2026年春季航空航天、国防与政府行业并购策略报告

I N D U S T R YR E P O R TSpring | 2026 Table of Contents Market Observations ................................................................................. 3Transaction Highlights .............................................................................. 11Public Companies .....................................................................................17CFA Overview .............................................................................................36 Market Summary Aerospace and Defense Market The aerospace and defense (A&D) industry entered 2026 in a state of rapid transformation, transitioning from a "security supercycle" to what analysts term the"Arsenal of Freedom" era. This shift is punctuated by a proposed $1.5 trillion U.S. defense budget for fiscal year 2027, a nearly 50% increase over the previous year,aimed at achieving "Peace Through Strength" through massive investments in sea power, air superiority, and the "Golden Dome"missile defense initiative. Meanwhile,the commercial sector is seeing a divergent recovery speed, with Boeing taking a significant early lead in 2026 deliveries asregulatory production caps were eased.The global A&D market is currently valued at $918 billion in 2026 expanding at an 8.4% CAGR, propelled by synchronized tailwinds across both segments, surgingdefense budgets driven by geopolitical realignment and the multi-year procurement commitments they generate, alongside a commercial aviation recovery workingthrough a decade-long order backlog. The defense segment represents approximately 58.2% of the global market, anchored by multi-year procurement commitmentsextending revenue visibility well beyond the current fiscal cycle. In Europe, all NATO allies met or exceeded the 2% of GDP defense spending benchmark for the firsttime, with European allies and Canada collectively recording a 20% year-over-year increase in expenditures as per the NATO Secretary General's March 2026 AnnualReport. Germany's 2026 federal defense budget is estimated at approximately $126 billion, targeting 3.5% of GDP by 2029. In Asia-Pacific, countries including India,Japan, and South Korea are accelerating domestic modernization programs. Public CompanyValuations The CFA Select ADG index decreased by 3.7% in the first quarter of 2026, increased by 29.2% and 101.6% in the 12-month and 36-month period respectively. Over the 3-month returns, C5ISR & Electronic Warfare led all sectors with a 20.4% return, while Public Safety& Security saw the steepest decline at 18.6%. For 12-month returns, The Electronic Manufacturing Services Index saw the highest at109.4% against the Public Safety & Security Index’s decline of 11.4%. Looking at 36 months,C5ISR & Electronic Warfareextended itslead with a 277.3% cumulative gain, while Engineering & Construction posted the most modest return at 15.6%. C5ISR & ElectronicWarfare carried the highest median EBITDA multiple at 32.1x and Actuation & Fluid Control commanded the highest revenue multipleat 5.6x, with Contract Services and Engineering & Construction sitting at the lower end at7.6x and 0.9x respectively. The publicaerospace anddefense marketdecreased in thefirst quarter of2026... Mergers andAcquisitionsTowards the end of 2025, the aerospace and defense M&A market reawakened with strategic zeal following a quieter preceding year. Firms sought competencies in composites, autonomy, and supply chain resilience in the face of soaring defense spending and aviation recovery. Deals Outlook published by PwC points to morethan $15 billion in the value of recent transactions. The acquirers focused more on tech integration, which is reflected in the October-November composite deals,than volume. Mid-market roll-upsin drones, fasteners, and carve-outs by private equity drove the momentum. The dominant ones are defense tech (C-UAS, ISR),vertical integration, and cross-border plays, as primes consolidate around AI and space edge. Industry Trends FAA Expands Unleaded Fuel Approvals, Advancing General Aviation's Sustainability Goals In March 2026, the FAA expanded its Approved Model List for Swift Fuels' 100R unleaded aviation gasoline to cover 840 pistonengine models, marking a significant step inthe industry's effort to eliminate leaded avgas. The approval spans a broad range of engines, from 65-horsepower Continentals to high-performance Lycoming 540s, alongwith models from Franklin, Pratt and Whitney, and several radial engine families. The milestone builds on Swift's ASTM International production specification, published inSeptember 2025 after years of testing conducted alongside the FAA and major original equipment manufacturers including Lycoming, Continental, Rotax, and Textron.Swift Fuels had already begun distributing 100R to select flight schools across the United States and Europe in late 2024, gathering real-world operating data thatsupported the expanded approval. This certification progress aligns with the government-industry EAGLE init