Overview Key strengths Key risks Robust defense spending drives revenue growth for the next few years. Highly competitive defense electronics market. Above-average EBITDA margins relative to aerospace and defense peers. Supply chain constraints pose challenges to meet demand and maintain margins. Broad range of capabilities across high-growth defense and intelligence segments. Integration of recent acquisitions, primarily Aerojet Rocketdyne (Aerojet). We expect U.S. defense spending to remain robust given broad consensus regarding strategic threats. The recently enacted $886 billion 2024 defense budget represents an increase of 3% over 2023, but growth is substantially lower than the 10% increase the previous year. L3Harris? product offerings are situated in areas of priority for the U.S. government, including intelligence, surveillance, and reconnaissance (ISR), electronic
