Record Orders and Backlog Keep FY26 on Firm Footing; 2H Capex Ramp Delays FCF to FY27.
 
FY26 remains on track. Q2 revenues grew 2% and EBITDA grew 3% despite a 15% profit decline in DAT due to lower IP licensing. Management affirmed all elements of full - year guidance. 
 
Strong Defense orders. DAT revenues grew 3% y/y, led by Info Security & Cyber (up 14%). Orders exceeded bookings for the sixth consecutive quarter ( book - to - bil lof 1.5x), and the backlog surged 31% y/y to $1.2B. 

Targeting sovereign space. Despite flattish Q2 revs, Space & Mission Systems is poised for double - digit growth in FY26, aided by growing demand for sovereign and dual-use satcom systems.