Slides
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Delivering Critical Intelligence Erik Herlyn, CEO Waldemar Schäfer, CTO Investor Studios, October 6 th, 2026
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AGENDA Investment Highlights and Market Momentum Investment Highlights and Market Momentum 1 1 3 3 The Company and the Product Positioning The Company and the Product Positioning 2 2 6 6 Revenue Model, Sales Strategies and Traction Revenue Model, Sales Strategies and Traction 3 3 10 10 A Frontrunner in Tech-enabled Security A Frontrunner in Tech-enabled Security 4 4 15 15
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Investment Highlights and Market Momentum Investment Highlights and Market Momentum 1 1
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4 A PROVEN UAV PLATFORM WITH A DUAL-USE BUSINESS MODEL CONFIDENTIAL Xer Tech has developed a world -leading hybrid UAV platform that combines extended endurance, modular payload capabilities and pr oven performance. By bridging the gap between light drones and helicopters, the platform offers the defence industry a highly compelling alternati ve for a broad range of missions. With a dual -use business model, Xer Tech serves both defence and commercial customers from a single technology platform. The sam e core capabilities: surveillance, detection and autonomous monitoring are increasingly demanded across the broader security industry, making it a natural next step for expansion, both organically and through selective acquisitions. In-house hybrid propulsion delivers 3.5 hrs endurance with up to 10 kg payload, roughly 5x battery-drone, with full-stack control from airframe to software. Proprietary Technology Positioned between commodity drones (<30 min, <2 kg) and helicopters (>$2m, high-risk), helicopter-class performance at a fraction of the cost. A structural market gap USD20m+ invested and deployed with the European Navy, Swiss Army. Pilots converting to follow-on orders and integrators (e.g. PLATH) carrying Xer into NATO tenders. Validated by customers One-off system sales of USD 200k–1,200k plus USD 50–190k /year in service, software and maintenance per system, after- market revenue compounds with the installed base. High-margin revenue model NATO defence budgets rising towards 3.5%+ of GDP, while surveillance and autonomous monitoring demand expands across commercial industries, such as the security industry. Dual-use business model Acquisition-led entry into the security service market, defence-grade technology applied to an industry where technology-led services earn roughly twice the margin. Security growth platform 1 2 3 4 5 6
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43 50 59 68 79 92 107 124 140 157 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 CONFIDENTIAL Double-digit growth for the UAV markets is driven by rising defence budgets, proven operational value, a shift in technology, and a broader security demand. Global UAV Market Size (USD bn) Source: Precedence Research Defence Spending as % of GDP 5.0% 3.5% 3.2% 3.5% 3.5% 4.7% 2.1% 3.0% 2.4% 2.7% 2.7% 1.9% 1.4% 1.2% 1.4% Poland France Denmark Sweden Germany 2020 2025 (budget) Target NATO defence spending targets have increased drastically since the beginning of the Ukraine war. Defence budgets are rising across NATO, with a growing share allocated to UAV systems and modern capabilities. A structural increase in defence budgets and UAV procurement A DEFENCE SUPERCYCLE, AND SECURITY DEMAND BEHIND IT Demand for UAV -based surveillance and autonomous monitoring is expanding to security applications. Expansion of security demand beyond traditional defence Recent conflicts have proven the cost -effectiveness and tactical value of UAVs across a variety of missions. The battlefield effectiveness of UAVs has been proven Advances in technology and lower operating costs drive the shift to drones for repetitive and high -risk missions. A shift from helicopters to lower -cost UAV solutions 5
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The Company and the Product Positioning The Company and the Product Positioning 2 2
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LED BY VETERANS OF PILATUS, LEONARDO AND SKELDAR CONFIDENTIAL M A N A G E M E N T T E A M B O A R D M E M B E R S Erik Herlyn Listings and energy company growth experience. Sr Manager at KPMG and CapGemini. Waldemar Schäfer World-class manned and unmanned developer. Experience from Pilatus Aircraft, Kopter (Leonardo), UMS Skeldar, SwissDrones. Gökmen Cetin Technical sales expert with experience from ABB Jörgen Svanström Former Interim CFO of Integrum AB and Interim Director of Administrative Services Europe at Fingerprint Cards. John d'Abo Investment banking (CS, RBC, HSBC, CLSA). Representing Xer’s majority shareholder Rex Int. Hold. Pär Gunnarsson Senior security, intelligence and business continuity officer. Former Swedish military intelligence and security service officer Thomas Lundin Former CEO of Nordic LEVEL Group and board member/chairman of several Nordic companies across finance, security, and industrial. CEO CTOSales Manager CFO Chairman Board Patrick Högberg International executive in security, critical infrastructure and technology. Senior management of international Loomis subsidiaries Corporate governance, tax law and financial service senior. Tax partner and head of Tax from BDO Sweden BoardBoard Board Board Hakan Behmer Sales 7
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Focus verticals We are active in both defence as well as energy industry verticals, each with specific UAV customization requirements. Platform Our flight platforms are developed for maximum use case versatility and can be further upgraded on demand. Software / Payload Our in-house engineering team can quickly adapt platforms to new payloads, mission scenarios or autonomy requirement. AI powered software/Payload CONFIDENTIAL *Sunflower labs - The Beehive system 8 ONE PLATFORM, EVERY VERTICAL, WITH NEW USE CASES IN WEEKS Same platform, same software core, but new missions through payloads and configuration. X8 MIL X12-X200 MIL X8 / X8e Emission monitoring Powerline inspection Autonomous perimeter patrol Intelligence, Surveillance& Reconnaissance (ISR) Mine search and Anti-submarine Warfare Drone in a box* Defence Energy Next: Security
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CONFIDENTIAL 9 SEVERAL CLIENTS AND PARTNERS PROVE MARKET DEMAND Navy Army Commercial Electronic Warfare - Surveillance Amphibious mission support Mine search Missile detection & ASW (Anti-Submarine Warfare) Mothership / UAV Swarm Deployment ISR (Electromagnetic and visual/infrared) Mine detection Comms cable laying/pulling Powerline Inspection Gas emission monitoring & LiDAR scanning Surveillance Surveying and mapping Tech PartnersArmy Clients Selected Commercial Clients Payload Partners Navy Clients
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Revenue Model, Sales Strategies and Traction Revenue Model, Sales Strategies and Traction 3 3
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CONFIDENTIAL 11 REVENUE MODEL Our revenue model includes a tiered pricing model, with one-off purchase pricing depending on flight system complexity, payload, and platform fit out. Yearly service, training and predictive maintenance fees as well as software maintenance and capability retrofitting provide recurring revenues. Optional operation support, mission planning, analytics, and AI software subscriptions will be added in 2026. High margin product sales with recurring after-market revenue and software, and solid upsell opportunities. One-Off Purchase Price Recurring Revenue Commercial Army Navy Service & Maintenance, Software (USD 50k/yr) Service & Maintenance, Software (USD 150k/yr) Service & Maintenance, Software (USD 180k/yr) X8 Industry (USD 100k) X8 Mil (USD 220k) X8 Mil (USD 220k) Vessle integration (USD 20-150k) Payload (USD 20-100k) Payload (USD 20-600k) Payload (USD 20-800k) Systems (USD 20-50k) System integration, Software & Customization (USD 80-400k) System integration, Software & Customization (USD 370-1,100k) USD ~200k USD ~700k USD ~1,200k Drone gross margin ~75% Payload gross margin ~20 –50%
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CONFIDENTIAL 12 SALES STRATEGY 2025 2026 2027 2028Selected ClientsMarket Segment Direct SalesWe will continue selling commercial variants of the X8 system directly through existing pipeline of customers, while increasingly making use of larger distributors as we scale and focus our sales efforts on defence. Commercial Distributors Channel mix Initial direct sales and NATO collaborations of onshore defence variants allowed us to monitor product integration. We are now partnering with integrators such as PLATH, SERCO, Rohde and Schwarz to scale our defence sales. Onshore Defence Direct Sales 3-8 Integrators Channel mix Demo / POCsWhile we have proven our maritime products in various use-cases and scenarios, our sales and distribution strategy will be largely focused entirely on integration via large defence primes in comprehensive naval tenders and UAV ecosystems. Maritime Defence 2-5 Integrators Channel mix
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A Frontrunner in Tech-enabled Security A Frontrunner in Tech-enabled Security 4 4
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CONFIDENTIAL 14 DEFENCE-GRADE PROTECTION TO COMMERCIAL SECURITY Xer Tech’s platform enables better and more cost-efficient protection, while facilitating operators to improve workforce productivity and shift towards higher-margin services. How the platform fits into the solution Customer benefits Detect Sites are monitored using drone in a box and intelligent fix sensor systems. Detect 1 Survey Detect Data is combined and prioritised so that operators receive actionable information. Analyse 2 Xer software and AI Detect 4 Detect 3VerifyRespond UAVs and modular payloadsTeams take targeted action The UAV can inspect large or remote areas, verify alarms and use appropriate payloads for the conditions. Human operators remain in control but can focus their time on verified events and higher-value interventions. Enhanced detection Earlier, more reliable and efficient detection than human eyes Faster verification Deploy UAV capability to determine if an alarm represents a genuine threat Operational efficiency Reduce manual checks and allow security personnel to focus on verified incidents By combining UAVs, sensors and software, Xer enables broader coverage and faster, more accurate threat verification while reducing manual interventions and the cost of security delivery. Defence-grade capability Long endurance, modular payloads and mission-tested UAV technology
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CONFIDENTIAL 15 A MERGER: MARKET ACCESS, DE-RISKED, VALUE-ACCRETIVE Complementary capabilities, networks and operating models create a differentiated technology-enabled security platform. Security service market Relevant customer/contract base Visible brand Strong management team Nordics first (Europe second) M&A Target criteria Key criteria of the target for a successful synergetic merger. Synergy matrix With the right strategic match, Xer Tech can combine defence-grade UAV and autonomy technology with established security expertise, customer access and operating capabilities, creating a differentiated platform positioned to become a frontrunner in technology-enabled security. Xer Tech contributions Combined advantage Uniqueness Complementary competencies Faster access and broader reach Integrated security proposition Security platform contributions The synergy matrix is unique and key to successfully transforming the traditional security service model
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Operator delivery cost distribution Traditional vs. ADS Margins, tech-enabled security Client fee/10-hour coverage = SEK 5,000 Autonomous Drone Surveillance (1 drone) A win-win model: Better protection at a lower cost for the client, while operators benefit from lower delivery costs and higher margins. CONFIDENTIAL 16 THE BUSINESS CASE ILLUSTRATING A WIN/WIN MODEL 76% lower delivery cost funds both a client discount and a 74% margin . Delivery costs, a comparison Cost comparison, 10-hour coverage Autonomous Drone Surveillance (1 drone) SEK 1,295 per day SEK 5,455 per day Traditional Security Guards (2 guards) 76% lower deliver costs for the operator operating an Autonomous Drone Surveillance security platform vs. the traditional model. [SEK] Client fee per 24 -hours 5,000 Delivery costs -1,295 Contribution 3,705 Contribution margin 74%Traditional Security Guards (2 guards) Autonomous Drone Surveillance (1 drone) Labour D&A Security on standby Installation, licenses, PM and technical oversight Security deployment & alarm centre
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Erik Herlyn, CEO