Defense Powers Upside Surprise; Aviation Up 14% but Orders Slowing Ahead of ViaSat-3. 
 
Strong start to FY26. Q1 revenues increased 4% and beat the consensus by ~4%, driven by DATS and a surprise bump in Fixed & Other. AEBITDA increased 1% but beat the consensus forecast by ~10%.
 
Defense strength. DATS revenues increased 13% while AEBITDA grew 22% excluding IP licensing. Orders increased 22% y/y (B2B of 1.2x) and the backlog grew 50% y/y for the second consecutive quarter, supporting “mid-teens” growth in FY26.