The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Sash Tusa - Agency Partners LLP - Analyst
: Sash Tusa from Agency Partners. You talked about the UK government's request for proposals for new energetics production. Clearly, one
of the sites that's been highlighted by the government is Ardeer. If it's not, it's something very near it. And one of the products that they
particular products they're looking for is HMX, which is something you already produce. Are there any other sites or any other products that
you would be interested in bidding for, firstly? And then secondly, what do you see as being the risks if other companies decide to come
into the UK market and try and bid for other capabilities or indeed sort of bundle up some of the capabilities the UK government is looking
for?
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DECEMBER 09, 2025 / 9:00AM, CHG.L - Full Year 2025 Chemring Group PLC Earnings Call
Question: Sash Tusa - Agency Partners LLP - Analyst
: And just a follow-up. Norway Phase 3, I think you indicated earlier on this year that you would hope that the Norwegian government would
commit to that probably by the end of the year. Is that still a possibility? Or are there any particular issues that have caused the Norwegian
government to delay that? Or is it just government stuff getting in the way?
Question: Sash Tusa - Agency Partners LLP - Analyst
: Actually, I've forgotten it.
Question: Sash Tusa - Agency Partners LLP - Analyst
: On opportunities for M&A and bolt-ons in particular, I wonder if you could just explain for Landguard, Landguard was both an add-on, but
also an effectively a supplier to you. So what's the net increase in your external revenues from Landguard as opposed to the internal
efficiencies you get from owning your own supplier of software-defined radios and VPX cards and so.
Question: Sash Tusa - Agency Partners LLP - Analyst
: That's external revenue.
Question: Sash Tusa - Agency Partners LLP - Analyst
: Yes. Okay. And then I just wondered, Alloy Surfaces, sorry, I know this is now history or at least like but what happened so quickly there?
And are there any other businesses you've got that might experience the same sort of sudden deterioration in trading or other businesses
that you're worried might experience that?
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