Slide 1: Transformation Delivering. Focusing on Growth – Interim Results 2026
TRANSFORMATION DELIVERING. FOCUSING ON GROWTH Interim Results 2026
Slide 2: From transformation to growth
From transformation to growth 1 2 3 Achieved mid- Focusing on the Organic growth term targets 18 next phase of opportunities & months early growth strong balance sheet Focusing on the next phase of growth ... exciting prospects ahead 2
Slide 3: Very strong group financial performance - well into target margin range
Very strong group financial performance - well into target margin range 3
Slide 4: Very strong group financial performance
Very strong group financial performance ... -11% +7% +39% Closing order Adjusted Revenue book operating profit $219.9m $160.8m $24.4m (HY25: $247.0m) (HY25: $148.7m) (HY25: $17.5m) +450 +45% Return on bps Adjusted Leverage Invested Capital basic EPS 20.8% 56.4c 0.90x (HY25: 16.3%) (HY25: 0.99x) (HY2
Slide 5: HY26 highlights
HY26 highlights Lower order intake HY26 HY25 CC* • DoW follow-on orders expected in late $m $m ▲ ▲ FY26/FY27 Orders received 117.9 170.5 (30.9%) (31.6%) • Grant funding delays represent short- Closing order book 219.9 247.0 (11.0%) (11.4%) term demand headwind Revenue 160.8 148.7 8.1% 6.8% Adjusted
Slide 6: Avon Protection
Avon Protection Order intake reduction - non-recurrence of HY26 HY25 H1 2025 one-off orders partly offset by $m $m ▲ strong Commercial Americas through Orders received 87.8 97.2 (9.7%) emergency funding channels and NSPA Closing order book 111.9 93.7 19.4% demand Revenue 92.9 75.5 23.0% Adjusted ope
Slide 7: Team Wendy
Team Wendy Weak H1 order intake: • Further DoW orders expected later this HY26 HY25 calendar year $m $m ▲ • Grant funding delays holding back Orders received 30.1 73.3 (58.9%) commercial orders – now improving Closing order book 108.0 153.3 (29.5%) Revenue 67.9 73.2 (7.2%) Adjusted operating profit
Slide 8: Group operating profit bridge
Group operating profit bridge $30.0m $2.4m $2.0m $25.0m $24.4m $6.2m ($1.5m) ($1.7m) ($0.5m) ($0.4m) $20.0m $17.5m Tariffs, UK NI & US healthcare $15.0m $10.0m $5.0m $0.0m HY25 Volume AP Mix TW site External Other ACH dilution impacts HY26 optimisation ... operational gearing expected to drive Team
Slide 9: Cash conversion impacted by timing of Team Wendy receipts
Cash conversion impacted by timing of Team Wendy receipts HY26 HY25 $m $m Adjusted EBITDA 29.3 23.4 38% cash conversion:$18m DoW Share-based payments and defined benefit pension scheme costs 3.0 3.3 receivables received first week of Working capital and other adjustments (21.1) (13.7) April. If thes
Slide 10: Strong Balance Sheet
Strong Balance Sheet HY26 FY25 HY25 $m $m $m Intangible assets 110.9 115.4 120.8 Inventory turns of 3.0x: flat due to Property, plant and equipment 43.1 42.3 41.5 focus on DoW ramp activities. Net other non-current assets 23.5 31.0 28.3 Improvement expected in H2 Inventories 59.1 55.5 58.7 Other cur
Slide 11: Firmly on track to meet or exceed all targets in FY26
Firmly on track to meet or exceed all targets in FY26 FY26 expected to be in line with previous guidance: Revenue growth High-single-digit growth FY26 margins towards the top of this range Adjusted operating profit margin Within 14-16% range Transformation OpEx Total $7m spend in line with guidance.
Slide 12: Current threat environment supporting medium term growth
Current threat environment supporting medium term growth 12
Slide 13: The global geopolitical picture has shifted
The global geopolitical picture has shifted Market growth drivers* Active conflict zones are at their highest since World War II: 2024 Current trend trend • Strategic shift of US positioning within NATO and towards international security engagement • Growing budgets as Europe enters a rearmament cyc
Slide 14: Our STAR strategy is delivering financial improvement
Our STAR strategy is delivering financial improvement ... Strengthen System launched Mostly complete; last two projects Lots of opportunity running to plan for further …Kaizen is forever improvement New development Increasing investment programmes in R&D, sales, marketing, people and M&A if it fits
Slide 15: Increased efficiency, reliability and cost advantage
Increased efficiency, reliability and cost advantage 15
Slide 16: With improvements every week ...
With improvements every week ... What actually happens PHASE 4: ACCELERATION RESULTS What you expect PHASE 3: IMPROVING PHASE 2: BUILD THE BASE PHASE 1: GRASS ROOTS TIME All lines flowing with value Regular Kaizen. Global SQDIP Kaizen plus ‘Just do it’ culture. Safe culture for streams. Standard wor
Slide 17: Building capability
Building capability ... MINI-MBA NEW HORIZONS High potential CONTINUOUS current leaders IMPROVEMENT New and emerging PROFESSIONAL EXPERT Strategic thinking managers DEVELOPMENT PROGRAM Lean training course ‘Real Numbers’ LEADERSHIP in Japan Core skills to lead finance FOUNDATIONS others through High
Slide 18: Delivering on our operational targets
Delivering on our operational targets ... Group Average Labour Productivity1 Group Scrap (% of revenue)2 Group Average Inventory Turns3 $600k 5.0% 3.50 4.5% $500k 4.0% -62% 3.00 $400k 3.5% (vs. H123) 2.50 3.0% +44% $300k 2.00 3.0x 2.5% 1.50 (vs. H123) 2.0% $200k 1.5% 1.00 +6% $100k 1.0% (vs. H123) 0
Slide 19: Improving execution and confidence in Cleveland
Improving execution and confidence in Cleveland 19
Slide 20: Achieved our 50% production increase target in March
Achieved our 50% production increase target in March ... NG IHPS production rate ACH Gen II production rate Stable rates TWO shifts ONE shift with higher +80% productivity increase vs. September Volume Volume Sep Mar Sep Mar ... increasingly confident we can sustain and increase production rates, im
Slide 21: Reducing production volatility in Cleveland
Reducing production volatility in Cleveland OBJECTIVE: Reduce variability, and improve reliability, while easing pressure on our people. PROGRESS SO FAR: • Leadership changes • Focused workstreams • Addressing root causes of FOCUS AREAS: volatility • Output stabilising People • Improving employee Ri
Slide 22: A focused approach to our key improvement areas
A focused approach to our key improvement areas EQUIPMENT & MACHINE RELIABILITY PROJECT Equipment uptime on Cutting Machines (%/Week) FROM TO Reactive fixes Preventative Maintenance 98.0% 96.8% 96.3% 96.4% Irregular inspections Routine cleaning & 96.0% 95.7% Uptime %/Week inspections 94.8% 94.0% 94.
Slide 23: Consistently delivering growth above the core market
Consistently delivering growth above the core market Key drivers of growth: Increased Growing Geopolitics defence CBRN shifting spend threat Increasing threat • Competitive • Defending & expanding • Diversifying into new & environment advantage through CI core portfolio adjacent markets driving sust
Slide 24: Growing the core & diversifying into new and adjacent growth markets
Growing the core & diversifying into new and adjacent growth markets Image: Best Ranger Competition 2026 24
Slide 25: Growing core CBRN respiratory demand
Growing core CBRN respiratory demand Defending and expanding core CBRN respiratory: NSPA contracts $13m Middle East US Law Enforcement expanding Filter Order Civil disruption in the US 16 countries now Avon Growing demand driving orders. Large pull customers. across Middle East for support ahead of
Slide 26: Diversifying into new growth areas
Diversifying into new growth areas Exciting progress on Building Integrated Strengthened underwater Non-CBRN respiratory: CBRN opportunity: respiratory pipeline: MITR orders Second round of NG IPE suits program Down-selected New multi-year contract To final stages for the with Canadian Armed Forces
Slide 27: Longevity and visibility of programs
Longevity and visibility of programs 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 DoW M53A1 NEXT BRIDGING COMBINED SUSTAINMENT CONTRACT & GENERATION US DOW DoW TACOM M50 ORDER MID-LIFE UPGRADES RESPIRATOR US DOW M61 FILTERS NEW M61 ORDER SUSTAINMENT & NEW FILTER INTRODUCTION SUIT
Slide 28: Investing in the future
Aven XK ‘2 & » oO } & - Pi a, : ye Jf = Investing in the future
Slide 29: Products to drive future growth
Products to drive future growth Innovating in integrated CBRN protection: • DoW mask upgrade Upgrade opportunity for aging fleet, improving lethality and combat effectiveness • Light weight EXOSKIN CBRN suit Lightweight, designed to improve comfort, mobility and endurance for users in demanding oper
Slide 30: Driving growth above the market
Driving growth above the market CBRN respiratory Non-CBRN respiratory Integrated CBRN Underwater respiratory Introduction of next-generation technology and product into our installed base and leading market position Growth drivers Enhancing user’s respiratory protection in lower-threat, non-CBRN env
Slide 31: Growing the core & diversifying into new and adjacent growth markets
Growing the core & diversifying into new and adjacent growth markets Credit: NASA images 31
Slide 32: Growing core ballistic and bump portfolio
Growing core ballistic and bump portfolio Sustained strong DoW demand: Next Generation IHPS ACH Gen II Continued helmet Production rates rapidly Delivering above pads & liner system approaching long-term contractual requirement demand target of 9k / month US Army and Marine Corps Excellent pipeline
Slide 33: Expanding into adjacencies – RECON Tactical bump helmet
Expanding into adjacencies – RECON Tactical bump helmet: Industry leading protection, New market: quality & versatility Global rescue teams Moulded shell with carbon fibre & maritime military panel (Patent applied) Petty Officer Scott Ruskan wears the Patented comfort Team Wendy LTP Cooling fabric,
Slide 34: Increasing ballistic protection across our commercial portfolio
Increasing ballistic protection across our commercial portfolio Launching new ‘EXFIL Endurance’ later this year • Latest cooling pad technology to support extended wear and performance • No thru hole attachment system – higher ballistic protection and lower weight • Industry-standard reverse dovetai
Slide 35: Longevity and visibility of programs
Longevity and visibility of programs 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 SUSTAINMENT ORDERS NEXT GEN INTEGRATED HEAD PROTECTION SYSTEM (IHPS) 3RD GEN IHPS – DoW EXPANSION STRATEGY IMHS: R&D CONTRACTS INTEGRATED MULTI-THREAT HEADBORNE SYSTEM ADVANCED COMBAT HELMET 2 ADVAN
Slide 36: Investing in the future
Investing in the future D'1d SIISOTONHOILNOAV
Slide 37: Products to drive future growth
Products to drive future growth Next generation ballistic helmets: Development funding awarded for NG IHPS Future US army head protection platform. 100 RIFLETECH helmets ordered for evaluation Next generation rifle rated protection Increased threat level at muzzle and standoff performance Integrated
Slide 38: Driving growth above the market
Driving growth above the market United States North America Rest of World/ DoW First Responders International • Reliable delivery Growth drivers • Increased sales force • Sales force investment • Competitive price and shortest • Disruptive innovation: • Headstrong product lead times o Increased ball
Slide 39: Building the platform for M&A
Building the platform for M&A 39
Slide 40: Building the platform to accelerate through M&A
Building the platform to accelerate through M&A Strategy Unique strategy creation process that empowers teams Actions Effective, everyday actions through OKRs (Objectives and key Results) People Giving our teams skills, confidence & empowerment through in-house training programmes Process Enabling a
Slide 41: Disciplined M&A framework designed to expand our platforms
Disciplined M&A framework designed to expand our platforms Ambition: M&A which strengthens our existing military and law enforcement protective equipment position How we select the right acquisition: How we unlock value: Target core markets or adjacencies (Respiratory, • Embed Business Improvement S
Slide 42: Risk and opportunity update for H2
Risk and opportunity update for H2 Risk: Opportunity: Supply chain capacity risk: Parts of Upside demand: Earlier than expected supply chain still adjusting to higher pipeline conversion production rates Higher operational gearing in Freight & input costs: Oil-price feeding Cleveland as we sustain a
Slide 43: Medium-term goals met early
Medium-term goals met early ... Revenue ROIC Cash Leverage growth Margins conversion FY24 12.2% 11.5% 13.7% 158% 0.91x FY25 13.8% 12.8% 18.6% 90% 0.86x LTM 9.9% 14.5% 20.8% 78% 0.90x At least 5% 80-100% 1-2x Target CAGR 14-16% > 17% ... with potential to further outperform in FY26 43
Slide 44: Increasingly confident of delivery with exciting opportunities ahead
Increasingly confident of delivery with exciting opportunities ahead Over delivering on Transformation Strengthen System Increasingly our promises delivering almost complete driving competitive focused on growth Final year of advantage Exciting product Delivered mid-term targets 18 months transforma
Slide 45: Appendix
IX n°) c o a. a. <
Slide 46: We are the world leader in mission-critical protection
We are the world leader in mission-critical protection CBRN Non-CBRN Integrated Underwater Ballistic helmets Bump helmets Liner & retention Respiratory Respiratory CBRN Respiratory systems Protection Protection Protective Wear Protection $168.8m 2025 revenue $145.1m 2025 revenue 450+ employees 500+
Slide 47: M&A a capital allocation priority
M&A a capital allocation priority Deliver strong margin 1 Investment in R&D progression and revenue growth Focus on 1.0–2.0x Sustainable through- Targeting circa disciplined 2 2.5-3.0x target net cycle progressive capital allocation EPS cover debt leverage dividend in support of growth in core Prefe
Slide 48: Safety Quality Delivery
Strengthen through CI Safety Always striving to make our work place a safer place to work Secure jobs in a growing business Quality Reduce scrap and re-work by more than 60% A safe environment Delivery Radically reduce lead times and improve on time delivery A chance to learn and grow skills and Inv
Slide 49: Glossary
Glossary Production preparation process - a lean manufacturing methodology aimed Kanban Scheduling system for lean manufacturing 3P at improving production efficiency KPIs Key Performance Indicators Sort, set in order, shine, standardise and sustain - a workplace organisation 5S LTP Lightweight Tact
Slide 50: Technical guidance
Technical guidance FY24 FY25 FY26 guidance $m $m $m Research and development expenditure 11.4 13.5 13-16 Of which cost of customer funded projects 1.6 1.5 1-2 Group expenditure 9.8 12.0 12-14 Capitalised development costs - 1.5 2 Expensed research & development costs (excluding amortisation) 9.8 10.
Slide 51: Reported to adjusted
Reported to adjusted HY26 HY25 $m $m Statutory operating profit 16.5 6.2 Amortisation of acquired intangibles 2.8 2.9 Transformation costs 4.4 6.0 Acceleration of depreciation and amortisation – transformation 0.7 2.4 Adjusted operating profit 24.4 17.5 51
Slide 52: Avon Protection Portfolio
Avon Protection Portfolio 52
Slide 53: Team Wendy Portfolio
Team Wendy Portfolio BALLISTIC BUMP LINERS & RETENTION NEXT GEN INTEGRATED ZAP SOF H-BACK HEAD PROTCTION ADVANCED EPIC AIR® LINER SYSTEM CAM FIT RIFLETECH RECON LINER SYSTEM RETENTION SYSTEM COMBAT HELMET EXFIL® LTP EXFIL® CARBON RETENTION SYSTEM SYSTEM TACTICAL CLOUDLINE® VELCRO® BRAND STANDARD EPI