HIGHCOM LIMITED — Interim / Quarterly Report 2026

Feb 26, 2026

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Manager Market Announcements Office Australian Securities Exchange Exchange Centre Level 4, 20 Bridge Street SYDNEY NSW 2000

27 February 2026

By Electronic Lodgement

Dear Sir/Madam,

LODGEMENT OF HALF YEAR REPORT (APPENDIX 4D)

In accordance with the Listing Rules, please find attached the Half Year Report (Appendix 4D) for HighCom Ltd (HCL) for the half-year period ended 31 December 2025. The information contained in this report should be read in conjunction with the 2025 Annual Report.

Should you require any further information in respect to this matter, please email Mr Geoff Knox, HighCom Group Executive Chairman, at investors@highcom.group.

On behalf of the Board of HighCom Limited

Adam Gallagher Company Secretary

Attachment: HighCom Limited Half Year Report for half-year ended 31 December 2025.

HighCom Limited ABN: 90 103 629 107 3 Faulding Street, Symonston ACT 2609, Australia PO Box 333, Fyshwick ACT 2609, Australia Telephone: +61 2 6163 5588

HALF YEAR REPORT

FOR THE PERIOD ENDED 31 DECEMBER 2025

HighCom Limited and Controlled Entities APPENDIX 4D

SUMMARY OF RESULTS FOR ANNOUNCEMENT TO THE MARKET

Key Information	Half Year	Half Year	Change
	2025	2024
	$’000	$’000	%
Revenue from ordinary activities	10,885	26,594	(59%)
Earnings before interest, tax, depreciation and	(5,394)	1,936	(379%)
amortisation (EBITDA)
Profit/(Loss) after tax from ordinary activities1	(6,786)	1,213	(659%)
Profit/(Loss) attributable to members	(6,786)	1,213	(659%)

Note: HighCom Ltd and Controlled Entities recorded an EBITDA loss of $5,393,813 and a loss from operations after tax for the current half year period of $6,785,684 and a profit of $1,212,928 in the comparative period to 31 December 2024.

Dividends	Amount per security	Franked amount per	Franked amount per
		security
Final dividend	Nil	Nil
Interim dividend	Nil	Nil
Record date for determining entitlements	to dividend	Not applicable
Profit / (Loss) per share attributable to	the ordinary equity	Half Year	Half Year
holders of the company		2025	2024
		cents	cents
Basic profit/(loss) per share		(6.61)	1.2
Diluted profit/(loss) per share		(6.61)	1.2
Net tangible asset backing per share		Half	Half Year
		Year	2024
		2025
		$	$
Net tangible asset backing per share		0.199	0.301

1 Profit/(Loss) after tax from ordinary activities includes a tax expense of $686,897 related to US business in 2022 and 2023.

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HighCom Limited and

Controlled Entities

HALF YEAR REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

This Half Year Report incorporating Appendix 4D is provided to the Australian Securities Exchange (ASX) under ASX Listing Rule 4.2A.3 s

The information contained in this report is to be read in conjunction with HighCom Limited’s 2025 Annual Report and any announcements to the market by HighCom Limited during the half-year period ending 31 December 2025.

Current period: 1 July 2025 to 31 December 2025 Prior corresponding period: 1 July 2024 to 31 December 2024

HIGHCOM LIMITED & CONTROLLED ENTITIES APPENDIX 4D – HALF YEAR REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

HighCom Limited and Controlled Entities

Contents

Directors' Report .................................................................................................................................... 2 Auditor’s Independence Declaration ...................................................................................................... 4 Independent Auditor’s Review Report ................................................................................................. 19 Consolidated Statement of Profit or Loss and Other Comprehensive Income ...................................... 5 Consolidated Statement of Financial Position ....................................................................................... 6 Consolidated Statement of Changes in Equity ...................................................................................... 7 Consolidated Statement of Cash Flows ................................................................................................. 8 Notes to the Financial Statements ......................................................................................................... 9 Directors' Declaration ........................................................................................................................... 18

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HIGHCOM LIMITED & CONTROLLED ENTITIES APPENDIX 4D – HALF YEAR REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Directors' Report

Half Year Ended 31 December 2025

Your Director’s submit the financial report for the half-year ended 31 December 2025.

Directors

The names of Directors who held office during the whole of the financial half-year and up to the date of this report are:

• Mr. Geoff Knox – Executive Chairman (appointed on 14 January 2026)

• Mr. Benjamin Harrison

• Mr. Mark Smethurst

• Ms. Adelaide McDonald

• Hon. Christopher Pyne (resigned on 28 November 2025)

Principal Activities

During the financial half-year, the principal continuing activities of the consolidated HighCom Ltd entity consisted of:

• HighCom Armor – which designs, manufactures and supplies advanced ballistic protection (body armour, ballistic helmets, shields and composite armours) for aligned military, law-enforcement and first responder customers globally, known for its product performance and XTclave® light weight armour solutions.

• HighCom Technology – a specialist technology integrator which supplies and maintains small/medium, uncrewed aerial systems (S/MUAS), counter unmanned aerial systems (CUAS) plus program/project engineering, system integration, maintenance and logistics support for the ADF and other aligned regional militaries.

Financial Overview

The EBITDA was a loss of $5.4m (Dec 2024: EBITDA profit $1.9m) and the net operating loss after income tax, for the half-year ended 31 December 2025 is $6.8m (Dec 2024: profit $1.2m).

The key financial results include:

• The Group’s revenue from continuing operations decreased by 59% to $10.9m down from $26.6m in H1 FY25, including $5.8m revenue related to ballistic product sales generated by HighCom Armor and $5.1m revenue generated by HighCom Technology, being $3.5m for Small Uncrewed Aerial Systems (SUAS) spare parts and $1.6m sustainment services provided to the Australian Department of Defence.

• As at 31 December 2025, the Group held cash of $3.0m.

• Inventory levels decreased by $1.8m to $12.5m as at 31 December 2025, compared to $14.4m as at 30 June 2025.

Review of Operations

HighCom Limited (HCL)

Whilst the HighCom Technology business has performed well and delivered to plan in the first half, the HighCom Armor business has been negatively impacted by the extended US Government shutdown and the general US market uncertainty driven by the Government tariff regimes. US Markets are expected to return to more normal levels into the latter part of the second half FY26.

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HIGHCOM LIMITED & CONTROLLED ENTITIES APPENDIX 4D – HALF YEAR REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Directors' Report

Half Year Ended 31 December 2025

New product development work continued in the half, using the patented XTclave® process, for light weight body armour, helmets and shields. First plates will be ready for independent testing in early 2026.

HighCom Technology continued to grow its role as a valued technology integrator, further expanding its range of products and services in the small and medium unmanned aerial systems (S/MUAS), tethered unmanned aerial systems (TUAS) and the counter unmanned aerial systems (CUAS) markets.

The next organisational development steps were also taken in the HighCom Armor business with the appointment of the President, HighCom Armor. This key appointment further strengthens to US team as it prepares to introduce its new, light weight XTclave® products to the market.

Globally, market conditions appear favourable, opening up growth opportunities for HCL.

HighCom Armor

• HighCom Armor sales of $5.8m were impacted by the US government shutdown and tariff-related uncertainty in the US market.

• At the end of the reporting period, the HighCom Armor business had an opportunity pipeline in excess of US$55m for H2 FY26.

• The first two XTclave® lightweight armour plates passed independent third-party testing to NIJ compliance standards and will be available for sale in H2 FY26.

HighCom Technology

• During the half-year period ended 31 December 2025, the HighCom Technology business successfully delivered a variety of engineering, maintenance and logistic support services under existing contracts awarded by the Commonwealth of Australia’s (CoA) Department of Defence, for Small Unmanned Aerial Systems (SUAS).

• HighCom Technology continued its evolution as a valued technology integrator and to invest in its product and services range expansion for S/MUAS, TUAS and CUAS opening up new growth opportunities.

Auditor’s Independence Declaration

The lead auditor’s independence declaration under s 307C of the Corporations Act 2001 is set out on page 4 for the half-year ended 31 December 2025.

This Directors’ Report is signed in accordance with a resolution of the Board of Directors, pursuant to section 306(3)(a) of the Corporations Act 2001

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Mr Geoff Knox
Executive Chairman
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27 February 2026

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RSM Australia Partners

Equinox Building 4, Level 2, 70 Kent Street Deakin ACT 2600 GPO Box 200 Canberra ACT 2601 T +61 (0) 2 6217 0300 F +61 (0) 2 6217 0401 www.rsm.com.au

AUDITOR’S INDEPENDENCE DECLARATION

As lead auditor for the review of the financial report of HighCom Limited for the half-year ended 31 December 2025, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

• (i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• (ii) any applicable code of professional conduct in relation to the review.

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RSM AUSTRALIA PARTNERS

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Canberra, Australian Capital Territory Dated: 27 February 2026

Rodney Miller Partner

THE POWER OF BEING UNDERSTOOD AUDIT | TAX | CONSULTING

RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036

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Liability limited by a scheme approved under Professional Standards Legislation

HIGHCOM LIMITED & CONTROLLED ENTITIES APPENDIX 4D – HALF YEAR REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Consolidated Statement of Profit or Loss and Other Comprehensive Income

Half -Year Ended

Note Revenue 3(a) Cost of sales Gross profit Other income 3(b) Impairment reversal/(loss) 4 Employee benefits 5 Corporate and administrative expense 6 Selling and marketing expenses 7 Finance costs 8 Depreciation and amortisation 9 Profit/(Loss) from operations before income tax Income tax expense 10 Profit/(Loss) from operations after income tax Other comprehensive income Items that may be reclassified subsequently to profit or loss: Foreign exchange differences on translation of foreign operations, net of tax Total comprehensive income/(loss) for the half year Basic earnings per share 22 Diluted earnings per share 22	31 Dec 2025 $ 31 Dec 2024 $ 10,884,921 26,593,699 (9,579,152) (19,754,170)
	1,305,769 6,839,529 4,851 856,502 (106,302) 684,953 (3,550,487) (3,353,397) (2,944,097) (2,920,800) (98,696) (135,690) (68,440) (67,438) (641,385) (690,731)
	(6,098,787) 1,212,928
	(686,897) -
	(6,785,684) 1,212,928
	(509,468) 1,180,952
	(7,295,152) 2,393,880
	Cents Cents (6.61) 1.2 (6.61) 1.2

The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.

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HIGHCOM LIMITED & CONTROLLED ENTITIES APPENDIX 4D – HALF YEAR REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Consolidated Statement of Financial Position

As at 31 December 2025

Note CURRENT ASSETS Cash and cash equivalents 11 Trade and other receivables 12 Contract assets 13 Inventories 14 Income tax receivable 10(a) Other current assets 15 TOTAL CURRENT ASSETS NON-CURRENT ASSETS Intangible assets Goodwill Right of use assets Property, plant and equipment TOTAL NON-CURRENT ASSETS TOTAL ASSETS CURRENT LIABILITIES Trade and other payables 16 Borrowings 17 Lease liabilities 18 Provisions 19 Contract liabilities 20 TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Lease liabilities 18 Provisions 19 TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES TOTAL NET EQUITY Contributed equity 21 Foreign exchange translation reserve Accumulated losses TOTAL EQUITY	31 Dec 2025 $ 30 Jun 2025 $ 3,017,982 5,811,893 1,708,341 3,993,497 - 497 12,674,683 14,366,185 - 358,374 630,009 1,395,924
	18,031,015 25,926,370
	662,246 781,751 1,402,346 1,402,346 1,152,625 1,421,450 10,675,040 10,904,918
	13,892,257 14,510,465
	31,923,272 40,436,835
	3,799,390 8,520,636 3,384,269 - 293,785 382,019 472,098 429,243 435,746 127,516
	8,385,288 9,459,414
	1,004,713 1,155,538 42,326 35,786
	1,047,039 1,191,324
	9,432,327 10,650,738
	22,490,945 29,786,097
	52,927,156 52,927,156 910,134 1,419,602 (31,346,345) (24,560,661)
	22,490,945 29,786,097

The above statement of financial position should be read in conjunction with the accompanying notes

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HIGHCOM LIMITED & CONTROLLED ENTITIES APPENDIX 4D – HALF YEAR REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Consolidated Statement of Changes in Equity

For the Half Year Ended

Note Opening balance as at 1 July 2024 Total comprehensive income for the half-year	Issued capital $ Equity based payments reserve $ Foreign exchange translation reserve $ Accumulated Losses $ Total $
	52,927,156 - 1,247,139 (23,371,602) 30,802,693
Net profit for the period - - - 1,212,928 1,212,928 Other comprehensive income - - 1,180,952 - 1,180,952 Total Comprehensive Loss for the period - - 1,180,952 1,212,928 2,393,880 Transactions With Owner Recognised Directly in Equity Issuance of Ordinary Shares - - - - - Share based payment reserve - - - - - Transaction costs associated with share capital - - - - - Total contributions and distributions - - - - - Balance as at 31 December 2024 21 52,927,156 - 2,428,091(22,158,674) 33,196,573 Opening balance as at 1 July 2025 52,927,156 - 1,419,602 (24,560,661) 29,786,097 Total comprehensive Income for the period Loss for the period - - - (6,785,684) (6,785,684) Other comprehensive Income - - (509,468) - (509,468) Total Comprehensive Loss for the period - - (509,468) (6,785,684) (7,295,152) Transactions With Owner Recognised Directly in Equity Total changes in ownership interests - - - - - Balance as at 31 December 2025 21 52,927,156 - 910,134(31,346,345) 22,490,945	- - - 1,212,928 1,212,928 - - 1,180,952 - 1,180,952
Total changes in ownership interests Balance as at 31 December 2025 21
	52,927,156 - 910,134(31,346,345) 22,490,945

The above statement of changes in equity should be read in conjunction with the accompanying notes.

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HIGHCOM LIMITED & CONTROLLED ENTITIES APPENDIX 4D – HALF YEAR REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Consolidated Statement of Cash Flows For the Half Year Ended

Note Cash flows from/(used in) operating activities Receipts from customers Payments to suppliers and employees Interest received Finance costs Income tax (paid)/refund 10 Net cash flows from/(used in) operating activities Cash flows (used in)/from investing activities Payment for intangible assets Payments for property, plant and equipment Net cash flows (used in)/from investing activities Cash flows from financing activities Repayment of lease liabilities Proceeds from borrowings Net cash flows (used in)/from financing activities Net decrease in cash and cash equivalents Exchange rate impact on cash Cash and cash equivalents at beginning half year Cash and cash equivalents at end of the financial half year 11	31 Dec 2025 $ 31 Dec 2024 $ 13,523,642 25,293,490 (18,179,632) (21,755,870)
	(4,655,990) 3,537,620 4,851 27,545 (23,236) (26,043) (686,897) -
	(5,361,272) 3,539,122
	(921) (18,097) (198,869) (1,207,765)
	(199,790) (1,225,862)
	(109,495) (303,198) 3,384,269 -
	3,274,774 (303,198)
	(2,286,288) 2,010,062 (507,623) 238,639 5,811,893 6,180,310
	3,017,982 8,429,011

The above statement of cash flows should be read in conjunction with the accompanying notes.

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HIGHCOM LIMITED & CONTROLLED ENTITIES APPENDIX 4D – HALF YEAR REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Notes to the Financial Statements

Half Year Ended 31 December 2025

The consolidated financial report covers HighCom Limited and Controlled Entities (HighCom). HighCom is a for profit company limited by shares, incorporated, and domiciled in Australia.

Each of the entities within HighCom prepare their financial statements based on the currency of the primary economic environment in which the entity operates (functional currency). The consolidated financial statements are presented in Australian dollars which is the parent entity’s functional and presentation currency (unless stated otherwise).

The financial report was authorised for issue by the Directors on 27[th] February 2026.

Where required by Accounting Standards comparative figures have been adjusted to conform with changes for the current reporting period.

1. Basis of Preparation

This consolidated half year financial report for the reporting period ending 31 December 2025 has been prepared in accordance with the requirements of the Corporations Act 2001 and Australian Accounting Standard AASB 134: Interim Financial Reporting .

The half year financial report is intended to provide users with an update on the latest annual financial statements of HighCom Limited and controlled entities (HighCom or the Group). As such it does not contain information that represents relatively insignificant changes occurring during the half year within HighCom. This consolidated financial report does not include all the notes normally included in an annual financial report. It is therefore recommended that this financial report be read in conjunction with the annual financial statements of HighCom for the year ended 30 June 2025, together with any public announcements made during the half year.

The same accounting policies and methods of computation have been followed in this half year financial report as were applied in the most recent annual financial statements.

Going Concern

The financial statements have been prepared on a going concern basis, which assumes that the Company will be able to realise its assets and discharge its liabilities in the normal course of business. In concluding this, management has considered the Company’s liquidity position, any risks to the cashflows, funding and the Company’s outlook.

Estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. The resulting accounting judgements and estimates may differ from the actual results. In preparing this consolidated interim financial report, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty are the same as those applied to the consolidated financial report as at and for the year ended 30 June 2025.

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HIGHCOM LIMITED & CONTROLLED ENTITIES APPENDIX 4D – HALF YEAR REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Notes to the Financial Statements

Half Year Ended 31 December 2025

New or Amended Accounting Standards and Interpretations adopted

The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

2. Events Occurring After the Reporting Period

On 11 February 2026 HighCom announced a Placement raising $7.0 million via the issue of 35.0 million fully paid ordinary shares pursuant to the Company’s available placement capacity under ASX Listing Rules 7.1 and 7.1A for Tranche 1 (~$5.1m) and the balance (~$1.9m) subject to shareholder approval (Tranche 2). Directors have subscribed to participate in Tranche 2 subject to shareholder approval. A further $1.0m Share Purchase Plan (SPP) to eligible shareholders in Australia and New Zealand was opened on 17 February 2026.

On 16 February 2026 HighCom issued 25,670,667 in ordinary fully paid shares at $0.20 per share.

Other than the items as mentioned above, no other matters or circumstances have arisen since the end of the financial half year which significantly affected or could significantly affect the operations of HighCom, the results of those operations, or the state of affairs of HighCom in future financial years.

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HIGHCOM LIMITED & CONTROLLED ENTITIES APPENDIX 4D – HALF YEAR REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Notes to the Financial Statements

Half Year Ended 31 December 2025

3. Revenue and Other Income

(a) Revenue from operations	31 Dec 2025 $ 31 Dec 2024 $ 5,818,405 20,926,639 5,066,516 5,667,060 10,884,921 26,593,699 4,851 34,784 - - - 737,911 - 83,807 4,851 856,502 10,889,772 27,450,201
HighCom Armor
HighCom Technology
Total Revenue
(b) Other income
Interest income
Gain on sale of assets
Foreign exchange gain
Other income
Total Other income
Total Revenue and Other Income
4. Impairment
Impairment write up – Inventory2	(830,278) (684,953)
Impairment write down–Inventory3	936,580 -
Total Impairment	106,302 (684,953)
	2,598,068 2,619,769 212,807 237,684 326,645 337,188 412,967 158,756 3,550,487 3,353,397
5. Employee benefits
Salaries and wages
Superannuation contributions
Payroll tax
Other employee expenses4
Total Employee Benefits

2 Inventory that has been previously impaired has been reversed to the value of $830k now in use and sold.

3 New impairment of $936k has written down associated with a delayed bid opportunity.

4 Other employee expense for the period 31 Dec 25 includes recruitment costs $0.3m related to strengthening of the US team.

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HIGHCOM LIMITED & CONTROLLED ENTITIES APPENDIX 4D – HALF YEAR REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Notes to the Financial Statements

Half -Year Ended 31 December 2025

	31 Dec 2025 $ 31 Dec 2024 $
	739,493 633,850 376,551 528,243 347,226 482,534 191,390 116,463 203,487 212,494 85,463 207,840 120,735 116,884 55,524 69,659 30,541 39,515 374,554 - 231,906 - 187,227 513,318 2,944,097 2,920,800
6. Corporate and administrative expenses
Consultancy fees5
Insurance
Information and communication technologies
Directors’ fees
Travel and accommodation
Occupancy6
Accounting and audit fees
Share registry
Bank charges
R&D Expenses7
Foreign exchange loss
Otherexpenses
Total Corporate and administrative expenses
7. Selling and marketing expenses
Marketing and trade shows	98,696 135,690
Total Selling and marketing expenses	98,696 135,690
8. Finance costs
Interest on lease liabilities	45,204 41,395
Other interest expense	23,236 26,043
Total Finance costs	68,440 67,438
9. Depreciation and amortisation
Depreciation
- Plant and equipment	195,886 219,901
- Motor vehicles	21,103 13,968
- Office furniture and equipment	19,839 30,004
- Demonstration equipment	34,807 28,498
- Leasehold property improvements	6,571 21,792
Amortisation
- Right to use assets	244,599 252,627
- Computer software	7,677 17,693
- Intangible - plate development	89,998 80,862
-Intangible-certifications	20,905 25,386
Total Depreciation and Amortisation	641,385 690,731

5 Consultancy fees included $133,846 of marketing expenses

6 Reallocation of utilities to cost of goods sold of $100,264

7 R&D expenses incurred to support XTclave® product development

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HIGHCOM LIMITED & CONTROLLED ENTITIES APPENDIX 4D – HALF YEAR REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Notes to the Financial Statements

Half -Year Ended 31 December 2025

	31 Dec 2025 $ 30 Jun 25 $ 686,897 - 686,897 - - 358,374 - 358,374 3,017,982 5,811,893 3,017,982 5,811,893 3,017,982 5,811,893 3,017,982 5,811,893
10. Income Tax Expense
Current tax expense
Prior period overs / unders8
Total income tax expense/(benefit)
(a). Income Tax Receivable
Income tax receivable
Total income tax receivable
11. Cash and Cash Equivalents
Cash at bank and in hand
Total Cash
Reconciliation of cash
Cash and cash equivalents reported in the statement of cash flows are reconciled to the equivalent items in the statement of financial position as follows:
Cash and cash equivalents
Balance as per statement of cash flows
12. Trade and Other Receivables
CURRENT
Trade receivables	1,708,341 3,993,497
Total current trade and other receivables	1,708,341 3,993,497
Terms and conditions

Trade and other receivables are noninterest bearing and generally on thirty-day terms. The consolidated entity has adopted a lifetime expected loss allowance in estimating expected credit losses to trade receivables through the use of a provisions matrix using fixed rates of credit loss provisioning. These provisions are considered representative across all customers of the consolidated entity based on recent sales experience, historical collection rates and forward-looking information that is available. There was no provision recognised for the half year ended 31 December 2025 (FY25: nil).

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8 Tax expense related to 2022 and 2023 years for the US business.

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HIGHCOM LIMITED & CONTROLLED ENTITIES APPENDIX 4D – HALF YEAR REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Notes to the Financial Statements

Half Year Ended 31 December 2025

Notes to the Financial Statements Half Year Ended 31 December 2025
	31 Dec 2025 $ 30 Jun 2025 $
	- 497 end of the contract 497 - - 497 (497) - - 497
13. Contract Assets
Contract assets
Reconciliation
Reconciliation of the written down values at the beginning and
and previous financial year are set out below:
Opening balance
Additions
Transfer to trade receivables
Closing Balance
14. Inventories
Current
Work in progress	82 12,934
Products and spare parts, net of write-down	12,674,601 14,353,251
Total Inventories	12,674,683 14,366,185
Inventories are measured at the lower of cost and net realisable value. The amount of any write-down of inventories to net realisable value and all losses of inventories are recognised as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down, arising from an increase in net realisable value, is recognised as a gain in the period which the reversal occurs. 15. Other Current Assets Prepayments 207,010 266,004 Prepayments to suppliers for inventory 411,725 1,054,716 Other Assets 11,274 75,204 Total Other Current Asset 630,009 1,395,924 16. Trade and Other Payables Current Trade and other payables 2,690,266 7,768,923 GST payable 84,154 39,566 Sundry payable and accrued expenses 1,024,970 712,147 Total Trade and other payables 3,799,390 8,520,636 17. Interest Bearing Liabilities Current Bank loan–interest bearing 3,384,269 - Total Interest-bearing liabilities 3,384,269 -
15. Other Current Assets
Prepayments
Prepayments to suppliers for inventory
Other Assets
Total Other Current Asset
16. Trade and Other Payables
Current
Trade and other payables
GST payable
Sundry payable and accrued expenses
Total Trade and other payables
17. Interest Bearing Liabilities
Current
Bank loan–interest bearing
Total Interest-bearing liabilities

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HIGHCOM LIMITED & CONTROLLED ENTITIES APPENDIX 4D – HALF YEAR REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Notes to the Financial Statements

Half Year Ended 31 December 2025

	31 Dec 2025	30 Jun 2025
	$	$
18. Lease Liabilities
Current
Lease liability	293,785	382,019
	293,785	382,019
Non-current
Lease liability	1,004,713	1,155,538
Total lease liabilities	1,298,498	1,537,557

	31 Dec 2025 $ 30 Jun 2025 $
	18. Lease Liabilities
	Current
	Lease liability 293,785 382,019
	293,785 382,019
	Non-current
	Lease liability 1,004,713 1,155,538
	Total lease liabilities 1,298,498 1,537,557
The leases relate to office buildings, manufacturing and warehouse facilities. The lease for the facilities in Columbus, Ohio was renewed for a 5-year period, expiring on 30 September 2029.
19. Provisions
Current liabilities
Annual leave provision 291,809 243,623
Long service leave 180,289 185,620
472,098 429,243
Non-current liabilities
Long service leave 42,326 35,786
42,326 35,786
Total provisions 514,424 465,029
20. Contract Liabilities
Current
Customer deposits 435,746 127,516
Total contract liabilities 435,746 127,516
21. Issued Capital
Ordinary shares 52,927,156 52,927,156
Total 52,927,156 52,927,156
There were no options on issue at 31 December 2025 (30 June 2025: nil).
(A) Movement in ordinary shares on issue
31 Dec 2025 31 Dec 2025 30 Jun 2025 30 Jun 2025
No. of Shares $ No. of Shares $
Opening balance 102,682,672 52,927,156 102,682,672 52,927,156
Shares issued - - - -
Transaction cost in relation to capital - - - -
Total 102,682,672 52,927,156 102,682,672 52,927,156
Fully paid ordinary shares carry one vote per share and carry the right to dividends.

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HIGHCOM LIMITED & CONTROLLED ENTITIES APPENDIX 4D – HALF YEAR REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Notes to the Financial Statements

Half-year Ended 31 December 2025

22. Earnings per share

	31 Dec 2025 $ 31 Dec 2024 $ (6,785,684) 1,212,928 Cents Cents (6.61) 1.2 (6.61) 1.2
Earnings per share from profit/(loss) from continuing operations
Profit/(Loss) after income tax attributed to the owners of HighCom
Limited
Basic earnings per share
Diluted earnings per share

23. Operating Segments

The consolidated entity is organised into two operating segments based on differences in products and services provided; Armor business and Technology business (see note 2a). These operating segments are based on the internal reports that are reviewed and used by the Board of Directors (who are identified as the Chief Operating Decision Maker (‘CODM’)) in assessing performance and determining the allocation of resources. There is no aggregation of operating segments.

The CODM reviews EBITDA (earnings before interest, tax, depreciation and amortisation). The accounting policies adopted for internal reporting to the CODM are consistent with those adopted in the financial statements. The information is reported to the CODM on a monthly basis.

	31 Dec 2025 $ 31 Dec 2024 $ 5,818,405 20,926,639 5,066,516 5,667,060 10,884,921 26,593,699 (4,222,670) 2,062,750 853,298 1,128,497 (2,024,443) (1,254,934) (5,393,813) 1,936,313
Segment revenue
HighCom Armor
HighCom Technology
Total of all segments
Segment results – continuing operations
HighCom Armor
HighCom Technology
Unallocated holding company costs9
EBITDA
Depreciation and amortisation	(641,385) (690,731) (68,440) (67,438) 4,851 34,784 (6,098,787) 1,212,928 (686,897) - (6,785,684) 1,212,928
Interest expense
Interest income
Profit/(Loss) before income tax expense
Income tax expense
Profit/(Loss) after income tax expense

9 Unallocated holding company costs includes non-cash foreign exchange expense of $232k for the 31 December 2025 period compared to a gain of $738k in 31 December 2024 period.

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HIGHCOM LIMITED & CONTROLLED ENTITIES APPENDIX 4D – HALF YEAR REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Notes to the Financial Statements

Half-year Ended 31 December 2025

Geographical information

In presenting information, the segment revenue is based on geographical locations of the Group’s customers.

	31 Dec 2025 $ 31 Dec 2024 $
North America	5,240,296 17,741,273
Australia and Asia Pacific	5,080,849 5,706,547
Europe	540,914 3,143,098
Others	22,862 2,781
Total of all segments	10,884,921 26,593,699

24. Contingencies

As at 31 December 2025, there are no contingencies.

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HIGHCOM LIMITED & CONTROLLED ENTITIES APPENDIX 4D – HALF YEAR REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Directors' Declaration

The Directors of the Company declare that:

1. The consolidated financial statements and notes, as set out on page 8-19 are in accordance with the Corporations Act 2001 , including:

2. (a) complying with Accounting Standard AASB 134: Interim Financial Reporting; and

3. (b) give a true and fair view of the consolidated group's financial position as at 31 December 2025 and of its performance for the half-year ended on that date.

4. In the Directors' opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors.

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Geoff Knox Executive Chairman

Adam Gallagher Company Secretary

Dated this 27th day of February 2026

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RSM Australia Partners Equinox Building 4, Level 2, 70 Kent Street, Deakin ACT 2600 GPO Box 200 Canberra ACT 2601 T +61 (0) 2 6217 0300 F +61 (0) 2 6217 0401 www.rsm.com.au

INDEPENDENT AUDITOR’S REVIEW REPORT

TO THE MEMBERS OF

HighCom Limited

Report on the Half-Year Financial Report

Conclusion

We have reviewed the accompanying half-year financial report of HighCom Limited which comprises the consolidated statement of financial position as at 31 December 2025, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity an consolidated statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the half-year end.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of HighCom Limited is not in accordance with the Corporations Act 2001 including:

• (a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2025 and of its performance for the half-year ended on that date; and

• (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001 .

Basis for Conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 , which has been given to the directors of HighCom Limited, would be in the same terms if given to the directors as at the time of this auditor’s report.

THE POWER OF BEING UNDERSTOOD

AUDIT | TAX | CONSULTING

RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036

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Liability limited by a scheme approved under Professional Standards Legislation

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Directors' Responsibility for the Half-Year Financial Report

The directors of HighCom Limited are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility for the Review of the Financial Report

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2025 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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RSM AUSTRALIA PARTNERS

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Canberra, Australian Capital Territory Dated: 27 February 2026

Rodney Miller Partner

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