufacturers 158,538 133,604 492,671 410,329 Aftermarket 95,031 84,051 275,748 241,379 Commercial Aircraft 253,569 217,655 768,419 651,708 Energy 40,116 34,481 107,711 101,699 Industrial Automation 129,728 106,168 369,879 297,345 Simulation and Test 35,893 36,289 104,652 106,598 Medical 75,980 62,622 216,147 196,532 Industrial 281,717 239,560 798,389 702,174 Net sales $ 1,116,545 $ 969,582 $ 3,268,838 $ 2,811,486 Three Months Ended Nine Months Ended Customer Type June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 Net sales: Commercial $ 53,395 $ 92,046 $ 162,448 $ 183,155 U.S. Government (including OEM) 226,668 164,443 651,745 538,987 Other 56,032 31,216 159,773 83,531 Space and Defense 336,095 287,705 973,966 805,673 U.S. Government (including OEM) 187,942 165,083 560,342 484,924 Other 57,222 59,579 167,722 167,007 Military Aircraft 245,164 224,662 728,064 651,931 Commercial 230,900 206,780 724,245 621,988 Other 22,669 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events On July 30, 2026, we declared a $0.30 per share quarterly dividend payable on issued and outstanding shares of our Class A and Class B common stock on August 25, 2026, to shareholders of record at the close of business on August 14, 2026.

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