Cohort plc (COHTF) Q2 2026 Earnings Call December 10, 2025 4:30 AM EST

Company Participants

Andrew Thomis - Chief Executive & Director Simon Walther - Finance Director & Executive Director

Conference Call Participants

Benjamin Pfannes-Varrow - RBC Capital Markets, Research Division Thomas Rands - Joh. Berenberg, Gossler & Co. KG, Research Division

Presentation

Andrew Thomis Chief Executive & Director

All right. Well, good morning to anyone I haven’t said good morning to already. Let’s make a start. Well, thank you very much for joining us this morning. For anyone who doesn’t know, I’m Andy Thomis. I’m the Chief Executive at Cohort plc. I’m here with Simon Walther, Cohort’s Finance Director, to take you through our results for the 6-month period ended 31st of October this year.

By way of background, Cohort is a group of 7 businesses, providing technology-based defense products and services to the U.K. and to its allies around the world. Our business model aims to maximize the autonomy and independence of our businesses consistent with good financial and regulatory governance. And that means that decisions are taken quickly and close to the customer. It maximizes agility and innovation while supporting our businesses with a strong balance sheet and market reach that we have as a group.

So today, I’m going to start by giving you the highlights from the first 6 months of the year. Simon will then provide more detail, including a divisional breakdown. And then finally, I’ll share my thoughts on the demand picture and on our future prospects. And of course, there will be an opportunity for questions at the end.

In essence, it’s been a robust first half. Revenue is up. We have a strong order book and prospects that provide the basis to accelerate the full year performance and beyond. And our full year expectations remain unchanged. So

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