Aircraft Systems and Components 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 › AIRCRAFT SYSTEMS AND COMPONENTS

Buyers Keep Paying for Content While the Trading Set Gives Ground

This update covers the movers, company news and transaction records in Aircraft Systems and Components 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

Aircraft Systems and Components 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 › AIRCRAFT SYSTEMS AND COMPONENTS

   This is the cover for the Aircraft Systems and Components bi-weekly update covering September 14–28, 2026.

   We open with the two-week scorecard for Aircraft Systems and Components — what changed, who moved, what transacted and what it means. This sets up the read that follows: content is still being bought, even as the broader trading set gives ground.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › CAPITAL GOODS › AIRCRAFT SYSTEMS AND COMPONENTS Buyers Keep Paying for Content While the Trading Set Gives Ground This update covers the movers, company news and transaction records in Aircraft Systems and Components 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 Aircraft Systems and Components Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Consolidators Keep Buying While the Broad Set Drifts Lower

   This page summarizes the two-week period across the 8 covered names in one page.

   Five of the eight names we track fell this period, with a median move of -1.6% against a +0.8% S&P 500 return, so the group underperformed the broader market. Moog Inc. (MOG-B) led at +8.6% while TAT Technologies Ltd. (TATT) lagged at -7.7%, and TransDigm Group Incorporated (TDG) added two content records to the M&A ledger. We read this as a period where trading direction and deal-making diverged — so watch the content transactions, not the price tape, for the real signal.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Consolidators Keep Buying While the Broad Set Drifts Lower The two-week period in one page · 8 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. Aircraft Systems and Components Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 5 of 8 Covered Names Fell; The Median Move Was -1.6% The S&P 500 returned +0.8% over the same two-week period. Moog Inc. (MOG-B) led the set at +8.6% and TAT Technologies Ltd. (TATT) lagged at -7.7%. 2 TransDigm Put Two Content Records on the Board TransDigm Group Incorporated (TDG) announced the purchase of a portfolio of commercial rotorcraft, land systems and business jet products on Sep 21 and completed a separate acquisition on Sep 28. Neither record carries a disclosed price. 3 The Pricing Anchor Is Still the Precedent Record, Not the Period Across 40 trailing precedent transactions the median was 14.7x EV/EBITDA, and NeuraCap's standing sector lens sits at 15.0x on CY2027E EV/EBITDA, with the Premium tier at 19.0x. Nothing this two-week period reset that frame. 4 Development-Stage Programmes Supplied Most of the News Flow Joby Aviation, Inc. (JOBY) reported a fully autonomous flight across the United States, TAT Technologies announced thermal management work for a hydrogen-electric business aircraft programme, and New Horizon Aircraft Ltd (HOVR) set its results date. The window confirms the standing thesis: this is a platform-content market. +8.6% Best mover — Moog Inc. (MOG-B) worst: TATT -7.7% · 3 up / 5 down of 8 covered -1.6% Sector median two-week return vs S&P 500 +0.8% 1 Transactions announced in the two-week period terms not fully disclosed

3. 03
   PUBLIC MARKET MOVERS

   A Discount-Tier Name Gives Ground While a Premium-Tier Name Climbs

   This page details the individual stock moves that drove the two-week period, comparing a discount-tier laggard against a premium-tier leader.

   Moog Inc. (MOG-B) climbed +8.6% this period while TAT Technologies Ltd. (TATT) gave back -7.7%, framing the spread between the premium and discount tiers. The sector median was -1.6%, well below the +0.8% return posted by the S&P 500 over the same window. We attribute moves only where a filing or headline is recorded in the window, so the size of these swings is the fact — the driver read is our calibrated view. That gap is the starting point for any relative-value conversation this period.

   Everything on this page

   PUBLIC MARKET MOVERS A Discount-Tier Name Gives Ground While a Premium-Tier Name Climbs Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -1.6% · S&P 500 +0.8% · materiality bar ±5.8% (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. Aircraft Systems and Components 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 -1.6% TAT Technologies Ltd. (TATT) -7.7% Shares moved following the Sep 14 announcement of a partnership to advance thermal management for a hydrogen-electric business aircraft programme; the steepest single day was Sep 28 at -5.1%. Pre-certification content wins are real, but they pay on a type certificate timetable, not this year's mix. COMPANY-SPECIFIC Moog Inc. (MOG-B) +8.6% No notable in-window news was identified that clearly explains the move. Its +8.6% return sits well above the -1.6% median across the covered set. A Premium-tier name can carry the set higher even when breadth across the group is negative. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Closings, Footprint Moves and Autonomy Milestones Fill the Window

   This page lists the two-week period's highest-impact news items, including closings, footprint moves and autonomy milestones.

   The window's news flow centers on execution milestones rather than pure market moves — closings, footprint changes and autonomy progress all surfaced in the same two weeks. Joby Aviation, Inc. (JOBY) reported a fully autonomous flight across the United States, and TAT Technologies Ltd. (TATT) announced thermal management work tied to a hydrogen-electric business aircraft programme. Each item here links back to its underlying filing or article, so the record is verifiable, not just asserted. Together these items reinforce that platform-content and next-generation propulsion are the two threads driving the sector narrative.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Closings, Footprint Moves and Autonomy Milestones Fill the Window 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. Aircraft Systems and Components Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 28 · NEWS · PRNewsWire TransDigm completes an acquisition of a business formerly held by a private equity owner The sector's most active consolidator turned an agreement into a closing inside the window. It shows continued appetite for proprietary content rather than for standalone factory capacity. Owners of qualified, sole-source content remain the most sought-after sellers in the sector. Sep 24 · NEWS · Accesswire Horizon Aircraft sets October 9 for its first quarter results and a business update For a pre-certification platform developer, the results call is where funding runway and programme progress get tested together. Calendar discipline is part of how development-stage names hold access to capital partners. Sep 14 · NEWS · PRNewsWire TAT Technologies partners to advance thermal management for a hydrogen-electric business aircraft programme Thermal management is exactly the shipset content incumbents are trying to carry into electrified propulsion. Winning it early positions a supplier for the installed base that follows. Content migration to electrified platforms is being contested now, years before the revenue arrives. Sep 26 · NEWS · 24/7 Wall Street Joby Aviation draws published long-term valuation commentary from an outside outlet The commentary cited a path back above $10 and bulls looking to $12. NeuraCap read: where earnings are not yet meaningful, the debate runs on EV / Revenue and milestone belief. Pre-revenue platform valuations move with programme evidence more than with quarterly numbers. Sep 21 · NEWS · GlobeNewsWire Woodward plans to move Santa Clarita aerospace controls production to Spartanburg, South Carolina Consolidating qualified production is a cost-structure decision with a real execution risk attached: the qualification transfer has to travel with the work. Footprint moves on approved processes are judged on transfer discipline, not on square footage saved. Sep 18 · NEWS · Business Wire Joby Aviation completes the first fully autonomous flight across the United States A programme milestone of this kind is how pre-revenue platform developers evidence progress toward certification, which is the gate on every revenue stream behind it. Milestones, not earnings, are the currency at the development-stage end of the sector.

5. 05
   M&A & STRATEGIC ACTIVITY

   TransDigm Closes One Acquisition and Agrees Another Block of Platform Content

   This page covers TransDigm Group Incorporated's two-week M&A activity: one closed acquisition and one newly announced purchase.

   TransDigm Group Incorporated (TDG) closed one acquisition and separately agreed to acquire a portfolio of commercial rotorcraft, land systems and business jet products, both within the same two-week window. Neither transaction discloses a price, so we cannot size these against the precedent multiple set on this page alone. Even so, two content records from the same strategic buyer in one period is a concentration worth noting for anyone tracking platform-content consolidation. We read this as continued appetite for proprietary content positions, consistent with the standing sector thesis.

   Everything on this page

   M&A & STRATEGIC ACTIVITY TransDigm Closes One Acquisition and Agrees Another Block of Platform Content 1 transaction announced · September 14–28, 2026 · figures link to the filing 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. Aircraft Systems and Components Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 Sep 21 n/a TransDigm Group Incorporated TransDigm agrees to acquire a portfolio of commercial rotorcraft, land systems and business jet products EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The record shows a strategic acquirer adding shipset positions across three end markets in one step. NeuraCap read: the buyer's logic here is content and aftermarket entitlement rather than incremental factory capacity. HOW THE TARGET WAS VALUED No enterprise value or multiple was disclosed. The trailing record of 40 precedent transactions carries a median of 14.7x EV / EBITDA, against a standing CY2027E sector median of 15.0x.

6. 06
   WHAT IT MEANS

   What This Two-Week Period Changes for You

   This page translates the two-week period into implications for owners and operators, acquirers, and advisors.

   For owners and operators, the KPIs behind this period's moves are the familiar ones — sole-source content share, the OE-to-aftermarket split, and spares provisioning behind the installed base. For acquirers, the two new TransDigm records matter less for their size, which is undisclosed, and more for confirming where strategic buyers are willing to add content. For advisors, we'd lead conversations with the TransDigm records to gauge strategic appetite, then bring in the electrified-propulsion and autonomy items for the migration debate. None of this is a recommendation — it is our reading of what the recorded evidence changes for each audience.

   Everything on this page

   WHAT IT MEANS What This Two-Week Period Changes for You 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. Aircraft Systems and Components Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 15.0x 9 companies in the study 3 valuation tiers Standing thesis: Aircraft Systems and Components Is a Platform-Content Market, With Component Overhaul a Single Name Beside It FOR OWNERS & OPERATORS The KPIs Behind the Moves Are Mix and Entitlement Companies in the sector traded in both directions this two-week period, and the operating story behind the set is familiar: sole-source content share of revenue, the OE versus aftermarket split, spares provisioning behind the installed base FOR ACQUIRERS Two New TransDigm Records, Neither with a Price The reference set gains one announced portfolio purchase and one completed acquisition, both by the same strategic buyer, and neither discloses an enterprise value. FOR ADVISORS Lead with Content, Then with the Certification Clock The period's dominant theme is content: who is buying proprietary positions and who is funding toward them. Lead with the TransDigm records for the strategic appetite, and with the electrified propulsion and autonomy items for the migration debate.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains the sources and methodology behind the update and states the report's important notice.

   Every figure in this update links back to the filing, press release or established outlet it was taken from, and we hold to a fixed source-reliability order with no video or social platforms admitted. This transparency is what lets the driver reads on earlier pages stand as calibrated judgment rather than unsupported claims. We close the deck here so any figure you want to check is one click from its record, so what you take into your next conversation is defensible on first challenge.

   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. Aircraft Systems and Components 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. 1 name below the floor was 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_20260929T051636Z_352_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: prnewswire.com · accessnewswire.com · 247wallst.com · globenewswire.com · businesswire.com

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