SRT Marine Systems (SRT) Investor Update summary

Market environment and business positioning

• Globalization is shifting to regional blocs, driving demand for independent security and communications systems.

• Recent market turbulence and geopolitical events have not materially impacted financials or demand.

• The business is financially strong, supported by recent fundraisings and significant cash payments from projects.

• Long-term contracts with nation-states underpin stability and growth.

Transceivers business update

• Commercial market growth is driven by expanding regulatory mandates and recurring replacement cycles.

• Leisure market sales are expected to be flat due to economic uncertainty, but the impact is minimal as buyers are typically affluent.

• U.S. market remains a growth area, with price inelasticity allowing absorption of tariffs.

• Sales channels include OEM partnerships, the em-trak brand, and autonomous shipping solutions.

• The Nexus product launch is scheduled for summer, with a focus on perfecting user experience before release.

Systems business and contract execution

• Currently executing on GBP 338 million in contracts, with GBP 25 million delivered in the first half.

• Five countries are building integrated digital maritime systems, with more opportunities in the pipeline worth GBP 1.2 billion.

• The BAKAMLA contract is progressing, with final administrative steps before delivery begins.

• Recruitment is ongoing to support growth and future projects, not as a requirement for current contracts.

• Delivery focus is on maintaining quality and meeting ambitious customer timelines in Asia and the Middle East.