James Fisher and Sons (FSJ) Investor update summary

Strategic overview and market positioning

• Focus on three key markets: Defence, Energy, and Maritime Transport, with Defence supporting critical underwater operations in sensitive environments.

• Benefiting from global megatrends: rising energy demand, increased military spending, disruptive technologies, and climate change.

• Growth driven by customer intimacy, intelligence-led innovation, and expansion into new geographies.

• Strong partnerships with global navies, defence primes, and industrial partners underpin credibility and market access.

• Defence and Energy markets are converging, leveraging expertise across sectors.

Defence division and portfolio

• Over 40 years of experience supporting international navies with mission-critical underwater systems.

• Full lifecycle offering: design, manufacture, installation, training, and operational deployment.

• Portfolio includes Submarine Escape & Rescue, Submarine Platforms, Commercial and Military Diving, and Tactical Delivery Vehicles.

• Market leader in submarine rescue and commercial diving; challenger in submarine platforms; disruptor in tactical delivery vehicles.

• Key drivers: global fleet expansion, energy security, adoption of hybrid navies, and longer endurance systems.

Market dynamics and growth strategy

• Defence spending is rising globally, with many NATO and allied countries targeting 3% of GDP.

• Military spending expected to increase by 23% between FY26 and FY27, with naval forces seeing 25% annual growth.

• Well positioned for growth with a diversified order book, strong pipeline, and investment in technology.

• Growth strategy built on supportive megatrends, innovation, and global operational excellence.

• Expansion in established and new markets, especially the US, Indo-Pacific, and Continental Europe.