Slides
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CZECHOSLOVAK GROUP a.s. 9M 2025 Results
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Today‘s presenter 2 Zdeněk Jurák Member of the Board of Directors Chief Financial Officer
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Agenda Key highlights 4 8Financial overview Q&A 17 Appendix 18
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Key highlights
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Acquisition of minority stake in Alzchem Group AG. Key Highlights of the 3Q 2025 Contract signed for construction of new M/L facility in U.S., supporting local production footprint and strengthening ammunition supply capabilities for the U.S. market. Strategic partnership established with Hungarian company Rába, enhancing cooperation in military vehicle production and regional industrial development. Completion of new production facility in EXCALIBUR ARMY, expanding manufacturing capacity and enabling future growth in land systems programs. Group structure optimization completed: • Streamlining of the Group portfolio through separation of non-core activities to enhance focus on core defence and ammunition businesses. • Establishing two main segments – Defence Systems and Ammo+.The newly created Defence Systems segment includes subsegments M/L Ammunition, Land Systems, Defence Electronics (formerly Aerospace), and the newly formed Advanced Systems, focused on next-generation propulsion, missile, and drone technologies. Continued strong business performance, maintaining robust order intake, backlog growth, and solid profitability across divisions. 5 CSG awarded large defence contract in small ammunition segment in APAC, valued at over $1bn for the supply of small-calibre ammunition to a regional Ministry of Defence, marking a major milestone for Ammo+ segment. New General Partner of the Czech Olympic Team, reinforcing CSG’s commitment to innovation, performance, and national pride. Acquisition of majority stake in ZVI Vsetín, a traditional Czech manufacturer of medium- calibre ammunition (20mm and 30mm), expanding CSG’s production capacity and capabilities within the Defence Systems division and strengthening its position in the European ammunition market.
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6 Financial results – 9M 2025 at a glance KEY FACTS AS OF 9M 2025 9M 2025 REVENUES SPLITS 24.5% Adjusted Operating EBIT margin Other 2% Ammo+ 22% Defence Systems 76% Industrial non-defence 2% Civil 19% Defence 79% RoW 6% USA 18% Ukraine7) 26% Europe excl. Ukraine 50% Other 6% Ukraine 26% NATO Countries 68% By business6) By geography By end market By customer 1. Adj. Operating EBIT defined as profit from operating activities (€1,191m) adjusted for +€ 33m adjustment to raw materials and consumables for increase of value of inventories assuming all inventories were sold during the period (PPA adjustment) but excluding adjustment to D&A to reflect step up value of PP&E and intangibles (PPA adjustment) 2. Combined = Total revenues and EBIT are a combination of CSG and TKG for this period 3. Net leverage based on LTM combined Adjusted Operating EBITDA 4. Pipeline = Projects in advanced stage of negotiation and deemed reasonably achievable based on previous experience in the market and with the customer 5. Cash conversion = (Adj. Operating EBITDA – Capex) / Adj. Operating EBITDA 6. Revenue split by business excludes intercompany eliminations 7. Ukraine revenues include all purchases intended for the Ukrainian end-market, even if paid for by another nation or party €4.5bn Revenues €6.2bn LTM combined Revenues2) €32bn Total backlog and pipeline4) under negotiation (as of Sep-25) 2.1x Net leverage3) €1.1bn Adjusted Operating EBIT1) €1.5bn LTM combined Adjusted Operating EBIT 90% Cash Conversion5)
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Revenue visibility driven by massive total order backlog, further underpinned by significant pipeline TOTAL BACKLOG1) & DEFENCE BACKLOG COVERAGE RATIO2) (€bn) TOTAL OPPORTUNITIES SEP-25 7 3. Pipeline = Projects in advanced stage of negotiation and deemed reasonably achievable based on previous experience in the market and with the customer Dec-22 Dec-23 Dec-24 Sep-25 €1bn €4bn €11bn €14bn +27% Other 0% Advance Systems 1% Defence Electronics 3% Ammo+ 14% Land Systems 20%M/L Ammo 62% 1. Backlog incl. Ammo+ backlog. Backlog: (i) Fixed backlog: Signed and effective contracts; (ii) Frame backlog: Long-term framework agreements, for which the specific conditions of fulfilment will be negotiated at later stages; (iii) Soft backlog: Contracts that are not yet fully finalised and effective but based on previous experience and the nature of negotiations are counted towards forecasts as nearly certain 2. Defence backlog coverage calculated as Defence Backlog, incl. Ammo+ defence backlog / LTM Q3 2025 revenues 2.8x2)2.8x2.2x1.2x Fixed backlog Frame backlog Soft backlog Total backlog Pipeline under negotiation3) Total opportunities €7bn €4bn €3bn €14bn €18bn €32bn 3.8x 6.6x2.8x0.6x0.9x1.3x Total backlog by segment Coverage ratio Coverage ratio Defence Systems 86%
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Financial Overview
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Revenues Revenues reached €4.5bn in 9M 2025, up +30% YoY versus combined 9M 2024, implying a >100% CAGR vs 2023.The strong performance underscores the Group’s continued expansion, driven by robust organic growth and contract execution across Defence Systems, complemented by steady contribution from the Ammo+ division. LTM combined revenues reached €6.2bn, representing a +20% increase versus pro-forma FY 2024, confirming sustained momentum across both Defence Systems (76% of Group revenues) and Ammo+ (22%). Growth was driven primarily by strong performance in medium and large calibre ammunition REVENUES (€m) 1,100 2,459 4,485 997 9M 2023 Combined 9M 2024 9M 2025 3,455 +30% 5,182 6,212 Pro-forma FY 2024 LTM combined as of Sep-25 +20% 9M 2025 REVENUES SPLIT BY DIVISION & NATO vs NON-NATO Other 2% Ammo+ 22% Defence Systems 76% Non-NATO 6% NATO & Ukraine 94% 102% CAGR Defence orders and NATO demand continue to drive record topline growth. 9 Kinetic contribution Jan-Sep 2024
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Operating EBITDA & EBIT ADJUSTED OPERATING EBITDA1) (€m) 231 662 1,216 268 9M 2023 Combined 9M 2024 9M 2025 930 +31% 1,390 1,675 Pro-forma FY 2024 LTM Combined as of Sep-25 +21% ADJUSTED OPERATING EBIT 1) (€m) 129% CAGRAdjusted Operating EBITDA rose to €1.2bn in 9M 2025, a +31% YoY increase versus pro-forma 9M 2024, reflecting the Group’s ability to convert strong topline growth into higher profitability.Operating EBITDA margin remained robust at 27%, supported by favorable mix, improved operating leverage and continued efficiency gains, particularly within Defence Systems. LTM combined Operating EBITDA reached €1.7bn, up +21% versus FY 2024 pro-forma, confirming the Group’s sustained earnings momentum and disciplined cost management. At EBIT level, profitability increased by +27% YoY to €1.1bn, with the Defence Systems division accounting for 91% of EBIT, reaffirming its position as the Group’s core profit engine. Ammo+ contributed 8% of EBIT. Profits Surge with Defence-Led Margin Gains 1. 2024 includes a +€47m adjustment to raw materials and consumables for increase of value of inventories related to The Kinetic Group acquisition assuming all inventories were sold during the period (PPA adjustment). This adjustment increased EBIT by €47m; 9M 2025 includ es a +€33m adjustment for revaluation of inventories related to The Kinetic Group acquisition. This adjustment increased EBIT by €33m; 2024 includes D&A related to PPA of €60m. 9M 2025 includes D&A related to PPA of €46m . 10 Other 2% Ammo+ 8% Defence Systems 91% Adj. Operating EBITDA Margin 21% 27% 27% 27% 27% Xx% Kinetic contribution Jan-Sep 2024 192 620 1,098 247 9M 2023 Combined 9M 2024 9M 2025 867 +27% Adj. Operating EBIT Margin 18% 25% 24% Xx% Kinetic contribution Jan-Sep 2024 9M 2025 SPLIT BY DIVISION Other 2% Ammo+ 14% Defence Systems 84% 139% CAGR Adjusted Operating EBITDA Adjusted Operating EBIT
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Industrial non-defence 3% Defence 97% RoW 4% Ukraine 34% Europe excl. Ukraine 61% Deep Dive | Defence Systems division 11 KEY FINANCIALS 9M 2025 KEY PRODUCTS KEY COMPANIES IN THE DIVISION REVENUE SPLIT BY GEOGRAPHY AND END MARKET REVENUE AND OPERATING EBIT Y-o-Y COMPARISON (€m) KEY CLIENTS Governments, military, law enforcement Industrial non-defence Land Systems 50+ product types incl. 155mm Artillery Shells, 60-120mm Mortar Rounds 30+ vehicle types incl. DITA, DANA, Patriot, Pandur, Titus, Tadeas,... Defence Electronics Advance Systems 35+ product types incl. Precision approach and primary surveillance radar Turbo jet engines for UAVs and missiles 2,185 3,464 9M 2024 9M 2025 +59% 629 996 9M 2024 9M 2025 +58% €3,464m €3,464m €1,031m / €996m Operating EBITDA / EBIT 29% Operating EBIT margin M/L Ammo Defence Systems continues to deliver strong growth and resilient margins, supported by sustained defence spending and a solid revenue visibility through robust backlog.
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Deep Dive | Ammo+ division 12 RoW 8% Europe excl. Ukraine 13% USA 79% 1,268 1,019 9M 2024 Combined 9M 2025 -20% Defence 19% Civil 81% 265 83 9M 2024 Combined 9M 2025 -69% €1,019m €1,019m Small Caliber Ammo 4000+ SKUs with ~ 70 export markets Governments, military, law enforcement Center Pistol Ammunition Rimfire Ammunition Centerfire Rifle Ammunition Ammunition Components Shotshell Ammunition Civil Ammo+ division faced market headwinds in 9M 2025, primarily driven by higher raw material costs and softer demand. Current performance reflects the current market conditions, with pricing and operational efficiency measures underway to improve profitability. KEY FINANCIALS 9M 2025 KEY PRODUCTS KEY COMPANIES IN THE DIVISION REVENUE SPLIT BY GEOGRAPHY AND END MARKET REVENUE AND ADJUSTED OPERATING EBIT Y-o-Y COMPARISON (€m) KEY CLIENTS €168m / €83m Adjusted Operating EBITDA / EBIT 8% Adjusted Operating EBIT margin
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P&L P&L (€m) Revenues Cost of sales 9M 2024 PF FY 2024 2,459 5,182 (1,299) (2,628) External costs (318) (534) Employee benefit costs (167) (605) Other operating result, net (12) (73) Operating EBITDA 662 1,342 Margin % 27% 26% LTM Combined as of Sep-25 Δ % 6,212 20% (3,318) 26% (507) (5%) (617) 2% (142) 94% 1,628 21% 26% 9M 2025 YoY Δ % 4,485 82% (2,392) 84% (366) 15% (440) 164% (104) 743% 1,183 79% 26% On an LTM basis, revenues grew +20% to €6.2 bn, while Adjusted Operating EBITDA increased +21% to €1.63 bn, with margins holding solid at 27%. • Cost of sales rose to 53% of revenues (vs. 51% in FY24), partly reflecting market conditions in Ammo+, where softer customer spending created temporary price pressure. To mitigate this the Group implemented price increases, expected to support margins going forward. • External costs declined to 8% of revenues (vs. 10%), reflecting operating efficiencies. • Employee expenses increased in absolute terms but remained stable at 10% of revenues, evidencing operational scalability and better absorption of personnel costs across expanding production sites. Overall, the Group continued to deliver robust profitability, with margin resilience underpinned by favourable Defence mix, production efficiency gains, and ongoing pricing discipline. The margin headwinds previously observed in Ammo+ were offset by strong volume leverage in medium and large calibre ammunition. Consistent Profitability with Strong Defence Mix Adjusted Operating EBIT1) 1,239 1,516 23% 24% 24%Margin % 623 1,098 77% 13 Depreciation and amortisation (39) (118) 204% (151) (160) 6% Operating EBIT 623 1,065 72% 1,191 1,468 23% Margin % 25% 24% 23% 24% 1. 2024 includes a +€47m adjustment to raw materials and consumables for increase of value of inventories related to The Kinetic Group acquisition assuming all inventories were sold during the period (PPA adjustment). This adjustment increased EBIT by €47m; 9M 2025 includ es a +€33m adjustment for revaluation of inventories related to The Kinetic Group acquisition. This adjustment increased EBIT by €33m; 2024 includes D&A related to PPA of €60m. 9M 2025 includes D&A related to PPA of €46m . Adjusted Operating EBITDA 1) 662 1,216 84% 1,390 1,675 21% Margin % 27% 27% 24% 27% 25% 27%
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Working Capital NWC SEASONALITY (€m) 281 306 154 710 843 517 1,275 1,631 2,334 17 2% Dec-22 135 12% Mar-23 25% Jun-23 22% Sep-23 9% Dec-23 135 6% Mar-24 27% Jun-24 27% Sep-24 10% Dec-24 23% Mar-25 28% Jun-25 38% Sep-251) Net working capital NWC as % of LTM Revenue Net Working Capital reached €2.3bn in Sep 2025, representing 38% of LTM pro-forma revenues, reflecting both the Group’s expansion and its deliberate strategy to secure key materials and components amid persistent supply chain constraints. The increase was driven primarily by higher inventories linked to rapid business expansion and the need to secure key inputs due to supply bottlenecks as well as shift towards longer term contracts duration. A product mix shift toward Land Systems and medium/large calibre ammunition also required greater volumes of raw materials and critical components. Seasonality of NWC with NWC reaching its peak level in Q2 and Q3 to tend reducing significantly in Q4 Near-term investment in working capital to support backlog execution and ensure production ramp-up 14 518 2,334 841 1,404 Dec-24 Customers (446) Suppliers Inventories 18 Other Sep-251) +351% CHANGE IN NWC FROM DEC-24 (€m) 1. Includes a receivable of €275m related to the Group structure optimization (carve out of non-core activities). Adjusted NWC without this receivable is €2,061m representing 33% of LTM revenue
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Financial Position & Cash Flow LEVERAGE (€m) 3,017 4,402 1,769 3,565 Dec-24 Sep-25 Gross Debt/Leverage Net Debt/Leverage PRE-TAX OPERATING CASH FLOW 9M 2024 vs 9M 2025 (€m) Gross debt at the level of €4.4bn and net debt at €3.6bn as of Sep-25. The increase in Gross leverage is driven mainly by the acquisition of the nitrocellulose production business in Germany, the CZK bond issuance, and higher working capital needs in this period. Both Gross and Net leverage positions comfortably within the Group’s financial policy, maintaining a prudent capital structure. Operating cash flow for 9M 2025 was –€801m, impacted by a significant working capital outflow (–€1.9bn) driven by the strategic inventory accumulation required to support large defence contracts and secure key components. CapEx amounted to €124m, reflecting continued investments into production expansion and integration projects with focus on M/L Ammo and Land Systems. Despite the temporary impact on cash generation, the development is fully aligned with the Group’s operational cycle and expected to unwind as deliveries under contracted orders are executed in the coming quarter. Leverage Remains Well Within Targets Despite Temporary NWC Impact 15 2.2x 1.3x 2.6x 2.1x 1,216 (801) (1,893) (124) 9M 2025 662 (229) Operating EBITDA (783)NWC Δ (108)CapEx Pre-tax OCF 9M 2024
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Net Financial Debt The Group’s capital structure provides a robust platform to support growth and the temporary increase in working capital, ensuring sufficient flexibility to finance the build-up of inventories and capacity expansion required for backlog execution. With total gross debt of €4.4bn and net debt of €3.6bn, leverage remains conservative at 2.6x Gross and 2.1x Net, consistent with the Group’s financial policy.The diversified funding mix across CZK, EUR and USD instruments supports the Group’s flexibility to manage its growth cycle and maintain ample headroom for strategic investments. Robust Capital Structure 16 PRO FORMA CAPITAL STRUCTURE AS OF SEP-25 INCL. POST ADJUSTMETS (€m) (-) Cash & Cash Equivalents RCFs Sep-25 (837) 38 Syndicated Bank Facilities 1,672 x LTM as of Sep-25 Op. EBITDA LTM Sep-25 PF Adjusted Operating EBITDA 1,675 CZK Bonds Gross Debt Net Debt 686 4,402 3,565 2.1x New USD 1bn & EUR 1bn Bonds 1,917 Leases 89 2.6x
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Q&A YOUR QUESTIONS, OUR ANSWERS
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Appendix
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Consolidated Statement of Profit & Loss (unaudited) for the period 1 January 2025 – 30 September 2025 Revenues 4,485 2,459 Raw material and consumables (2,392) (1,299) External costs (366) (318) Employee benefits expense (440) (167) Depreciation and amortisation expenses (118) (42) Other operating income 27 39 Other operating expense (131) (52) Profit from operating activities 1,065 620 Financial income 328 21 Financial expense (676) (81) Profit from other financial instruments (25) (36) Profit from financing activities (372) (96) Share of profit/(loss) from associates & JVs, net 1 (5) Profit (loss) from the sale of equity interests 0 2 Profit before tax 694 522 Income tax (182) (104) Net profit from continuing operations 512 417 Total profit 513 412 30 September 2025 30 September 2024€m Net profit from discontinuing operations 19 2 (5)
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Consolidated Statement of Financial Position (unaudited) 30 September 2025 30 September 2024€m Assets Intangible assets 829 210 Goodwill 1,203 417 Property, plant and equipment 892 479 Investment property 7 3 Investments in associates and joint ventures 87 97 Loans and other financial assets 269 54 Trade and other receivables 1 1 Prepayments made and deferred expenses and accrued income 109 15 Deferred tax asset 42 17 Contract assets — — Contract costs 56 25 Total non-current assets 3,493 1,318 Inventory 3,599 1,824 Trade and other receivables 1,191 605 Loans and other financial assets 124 72 Prepayments made and deferred expenses and accrued income 269 882 Tax receivables 32 19 Current income tax receivable 55 3 Cash and cash equivalents 837 435 Assets classified as held for sale — — Contract Assets 46 16 Total current assets 6,153 3,856 Total assets 9,646 5,174 20
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Consolidated Statement of Financial Position (unaudited) continued 30 September 2025 30 September 2024€m 1,730 1,053 Liabilities Liability from put option — 186 Loans and borrowings 1,533 496 Other financial instruments 119 77 Trade and other payables 68 12 Provisions 7 11 Deferred tax liability 241 66 Bonds 2,575 275 Contract liabilities 387 27 Total non-current liabilities 4,930 1,150 Liability from put option — Loans and borrowings 176 340 Other financial instruments 134 13 Trade and other payables 865 674 Provisions 10 8 Tax liabilities 47 12 Current income tax payable 142 67 Contract liabilities 1,584 1,799 Bonds 28 58 Total current liabilities 2,986 2,971 Total liabilities 7,916 4,121 Total equity and liabilities 9,646 5,174 Total Equity 21 —
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Consolidated Statement of Cash Flow (unaudited) 30 September 2025 30 September 2024€m CASH FLOWS FROM OPERATING ACTIVITIES Profit for the period 513 412 Adjustments for: Amortisation/depreciation of fixed assets 123 47 Impairment of inventory 7 14 Impairment of property, plant and equipment 0 0 Impairment of non-financial assets — — Impairment of financial assets 3 Gain (-) /loss (+) from the sale of property, plant and equipment, investment property and intangible assets 0 (2) Gain (-) / loss (+) from the sale of inventory 16 7 Gain (-) / loss (+) from financial instruments 4 3 Profit (-) / loss (+) from the sale of assets held for sale — Gain (-) / loss (+) from the disposal of subsidiaries (17) (2) Net interest income (-) / expense (+) 218 58 Recognition (+) / release (-) of allowances for trade and other receivables, write-offs 24 15 Recognition (+) / release (-) of provisions (8) 6 Profit from a bargain purchase — Income tax 184 105 Unrealised foreign exchange rate (gains)/losses, net 47 (8) Share of profit (-) /loss (+) of associates and joint ventures (1) 5 Other — Operating cash flows before movements in working capital 1,114 662 Increase (-) / decrease (+) in trade receivables and other assets (263) (1,065) Increase (-) / decrease (+) in inventory (including income from sale) (1,448) (992) Increase (+) / decrease (-) in trade and other payables (37) 1,317 Cash generated by operations (634) (78) Income taxes paid (226) (75) Net cash from operating activities (860) (153) 22 1 — — —
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Consolidated Statement of Cash Flow (unaudited) continued 30 September 2025 30 September 2024€m CASH FLOWS FROM INVESTING ACTIVITIES Proceeds on disposal of property, plant and equipment, investment property and intangible assets 13 4 Dividend income Proceeds on disposal of subsidiaries (47) 6 Repayment of provided loans 10 121 Interest received 15 37 Acquisition of property, plant and equipment, investment property and intangible assets (124) (108) Acquisition of investments in subsidiaries, net of cash acquired (141) (4) Loans provided (104) (10) Net cash (used in)/from investing activities (525) 46 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings Proceeds on bond placements 2,250 2 Repayments of borrowings (830) (104) Costs related to bond placements (33) 0 Payments of bonds (618) 0 Dividends paid (203) (20) Payments of obligations under leases (10) (3) Interest paid (168) (69) Other equity contribution Effect of changes in non-controlling interests Net cash (used in)/from financing activities 977 (1) Net increase/decrease in cash and cash equivalents (408) (107) Cash and cash equivalents at beginning of year 1,248 564 Foreign exchange rate gains (+) / losses (-) from the translation of cash and cash equivalents (3) (21) Cash and cash equivalents at end of period 837 435 23 722 194 Other investments (148) — — — (132) — — —
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Outlook 24 1. CapEx intensity = CapEx / Revenue 2. Excluding the €275m receivable related to the Group structure optimization (carve out of non -core activities) 3. CAGR is based on FY 2026E revenue as base Revenue Adj. Operating EBIT margin CapEx intensity1) NWC as % of Revenue (YE) Net Leverage >€6.4bn ~€7.4-7.6bn Mid teens3) organic CAGR ~24-25% ~24-25% ~26-28% ~5% ~8.5% ~4-5% <25%2) <20% <2x FY 2025E FY 2026E Mid-term
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Alternative performance measures and comparability of information This presentation includes non-IFRS performance measures, including Operating EBITDA(1), Operating EBITDA margin(1), CAPEX, Pre-Tax Operating Cash Flow(2), Net Financial Debt As there are no generally accepted accounting principles governing the calculation of non- IFRS financial and operating measures, other companies may calculate such measures differently or may use such measures for different purposes than we do, and therefore you should exercise caution in comparing these measures as reported by us to such measures or other similar measures as reported by other companies. These measures may not be indicative of our historical operating results or financial condition, nor are such measures meant to be predictive of our future results or financial condition. Even though the non-IFRS financial measures are used by management to assess our financial position, financial results and liquidity and these types of measures are commonly used by investors, they have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our financial position or results of operations as reported under IFRS All financial information is presented on comparable basis, including effects of any restatements or changes in presentation described in the latest annual accounts on the currently presented comparative period (1) As defined in FY24 Annual Report; (2) Pre-Tax Operating Cash Flow computed as (Operating EBITDA – Change in Working Capital – CAPEX). 25
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Disclaimer This presentation was produced by CZECHOSLOVAK GROUP a.s.. This presentation and its contents are confidential and are not to for release, reproduction or distribution, in whole or in part, directly or indirectly, by any person other than CZECHOSLOVAK GROUP a.s.. This presentation does not represent an offer for, or constitute or form part of, and should not be construed as, an advertisement, recommendation or an invitation to subscribe for or to purchase securities of, CZECHOSLOVAK GROUP a.s. or its subsidiaries (the “Group”). This presentation does not form, and should not be construed as, the basis of any credit analysis or other evaluation, or as providing an investment or lending recommendation, advice or valuation or a due diligence review. The information contained in this presentation is for informational purposes only. The preliminary results for the first nine months of 2025, i.e. for period ending 30 September 2025, are unaudited, based on information available to management as of the date of this presentation. This update does not present all necessary information for an understanding of the Group’s financial condition as of the date of this presentation, or its results of operations for the nine months of 2025. This presentation may include “forward-looking statements” within the meaning of the securities laws of certain jurisdictions. In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including words such as “believe,” “anticipate,” “estimate,” “expect,” “suggest,” “target,” “intend,” “predict,” “project,” “should,” “would,” “could,” “may,” “will,” “forecast,” “plan,” and similar expressions or, for all such cases, their negative or other variations or comparable terminology, or by discussions of strategies, plans, objectives, targets, goals, future events, or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this presentation and include statements regarding our intentions, beliefs, or current expectations concerning, among other things, the results of the Group’s operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which the Group operates. By their nature, forward looking statements involve known and unknown risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements should not be considered as guarantees of future performance of the Group and should, therefore, be considered in light of various important factors that could cause actual results to differ from estimates or projections contained in the forward-looking statements. No undue reliance should be placed on these forward-looking statements which are relevant only as of the date of this announcement. Any forward-looking statements are only made as of the date of this presentation, and the Group does not intend, and does not assume, any obligation to update forward-looking statements set forth in this presentation. Many factors may cause the Group’s results of operations, financial condition, liquidity, and the development of the industry in which it operates to differ materially from those expressed or implied by the forward-looking statements contained in this presentation. No warranty or representation of any kind, express or implied, is or will be made by CZECHOSLOVAK GROUP a.s. or the other members of the Group in relation to, and to the fullest extent permissible by law, no responsibility or liability in contract, tort, or otherwise, is or will be accepted by us or any of our officers, employees, advisers or agents, or any other party, as to the accuracy, completeness or reasonableness of the information contained in this presentation, including any guidance, opinions, forecasts or projections. Nothing in this document shall be deemed to constitute such a representation or warranty. Any estimates and projections in this presentation were developed solely for our use at the time at which they were prepared and for limited purposes which may not meet the requirements or objectives of the recipient of this presentation. Nothing in this document should be considered to be a forecast of future profitability or financial position, and none of the information in the document is or is intended to be a profit forecast or profit estimate. We are not providing any advice herein (whether in relation to legal, tax or accounting issues or otherwise). You should seek legal, tax, accounting and any other necessary advice from your advisors in relation to the contents of this presentation. This presentation has not been approved by any regulatory authority and does not represent financial statements or an annual report within the meaning of applicable Czech law. 26