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	5. TARGET PROJECTED FINANCIALS
	Meridian Technologies Inc. ($ in millions)
	KEY GROWTH ASSUMPTIONS
		FY2026E	FY2027E	FY2028E	FY2029E	FY2030E
	Revenue Growth Rate	8.0%	7.5%	7.0%	6.5%	6.0%
	COGS (% of Revenue)	58.0%	57.5%	57.0%	56.5%	56.0%
	SG&A (% of Revenue)	14.0%	13.8%	13.5%	13.3%	13.0%
	R&D (% of Revenue)	7.0%	7.0%	7.0%	7.0%	7.0%
	D&A (% of Revenue)	4.8%	4.6%	4.4%	4.2%	4.0%
	Interest Rate on Debt	6.0%	6.0%	6.0%	6.0%	6.0%
	Tax Rate	25.0%	25.0%	25.0%	25.0%	25.0%
	PROJECTED INCOME STATEMENT
	Revenue	$5,616	$6,037	$6,460	$6,880	$7,292
	Cost of Goods Sold	($3,257)	($3,471)	($3,682)	($3,887)	($4,084)
	Gross Profit	$2,359	$2,566	$2,778	$2,993	$3,209
	Gross Margin (%)	42.0%	42.5%	43.0%	43.5%	44.0%
	SG&A Expenses	($786)	($833)	($872)	($915)	($948)
	R&D Expenses	($393)	($423)	($452)	($482)	($510)
	Depreciation & Amortization	($270)	($278)	($284)	($289)	($292)
	Total Operating Expenses	($1,449)	($1,533)	($1,608)	($1,686)	($1,750)
	Operating Income (EBIT)	$910	$1,032	$1,169	$1,307	$1,458
	EBIT Margin (%)	16.2%	17.1%	18.1%	19.0%	20.0%
	Interest Expense	($84)	($84)	($84)	($84)	($84)
	Other Income / (Expense)	$12	$12	$12	$12	$12
	Pre-Tax Income (EBT)	$838	$960	$1,097	$1,235	$1,386
	Income Tax Expense	($209)	($240)	($274)	($309)	($347)
	Net Income	$628	$720	$823	$926	$1,040
	Net Margin (%)	11.2%	11.9%	12.7%	13.5%	14.3%
	EBITDA	$1,179	$1,310	$1,453	$1,596	$1,750
	EBITDA Margin (%)	21.0%	21.7%	22.5%	23.2%	24.0%
	Diluted Shares Outstanding (mm)	120.0	120.0	120.0	120.0	120.0
	Diluted EPS ($)	$5.24	$6.00	$6.86	$7.72	$8.67
	Note: Projections based on management case assumptions. Blue font = editable inputs. Green font = cross-sheet reference.
	Source: Management projections and internal assumptions. Subject to revision based on actual performance.