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www.smag.deFAST. STRONG. RELIABLE. 1 EARNINGS PRESENTATION H1 2026 29 SEPTEMBER 2026 Connection Confirmed.
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www.smag.deFAST. STRONG. RELIABLE. 2 Your speakers today • 15 years of experience in industrial production, spanning various C-level roles • Responsible for strategic direction and development Ulrich Feindt CEO / CFO • 15 years of experience in managing technology based, medium-sized companies • Responsible for overseeing day-to-day operations and driving scalable, efficient execution Kai Oppermann COO
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www.smag.deFAST. STRONG. RELIABLE. SMAG enables a communication ecosystem for the modern and next-generation battlefield 1 2 4 3 6 7 5 Communication 1 Ground-based air defense 2 Drone defense 3 Support for radar 4 Electronic warfare 5 Border control 6 Physical AI platforms(1) 7 3 Note(s): (1) Currently under evaluation Integrating cross-domain capabilities to deliver “Kampfwertsteigerung” – combat effectiveness enhancement
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www.smag.deFAST. STRONG. RELIABLE. Best-in-class, modular products across mission-critical deployment scenarios(1) Product overview - mobile antenna mast systems Key features(2) Speed ► Set up in under 10 minutes ► Max. 2 operators needed ► Fully automatic deployment Reliability ► Operates in wind speeds >120 km/h ► Payload capacity up to 600 kg ► Low maintenance and long service life Precision ► Heights up to 40m without guy-wires ► Adjustable to any height required ► Precise positioning Integration ► Seamless communication and network technology integration ► Proven customer-agnostic systems Deployment method On armoured vehicle In container On truck On trailer 4 Note(s): (1) According to Roland Berger market study, assessment covers key purchasing criteria including mast height, deployment spee d, payload capacity, and wind resistance; "best -in-class" refers to technical performance only; (2) Features do not apply to all SMAG products Our masts are self-supporting, guy-wire-free antenna mast systems delivering industry-leading height, payload capacity, and deployment speed - engineered to meet the critical performance requirements of the modern, digitized battlefield(2)
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www.smag.deFAST. STRONG. RELIABLE. Positioned as a key enabler of primes and neo-primes in modern warfare Primes and neo-primes rely on resilient, rapidly deployable infrastructure for tactical communications Legacy defense companies & system integrators Next-generation defense-tech companies 5 Primes Neo-primesPrime and neo-prime enablers SMAG is the essential network and communication infrastructure partner, unifying the legacy and future of defense
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www.smag.deFAST. STRONG. RELIABLE. Overview: H1 2026 at a glance – highlights and key figures €20.2m Total Output (+20% vs. H1 2025) €1.4bn Order Backlog (vs. €1.4bn at year-end 25) 2.6% Adj. EBIT Margin (vs. 16.3% in H1 2025) 6 ◼ IPO completed in July 2026: the proceeds provide funding to strengthen technological leadership, scale the business and prepare the company for future growth. ◼ Signing of Bundeswehr’s TaWAN LBO program. Additional order wins in H1 helped keep the order book very stable at a high level. Fixed order backlog increased significantly, providing a solid foundation for future growth. ◼ H1 2026 supported by ramp-up execution: Total Output increased by 20% to €20.2m and Net Sales by 15.1% to €12.6m; profitability was temporarily impacted by capacity expansion, organizational scaling and ramp-up costs as well as an unfavorable project and product mix. ◼ 2026 guidance confirmed at €55–60m Total Output and 19–21% Adjusted EBIT margin.
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www.smag.deFAST. STRONG. RELIABLE. ~67% ~16% ~16% IPO funding enables growth acceleration 7 Strengthen Balance Sheet (~€5.0m) ✓Enhance financial flexibility, optimize bonding capacity and reduce financing costs Growth Investment (~€20m) ✓Support automation initiatives, production scaling and sales personnel expansion, in line with SMAG’s operational and international growth strategy Working Capital Investment (~€5.0m) ✓Primarily to support inventory buildup and ensure timely execution of the order backlog ~€30 m Use of proceeds
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www.smag.deFAST. STRONG. RELIABLE. High revenue visibility from exceptional order backlog, increase of fixed order backlog in H1 2026 by 30% 8 Note(s): (1) Total Order Backlog comprises (i) a fixed order backlog, relating to commercially agreed customer contracts and purchase orders concluded and/or received the portion of the associated transaction price for which the amount of net sales has not yet been recognized, (ii) a frame order backlog, which includes commercially agreed frame contracts with fixed annual volumes or volume estimates from signed frame contracts, based on customer information or historical call-offs over the entire contract duration, booked for the period of the frame contract term, and (iii) a soft order backlog, which consists of estimated volumes of potential sole source projects and potential successor business until 2032 based on public information and customer information, booked for the period from the first quarter of 2026 to the fourth quarter of 2032. Total order book backlog breakdown, as of 30 June (€m)(1) ◼ Fixed order backlog increased by 30% to €182m (30 Dec 2025: €140m) following a €34m follow-on order from a long-standing customer for deployment on NATO’s eastern flank. Management continues to pursue further conversions. ◼ High-quality order backlog of €1.4bn, predominantly driven by project sales with only short-term aftermarket sales. ◼ Main customers serve significantly important European and NATO projects, such as TaWAN and next generation of Patriot Systems, with significant opportunities to grow further from these projects. ◼ Internationalization strategy supports customer diversification and access to additional markets, programs and defense customers.
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www.smag.deFAST. STRONG. RELIABLE. Total output and net sales positively impacted by execution of strong order backlog 9 Note(s): (1) SMAG's performance is primarily measured based on Total Output, which represents the key operational performance indicato r in its project-based business model. Total Output is calculated as Net Sales plus Changes in Inventories, capturing the full value of goods and services produced during the fiscal year, including produc tion activity not yet monetized through sales; (2) Aftermarket includes spare parts & service. Total Output and Net Sales (€m) Total Output(1) ◼ Total Output increased by 20% YoY, primarily driven by higher Net Sales as SMAG continued executing on its order backlog and ramping deliveries under key customer programs. ◼ Share of Aftermarket Services Net Sales was 17 %, down from 25 % in H1 2025. A growing installed base is expected to support future growth of the Aftermarket Services Sales. 16.9 20.2 11.0 12.6 H1 2025 H1 2026 7.9 10.3 6.0 6.2 Q2 2025 Q2 2026 Net sales mix H1 2025 H1 2026 75% 25% 83% 17% Mast systems Net Sales Aftermarket services Net Sales(2) Net Sales
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www.smag.deFAST. STRONG. RELIABLE. Adjusted EBIT mainly impacted by organizational scaling 10 Note(s): (1) Calculated as EBITDA adjusted for non-recurring items, including (i) effects of purchase price allocations (“PPA”), (ii) transaction expenses and income from the AEQUITA acquisition, (iii) shareholder allocation (professional and management advisory fees mainly related to strategic projects and acquisition activities), (iv) severance payments, (v) non-recurring prior-period income and (vi) other non-recurring items, if any, provided that such items are separately identifiable and substantiated. We present Adjusted EBITDA to measure our operating performance; (2) Calculated as EBIT adjusted for non-recurring items, including (i) effects of PPA, (ii) transaction expenses and income from the AEQUITA acquisition, (iii) shareholder allocation (professional and management advisory fees mainly related to strategic projects and acquisition activities), (iv) severance payments, (v) non-recurring prior-period income and (vi) other non-recurring items, if any, provided that such items are separately identifiable and substantiated; Adj. EBITDA & Adj. EBIT (€m), margins in % of Total Output Adj. EBITDA(1) 16.7% ◼ Profitability declined versus H1 2025, primarily due to an increased operating expense base and organizational scaling to support next phase of growth. ◼ Also, an unfavorable project and product mix shift weighed on profitability. The main reason was the slower than expected transition from legacy business to new, higher-margin projects. ◼ While an increase of inventories is required to ensure the timely execution of customer programs, the related margin contribution will only be realized upon the recognition of the corresponding revenue. 2.8 0.7 2.7 0.5 H1 2025 H1 2026 1.1 0.3 1.0 0.2 Q2 2025 Q2 2026 3.4% 13.6%16.3% 2.9%2.6% 13.0% 1.9% Adj. EBIT(2)
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www.smag.deFAST. STRONG. RELIABLE. Highly cash-generative(1) business model with limited capital intensity supports strong Free Cash Flow conversion 11 Key cash flow items (€m) €m H1 2026 H1 2025 Adj. EBITDA(2) 0.7 2.8 Reversal of non-recurring items (1.7) (0.7) EBITDA(3) (1.0) 2.1 Changes in Net Working Capital(4) 2.5 (3.3) Capex (0.9) (0.3) Free Cash Flow 0.6 (1.5) Cash conversion(5) 85.3% (52.9)% Note(s): (1) Based on Free Cash Flow definition of EBITDA plus/minus changes in Net Working Capital (calculated as Inventory plus receivables minus payables) minus Capex; (2) Calculated as EBITDA adjusted for non-recurring items, including (i) effects of PPA, (ii) transaction expenses and income from the AEQUITA acquisition, (iii) shareholder allocation (professional and management advisory fees mainly related to strategic projects and acquisition activities), (iv) severance payments, (v) non-recurring prior-period income and (vi) other non-recurring items, if any, provided that such items are separately identifiable and substantiated; (3) Unaudited; (4) Calculated as Inventory plus Receivables minus Payables; (5) Defined as Free Cash Flow divided by Adj. EBITDA ◼ The increase in inventories, driven by backlog-related production and preparations for the ramp-up, was more than offset by a significant increase in customer advance payments, supporting a strong improvement in net working capital. ◼ Capex increase reflects investments for capacity extensions and ramp-up measures. ◼ Despite decline of Adjusted EBITDA and increase of Capex, free cash flow increased due to favorable working capital development.
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www.smag.deFAST. STRONG. RELIABLE. 2026 guidance and development levers for 2027 and beyond 12 Note(s): 2026E financials are unaudited forecasts subject to various assumptions; (1) Refers to countries where SMAG mast systems are deployed; (2) Total Addressable Market (TAM) for 2030E, according to Roland Berger market study; (3) Total order backlog comprises (i) a fixed order backlog, relating to the portion of the transaction price from binding customer contracts and purchase orders for which net sales have not yet been recognized, (ii) a frame order backlog, which includes fixed annual volumes or volume estimates from signed frame contracts, based on customer information or historical call-offs over the contract duration, and (iii) a soft order backlog including estimated volumes of potential sole source projects and potential successor business until 2032, based on public and customer information; (4) Calculated as net sales plus the increaseor decrease in finished goods and work in progress plus own work capitalized within the same period. Total Output represents the key operational performance indicator in our project-based business model; (5) Mid-point, based on €55-60m 2026E Total Output range; (6) Calculated as EBIT adjusted for non-recurring items, including (i) effects of PPA, (ii) transaction expenses and income from the AEQUITA acquisition, (iii) shareholder allocation (professional and management advisory fees mainly related to strategic projects and acquisition activities), (iv) severance payments, (v) non-recurring prior-period income and (vi) other non-recurring items, if any, provided that such items are separately identifiable and substantiated FY 2026 Guidance 2026 guidance well supported, further progress expected in 2027 ◼ Guidance is based on the assumption that the deliveries by key suppliers and the customer acceptance processes relevant to project execution and revenue recognition will proceed broadly as planned. ◼ The 2026 guidance is underpinned by high order visibility and the planned realization of revenues from ongoing customer programs. Further contributions are expected from the continued execution of the order backlog and the ramp-up of existing programs. ◼ Reliable and efficient backlog execution remains a top priority. Ongoing investments in production infrastructure, capacity expansion and automation are designed to support the timely delivery of customer programs. ◼ Frame-to-fixed order conversions provide additional growth potential and further strengthen the quality and visibility of the order backlog. €55-60m Total Output (FY 2025: €34m) 19-21% Adj. EBIT Margin (FY 2025: 11.7%)
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www.smag.deFAST. STRONG. RELIABLE. Financial Calendar, Contact, Share information 13 WKN A42FR1 ISIN DE000A42FR12 Stock Exchange Symbol 1SMA Type of Share Ordinary bearer shares Share Capital EUR 5.650.000 Number of Shares 5.650.000 Trading Venues Frankfurt Stock Exchange, XETRA Stock Exchange Segment Scale Designated Sponsor Wolfgang Steubing AG Wertpapierdienstleister 30 September 2026 NuWays European-Midcap Conference, Paris 08 October 2026 mwb Research Defense & Security Online Investor Conference 23–25 November 2026 German Equity Forum (Deutsches Eigenkapitalforum), Frankfurt May 2027 Cantor Investor Conference May 2027 Publication of Annual Report FY 2026 June 2027 Annual General Meeting JASMIN DENTZ MANAGING PARTNER GFD dentz@gfd-finanzkommunikation.de ELENA STRIKKER MARKETING & PR SMAG Elena.Strikker@smag.de
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www.smag.deFAST. STRONG. RELIABLE. IMPORTANT NOTICE: This document has been prepared by SMAG Mobile Antenna Masts AG ("SMAG" or the "Company") and is published for general information purposes only. It is not intended to be complete and no representation or warranty, express or implied, is given as to theaccuracy, completeness or correctness of the information contained herein. Due to rounding, figures presented in this document may not add up precisely to the totals indicated, and percentages may not precisely reflect the absolute figures to which they relate. This document may contain alternative performance measures that are not defined under the German Commercial Code (Handelsgesetzbuch – "HGB") or the International Financial Reporting Standards (IFRS). These measures should be considered supplementary to, and not as a substitute for, the financial information prepared in accordance with HGB or IFRS. The financial data contained in this document for the first half of the financial year is unaudited. This document is for information purposes only and does not constitute, nor is it intended to constitute, a securities prospectus within the meaning of Regulation (EU) 2017/1129 or any other applicable law. It does not constitute an offer to sell, or a solicitation of an offer to buy, any securities of the Company and should not be construed as investment advice. Investors should not purchase or subscribe for any securities of the Company on the basis of, or in reliance on, this document. This document contains forward-looking statements that reflect the Company's current views with respect to future events and financial and operational performance. These statements are based on current plans, estimates, assumptions and projections and involve known and unknown risks and uncertainties that could cause actual results and developments to differ materially from those expressed orimplied. These risks include, but are not limited to, changes in general economic, business or regulatory conditions, competitive dynamics, technological developments and other factors described in the Company's public filings. Any guidance provided by the Company is based on assumptions that are, in whole or in part, outside the Company's control or influence; actual results may therefore differ materially from such guidance. The Company assumes no obligation to update or revise any forward-looking statements or guidance as a result of new information, future events or otherwise, unless required by mandatory law. Neither the Company nor any of its directors, employees, affiliates, advisors or representatives assumes any responsibility or liability whatsoever (whether in negligence or otherwise) for any loss or damage arising from the use of this document or any information contained herein. The provision of this document does not create any obligation for the Company or its representatives to provide the recipient with additional information or to update or correct this document. Disclaimer 14
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www.smag.deFAST. STRONG. RELIABLE. 15 MISSION-CRITICAL COMMUNICATION INFRASTRUCTURE ENABLING THE MODERN BATTLEFIELD FAST. STRONG. RELIABLE. Connection Confirmed.