Announcement PDF 1H 2025 Results Presentation Dr. Andreas Schwer, Managing Director & Chief Executive Officer Clive Cuthell, Chief Financial Officer & Chief Operating Officer 22 August 2025 Approved for release by the Board of Directors Agenda and Speakers Today’s Agenda 1H 2025 Highlights and Business Update Today’s Speakers Dr. Andreas Schwer, MD & CEO • Over 30 years in global Defence, Manufacturing and Space • Previously with Rheinmetall AG, Manitowoc and Airbus • Deep experience in Europe & Middle East 1H 2025 Financial Results • German citizen, PhD in Satellite Design & System Modelling • Commenced in role August 2022 Strategic Growth Drivers Clive Cuthell, CFO & COO Summary and Outlook • Over 20 years as CFO in global industrial businesses • Previously with Holcim / Rinker 9 years, Nuplex 3 years • British / Australian citizen and Chartered Accountant 25 years • Commenced at EOS September 2022 2 1H 2025 Highlights and Business Update Dr. Andreas Schwer, Managing Director & Chief Executive Officer Summary EOS has grown the Contract Backlog by $171m since Dec 2024. We aim to deliver high growth Growing Contract Backlog • Contract Backlog $307m at 22 August up 126% from 31 Dec 2024 • Revenue $44.1m down 58% or $61.4m on 1H 2024 Strong Balance Sheet • Gross Margin %2 76% up 32% on 1H 2024 • Underlying EBITDA1 $(13.3)m down $12.3m on 1H 2024 • Cash Balance (including term deposits) $130.3m at 30 June 2025 Strong Markets Successful Commercialisation Strategic Discipline High Growth Planned 1. 2. • See Slide 17 for more detail on the financials Growth outlook underpinned by: • Strong Market Conditions: geopolitical uncertainty and technological disruption • Demand tailwinds expected to be long term 5 -10 years - European re-armament & Middle East tensions • Proven EOS ability to commercialise IP: Counter-Drone RWS, High Energy Laser Weapon and Space Control • Ongoing evidence of EOS capability to deliver growth while exercising capital discipline 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 36. The directors consider it useful as it enables readers to obtain an understanding of results from operations. Underlying EBITDA is unaudited. Gross Margin % represents the direct margin on material and certain direct manufacturing costs. Gross Margin % is not audited by the Company's auditors. 4 2025 YTD Highlights In 1H 2025 we continued to diversify the order book and strengthened the balance sheet Key Developments in 2025 YTD Jan Receipt of $160m proceeds from EM Solutions divestment Jan Repayment of all remaining debt May Slinger €31m (~A$53m) Slinger Counter-Drone Order Jun Cash Receipt of US$40m (~A$60m) from finalisation of Middle East contract Jul Previously announced: various Defence Systems contracts totaling $8m demonstrating ongoing diversification; EOS Space Systems $6m contract with Commonwealth to further collaborate on research priorities; KiwiStar Optics $5m contract Aug New EOS Space Systems $5m contract to further develop space capabilities Aug Signed world-first high energy laser weapon export contract (€71.4m / A$125m) 5 Market Conditions Ongoing geopolitical tensions coupled with rapidly evolving technology and the need to replenish depleted stocks has created a strong and enduring macro tailwinds Defence Industry Growth Super Cycle Geopolitical Changes Regional tensions US and Rest of NATO Defence Spending as % of GDP Under Current Commitments Rapid technology changes Drones and AI Source: NATO 6 The Rise of Drone Warfare Militaries and law enforcement are struggling to keep up with the drone threat; demand for counter-drone solutions is growing rapidly Russian drone and missile strikes on Ukraine 7 Drones Continue to Evolve and Attack a Range of Targets The trends are expected to continue – smaller; cheaper; more sophisticated/autonomous; greater numbers Drone attacks pose key challenges for defence forces Low Cost Agile Swarms THREATS GROUP I/II/III DRONES GROUP IV DRONES Autonomy MISSILES MILITARY TARGETS Hardening HYPERSONICS CIVILIAN Drone defence systems need to meet certain critical requirements Accurate Economical Layered Coordinated 8 Effective Counter-Drone Strategies Require a Layered Response The key EOS products are complementary within a comprehensive and layered counter-drone defence system Weapon \ Range 1km 2km 3km 4km 5km 6km 7km 8km 9km 10km Electronic Warfare (EW) EOS CURRENT FOCUS Remote Weapon System High Energy Laser Weapon 50-150kW APKWS (Rocket) SHORAD Missile Rapidly evolving threat technology Group I Group II Group III Key criteria Range Acquisition Cost Accuracy Operating Cost Effectiveness Cost per Drone Kill 9 Slinger Counter-Drone System EOS’ world-leading Counter Drone system is battle-proven in Ukraine. Sales growth continued in 1H 2025 with a record €31m order Context • Reported >10,000 Ukraine drone launches / month • Limited defence options: • technical requirements • economic sustainability EOS “Slinger” Product • Traditional Kinetic drone kill – range of weapon effectors • High accuracy - proven effectiveness in demonstrations and battlefield Recent Sales • €9m contract to supply Diehl Defence in Germany announced Jan-24 • 10 Slinger systems ordered by the US Department of Defense in 2023 for use on “30mm gun trucks” and subsequently donated to Ukraine • €31m (A$53m) contract to supply a European naval systems integration business; funded by a Western European government 10 EOS World-First Export Contract In August 2025, EOS signed a €71.4m, (approx. A$125m) contract with a European NATO member Deliverable - 100kW System, including: • Container module for truck • Laser modules incl. seed oscillators • Beam Director and Management System • System integration into multi-layered air defence system, including testing • Documentation and Support • Power and Cooling – local European supply Contract • Price: €71.4m; Duration: 3 years • Unconditional, with customary termination & cancellation • Export licence required from Singapore • Project expected to be profitable and cashflow positive 11 Developing EOS Space Capabilities EOS has delivered on its commitment to secure customer funding to develop and grow its Space Systems division Announced Description $m 1 15 April 2024 Contract with ADF Joint Capabilities Division to further develop space capabilities 5 2 31 July 2024 Contract with ADF Joint Capabilities Division to further develop space capabilities 9 3 31 Jul 2025 Contract with the Commonwealth of Australia to further collaborate on research priorities 6 4 22 Aug 2025 Contract with the Commonwealth of Australia to further develop space capabilities 5 12 EOS is focused on growing its order book EOS has established the key enablers to deliver sustainable growth in the order book Markets • Global military spending remains strong • Enduring thematic drivers: • Geopolitical tensions • Technological shifts Products Sales & Marketing Order Book • Recent launch of the R500, the next-gen successor to the renowned R400 • Step-change in sales capabilities installed during 2024 • Contract backlog of $307m at Aug ‘25 (up from $136m at Dec ’24) • New container-based Slinger RWS sold during 1H 2025 • Strong focus on Europe • $53m Slinger order in May ‘25 • Increased investment in marketing and demonstrations • $125m HELW order in Aug ’25 • New marinized Slinger RWS sold during 1H 2025 • Focus on improving software and AI capability • Continued focus on order book growth Traditional sales lead times are 1-3 years - several opportunities continue to develop positively 13 Contract Backlog EOS has delivered growth: Contract Backlog at 22 August 2025 is $307m, an increase of 126% on December 2024 Recent Contract Wins Contract Backlog (excludes EM Solutions), $m 500 • $53m Slinger contract to Western European customer (announced May 2025) 450 • $125m world-first contract with a European NATO Member for a 100kW HELW (announced August 2025) 400 350 307 300 250 125 • EOS key Middle East 2021-24 contract was successfully completed Q4 2024 • Final retention payment US$40m (approx. A$60m) received on 30 June 2025 Ukraine 200 150 Middle East Contract 304 100 • Conditional contracts valued at $181m signed previously 242 209 136 50 170 182 • Donors considering donations based on specific Ukrainian requests for EOS equipment Dec-21 Dec-22 Dec-23 Base Dec-24 HELW Contract • Expected final orders delayed due to Ukrainian funding constraints Jun-25 Aug-25 Conclusion • Structured and experienced approach to business development is working • EOS will continue to work with national champion partners in key markets • Growing the order book remains our primary focus: • Trade shows and product demonstrations • Bids and customer engagement Note: excludes EM Solutions, divested in January 2025 14 Market Development Update Growing the order book continues to be our key focus; we are working on several opportunities for growth in 2026 & 2027 Opportunity Maturity Maturity Description Notable Opportunities / Comments ADF Project LAND 156 for counter-drone capability – First tranche demo units LAND 400-3 Project for ADF with Hanwha at advanced stage Ukraine opportunities including conditional direct sales and donations High Energy Laser opportunity for 50-100kW, $50-100m potential sale in 2026 North America R800 opportunity – ongoing discussions, project at risk North America R400 Slinger for vehicle protection – initial order Advanced Contract under negotiation or negotiated and conditional • • • • • • Evaluation Customer is performing assessments of product and/or detailed discussions are underway • • • • • R500 follow-on order for existing customer in Middle East LAND 8710 Marine R400 for ADF Potential new customer R400 Slinger Existing customer sustainment order New product Laser Dazzler for existing customer in Europe Bid being prepared or submitted • • • • Major R150 tender in Europe for vehicle protection R400 Slinger order for existing customer in Middle East Middle East R800 opportunity with new nation, new prime European global prime bid for R400 to new prime for global vehicle contract Initial discussions have occurred • • • • R400 opportunity with potential new customer (NATO member) through local partner R800 marine opportunity with potential new customer and new prime in Asia More than 1 HELW 100kW+ opportunity, each >$500m, initial scope & pricing bids provided HELW 40-100kW opportunity with potential new customer and new prime in Asia Advanced Preliminary Emerging A detailed list of notable opportunities is appended Note: The maturity of each opportunity should not be taken as an indicator of how long it may take to secure a potential contract. There is no certainty that any particular outcome or transaction will result from these discussions and negotiations 15 1H 2025 Financial Results Clive Cuthell, Chief Financial Officer & Chief Operating Officer 1H 2025 Financial Performance 1H revenue was lower after large 2024 contract completions. 2025 revenue is expected to be heavily biased to 2H $m (continuing operations) 1H 2025 1H 2024 Var Revenue 44.1 105.5 (61.4) Gross Margin % 2 76% 44% 32% Underlying EBITDA1 (13.3) (1.0) (12.3) EBIT (28.7) (2.2) (26.5) Finance Costs (16.6) (12.4) (4.2) NPAT (44.8) (10.8) (34.0) • Revenue of $44.1m (within the previously announced range) decreased by $61.4m on 1H 2024, due to reduced Defence business activity as key contracts were completed. Key 1H focus was to grow the order book. • Gross Margin %2 (margin on material costs) increased temporarily to 76% due to inclusion of accumulated benefits from Middle East contract finalisation. • Underlying EBITDA1 decreased by $12.3m due to decreased revenue. • Finance costs increased by $4.2m, including the $12.9m ‘make whole’ cost incurred in Jan 2025 on early repayment of debt. • Net Profit After Tax - decreased by $34.0m, driven by decrease in revenue, change in fx gain/loss ($10.8m), increase in D&A ($3.4m), increase in finance costs ($4.2m) and reduction in tax benefit ($3.3m) 1. 2. Revenue (Continuing Operations), $m 71.0 107.8 H2 67.1 H1 105.5 42.3 54.2 2022 2023 44.1 2024 2025 Revenue (Continuing Operations) by geography, % 100% 80% Europe 60% North America 40% Middle East Asia 20% Australia 0% 2022 2023 2024 1H 2025 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 36. The directors consider it useful as it enables readers to obtain an understanding of results from operations. Underlying EBITDA is unaudited. Gross Margin % represents the direct margin on material and certain direct manufacturing costs. Gross Margin % is not audited by the Company's auditors. 17 1H 2025 Segment Performance Defence Systems focussed on rebuilding the contract backlog while Space Systems grew its topline $m 1H 2025 Revenue Defence Systems Underlying EBITDA1 (incl. corp allocations) 1H 2024 Var 38.8 101.4 (62.6) (13.1) 3.1 (16.2) • Revenue decreased by 62% on prior corresponding period • Largey due to lower activity in the half as the business rebuilds its orderbook • Underlying EBITDA (including allocated corporate costs) decreased primarily due to lower revenue $m 1H 2025 Revenue Space Systems 1 Underlying EBITDA (incl. corp allocations) 1H 2024 Var 5.3 4.1 1.2 (0.7) (0.2) (0.5) • Revenue increased by 28% on prior corresponding period • Underlying EBITDA (including allocated corporate costs) decreased as Space Systems absorbed more corporate costs in the period 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. Note: The above analysis does not include unallocated corporate costs. A full reconciliation can be found in the appendix to this presentation 12 18 1H 2025 Cashflow During 1H EOS sold EMS and repaid all debt. At 30 June 2025 EOS had no borrowings and $130m in Cash and Term Deposits $m 1H 2025 1H 2024 • Operating cash flow includes: Var • Receipts from customers includes US$40m (~A$60m) final payment from a longstanding customer in the Middle East Receipts from customers 100.8 120.3 (19.5) Payments to suppliers and employees (91.3) (137.0) 45.7 Interest and other costs (18.7) (13.9) (4.8) Operating cash flows (9.2) (30.6) 21.4 Investing cash flows 97.9 0.7 97.2 Sub total 88.7 (29.9) 118.6 Financing cash flows (50.8) 12.4 (63.2) Net cash flow 37.9 (17.5) 55.4 FX effect 0.1 (1.3) 1.4 Change in cash balance 38.0 (18.8) 56.8 Free Cash at balance date 90.3 52.2 38.1 • Financing cash outflow includes debt repayments of $48.2m in the period. Term Deposits 40.0 - 40.0 • Cash and similar assets at 30 June 2025 included: Total Cash + Term Deposit 130.3 52.2 78.1 Additional: Restricted Cash Security Deposits • Payments to suppliers and employees is $45.7m lower than the comparable period reflecting lower purchasing of raw materials • Cash paid for Interest and other costs of finance of $18.7m includes cash paid for ‘make whole’ ($12.9m) • Investing cash inflow includes: • Proceeds from the sale of EM Solution ($160m) • Cash funds invested on term deposit >3 months ($40m) • Capital expenditure of $10.2m, mainly customer funded Space capability. • Free cash balances $90.3m • Term deposits of $40.0m (matured in July & August) 51.9 49.5 2.4 • Restricted cash collateral on bank guarantees ($51.9m) 19 Balance Sheet Update During 1H 2025, all debt was repaid. At 30 June 2025 EOS had $130m of cash & term deposits + $52m in security deposits Operational Balance Sheet Management Net Contract Asset Balance $m • Net contract asset (working capital) steadily reduced over 3 years 142.3 • June 25 position represents net advance receipts from customers • Focus on contract execution, customer delivery, cash collection • Targeted investment in long-lead supply risks (cannons, germanium) 47.4 33.3 Strategic Balance Sheet Management • Disposal of non-core EM Solutions Jan 25 for $160m • Disciplined capital rationing (14.6) 31-Dec-22 31-Dec-23 31-Dec-24 • No non-core / speculative investments 30-Jun-25 • Customer funded product development A$m Dec 22 Dec 23 Dec 24 Jun 25 Debt Reduction Borrowings 70.8 64.8 47.9 - Cash & Term Deposits 21.7 71.0 41.1 130.3 Security Deposits 35.6 67.1 49.5 51.9 • Consistent focus has enabled balance sheet repair • Controls & discipline will continue • Targeted investment in growth 20 Summary of Investment Opportunities EOS continues to develop attractive investment opportunities. We will continue to exercise strategic and capital discipline, including sourcing customer funding and partnerships where appropriate Opportunity Focus RWS / Counter-Drone • Artificial Intelligence (AI) and Advanced Software development • Improve drone swarm defence capabilities • Develop core products with longer range, better accuracy and lower costs • Improved passive and active detection capabilities • Integrate wider array of weapons and effectors • Improve range of use-cases, range, accuracy and choice for customer • Continue to partner with customers on product development spend • Invest in demo models and global customer demo’s for market development and growth • Increase working capital reserves to provide flexibility High Energy Laser Weapon • • • • • M&A • Consider bolt-on acquisitions where investment criteria are met • Filter based on technical fit, product fit and geographic fit • M&A to be used to fill capability gaps and/or de-risk supply chain Invest in demonstrator unit/s to accelerate market development and growth Further improve software integration including detect, identify, track and fire Review, assess and test emerging laser technologies Increased investment in laser component inventory Continue to partner with customers on product development spend Maintain Market Leadership Establish Market Leadership Accelerate Growth 21 Strategic Growth Update Dr. Andreas Schwer, Managing Director & Chief Executive Officer egic us as Executing on Strategic Agenda EOS is delivering on key strategic goals - commercialising IP in Counter-Drone and Space Control, while exercising capital discipline Counter-Drone Remote Weapon Systems High Energy Laser Weapons Space Control RWS - Key Strategic Achievements • Developed and launched counter-drone variants • Growing counter-drone activity • Increased resourcing in Europe and Middle East high growth markets HELW - Key Strategic Achievements • Developed and tested system in 2023 & 2024 • Established Laser Innovation Centre in Singapore • Commercialisation - signed world-first 100kW export contract (A$125m) Space Control - Key Strategic Achievements • Product development plan completed • Key customer demonstrations continuing • Customer funded product development secured 23 Growth Strategy EOS has executed on key strategic growth initiative and plans to deliver high growth in core focus areas • Significant organic growth opportunities: • Remote Weapons Systems (RWS) • Counter-Drone products (specialised RWS) • Two large strategic opportunities: • High Energy Laser Weapons – now underway • Space Control – Product & business development underway • 1-3 Years 2-5 Years 3-10 Years DEFEND & GROW NURTURE SEED Space Control VALUE High Energy Laser Weapon Counter Drone Key focus areas remain unchanged: • Commercialising our significant IP assets • Maintaining capital discipline RWS / CUAS TIME 24 Conclusion Dr. Andreas Schwer, Managing Director & Chief Executive Officer Summary and Outlook EOS has continued to execute its growth strategy. Markets are very strong and we plan to continue growing Summary • Market conditions remain supportive • Divestment of non-core activity (EM Solutions) & Strengthened balance sheet to support growth • Focused growth strategy - Counter-Drone, High Energy Laser Weapons and Space Control • EOS executed key strategic growth initiatives during 2025 Year to Date • EOS will continue to be a disciplined allocator of capital Outlook • EOS expects that 2025 revenue will be heavily biased to the second half of the year • We aim to continue to build the contract backlog RWS / Counter-Drone High Energy Laser Weapons Space Control 26 Appendices Glossary Term Description Term Description ADF Australian Defence Force ISR Intelligence, surveillance and reconnaissance Adaptive Optics Technique of precisely deforming a mirror in order to compensate for (atmospheric) light distortion kW Kilo Watts APKWS Advanced Precision Kill Weapon System LCMP Low-cost, mass-produced CRAM Counter Rocket, Artillery and Mortar MLRS Multiple Launch Rocket System CUAS Counter Unmanned Aerial System NATO North Atlantic Treaty Organization DE Directed Energy NDS National Defence Strategy DLR Debris Laser Ranging NG AGT Northrop Grumman Agnostic Gun Truck DSR Defence Strategic Review RWS Remote Weapon System EVP Executive Vice President SatCom Satellite Communications HELW High Energy Laser Weapon SDA Space Domain Awareness IED Improvised Explosive Device SLR Space Laser Ranging IFV Infantry Fighting Vehicle UGV Unmanned Ground Vehicle IIP Integrated Investment Program USV Unmanned Surface Vehicle ITAR International Traffic in Arms Regulations V SHORAD Very Short Range Air Defence System 28 The Challenge of Defending Against Drones The rapid rise of drones has changed the battlefield. Defending against drones is challenging. Offence is currently in the ascendant DEFENCE: requirements for effective drone defence OFFENCE: the challenge of drones Low Cost • Low-cost drones provide both state and non-state actors the opportunity to disrupt traditionally more powerful opponents • Drones are an asymmetric weapon - low cost / high impact • High-value targets such as military bases and critical infrastructure were historically only at risk from missiles and could be defended by air defence – these are now at risk from drones (e.g. Ukrainian attacks on Russian airbases) • Lower value targets are now also easy targets for drones Agile • Drones move at increasingly high speeds and with erratic flight paths, complicating defence Swarms • With low-costs, drone ‘swarms’ are increasingly prevalent • This allows attackers to over-saturate and overwhelm defences Autonomy • Drones have previously required centralised, human control • Being used in increasingly autonomous / sophisticated ways Hardening • Drones being “hardened” to protect against jamming / spoofing • Emergence of fibre-optic cable connected and inertial navigated drones – harder to detect and defeat Accurate • Due to speed and agility, drone attacks require timely action i.e. defeat the drone quickly or be defeated • Accuracy is critical • EOS has proven ability to develop highly accurate systems, evidenced by its market-leading Slinger RWS Economical • Missiles can cost millions of dollars each and defenders can quickly run out of funds against low-cost drones • Economic realities mean counter-measures need to be economical Layered Coordinated • “Layering” of different, complimentary and overlapping weapons is required – this is widely agreed • This allows defenders to address the risk from a distance • Defending against fast & erratic swarms requires too much cognitive load • Weapon effectors need coordinated control • Drone defence will become increasingly autonomous to respond to threats 29 Market Development Update Growing the order book continues to be our key focus; several opportunities are developing Emerging Preliminary Evaluation Advanced Notable Opportunities Region Product Size Opportunity Australia R400 $100m • • • LAND 400-3 Project for ADF Contract development with Hanwha at advanced stage Potential to sign in 2025 and benefit 2026 & 2027 revenue Australia Slinger $2m+ Future Sales • • • ADF Project LAND 156 for Counter Drone capability – First tranche demo units Strategic opportunity to participate in multi-year project EOS bidding as part of several teams Launch opportunity for EOS new heavy calibre R800 system Customer is upgrading legacy Stryker/LAV vehicles for Ukraine donation Extended discussions with relevant government authorities re complex matters Project at risk but there remains potential to sign in 2026 North America R800 $20-30m • • • • Europe - Ukraine R400 $181m • • • EOS has two conditional orders with Ukraine – depending on Ukrainian budget allocation Seeking European donations to fund orders – progress made in 2025 Potential to secure orders in 2025 and 2026 International HELW 100kW $50-100m • • • Detailed discussions held during 2024 Customer has sought re-quote during 2025 following change in spec. Potential to sign during 2026 North America R400 Slinger <$50m • • Vehicle protection, sample products sold, evaluation units delivered in 2025 Targeting initial orders in 2025 & 2026. Market size > 4,000 vehicles Maturity Definition • Emerging: Initial discussions have occurred • Preliminary: Bid being prepared or submitted • Evaluation: Customer is performing assessments of product and/or detailed discussions are underway • Advanced: Contract under negotiation or negotiated and conditional Note: The maturity of each opportunity should not be taken as an indicator of how long it may take to secure a potential contract. There is no certainty that any particular outcome or transaction will result from these negotiations and discussions 30 Market Development Update Growing the order book continues to be our key focus; several opportunities are developing Emerging Preliminary Evaluation Advanced Notable Opportunities Region Product Size Opportunity Middle East R500 $500m+ • • Existing customer, follow-on order Initial bid submitted, potential contract award in 2026 Australasia R400 Marine $20m • • • ADF Project for LAND 8710 Landing Craft Phase I Expected to be contracted during 2026 Possible delivery in 2026, 2027 and 2028 North America R400 <$50m • • • Potential new customer, new end user Bid submitted to large global prime to support vehicle program May be contracted in 2025 for delivery in 2026 International R400 Slinger <$100m • • • Potential new customer Sample products sold, demo held, discussions underway Potential to accelerate due to urgent requirements – may be secured in 2025 or 2026 Middle East R400 Spares <$20m • • Existing customer, sustainment contract Bid submitted, under review <$10m • • • Existing customer seeking additional capability on existing RWS fleet Product designed and reviewed in detail with customer Potential to secure order in 2025 or 2026 Europe RWS Laser Dazzler Maturity Definition • Emerging: Initial discussions have occurred • Preliminary: Bid being prepared or submitted • Evaluation: Customer is performing assessments of product and/or detailed discussions are underway • Advanced: Contract under negotiation or negotiated and conditional Note: The maturity of each opportunity should not be taken as an indicator of how long it may take to secure a potential contract. There is no certainty that any particular outcome or transaction will result from these negotiations and discussions 31 Market Development Update Growing the order book continues to be our key focus; several opportunities are developing Emerging Preliminary Evaluation Advanced Notable Opportunities Region Product Size Opportunity Europe R150 $100-$300m+ • • • Opportunity to put RWS on large logistics vehicle fleet Competitive process during 2025 and 2026 – new customer Potential follow-on opportunities with other nations Middle East R400 Slinger $100m or $500m+ • • • Existing customer, demonstration held in 1H 2025 Opportunity may include either Slinger, or Anti-Drone Upgrade Kits Bid submitted, potential contract secured in 2025 or 2026 Europe R400 Slinger <$50m • • Follow on orders being pursued with donor nation End user in Ukraine Europe R400 <$50m • • Potential new customer, New end user Bid submitted to large global prime to support vehicle program Middle East R800 $20m • • • Potential new customer, new end user Bid submitted to prime – in contract negotiations Potential to sign in 2025 or 2026 Maturity Definition • Emerging: Initial discussions have occurred • Preliminary: Bid being prepared or submitted • Evaluation: Customer is performing assessments of product and/or detailed discussions are underway • Advanced: Contract under negotiation or negotiated and conditional Note: The maturity of each opportunity should not be taken as an indicator of how long it may take to secure a potential contract. There is no certainty that any particular outcome or transaction will result from these negotiations and discussions 32 Market Development Update Growing the order book continues to be our key focus; several initial opportunities are emerging