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osure information, and information regarding the status of non-US analysts on pages 2 - 8 of this report. Greg Konrad, CFA * IEquity Analyst+1 (212) 284-2391 1 gkonrad@jefferies.comSheila Kahyaoglu * I Equity Analyst+1 (212) 336-7216 Isheila.kahyaoglu@jefferies.comEllen Page * IEquity Associate+1 (212) 323-3381 lepage@jefferies.comKyle Wenclawiak * IEquity Associate+1 (212) 323-7671 |kwenclawiak@jefferies.com JefferiesCompany Valuation/RisksAeroVironment, IncWe value AVAV based on an EV/EBITDA multiple on FY28 earnings. Key risks include loss of key contracts, failure to obtain approval for internationalsales and investments weighing on overall profitabilityKratos Defense & Security Solutions, Inc.Our price target is based on a historical premium to the market on a blended FY EV/Sales and EV/EBITDA multiple and reflects bettorganic growth. Downside risks include government contract protest, profitability of new business wins, and relatively high financial leverage. Upsiderisks include lack of delays or cancellations of program opportunities, aRedwireWe value Redwire on 2027E PF EV/EBITDA. Risks include program delays, funding constraints, rising competitive pressures from new companies,and risk to M&A integrationTeledyne Technologies IncorporatedOur price target values TDY shares at a weighted average of P/E, EBITDA and FCF Yield. Risks include disruption to the global economy and pooracquisition integration.Analyst Certification:I, Greg Konrad, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressednthis researchreportI, Sheila Kahyaoglu, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research reportcompany(ies). I also certify that no part of my compenin this research report.I, Kyle Wenclawiak, certify that all of the viewcompany(ies). I also certify that no partin this research report.As is the case with all Jefferies epas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensationfor investment banking services from AeroVironment,Inc. within the next three monthsWithin the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services fromAerovironment,IncJefferies Financial Group Inc., its affiliates or subsidiaries is acting as a manager or co-manager in the underwriting or placement of securities for AeroVironment,Inc. or one of its affiliatesJefferies Financial Group Inc., its affiliates or subsidiaries has acted as a manager or co-manager in the underwriting or placement of securities forAeroVironment, Inc. or one of its affiliates within the past twelve monthsPlease see important disclosure information on pages 2 - 8 of this report. the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensation han-expectedcompany to meet blue-sky projectionsreseah report accurately reflect my personal views about the subject security(ies) and subjectVas, is, or will be, directly or indirectly, related to the specific recommendations or views expressedressed in this research report accurately reflect my personal views about the subject security(ies) and subjectmpensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedn, including investment banking income. We seek to update our research as appropriate, but various regulationsJuly 11, 2025 10:54 A.M.July 11, 2025 10:54 A.M. JefferiesExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelowS10