DRONESHIELD LIMITED — Investor Presentation 2026

Apr 21, 2026

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Image: DroneShield’s command-and-control platform, DroneSentry-C2

AI Counter-Drone Solutions | Field-Proven, Deployed Globally 1Q26 4C Results - Investor Presentation

22 April 2026

Important Notices and Disclaimer

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This presentation has been prepared by DroneShield Limited ACN 608 915 859 (" DroneShield " or " Company "). This presentation contains summary information about DroneShield and its associated entities, and their activities current as at the date of this presentation. The information contained in this presentation is for information purposes only and is provided as at the date of this presentation (unless otherwise stated). It should be read in conjunction with DroneShield's most recent financial report and other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (" ASX "), which are available at www.asx.com.au under the Company’s ticker code (ASX:DRO). Unless stated otherwise all references are to a financial year (“ FY ”) ended 31 December and all currency amounts are in Australian dollars. Due to rounding, numbers in this presentation may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Not an offer

This presentation is for information purposes only and does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in the Company in any jurisdiction. This presentation and its contents must not be distributed, transmitted or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction.

Not investment advice

This presentation is for information purposes and does not constitute investment or financial product advice (nor taxation, accounting, or legal advice), is not a recommendation to acquire or dispose of DroneShield's shares or other securities and is not intended to be used or relied upon as the basis for making an investment decision. In preparing and providing this presentation, the Company has not considered the investment objectives, financial position or needs of any particular recipients.

Future performance

This presentation may contain forward-looking statements. Forward-looking statements can generally be identified by the use of words such as, “expect”, “anticipate”, “likely”, “intend”, “should”, “could”, “may”, “predict”, “plan”, “propose”, “will”, “believe”, “forecast”, “estimate”, “target” and other similar expressions. Indications of, and guidance or outlook on, plans, strategies, management objectives, sales and financial performance are also forward-looking statements.

Past performance

Past performance information (including past share price performance of DroneShield and historical financial information) included in this presentation is given for illustrative purposes only and is not a guarantee of, and is not necessarily a guide to, future performance. Information in this presentation includes Non-IFRS measures as we believe they provide useful information to assist in understanding the Company’s financial performance. Such financial measures do not have a standardised meaning and should not be viewed in isolation or considered as substitutes for measures reported in accordance with IFRS. These measures have not been independently audited or reviewed.

Disclaimer

No representation or warranty, express or implied, is made as to the accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this presentation. DroneShield does not represent or warrant that this presentation is complete, free from errors, omissions, or misrepresentations or that it contains all material information about DroneShield or which a prospective investor or purchaser may require in evaluating a possible investment in DroneShield or an acquisition or other dealing in shares. This presentation may contain information from third parties believed to be reliable, but no representations or warranties are made as to the accuracy or completeness of such information.

To the maximum extent permitted by law, DroneShield expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any direct, indirect, consequential or contingent loss or damage arising from the use of information contained in this presentation including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions or matters, express or implied, contained in, arising out of or derived from, or for omissions from, this presentation including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom.

Statements made in this presentation are made only at the date of the presentation. DroneShield is under no obligation to update this presentation. The information in this presentation remains subject to change by DroneShield without notice to you.

Acceptance

By attending an investor presentation or briefing, or accepting, accessing, or reviewing this presentation, you acknowledge and agree to the terms set out in this 'Important Notices and Disclaimer'.

Forward-looking statements involve inherent risks and uncertainties, both general and specific, many of which are outside the control of DroneShield. No representation is made or will be made that any forward-looking statements will be achieved or will prove to be correct. As such, undue reliance should not be placed on any forward-looking statement. Forward-looking statements are based on information available to DroneShield as at the date of this presentation. Circumstances may change and DroneShield assumes no obligation to update such statements.

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1Q2026 Summary

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Continued growth across all leading metrics, with highest quarter for customer cash receipts, and second highest revenue quarter on record

A$	1Q2026	1Q2025	PCP Growth	2025	Comment
Revenue	74.1m	33.5m	▲121%	216.5m	●2ndhighest revenue quarter to date (Highest: 3Q2025 at $92.9m) ●Higher than from Trading Update on 8 April ($62.6m) due to timing of deliveries in late March 2026 ●FY2026 Committed Revenues to date of $154.8m (vs $94.4m as at 1Q 2025) ●Steady flow of repeat and new end-user orders (below $20m materiality reporting threshold) with $59m increase in committed revenue since start of 2026
Customer Cash Receipts	77.4m	16.8m	▲360%	201.6m	●Highest customer cash receipts quarter on record
SaaS Revenues	5.1m	1.7m	▲205%	11.6m	●6.9% of Revenue from SaaS, with continued benefit from increasing numbers of SaaS-enabled devices in field ●Compares to $11.6m in SaaS revenue in FY2025 (5.4% of Revenue) ●Growth consistent with goal of 30% in recurring revenue by 2030 ●All new products carry one or multiple SaaS, with quarterly software updates to address changes in drone technology and the latest threats
Net Operating Cashflow	24.1m	(17.9m)	▲235%	23.3m	●4thconsecutive quarter of positive net operating cash flow
Closing Cash Balance	222.8m	196.6m	▲13%	201.1m	●Comprises cash, cash equivalents and short-term term deposits ●Up $21.7m from 31 December 2025 ●No debt with funding available for significant ongoing investment into people and technology, and potential for strategic M&A

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Notes: PCP refers to Prior Corresponding Quarter movement from 1Q2025 to 1Q2026. Financial information for FY2026 is unaudited and derived from management estimates. FY2026 Committed Revenue as at 20 April 2026. FY2025 Audited Results.

Encouraging Momentum in Q1 2026

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Off the back of a pivotal year in 2025, initial indicators for Q1 2026 show continued strong growth in 2026, with continued benefit from the operational leverage within the business

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Revenue (A$m) – 2 [nd] Highest Quarter on Record Customer Cash Receipts (A$m) – Record Quarter
250 Q1 Revenue ▲121% PCP Q1 Receipts ▲360% PCP
FY Revenue 217 6.9% FY Customer Cash Receipts 202
Committed Revenue FY2026 Committed Cash Receipts FY26
200 180
SaaS % of Revenue 5.4%
4.9%
155
150
103
2.6% 81
100
1.8% 2.0% 71
54 58 57
50
74 77
10 17 13 14
33
17
0
2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026
Quarterly Net Cash Flow from Operations (A$m) FY2025 Statutory NPAT to EBITDA to Underlying EBITDA (A$m)
8.5 36.6
24.1
23.5
20.1
13.4
7.7
3.5 10.6 4.6
-7.3
-2.3
Less: Net interest Add: Depreciation Add: Share-based Underlying
income & Amortisation payment expense EBITDA
-17.9
1Q25 2Q25 3Q25 4Q25 1Q26 Statutory NPAT Less: Income tax benefit EBITDA Add: Finished Goods
Impairment
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Notes: Total Committed SaaS revenue for FY2026 is currently 13% of FY2026 Committed Revenue. Q1 2026 numbers are unaudited and derived from initial management reports. FY2026 Committed Revenue as at 20 April 2026. FY2025 Underlying PBT is before Individually Significant Items of finished goods impairment ($8.5m) and non-cash share-based payment expense ($23.5m). FY2025 Audited Financial Statements with Statutory NPBT of $1.3m. See Appendix for further details.

Company Highlights

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Record quarter for Customer Cash Receipts, 2nd highest quarter for revenue and 4[th] consecutive quarter of positive operating cash flows, providing foundation for continued strength into FY2026

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Robust financial performance Executing on material pipeline Positioned to win and scale
A$74.1m A$2.2B 501
Q1 2026 Customer Revenue Potential Sales Pipeline Employees in 7 countries
• Up 121% on Q1 2025, up 43% on Q4 2025 • Regular conversion to sales (<$20m threshold) • Well-resourced with on the ground team
• 2nd highest revenue quarter on record • Encouraging near-term prospects for 2026 delivery • Distributors in major West-allied countries
A$154.8m 312 A$70m+
FY2026 Committed Revenue Deals in pipeline R&D spend annually
• Compares to $216.5m revenue in FY2025 • Significant project diversity • Continuous investment in hardware and AI software
• A$140m at 31-Mar-26 (A$94.4m at 31-Mar-25) • Over 60 countries to combat latest drone threats
A$24.1m 15 A$222.8m
Q1 2026 Net Operating Cash Flow Deals over A$30m each Cash balance (31 Mar 26)
• 4th consecutive quarter in positive net operating • Diversity in deal size and volumes • Significant cash balance provides flexibility and
cash flow. Record A$77.4m in customer receipts • 36 deals over $10m, largest being A$750m supports ongoing investment
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Notes: Potential Sales Pipeline as at 31 March 2026. Pipeline is unweighted for probability of success and includes existing defined sales opportunities at various stages of maturity. There is no assurance that any of these potential sales opportunities will result in revenue. Q1 2026 numbers are unaudited. FY2026 Committed Revenue as at 20 April 2026.

Sales Pipeline at $2.2B across 312 projects

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Unweighted qualified pipeline of opportunities across geographies, end-users and products, with line of sight for sales across 2026 to 2028

$268m / 126 projects

• 2025 Sales: $30m (14% revenue)

• US subsidiary President appointed: Ray Fitzgerald

• 3-Apr: Trump FY27B US$2.9B request for C-UAS (US$1.6B enacted for FY26, and US$1B in FY25A)

• JIATF401 streamlining C-UAS technology acquisition with US$600m in funding already committed

• USA ● DHS Program Executive Office US$1.5B C-UAS contract vehicle pending award

Europe & UK

$1.1B / 77 projects

• 2025 Sales: $98m (45% revenue)

• EUR800B Re-Arm Europe Plan / Defence Readiness Roadmap 2030

• Opened office in Amsterdam and European manufacturing capability

• UK: Working via BT; DroneSentry-X Mk2, working with Leonardo UK’s FalconShield system

• FIFA World Cup (order received) & America 250 driving funds and urgency; Safer Skies Act in place

$501m / 28 projects

• 2025 Sales: $46m (21% revenue)

• Several key Governments seeking to protect against the threat of small Chinese drones

• Demand continues to accelerate, especially fixed base

• Asia (excl China) DroneSentry protection

Australia

$47m / 7 projects

• 2025 Sales: $11m (5% revenue)

• $1.3B L156 C-UAS spend, DRO selected on the LoE3 panel in January 2026 and already received work under LoE2

• Jan 2026: the Defence Amendment (Counter-UXS Measures) Regulations 2025

LATAM, MENA & Other

$267m / 74 projects

• 2025 Sales: $32m (15% revenue)

• On the ground sales staff in Mexico and UAE, supported by distributors

MOVEMENTS DISCUSSION

• Last reported $2.3B with 295 projects (Feb-26)

• Net project movement of -$84m from conversion into sales and change in scope

• Currency movement of +$30m (majority of projects priced in USD and EUR)

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Notes: Potential Sales Pipeline as at 31 March 2026. Pipeline is unweighted for probability of success and includes existing defined sales opportunities at various stages of maturity. There is no assurance that any of these potential sales opportunities will result in revenue. Totals, movements and addition may vary due to rounding. All reporting is in A$, noting that the underlying opportunities are across multiple currencies including exposure to USD, GBP and Euro.

Our Competitive Differentiators

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Fully in-house
Global pioneer at
development and
the forefront of 350+ world-class $70m+/year of R&D
manufacturing
counter-drone engineers investment
capabilities (except radar
technology
and camera)
AI-powered SaaS
Market leading, Substantial and growing
Dedicated data solutions poised to be
differentiated AI proprietary global AI
engineering team significant proportion of
technology drone signal database
total revenue
Strong relationships and
Trusted partner
Global presence in 70+ history of R&D Track record of repeat
with global
countries collaboration with blue orders
reputation
chip end-users
Complete End-to-end offering
Interoperable hardware Well-positioned to
solutions across dismounted and
and software solutions maximise wallet share
deliverables fixed/OTM portfolio
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2030+ Vision with Measurable Strategic Priorities

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Our vision is premised on next-generation products and technologies, global expansion and strategic partnerships, leveraging our scalable platform to execute on numerous and highly actionable deliverables

Market Penetration

Revenue Target

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• Significant presence across both Military and Commercial markets

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• Revenue of $1B p.a. with significant recurring revenue >30%

• Multi-channel route to market via partnerships with Primes, core regional distributors and direct to end-users

• Strong diversification across end-users, geographies and product solutions, with hardware and software updates

Comprehensive Solutions

Global Presence

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• Deploying “whole of lifecycle” C-UxS solutions and services as true partner to end-users

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• Scaled headquarters across Australia, the United States & Europe

• Strategic technology-focused M&A based on alignment in vision and solution integration

• Regional sales and operations hubs across Asia, the Middle East and LATAM

• Regional manufacturing in core markets

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DroneShield is core to a multi-layered C-UxS ecosystem

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DroneShield solutions provide the foundations of a multi-layered approach in counter-drone solutions. With the ability to offer an increasing number of interoperable solutions, our C2 platform becomes the centre-piece for C-UxS end-users	DroneShield solutions provide the foundations of a multi-layered approach in counter-drone solutions. With the ability to offer an increasing number of interoperable solutions, our C2 platform becomes the centre-piece for C-UxS end-users	DroneShield solutions provide the foundations of a multi-layered approach in counter-drone solutions. With the ability to offer an increasing number of interoperable solutions, our C2 platform becomes the centre-piece for C-UxS end-users	DroneShield solutions provide the foundations of a multi-layered approach in counter-drone solutions. With the ability to offer an increasing number of interoperable solutions, our C2 platform becomes the centre-piece for C-UxS end-users	DroneShield solutions provide the foundations of a multi-layered approach in counter-drone solutions. With the ability to offer an increasing number of interoperable solutions, our C2 platform becomes the centre-piece for C-UxS end-users
		Layer 1 RF Detect & Defeat DroneShieldFlagship Sensors & Effectors Layer 2 DroneSentry-C2 / C2 Enterprise DroneShield Software Ecosystem Layer 3 Core Extensions Radars, Optical Sensors, Specific Accessories & Kits Layer 4 Interoperable Partner Solutions (Novel Solutions) Cyber Takeover, Acoustic, Seismic Passive Radar, Interceptor Drones, Cell/Sat & USV/UGV Technologies Layer 5 Soft Kill & Non-Kinetic Effectors Microwave, Laser Layer 6 Hard Kill & Kinetic Effectors Not offered: Remote Weapons Station
	DroneShield Solutions	Layer 1	RF Detect & Defeat	DroneShieldFlagship Sensors & Effectors
		Layer 2	DroneSentry-C2 / C2 Enterprise	DroneShield Software Ecosystem
	DroneShield + Partner Solutions	Layer 3	Core Extensions	Radars, Optical Sensors, Specific Accessories & Kits
		Layer 4	Interoperable Partner Solutions (Novel Solutions)	Cyber Takeover, Acoustic, Seismic Passive Radar, Interceptor Drones, Cell/Sat & USV/UGV Technologies
		Layer 5	Soft Kill & Non-Kinetic Effectors	Microwave, Laser
		Layer 6	Hard Kill & Kinetic Effectors	Not offered: Remote Weapons Station

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• Layers 3 to 6 comprise third party hardware, interoperable as DroneShield combines multi-sensor solution, with differentiated offering via AI-powered software layers

Unmatched End-to-End Counter-Drone Solutions Offering

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DroneShield’s core existing range will be further enhanced with a series of new hardware and software launches commencing Q3 2026

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Dismounted On-The-Move & Fixed Site
AI FY25:43% AI FY25: 38% AI RELEASED FY25
RfPatrol
FY25:
19%
DroneGun Immediate Response Kit DroneSentry
Detect
Defeat
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RfPatrol

• Quarterly SaaS-based software updates to keep up with the threat

• Over 3,600 deployed globally

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DroneGuns

• Upfront hardware purchase (future gen jammers to also have SaaS)

• Over 1,700 deployed globally

• DroneGun Mk4: Lightweight and compact

SentryCiv

DroneSentry

• Civilian

• Over 200 deployed globally

• SaaS only

• DroneSentry-X Mk2 as the foundation plus optional add-ons

• Long range automated situational awareness, monitoring and threat • Cost effective response of local airspace activity • Pricing cashflow

• • Real time alerts, analytics and reporting via DroneSentry-C2 software positive from • day 1 Upfront hardware purchase, plus recommended SaaS

Commencing Q3 2026 and running through 2027 there will be a series of new hardware and software launches including full spectrum customisable sovereign solutions

AI

10

%

AI-powered solutions

2025 hardware revenue %

Proprietary AI-based SaaS and Software R&D Contracts

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Quarterly proprietary SaaS, complemented by third-party SaaS on radar solutions

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Device SaaS Site SaaS Enterprise SaaS
● Command-and-control
RfAI Next Gen ( C2 ) for DroneSentry
detect Detect single site installs
DroneSentry-C2
RfAI-Attack Next Gen ● Lighter and more cost
defeat Defeat effective C2 designed for
in-field use
● In trial deployments ● Paid subscription starting 2H 2026
DroneSentry-C2 Tactical
Optical
Sensors More to
third-party come
hardware
Third-Party More to
Radar SaaS come
● C2 for a region or country-wide deployment
● Launched in late 2025
● Pure subscription pricing
SentryCiv ● Focus on affordability
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• Development pipeline of a series of post-sale SaaS products

• 2030 Target Goal: Leading hardware and solutions in field globally, with multiple SaaS resulting in 30%+ in recurring revenue

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Seasoned Leadership with Deep Subject Matter Experience

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Carla Balanco
Angus Bean Louis Gamarra Michael Powell
CFO & Joint Company
CEO and Managing Director Chief Commercial Officer Chief Operating Officer
Secretary
9 yrs with DRO 8 yrs with DRO 2 yrs with DRO <1 yr with DRO
Paul Cenoz Sasha Biskup
Ray Fitzgerald Angus Harris
General Counsel & Chief Information Security
President, DroneShield LLC Chief Technology Officer
Joint Company Secretary Officer
<1 yr with DRO 1 yr with DRO 3 yrs with DRO 1 yr with DRO
Tom Branstetter Lauren Ratcliffe Joshua Bolot
Vice President, Business Head of People Director of Investor
Development and Sales & Performance Relations & Strategy
6 yrs with DRO <1 yr with DRO <1 yr with DRO
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Board Composition

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A considered evolution of Board to support the next stage of the Company’s growth

• From 1 May 2026, Hamish McLennan will join the Board as a Non-Executive Director and Chairman-Elect (from conclusion of AGM)

• After 10 years as Chairman, Peter James has decided to retire from the Board and will not seek re-election, with his tenure ending at the conclusion of the AGM

• Angus Bean appointed CEO & Managing Director , replacing Oleg Vornik (Advisor to CEO/MD until July 2026)

• Active plans to expand the Board to bring additional and varied skills and experience to support the Company in its growth journey

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Peter James

Non-Executive Chairman (until close of 2026 AGM)

Director & Chairman since 2016

Hamish McLennan

Non-Executive Director & Chairman-Elect (from 1 May 2026)

Background: Tech, Media & Marketing, growth companies, corporate governance

ASX Roles: REA Group (Chair), ARN Media (Chair), Light & Wonder

Jethro Marks

Non-Executive Director (2020)

Background: Retail, services, logistics and outsourcing

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Angus Bean

CEO & Managing Director (from 8 April 2026)

Director since April 2026 Joined 2016 (Employee #6)

Simone Haslinger

Non-Executive Director (2024)

Background: Investment banking, equity capital markets, legal

ASX Roles: National Storage REIT

Richard Joffe

Non-Executive Director (2024)

Background: Technology, strategy and rapid scaling globally

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Image: DroneShield’s RfLink, a mobile-first ATAK-CIV plugin offering rapid geospatial situational awareness

Thank you

Australia Office Registered Headquarters DroneShield Limited Level 5, 126 Phillip St Sydney NSW 2000

U.S. Office DroneShield LLC 7140-B Farm Station Rd, Warrenton, VA 20187 USA

European Office

DroneShield B.V. Herengracht 420 1017BZ Amsterdam Netherlands

droneshield.com | investors@droneshield.com

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A APPENDICES Other Information

Image: DroneShield’s production warehouse facility in Sydney

Investment Thesis

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DroneShield is the only pure-play counter-drone publicly listed company in the world, and part of a multi-layered approach which deals with the global threat of drones across military and civilian markets

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“Australian firms are also a “[We need]… more AI “We need to strengthen “The drone wall
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in everything … more counter UAS.” Peter Hegseth, U.S. Secretary of War (Sep 30, 2025) our … anti-drone capabilities … a European network of anti- drone measures…” Mette Frederiksen, Danish Prime Minister (Oct 3, 2025) initiative is timely and necessary” NATO Secretary General Mark Rutte (Sep 30, 2025) key part of European defences. Like DroneShield, which supplies anti-drone technology to European armed forces” Ursula von der Leyen, President of the European Commission (Mar 25, 2026)

• DroneShield is a recognised specialist in leading counter-drone solutions in a globally surging industry, across military and civilian sectors

• Counter-drone market saturation is nascent with a Global Total Addressable Market in >US$60B :

• >US$35B Military TAM: Ukraine and Iran show drones and counter-drone solutions are mainstream and core feature in conflicts

• >US$28B Commercial TAM: Governments, law enforcement, public authorities, airports, infrastructure and public venue operators are acting on regulatory and deployment catch-up to meet critical needs . E.g. SAFER SKIES Act (US), Defence Amendment (Counter-UXS Measures) Regulations 2025 (Australia)

• Traditional defence primes are not well positioned - need cost effective, AI-powered, rapidly evolving solutions

• Wars, deteriorating geopolitical and security situations have accelerated spending with a focus on sovereign capability and defence , rather than relying on historic alliance-based collective protections

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The Evolution of Global Company Based in Australia

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Since its formation in 2014, DroneShield has grown significantly and currently has over 500 employees across 7 countries with product representation in over 70 countries

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Founded in USA Initial Public Offering Product range expansion with increasing use Ukraine War and >40 countries US & EU expansion on ASX case deployment Two US scientists A$7m raised on Addition of RF, radar, camera & Global deployments including Major contract wins. develop acoustic A$20m valuation software capabilities. Used at Winter use in Ukraine War. Sales team Enter ASX AllOrds & drone detection Olympics & Commonwealth Games to build out a diverse user-base then S&P/ASX300

Founded in USA

Founded in USA Initial Public Offering on ASX Two US scientists A$7m raised on develop acoustic A$20m valuation drone detection

Australian incorporation Corporate formation 3 employees

DroneGun product released Debut at World Economic Forum 11 employees

US operating subsidiary US presence to service market 36 employees

Positive cash flow

~500 employees Positive cash flow Sales scale to A$54m. Record sales A$216m. Major R&D investment Enter S&P/ASX200 105 employees 454 employees

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Employees by location Employees by function
Head Office
Rest of
United World 10%
States 3% Australia
6% 91%
Tech Operations
66% 20%
Sales
4%
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Employees by location
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Head Office comprises Executive, Finance, Legal & HR. Engineering resides in both Tech and Operations

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Global Presence
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Regions with DroneShield employees

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17
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Additional countries with DroneShield representation

Powered by Bing

US$35B+ Global Total Addressable Military Market

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Segments where DroneShield has existing end-user solutions in field and/or active market positioning, with continued strengthening through upcoming product releases

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Military Vehicles (Mounted)
$112,500 each $20.3 $2.4
billion billion
$2.3
Border Protection Military – Fixed Bases
billion
$2 million each $462,500 each
Government Facilities – Fixed Sites Military Helicopters
$281,500 each $75,000 each
$1.8 $1.4
billion billion
Military – Portables (Infantry Units) Protective Security / VIP Law Enforcement – Portables
$37,500 each $281,500 each $281,500 each
$732 $550
million million
Intelligence Facilities (SCIFs) Naval Vessels (Combat Units)
$4.7 $312,500 each $131,500 each
billion $625 $61.8
million million
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Source: www.droneshield.com/counterdrone-market (October 2025)

US$28B+ Global Total Addressable Commercial Market

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Segments where DroneShield has existing end-user solutions in field and/or active market positioning, with continued strengthening through upcoming product releases

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Strategic Power / Grid Assets Data Centres (Tier III/IV+) Correctional Facilities
$1,062,500 each $312,500 each $281,500 each
$2.5
billion
$3.8
billion
$2.3
billion
Stadiums / Events
$512,500 each
Civilian Helicopters / Heliports
$6.4
$150,000 each
billion
$3.6 Oil & Gas Infrastructure
$1,062,000 each
Shipping – Freighters / Cargo Ships billion
$131,500 each
$2.2
billion
Airports
$1,062,500 each
$105.2
million
$4.3
$3.2
billion billion Shipping Ports
$131,500 each
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Source: www.droneshield.com/counterdrone-market (October 2025)

DroneShield’s Competitive Positioning

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DroneShield is the only publicly listed pure-play C-UxS company and a global market leader in each of its key C-UxS segments, underpinned by its commercial and technical differentiators.

• It has a large proprietary IP portfolio and robust AI capabilities , coupled with battle-tested, superior performance.

• No competitor offers the breadth of DroneShield’s counter-drone detect and defeat solutions across mobile, vehicle and fixed site settings , with competitors within segments including*:

• Handheld detection: MyDefence (Denmark) and DZYNE (USA)

• Handheld defeat: MyDefence (Denmark), SteelRock (UK) and DZYNE (USA)

• On-the-move detection and defeat: AeroVironment (USA)

• Fixed site solutions and command-and-control systems: Dedrone (USA - part of Axon), Anduril (USA - a higher cost and strictly military solution)

• Traditional defence and security primes are considered customers rather than competitors , and DroneShield works with primes where appropriate to offer combined solutions.

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Image: Counter-UAS vehicle, featuring DroneShield’s DroneSentry-X Mk2

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• According to field intelligence information received by DroneShield and end-user discussions. Excludes Russian and Chinese systems, which would not be considered by DroneShield’s key Western end-users.

DroneShield’s Manufacturing Capacity

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Material expansion in production capacity by end of 2026 across Australia, Europe and the United States

• New 3,000sqm production facility in Sydney

• Substantial upgrade from 400sqm at the previous facility

• The manufacturing is to assemble items made by supply chain to DRO’s specifications, so the expansion capex is not significant

• Addition of 2,500sqm to the R&D area at the company’s headquarters, for engineering and lab space, resulting in a 5,530sqm total R&D area

• European and US outsourced manufacturing initiatives underway against the backdrop of record global demand and ability to offer in-region capabilities and capacity

• European contract manufacturing online from March 2026

• U.S. assembly to come online in H2 2026

• Manufacturing capacity will be more than sufficient to meet over $1 billion in annual targeted revenue in 2030+

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Images: DroneShield Sydney production facility and warehouse.

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Detection Technologies

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DroneShield uses multi-sensor drone detection for optimal results, unaffected by time of day or weather. It offers its own manufactured sensors, as well as being interoperable with third party solutions

		Radio Frequency		Radar*		Cameras*		Acoustic*
Imagery
Overview	●	Foundational layer	●	Motion tracker - emits signals	●	Electro-Optical (EO), Infrared (IR)	●	Compares noise of drone blades
	●	Detects drone comms protocols		which are then reflected back		and Thermal		or motor to a database of
		(via conventional RF dataset or		to the radar by targets	●	Video analytics and image capture		acoustic signatures
		an AI engine)				identification of drone activity
Advantages	●	No interference with other	●	Picks up drones without RF	●	Best used for verification,	●	Passive, cost effective
		sensors		emissions		classification and tracking of a	●	Supporting sensor, filling gaps
	●	Tracks multiple targets	●	Tracks multiple targets		target detected by other sensors		from other sensors
	●	Passive – cannot be “seen”			●	Potential identification of
	●	Low false alarm rate				payloads
	●	Direction-finding capability			●	Provides “eye on target”
	●	Long ranges
	●	Cost effective
Disadvantages	●	Doesn’t pick up RF-silent	●	False alarms (birds etc)	●	Not well suited for detection on	●	Short range
		drones	●	Is “seen” as emits energy		its own due to field-of-view vs	●	False alarms
	●	Requires firmware updates		(passive radars are early stage)		distance trade-off	●	Cannot accurately locate or track
			●	Longer range detection is	●	Short ranges	●	Requires signature database
				expensive				updates
			●	Struggles with hovering drones

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• Third party hardware, interoperable as DroneShield combines multi-sensor solution, with differentiated offering via AI-powered software layers

Defeat Technologies

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DroneShield uses smart jamming which has advantages over other technologies, as well as being interoperable thirdparty technologies as part of its DroneSentry-C2 command-and-control software

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----- Start of picture text -----

DroneShield DroneShield is able to offer A Defence Prime area, such as Traditionally a Defence Prime area,
Offering as an inter-operated solution Kongsberg or EOS however new solutions emerging,
e.g. Epirus and AIM Defence
Safe – “soft kill” Kinetic – “hard kill”
No intentional damage to the drone Physical force used with potential for destructive damage
Smart Interceptor Projectile Fire Directed Energy
Protocol Manipulation
Jamming Drones Kinetic Systems (Laser or HP Microwave)
----- End of picture text -----

	Smart Jamming	Protocol Manipulation	Interceptor Drones	Projectile Fire Kinetic Systems	Directed Energy (Laser or HP Microwave)
Imagery		!
Overview	●Radio waves force a drone to	●Hijacks the control of a drone	●“Kamikaze” or “catching”	●Remote weapons systems	●“Dazzle” or destroy a drone
	fly back, hover, or land		drones	shoot down drones
Advantages	●Universal effectiveness, incl	●Allows for the re-routing and re-	●“Catching” the drone is	●Sometimes effective against	●Effective against RF/GNSS
	“autonomous drones” flying	direction of malicious drone flight	available to a wider range of	RF/GNSS silent drones	silent drones
	via GNSS	paths	end-users	●Established technology for	●Systems can be mounted on
	●360-degree defeat coverage	●Applications in both civil and		military operations	naval vessels for complex
	●Effective against swarms	military environments			defence systems
Militaryand
civilian markets
Instantly
engages swarms
Max range	10km+	5km	Several km	Several km	Several km
Upfront Cost	$$	$$	$	$$$	$$$$$
Operating Cost	$	$	$$$$	$$	$$

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Note: According to field intelligence information received by DroneShield and end-user discussions.

Will our technology continue to work against all drones?

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A large and agile team, combining counter-drone technology, expertise, relationships and reputation

RF to remain	●DroneShield believes that radio frequency will remain the core sensor and effector mechanism as the drones evolve*
core drone	●Non-RF drones are catered for by ability to be interoperable with other technologies, as the solutions will differ across
technology	scenarios
Sensor maker,	●Where the end-user has “detect all drones no matter what they could be” requirements and a sufficient budget, the
and also	company can add third party sensors and effectors into a single system package (do not wish to buy “lots of boxes” and
interoperable	therefore rely on DroneShield for a solution)
with third-party	●Over time, DroneShield may add some of these alternative detection and defeat technologies into its own portfolio
solutions	●For example, can consider adding sonar when underwater drone threats start to proliferate
Ongoing	●Several next generation hardware/software products due for 2026 release and beyond
counter-drone	●DRO’s edge driven by a multiple differentiators:
innovation is key	●Technical: arguably largest and highly agile counter-drone engineering team globally, extensive and growing
	counter-drone AI datasets
	●Commercial: close trusted collaborations with end-users, brand name, certifications
Drone tech	●There is a substantial investment by drone manufacturers (especially Chinese) to make jamming-resistant drones
innovation is a	●This is both a threat, and an opportunity to maintain high product gross margins through innovation, and stops the C-UxS
positive	industry from becoming commoditised

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Note: According to field intelligence information received by DroneShield and end-user discussions.

Will our technology continue to work against all drones? (continued)

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Understanding market trends, and the “ground truths” about them, remains key

What about	●Use of multi-sensor systems such as DroneShield’s DroneSentry, including with multiple detection modalities (radar,
fibre-optic	acoustic, camera etc) and defeat (lasers, high-powered microwaves) are considered best approach for such drones
drones?	●Drones controlled by fibre-optic cables have limitations of use*, including entanglement of the lines to each other and
	buildings/trees, the drone being tangled onto itself (especially in adverse weather conditions), snapping the cable when
	flying quickly, as well as the weight of the cables
What about	●The nature of drone missions (precision reconnaissance and strike capability) requires “human in the loop” (and the need
autonomous	for a pilot to control the drone), reinforced by the current trend of First Person View (FPV) drones, which DroneShield can
drones?	detect, track and defeat
	●When doing surveillance, the need for timely information is critical - autonomous drones generally need to return to their
	pilots and have the video downloaded - this means the information is 1-2 hours old. In most cases this is too long
What about	●Drones using way-point navigation (“GPS-guided drones”), do not appear to provide sufficiently accurate and precise
GPS-guided	satellite navigation in warzones such as Ukraine, where GNSS jamming and spoofing are common across wide areas
drones?	●For outside of warzones, GNSS suppression capability is able to disrupt way-point navigation of the drones (where lawful
	for the end-user to deploy)
Can’t I just	●It’s difficult to target very fast-moving small objects with bullets, especially for a multi-direction swarm attack
shoot down a	●Drones often fly very high and then dive down, making it even more difficult
drone with a	●Remote Weapon Stations have a narrower market applicability, generally to warzones, and subject to technical, export
gun?	control and collateral damage limitations*

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Note: According to field intelligence information received by DroneShield and end-user discussions.

U.S. Law Enforcement C-UAS Market Assessment

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“Safer Skies” provides state and local law enforcement with the legal pathway to counter drones, offering the potential to be a major driver of products such as RfPatrol, DroneGun and DroneSentry-X based on their design and pricing

What is the Act?	●The U.S. Safer Skies Act (incorporated into the Fiscal Year 2026 National Defense Authorization Act (FY26 NDAA),
	signed into law on Dec 18, 2025) is a significant expansion of C-UAS authority to State, Local, Tribal, and Territorial
	(SLTT) law enforcement and correctional agencies in the United States
	●This legislation provides a pathway for SLTT entities to detect, track, and mitigate credible drone threats to people,
	facilities, critical infrastructure, large public events, and correctional facilities
What is the	●Agencies: Approximately 17,500-18,000 SLTT agencies
opportunity for	●Sworn Officers: ~600,000-788,000 full-time equivalents (conservative midpoint used: ~700,000-750,000 SLTT sworn
DroneShield?	officers, based on trends from Bureau of Justice Statistics and FBI Universal Crime Reporting (UCR) data - excludes
	federal)
	●Vehicles: Conservative estimate ~500,000-700,000 SLTT law enforcement vehicles (based on ~0.6-0.7 vehicles per
	sworn officer, accounting for shared/specialised fleets. Market reports cite fleets exceeding 700,000 in some analyses)
	●Deployment Focus: Larger agencies (7% with >100 officers) control ~64% of personnel and are primary adopters for
	specialist C-UAS tools (e.g., SWAT, task forces, border/prison units)
	●Total Estimated SLTT TAM:~$2.5–$3.2 billion+ across core products (portables/handhelds ~$870M–$930M+ alone)
Next steps	●Mandatory FBI-managed training and certification will be through the National Counter-UAS Training Center (NCUTC)
	at Redstone Arsenal, Huntsville, Alabama. The centre opened with its first graduating class in November 2025
	●Current course capacity is limited to 15-20 personnel per course due to resourcing constraints in this early post-
	legislation phase but capacity is expected to increase as the program scales to meet demand, particularly ahead of
	high-profile events like the 2026 FIFA World Cup (June-July 2026)
	●Grants such as the Federal Emergency Management Agency (FEMA) $500M C-UAS program over FY26–FY27 will assist

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The Shahed Threat

The Threat

• Shahed-type drones have fundamentally shifted modern warfare

• 10+ variants spanning propeller, electric and jet propulsion

• Guidance systems are rapidly evolving with AI-enabled targeting, Starlink-enabled control, BeiDou navigation and anti-jamming

• With ranges ~2,500kms , can be fired from trucks to ships in international waters

Data Points

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• 190x cost asymmetry ($3.8M Patriot missile vs $20k Shahed)

• 2,000+ Shaheds fired at the UAE alone since the start of Operation “Epic Fury”

• ~93-96% intercept rates , but with high-end missile systems e.g. Patriots

Shahed-136

• 54,000+ Shaheds deployed in Ukraine since start of the war

Why This Matters

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• Traditional systems don’t scale economically

• Challenge is now cost and volume , not just capability

• Shifting to layered, lower-cost detect and defeat solutions

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Where DroneShield Fits

• DroneShield offers cost-effective RF, radar and EO/IR system which form an effective detection solution for Shahed drones

• C2 coordinates these detection systems with a range of third-party solutions

• Additional capabilities being added, capitalising on being one-stop solution provider for most cost-effective requirements

Interoperability with “Hard-Kill” Systems

• C2 works with a range of third-party solutions including Interceptor Drones, Kinetic Systems and Directed Energy (e.g. Laser, HP Microwave) systems

• Growing pipeline of interoperable sensors and effectors

• Continuation of an intentional strategy of delivering a comprehensive, layered C-UAS ecosystem across a wide range of threat scenarios

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DroneSentry C2 Interceptor * HP Microwave * Solutions

• Third-party interoperable solutions

Truck launcher

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Reconciliation of Statutory to Underlying metrics

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DroneShield has no debt ($221m cash) and a low capex base, resulting in high conversion of Underlying EBITDA to Underlying PBT

A$000	FY2025	FY2024
Statutory profit/(loss) after income tax	3,521	(1,320)
Less: Income tax benefit	(2,270)	(5,466)
Add: Interest expense	633	459
Less: Interest income	(7,966)	(5,913)
Add: Depreciation	8,307	3,349
Add: Amortisation	2,272	268
EBITDA	4,497	(8,623)
Add: Share-based payment expense	23,511	4,647
Add: Finished goods inventory impairment	8,500	-
Underlying EBITDA	36,508	(3,976)
Statutory profit/(loss) after income tax	3,521	(1,320)
Less: Income tax benefit	(2,270)	(5,466)
Statutory profit/(loss) before income tax ('PBT')	1,251	(6,786)
Add: Share-based payment expense	23,511	4,647
Add: Finished goods inventory impairment	8,500	-
Underlying PBT	33,262	(2,139)

Individually Significant Items

• Share-based payment expense: Non-cash item. Unusually high in FY2025 as several tranches of performance options vested in a short amount of time, due to the rapid business growth. Future performance options have staggered targets, each with a two-stage vesting schedule (50% at

milestone and 50% 12 months later). Profile is expected to be more gradual in future periods.

● Finished goods inventory impairment: Earlier model DroneGuns with end-user demand moving to latest version of DroneGun Mk4 (launched April 2023) and rapid sales uptake of these during 2024 and 2025.

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Glossary of Terms

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Key acronyms used in drone and counter-drone ecosystem

BVLOS Beyond Visual Line of Sight C2 Command and Control (software and interface) C-UAS Counter Unmanned Aerial Systems C-UxS Counter Unmanned Systems DECO Defence Export Control Office (Australia) EW Electronic Warfare FPV First Person View GNSS Global Navigation Satellite Systems	ITAR International Traffic in Arms Regulations (US)
	RF Radio Frequency
	RFAI Radio Frequency Artificial Intelligence
	SaaS Software as a Service
	UAS Unmanned Aerial Systems
	UGVs Unmanned Ground Vehicles
	USVs Unmanned Surface Vehicles
	VLOS Visual Line of Sight

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