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FY26 Year End Presentation 25 August 2026
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HIGHCOM LTD | Investor Presentation Highcom Limited HighCom is an ASX-listed Australian defence sector operator built on two divisions, Armour and Technology. 141,655,172 Shares on Issue 2,674 Shareholders at 30 June 2026 $15.5m Market Cap at 30 June 2026 HighCom Armour (HCA) February 2027 – 30 years in business Designs, manufactures and supplies advanced ballistic protection — body armour, helmets, shields and composite armours — for military, law enforcement and first responder customers globally, known for the XTclave lightweight armour solutions HighCom Technology (HCT) Specialist technology integrator supplying and maintaining small and medium uncrewed aerial systems and counter- UAS solutions, plus program engineering, system integration, maintenance and logistics support for the ADF and aligned regional militaries Altor Capital 8.6m shares | 6.10% Regal & Others 15.3m shares | 10.8% ACE Property 3.6m shares | 2.54% Rubino Group 3.25m shares | 2.29% Top 5 combined 22.34% Financial Snapshot Divisions Top 5 Shareholders
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HIGHCOM LTD | Investor Presentation FY26 Key Highlights FY26 year of building momentum for future growth Financial FY26 Momentum $29.8m (FY25 $48.1m) FY26 Group Revenue H2 revenue 73% above H1 $9.7m (FY25 $5.8m) Q4 Closing Cash Strong cash position ($6.8m) (FY25 $0.2m) EBITDA Mid range of guidance $8.9m Largest CUAS Contract MyDefence follow-on to $1.1m trial Global Inquiries Increasing geographic & client spread globally HCA & HCT MARKET TAILWINDS Global expansion of Armor Pipeline Armour pipeline increases Armour opportunities across Americas, Europe, Asia & Middle East $22.6b to $54.9b by 2033 APAC Drone Market Asia Pacific drone market valued by Grand View Research CAGR 11.1% Commercial Production XTclave commercialised First commercial run, June 2026 3.1x US Armour Q4 vs Q3 US-led recovery underway
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4HIGHCOM LTD | Investor Presentation FY26 AT A GLANCE FY26 PERFORMANCE H2 revenue rebounded 73% over H1 $29.8m (FY25 $48.1m) FY26 Revenue ($6.8m) (FY25 $0.2m) FY26 EBITDA ($1.4m) H2 EBITDA – mid range of guidance range ($1.2m) to ($1.6m) $9.7m (FY25 $5.8m) FY26 Closing cash OPERATING MOMENTUM 10.9 18.9 29.8 0 5 10 15 20 25 30 35 H1 H2 FY26 Highcom Limited Group Revenue FY26 - $A Technology strong H2 Armour Q4 recovery as US Govt. & international purchases increased Strong pipeline build H2
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5HIGHCOM LTD | Investor Presentation NET WORKING CAPITAL CASH DISCIPLINE $9.7m closing cash, $6.2m net cash, $7.3m Total Liquidity Technology Parts and New Orders Capital Raise Armour improvement in sales Q4 Upfront payments from Armour & Technology customers to fund raw materials and parts orders With $1.1m of undrawn headroom, total available liquidity is $7.3m — FY27 funded for growth. 9.7 3.4 6.2 1.1 7.3 0 2 4 6 8 10 12 Closing cash Less drawn debt Net cash Debt headroom Total liquidity Highcom Limited Cash Bridge FY26 Closing cash to net cash and available liquidity* (A$m) CONTRIBUTORS TO CASH GROWTH *Non-Current Debt repayable in May 2028
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6HIGHCOM LTD | Investor Presentation FY26 EBITDA TO CASH FY26 CASH BRIDGE
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7HIGHCOM LTD | Investor Presentation INVENTORY Continued focus on supply chain and inventory management, improving working capital efficiency Targeted sales and marketing campaigns continued to move older stock through FY26 Pricing structure assisted in converting inventory into cash XTclave - Units produced in Q4 for delivery in Q1FY27. Inventory Efficiency 0 2 4 6 8 10 12 H1FY24 H2FY24 H1FY25 H2FY25 H1FY26 H2FY26 US Inventory Finished Goods & Raw Materials US$m FY24 to FY26 Finished Goods Raw Materials 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 FY25 FY26 Reduction in US Inventory > 180 Days Aging Reduction of aged inventory > 180 days of US$1.2m
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8HIGHCOM LTD | Investor Presentation HIGHCOM FY26 FOUNDATIONAL YEAR • Highcom Group further strengthened Board and global leadership team • Globalised product offering in response to worldwide demand signals • Balance Sheet strengthened via successful capital raise of $7.8m and introduced new Institutional Investors and HNW Family Offices • Consolidated debt portfolio of AUD$4.5m with CBA Australia, $1m headroom • Armour introduced next generation armour plates and female armour, targeting premium markets, using proprietary Xtclave technology • XTclave proprietary technology now commercialised • Major follow-on order from DoD for $8.9m for MyDefence products (first order $1.1m) • New integrator role with Menet Aero, first tethered drone sold to DoD • The Technology business delivered strong results • FY27 positioned for growth • More normal US Govt buying patterns • Global demand steadily increasing • Both businesses now supported by strong multi-year global pipelines Year of Transition Armour Innovates Technology Outperforms FY27 Outlook Positive
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HIGHCOM LTD | Investor Presentation HIGHCOM NOW DELIVERYING UNIQUE INTEGRATED FRONTLINE PROTECTION ONE FUTURE COORDINATED OFFERING Protecting first and front line responders HighCom uniquely combines complementary protection capabilities on the carrier in one frontline suite. LIGHTWEIGHT BODY ARMOUR Protects personnel against enemy fire. COUNTER-DRONE Provides drone detection and deterrence. Two complementary systems. One integrated frontline proposition. Battle tested.
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FY26 Segment Performance
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11HIGHCOM LTD | Investor Presentation US ARMOUR FY26 US RECOVERY Q4 revenue increased 3.1x over Q3 Partner-led sales and improving global demand sets the path for FY27. Broader Sales Coverage Partner-led sales expanded into Ukraine, Brazil and US. FY27 — PIPELINE Multi-year opportunities and competitive tenders continue to progress. Sales volumes trending towards normal volumes OPERATIONS — READY XTclave reached commercial loads. AI-assisted delivering efficiencies, improved gross margin and EBITDA. Q4 momentum carrying into FY27. 3.8 5.3 - 1.0 2.0 3.0 4.0 5.0 6.0 H1 H2 US Armour Revenue FY26 US$m Units Sales Volume Impacted Unit volumes were 60% down on normalised levels FY26 Revenue US$9.1m EBITDA (US$3.4m)
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12HIGHCOM LTD | Investor Presentation US ARMOUR PRODUCT SEGMENTATION PRODUCT MIX Hard armour generated 70% of FY26 revenue Full product capacity to sell broader product suite (helmets, shields, armour) HARD ARMOUR — CORE XTclave is in commercial production MARKET POSITION — SPECIALIST Specialist ballistic protection (helmets, shields, armour)is valued by a global customer base. GLOBAL PIPELINE — EXPANDING Multi-year opportunities are expanding, with growth potential across product lines and markets. Hard Armor 70% Helmets 11% Shields 6% Soft Armor 10% Freight & Other 5% Hard Armor Helmets Shields Soft Armor Freight & Other
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13HIGHCOM LTD | Investor Presentation TECHNOLOGY — FY26 REVENUE AUD$16.3mTECHNOLOGY FY26 FY26 Revenue A$16.3m EBITDA A$2.8m KEY CONTRACTS DELIVERED TO PLAN $1.1m MyDefence trial converted to an $8.9m follow- on order Tethered drone was sold to the Department of Defence Puma contract ongoing. CONTINUING GROWTH IN HIGH VALUE PARTNERSHIPS Added two new partners in FY26 Continued follow-on parts orders for Puma. FY27 PIPELINE Technology pipeline continues to strengthen Proven delivery supports FY27 growth.
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POSITIONING FY27
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South America generally raising defence and law enforcement spending GLOBAL DEFENCE TAILWINDS Defence spending is being driven by Europe re-arming US experiencing a more hostile defence and law enforcement environment at home and abroad Asia Pacific also raising defence and law enforcement spends Tailwinds across defence markets. Both businesses are placed to take advantage of this.
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HIGHCOM LTD | Investor Presentation Market Tailwinds Both HighCom divisions are exposed to structurally growing defence and security markets. Global US$3.5b Global market size by 2033 • Forecast to reach US$3.5b by 2033 on steady multi-year growth • US market is 67% of global at US$2.3b • Defence is the significant driver of demand, with law enforcement and civil adding depth Source: DataIntelo US$15b to US$19.8b C-UAS by 2033 • Split between military, government and law enforcement, and civilian demand • Australian Defence integrated investment in drones program carries a TAM of up to circa A$22b over 10 years • Customer saturation remains low, with demand broadening beyond the battlefield to airports, ports and critical infrastructure • Expected CAGR 21.5% to 25.2% between 2026 and 2033 Source: SkyQest Technology 5% of GDP NATO defence spending commitment by 2035 • Elevated global conflict and civil unrest sustaining procurement across all regions • Industry CAGR 2018-2033 of 5.0% in North America, 6.0% in Europe and 6.7% in Asia Pacific • HighCom is positioned across these growth markets through Armour and Technology Sources: DataIntelo; NATO Ballistic Protection Counter-Drone Systems Defence Spending
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17HIGHCOM LTD | Investor Presentation Addressable Opportunities HighCom Armour (HCA) Global sales pipeline of US$858m HighCom Technology (HCT) Global sales pipeline of A$59m TOTAL SALES PIPELINE A$1b+ Combined HCA + HCT opportunity pipeline* Both business units hold well developed and scoped pipelines spanning all major regions around the globe. *vetted pipeline values North America $683m, 53% South America $102m, 8% Europe - $441m, 34% APAC - $59m, 5% Armour & Technology Global Sales Pipeline* $A1.2b North America South America Europe APAC
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18HIGHCOM LTD | Investor Presentation GLOBAL CERTIFICATION FOOTPRINT 40 PRODUCTS CERTIFIED AND TESTED ACROSS THREE GLOBAL REGIONS 40 Products certified or independently verified 3 Regions covered Nth America, Sth America, Europe 660 Active SKUs covered Formal certifications and third-party laboratory results only; self-declared compliance excluded. Source: HighCom Product Certif ication Register, August 2026.
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19HIGHCOM LTD | Investor Presentation HIGHCOM FY26 FOUNDATIONAL YEAR • Highcom Group further strengthened Board and global leadership team • Globalised product offering in response to worldwide demand signals • Balance Sheet strengthened via successful capital raise of $7.8m and introduced new Institutional Investors and HNW Family Offices • Consolidated debt portfolio of AUD$4.5m with CBA Australia, $1m headroom • Armour introduced next generation armour plates and female armour, targeting premium markets, using proprietary Xtclave technology • XTclave proprietary technology now commercialised • Q4 volumes stronger • Major follow-on order from DoD for $8.9m for MyDefence products (first order $1.1m) • New integrator role with Menet Aero, first tethered drone sold to DoD • The Technology business delivered strong results • FY27 positioned for growth • More normal US Govt buying patterns • Global demand steadily increasing • Both businesses now supported by strong multi-year global pipelines Year of Transition Armour Innovates Technology Outperforms FY27 Outlook Positive
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Thank You Questions: investors@highcom.group
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21 This presentation is given on behalf of HighCom Limited (HighCom ). Information in this presentation is for general information purposes only, and is not an offer or invitation for subscriptions, purchase of recommendation of securities in HighCom. Certain statements in this document regarding the Company’s financial position, business strategy and objectives may contain forward looking statements (rather than being based on historical or current facts). Future Performance This Presentation contains certain "forward -looking statements" that are based on management's beliefs, assumptions and expectations and on information currently available to management. The words "expect", "anticipate", "estimate", "intend", “target” "believe", "guidance", "should", "could", "may", "will", "predict", "plan" and other similar expressions are intended to identify forward -looking statements . Any indications of, and guidance on, future operating performance, earnings, financial position and performance or production are also forward -looking statements . Forward -looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward -looking statements, including projections, guidance on future operations, earnings, estimates or production targets (if any), are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. This Presentation contains statements that are subject to risk factors associated with HighCom's business activities including but not limited to those set out in this presentation . It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially, including but not limited to earnings, capital expenditure, cash flow and capital structure risks and general business risks. No representation, warranty or assurance (express or implied) is given or made in relation to any forward -looking statement by any person (including HighCom or any of its advisers). In particular, no representation, warranty or assurance (express or implied) is given that the occurrence of the events expressed or implied in any forward -looking statements in this Presentation will actually occur . Actual operations, results, performance, production targets or achievement may vary materially from any projections and forward -looking statements and the assumptions on which those statements are based . Any forward -looking statements in this Presentation speak only as of the date of this Presentation . Subject to any continuing obligations under applicable law or regulation (including the listing rules of ASX), HighCom disclaims any obligation or undertaking to provide any updates or revisions to any forward -looking statements in this presentation to reflect any change in expectations in relation to any forward -looking statements or any change in events, conditions or circumstances on which any such statement is based . Past Performance Investors should note that past performance and financial information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of HighCom's views on its future financial performance or condition . Prospective investors should note that past performance, including past share price performance, of HighCom cannot be relied upon as an indicator of (and provides no guidance as to) future performance including future share price performance. The historical information in relation to HighCom included in this Presentation is, or is based on, information that has previously been released to the market . $ references in AUD unless noted . HIGHCOM LTD | Investor Presentation Important Information