Lockheed Martin Corporation (LMT) Presents at Morgan Stanley's 14th Annual Laguna Conference Transcript

Lockheed Martin Corporation ( LMT ) Morgan Stanley's 14th Annual Laguna Conference September 17, 2026 10:45 AM EDT Company Participants James Taiclet - Chairman, President & CEO Evan Scott - Chief Financial Officer Conference Call Participants Kristine Liwag - Morgan Stanley, Research Division Presentation Kristine Liwag Morgan Stanley, Research Division Good morning, everyone. I'm Kristine Liwag, Morgan Stanley's Head of Aerospace and Defense Equity Research. I'm very excited to host our next panel with Lockheed Martin. Before we get started, I'll have to read this. For important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley representative. So for our next panel, definitely very excited to welcome Jim Taiclet, CEO of Lockheed Martin; and Evan Scott, CFO. So welcome, Jim and Scott -- Jim and Evan. James Taiclet Chairman, President & CEO Good morning. Question-and-Answer Session Kristine Liwag Morgan Stanley, Research Division Great. So maybe just to kick off, Jim, this has been a question from a lot of investors, which is about the technology insertion in the battlefield, right? We've seen sovereign customers needing more equipment sooner. We've seen the proliferation of low-cost autonomous systems being pretty effective in the battlefield. And then at the same time, you also see -- and maybe this is the part where investors don't see as much, there's also more need for high-end types of solutions. So can you talk about where Lockheed's role is in this environment? How do you counter some of these lower-cost autonomous systems, and how do we keep prepared? And what is the environment for these high-end threat environment, too? And where does your company fit? James Taiclet Chairman, President & CEO Sure. Well, I'm glad you started it off, Kristine, this morning with technology. And good morning to all of you