2024 Full Year Results Dr. Andreas Schwer, Managing Director & Chief Executive Officer Clive Cuthell, Chief Financial Officer & Chief Operating Officer 25 February 2025 Approved for release by the Board of Directors Important Notice and Disclaimer CONTENT OF PRESENTATION FOR INFORMATION PURPOSES ONLY This presentation has been prepared as at 25 February 2025. Electro Optic Systems Holdings Limited (EOS) published the audited year end 31 December 2024 financial statements on 25 February 2025 and this presentation is based on the information therein. 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. 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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. 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 the financial statements 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 and 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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EOS may in its absolute discretion, but without being under any obligation to do so, update or supplement this presentation. 3 EOS Leadership Team Today’s presenters include Dr. Andreas Schwer (MD & CEO) and Clive Cuthell (CFO & COO) Dr. Andreas Schwer, MD & CEO • Over 30 years in global Defence, Manufacturing and Space • Previously with Rheinmetall AG, Manitowoc and Airbus • Track record in the Middle East • German citizen, PhD in Satellite Design & System Modelling • Commenced in role August 2022 Clive Cuthell, CFO & COO Ian Cook, EVP – Defence Systems Australia • Over 15 years as CFO in global industrial businesses • • Previously with Rinker Group / Holcim 9 years, Nuplex 3 years Over 25 years of experience senior leadership roles in Australian defence industries • Previously with Thales and General Dynamics • British / Australian citizen, Chartered Professional Engineer, MBA • Commenced at EOS November 2023 • British / Australian citizen and Chartered Accountant 25 years • Commenced at EOS September 2022 Christian Tobergte, EVP – Defence Systems International Dr. James Bennett, EVP – Space Systems • Proven track record in international business development • • Held several senior leadership roles within Rheinmetall over 13 years Over 10 years in space industry, space domain awareness, space control • • German citizen, Degree in Political Science and Economics Member of the International Laser Ranging Service Governing Board and Missions Standing Committee • Commenced at EOS April 2024 • Australian citizen, PhD in Applied Mathematics • Commenced in role August 2022 4 Contents Summary • 2024 Highlights • Market Conditions • Product Development • Market Development • Contract Backlog Financial Results • Financial Performance • Divisional Performance • Cashflow • Debt and Cash Position Growth Opportunities and Outlook • Strategy • Future Growth Opportunities • Summary and Outlook 5 Dr. Andreas Schwer Managing Director & Chief Executive Officer 2024 Highlights - Strategic and Operational Operational Strategic EOS has laid foundations for future growth, particularly Counter-Drone (RWS / High Energy Laser Weapons) and Space Control Focused Strategy • Review of strategic growth opportunities • Decision to focus on high growth opportunities – Counter-Drone and Space Control Portfolio Optimisation • Announced agreement to divest non-core, naval satcom business, EM Solutions in Nov 24 • Proceeds received $158m on 31 Jan 2025 Strengthened Balance Sheet • Repaid remainder of borrowings in Jan 25 • Cash balance ~$128m plus ~$48m of cash security deposits at 31 Jan 2025 • Strong balance sheet to support future growth Strong Markets • Ongoing conflicts and geo-political tensions • Role of new technology and innovation - continuing megatrend • New & existing customers continue to engage strongly in many markets Product Development • New Slinger counter-drone systems delivered to Germany and deployed in Ukraine • Next-generation technology R500 RWS developed in close collaboration with customer • Government funding received for new space capabilities in Australia Market Development • Successful demonstrations for Ukraine, Germany, potential new customers in Middle East • High Energy Laser Weapon – negotiations for first commercial sale are progressing • Space Control – several visitations and detailed discussions with international partners Designed to Drive Order Book Growth in 2025 7 2024 Highlights - Financial In 2024 EOS continued to execute on its turnaround program and set the foundation for future growth Strong Revenue Growth Improved Gross Margins Strong Balance Sheet Total Operations Revenue $258.7m Gross Margin % $39.4m (up 17%) vs. prior year 46% 2% vs. prior year Underlying EBITDA1 $13.0m $7.3m (up 128%) vs. prior year NPAT $(19.7)m $14.4m (up 42%) vs. prior year Continuing Operations Discontinued Operations Revenue $176.6m $14.6m (up 9%) vs. prior year $82.1m Gross Margin % 48% 3% vs. prior year Underlying EBITDA1 $(12.9)m $0.1m (up 1%) vs. prior year $25.9m NPAT $(35.1)m $9.3m (up 21%) vs. prior year $15.4m 41% At 31 January 2025, EOS had nil borrowings, ~$128m cash and ~$48m of cash security deposits 1. Underlying EBITDA is a non-IFRS measure and comprises net profit after tax, adjusted to exclude tax, finance costs, depreciation and amortisation and foreign exchange impacts. A reconciliation between the net profit after tax and Underlying EBITDA is set out on slide 21. The directors consider it useful as it enables readers to obtain an understanding of results from operations. Underlying EBITDA is unaudited. 8 Market Conditions Geopolitical uncertainty and rapidly evolving technology continues to create supportive market conditions Geopolitical uncertainty and ongoing regional tensions Rapid technological changes are challenging defence forces 9 Drones and Counter-Drone Warfare Global demand for counter-drone solutions is growing rapidly • The rise of drones in modern warfare in recent years is well documented – media attention is expected to continue • Low Cost - Drones provide both state and non-state actors the opportunity to disrupt traditionally more powerful opponents • Autonomous “swarms” of drones in future will provide militaries with a highly adaptable and potentially decisive tool on the battlefield • Existing solutions are expensive and less effective - counter-drone (CUAS) solutions are either highly costly i.e. missile-based defences or easily thwarted i.e. electronic warfare • “Hard-kill” or “kinetic” counter-drone solutions, like EOS’ Slinger product, are both economical and highly-effective • In the future militaries will likely look to “directed energy” solutions which are likely to prove even more economical on a per-shot basis 10 EOS is focused on growing its order book Growing the order book continues to be our key focus; several opportunities are developing positively Markets • Global military spending remains strong • Enduring thematic drivers: • Geopolitical tensions • Technological shifts Products Sales & Marketing • Recent launch of the R500, the next-gen successor to the renowned R400 • Step-change in sales capabilities installed during 2024 • Commenced sales of new container-based RWS • Strong focus on Europe • Significant focus on improving software and AI capability across the product range • Increased investment in marketing with trade shows and demonstrations Order Book • Contract backlog of $136m at Dec 24, (excl. EM Solutions) • EOS is working to grow the order book over the forward period Traditional sales lead times are 1-3 years - several opportunities continue to develop positively 11 Product Development – Software and AI Opportunity EOS is focused on advanced software solutions as part of our emphasis on counter-drone opportunities Context • • • Drone swarms are becoming more numerous and autonomous There is an urgent need for capable counter-measures AI is a critical tool to better detect, identify and track drones as well as provide decision-support to operators Implications for EOS • • • • • EOS expects expect smaller, more distributed command and control systems (C2) to continue emerging, providing more resilience and faster decisions AI-driven software and C2 will become a key differentiator EOS’ products currently use market-leading software. In order to maintain this leadership position, EOS will continue to invest in software and AI capability EOS is exploring multiple C2/software growth opportunities: • • Organic - develop more in-house capability Inorganic - acquire or partner with market leading expertise 12 Product Development – R500 EOS aims to maintain its global product leadership by developing this product in close collaboration with its customers Context • • • EOS products consistently demonstrate greater accuracy than competitors We remain committed to being the global product leader The R500 RWS was launched in Feb 2025 at IDEX in Abu Dhabi Planned Features • • • • • • • Increased lethality Dual-feed cannon and larger ammunition capacity Dual-weapon capability High elevation for CUAS applications High resolution sensor unit with additional CUAS sensors AI-based target identification and tracking Mesh network capability Customer Interest • We are in active discussions with a long-standing Middle Eastern customer for a launch order for this system (see slide 35) 13 Market Development Update – Trade Show Engagement EOS continues to invest in trade show presence to ensure we are well positioned in the market EUROPE N. AMERICA OCEANIA MIDDLE EAST Eurosatory AUSA Land Forces IDEX PARIS - Jun 2024 WASHINGTON DC - Oct 2024 MELBOURNE - Sep 2024 ABU DHABI - Feb 2025 • EOS showcased its High Energy Laser Weapon and Space Control capabilities • EOS focused on showcasing its heavy-calibre R800 RWS • Promoted High Energy Laser Weapon in domestic market • Official launch of R500 remote weapon system • Showcased Slinger Counter-Drone RWS and HELW to key North American market • Developed opportunities in Australasia / Asia • IDEX talks with several partners and customers – evolving opportunities for EOS in space control and global security • Eurosatory talks: (sponsored by EOS) – The New Battlefield: Space and the future of Military Operations 14 Market Development Update – Notable Demonstrations In 2024 EOS participated in over 20 demonstrations across North America, Europe, the Middle East, Asia/Australia Long Range Counter-Drone Firing Demo • • MAR ‘24 • US Army Project Convergence Capstone 4 Demo with the Australian Robotic and Autonomous Systems Implementation and Coordination Office (RICO) Showing long-range firing capabilities and precision of EOS' R400 on M113 APC Fired remotely from Canberra operating RWS 550km away • • MAR ‘24 Red Sands Live Fire Exercise in Saudi Arabia • • • Participated in the US Army's Project Convergence Capstone 4 (PCC4) at the Army's National Training Center in Fort Irwin, California Demonstrated the capabilities of an R600 RWS equipped with a M230LF cannon, coaxial machine gun, and four Javelin missiles on an Army Small Multipurpose Equipment Transport (S-MET) robotic infantry support vehicle Land Autonomous Systems and Teaming Demo Regular demonstration for large customer • Focus on counter-drone tech with various targets and scenarios Demonstrated with key C2 software development partner SEP ‘24 Showcased a collaboration with the RICO and the Army’s Battle Lab in autonomous C2 systems, robots, uncrewed autonomous vehicles and uncrewed aerial system SEP ‘24 Stryker Counter Drone CUAS Demo • • OCT ‘24 Counter Drone evaluation testing with New Customer Demo with Leonardo DRS for North American customer • Successfully demonstrated new Counter Drone CUAS Stryker vehicle with range of effectors, including EOS R400 RWS with cannon • JAN ‘25 EOS supported a local prime to demonstrate counter-drone capabilities in a high profile local demonstration EOS’ system performed extremely well, earning high praise from the organisers Space Control Demos • 2024 • • EOS hosted prospective customers in Europe and Asia Demonstrated capabilities with beam directors and laser effectors to impact distant objects Strong relationships evolving positively – long lead time for sale 1-3 years and more 15 Market Development Update Growing the order book continues to be our key focus; several opportunities are emerging Opportunity Maturity Advanced Advanced Evaluation Preliminary Emerging Product Estimated Opportunity Size R400 $260-$300m R800 $20-$30m HELW $100-$200m R500 $500m+ R400 $60m R150 $200-$300m Slinger $150m R400 $200m Slinger $60-$100m R800 Up to $100m HELW $100-200m+ Space Control $10-$100m+ • Significant investment in sales capability, marketing (trade shows and demonstrations) is focused on pipeline development • Wide range of evolving opportunities: • Product diversity • Geography diversity • Extended sales cycle e.g. 1- 3 years • Large, complex projects • Often subject to government bureaucratic processes • Acceleration and delays • Detailed list of notable opportunities appended Maturity Definition Advanced: Contract under negotiation or negotiated and conditional Evaluation: Customer is performing assessments of product and/or detailed discussions are underway Preliminary: Bid being prepared or submitted Emerging: Initial discussions have occurred Note: there is no certainty that any particular outcome or transaction will result from these discussions and negotiations 16 Market Development Update - Ukraine To date, over 190 EOS RWS have been sent to Ukraine. We continue to seek direct sales to Ukraine and donor nations Context Currently over 190 EOS RWS have been sent to Ukraine: • 110 x R400 with Mk19 Automatic Grenade Launchers donated by the Netherlands • 44 x R400 with 7.62mm machine guns donated by Australia on Bushmaster vehicles • 16 x R400 with MG6 Minigun donated by Germany • 14 x VAMPIRE R150 gimbal with four-pack 70mm rocket launcher donated by the USA • 9 x R400 Slinger systems with M230LF 30x113mm cannon donated by the USA Conditional Contracts • Conditional contracts valued at A$181m were signed in 2023 • During 2024 customer demonstrations were completed • Confirmed orders depend on Ukrainian budget availability or access to other assistance Market Development Focus • Direct sales to Ukraine • Sales to donor nations, including in North America and Europe EOS RWS being used on Dutch donated YPR-765 vehicle in Ukraine 17 Contract Backlog During 2024 EOS continued to lay the groundwork for future order book growth ​ Contract Backlog, $m 500 450 400 350 Impact of EM Solutions divestment • EM Solutions’ contracted order book was $171m at 31 Dec 24 • This was effectively monetised by the divestment in Jan 25 • The funds realized will be deployed to support future growth 441 342 312 307 300 Middle East Contract • EOS major order in the Middle East successfully completed in 2024 • Strong customer relationship; co-designing new R500 product • Current focus includes: • Receipt of final retention payment US$32m • Substantial follow-on order opportunity (see slide 17) 250 200 150 100 50 - Dec-21 Dec-22 EOS Dec-23 Ukraine • Conditional contracts valued at $181m signed during 2023 • Successful demonstrations completed during 2024 • Confirmed orders depend on Ukrainian budget availability Dec-24 EMS Contact Backlog (secured) - 31 December 2024 Breakdown $m Defence Systems 126 Space Systems 10 Total 136 Other Opportunities • A range of further opportunities are being developed (see slide 17) Conclusion • Growing the order book remains our primary 2025 focus: • Trade shows and product demonstrations • Bids and customer engagement Note: excludes EM Solutions 18 Clive Cuthell Chief Financial Officer & Chief Operating Officer 2024 Financial Performance In 2024 EOS continued to grow the business and improve profitability $m Continuing Operations 2024 2023 Revenue (Continuing & Discontinued), $m 300 Var Revenue 176.6 162.0 14.6 Gross Margin %2 48% 45% 3% Underlying EBITDA1 (12.9) (13.0) 0.1 EBIT (13.8) (20.3) 6.5 Finance Costs (24.6) (35.3) 10.7 NPAT (35.1) (44.4) 9.3 250 200 138 150 100 50 - 185 156 2020 • Revenue increased $14.6m (9%) on prior year, with across the board growth • Gross Margin %2 (margin on material costs) increased to 48% due to pricing discipline and cost control Space 166 2023 2024 EMS (discontinued) 100% 80% 60% 40% • Finance Costs were $24.6m ($10.7m improvement), following debt repayments in Sep ‘23 and Apr ‘24 0% • Net Profit After Tax improved by $9.3m on prior year 2022 155 Revenue (Continuing Operations) by geography, % • Underlying EBITDA increased by $0.1m in 2024 to due to revenue and gross margin growth, offset by higher operating costs 1 106 2021 Defence Full Year 2024 Result 219 212 180 259 20% 2021 2022 Australia Asia Middle East 2023 North America 2024 Europe 1. Underlying EBITDA is a non-IFRS measure. A reconciliation between the net profit after tax and Underlying EBITDA is set out in slide 21. The directors consider it useful as it enables readers to obtain an understanding of results from operations. Underlying EBITDA is not audited by the Company's auditors. 2. Gross Margin % represents the direct margin on material and certain direct manufacturing costs. Gross Margin % is not audited by the Company's auditors. 20 Reconciliation of Statutory Profit / (Loss) and non-IFRS measures The results for EM Solutions (divested in January 2025) have been treated as discontinued operations Total Operations (Continuing & Discontinued) $m 2024 2023 Loss for the year (19.7) (34.1) 15.4 10.3 Net loss for the year attributable to continuing operations (35.1) (44.4) Continuing Operations $m 2024 2023 (Loss) for the year from continuing operations (35.1) (44.4) Income tax (benefit) (3.3) (11.2) (Loss) before tax (38.4) (55.6) Finance costs 24.6 35.3 Foreign exchange (gain) (11.6) (0.9) Underlying EBIT (loss) (before foreign exchange gains) (25.4) (21.2) 12.5 9.4 - (1.2) (12.9) (13.0) Profit after tax for the year from discontinued operations Depreciation and amortization Other one-off adjustments Underlying EBITDA1 gain/(loss) (before foreign exchange gains) 1. Underlying EBITDA is a non-IFRS measure and comprises net profit after tax, adjusted to exclude significant items such as tax, finance costs, depreciation and amortization and foreign exchange impacts. A reconciliation between the net profit after tax and Underlying EBITDA is set out in the appendix to this presentation. The directors consider it useful as it enables readers to obtain an understanding of results from operations. Underlying EBITDA is not audited by the Company's auditors. 21 2024 Divisional Performance Revenue increased across all the business divisions, contributing to a strong financial performance in 2024 Defence Systems $m - continuing operations 2024 2023 Var Revenue 165.7 155.4 10.3 Underlying Divisional EBITDA1 (incl. corp allocations) (0.7) (0.0) (0.7) • Revenue increased by 7% on prior year, including sales to customers in the Middle East and Western Europe • Underlying EBITDA (including allocated corporate costs) included the impact of investment in sales capability and marketing activities Space Systems $m - continuing operations 2024 2023 Var Revenue 10.8 6.7 4.1 Underlying Divisional EBITDA1 (incl. corp allocations) 1.1 (1.3) 2.4 • Revenue increased by 63% on prior year driven by new ADF contracts in the year • Space Systems produced a positive Underlying EBITDA (including allocated corporate costs), demonstrating the high margins and potential scalability EM Solutions $m - discontinued operations 2024 2023 Var Revenue 82.1 57.2 24.9 Underlying Divisional EBITDA1 (incl. corp allocations) 18.6 13.0 5.6 • Revenue and Underlying EBITDA (including allocated corporate costs) grew strongly in 2024 as it began to execute the large Royal Australian Navy contract it won in 2023 1. Underlying EBITDA is a non-IFRS measure. A reconciliation between the net profit after tax and Underlying EBITDA is set out in slide 21. The directors consider it useful as it enables readers to obtain an understanding of results from operations. Underlying EBITDA is not audited by the Company's auditors. 12 22 2024 Cashflow - Total Operations (Continuing & Discontinued) Cash Flow in 2024 was impacted by higher manufacturing activity. Operating Cash was used to repay debt and invest in growth Continuing & Discontinued Operations $m 2024 2023 • The 2023 Cashflow includes the benefit of a significant contract amendment and a non-recurring reduction in working capital Var Receipts from customers 261.1 325.5 (64.4) Payments to suppliers (268.4) (215.9) (52.5) Other operating cash flows (23.1) 3.5 (26.6) Total Operating cashflows (30.4) 113.1 (143.5) 3.7 (34.7) 38.4 (26.7) 78.4 (105.1) 9.2 (29.1) 38.3 (17.5) 49.3 (66.8) (1.2) 0.0 (1.2) Change in cash balance (18.7) 49.3 68.0 Cash at balance date 52.3 71.0 (18.7) Investing cashflows Sub total Financing cashflows Net cashflow FX effect • 2024 Operating cash flow includes : • Cash receipts from customers of $261.1m (down $64.4m) following relatively high cash receipts in 2023 as a result of the amendment made to a key contract • Payments to suppliers of $268.4m (up $52.5m) due to higher activity and increases in safety stocks in the year • Investing cash flow includes $15.2m inflow from release of cash security deposits (compared to $31.8m outflow for additional security deposits in 2023) • Total capex in 2024 was $11.5m, up from $2.9m in 2023 • Financing cash flow includes $34.9m raised from a placement and SPP as well as a debt repayment of $20.5m April 2024 • Cash balance of $52.3m at 31 December 2024, $18.7m less than at the same time last year. Following the sale of EM Solutions and the contemporaneous debt repayment on 31 January 2025, EOS had $128.0m in unrestricted cash • In addition, at 31 December 2024 EOS had $56.1m of restricted cash security deposits ($67.1m at 31 December 2023). 23 Debt and Cash Position With a focus on cash and capital discipline, EOS repaid all borrowings on 31 Jan 2025, restoring balance sheet strength Borrowings Repaid by 31 Jan 2025 $m Repayment Date Repayment Amount1 Working Capital Facility Sep ‘23 26.9 Working Capital Facility Apr ‘24 20.5 Term Loan Facility Jan ‘25 61.1 Borrowings • Debt facilities were originally set up in Sep/Oct 2022 with longstanding equity investor Washington H. Soul Pattinson (“WHSP”) • The working capital facilities were both repaid on schedule and the term loan facility was repaid contemp