Announcement PDF EOS Investor Day Presentation 30 April 2025 Key Speakers Today’s speakers include some of the key leaders responsible for driving the EOS turnaround Dr. Andreas Schwer, MD & CEO Clive Cuthell, CFO & COO • Over 30 years in global Defence, Manufacturing and Space • Over 15 years as CFO in global industrial businesses • Previously with Rheinmetall AG, Manitowoc and Airbus • Previously with Rinker Group / Holcim 9 years, Nuplex 3 years • Track record in the Middle East • • German citizen, PhD in Satellite Design & System Modelling British / Australian citizen and Chartered Accountant 25 years • Commenced August 2022 • Commenced September 2022 Ian Cook, EVP – Defence Systems Australia • Over 25 years of experience senior leadership roles in Australian defence industries • Previously with Thales and General Dynamics • British citizen, Chartered Professional Engineer, MBA • Commenced November 2023 Dr. James Bennett, EVP – Space Systems • 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 2 Business Turnaround Update EOS is midway through a comprehensive program of change. Consistent execution of this strategy is delivering results Selected EOS ASX Announcements RESTRUCTURING PROGRAM • Organisational structure right-sized, with reduction of ~100 roles • Recruitment of key personnel with strong commercial background and industrial experience PORTFOLIO REVIEW 2022 Aug/Sep New CEO and CFO commence and strategic review started Oct New A$70m debt financing established; >100 FTE headcount reduction Nov Ceased SpaceLink investment; ceased other non-core ventures Nov New EOS Chair appointed 2023 Feb Renegotiated key Middle East Contract to improve cash management May / June Launch of counter-drone product ‘SLINGER’; launched lightweight R150 RWS Jun Contract to supply RWS to Western European Gov. (~A$51m) announced Sep Repaid first tranche of debt (~A$28m) FINANCIAL PERFORMANCE Oct Launch of R800 – world’s most powerful RWS • Strengthened focus on cash receipts • Disciplined management of costs & capital • Repaid all borrowings and $128m of cash at 31 Jan 2025 Nov/Dec Contracts to supply RWS to SE Asia customer (~A$28m) & Europe (~A$25m) • Ceased investment in SpaceLink in Q4 2022 •Concentration of remaining business around strategic pillars • Divestment of non-core naval satcom business for $158m 2024 Jan Contract to supply SLINGER to German customer (~A$15m) announced Mar Successful completion of $35m equity placement to accelerate growth BUILD ORDER BOOK Apr Repaid second tranche of debt (~A$20m) • Continue to build out sales capability in order to capture evolving contract opportunities Nov Announced divestment of non-core EMS business Dec Various new orders including container-based RWS ($34m) and Space (~A$14m) 2025 Jan Completion of EMS divestment for $A$158m and final repayment of all debt 3 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 4 Global Markets & Growth Dr. Andreas Schwer - MD & CEO 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 6 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 7 Sales Strategy EOS continues to invest in its sales capabilities and has developed tailored go-to-market strategies for each region EUROPE • New EOS market since 2023 • Fragmented and diverse • Conflict creating urgent operational requirements • Strong Netherlands relationship • Partner with local champions to shape local requirements leverage political and industrial market access • Consider localisation for large orders MIDDLE EAST N. AMERICA ASIA PACIFIC • Longstanding, deep relationships in certain countries • Large and concentrated market • Australian home base & existing domestic relationships • Tensions creating urgent operational requirements • New opportunities emerging • Country-specific approach: • Direct sales • Partnering • Well established competitors • Local EOS facility – local board and management relationships • Approach includes • Direct sales • Partnering • Close work with Northrop Grumman • Asian emerging, fragmented and diverse markets • Longstanding Singapore location • Drone threat perceived as less acute • Significant future sales development opportunity • Focus on demonstrations Industry sales cycles are typically long; we will consistently execute our go-to-market plans 8 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 9 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) • Participated in the US Army's Project Convergence Capstone 4 (PCC4) at the Army's National Training Center in Fort Irwin, California • Showing long-range firing capabilities and precision of EOS' R400 on M113 APC • • Fired remotely from Canberra operating RWS 550km away 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 MAR ‘24 Red Sands Live Fire Exercise in Saudi Arabia • Regular demonstration for large customer • Focus on counter-drone tech with various targets and scenarios • Demonstrated with key C2 software development partner Land Autonomous Systems and Teaming Demo • 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 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 JAN ‘25 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 10 Bushmaster User Conference – April 2025 Northrop Grumman selected EOS as launch partner to demo to new dual feed M230LF cannon. Our new R800 RWS was also exhibited SYSTEM SYSTEM SYSTEM 11 As Reported 25 Feb 2025 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 12 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 13 Drones & Counter-Drone Warfare Global demand for drones and 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 & less effective - counterdrone (C-UAS) 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 move to “directed energy” solutions which are likely to prove even more economical on a per-shot basis In the near future, drone swarms are expected to become a significant threat that overwhelm traditional defences 14 Defending against the drone threat Effective counter-drone systems need to include comprehensive sensors and effectors, and intelligent C2 systems Counter-Drone Kill Chain Example Counter-Drone System Architecture Sensor Systems Command & Control Systems Electro Optical Infra-Red (EO/IR) Common Operational Picture (COP) Detect Analyse Identify Radar Cannons Detect Identify Track Acoustic Destroy High Energy Laser Rocket / Missile Interceptor Drones RF Mitigate Defeat Systems Decision Support Algorithms / AI Nets EMP Jamming & Spoofing Current EOS Capability 15 Drone Defeat Systems - EOS Effectors Historically EOS has focused on effectors, including RWS, Directed Energy and other systems 0.5km 1km 2km 3km 4km 5km 6km 7km 8km 9km 10km Electronic Warfare (EW) EOS CURRENT FOCUS Remote Weapon System Directed Energy 50-100kW 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 16 Drone Detection and Identification In a world of every increasing drone swarms, the ability to swiftly and accurately detect, track and identify drones is paramount In a process named “sensor fusion”, data from multiples sensors are fed into neural networks which have been trained to discriminate between benign objects e.g. birds and adversarial objects e.g. drones. Once a drone is detected the system can then also determine its attributes e.g. range, lethality Acoustic Sensor RF Sensor Optical Sensor Radar Sensor Optical Sensor Optical Sensor Radar Sensor Sensor Fusion 17 Product Development – Software and AI Opportunity EOS is focused on advanced software solutions as part of our emphasis on counter-drone opportunities Implications for EOS • EOS expects 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 AI will become a critical differentiator in counter-drone solutions 18 Counter-Drone Market Size – Example Army Brigade Currently, an army brigade in a typical military has many vehicles and very limited drone protection Future Counter Drone Unit 19 Remote Weapon Systems Product Range The EOS range of RWS products has wide application to the Counter-Drone market Remote Weapon Systems R150 R400 Platforms Slinger Effectors Truck Range of Applications Cannon Counter Drone Heavy Machine Gun Protected Vehicle Light Machine Gun Ground-to-Ground Mini Gun R500 R600 R800 Container Grenade Launcher Javelin Missile UGV Naval APKWS Rocket Pod 20 Product Development – R500 EOS is maintaining global product leadership by developing a next-generation AI-based RWS 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 21 EOS Future Strategic Focus Areas The emergence of drone warfare on the battlefield is supporting a generational shift for counter-drone solutions High RWS Defence Systems Directed Energy Space Control Space Systems Unmanned Turrets Land RWS Land/Naval/ CUAS Low Power DE 1-2kW Low Power Laser High Power DE up to 200kW Space Control High Power Laser Space Awareness Growth Outlook Counter-Drone Directed Energy Moderate Defence Systems Counter-Drone Low High Emerging Low Product Maturity 22 Growth Strategy EOS is positioned to grow sustainably in the short, medium and longer terms • Significant organic growth opportunities: • Remote Weapons Systems (RWS) • Counter-Drone products (specialised RWS) • Two large strategic opportunities: • High Energy Laser Weapons • Space Control • 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: • Commercialising our significant IP assets • Maintaining capital discipline RWS / CUAS TIME 23 Future Strategic Growth Opportunities EOS is developing world-leading innovations with large addressable markets and is developing customer and partner opportunities High Energy Laser Weapon (HELW) Space Control • There is an urgent market need for laser-based drone and missile defence systems • Satellites have become a key defence asset for surveillance, navigation and communications • Access to HELW systems is fast becoming a strategic requirement for all modern militaries • EOS has unique advantages in developing soft kill counter–satellite capabilities - decades of experience in telescope construction, satellite tracking, laser weapons and adaptive optics • EOS has developed a 36-54kW prototype laser weapon and demonstrated it during August 2023 Recent Activity • Laser Innovation Centre in Singapore has been established and will be the primary location of future IP development • Several customer visits and capability demo’s to prospective customers • Negotiations with potential customer partner/s to fund further development are in progress Recent Activity • Several demonstrations held for prospective customers • Secured customer/government funding for product & capability development during 2024 • Continue to invest in prototype development - added new laser telescope capability • Pilot demonstrations successfully completed 24 Summary and Outlook EOS aims to become a global leader in Counter-Drone, High Energy Laser Weapons and Space Control Summary • Market conditions remain supportive • Focused growth strategy - Counter-Drone and Space Control • Divestment of non-core activity (EM Solutions) • Strengthened balance sheet to support growth • EOS will continue to be a disciplined allocator of capital RWS / Counter-Drone High Energy Laser Weapons Space Control 25 High Energy Laser Weapons Dr. James Bennett - EVP Space Systems Dr. Andreas Schwer - MD & CEO High Energy Laser Weapons - Background The US Government spends >US$1bn per annum on developing high energy laser weapon technology • Emerging and urgent market need for laser-based drone, rocket, artillery, mortar, air and missile defence • The rapid proliferation of drones and other unmanned warfighting systems has created: • Significant new market for affordable counter-drone capabilities • To protect military assets from these low-cost asymmetric threats. • High energy laser weapons emerging for defending against large numbers of inexpensive drones due to: • Ability to engage targets instantly (at the speed of light) with high precision, limiting collateral damage • Unlimited ammunition magazines based on power supply • Low cost per shot • Many governments and defence contractors are reviewing system development opportunities 27 High Energy Laser Weapons – Market EOS is focused on the 30-150kW power level and related use cases, particularly counter drone • High Energy Laser Weapons are extremely versatile, with emerging markets across a wide range of applications • The total addressable market for affordable solutions is expected to be very large • EOS’ current focus is in 30-150kW class power range, and may widen this in the future Laser Power Use Case <30kW • • • Counter-IED Drone dazzling ISR sensor denial 30-150kW • • • • Drone swarm kill ISR denial CRAM VSHORAD 150kw+ • • • Air and missile defence CRAM CUAS 28 High Energy Laser Weapons – Competitive Landscape The significant technical barriers mean that the global market is still relatively uncompetitive Competitive Threat Source Country United States • Invest >$1bn per annum in laser weapons, including prototypes for Army, Navy & Air Force • Strict restrictions prohibit exports Israel • Rafael and Elbit have collaborated in the development of 50-100kW class for CUAS/CRAM applications • Supported by culture of Israeli technological innovation & success, but limited access to some markets France • Desires to be leader laser technology in Europe. • Effort is distributed amongst companies such as CILAS (controlled by Safran & MBDA) Low Germany • Long standing efforts by Rheinmetall and MBDA • Limited progress to date Low United Kingdom • UK focus on naval platforms • QinetiQ working on capability over recent years for UK and Australia • Recent UK ‘Dragonfire’ tests with consortium (MBDA, Leonardo and QinetiQ) China • Major Chinese companies offer a 50kW+ system - focused on cost competitive product • Unlikely to grow in Western allied/NATO nations Australia (EOS) • EOS developed an architecture serving the power range from 30-100kW • Completed 9 nation life firing demonstration in 2023 • In advanced negotiations with two international export clients for 50-100kW systems Low Medium Medium Low Source: Competitor websites and announcements 29 High Energy Laser Weapons - Summary We see significant market opportunity over the next 5 years. We will exercise capital discipline. Market • Drone threat demonstrated in Ukraine & Middle East • Growing & new market interest in laser weapons • Significant market growth expected EOS • EOS advantages - experience with weapons systems, tracking and laser-optics • Next EOS steps • Develop/commercialise 50kW+ systems • Complete advanced discussions/negotiations • Secure product development agreements • Overall aim: • Develop and commercialise IP • Maintain capital discipline – use 3rd party funding • May seek direct investments (eg JV’s) in future 30 Space Technologies Dr. James Bennett, EVP – Space Systems EOS Space Technologies EOS operates two Australian facilities, covering Australia, adjacent oceans & related space territory Learmonth (WA) Mt. Stromlo (ACT) 32 EOS Space Technologies EOS specialises in applying EOS developed optical sensors & effectors to detect, track and characterise objects in space Summary Demonstrated Capability • EOS designs and manufactures bespoke world-leading beam director telescopes • EOS has decades of experience in Satellite Laser Ranging (SLR), Debris Laser Ranging (DLR) and Space Domain Awareness (SDA) • World leader in accuracy, using laser technology to track objects in space: • Hardware • Software • Data • Domain expertise - people Laser Ranging Capabilities Telescope Capabilities • Geochang, S Korea • Coonabarabran, Australia Telescope Capabilities Enclosure Capabilities • Doi Inthanon, Thailand • San Jose, USA • EOS produces highly accurate beam directors suitable for passive and high energy laser applications 33 Space Control Dr. James Bennett - EVP Space Systems Dr. Andreas Schwer - MD & CEO Space Control - Background The space domain is now the most critical and contested environment for governments and militaries Conflict and the Space Domain • Modern conflict is highly reliant on surveillance and communications satellites • Market need for advanced defence systems that can detect, track, and neutralize hostile activities in space • Geopolitical context of increased defence spending worldwide • Space Domain expected to be the next battlefield • Global Space Militarization market: US$53.7bn in 2023, projected to reach US$88.6bn by 2030, CAGR of 7.4%1 1. Source: Markets and Markets <https://www.marketsandmarkets.com/PressReleases/space-militarization.asp> 35 Space Control - Market Need Governments are assessing options. EOS has all the key components to develop & provide solutions Market Need Planned EOS Solution Decisive advantage in the space domain Earth-to-Space laser capabilities Key features of the developing EOS solutions • Space Intelligence - Optical tracking from ground • High energy laser with adaptive optics • “Soft kill” solutions (no debris) – dazzle, disrupt and disable Roadmap • Demonstrations, pilot sites, scale ups, fixed and mobile • Development of business case allowing for 3rd-party investments • Capital discipline – customer/third-party funding 36 Space Control - EOS Competitive Advantage EOS has a unique mix of expertise required to develop this solution Telescopes & Enclosures High Energy Lasers Adaptive Optics Automated electronic control systems & software Tracking Systems Mission systems software 37 Space Control - Summary The market opportunity is large and will take time to develop. EOS will exercise capital discipline • Space control is expected to be a significant market - strategic advantage during conflict • Opportunity expected to mature over 3 – 10 years • EOS uniquely offering a compelling technical solution • Next Steps • Product roadmap includes capability demonstrations; proof of concepts, pilot sites and scale ups • Development costs to be funded by governments and customers • Discussions ongoing with several interested parties/nations • Lead time for significant sales is 1-3 years • EOS may seek direct investments (eg JV’s) in future 38 Appendices 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 in an attached slide. The directors consider it useful as it enables readers to obtain an understanding of results from operations. Underlying EBITDA is unaudited. 40 2024 Divisional Performance Revenue increased across all the business divisions, contributing to a strong financial performance in 2024 $m - continuing operations Defence Systems 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 $m - continuing operations Space Systems 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 $m - discontinued operations EM Solutions 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 an attached slide. 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 41 Reconciliation of Statutory Profit / (Los