Announcement PDF Investor Update January 2024 Andreas Schwer, CEO & Managing Director Clive Cuthell, CFO & COO Approved for ASX release by CFO / COO Clive Cuthell Important Notice and Disclaimer CONTENT OF PRESENTATION FOR INFORMATION PURPOSES ONLY This presentation has been prepared as at 30 January 2024. All information herein has previously been published on the Australian Securities Exchange (“ASX”). Forward-looking Statements This presentation may contain statements that are, or may be deemed to be, forward-looking statements. Such statements can generally be identified by the use of words such as ‘may’, ‘will’, ‘expect’, ‘intend’, ‘plan’, ‘estimate’, ‘anticipate’, ‘believe’, ‘continue’, ‘objectives’, ‘outlook’, ‘guidance’, ‘forecast’ and similar expressions. Indications of plans, strategies, management objectives, sales and financial performance are also forward-looking statements. Such statements are not guarantees of future performance, and involve known and unknown risks, uncertainties, assumptions, contingencies and other factors, many of which are outside the control of Electro Optic Systems Holdings Limited (ABN 95 092 708 364) (EOS). No representation is made or will be made that any forward-looking statements will be achieved or will prove to be correct. Typically, EOS and its subsidiaries (together, the Group) operate in an industry where it can take an extended period of time (including up to, and beyond, twelve months) for opportunities to be converted into signed sales contracts. Readers are cautioned not to place undue reliance on forward-looking statements in this presentation and EOS assumes no obligation to update such statements. No representation or warranty, expressed or implied, is made as to the accuracy, reliability, adequacy or completeness of the information contained in this presentation. Past Performance Past performance information in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Information is Not Advice This presentation is not, and is not intended to constitute, financial advice, or an offer or an invitation, solicitation or recommendation to acquire or sell EOS shares or any other financial products in any jurisdiction and is not a prospectus, product disclosure statement, disclosure document or other offering document under Australian law or registration statement under the United States Securities Act of 1933 as amended (Securities Act) or any other law. This presentation also does not form the basis of any contract or commitment to sell or apply for securities in EOS or any of its subsidiaries. It is for information purposes only. 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The Company believes that this non IFRS financial information provides useful insight in measuring the financial performance and condition of EOS. Readers are cautioned not to place undue reliance on any non IFRS financial information including ratios included in this presentation. These measures have not been subject to audit or review. 2 Important Notice and Disclaimer Presentation of Information The financial data in this presentation is provided on a statutory basis but in a non-statutory presentation format (unless otherwise stated). • Currency: all amounts in this presentation are in Australian dollars unless otherwise stated. • Financial years: FY refers to the full year to 31 December, 1H refers to the six months to 30 June, and 2H refers to the six months to 31 December. • Rounding: amounts in this presentation have been rounded to the nearest $0.1m. Any differences between the amounts in this presentation and related announcements are due to rounding. Totals may not add due to rounding. Product Development This presentation includes information about potential future product developments. Users are cautioned that new product development work can take up to five years & more for new products to be developed and launched. Following the initial commercial launch, it can take a further two to three years and more for newly launched products to reach commercial maturity and achieve meaningful sales revenue. There is no guarantee that it will be possible to achieve product development launch dates or meaningful commercial sales from new products. Third Party Information and Market Data The views expressed in this presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, reliability, adequacy or completeness of the information. This presentation should not be relied upon as a recommendation or forecast by EOS. 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This presentation should be read in conjunction with EOS’ other periodic and continuous disclosure announcements lodged with the ASX. General Information Statements made in this presentation are made only as at the date of this presentation. The information in this presentation should be read in conjunction with EOS’s other periodic and continuous disclosure announcements lodged with ASX. The information in this presentation remains subject to change without notice. Circumstances may change and the contents of this presentation may become outdated as a result. EOS may in its absolute discretion, but without being under any obligation to do so, update or supplement this presentation. 3 EOS Leaders Andreas Schwer, CEO​ & Managing Director • • • • Over 30 years in global Defence, Manufacturing and Space industries​ Aeronautical engineer, PhD German citizen Airbus 14 years, Rheinmetall International 5 years Clive Cuthell, CFO​ & COO • • • • Over 15 years as CFO in global industrial businesses Chartered Accountant 25 years​ British / Australian citizen Rinker Group / Holcim 9 years, Nuplex 3 years​ 4 Commenced August 2022 Commenced September 2022 Q4 Activity Update – Investor Call 31 January 2024 Contents 1. Market Update & Recent Business Wins 2. Q4 & 2023 Cash Flow & Current Debt Profile 3. Conclusion & Scheduled Future Announcements Appendices – Introduction to EOS 5 Market Update Ukraine conflict and increased geo-political tensions are resulting in higher Defence spending Market Situation • Ukraine war • Geopolitical tensions - including Middle East • Significant increases in global Defence activity and planned spending • Technology is a key differentiator EOS Strengths • Leading edge technology • Focused product development and commercialisation • Targeted business development • EOS strategic discipline and capital allocation 6 Recent Business Wins EOS has continued to diversify the product and customer base Revenue Timing 13 Nov 2023 R600 Remote Weapon System Customer in South East Asia Announcement - New $28m RWS contract for R600 A$28m 2024-26 27 Dec 2023 Remote Weapon Systems Follow-on order Western European Government Customer Announcement – New $25m contract for RWS supply A$25m 2024 29 Jan 2024 Slinger Counter-Drone Systems Diehl Defence in Germany Announcement - New $15m contract for Slinger Counter-Drone Systems A$15m 2024 7 Q4 Update - Cash Flow Q4 Net Operating Cash Inflow was $34.5m for Q4 2023, up $48.4m on Q4 prior year Key Cash Flows (Unaudited) In(Out)flows Clear Focus On Cash Flow Q4 2023 Q4 2022 $m $m $m Customer Receipts 105.4 40.7 64.7 Net Operating Cash Flow 34.5 (13.9) 48.4 Cash balance 30 Sep 71.0 21.7 49.3 • Focus on Customer Receipts 8 • Renegotiated key Middle East contract (Feb 23) & reduced contract asset working capital • Focus on Cash Positive new contracts • EMS RAN contract (May 23) • WEG RWS contract A$51m (Jun 23) 2023 Update - Cash Flow 2023 Net Operating Cash Inflow was $113.1m, up $164.6m on prior year Full Year (Unaudited) Cash In(Out)flows Clear Focus On Cash Flow • Operating Cash Flow • Focus on Customer Receipts • Contract discipline • Cost Control – 2022 headcount reduction 2023 2022 $m $m $m Customer Receipts 325.4 145.9 179.5 Net Operating Cash Flow 113.1 (51.5) 164.6 Net Investing Cash Flow (34.7) (28.3) (6.4) • Investing Cashflow • 2022 SpaceLink Capex – ceased • 2023 Growth – $31.8m in guarantee deposits • Disciplined group capex Net Financing Cash Flow (29.0) 45.3 (74.3) • Cash balance 31 Dec 71.0 21.7 49.3 9 Financing Cashflow • Equity raise & refinancing in 2022 • Debt repayment in Sep 2023 Debt Summary The focus on Cash Flow ensured that the Sep 23 debt repayment occurred as planned A$m Principal Term Maturity Total Rate Repayment Working Capital Facility 20.0 12m Repaid Sep 23 19% 26.9 Working Capital Facility 15.0 18m 11 Apr 24 19% 20.5 Term Loan Facility 35.0 36m 11 Oct 25 26% 52.1 Total Remaining 50.0 72.6 Borrowing Facilities • Set up in Sep/Oct 2022 with longstanding equity investor Washington H. Soul Pattinson (“WHSP”) • First $20m (principal) facility repaid in September 2023, with $26.9m repayment • Remaining $50m (principal) facilities to be repaid with bullet repayments totalling $72.6m, plus monthly interest • Borrowing facilities include a 100% make whole clause for early repayment • Lender fee dispute resolved in December 2023, pending approval from other financier (EFA) in Q1 2024 • Cash balance at 31 December 23 of $71m 10 Our Promises We have delivered on our promises We said… We delivered… Formulated new strategy Focus on core businesses & strengths of point & track Exit SpaceLink in 2022​. Exit Australian Satellite Manufacturing proposal (2023)​ 2023 Capex focused on core business​ & seeking third party development funding Increased efficiency Company wide restructuring program Reduced headcount by >100 FTE in 2022 Innovate & Launch core products Slinger Counter Drone Product launched & sales secured​ R150 lightweight RWS formal launch – marketing underway R800 heavy calibre RWS launch – marketing underway Grow & diversify sales New contracts secured – Ukraine / Western Europe​ & Counter Drone Grew EM Solutions with contract for up to A$202m​ 30 June 23 Backlog $645m (incl. conditional contracts) Realise working capital Amended customer contract in February 2023​ Reduced contract asset from $164m (Dec22) to $67m (Dec 23)​ Secured >$70m cash from new 2023 sales in 2023 Focus on cash + Repay debt Increased cash - from $22m at Dec 2022 ​to $71m at Dec 2023 Repaid debt of $26.9m, as planned, in September 2023 11 Conclusion – Scheduled Future Announcements Full Year Results ASX Appendix 4E (including Income Statement) To publish on 28 February 2024 • Q&A • Thank You 12 Appendices – Introduction to EOS Introduction Product Range Summary of Strategic Growth Outlook – Four Pillars Financial Data - 2023 Half Year Results • The 2023 Full Year Income Statement and Segment results will be published with full year results on 28 February 2024 • This Appendix includes the most recent Segment results published - for 1H 2023 13 Business Overview STRATEGIC POSITIONING OUR STRENGTHS >75% export revenue Accuracy and tracking Global NonITAR market (non-US) Technology and Innovation Growing market size KEY PRODUCT AREAS Established >2,500 RWS in service 14 RWS and Turrets High Energy Laser Weapons Space EM Solutions EOS Introduction – markets we serve EOS has a strong position in three growing markets, with advanced technology Defence Remote Weapons and CUAS • Remote Weapon Systems (RWS) leader for over 30 years • Key product (R400 RWS) is well established and recognised for accuracy and range – lightweight system using 20-30 mm cannon • Widening product range to include smaller and larger solutions and incorporating APKWS – Hydra rockets and missiles • Recent launch of RWS Counter-Drone System • STRATEGIC growth opportunity from Directed Energy products in development • Recent Revenue A$105 -185m (for 2022 and 2021) Satellite Communications Space Systems • Leading naval satcom terminal manufacturer • Space laser tracking and identification services • Acquired EM Solutions in 2019 • • Provides global satellite communications systems and services to primarily navy / maritime customers World leader in technology, using laser accuracy to track objects in space • Directed Energy / Space Warfare capability in development • STRATEGIC growth opportunity • Recent Revenue ~A$4m (for 2022) • Strong position in Australia, growing in Europe • Recent Revenue ~A$28m (for 2022) 15 Remote Weapon Systems Product Range EOS is developing a wider range of RWS products to meet evolving needs Sensor Unit Ultralight RWS R150 Light RWS R400 Medium RWS R600 Heavy RWS R800 Common Range of Platforms and Applications Truck Protected Vehicle UGV Turret T2000 Common Control Interfaces CUAS 16 Light Turret T1600 MLRS Multi-Mission Sensors New Product Growth Opportunities EOS has unique advantages in point & track technology Revenue timing * R150 Lightweight System Formal production launch in 2023 Suitable for light vehicles Future UGV opportunity 2024-25 Counter Drone Kinetic System Launched “Slinger” in 1H 2023 Proven, world-leading accuracy Initial evaluation order received 2024-25 Large R800 Remote Weapon System Continued to develop and test Low cost and heavy firepower Planned market intro 2023-24 2024-26 Unmanned Ground Vehicle Weapon System Growing demand Lightweight & resilient High accuracy 2025-27 * The global defence industry supports innovation – product development can take five years and more, with commercial launches taking two-three years or more to reach maturity. 17 R150 Remote Weapon System Lightest system on the market capable of deploying 12.7mm/14.5mm heavy machine guns Product • Ultra lightweight system ▪ Under 150kg with 12.7mm machine gun and full ammunition load • Can be operated remotely • Non-ITAR Wide Range of Weapons, including: • 14.5 mm and 12.7 mm heavy machine guns • 7.62 mm and 5.56 mm light machine guns • APKWS laser guided rocket launcher ▪ Drone defeat at 4500m Market • Growing demand for lightweight protection systems • Deployed to Ukraine in CUAS configuration 18 Slinger Counter-Drone CUAS System The Ukraine conflict has realised the drone threat, and created CUAS demand Context • Reported >10,000 Ukraine drone launches / month • Limited defence options: ▪ technical requirements ▪ economic sustainability Market Demand • Global interest in counter-measure EOS “Slinger” Product • Traditional Kinetic drone kill • High accuracy - proven US trials • Initial evaluation orders received 19 R800 Heavy Calibre System EOS recently launched a heavy calibre R800 system, with an integrated counter-drone laser Dazzler Product • Turret-level, heavy-calibre hitting lethality • Lightweight system • Operated remotely Wide Range of Weapons, including: • 1 x Javelin or 2 x Spike (pod) • Mk44S 30 x 173mm cannon • 7.62 mm machine gun or chain gun • Counter-Drone Laser Dazzler Market • Growing demand • Low cost/weight vs armoured turret 20 Unmanned Ground Vehicle System Western forces have started to test & deploy Unmanned Ground Vehicles in different theatres Product • Lightweight system • Operated remotely Wide Range of Weapons, including: • 7.62 mm and 12.7 mm machine gun • 30 mm cannon • APKWS laser guided launcher • Laser weapon (future) Market • Growing demand EOS Product • On test deployment in Eastern Europe 21 21 Integrated Laser Dazzler EOS launched an integrated Counter-Drone Laser Dazzler in October 2023 Context • Dazzlers can disrupt incoming drones • Combines unique EOS capabilities: ▪ Integrated with existing RWS ▪ Advanced tracking & accuracy • First to market Launch Process • • • • AUSA Trade Show October 2023 (Land) IndoPac 2023 Trade Show (Maritime) Significant inbound enquiry Potential initial evaluation sales in 2024 22 New Product Growth Opportunities High Energy Laser Weapon EOS has developed a 36-54kW laser weapon and demonstrated it during August 2023 EOS Prototype • Currently available 36-54kW class (36kW in trial operation) • Two test ranges – indoor and outdoor • Class 1 and 2 drone capability and demonstration • Fully owned IP Product Development • Investment required to fully develop 54kW product, ~US$15m • Investment required to increase to 100-150kW, ~US$50-70m • Seeking partner funding – based on Aug 23 demonstrations • Lower power weapons 0 – 20kW ▪ Development in progress ▪ Evolving application 23 New Product Growth Opportunities Space & Space Warfare Space Warfare is a rapidly evolving military need, and EOS has the key capabilities in house Market Evolution • Space Warfare is a significant growth market – growing need for capability to disrupt enemy space operations • National governments are seeking help to develop this capability - recent government tender for US$80m development project EOS Capability – EOS has significant private IP • Space Domain Awareness – market leading identification and tracking capability • Telescope construction for over 20 years • High energy laser – EOS experienced in space operation • Opportunity for fixed and mobile ground station development EOS Next Steps • Seeking product development funding partners ▪ EOS contributes IP and technology ▪ Commercialise expertise in growing market 24 Growth Opportunities - EM Solutions EM Solutions is a market leader in Naval SatCom, achieving strong growth in Australia and Europe EM Solutions Business • Multiband frequency ▪ Multiband Satcom (X, Ku, Ka Band Com, Ka Band Mil) ▪ Ship to Shore E Band (70/86GHz) • Continued delivery and growth to six navies including Australia and Europe • Manufacturing in Brisbane, Australia Recent performance • Revenue growth > 20% pa for 4 years to 2022, over 50% in 1H 2023 • EBITDA of 25% (in 2022) • New sustainment contract for Royal Australian Navy, up to A$202m over seven years (2023 – 2030) • Targeting further growth opportunities incl. NATO in Europe 14 25 25 Summary of Growth - Four Pillars EOS is product-led with growth focused in four key areas RWS and Turrets High Energy Laser Weapons Space EM Solutions R400 Family Titanis CUAS Commercial Space Intelligence Naval Terminals World Market Leader Grow in 2024 World Market Leader R150 Family HELW 36kW Military Space Control Market Leader Land Terminals Launch in 2023 Launch in 2024 Launch in 2024 Successful in Market R800 Family HELW 50kW Space Warfare Medium Size Terminals Launch in 2024 Launch in 2025 T1600 HELW 100kW Launch in 2025 Launch in 2025 Launch in 2024 Submarine Terminals Launch in 2025 Launch in 2026 26 • The global defence industry supports innovation – product development cycles can take up to five years and more • Commercial launch can take two-three years and more, with strong products realising growth potential over time • EOS has substantial under-commercialsed IP and a program of product development and launch is underway 26 15 1H 2023 Performance Overview Improved cash flow, signed new contracts, and launched new products New products launched: • Slinger Counter-Drone • R150 lightweight production launch Signed new contracts >$400m incl. conditional Ukraine $181m Focus on contract management​ Net realisation $50m contract asset $123m cash receipts in 1H 2023, Up 65% from $74m in 1H 2022​ Cash balance 28 Aug - $83m EOS repaid $26.9m of debt, on schedule in Sep 2023 In accordance with debt agreements 27 1H 2023 Finance Results Significant improvement in Revenue, Cash Flow and Order Backlog 1H 2023 1H 2022 $m $m $m Revenue 74.3 53.8 20.5 Underlying EBITDA (14.8) (24.2) 9.4 Finance cost (16.0) (6.1) (9.9) Net loss before tax (35.4) (33.0) (2.4) Net cash flow from operations 30.7 (17.1) 47.8 Secured 464 323 141 Conditional 181 - 181 Total 645 323 322 Key Results Order backlog 30 June 28 Defence Solid revenue growth with positive market outlook Customer receipts 1H 2023 1H 2022 $m $m % Revenue 50.7 38.2 33% Loss before tax (17.5) (25.7) 32% Customer receipts 109.3 52.7 107% 200 150 A$ Millions Divisional Results % of Total EOS Revenue 68% 100 50 2020 2021 1H 29 2022 2H 2023 Space High growth EM Solutions naval satcom activity, and Space data services 1H 2023 1H 2022 $m $m % Revenue 23.6 15.6 51% Loss before tax (0.4) (3.4) 88% Customer receipts 13.9 21.8 -36% Revenue A$ Millions Divisional Results % of Total EOS Revenue 32% 45 40 35 30 25 20 15 10 5 - 2020 2021 1H 30 2022 2H 2023 New Order Intake & Backlog - 30 June 2023 Record order backlog provides a strong base for future growth Significant New Orders Secured Millions Order Backlog • A$51m for RWS to Western Europe, delivered July 2023 700 600 181 500 • Up to A$202m EM Solutions for Australian Navy (2023-2030) 400 300 464 200 100 - Jun21 Dec21 Jun22 Secured Conditional Dec22 Jun23 • A$181m Ukraine contracts, conditional on testing, approval and customary wartime (cancellable) terms: ▪ First demonstration completed successfully ▪ Now awaiting firm orders • An update on the 31 Dec 23 backlog will be included in the full year results announcement 31 Our Approach We will maintain focus 1. Manage Cash Flow • Realise working capital • Continue to repay debt on schedule in 2024 and 2025 Diversify Product Base 2. • Maintain leadership in accurate pointing • Commercialise technology Diversify Customer Base 3. • Go to market in Europe & North America • Continue to grow sales orders 4. Maintain Strategic Discipline • Focus on the core – accurate pointing • Secure product development funding 32 Recent Media Articles & Media Releases– Last 6 Months Subject Date Article New Slinger Counter-Drone contract 29 Jan 24 New $15m contract for Slinger Counter-Drone Systems New customer contract – Western Europe 27 Dec 23 New $25m contract for RWS supply Update re Lender Fee Claim 22 Dec 23 EOS Resolves Dispute with Lender WHSP Update re 2023 Revenue Outlook 1 Dec 23 EOS Expects 2023 revenue of $210m to $230m New customer contract – South East Asia 13 Nov 23 New $28m RWS contract for R600 Laser Dazzler 7 Nov 23 EOS showcases latest innovation for countering air and seaborne threats Drone Warfare 25 Oct 23 Is Australia and its military forces prepared for drone warfare? Smaller Powerful Weapons Systems 17 Oct 23 The evolution to smaller, more powerful weapon systems Drone Killer System 2 Oct 23 Australian 'drone killer' system Slinger heading for Ukraine - EOS (eos-aus.com) Counter-UAS market set for steep rise 18 Sep 23 Counter-UAS market set for steep rise - EOS (eos-aus.com) How remote weapon stations are helping 13 Sep 23 Expanded Options | Armoured Vehicles Technology Report 2023 | Shephard (shephardmedia.com) EM Solutions factory upgrade 10 Sep 23 Marking 25 years of innovation: EM Solutions Unveils Expansive Factory Upgrade - EOS (eos-aus.com) ABC News article on recent demonstrations 2 Sep 23 Drone-killing laser gives glimpse into future AUKUS projects - ABC News Slinger Counter Drone systems demo 31 Aug 23 EOS demonstrates counter-drone systems - Australian Defence Magazine Slinger Counter Drone systems demo 28 Aug 23 EOS conducts live fire showcase for counter-UAV Slinger - Defence Connect Directed Energy Laser demonstration 28 Aug 23 Silent and deadly: Australian directed energy pitched against hypersonics - Defence Connect ABC News on EOS monitoring spy satellites 18 Aug 23 China deploys swarm of satellites to monitor military exercises in Australia - ABC News Slinger Counter Drone system - Ukraine 2 Aug 23 EOS confirms first Slinger exports to Ukraine - Defence Connect 33 EOS Segments Defence Defence Systems specialises in technology for weapon systems optimisation and integration, as well as ISR (Intelligence, Surveillance and Reconnaissance) and C4 systems for land warfare. Its key products are next-generation remote weapon systems, vehicle turrets, high-energy laser weapons (directed energy), as well as fully integrated and modular Counter-UAS and C4 systems. Space Space Systems includes all EOS space and communications businesses and operates as two entities – Space Technologies and EM Solutions. Space Technologies specialises in applying EOS-developed optical sensors and effectors to detect, track and characterise objects in space. It includes capabilities in the domain of space control and space warfare. EM Solutions delivers world-leading RF and optical space communications technology. Its core product range centres around the development and production of high-end, broadband radio transceivers for satellite communications as well as satellite communications on-the-move terminals for defence and government customers 34 Glossary Term Description Term Description 1H First Half of the financial year IP Intellectual Property 2H Second Half of the financial year ITAR International Traffic in Arms Regulation (a USA regulatory regime) ADF Australian Defence Force MOD Ministry of Defence ASMH Australian Satellite Manufacturing Hub Q4 4th quarter of the financial year CF Cash Flow RWS Remote Weapon System CUAS Counter Unmanned Aerial System SatCom Satellite Communications DE Directed Energy UGV Unmanned Ground Vehicle EBIT Earnings Before Interest and Tax Underlying EBITDA EBITDA before impairment and foreign exchange gain/(loss) EBITDA Earnings Before Interest, Tax Depreciation and Amortisation FTE Full Time Equivalent HELW High Energy Laser Weapon 35