Aerospace and Defense Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › CAPITAL GOODS › AEROSPACE AND DEFENSE

Portfolio Reshaping Sets the Pace as the Group Trades Flat

This update covers movers, company news and agreed transactions across Aerospace and Defense for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Aerospace and Defense Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   INDUSTRIALS › CAPITAL GOODS › AEROSPACE AND DEFENSE

   Cover slide introducing the Aerospace and Defense bi-weekly industry events and M&A update for September 14–28, 2026.

   This bi-weekly update walks through what changed, who moved and most likely why, what transacted, and what it means for Aerospace and Defense over September 14–28, 2026. We turn to the detail next.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › CAPITAL GOODS › AEROSPACE AND DEFENSE Portfolio Reshaping Sets the Pace as the Group Trades Flat This update covers movers, company news and agreed transactions across Aerospace and Defense for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Aerospace and Defense Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Portfolio Decisions, Not Program Awards, Defined the Two-Week Period

   One-page summary of the two-week period across the 31-name covered group.

   We open with the headline: portfolio decisions, not program awards, defined this two-week period. Sixteen of the 31 covered names rose, but the median move was only +0.3%, trailing the S&P 500's +1.6% gain over the same window. The period's one ownership change — Archer Aviation Inc. (ACHR)'s purchase of three Boeing autonomy units — cleared its antitrust waiting period, while Leidos Holdings, Inc. (LDOS), Leonardo DRS, Inc. (DRS) and Parsons Corporation (PSN) each booked new awards. The widest swings sat outside the primes, with BETA Technologies, Inc. (BETA) up +15.3% and Red Cat Holdings, Inc. (RCAT) down -14.6%, so the real story is dispersion, not the sector average.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Portfolio Decisions, Not Program Awards, Defined the Two-Week Period The two-week period in one page · 31 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Aerospace and Defense Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 16 of 31 Covered Names Rose; The Median Move Was +0.3% The covered group trailed the S&P 500 at +1.6% over the two-week period. Gains were concentrated in a handful of names rather than broad. 2 Boeing's Autonomy Units Cleared Their Antitrust Waiting Period Archer Aviation Inc. (ACHR) announced on Sep 24 that the Hart-Scott-Rodino waiting period expired for its acquisition of Wisk Aero, Insitu and SkyGrid from The Boeing Company (BA). It is the period's one agreed change of ownership in the covered set. 3 Award Flow Was Heavy Across Services and Components Leidos Holdings, Inc. (LDOS) reported a $875 million Navy option year, Leonardo DRS, Inc. (DRS) booked a $39.6 million naval production award, and Parsons Corporation (PSN) secured nine awardable designations on Department of War digital marketplaces. 4 The Widest Moves Sat Outside the Primes BETA Technologies, Inc. (BETA) finished the two-week period at +15.3% and Red Cat Holdings, Inc. (RCAT) at -14.6%, both well outside the median move of +0.3%. +15.3% Best mover — BETA Technologies, Inc. (BETA) worst: RCAT -14.6% · 16 up / 15 down of 31 covered +0.3% Sector median two-week return vs S&P 500 +1.6% 2 Transactions agreed in the two-week period from company announcements; not yet in the precedent record

3. 03
   PUBLIC MARKET MOVERS

   The Edges Did the Work: New Platforms up, Services-Weighted Names Down

   Chart of individual company share price moves across the covered group for September 14–28, 2026.

   The covered group's median move was +0.3% against a S&P 500 gain of +1.6%, so the sector as a whole roughly kept pace while losses concentrated at the edges. Our materiality bar sits at ±5.5% on a sector-relative basis, and BETA Technologies, Inc. (BETA) at +15.3% and Red Cat Holdings, Inc. (RCAT) at -14.6% both clear it by a wide margin. Every move on this page is linked back to the filing or headline recorded in the window; where no driver is recorded, we say so plainly. The takeaway is that new-platform names carried the gains this period while services-weighted names absorbed the losses.

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   PUBLIC MARKET MOVERS The Edges Did the Work: New Platforms up, Services-Weighted Names Down Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median +0.3% · S&P 500 +1.6% · materiality bar ±5.5% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Aerospace and Defense Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median +0.3% BETA Technologies, Inc. (BETA) +15.3% Shares moved following BETA Technologies, Inc. (BETA)'s Sep 23 announcement that it launched flight operations in North Carolina's eLIFT program; the move appears to reflect that first operational deployment. For newer platforms, putting aircraft into service still moves value more than the order book. COMPANY-SPECIFIC Red Cat Holdings, Inc. (RCAT) -14.6% Red Cat Holdings, Inc. (RCAT) moved lower following Sep 18 coverage describing small-cap drone names extending a week of selling pressure; the available evidence suggests group-wide pressure rather than a company-specific item. Sentiment still sets the price for small-cap unmanned names ahead of proven production economics. SECTOR-WIDE Parsons Corporation (PSN) -8.2% No notable in-window news was identified that clearly explains the move. Parsons Corporation (PSN) finished at -8.2% against a median move of +0.3%. Discount-tier services names carried the softer moves, consistent with the standing view on recompete exposure. UNEXPLAINED Smith & Wesson Brands, Inc. (SWBI) +8.0% The clearest in-window item was the Sep 22 research rating upgrade on Smith & Wesson Brands, Inc. (SWBI); the reaction was consistent with improving earnings expectations, though the largest single day came earlier, on Sep 18 at +2.3%. Earnings-expectation changes still carry the smaller consumer-facing names in this set. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Awards, Carve-Outs and Aftermarket: What Companies Actually Did

   Summary of the two-week period's highest-impact company announcements and industry catalysts.

   We highlight the period's highest-impact events, from Leidos Holdings, Inc. (LDOS)'s Navy option year to Leonardo DRS, Inc. (DRS)'s naval production award and Parsons Corporation (PSN)'s nine marketplace designations. Each event links back to its underlying filing or article, so the read is traceable to source. Award flow ran heavy across services and components even as the group's median move stayed flat at +0.3%. This is where you see who converted execution into recognized contract value this period.

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   MAJOR NEWS & INDUSTRY CATALYSTS Awards, Carve-Outs and Aftermarket: What Companies Actually Did The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Aerospace and Defense Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 15 · NEWS · GlobeNewsWire HII wins an Army task order to improve airdrop and combat feeding for soldier sustainment Sustainment work of this kind sits outside the platform build cycle and adds funded content that is less exposed to a rate decision. Mission-support task orders keep widening the services side of the primes. Sep 15 · NEWS · Business Wire AeroVironment signs a long-term supply agreement for high-energy laser systems Securing a directed-energy platform ahead of demand is how a Premium-tier name builds qualified content into future programs of record. Directed energy is moving from demonstration work into production supply chains. Sep 14 · NEWS · GlobeNewsWire Parsons secures nine awardable designations on Department of War digital marketplaces Marketplace designations shorten the path from requirement to task order and support incumbent position in recompete-heavy services work. Faster acquisition routes favour vendors already qualified on the buying platform. Sep 14 · NEWS · Business Wire Crane Company agrees to acquire a U.S. water pump business from a sponsor-backed seller A Core-tier name adding a qualified product line signals that strategic buyers remain active on bolt-on content rather than scale for its own sake. Carve-outs from sponsor portfolios remain an accessible source of bolt-on content. Sep 14 · NEWS · GlobeNewsWire Leonardo DRS books a $39.6 million naval airborne communications production award Production awards on a fielded naval platform convert development seats into recurring ship-set content with a sustainment tail behind it. Communications content per aircraft keeps growing on airframes already in service. Sep 14 · NEWS · PRNewsWire Sponsor-backed seller agrees to sell its U.S. pump business to Crane Company The sell-side confirmation of the same agreement shows a financial owner exiting into strategic hands, the standard route for carve-out supply in components. Sponsor exits to strategic buyers set the reference point for mid-market component deals.

5. 05
   M&A & STRATEGIC ACTIVITY

   Archer's Purchase of Three Boeing Autonomy Units Clears Antitrust Review

   Overview of the period's one agreed M&A transaction and its precedent-transaction context.

   Archer Aviation Inc. (ACHR)'s purchase of three Boeing autonomy and unmanned units — Wisk Aero, Insitu and SkyGrid — cleared its Hart-Scott-Rodino waiting period this period, the covered set's one agreed change of ownership. We set that transaction against a reference set of 40 recorded precedent deals, where the median multiple runs 8.8x EV/LTM EBITDA. That context lets you judge where this deal sits relative to the group's typical pricing. For acquirers and their advisors, it is now a clean comparable to carry into the next mandate.

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   M&A & STRATEGIC ACTIVITY Archer's Purchase of Three Boeing Autonomy Units Clears Antitrust Review September 14–28, 2026 · 2 agreed by company announcement · precedent transactions: 40 recorded deals · median 8.8x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Aerospace and Defense Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 24 · The Boeing Company (BA) Boeing's Wisk Aero, Insitu and SkyGrid units clear the waiting period for sale to Archer The Hart-Scott-Rodino waiting period expired on Sep 24, removing one condition on The Boeing Company (BA)'s exit from three autonomy and unmanned businesses. Our read: portfolio focus at the Core-tier airframer. Sep 24 · Archer Aviation Inc. (ACHR) Archer Aviation moves to acquire Wisk Aero, Insitu and SkyGrid as the waiting period expires Archer Aviation Inc. (ACHR) buying three established autonomy and unmanned businesses suggests appetite in advanced air mobility is now aimed at fielded franchises and certification progress, not technology alone. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 40 Recorded precedent transactions the reference set buyers and sellers price against 8.8x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Period Changes for Your Position

   Translation of the period's events into implications for owners, acquirers and advisors.

   For owners and operators, the gains this period came from operating news — delivery milestones, a production award, marketplace designations — not announcements alone. For acquirers, the period adds two records worth keeping: Archer Aviation Inc. (ACHR)'s now-cleared purchase of Boeing's autonomy units, and Crane Company (CR)'s definitive agreement for a sponsor-owned U.S. pump business. For advisors, award headlines ran large while the covered group's median move stayed at +0.3% against the S&P 500's +1.6%, so we'd lead with contract quality over headline size. These are observations on the recorded evidence, not recommendations.

   Everything on this page

   WHAT IT MEANS What the Period Changes for Your Position The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Aerospace and Defense Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 13.2x 35 companies in the study 3 valuation tiers Standing thesis: Aerospace and Defense Splits Into Four Businesses: Primes, Precision Components, Defense IT and Adjacent Models FOR OWNERS & OPERATORS Operating News, Not Announcements, Carried the Gainers Companies in the space traded higher on delivery: first flight operations, a production award, marketplace designations. FOR ACQUIRERS Two Records Worth Adding to the Reference Set The period added an agreed carve-out of three Boeing autonomy and unmanned units to Archer Aviation Inc. (ACHR), now past its antitrust waiting period, plus a definitive agreement for a sponsor-owned U.S. pump business at Crane Company (CR). FOR ADVISORS Lead with Contract Quality, Not Headline Award Size Award news ran heavy — a $875 million Navy option year, a $39.6 million naval production award, nine awardable designations — while the covered group's median move was +0.3% against the S&P 500 at +1.6%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explanation of the sources and methodology behind every figure in this update.

   Every figure on these pages links back to the filing, press release or market data point it was drawn from, with market data current through September 28, 2026. We hold to a fixed source order — SEC filings, press releases, then established outlets — and never draw on video or social platforms. That discipline is what lets you use this update as a working reference rather than a headline roundup.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Aerospace and Defense Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 4 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260928T103450Z_350_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: globenewswire.com · businesswire.com · prnewswire.com

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