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CSG N.V. H1 2026 Results Presentation CSG )
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2 This presentation is for information purposes only and is not a recommendation to engage in investment activities and the inf ormation, statements and opinions contained in this presentation do not constitute a public offer under any applicable legislation, an offer to sell or solicitation of any offer to buy any securities or financial instruments, or any advice or recommendation with respect to such securities or other financial instruments. The information and materials contained in this presentation are provided ‘as is’ and CSG does not warrant as to the accuracy, adequacy or completeness of the information and materials and expressly disclaims liability for any errors or omissions. No part of it may be redistributed or reproduced without the prior written permission of CSG. This presentation may include forward -looking statements, which are based on CSG’s current expectations and projections about fu ture events. Forward-looking statements can be identified by the fact that they do not relate only to historical or current facts and sometimes use words such as ‘may’, ‘will’, ‘seek’, ‘continue’, ‘aim’, ‘anticipate’, ‘target’, 'outlook', 'guide', 'guidance‘, ‘projected’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, ‘achieve’ or other words of similar meaning. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and oth er factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of CSG. Such factors may cause actual results, performance or developments to differ mater ially from those expressed or implied by such forward -looking statements. Accordingly, CSG cannot give any assurance that forward-looking statements will prove correct and no undue reliance should be placed on any forward -looking statements. Such statements should be regarded as indicative and illustrative only, and CSG does not provide any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward -looking statements in this presentation will actually occur. Forward -looking statements speak only as at the date at which they are made. CSG expressly disclaims any obligation or undertaking to update, review or revise any forward -looking statements contained in this presentation to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law. This presentation contains Non-IFRS Measures, which are not liquidity or performance measures under IFRS. Unless stated otherwise, the financial informati on included in this presentation relates to H1 2026 and has not been audited or reviewed by the Group’s independent auditors. These Non-IFRS Measures are presented in addition to the figures that are prepared in accordance with IFRS. CSG believes that th e presentation of the Non-IFRS Measures is helpful to prospective investors because these and other similar measures and related ratios are widely used by certain investors, secur ities analysts and other interested parties as supplemental measures of performance and liquidity. Non -IFRS Measures are not defined or recognised under IFRS, and other companies may calculate these measures differently or may use such measures for different purposes than CSG does, limiting the usefulness of such measures as comparative measures. In addition, the Non -IFRS Measures presented in this presentation may not be comparable to similarly titled measures a nd financial information used by other companies. These Non -IFRS Measures should not be considered in isolation, as alternatives to revenue, profit before tax or cash flows from operations calculated in accordance with IFRS, as indications of operating performance or as measures of CSG's profitability or liquidity. Such Non -IFRS Measures must be considered only in addition to, and not as a substitute for or superior to, financial information and measures prepar ed in accordance with IFRS. CSG's FY2026 profit forecast reflects the forward -looking expectations of CSG which is based on a number of assumptions and esti mates about future events and actions, including management's assessment of opportunities and risks. Forecasts are inherently uncertain because of events or combinations of events that cannot reasonably be foreseen including t he actions of government, individuals, third parties and competitors and the data and assumptions used by CSG in calculating the FY2026 profit forecast are subject to change as a result of uncertainties due to the operational, economic , financial, accounting, competitive, regulatory and tax environments, among others, or as a result of other factors of which CSG is unaware of. Should one or more of these assumptions prove to be inappropriate or incorrect, CSG's results cou ld materially deviate from the FY2026 profit forecast. Additionally, the materialisation of certain risks could have an impact on CSG's operations, financial position, results or outlook and thus jeopardise the FY2026 profit forecast. CSG makes no undertaking and gives no assurance as to the achievement of the FY2026 profit foreca st. Investors should treat this information with caution and should not place undue reliance on the FY2026 profit forecast. CSG’s ability to achieve financial objectives is inherently subject to significant business, economic and competitive uncerta inties and contingencies, many of which are beyond CSG’s control, and upon assumptions with respect to future business decisions that are subject to change. As a result, CSG’s actual results may vary from these financial objectives, an d those variations may be material. Disclaimer
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3 Presenting Today Zdeněk Jurák Member of the Board of Directors Chief Financial Officer Michal Strnad Chairmanof the Board of Directors CEO & Majority shareholder
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Agenda Key & Financial highlights 7-10 11-15Business segment review Focus on working capital 16-17 Cash flow and capital structure 18-19 Summary & Guidance 20-21 Strategic Progress 5-6
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5 Delivering on our Commitments ✓ Land Systems revenue rose twofold, now 46% of Group backlog ✓ More diversified: Ukraine 17% of revenue, Europe ex-Ukraine is over half, US is second largest, Middle East and Asia growing ✓ Meeting demand for integrated systems. In mobile air defence we own the backbone, critical layers and integration process. $2.5bn contract won in Southeast Asia. Strategic investment in North Vector Dynamics: air defence tech, precision-guided missiles, counter UAS. ✓ Ammunition own productioncapacity reached 850k rounds (in addition to recommissioned), on track for c.1.1m by end of 2027, with demand shifting to extended range 155mm ✓ Vertical integration to significantly strengthen supply chain control. German, Greek and Slovak plants on schedule and budget. Gnaschwitz site for nitrogylcerine production newly acquired ✓ Construction started on Iowa's Future Artillery Complex. $77m FBI award further proves small caliber leadership. Land Systems North America scales from here ✓ Propulsion for long-range drones and missiles: one of few Western producers, with Wisconsin serial production from 2027. Plus, radars for drone navigation. ✓ CSG continues to explore opportunities in autonomy, AI and space Strategic progress behind a strong first half We're scaling capacity and controlling more of the supply chain We're broader, more diversified and better balanced We're building the next phase of growth today
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6 Strengthening the Leadership Team CSG recruited senior executives from the world's leading defence companies in the first half of 2026, building a leadership team to match the Group's scale and strategic priorities. Benjamin Hudson CEO, CSG Land Systems; Group CTO. From Hanwha; previously Rheinmetall, BAE Systems, General Dynamics European Land Systems. David Jacobs President, CSG Defense North America, leading a new Washington, D.C. office. From Northrop Grumman and Raytheon. Jason Alejandro Monahan President, CSG Land Systems North America. Two decades in US defense, including General Dynamics. Tom Winney CEO, Tatra Export. From KNDS and Rheinmetall/BAE Systems Land. Alexander Rüstig Fiocchi Group. Former head of RWS; senior roles at Schaeffler. Thomas Berge Nielsen Group Chief Strategy Officer. 10+ years at Rheinmetall; previously Kongsberg Defence & Aerospace. Matthew Harvey Chief Commercial Officer, Excalibur Army. 20+ years at BAE Systems, Leonardo and Marshall Aerospace & Defence.
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7 H1 2026 Financial Highlights KEY FACTS AS OF H1 2026 H1 2026 REVENUE SPLITS (%) 24.1% Operating EBIT margin Other 14% Ukraine 17% NATO Countries 69% By business By customer 1. Cash conversion = (Operating EBITD A – Capex) / Operating EBITDA 2. Capex Intesity = Capex / H1 2026 Revenue €3.3bn Revenue €46bn Total backlog and pipeline under negotiation (as of Jun-26) 1.6x Net leverage €784m Operating EBIT 86% Cash Conversion 1) 3.8% Capex Intensity2) 40% Net Working Capital / LTM Revenue Highlights Revenue up 17.2% to €3.25bn, with Defence Systems continuing to outgrow the Group average as Land Systems scales at pace Land Systems overtakes M/L Ammo as the single largest contributor to Group backlog (46% vs 38%), underscoring the Group's broadening platform beyond ammunition Operating EBIT up 12.7% to €784m, margin held at 24.1%, with Defence Systems margin resilient at 28.8%; Ammo+ margin temporarily compressed by the market slowdown, already recovering through Q2 Net leverage of 1.6x, reflecting planned working -capital investment to secure the production ramp-up — down from 1.7x at Dec -25 and well within the Group's long -term financial framework Advance Systems n/m Defence Electronics 2% Land Systems 14% Ammo+ 19% M/L ammo 65% vs 27% revenue from Ukraine for FY 2025
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8 Financial momentum continued through Q2 ✓ Q2 revenue of ~€1,707m (up from €1,544m in Q1) brings H1 to €3.3bn, up 17.2% YoY — a second straight quarter of double-digit growth, with Defence Systems continuing to outgrow the Group average ✓ Q1/H1 phasing (~21%/~43% of FY guidance) matches last year's cadence, reinforcing guidance confidence ✓ ~90% of H2 Defence Systems revenue needed to hit FY guidance is already under contract, further de- risking delivery Q2 caps a strong first half; Revenueand OperatingEBIT grew quarter-on-quarter; Ammo+ turns the corner Q2 growth accelerated, building on Q1 strength ✓ Q2 Operating EBIT of ~€412m, building on Q1's €372m and sustaining Group margin at 24.1% ✓ Defence Systems margin resilient at 28.8%, offseting the mix shift toward Land Systems ✓ Ammo+ margin, temporarily compressed by the market slowdown, already recovering through Q2 ✓ Revenue from Ukraine down to 17% of H1 revenue, from 27% in FY 2025, as NATO and international markets scale ✓ Land Systems overtakes M/L Ammo as the single largest backlog contributor (46% vs 38%), reducing concentration in ammunition alone ✓ NATO countries now represent 69% of Group revenue, underscoring durable, framework-driven demand beyond any single conflict 1,544 1,707 Q1 2026 Q2 2026 70% 30% H2 2026 Guidance1) 1. Revenue needed in H2 2026 to hit FY guidance (€7.4bn – €7.5bn), split between contracted (~70%) and still-to-be-booked (~30%), includingAmmo+. Profitabillity held firm through Q2, with Ammo+ turning the corner FY 2025 Q1 2026 H1 2026 28% 8% 28% 4% 29% 8% Growth continues to broaden across platforms and geographies FY 2025 Q1 2026 H1 2026 27% 21% 17% Defence Systems Ammo+ Decrease of Ukraine proportion to total Revenue REVENUE (€m) OPERATING EBIT MARGIN (%) UKRAINE REVENUE PROPORTION (%)
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Total backlog1) – as of Jun 26 €17bn +15% vs December 2025 Order backlog up 15% year-to-date to €17bn, led by Land Systems Backlog continues to expandquarter on quarter, with diversification across sub-segments Coverage ratio2) – as of Jun-26 2.4x Up from 2.2x in Dec-25 Order intake ratio3) 1.1x Intake matched delivery Total opportunities 4) €46bn 6.4x coverage ratio Dec-24 46% 41% 13% Dec-25 47% 45% 8% Mar-26 Q2 Revenues Q2 Order in-take 47% 45% 8% Jun-26 €11bn €15bn €17bn € -1.4bn € 1.6bn €17bn +15% Fix Frame Soft Q-o-Q Order Intake Ratio 1.1x 46% 40% 4% 10% Dec-25 38% 48% 3% 11% Mar-26 38% 46% 3% 14% Jun-26 €15bn €17bn €17bn +33% M/L Ammo Land Systems Aerospace and Defence Electronics, Advanced Systems Ammo+ TOTAL BACKLOG & Q2 ORDER INTAKE RATIO (€bn) TOTAL BACKLOG SPLIT BY SUB -SEGMENTS 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 calculatedas Defence Backlog, incl. Ammo+ defence backlog / H1 2026 LTM revenue 3. Order intake = Fixed backlog(excl. Ammo+) added in the quarter / revenue recognisedin the same quarter(excl. Ammo+) 4. Total opportunities= Total Backlog + Pipeline (Projects in advanced stage of negotiation and deemed reasonably achievable based on previous experience in the market and with the customer) 9
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Group Performance Bridge 10 REVENUE (€m) OPERATING EBIT (€m) / OPERATING EBIT MARGIN (%) COMMENTARY Group revenue up 17.2% to €3,251m, driven primarily by the Defence Systems business. Within Defence Systems, the mix continues to shift toward Land Systems, which is now growing faster than M/L Ammunition and has overtaken it as the largest share of Group backlog (46% vs 38%) 1. Other = aggregation ofi) Other, ii) Inter-company elimination 24%25% 2,063 2,620 713 631 H1 2025 H1 2026 2,775 3,251 +17% Defence systems Ammo+ Other1) 618 754 70 H1 20252) 51 H1 2026 696 784 +13% 2.Operating EBIT for H1 2025 defined as profit from operating activities adjusted for -€31m impact related to the recognition of PPA effect in D&A reflecting the step-up value of PP&E and intangibles Operating EBIT margin of 24.1% for H1 2026, with Defence Systems margin resilient at 2 9% on favourable mix and vertical integration benefits. Ammo+ margin recovered sharply through the year to 8% for H1 2026 — already back near the margin achieved for the full year 2025 — with the underlying Q2 run -rate margin, as US commercial pricing and volumes rebuilt following the Q1 slowdown FY 2026 and medium -term guidance reaffirmed. As typical for European defence peers, deliveries and revenue recognition are weighted towards the second half of the year; the Group is well positioned, having already secured the components needed to execute the backlog through the remainder of FY 2026
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11 Deep Dive | Defence Systems division KEY FINANCIALS H1 2026 REVENUE SPLIT BY GEOGRAPHY AND SUB -SEGMENT €776m / €754m Operating EBITDA / EBIT 30% / 29% Operating EBITDA / EBIT margin REVENUE AND OPERATING EBIT Y -o-Y COMPARISON (€m) HIGHLIGHTS Supply chain management and vertical integration driving margin expansion 2 Growing demand from both NATO members and Southeast Asia supports order and production ramp-up trajectory 3 Production capacity expansion, automation and new manufacturing lines supporting future growth and margin profile 5 Strong order intake, with effective management of supply chain lead times, logistics, and export licence timing 1 Advanced Systems continues to build out early-stage portfolio 4 KEY COMPANIES IN THE DIVISION 2,063 2,621 H1 2025 H1 2026 +27% 618 754 H1 2025 H1 2026 +22% USA 3% RoW 16% Ukraine 21% Europe excl. Ukraine 60% €2,621m Aerospace & Defence Electronics 2% Land Systems 17% M/L ammo 81% €2,621m
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12 M/L Ammo KEY FACTS H1 2026 REVENUE Y-o-Y COMPARISON (€m) €2,121m Revenue ~ 31% Operating EBIT margin H1 2026 HIGHLIGHTS 2 3 1 Large-calibre own production output on track for approximately 850,000 rounds by year-end 2026, keeping us on course for c.1.1 million by the end of 2027. Continued contract wins for ammunition rounds and critical components, reflecting demand across the full value chain. Strengthened supply chain control alongside shift to extended range. Vertical integration projects on schedule and on budget 13 Total sites 65% % of H1 2026 Revenue €19bn Total backlog and projects under negotiation (as of Jun-26) 41% % of Group backlog and projects under negotiation (as of Jun-26) 1,773 2,121 H1 2025 H1 2026 +20% 2025 1H 2026 By year end 2026 By year end 2027 ~ 630k ~ 500k ~ 850k ~ 1,100k 35% 65% 1H 2026 60% 40% FY 2026 40% 60% 1H 2026 30% 70% FY 2026 INCREASING OWN LARGE AMMUNITION PRODUCTION ON TRACK 155mm production split Share of own production grows Long Range Short Range Recommission Own production
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13 Land Systems KEY FACTS H1 2026 REVENUE Y-o-Y COMPARISON (€m) €445m Revenue ~ 17% Operating EBIT margin BACKLOG & PIPELINE CONFIRM GROWING IMPORTANCE OF LAND SYSTEMS H1 2026 HIGHLIGHTS 2 3 1 Sustained order and production growth, with backlog build across NATO and Southeast Asia. 11 Total sites 17% % of H1 2026 Revenue €23bn Total backlog and projects under negotiation (as of Jun-26) 50% % of Group backlog and projects under negotiation (as of Jun-26) 225 445 H1 2025 H1 2026 +98% 28% 42% 50% 72% 58% 50% Mar-25 Dec-25 Jun-26 +22% Land Systems Other CSG segments Growth of Land Systems contribution Consolidated leading position as an integrated systems provider, with Trident brought to market and c$2.5bn of air defence contracts won in Southeast Asia Established CSG Land Systems North America, consolidating US commercial presence and targeting its artillery and vehicles market
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Aerospace & Defence Electronics / Advanced Systems 14 KEY FACTS H1 2026 €58m Revenue ~ 13% Operating EBIT margin 5 Total sites 2% % of H1 2026 Revenue €1bn Total backlog and projects under negotiation (as of Jun-26) 3% % of Group backlog and projects under negotiation (as of Jun-26) H1 2026 HIGHLIGHTS AEROSPACE & DEFENCE ELECTRONICS Developing the digital systems that manage airspace, from radar detection through to software coordinating drones alongside manned aircraft Building a leadership position in propulsion - Strategic partnership with Ukrainian Armor for the development and supply of advanced propulsion systems for guided missiles and unmanned platforms - New Wisconsin plant announced to serve US and allied customers, with first engines this year and serial production from 2027 H1 2026 HIGHLIGHTS ADVANCE D SYSTEMS 2025 2026 Mid-term Launching ~ 1,800 ~ 5,000 TURBO JET ENGINE CAPACITY AND BACKLOG AND PIPELINE (as of Jun-26) (Units) (€m) Backlog Pipeline ~ 100 ~ 500 Actively exploring further opportunities in autonomy, artificial intelligence and space Approval secured for the delivery and installation of radar systems to Vietnam, to value of tens of millions of dollars, following successful testing. Cements CSG's position as a trusted partner to both civil and military customers in the fields of radar technology and air traffic management Strategic investment in North Vector Dynamics: air defence tech, precision-guided missiles and counter UAS
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15 Deep Dive | Ammo+ division KEY FINANCIALS H1 2026 REVENUE SPLIT BY GEOGRAPHY AND SUB -SEGMENT €104m / €51m Operating EBITDA / EBIT 17% / 8% Operating EBITDA / EBIT margin REVENUE AND OPERATING EBIT Y -o-Y COMPARISON (€m) H1 2026 HIGHLIGHTS KEY BRANDS IN THE DIVISION 2 3 1 RoW 7% Europe excl. Ukraine 13% USA 80% 713 631 H1 2025 H1 2026 -11% 70 51 H1 20251) H1 2026 -27% Defence 21% Civil 79% Secured contracts worth a todal of c.$100 million from the FBI and other US law enforcement agencies Agreement with US Army to use Federal’s patented Peak Alloy ammunition case technology across multiple cartridges and weapon systems Investments in workforce and production capacity, expected to support material revenue and margin expansion through 2026 €631m 1. Operating EBIT for H1 2025 defined as profit from operating activities adjusted for -€31m impact related to the recognition of PPA effect in D&A reflecting the step-up value of PP&E and intangibles 4 Ammo+, evidenced a steady recovery in volumes and profitability in the US commercial market since Q1, with H1 exit run rate now meaningfully ahead of Q1. Q2 revenue up 17%, Q2 EBIT margin of 11% €631m
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Net Working Capital NWC SEASONALITY(€m) CHANGE IN NWC FROM DEC-25 (€m) 1. Excludinga receivable of €275m related to theGroup structure optimization (carve out of non-core activities). The increase in NWC over H1 2026 is temporary and directly linked to the production ramp-up, as the Group builds inventory of key components to secure supply ahead of accelerating H2 deliveries The build was driven by higher inventories of key long-lead-time components securing the production ramp-up, alongside a reduction in customer advances as prepaid contracts converted into delivered revenue, with advances typically rebuilding toward year-end Actual NWC mirrors the 2025 trajectory, where a comparable H1 build was followed by a material H2 unwind as Q4 deliveries converted into cash. Net working capital efficiency improved Y-o-Y — the increase relative to revenue was 2.4 percentage points lower than in H1 2025, despite the business now operating at a significantly larger scale 710 843 517 1,275 1,631 2,059 1,620 2,199 2,895 27% Sep-24 10% Dec-24 23% Mar-25 28% Jun-25 33% 153 24% Dec-251) 32% Mar-26 40% Jun-26 9% Dec-23 135 6% Mar-24 27% Jun-24 Sep-251) +216% +79%Net working capital NWC as % of LTM Revenue 1,620 2,895 470 589 Dec-25 Customers 164 Suppliers Inventories 52 Other Jun 26 16
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17 Net working capital driven by scale, mix and delivery ramp-up Bigger volumes, a longer-cycle platform mix, and more complex components each add to inventory needs Larger order volumes require inventory secured further ahead of delivery Dec-25 Jun-26 € 15bn € 17bn 1 Backlog & Demand 2 Land System share in backlog & pipeline 3 Land System delivery 4 Long-range mix 5 M/L own production share +15% vs December 2025 €2,895m Net working capital at Jun-26 +79% vs 1,620m at Dec -25 – a deliberate investment to secure the production ramp -up, not a deterioration in discipline Longer program cycles mean more sustained NWC – chassis being the key long-lead item Mar-25 Dec-25 Jun-26 28% 42% 50% +22pp vs March 2025 Tripling to ~1,200 units in H2 requires chassis & key components secured well ahead of delivery H1 2026 H2 2026e ~ 400pcs ~ 1,200pcs H2 ramp-up delivery More complex, higher-cost components – supply chain secured ahead of in-house vertical integration" H1 2026 FY 2026 35% 60% +25pp vs H1 Same dynamic as long-range ammo – complex components secured ahead of vertical integration H1 2026 FY 2026 60% 70% +10pp vs H1
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Cash flow and Capex funding strategy Operating EBITDA less capex of €740m for H1 2026, up €54m (+7.9%) year-on-year . Free cash flow reflected €1,150m of cash deployed into working capital to fund the production ramp-up, together with higher cash tax payments of €210m (H1 2025: €69m) Capex of €122m (3.8% of revenue) and cash conversion of 86% reflect the pace of investment to date in capacity expansion and automation, with spend stepping up through H2 2026 to meet the Group's 8.5% full-year capital intensity guidance — cash use that will be progressively offset as net working capital unwinds FREE CASH FLOW Operating EBITDA Capex H1 2025 774 (87) Operating EBITDA – CAPEX Cash conversion 89% H1 2026 863 €m Change in NWC Pre-tax FCF Tax Interest paid FCF 686 (1,180) (494) (69) (124) (686) (122) 740 86% (1,151) (411) (210) (122) (742) 18
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Debt and Capital allocation Net leverage remains firmly within the Group's long-term financial framework, with the increase between Mar-26 and Jun-26 driven by cash deployed into working capital to fund the production ramp-up rather than any new borrowing. The Group remains on track toward its medium- term leverage target The Group continues to actively manage its capital structure to support long-term growth, with further steps recently taken to optimise the Group's financing profile. NET LEVERAGE CAPITAL STRUCTURE 1.6x 1.9x 2.1x 1.7x 1.3x 1.6x Jun-25 Sep-25 Dec-25 Mar-26 Jun-26Mar-25 (-) Cash & Cash Equivalents RCFs Syndicated Bank Facilities Dec-25 CZK Bonds Gross Debt Net Debt (1,505) 117 1,707 3,004 New USD 1bn & EUR 1bn Bonds 1,902 Leases 118 4,509 699 Mar-26 4,515 2,228 Maturity 2027 2029 2030 2031 €m (2,287) 157 1,687 695 1,895 113 Transaction costs (34) (32) USD Floating rate bonds -- -- Jun-26 (1,617) 152 1,665 702 -- 1,929 (30) 113 4,531 2,914 19
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H1 2026 Summary Strong revenue momentum; record Defence Systems backlog Winning in core markets; diversifying end markets Ammo+ US commercial recovery underway; capacity expanded to match Successfully scaling M/L ammunition production capacity through vertical integration and expansion Strong inroads into high-growth air defence and UAV markets Exceptional growth in Land Systems driven by unique ability to deliver integrated programmesat scale 20
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Re-affirming Guidance The Group reaffirms FY 26 and medium-term outlook issued at IPO 1. CapEx intensity = Capex / Revenue 2. CAGR is based on FY 2026E revenue as base FY 2026E Revenue Adj. Operating EBIT margin Capex intensity1) NWC as % of Revenue (YE) Net Leverage ~€7.4-7.6bn Mid teens 2) organic CAGR ~24-25% ~26-28% ~8.5% ~4-5% <20% <1.3x Mid T erm 21
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Q&A YOUR QUESTIONS, OUR ANSWERS
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Appendix
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Consolidated Statement of Profit & Loss for the period 1 January 2026 – 30 June 2026 Revenues 3,251 2,775 Operating EBITDA 863 774 Depreciation and amortisation expenses (78) (47) Operating EBIT 784 727 Net financing activities (61) (266) Share of profit/(loss) from associates & JVs, net 5 (6) 30 June 2026 30 June 2025€m 24 Profit before tax Income tax Total profit 728 (157) 571 455 (146) 305 Adjusted Operating EBIT 784 696
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Consolidated Statement of Financial Position 30 June 2026 31 Decemeber 2025€m Goodwill 1,263 1,205 Intangible assets 847 807 Property, plant, equipment, and Investment property 996 1,028 Investments in associates and joint ventures 97 83 Loans and other financial assets 443 424 Net working capital 2,895 1,895 Net Debt (incl. Lease liabilities) (2,914) (3,004) Other financial liabilities (0) (3) Net tax (275) (358) Net Assets 3,352 2,079 25
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Consolidated Statement of Cash Flow 30 June 2026 30 June 2025€m Operating EBITDA - CAPEX 740 Free Cash Flow (742) (686) 26 686 As defined by Group Net cash from operating activities (536) (572) Net cash (used in)/from investing activities Net cash (used in)/from financing activities Net increase/decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Foreign exchange rate gains (+) / losses ( -) from the translation of cash and cash equivalents Cash and cash equivalents at end of period space As derived from IFRS 95 555 115 1,505 (2) 1,617 (240) 551 (261) 1,248 (19) 968
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Alternative performance measures 27 This presentation contains certain financial information and measures that are not defined or recognisedunder IFRS and which are considered to be"alternative performance measures" as defined by the "ESMAGuidelines on Alternative Performance Measures" issued by the European Securities and MarketsAuthority on 5 October 2015 (the "APMs" or "Non-IFRS Measures"). Accordingly, the APMs have not been audited or reviewed. TheCompany has included the following APMs in this Prospectus: „Cash Conversion“ means Adjusted OperatingEBITDA less Capex divided by Adjusted OperatingEBITDA; „CapEx Intesity“ means Capex divided by revenue; „Net Debt“ means Gross Debt minus cash and cash equivalents; „Net Leverage“ means Net Debt divided by Adjusted OperatingEBITDA on a last twelce-month basis; „OperatingEBIT“means net profit from continuing operations before income tax, profit/(loss)from financing activities, share of profit/(loss) fromassociates and JV, net and profit/(loss) fromthe sale of equity interests; „Operating EBIT Margin“ means OperatingEBIT divided by revenue; „OperatingEBITDA“ means OperatingEBIT plus depreciationand amortisationexpenses; „Operating EBITDA Margin“ means OperatingEBITDA divided by revenue;
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Alternative performance measures 28 The Company has included the APMs in this presentationbecause they represent key measures used bymanagement to evaluate the Group's operating performance. Further , the Group believes that thepresentation of the APMs is helpful to investorsbecause these and other similar measures andrelated ratios are widely used by certain investors, securities analysts and other interested parties assupplemental measures of performance and liquidity. Management also believes that the APMs facilitateoperating performance comparisons on a period-to-period basis to exclude the impact of items, whichmanagement does not consider to be indicative of the Group's core operating performance. APMs are not defined or recognisedunder IFRS, and other companies may calculate these measuresdifferently or may use such measures for different purposes than the Company does, limiting the usefulnessof such measures as comparative measures. In addition, the APMs presented in this presentationmay not becomparable to similarly titled measures and financial information used by other companies. Neither theCompany's independent auditors nor any other independent accountants have audited, reviewed, compiled, examined, or performed any procedures with respect to the presentation of the APMs.