Announcement PDF eos-aus.com ELECTRO OPTIC SYSTEMS (ASX:EOS) 2025 FULL YEAR RESULTS DR. ANDREAS SCHWER, MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER CLIVE CUTHELL, CHIEF FINANCIAL OFFICER & CHIEF OPERATING OFFICER 23 FEBRUARY 2026 APPROVED FOR RELEASE BY THE BOARD OF DIRECTORS THE COUNTER DRONE COMPANY DISCLAIMER AND IMPORTANT NOTICES CONTENT OF PRESENTATION FOR INFORMATION PURPOSES ONLY This presentation was prepared as at 23 February 2026 and is based on information available at that time, unless noted otherwise. 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 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 unless required under continuous disclosure requirements. 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. EOS does not warrant or represent that the information in this presentation is free from errors, omissions or misrepresentations or is suitable for your intended use. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States or to any 'U.S. persons' (as defined in Regulation S under the Securities Act of 1933). No securities have been, nor will be, registered under the Securities Act or any securities laws of any state or other jurisdiction of the United States and may not be offered, sold, or otherwise transferred except in a transaction exempt from, or not subject to, the registration requirements of the Securities Act and any other applicable securities laws. The information contained in this presentation has been prepared without taking account of any person’s investment objectives, financial situation or particular needs and nothing contained in this presentation constitutes investment, legal, tax or other advice. The information provided in this presentation may not be suitable for your specific needs and should not be relied upon by you in substitution of you obtaining independent advice. Subject to any terms implied by law and which cannot be excluded, EOS accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error in, omission from or misrepresentation in this presentation. 2 DISCLAIMER AND IMPORTANT NOTICES Presentation of Information All financial information has been prepared in accordance with Australian Accounting Standards. Certain financial data included in this presentation is ‘non IFRS financial information’. 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 & 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. Market share information is based on management estimates except where explicitly stated otherwise. No Liability or Responsibility The information in this presentation is provided in summary form and is therefore not necessarily complete. To the maximum extent permitted by law, EOS and each of its subsidiaries, affiliates, directors, employees, officers, partners, agents and advisers, and any other person involved in the preparation of this presentation disclaim all liability and responsibility (including without limitation, any liability arising from fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use or reliance on anything contained in, or omitted from, this presentation. EOS accepts no responsibility or obligation to inform you of any matter arising or coming to its notice, after the date of this presentation, which may affect any matter referred to in this presentation. 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 AGENDA 4 Electro Optic Systems 2025 SUMMARY → 2025 Highlights → Market Conditions → Growth Expansion → Order Book → Sales Pipeline FINANCIAL RESULTS → Financial Performance → Divisional Performance → Cashflow GROWTH OPPORTUNITIES AND OUTLOOK → Strategy → Future Growth Opportunities → Summary and Outlook EOS LEADERSHIP TEAM 5 Electro Optic Systems Our Leadership Team has deep industry experience and is focused on sustainable growth 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 → Over 20 years as CFO in global industrial businesses → Previously with Rinker Group / Holcim 9 years, Nuplex 3 years → British / Australian citizen and Chartered Accountant 25 years Commenced in role September 2022 CLIVE CUTHELL CFO & COO → Served for over 20 years in the Royal Australian Navy followed by senior leadership roles at Nova Systems across Australia and Europe → Bachelor of Engineering, Chartered Engineer, and a Graduate of the Australian Institute of Company Directors Commenced in role August 2025 LEE KORMANY EVP - DEFENCE SYSTEMS AUSTRALIA → Proven track record in international business development → Held several senior leadership roles within Rheinmetall over 13 years → German citizen, Degree in Political Science and Economics Commenced at EOS April 2024 CHRISTIAN TOBERGTE EVP – DEFENCE SYSTEMS INTERNATIONAL → Over 10 years in space industry, space domain awareness, space control → Member of the International Laser Ranging Service Governing Board and Missions Standing Committee → Australian citizen, PhD in Applied Mathematics Commenced in role August 2022 DR. JAMES BENNETT EVP – SPACE SYSTEMS 6 Electro Optic Systems 2025 SUMMARY DR. ANDREAS SCHWER, MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER THE COUNTER DRONE COMPANY STRONG MARKETS → Global tensions and technological advancements continue to support elevated levels of global defence spending STRATEGIC FOCUS → EOS is focused on serving the high growth Counter- Drone and Space Control markets ENHANCED SALES CAPABILITY → EOS has strengthened its sales capabilities, resulting in increased velocity of sales orders being secured 2025 HIGHLIGHTS STRATEGIC & OPERATIONAL 7 Electro Optic Systems 2025 was the final year of EOS’ 3-year turnaround program. We have commercialised new products, strengthened the order book and established a strong growth platform IN 2026 WE AIM TO USE OUR STRONG POSITION TO REALISE GROWTH GEOGRAPHIC EXPANSION → EOS is expanding into markets with attractive growth attributes. In larger, more mature markets, EOS’ chosen go-to-market strategy is to partner with national champions SUCCESSFUL HELW COMMERCIALISATION → In 2025, EOS became the first company in the world to successfully commercialise and sign an export contract for a 100kW High Energy Laser Weapon system DISCIPLINED M&A STRATEGY → EOS has ceased/divested non-core activities (SpaceLink, EM Solutions) and reinvested in its core business and developing a competitive moat (MARSS) RECENT HIGHLIGHTS 8 Electro Optic Systems 2025 was the final year of EOS’ 3-year turnaround program. A strong foundation for future growth has been established. REVENUE $128.5m down 27% or $48.1m on 2024 GROSS MARGIN %1 63% up 15% on 2024 UNDERLYING EBITDA2 $(24.4)m down $12.8m on 2024 UNRESTRICTED CASH $106.9m up $41.1m from 31 Dec 2024 UNCONDITIONAL ORDER BOOK $459m up 238% from 31 Dec 2024 CONTRACTS SIGNED $424m (~18 orders) Compared to $70m (~6 orders) in 2024 TOTAL EMPLOYEES 436 Compared to 372 at 31 Dec 2024 TOTAL NPAT $17.5m Including gain on sale of EM Solutions SECURED FUNDING $100m Term Loan Undrawn, terms being finalised 2025 RESULTS NEW HELW FACTORY Singapore Initial production planned during 2026 ANNOUNCED MARSS ACQUISITION US$36m Upfront cash consideration EUROPEAN SET UP Netherlands, France, UK New entities established POSITIONED FOR GROWTH INVESTMENT UNDERWAY 1. Gross Margin % represents the direct margin on material and certain direct manufacturing costs. Gross Margin % is not audited by the Company's auditors. 2. Underlying EBITDA is a non-IFRS measure and comprises net profit after tax, adjusted to exclude tax, finance costs, depreciation and amortisation, foreign exchange and other one-off items impacts. A reconciliation between the net profit after tax and Underlying EBITDA is set out on slide 31. The directors consider it useful as it enables readers to obtain an understanding of results from operations. Underlying EBITDA is unaudited. 2025 HIGHLIGHTS 9 Electro Optic Systems In 2025 we strengthened the balance sheet and grew and diversified the order book with several contract wins JAN MAY JUN AUG SEP OCT JUL Receipt of $160m proceeds from EM Solutions divestment Repayment of all remaining debt Secured Slinger €31m (~A$53m) Slinger Counter- Drone Order Defence Systems contracts totaling $8m; EOS Space Systems $6m contract with Commonwealth; KiwiStar Optics $5m contract Cash Receipt of US$40m (~A$60m) from finalisation of Middle East contract New EOS Space Systems $5m contract to further develop space capabilities Signed world-first high energy laser weapon export contract (€71.4m / A$125m) Announced successful LAND 156 bid for large counter-drone contract in Australia EOS included in S&P ASX300 rebalance Secured new US$21m (A$32m) RWS contract for South American user NOV DEC Secured LAND 400-3 RWS contract ($108m) Secured US$80m (A$120m) Conditional contract with new laser weapon customer Secured new US$22m (A$33m) RWS contract for GD US Army vehicle Acquisition of UK Counter Drone Interceptor development product New Slinger Counter Drone order for Euro customer (A$20m) MARKET CONDITIONS Electro Optic Systems Ongoing geopolitical tensions and rapidly evolving technology have created a defence industry growth super-cycle DEFENCE INDUSTRY GROWTH SUPER-CYCLE Source: NATO US and Rest of NATO Defence Spending as % of GDP Under Current Commitments RAPID TECHNOLOGY CHANGES DRONES AND AI GEOPOLITICAL CHANGES REGIONAL TENSIONS 10 THE RISE OF DRONE WARFARE Electro Optic Systems Militaries and other services are challenged by the drone threat; demand for counter-drone solutions is growing rapidly RUSSIAN DRONE AND MISSILE STRIKES ON UKRAINE 11 10 KM 1 KM 2 KM 3 KM 4 KM 5 KM 6 KM 7 KM 8 KM 9 KM COUNTER-DRONE SUCCESS REQUIRES A LAYERED RESPONSE EOS has a wide range of effectors for multi-layered counter-drone systems We aim to enhance this with the announced acquisition of MARSS’ and its NiDAR Command & Control system WEAPON / RANGE Electronic Warfare (EW) Remote Weapon System High Energy Laser Weapon 50-150kW EOS CURRENT FOCUS APKWS on RWS (Rocket) KEY EFFECTOR CRITERIA SHORAD Missile Range Accuracy Acquisition Cost Cost per Drone Kill Operating Cost Effectiveness Interceptor Drone MARSS NiDAR C2 ANNOUNCED ACQUISITION 50-100 KM 12 GROWTH EXPANSION: GLOBAL DEFENCE PRIMES AND END USERS 13 Electro Optic Systems EOS works with high quality customers and end-users to meet their exacting demands Redback Infantry Fighting Vehicle VAMPIRE Counter-Drone System Kinetic Defence Vehicle Prototype M1E3 Main Battle Tank THeMIS Unmanned Ground Vehicle Bushmaster Protected Mobility Vehicle Joint Light Tactical Vehicle SELECTION OF EOS PRODUCT INTEGRATIONS SELECTION OF EOS END-USERS LAND156 Counter Drone Solutions GROWTH EXPANSION: PRODUCT PARTNERSHIPS Market access is critical: EOS partners with established defence industry leaders to meet end-user requirements 14 → In February 2025, EOS signed a strategic collaboration agreement with Calidus → The partnership will establish a UAE- based Centre of Excellence for its lightweight medium-calibre RWS family, including the newly launched next-generation R500. → Calidus, founded in 2015 and based in Abu Dhabi, delivers cutting-edge solutions for aerospace and land defence systems → In September 2025, EOS sigend a strategic partnership with MSI Defence Systems. → The partnership recognises each parties strengths in their respective home markets, to provide world-class defence and counter-drone systems and technologies to the UK MoD and Australian DoD. → MSI Defence Systems is UK-based is a world leader in the supply of small/medium calibre Naval Gun Systems → In February 2026, EOS announced a teaming agreement with KNDS to jointly identify business opportunities in new markets and customer segments of mutual interest. → The cooperation also enables the potential co-development of new product. → KNDS is a leading pan-European defence company delivering advanced, interoperable mission solutions for the land domain → In February 2026, EOS announced a strategic partnership agreement with ROKETSAN to collaborate on future opportunities involving integrated defence capabilities in selected markets → ROKETSAN, founded in 1988 and based in Ankara, Turkey, designs, develops and manufactures rockets, missiles, guided munitions and weapon systems GROWTH EXPANSION: HIGH ENERGY LASER WEAPON Electro Optic Systems Growth on track - New factory opened, Netherlands launch contract well underway, sales opportunity pipeline growing rapidly PRODUCTION CAPACITY EXPANSION → Formal opening of Singapore manufacturing facility on 6 February 2026 → Leased 20,000 sq ft, capable of low rate initial production, with scalability to produce additional systems simultaneously NETHERLANDS CONTRACT UPDATE → Initial design approval milestones completed and approved by customer in Q4 2025 → Revenue earned and progress cash milestones received in 2025 – expected to continue in 2026-28 → Ongoing discussions with customer re: potential scope increase, timing acceleration → Q1 2026 joint review with customer of future potential follow-on orders OPPORTUNITIES → Go-to-market strategy includes a range of approaches, including: → NATO – direct sales to governments and partner with national champions → Middle East – direct sales and partner with local producers → Other – range of channels, market specific approaches → Continued discussions (in late 2025 & 2026) regarding future HELW sales opportunities, including for Germany, France, Italy, Turkey, Saudi Arabia, UAE, India, Korea, Australia and the United States → Conditions attached to the US$80m Korean Laser Weapon Contract with Goldrone have not yet been satisfied. The initial deposit and letter of credit have yet to be received. Based on discussions with the customer, EOS believes this could be concluded in March 2026. There is no guarantee that this will occur. 15 Note: Typically, opportunities can take 1-3 years or more to be converted into contracts, there is no guarantee that any contracts will be signed or become unconditional. SPACE WARFARE – EOS ATLAS PRODUCT FAMILY Electro Optic Systems We launched the ‘ATLAS’ brand during 2025 and are developing effectors to engage from ground against objects in space ATLAS products are being designed and developed to perform the following missions: → Blinding/Dazzling Satellite Sensors → Disabling/Defeating Satellites → Moving Satellites & Space Debris Stationary products are anticipated to be commercialised from 2026 onwards, mobile platforms from 2027 onwards 16 EOS IS FOCUSED ON GROWING ITS ORDER BOOK 17 Electro Optic Systems We will continue to use a structured approach to convert a strong market into realised, unconditional order book growth​ MARKETS PRODUCTS SALES & MARKETING ORDER BOOK → Global military spending remains strong → Enduring thematic drivers: → Geopolitical tensions → Technological shifts → Recent launch of the R500, the next-gen successor to the renowned R400 → New container-based Slinger RWS sold during 1H 2025 → New marinised Slinger RWS sold during H1 2025 → Developing improved software and AI capability → Step-change in sales capabilities established → Expanding circle of partnerships → Investment in Europe, Middle East and USA → Increased marketing and demonstrations → Unconditional Order Book of $459m in Dec ‘25 (up from $136m at Dec ’24), including: → $53m Slinger order in May ‘25 → $125m HELW order in Aug ’25 → $108m LAND 400-3 in Oct ‘25 → Continued focus on order book growth TRADITIONAL SALES LEAD TIMES ARE 1-3 YEARS - SEVERAL OPPORTUNITIES CONTINUE TO DEVELOP POSITIVELY ORDER BOOK DEVELOPMENT 18 EOS’ Unconditional Order Book at 31 Dec 2025 is $459m, up $323m on last year. We aim to realise 40-50% of this in 2026. Recent Contract Wins Note: excludes EM Solutions, divested in January 2025 304 242 209 136 330 115 14 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 RWS HELW Space Unconditional Order Book – 31 December 2025 ($mil) Contract Region Value (A$m) Date SLINGER COUNTER-DRONE RWS Europe 53 May 2025 HIGH ENERGY LASER WEAPON Europe 125 Aug 2025 LAND 400-3 RWS Australia 108 Oct 2025 SLINGER COUNTER-DRONE RWS Europe 20 Nov 2025 R400 RWS Americas 32 Dec 2025 RWS FOR US ARMY Americas 33 Dec 2025 459 Electro Optic Systems The order book does not include (1) The conditional Korean contract valued at US$80m, or (2) Any of the MARSS order book OPPORTUNITY MATURITY Maturity Description Notable Opportunities Customer Type Region System Contract under negotiation Naval customer ($20–$50m) for Gulf State New Middle East R400 Supplying into a MARSS integration project ($20–$50m) order in 2026 or 2027 Existing Middle East R800 US Army follow-on opportunities ($20–$50m) Existing North America Slinger RWS for ground-to-ground application New Middle East R400 Follow-on VAMPIRE orders (<$20m) with L3Harris Existing North America R150 Customer is performing assessments of product or detailed discussions are underway HELW demonstrations (Germany, UAE) – potential 2027 order New & Existing Europe & Middle East HELW LAND 156 for Australian Defence Force – 2026 demo phase Existing Australia Slinger Next-generation RWS program (~$500m) – potential 2027 order Existing Middle East R500 Various Ukraine opportunities incl. conditional direct sales & donations New & Existing Europe Various Follow-On Maritime Opportunity Existing Middle East R400M RWS for Armoured Fighting Vehicles New Europe R400 System upgrade ($20–$50m) Existing Middle East Slinger Bid being prepared or submitted Major German tender for vehicle protection (~2,900 units) Existing Europe R150 LAND 8710 Landing Craft Medium Australian Defence Force ($20–$50m) Existing Australia R400 Follow-on order for blue chip global customer Existing North America R400 Counter drone protection for air force (<$20m) New SE Asia Slinger UGV integration for border patrol Existing SE Asia Slinger Marine opportunity with potential new customer & new prime New Asia R800 Initial discussions have occurred HELW opportunities (France, Italy, Turkey, India, Saudi, USA) New & Existing Various HELW CUAS mounted on UGV New Europe Slinger Korea air defence opportunity with Calidus ($20–$50m) New Asia Various Supply of CUAS capability to a major customer New & Existing SE Asia Various Supply of CUAS capability to a major defence market New & Existing Asia Various Supply of CUAS capability to a major NATO country ($50–$100m) New & Existing Europe Slinger BUSINESS DEVELOPMENT UPDATE EOS continues to develop a deep and diversified pipeline of sales opportunities. HELW opportunities are growing strongly. MARSS C2 opportunities are incremental to the table below and will be added when the transaction is completed. Advanced EVALUATION PRELIMINARY EMERGING ADVANCED Note: This page shows an opportunity pipeline. 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 contracts will be secured or that any particular outcome or transaction will result from the above discussions and negotiations. Some opportunities are multi-year and if contracts are secured, the indicated revenue may be spread over several years. 19 SUMMARY OF MARSS ACQUISITION STRATEGIC RATIONALE → Increased software capability – advanced AI technology → Turns EOS into a systems house → Cross selling of systems & effectors (RWS, HEL) → Geographical growth – Europe, Middle East → Executes counter-drone growth strategy – fast → End-to-end counter-drone solution EOS expects MARSS to be a transformational acquisition that creates significant technology opportunities 20 Electro Optic Systems 2-1km >6km 8- 10km 8- 10km 8- 10km 8- 10km 20k m 30- 80km TRANSACTION SUMARY → Detailed terms announced 12 January 2026 → Upfront cash of US$36m (~A$54m) plus earnout in EOS shares and cash → Completion subject to third-party conditions and approvals, expected in 2026 – important details are appended at page 33 UPDATE → Joint marketing underway – shared stand at World Defence Show, Riyadh Trade Show in February 2026 → Cross selling opportunities being pursued – RWS and C2 Systems eos-aus.com 2025 FINANCIAL RESULTS CLIVE CUTHELL, CHIEF FINANCIAL OFFICER & CHIEF OPERATING OFFICER THE COUNTER DRONE COMPANY A$M 2025 2024 VAR Continuing Operations Revenue 128.5 176.6 (48.1) Gross Margin %1 63% 48% 15% Underlying EBITDA2 (24.4) (11.6) (12.8) EBIT (60.3) (13.8) (46.5) Finance Costs (18.7) (24.6) 5.9 Discontinued Operations – Gain on Sale 91.0 15.4 75.6 Total NPAT (Continuing & Discontinued) 17.5 (19.7) 37.2 2025 FINANCIAL PERFORMANCE → Revenue decreased by $48.1m on 2024, primarily due to lower Defence activity as key contracts were completed. → Gross Margin %1 increased to 63% including final’n of Middle East contract in H1 2025. → Underlying EBITDA2 decreased by $12.8m primarily due to lower revenue and higher operating expenses. → EBIT decreased by $46.5m due to lower EBITDA ($12.8m), higher D&A (up $6.8m), adverse foreign exchange movement ($18.9m) and the change in non recurring items ($8.0m). See page 31 for more details. → Finance Costs decreased by $5.9m and includes the $12.9m ‘make whole’ cost incurred in Jan 2025 on early debt repayment. → Discontinued Operations represents the gain on sale of EM Solutions, divested in Jan 2025 → Total NPAT increased by $37.2m, including the gain on sale of EM Solutions. 1. Gross Margin represents the direct margin on material and certain direct manufacturing costs. Gross Margin and Gross Margin % is not audited by the Company's auditors. 2. Underlying EBITDA is a non-IFRS measure and comprises net profit after tax, adjusted to exclude tax, finance costs, depreciation and amortisation foreign exchange, and other one-off impacts. A reconciliation between the net profit after tax and Underlying EBITDA is set out on slide 31. The directors consider it useful as it enables readers to obtain an understanding of results from operations. Underlying EBITDA is unaudited. 42.3 54.2 105.5 44.1 67.1 107.8 71.1 84.4 109.4 162.0 176.6 128.5 2022 2023 2024 2025 H1 H2 0% 25% 50% 75% 100% 2022 2023 2024 2025 Australia Asia Middle East North America Europe 2025 marks the final year of EOS’ 3-year turnaround program and there is a strong foundation for future growth 22 Revenue (continuing operations), A$m Revenue (continuing operations) by geography, % 2025 SEGMENT PERFORMANCE 23 A$M (CONTINUING OPERATIONS) 2025 2024 VAR Revenue 115.8 165.7 (49.9) Underlying EBITDA1 (incl. corp allocations) (24.6) (8.6) (16.0) DEFENCE SYSTEMS SPACE SYSTEMS → Revenue decreased by 30% on prior corresponding period largely due to lower activity as previous contracts ended. The order book grew significantly during the year. → Underlying EBITDA (including allocated corporate costs) decreased primarily due to lower revenue → Revenue increased by 17% on prior corresponding period → Underlying EBITDA (including allocated corporate costs) was close to break even, despite higher allocations. Electro Optic Systems A$M (CONTINUING OPERATIONS) 2025 2024 VAR Revenue 12.7 10.8 1.9 Underlying EBITDA 1 (incl. corp allocations) (0.2) 0.6 (0.8) 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 amortisation foreign exchange, and other one-off impacts. A reconciliation between the net profit after tax and Underlying EBITDA is set out on slide 31. 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 on slide 32 2025 CASHFLOW Electro Optic Systems During 2025 all borrowings were repaid. The focus on cash discipline will continue A$M 2025 2024 VAR Receipts from customers 194.6 261.1 (66.5) Payments - suppliers, employees, interest and other (218.7) (291.4) 72.7 Operating cash flows (24.2) (30.4) 6.2 Investing cash flows 131.3 3.7 127.6 Sub-total 107.1 (26.7) 133.8 Financing cash flows (53.0) 9.2 (62.2) Net cash flow 54.1 (17.5) 71.6 FX effect 0.5 (1.2) 1.7 Change in cash balance 54.6 (18.7) 73.3 At balance date: Cash and cash equivalents 106.9 52.3 54.6 Plus Security deposits for guarantees 41.6 56.1 (14.5) 24 Operating cash flow includes: → A final contract receipts from a Middle East customer of US$40m (~A$60m) → Payments includes lower year-on-year payments to suppliers and others ($72.7m) partly offset by the one-off debt make-whole interest of $12.9m Investing cash inflow includes: → Proceeds from the sale of EM Solutions ($160.0m) → Investments in capex $14.0m (Space) and Interceptor acquisition ($6.3m) → Net release of security deposits ($4.3m) Financing cash outflow includes: → Debt repayments of $48.2m in the period. Disciplined approach will continue: → Dec 25 includes $42.4m advance receipts from customers (up $18.3m from Dec 2024) → Focus on contract execution, customer delivery, cash collection → Targeted investment in inventory for competitive advantage → No non-core / speculative investments → Customer funded product developme