Rocket Lab Corp. (RKLB) 2Q26 First Take Progress on Neutron continues

Equity Research 10 August 2026 | 5:15PM EDT

Rocket Lab Corp. (RKLB) 2Q26 First Take: Progress on Neutron continues

RKLB 12m Price Target: $77.00 Price: $80.04 Downside: 3.8% NEUTRAL Noah Poponak, CFA Bottom Line: RKLB 2Q26 Revenue, Adj. EBITDA, and Adj. EBITDA | Goldman Sachs & Co. LLC margins are ahead of consensus. The company is guiding 3Q26 Connor Dessert revenue above consensus, but guiding Adj. EBITDA below. RKLB | Goldman Sachs & Co. LLC continues to progress on Neutron, with production of the Stage 1 tank aligned with the target delivery of Neutron to the launch pad in Nizar Mesani | Goldman Sachs India SPL 4Q26.

Details: RKLB reported 2Q26 revenue of $234mn, 1% below our Key Data _____________________________________ estimate and 1% above FactSet consensus. Adjusted EBITDA is Market cap: $50.4bn Enterprise value: $49.4bn $(8.8)mn, above consensus at $(22.2)mn. Rocket Lab provided 3m ADTV: $2.6bn United States 3Q26 guidance that included revenue between $250-$265mn (vs. Americas Aerospace & Defense consensus of $238.5mn), adjusted gross margin of 35-37% and M&A Rank: 3

adjusted EBITDA of $(17)-$(23)mn (vs. cons. of $(10.1)mn). GS Forecast __________________________________ 12/25 12/26E 12/27E 12/28E Revenue ($ mn) ,349.1 1,671.7 EBITDA ($ mn) ( EBIT ($ mn) ( EPS ($) ( P/E (X) NM NM NM NM EV/EBITDA (X) NM NM 439.4 195.0 FCF yield (%) (1.6) (0.4) (0.1) 0.1 Dividend yield (%) 0.0 0.0 0.0 0.0 Net debt/EBITDA (X) -- -- (8.8) (4.0)

3/26 6/26E 9/26E 12/26E 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.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

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 1, ,020.5 Accounts receivable Inventory Ratios & Valuation __________________________________________ Other current assets /25 12/26E 12/27E 12/28E Total current assets 1,365.5 1,475.9 1,444.1 1,514.4 P/E (X) NM NM NM NM Net PP&E EV/EBITDA (X) NM NM 439.4 195.0 Net intangibles EV/sales (X) Total investments 0.0 0.0 0.0 0.0 FCF yield (%) (1.6) (0.4) (0.1) 0.1 Other long-term assets EV/DACF (X) NM NM 727.7 253.6 Total assets 2,324.5 2,529.4 2,536.7 2,657.0 CROCI (%) ( ROE (%) ( Accounts payable Net debt/EBITDA (X) -- -- (8.8) (4.0) Short-term debt 0.0 0.0 0.0 0.0 Net debt/equity (%) ( ) Current lease liabilities -- -- -- -- Interest cover (X) (234.2) -- -- 82.4 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 Total common equity 1,721.9 2,023.0 2,028.9 2,145.9 DPS growth NM NM NM NM Minority interest -- -- -- -- Gross margin Total liabilities & equity 2,324.5 2,529.4 2,536.7 2,657.0 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 (58.7) (0.6) -- -- Oct-25 Jan-26 Apr-26 Jul-26 Cash flow…