Cohort Plc · LSE:CHRT
Cohort — FY2025 Earnings Presentation
28 slides from Cohort's earnings presentation, Apr 30, 2025
Slide 1: Empowering innovation for defence advantage
Empowering innovation for defence advantage Results for the year ended 30 April 2025
Slide 2: Record results, strong prospects
Record results, strong prospects 2
Slide 3: Financial highlights
Financial highlights REVENUE ADJUSTED OPERATING PROFIT ADJUSTED EPS Strong growth in revenue and profit, exceeding £270.0m £27.5m 54.44p EPS expectations +33% +30% +27% (2024: £202.5m) (2024: £21.1m) (2024: 42.89p) ORDER INTAKE ORDER BOOK REVENUE COVER Record closing order book, visibility out to 20
Slide 4: Divisional highlights
Divisional highlights COMMUNICATIONS AND INTELLIGENCE • Profit turnaround • Fully integrated • Highest profit across Group • Strongest year yet • Outstanding results from • Big contribution to revenue this • New MD driving business • Successful ITS integration transformation programme coming year &
Slide 5: Financial Review
Financial Review Simon Walther, Finance Director 5
Slide 6: Income statement
Financial Review Income statement Year ended 30 April 2025 2025 2024 Variance £m £m % Revenue 270.0 202.5 33% Gross profit 87.5 32.4% 76.3 37.7% Overhead (60.0) (55.2) Adjusted operating profit 27.5 10.2% 21.1 10.4% 30% • Another record revenue and profit performance • Organic growth of 30% in reven
Slide 7: Sensors and Effectors
Divisional Highlights Sensors and Effectors 2024/25 2023/24 Revenue (£m) 145.1 119.6 Adjusted operating profit (£m) 12.7 12.8 Operating margin 8.7% 10.5% Order book 414.0 410.7 • SEA achieved record levels of revenue and profit • ELAC reported improved revenue performance and continues to focus on t
Slide 8: Communications and Intelligence
Divisional Highlights Communications and Intelligence 2024/25 2023/24 Revenue (£m) 124.9 82.9 Adjusted operating profit (£m) 21.1 12.8 Operating margin 16.9% 15.5% Order book 202.4 108.0 • MCL reported record performance following intense activity with UK MOD • MASS continued to be the largest contr
Slide 9: Net Funds Bridge 2024/25
Financial Review Net Funds Bridge 2024/25 Share 100 Placing Acquisitions £41.0m 90 80 70 Adjusted Operating TradingProfit Depreciation 60 Profit £2.8m £27.5m £m 50 Working 40 Capital Opening Net Capex Funds £22.4m 30 £23.1m 20 Tax Paid Dividends Closing Others Net Funds (£13.2m) 10 (£81.6m) (£6.5m)
Slide 10: Outlook
Outlook Andrew Thomis, Chief Executive 10
Slide 11: Multiple demand drivers
Multiple demand drivers GEOPOLITICAL PRESSURE… • Continued conflict in Central/Eastern Europe • Aggressive Chinese expansion in Asia-Pacific • Renewed conflict in Middle East • Trump administration policy towards NATO …DRIVING INCREASED DEFENCE SPENDING… • NATO Europe and Canada up 19.4% in 2024 • J
Slide 12: Cohort's updated opportunity pipeline
Cohort’s updated opportunity pipeline COMMUNICATIONS AND INTELLIGENCE Communications & networks for Portuguese offshore patrol vessels; promising co-operation with Damen Hunter Class and multipurpose frigates for Australia; Japan destroyer upgrades; RN carriers Software upgrades for UK defence, sign
Slide 13: Empowering innovation that addresses real defence needs
Empowering innovation that addresses real defence needs 35% increase in research and development with spend now over £20m MASS’s THURBON CEMA combines Cyber and EW data management for operational support Chess Dynamics integrated radar and electro- optical fire control system to combat naval threats
Slide 14: Investment in research and development: Progress on new ELAC facility in Kiel
Investment in research and development: Progress on new ELAC facility in Kiel July 2024 July 2025 14
Slide 15: Good underpinning for coming year
Outlook Good underpinning for coming year 30 April 2025 To be delivered 30 April Last year's to be Order Book 2025/26 2024 delivered in 2024/25 £m £m £m £m Communications and Intelligence 202.4 104.7 108.0 63.2 Sensors and Effectors 414.0 124.6 410.7 120.9 616.4 229.3 518.7 184.1 • Stronger underpin
Slide 16: Order book run-off comparison
Outlook Order book run-off comparison At 30 April 2025 Comparison: 30 April 2024 Communications and Intelligence Sensors and Effectors Communications and Intelligence Sensors and Effectors 700.0 Total 616.4 600.0 Total 518.7 500.0 400.0 414.0 £ MILLIONS 300.0 Total 410.7 229.3 Total Total Total Tota
Slide 17: Summary & Outlook
SUMMARY & OUTLOOK Another record year of revenue, profit and cash delivery Dividend increased every year since IPO in 2006. 5th year at 10% increase Acquisition of EM Solutions to enhance growth and bring access to new markets Strong balance sheet for investing in growth opportunities Record order b
Slide 18: Quote on mid-tier defence and technology companies
“Within the shifting landscape of global security, mid-tier defence and technology companies like those within the Cohort Group play an important role in creating and delivering advanced defence solutions at speed.” 18
Slide 19: Questions
Questions COHORT PLC
Slide 20: The Cohort investment case
The Cohort investment case • Financial strength with visibility of future earnings • Access to attractive growth markets • Active acquisition strategy • Clear business model, strong relationships • Consistent dividend track record • Actions with integrity and responsibility 20 20
Slide 21: Appendix
Appendix COHORT PLC
Slide 22: Advancing defence technology for a safer tomorrow
Advancing defence technology for a safer tomorrow Cohort is a group of like-minded technology companies operating in the defence and security markets. By combining innovation with delivery, we provide agile technology solutions that address real defence needs. Solutions that not only meet today’s ch
Slide 23: Corporate History
Corporate History 2006 2007 2010 2014 2016 Cohort plc SEA acquired for Abacus EW Space division Majority stake founded £25m acquired disposal £6.5m acquired in EID (fully integrated within Listed on LSE AIM MASS) J+S acquired for £12m MASS acquired for (fully integrated within £13m SEA) SCS acquisit
Slide 24: Corporate Strategy
Corporate Strategy Our strategy A G Building our portfolio through acquisitions Leading empowered businesses for growth Cohort seeks innovative technology businesses operating in defence and security Cohort empowers its businesses to operate autonomously, whilst providing the markets. strength, expe
Slide 25: Net Cash Flow
Financial Review Net Cash Flow Year ended 30 April 2025 2025 2024 £m £m Adjusted operating profit 27.5 21.1 Working capital 22.4 (2.3) Depreciation and share based payments 2.8 3.8 Net funds inflow from operations 52.7 22.6 Acquisition of EMS and ITS (81.6) - Share placement 41.0 - Capital expenditu
Slide 26: Earnings Per Share
Financial Review Earnings Per Share • 27% increase in adjusted earnings per share from 30% growth in adjusted operating profit Reconciled as follows: Adjusted Adjusted earnings per operating profit share £m Pence 2024 21.1 42.89 Impact of acquisitions 2.4 5.06 100% owned businesses throughout the ye
Slide 27: Significant Shareholders
Significant Shareholders Significant shareholders holding 3% or over As of 30 June 2025: Percentage of voting rights and issued share capital above 3% S Carter* 19.45 Canaccord Genuity Wealth Management 5.01 Schroder Investment Management 3.85 Nick Prest* 3.84 Rathbone Investment Management 3.78 Har
Slide 28: Thank you
Thank you Cohort plc One Waterside Drive Arlington Business Park Theale Reading RG7 4SW www.cohortplc.com 28