Earnings conference call 2 nd quarter 2025 July 22, 2025 © 2025 RTX Corporation. All rights reserved. Forward looking statements Note: This press release contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide RTX Corpor ...

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Investment Strategy - Booz Allen Ventures is increasing its investment in venture capital [1] - This move aligns with Silicon Valley's growing involvement in defense technology [1]

Company Strategy & Product - The company views its role as re-industrializing the US by creating a "factory system" combining software (powered by Opus) and a new American workforce [1] - The company's "factory system," a combination of people and technology, is considered the core product, focusing on accuracy and on-time delivery for customers [2] - The company is expanding its manufacturing capabilities to include welding, casting, and additive manufacturing, driven by demand, particularly from the Department of Defense (DOD) [7] - The company aims to establish factories in every state, creating millions of new manufacturing jobs [7] Expansion & Investment - The company successfully closed a funding round with investors including Founders Fund, Andreessen, and Lux Capital [2][3] - The capital will be used to expand into Arizona with a new factory four times the size of the existing one and to hire more personnel [4] - Arizona was chosen for expansion due to favorable conditions regarding permitting, workforce availability, and energy access [6] Market & Competition - The company's mission is to strengthen US industrial power to compete with global competitors, particularly China, by restoring domestic manufacturing capabilities [10][12] - The company aims to address the shortage of skilled manufacturing workers in the US by combining technology to enhance workforce efficiency [9] - The company serves a wide range of customers, from defense and space startups to mega-cap public primes [14]

Core Insights - All three major U.S. stock indices rose on July 17, 2025, driven by positive retail sales data and a decline in unemployment claims [1][2][11] - Better-than-expected earnings from major tech companies like Netflix contributed to investor confidence [2] - The current market environment suggests a favorable outlook for investing in U.S. stocks, particularly in low-leverage companies [3] Economic Indicators - U.S. retail sales increased by 0.6% in June 2025, following a 0.9% decline in May, exceeding market expectations [1][11] - Labor data indicated a decline in unemployment claims, further supporting market optimism [1] Investment Recommendations - Recommended stocks include Novartis (NVS), ResMed Inc. (RMD), Wabtec (WAB), Elbit Systems (ESLT), and Ingredion Inc. (INGR), all of which are characterized by low leverage and strong earnings growth [3][11] - Each of these stocks holds a Zacks Rank 2, indicating a favorable investment outlook [11] Stock Analysis - Novartis reported a 12% year-over-year increase in net sales and a 29% improvement in earnings per share for Q2 2025 [15][16] - ResMed anticipates an 8.1% year-over-year increase in fiscal fourth-quarter sales, with a long-term earnings growth rate of 15.3% [17][18] - Wabtec's sales are expected to grow by 5.3% year-over-year, supported by a long-term earnings growth rate of 16% [19][20] - Elbit Systems forecasts a 13.8% increase in 2025 sales, with a four-quarter average earnings surprise of 21.12% [21] - Ingredion expects a 1% improvement in 2025 sales, with a long-term earnings growth rate of 11% [22][23]

ETF Flows & Market Trends - Year-to-date ETF flows exceed $623 billion [1] - Spike in buying of big tech heavy ETFs followed Nvidia's permission to resume H20 chip sales in China [2] - IBIT Bitcoin ETF experienced top inflows as Bitcoin hit a new high [2] - VO (midcap focused ETF) and SBIL (money market fund-like ETF) also saw top inflows [3] Sector & Strategy Insights - XR ETF is a way to play the trend of increased defense spending due to macro uncertainty and geopolitical conflicts [3] - XLC (communication services ETF) is an area less impacted by tariffs, outperforming the S&P 500 year-to-date [4]

Company Overview - Helsing 是一家成立 4 年的人工智能国防初创公司 [1] - 该公司已悄然成为欧洲发展最快的公司之一 [1] - Helsing 是一个时代的象征，代表着欧洲大陆正在紧急地重新设计其国防 [1]

Business Development - Saab aims to finalize orders for its Gripen fighter jets this year [1] - Saab aims to finalize orders for its Globaleye early-warning aircraft this year [1]