Full Year 2025 Cohort PLC Investor Presentation Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Andrew Edmond - Equity Development Ltd - Analyst : Great. Thank you very much, gentleman, comprehensive presentation and congratulations on very strong progress in the year. So just a reminder to everybody, keep the questions coming through, of which we have many. So diving straight in, maybe for you, Andy. You mentioned Ancilia. As much as you are able to, can you update us on potential international interest in Ancilia after the very large Royal Navy order last year? And added on another question, has your view on the scale of addressable market for such systems changed at all in recent months?

Question: Andrew Edmond - Equity Development Ltd - Analyst : Thank you, Simon, perhaps one for you. Geopolitical tensions are a great driver for demand for you. But have you experienced any supply chain delays regarding critical components due to shipping issues in the Middle East that have hogged the headlines lately?

Question: Andrew Edmond - Equity Development Ltd - Analyst : Right. Moving back to the UK, a couple of questions. In which UK service are you seeing the greatest number of opportunities at the moment?

Question: Andrew Edmond - Equity Development Ltd - Analyst : Thank you. And well, I'm not sure anybody could answer this one, but -- the strategic defense review has offered a lot of encouragement and warm words. How confident can you be that given the UK's bank balance, it all the commitments to spending will actually come to fruition?

Question: Andrew Edmond - Equity Development Ltd - Analyst : Okay, thank you very much. A few questions on competition. There seems to be a structural decline in the US dollar going on at the moment. Does that have competitive pricing implications for you if you find yourself in competition with producers over there?

Question: Andrew Edmond - Equity Development Ltd - Analyst : Okay, thank you. And slightly more generally on competition. When you do get involved in group tenders, do you find that you are still coming up against the same competitors as, say, a year ago?

Question: Andrew Edmond - Equity Development Ltd - Analyst : Great. A couple of questions relating to some of the specialist businesses. On MCL, we have a comment that the counter UAV space is becoming unsurprisingly, increasingly crowded. What do you think MCL's competitive edge is?

Question: Andrew Edmond - Equity Development Ltd - Analyst : And leading neatly on to Chess, could you just add a little bit of detail about what the delivery issues have been and explain why you are so confident that these issues can be rapidly remedied?

Question: Andrew Edmond - Equity Development Ltd - Analyst : Well, good luck with that. Simon, maybe one for you on investments. We have a question, are there any particular areas, perhaps drones, AI or cybersecurity where you have increased your previous investment plans significantly and quite recently?

Question: Andrew Edmond - Equity Development Ltd - Analyst : On that positive note leading on to, I suppose, cross-selling, although the benefits of the broader group. We have a question. How many clients do you have that are working with two or more businesses within the Cohort group? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 18, 2025 / 9:15AM, CHRT.L - Full Year 2025 Cohort PLC Investor Presentation

Question: Andrew Edmond - Equity Development Ltd - Analyst : Yes. That partly addresses the question we've had on EMS. And you mentioned it's been integrated very well so far. And the question was whether that was driven by central management arranging meetings for individual businesses to swap contacts and ideas? Or are they all keen to meet up with a new buyer and see how they could be mutually benefit?

Question: Andrew Edmond - Equity Development Ltd - Analyst : Thank you. A couple of questions about your AIM listing. And they are along the lines of you've been able to raise capital when needed for M&A. Your shares now appear to be on a very healthy rating. Are you happy being on AIM? And is that something that the Board reviews on an annual basis?

Question: Andrew Edmond - Equity Development Ltd - Analyst : Great. Very comprehensive. In terms of the shares, we have a question. You paint a very exciting outlook, yet there were some director sales this week of reasonable size, albeit the sellers still retain substantial exposure to Cohort shares. Without invading privacy, could you provide any color on this? And do you happen to know if any of those shares actually went to new institutional shareholders?

Question: Andrew Edmond - Equity Development Ltd - Analyst : Great. Very transparent. And I think I'm very conscious of time, we just have time for one more question. We've got to finish with Donald Trump, haven't we? And the question is, a few weeks ago, the Pentagon said that it was reviewing the AUKUS agreement with the states, the UK and Australia. Do you regard this as just good management by a new government? Or is it something investors should be keeping a close eye on?

Question: Andrew Edmond - Equity Development Ltd - Analyst : Thank you for being slightly undiplomatic and insightful on that basis. Right. I think we'll conclude it. And thank you very much to the audience for the questions. If we haven't been able to answer them all, we will try and do so later on. And you will receive a feedback form, which the management are always very interested if you can share your views. As mentioned before, this event is being recorded and along with analysis of the results will be publicly available next week. And of course, final thanks go to Simon and Andy. Congratulations on some really impressive growth in recent years. Keep up the good work. And hopefully, we'll be seeing you in a few months' time.