HY 2026

Shaping the future of high-speed wireless communications

February 2026

Nat Edington, CEO Michael Tyerman, CFO

1

A leader in high performance Radio Frequency systems

A trusted RF partner

• Five decades experience designing and manufacturing mission critical RF components and subsystems, supported by world class facilities and RF engineering talent

• Specialist long standing supplier to global space and defence leaders, including SpaceX, Airbus, BAE Systems, Leonardo and QinetiQ

• Deliver mission-critical connectivity for satellites,

  Embedded in every step of the communication journey

  ground stations and defence programmes globally

• Leader in advanced frequency bands that unlock

  Transmit and receive modules enabling secure, high-speed data transfer

  High-power, high-efficiency amplification for long-distance, high-capacity links

  Signal integrity and interference control in complex RF environments

  greater bandwidth and lower system cost

• Proven ability to move from development to high-volume production

• Positioned at the intersection of LEO satellite

  Core markets Strengthening foundations

  • High growth

    connectivity and defence modernisation

    Aerospace & Defence

    Space

  • Expanding margins

  • Robust balance sheet

  • Multi-year visibility

  • Diversifying revenue streams

2

Filtronic RF solutions across the spectrum

Aerospace & Defence

1MHz - 90GHz

Space

1GHz - 175GHz

Terrestrial Telecommunications

700MHz - 175GHz

1MHz 1GHz 2GHz 4GHz 8GHz 12GHz

18GHz

27GHz 40GHz 75GHz 110GHz 170GHz 300GHz

3

HY 2026 - delivering commercial momentum

REVENUE

DIVERSIFIC A T ION & VISIBILIT Y

Entering H2 with record order book

Two-year order coverage with primary customer, with two largest contracts to date

New orders received from, or in discussions with, a further 4 major space players

New contract wins with European defence and aerospace primes, driving further growth in FY27 and FY28

90% of FY26 revenues covered by contracted orders, providing clear visibility into H2 FY26 and FY27

CO N T I N U E D DISCIPLINED INVES T MENT

Self-funded relocation to a larger headquarters and manufacturing facility now complete, capable of supporting £200M+ revenues per year

Balance sheet strength, with cash at bank of £10.5m at 30 November 2025 supports ongoing investment

R&D spend in the half was 16% of revenues as we invest heavily in new technologies - will be maintained at

~13% of revenues, going forward

GROWING THE ADDRESSABLE MARKET

High power GaN products represent a step change in performance significantly expanding SAM into MEO and GEO applications for the first time

Broadening addressable market through additional frequency bands such as V and W

Convergence of space, defence and comms is opening up new opportunities in defence

4

Capturing the medium-term market opportunity

Global

Shift to

Move to

satellite comms market rapid growth

$160bn

2030 projected

spend, 10% CAGR

2025-2030

Increasing military spend

$2.7trn

9% yoy increase in world defence expenditure last year

Accelerating launch of satellites

5-10x

Forecasts growth in orbiting satellites by 2030

Global rollout of base stations

$4.5bn

Identified SAM of demand for Filtronic over the next 5 years

higher spectrum frequencies, esp V Band

$3bn

Emerging high frequency V Band SAM in ground stations over next 10 years

design in of solid-state components

4x

Improvement in reliability & Total Cost of Ownership

GaAs to GaN technologies

20x

Power output for solid state solutions with improved efficiency

Filtronic is the proven market leader in mission-critical RF solutions for high-capacity satellite comms

RF is central to warfare and secure comms, where Filtronic has longstanding defence prime relationships

Why Filtronic?

Filtronic is the only high-volume supplier of very high frequency solid state power amplifiers in the space market

Filtronic V Band ultra high-power amplifiers ready for production for LEO, MEO and GEO

Filtronic is the only supplier of high-volume W, V and E Band solid state solutions

First to scale GaN at high frequencies, validated by SpaceX's largest contract award

5

New purpose-built facility

• Move of headquarters to new state of the art facility is complete

• 44,000 sqft manufacturing and office space

• 6x cleanroom area - ISO7, 8 and 9 zones, making it the most advanced manufacturing space for our applications

• Secure cell for specialist defence contracts

• Capable of supporting manufacturing for £200M+ revenue

6

Financial review

7

Revenue similar to HY 2025 despite fx headwind

Share warrant charge of £0.9m amortised to revenue as variable consideration in the year.

Group revenue £25.3m (H1 2025: £25.6m)

• The space market remains robust despite fx headwinds. SpaceX demand now in a constant state of output. Stepped sales price change to achieve target pricing but cost reduction initiatives to protect margin. First revenue recognition from European constellation rollouts.

  Aerospace & defence

• Flat performance half-on-half- expect to see growth in H2. Recent order wins give high-level of confidence for more significant increases in the outlook period.

  Communications

• Growth of 113% driven by strong demand for US critical communications in P25 rollout. Supported by state rollouts and inventory build of new filter platform.

  8

  
  
  

  Investing for growth - substantial market opportunity

  
  
  

  Investment manifesting itself in record order book and scale of opportunity pipeline

  • Higher volume on a lower sales price coupled with adverse exchange impact on revenue has led to weakened contribution margin.

    Half year results (£m)
    	HY2026	HY2025	Change
    Revenue	25.3	25.6	(1%)
    Material costs	(11.0)	(9.7)	(13%)
    Operating costs	(11.6)	(9.1)	(28%)
    Operating profit	2.6	6.8	(61%)
    EBITDA (Adjusted)	5.1	8.7	(42%)

  • Continued opex investment to capitalise on the significant opportunity in front of the business. Business development team has seen large investment supporting global coverage. Engineering teams have been augmented to service a growing list of concurrent programmes.

  • Adjusted EBITDA delivered at 20% to give

£5.1m of adjusted EBITDA. This is inline with guidance offered to investors previously that the business is capable of delivering at least 20% adjusted EBITDA margin.

9

Significantly strengthened balance sheet

Capitalised development costs

• Conservative approach to capitalisation of development costs with ~25% of total R&D spend.

  • Execution of space technology roadmap at mmWave frequencies.

    Capital expenditure

• Self-funded development of the new headquarters and state-of-the-art manufacturing facility. Bulk of capex now complete. New capability added to support new technology programmes including V-band.

• Manufacturing model is not capital intensive with additional lines of ~£750k adding additional revenue of over £15m.

  Working capital

• Efficient working capital model with growth not consuming large amounts of cash. Debtors are within terms with strong end to Q2.

• Cash favourable NRE model enables us to be cash positive throughout life of customer product developments. Deferred income supported by customer payment for up-front

10

payment of project inventory.

Cash position supports continued investment

Cashflow movement

• Generated £3.4m from operating activities with strong EBITDA generation offset by working capital movement to support revenue growth with increases in debtors and inventory.

• Investments in product development £1.3m and capital expenditure of £6.1m account for £7.2m investing activities.

  Well funded to maintain investment in growth

• £10.5m cash at bank at 30 Nov 2025 (May 2025:

  £14.5m).

• Debt facility - Refinanced the Santander RCF 3-year committed facility for £10.0m on more favourable terms - available to UK and USA. No drawings at 30 Nov.

• Asset finance credit lines also in place.

11

Investment

•

•

•

•

Maintain R&D spend of 13% of revenues, as we see considerable opportunity ahead.

Expand the product portfolio to cover the entire mmWave frequency spectrum whilst developing new capability to expand up the value chain.

New headquarters and manufacturing facility futureproofs the business.

Strong cash position and availability of RCF bank facility provides flexibility to be opportunistic.

CFO summary

Quality of earnings

Telecoms

Space, aerospace and defence, critical comms

Outlook Delivery

• Record order book provides significant order coverage against market forecast.

• Headwinds from weak USD have impacted H1 but high confidence in meeting current market expectations due to the strength of the order book.

• Current market expectations shows broadly flat revenue for the year at ~£55m with customer acquisition and growth of newly acquired customers expected to further reduce concentration of our lead customer.

• Confident of maintaining 20%+ adjusted EBITDA margins, given technology and markets served.

12

Strategy update

13

Delivering on five-year growth plan - H1 momentum

Five-year technology and

product roadmap

Key customer and new strategic customer relationship development

Must win projects across sectors

Moving up the value chain

• New GaN amplifiers launching in H1 CY26 (V, E, W)

• Cambridge Science Park expansion now supporting multiple concurrent development programmes

• External validation post-period end with £1.2m UK Space Agency NSIP award to develop a 550W Ka-band SSPA

• SpaceX largest contract to date of $62.5m for GaN E band contract

• Landing new European space customers with

  €7m multi-year contract for major LEO satellite constellation programme

• Expanding defence prime relationships with £13.4m contract award

• Revamp of programme management to handle more concurrent major projects progressing well

• ATP for Major European defence prime, for £11m with production at new facility, post-period end

• Projected to add 4 new major space customers this year for initial orders

• Systems team built in Cambridge and concurrent developments underway

• System level high power SSPA in full development

• DIFI digital interface development to support future ground station architectures in development, with ESA funding expected to support

Focus is on leadership in high-capacity datalinks for surface2space, space2space, space2surface & surface2surface communications in space & defence markets

14

Cerus V family launching this year

The only Solid State Power Amplifier family capable of supporting all satellite orbits

$3B SAM in next 10 years

50W / 100W 200W 400W

15

Building a more diversified RF business

• Customer concentration reflects early-stage

  production ramp with SpaceX.

• Projected to receive initial orders this FY from 4 new major space customers, driving revenue growth from next FY

• Defence revenues doubling this year, and

  expected to more than double next year

• Reduces risk and supports more sustainable long-term growth

• 90% of projected order intake for the year has already been booked

  Space Customer 5 others Defence Customer 2

  Comms

  Space Customer 4

  Space Customer 3

  Space Customer 2

  Distribution of customer order intake forecast for FY2026 without main customer

  Defence Customer 1

  16

  
  
  

  Outlook

• Investments made in capacity, capability and technology are delivering tangible commercial successes

• Entered H2 with record order book, increased customer diversification, and deepening engagements across core markets

• Confident in market expectations of FY2026 revenues and profitability

• Over the longer term, customers are expressing a growing need for high-frequency, secure, and resilient communications infrastructure

• With expanded manufacturing capacity now fully operational, Filtronic has exciting products and capabilities to match this growing need

17

Why Filtronic?

Market leading expertise in high performance RF technology

Founded in 1977, Filtronic, underpinned by a strong patent base, is the proven market leader in mission-critical RF solutions for high-capacity satellite comms, a rapidly growing market with

$160bn projected spend by 2030.

Strategically positioned at the intersection of Space and Aerospace & Defence

Surface, Sky & Space positioning spans all high-performance RF domains, aligning Filtronic with multi-decade investment cycles as systems move to higher frequencies and data rates, e.g. $3bn V Band SAM in ground stations over next 10 years.

Innovation roadmap driving next-generation connectivity

Focused five-year growth strategy targets leadership in high-capacity datalinks, supported by a product-led roadmap, including GaN technologies with 20x the power output for solid state solutions, and sustained R&D investment.

Established and growing relationships with tier-one global customers

Strategic relationships with global customers and defence primes (including SpaceX, Viasat, Airbus and Leonardo) validate capability and provide access to long-term programmes, with 26 major projects currently underway.

Strong financial position and operational discipline

Strong balance sheet underpinned by £10.5m of cash, a record order book, and disciplined additions to opex. A highly invested and low-capex business model, delivers operational

gearing as customer programmes layer and grow.

Scalable infrastructure ready to support growth

2 global manufacturing sites and 3 engineering centres enable rapid prototyping, tight quality control and high reliability, with the new HQ doubling capacity and supporting £200M+ annual revenue.

Q&A

19

IMPORTANT NOTICE

This presentation and any verbal information given (together, the "Presentation"), has been prepared by the directors of Filtronic plc (the "Company"). The information in the Presentation is not intended to form the basis of any contract. By attending (whether in person or by telephone) or reading the Presentation, you agree to the conditions set out below. The Presentation is confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by its recipients to any other person for any purpose, other than with the consent of the Company.

The Presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of the Company, nor shall it (or any part of it), or the fact of its distribution, form the basis of, or be relied on in connection with or act as any inducement to enter into, any contract whatsoever relating to any securities.

The Presentation is provided for general information only and does not purport to contain all the information that may be required to evaluate the Company. The information in the Presentation is provided as at the date of the Presentation (unless stated otherwise) and is subject to updating, completion, revision and further verification. No reliance may be placed for any purpose whatever on the information or opinions contained or expressed in the Presentation or on the accuracy, completeness or fairness of such information and opinions.

To the extent permitted by law or regulation, no undertaking, representation or warranty or other assurance, express or implied, is made or given by or on behalf of the Company or any of its parent or subsidiary undertakings or the subsidiary undertakings of any such parent undertaking, or any of its directors, officers, partners, employees, agents, affiliates, representatives or advisors, or any other person, as to the accuracy, completeness or fairness of the information or opinions contained in the Presentation. Save in the case of fraud, no responsibility or liability is accepted by any person for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred, however arising, directly or indirectly, from any use of, as a result of the reliance on, or otherwise in connection with, the Presentation. In addition, no duty of care or otherwise is owed by any such person to recipients of the Presentation or any other

person in relation to the Presentation.

Nothing in the Presentation is, or should be relied on as, a promise or representation as to the future. The Presentation includes certain statements, estimates and projections provided by the Company in relation to strategies, plans, intentions, expectations, objectives and anticipated future performance of the Company. By their nature, such statements, estimates and projections involve risk and uncertainty since they are based on various assumptions made by the Company concerning anticipated results which may or may not prove to be correct and because they may relate to events and depend on circumstances that may or may not occur in the future and may be beyond the Company's ability to control or predict.

No representations or warranties of any kind are made by any person as to the accuracy of such statements, estimates or projections, or that any of the events expressed or implied in any such statements, estimates or projections will actually occur. The Company is not under any obligation, and expressly disclaims any intention, to update or revise any such statements, estimates or projections.

No statement in the Presentation is intended as a profit forecast or a profit estimate.

The Presentation does not constitute or form part of an offer or invitation to issue or sell, or the solicitation of an offer to subscribe or purchase, any securities to any person in any jurisdiction to whom or in which such offer or solicitation is unlawful, and, in particular, is not for distribution in or into Australia, Canada, Japan, the Republic of South Africa or the United States.

The Company has not registered and does not intend to register any shares the subject of the Fundraising under the US Securities Act of 1933 or under any securities laws of any state or other jurisdiction of the United States and, subject to certain exceptions, such shares will not be offered, sold, resold, taken up, exercised, renounced, transferred or delivered, directly or indirectly, in or into the United States. The relevant clearances have not been, and will not be, obtained from the Securities Commission of any provision or territory of Canada; no document in relation to the Fundraising has been, or will be, lodged with, or registered by, the Australian Securities and Investments Commission; no registration statement has been, or will be, filed with the Japanese Ministry of Finance in relation to the Fundraising; and the relevant clearances have not been, and will not be, obtained from the South African Reserve Bank and any other applicable body in the Republic of South Africa in relation to such shares.

Accordingly, such shares will not, directly or indirectly, be offered or sold within the United States Canada, Australia, Japan, the Republic of South Africa or offered or sold to any resident, national or citizen of the United States, Canada, Australia, Japan or the Republic of South Africa.

By accepting receipt of, attending any delivery of, or electronically accessing, the Presentation, you agree to be bound by the above limitations and conditions and, in particular, you represent, warrant and undertake to the Company that: (i) you are a Relevant Person (as defined above); (ii) you will not forward the Presentation to any other person, or reproduce or publish this document, in whole or in part, for any purpose and (iii) you have read and agree to comply with the contents of this notice.

20