Slide 1: 20 years of empowering innovation for defence advantage
20 years of empowering innovation for defence advantage Results for the year ended 30 April 2026 Presented on 15 July 2026
Slide 2: Record revenue and adjusted operating profit, ahead of expectations
Record revenue and adjusted operating profit, ahead of expectations Andrew Thomis Simon Walther Chief Executive Finance Director
Slide 3: We enhance national and allied security by providing specialist, high-technology defence and security capabilities
Results for the year ended 30 April 2026 3 We enhance national Capabilities and allied security by • Counter-drone, electro-optical tracking providing specialist, and air defence solutions high-technology • Communications management systems defence and security • Advanced digital sonar systems • Sea
Slide 4: Long-term performance: Total Shareholder Return since Cohort IPO
Results for the year ended 30 April 2026 4 Long-term performance Total Shareholder Return - Since Cohort IPO 1600 Total shareholder return (pence, rebased to 100) 1400 1200 1000 800 600 400 200 0 Cohort AIM All Share Peer group (weighted)
Slide 5: Long-term performance: Adjusted Operating Profit and Dividend Per Share
£m 10.0 15.0 20.0 25.0 30.0 35.0 40.0 0.0 5.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 17% CAGR 2017 2018 2019 2020 Long-term performance Adjusted Operating Profit 2021 2022 2023 2024 2025 2026 Pence 10 12 14 16 18 20 0 2 4 6 8 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201
Slide 6: Financial highlights
Results for the year ended 30 April 2026 6 Financial highlights REVENUE OPERATING PROFIT ADJUSTED EPS Record revenue and adjusted £306.4m £36.3m 61.9p operating profit 13% 32% 14% (2025: £270.0m) (2025: £27.5m) (2025: 54.4p) Robust order ORDER INTAKE ORDER BOOK 2026/27 REVENUE COVER book with £314.2
Slide 7: Financial Review
Results for the year ended 30 April 2026 7 Financial Review Simon Walther, Finance Director
Slide 8: Divisional highlights
Results for the year ended 30 April 2026 8 Divisional highlights Communications and Intelligence Sensors and Effectors Combined Revenue Significant contracts won to deliver Integrated Communication Systems (ICS), £306.4m Strong demand for C-UAS and positioner products Networks and Satellite Comm
Slide 9: Net funds bridge H1, H2 2025/2026
Results for the year ended 30 April 2026 9 Net funds bridge H1, H2 2025/2026 30.0 5.9 20.0 9.7 18.1 10.0 5.3 -7.3 2.2 £m 0.0 -2.7 26.6 -10.0 -20.0 -38.1 -30.0 -10.3 -5.0 -32.5 -40.0 Increase Decrease Total
Slide 10: Capital allocation (2021-2026)
Results for the year ended 30 April 2026 10 Capital allocation (2021-2026) £142 million cash generated from operations Organic investment M&A Dividends £61m £41m £30m (net of funds raised) Dividends increased every year • Manufacturing facility in since IPO Kiel, Germany • EM Solutions • ENLITOR/ERA
Slide 11: Financial guidance
Results for the year ended 30 April 2026 11 Financial guidance • Order book underpins 88% of 2026/27 revenue £140m -£60m • Encouraging pipeline CASH FROM OPERATIONS • Net margin aim remains mid-teen % by 2030 -£30m • Target double digit earnings growth in each £ ORGANIC £80m £ INVESTMENT of next thr
Slide 12: Operational highlights
Results for the year ended 30 April 2026 12 Operational highlights Andrew Thomis, Chief Executive
Slide 13: Driving operational excellence
Results for the year ended 30 April 2026 13 Driving operational excellence Appointment of Chris Axcell, COO for Cohort Group, with focus on: • Increasing manufacturing and operational efficiency • Growing production capacity in line with demand • Day-to-day relationships with certain operating busin
Slide 14: Implementing operational initiatives
Results for the year ended 30 April 2026 14 Implementing operational initiatives Establishing group-wide forums: • Engineering, Operations and Supply Chain • Project Management Forum Implementation of Project Lifecycle Framework: • Strengthening bids and execution of major programmes • Further enhan
Slide 15: Strategic Highlights & Outlook
Results for the year ended 30 April 2026 15 Strategic Highlights & Outlook Andrew Thomis, Chief Executive
Slide 16: Investing in technical innovation
Results for the year ended 30 April 2026 16 Investing in technical innovation Towed Array Sonar Underwater sensor to shooter Satellite Communications KraitSense – Our key Anti-Submarine ENLITOR – a passive underwater Combined Optical and RF Terminals – Warfare (ASW) capability for crewed surve
Slide 17: Strong acquisition performance
Results for the year ended 30 April 2026 17 Strong acquisition performance • Seven major acquisitions since IPO • Total acquisition cost £184m • Operating profit this year £36m • Steady flow of further opportunities
Slide 18: Increasing global defence spending
Results for the year ended 30 April 2026 18 Increasing global defence spending Estimated spend by region* 2380 • Asia and Europe the growth drivers 2500 2250 1973 2100 • European defence spending at record levels since 1855 2000 Cold War 1500 • Hostilities in Ukraine continue to drive demand for USD
Slide 19: Strong positioning in regions with good growth potential
Results for the year ended 30 April 2026 19 Strong positioning in regions with good growth potential Revenue breakdown by Recent regional investments include: geography 100% • Opening an office in La Spezia, Italy, 90% to enable closer collaboration, faster 80% response times and sustained value 70%
Slide 20: Market Dynamics
Results for the year ended 30 April 2026 20 Market Dynamics Revenue breakdown by domain • Longer term Maritime orders continue 100% to dominate the order book 90% 80% 70% • Land and Air/Space contributions 60% remain strong 50% 40% • Shorter term cyber and information 30% work still well represented
Slide 21: Order book run-off
Results for the year ended 30 April 2026 21 Order book run-off 700.0 618.8 600.0 500.0 389.3 400.0 £m 300.0 263.7 200.0 135.9 140.6 150.0 131.5 123.1 229.5 67.6 100.0 68.3 77.0 73.6 13.0 127.8 45.1 73.0 54.8 54.5 28.5 19.0 - 30 April 2026 H1 2026/27 H2 2026/27 Total 2026/27 2027/28 2028/29 Later yea
Slide 22: Cohort's updated opportunity pipeline
Results for the year ended 30 April 2026 22 Cohort’s updated opportunity pipeline Communications and Intelligence Sensors and Effectors Continued demand for Electronic Warfare, Multiple opportunities for Counter-drone systems Communications Systems, Drone and Counter-Drone technology in Ukraine
Slide 23: Delivering shareholder value
Results for the year ended 30 April 2026 23 Delivering shareholder value Robust Disciplined Innovation Access to Acquisition Consistent financials capital growth markets strategy dividend track allocation record Strong cash Capex Portfolio of high Operating in Proven track Increased every generation
Slide 24: Cohort continues to see strong demand for our products and services
24 “Cohort continues to see strong demand for our products and services from both our domestic and export customers. Overall, our trading performance and earnings were ahead of consensus market expectations, driven by very strong performance in our Communications and Intelligence division. Order int
Slide 25: Questions
Results for the year ended 30 April 2026 25 Questions
Slide 26: Appendix
Results for the year ended 30 April 2026 26 Appendix
Slide 27: A clear strategy for growth
Results for the year ended 30 April 2026 27 A clear strategy for growth Cohort believes agile businesses can prosper by being part of a larger group, where they benefit from strong leadership, financial strength and a shared culture. Building our portfolio through acquisitions Leading empowered busi
Slide 28: Income statement
Results for the year ended 30 April 2026 28 Income statement 2026 Margins 2025 Margins Variance Revenue £306.4m £270.0m 12% Gross profit £104.3m 34.1% £90.4m 33.5% Overhead £68.0m £62.9m Adjusted operating profit £36.3m 11.8% £27.5m 10.2% 32%
Slide 29: Net cash flow
Results for the year ended 30 April 2026 29 Net cash flow Good underpinning for coming year 2026 2025 £m £m Adjusted operating profit 36.3 27.5 Working capital (28.7) 22.4 Depreciation 4.3 2.8 Net funds inflow from operations 11.9 52.7 Sale of Transport 5.9 - Acquisition of EMS and ITS - (81.6) Shar
Slide 30: Earnings per share
Results for the year ended 30 April 2026 30 Earnings per share Good underpinning for coming year Adjusted operating profit Adjusted earnings per share £m Pence 2025 27.5 54.44 100% owned businesses 9.7 17.77 throughout the year Impact of businesses with (0.9) (1.32) minority holding Tax (2.81) Other