Rocket Lab Corp

Equity Research 13 August 2026 | 10:54PM EDT

Rocket Lab Corp. (RKLB) Strong demand for launch; Neutral

RKLB 12m Price Target: $80.00 Price: $80.10 Downside: 0.1% NEUTRAL Noah Poponak, CFA | Our view on the stock post 2Q26 earnings Goldman Sachs & Co. LLC

RKLB 2Q26 revenue, adj EBITDA, and adj EBITDA margins were Connor Dessert | above consensus. 26 new launches were booked in the quarter, with Goldman Sachs & Co. LLC

>90 launches now in the backlog. RKLB continues to make progress Nizar Mesani | towards Neutron’s first launch; though risk remains in its ability to Goldman Sachs India SPL

ramp and the competitive landscape. We are Neutral rated on the stock. Key Data _____________________________________ Market cap: $50.4bn Enterprise value: $48.4bn 3m ADTV: $2.5bn Key elements of the quarter United States RKLB reported 2Q26 revenue of $234mn, 1% above FactSet Americas Aerospace & Defense M&A Rank: 3 consensus. Adjusted EBITDA was $(8.8)mn, above consensus at GS Forecast __________________________________ $(22.2)mn. Rocket Lab provided 3Q26 guidance that included 12/25 12/26E 12/27E 12/28E

revenue between $250-$265mn (vs. consensus of $238.5mn), Revenue ($ mn) New 601.8 1,013.8 1,402.7 1,734.4 Revenue ($ mn) Old ,349.1 1,671.7 adjusted gross margin of 35-37% and adjusted EBITDA of EBITDA ($ mn) (

$(17)-$(23)mn (vs. cons. of $(10.1)mn). EBIT ($ mn) EPS ($) New ( EPS ($) Old ( P/E (X) NM NM NM NM Dividend yield (%) 0.0 0.0 0.0 0.0 Net debt/EBITDA (X) -- -- (13.6) (7.0)

6/26 9/26E 12/26E 3/27E EPS ($) ( )

GS Factor Profile ______________________________ Growth

Percentile 20th 40th 60th 80th 100th

RKLB relative to Americas Coverage RKLB relative to Americas Aerospace & Defense

Source: Company data, Goldman Sachs Research estimates. See disclosures for details.

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Goldman Sachs Rocket Lab Corp. (RKLB)

Rocket Lab Corp. (RKLB) Balance Sheet ($ mn) _______________________________________ NEUTRAL Rating since Jun 11, 2024 12/25 12/26E 12/27E 12/28E Cash & cash equivalents 828.7 2,019.5 1,949.5 1,979.5 Accounts receivable Inventory Ratios & Valuation __________________________________________ Other current assets /25 12/26E 12/27E 12/28E Total current assets 1,365.5 2,489.6 2,459.9 2,529.0 P/E (X) NM NM NM NM Net PP&E EV/EBITDA (X) NM NM 347.4 176.1 Net intangibles EV/sales (X) Total investments 0.0 0.0 0.0 0.0 FCF yield (%) (1.6) (0.6) (0.1) 0.1 Other long-term assets EV/DACF (X) NM NM 708.5 264.7 Total assets 2,324.5 3,789.2 3,780.5 3,883.6 CROCI (%) ( ROE (%) ( Accounts payable Net debt/EBITDA (X) -- -- (13.6) (7.0) Short-term debt 0.0 0.0 0.0 0.0 Net debt/equity (%) ( ) Current lease liabilities -- -- -- -- Interest cover (X) (234.2) -- -- 139.0 Other current liabilities Inventory days Total current liabilities Receivable days Long-term debt Days payable outstanding Non-current lease liabilities Growth & Margins (%) ______________________________________ Other long-term liabilities /25 12/26E 12/27E 12/28E Total long-term liabilities Total revenue growth Total liabilities EBITDA growth ( Preferred shares -- -- -- -- EPS growth ,759.9 Total common equity 1,721.9 3,153.3 3,143.5 3,243.6 DPS growth NM NM NM NM Minority interest -- -- -- -- Gross margin Total liabilities & equity 2,324.5 3,789.2 3,780.5 3,883.6 EBIT margin ( BVPS ($)

Price Performance __________________________________________ Cash Flow ($ mn) ___________________________________________ 12/25 12/26E 12/27E 12/28E RKLB ($) S&P 500 Net income ( ,500 D&A add-back ,000 Minority interest add-back -- -- -- -- Net (inc)/dec working capital ( ,500 Others ,000 Cash flow from operations ( Capital expenditures ( ,500 Acquisitions ( ,000 Divestitures -- -- -- -- Others…