Balanced Outlook on Leidos Holdings Amid Growth Prospects and RisksWe hosted Chris Cage - CFO at our Conference today. Bottom line: Leidos noted resiliency from the government shutdown and other Fed Civ reprioritization eff orts given its mission critical solutions. Management stated the health business may be entering a period of slower top-line and margin growth with recompetes anticipated in 2H26, however, past recompete performance and win rates have been strong. Leidos sees strong growth in defense systems, cyber, and energy infrastructure; with the potential for more margin expansion driven by effi ciency initiatives and mix. Chris Cage (CFO). Fed Civ: Leidos believes its portfolio provides mission critical services and noted minimal exposure to federal civilian programs that were most impacted by DOGE.