Cohort Plc · LSE:CHRT
Cohort — H1 2025/26 Earnings Presentation
21 slides from Cohort's earnings presentation, Oct 31, 2025
Slide 1: Empowering innovation for defence advantage
Empowering innovation for defence advantage Interim results ended 31 October 2025
Slide 2: Robust performance with strong order book sustained
Robust performance with strong order book sustained 2
Slide 3: Financial highlights
Financial highlights REVENUE ADJUSTED OPERATING PROFIT ADJUSTED EPS H1 revenue & profits in line with expectations; £128.8m £9.7m 16.16p EM Solutions maiden (2024: £118.2m) (2024: £10.1m) (2024: 20.00p) contribution offset by expected drop at MCL ORDER INTAKE ORDER BOOK REVENUE COVER Strong closing
Slide 4: Financial Review
Financial Review Simon Walther, Finance Director 4
Slide 5: Income statement
Financial Review Income statement Six months Six months Variance ended 31 ended 31 % Oct 2025 Oct 2024 £m £m Revenue 128.8 118.2 +9% Gross profit 41.9 38.2 Overhead (32.2) (28.1) Adjusted operating profit 9.7 10.1 -4% • Maiden revenue contribution from EM Solutions limited by expected drop at MCL •
Slide 6: Sensors and Effectors
Divisional Highlights Sensors and Effectors Six months Six months ended ended 31 Oct 2025 31 Oct 2024 £m £m Revenue (£m) 66.6 64.2 Adjusted operating profit (£m) 3.2 5.3 Operating margin 4.8% 8.4% Order book 400.9 406.8 • Good order intake at CHESS and SEA • CHESS has now returned to profit – new ma
Slide 7: Communications and Intelligence
Divisional Highlights Communications and Intelligence Six months Six months ended ended 31 Oct 2025 31 Oct 2024 £m £m Revenue (£m) 62.5 55.2 Adjusted operating profit (£m) 10.4 8.5 Operating margin 16.8% 15.5% Order book 203.6 134.3 • Strong order intake at MASS and EM Solutions • Significant maiden
Slide 8: Net Funds Bridge H1 2025/26
Financial Review Net Funds Bridge H1 2025/26 40 Capex Tax Paid Working c.£21m in FY26 due to new ELAC facility 30 £5.9m Capital FY27 & FY28 – c.£6-7m pa £6.5m (£2.5m) 20 Sale of £9.7m Transport Adjusted Depreciation 10 Operating £5.3m Profit £m 0 Opening Net Funds Closing -10 Capex Net Debt (£39.4m)
Slide 9: Outlook – FY26 and beyond
Outlook – FY26 and beyond Andrew Thomis, Chief Executive 9
Slide 10: Geopolitical tensions driving demand
Geopolitical tensions driving demand CATALYSTS DRIVING DEFENCE SPENDING INCREASED DEMAND FOR… • Continued conflict in • NATO commitment to 5% of • Underwater infrastructure Central/Eastern Europe and Ukraine national income on security protection (SEA/ELAC) • Rising tensions between China and • NATO
Slide 11: Strong opportunity pipeline
Strong opportunity pipeline COMMUNICATIONS AND INTELLIGENCE Communication and network systems for new Portuguese navy vessels. Vehicle upgrades for Portuguese Army. Multiple communication systems opportunities from NATO countries and Asia/Pacific Future Portuguese and New Zealand navies fleetwide in
Slide 12: Expanding our global footprint
Expanding our global footprint Completion of ELAC’s new ELAC Italy opening in Launch of SEA Canada facility in Kiel, Germany La Spezia Signalling our commitment to The regional hub will help provide The state-of-the-art manufacturing innovation, the new site will closer support and assistance to the
Slide 13: Group wide collaboration with Hanwha Ocean
Group wide collaboration with Hanwha Ocean • Cohort signed a MoU with major Korean shipbuilder Hanwha Ocean* • The agreement signals our partnership to deliver defence technologies on the 2nd phase of the Royal Thai Navy’s frigate acquisition programme • The MoU covers defence capabilities from acro
Slide 14: EM Solutions – integrated and delivering for the Group
EM Solutions – integrated and delivering for the Group • Strong performance: largest contributor to Group profit in H1 • A $28.6m order intake in H1 with significant near-term further opportunities • Joined major Group presence at DSEI • Great long-term prospects in Australia, Europe and Japan • Agr
Slide 15: Strong visibility of revenue, profit and cash flow
Strong visibility of revenue, profit and cash flow ORDER BOOK 31 October 2025 To be delivered 31 October 2024 To be delivered £m H2 2025/26 £m H2 2024/25 £m £m Communications and Intelligence 203.6 70.8 134.3 52.0 Sensors and Effectors 400.9 74.4 406.8 69.3 604.5 145.2 541.1 121.3 Outlook • Full yea
Slide 16: The Cohort investment case
The Cohort investment case • Strong and proven business model led by experienced and entrepreneurial team • Active and proven acquisition strategy to accelerate growth • Financial strength provides customer confidence whilst funding acquisitions and investment • Access to attractive growth markets i
Slide 17: Questions?
Questions? 17
Slide 18: Appendix
Appendix 18
Slide 19: Net Cash Flow
Financial Review Net Cash Flow Half year ended 31 October 2025 2024 £m £m Adjusted operating profit 9.7 10.1 Working capital (39.4) 21.7 Depreciation and share based payments 7.8 1.6 Net funds (out)/inflow from operations (21.9) 33.4 Sale of Transport/(Acquisition of ITS) 5.9 (3.0) Capital expenditu
Slide 20: Earnings Per Share
Financial Review Earnings Per Share • 19% decrease in adjusted earnings per share from 4% decrease in adjusted operating profit Reconciled as follows: Adjusted Adjusted earnings per operating profit share £m Pence 2024 10.1 20.00 Sale of Transport business 5.9 11.17 100% owned businesses throughout
Slide 21: Thank you
Thank you Cohort plc One Waterside Drive Arlington Business Park Theale Reading RG7 4SW www.cohortplc.com 21