Company: HEI-A
Filing Date: 2025-01-31
Form Type: DEF 14A
Source: 0001140361-25-002543
Chunk: 3

Company: HEICO CORP
Filing Date: 2025-01-31
Form: DEF 14A
Chunk 3
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 capabilities, over the past decade and beyond. As with our commercial aviation businesses, we consistently invest in new products and production capabilities. Significantly, our missile defense-related sales continued growing — as witnessed by our long, meaningful and growing backlogs for missile-defense products. Years of investment and careful customer relationship building are yielding these excellent results. Our other markets were somewhat mixed this year. Our space revenue remained healthy, though growing at a lower rate than commercial aerospace and defense. The growing space market is a key business for HEICO and it is one in which we will continue investing. Unfortunately, our non-aerospace and defense activities were weaker in fiscal 2024 as a result of what we now believe to have been customers over-purchasing products which yielded excellent results for us in fiscal 2021, 2022 and part of 2023, but meant they needed to work off their excess inventory (often called “destocking”). We believe this destocking process has now mostly finished and we started witnessing the early stages of improvement in these other markets toward the end of fiscal 2024. Acquisitions HEICO’s fiscal 2023 and 2024 acquisitions performed extremely well in fiscal 2024, as they experienced strong organic growth and operating efficiencies, while most of their markets were also strong. Operationally, these acquisitions achieved beyond their objectives and we cannot imagine ourselves being happier with them. Wencor, our largest acquisition ever, has been uniquely successful in the face of strong commercial aviation growth, while our Exxelia acquisition has proven very successful and provided us increasing opportunities in the European defense, aviation and medical markets, along with excellent prospects in the United States. Beyond great performance from acquired companies, fiscal 2024 was a typically productive acquisition year for HEICO, as we completed five acquisitions during our fiscal year or just afterward. The Electronic Technologies Group acquired Marway Power Systems, a leading designer and manufacturer of power distribution solutions for mission-critical systems deployed in defense, aerospace, communications, test & measurement, and industrial applications; Mid Continent Controls, a niche designer and manufacturer specializing in proprietary in-cabin

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power and entertainment components and subsystems for business jets; and SVM Private Limited, a leading designer and manufacturer of high-performance electronic passive components and sub-systems for very high-end medical equipment makers. Our Flight Support Group acquired an exclusive license and acquired key assets from Honeywell International that will provide the capability to support the Boeing