Q3 Fiscal 2026 Financial Results February 5, 2026 Management Presenters Scott Barbour President and Chief Executive Officer Scott Cottrill Executive Vice President, Chief Financial Officer Craig Taylor Forward Looking Statements Certain statements in this press release may be deemed to be forward -looking statements. These statements are not historical fac ts but rather are based on the Company's current expectations, estimates and projections regarding the Company's business, operations and other factors r ...

Core Insights - The U.S. job market has a significant number of high-paying, unfilled positions, particularly in skilled trades, despite broader economic concerns about wage growth and layoffs in big tech [5][6]. Group 1: Job Market and Opportunities - There are over a million openings in critical jobs such as emergency services, trucking, and skilled trades, indicating a serious shortage of workers in these areas [2]. - Ford CEO Jim Farley highlights that many high-paying jobs, such as mechanics in Ford dealerships, offer salaries around $120,000 per year but require extensive training [4][5]. - Enrollment in trade schools has increased by 4.9% from 2020 to 2023, contrasting with a decline of approximately 1.4 million students in U.S. college enrollment from 2012 to 2024 [7]. Group 2: Economic Context - The median weekly earnings for full-time U.S. workers in Q2 2025 were reported at $1,196, translating to an annual salary of about $62,192, while many skilled roles pay nearly double this amount [3]. - Farley expresses concern that the U.S. may lack sufficient skilled workers to meet national defense needs, referencing Ford's historical role in producing military vehicles during World War II [6]. Group 3: Financial Implications - Many Americans are feeling financially strained due to rising living costs, which complicates their ability to pursue training for high-paying skilled jobs [8]. - The need for additional income streams is emphasized as a way for individuals to manage financial pressures and work towards long-term goals [10].

Investment & Asset Allocation - $12.5 million is allocated to tanks and JCBs, suggesting a preference for practical assets over luxury items like Lamborghinis [1] Industry Commentary & Potential Acquisition - Ledger's response to Brian Armstrong and UpOnlyTV ("Wait… are you my boss now?") hints at potential industry consolidation or acquisition discussions [1]

Core Insights - General Dynamics Corporation (NYSE:GD) is recognized as a must-buy dividend stock due to its strong performance and consistent dividend growth, having raised its payout for 28 consecutive years [2][3] - The stock has surged by nearly 32% since the start of 2025, indicating significant investor interest and confidence in the company's future prospects [2] - The company maintains a quarterly dividend of $1.50 per share, resulting in a dividend yield of 1.75% as of October 9 [3] Company Overview - General Dynamics is a leading US military shipbuilder and a key supplier of tanks and armored vehicles for the Army, contributing to its stable revenue streams [2] - The company operates one of the largest defense-oriented IT and services divisions, which helps mitigate revenue fluctuations associated with shipbuilding projects [2][3] - Despite recent performance lagging for reasons unrelated to its defense operations, the company's diversified operations help smooth out results over time [2][3]

Group 1 - General Dynamics Corporation (NYSE:GD) is recognized as one of the best performing dividend stocks in 2025, with a stock price increase of over 25% since the beginning of the year [2] - The company is a key supplier of defense products to the US government, including tanks, heavy land vehicles, destroyers, and nuclear-powered submarines [2][3] - General Dynamics also owns Gulfstream, a leading manufacturer of business jets, which has faced challenges in recovering from the 2008-09 recession [3] Group 2 - The company has a strong dividend policy, having increased its payouts for 28 consecutive years, currently offering a quarterly dividend of $1.50 per share and a dividend yield of 1.84% as of September 15 [4]

Group 1 - Rheinmetall has reached an agreement to acquire the military division of Luerssen Group, Naval Vessels Luerssen, to expand into naval shipbuilding [1][2] - The acquisition is part of Rheinmetall's strategy to strengthen its position as a leading supplier of defense technology in Germany and Europe [2] - Rheinmetall aims to address the increasing demand from naval forces and rising procurement budgets with high-performance system solutions and modern digital infrastructure [3] Group 2 - Rheinmetall reported sales of 2.43 billion euros ($2.85 billion) in the three months to June, which fell short of expectations due to delays in German contract awards [4] - Naval Vessels Luerssen (NVL) is a privately owned group with four shipyards in northern Germany and international locations, expecting sales of around 1 billion euros ($1.17 billion) in the 2024 financial year [5] - NVL employs approximately 2,100 people worldwide [5]

Industry Trend - Drones are displacing tanks, armored carriers, and even soldiers from the Ukrainian front line [1] - Artillery remains a key component on the battlefield [1]