Märkte & Kurse

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Original-Research: Electro Optic Systems Holdings Ltd. - from Montega AG

19.06.2026 / 15:15 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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Classification of Montega AG to Electro Optic Systems Holdings Ltd.

     Company Name:                Electro Optic Systems Holdings Ltd.
     ISIN:                        AU000000EOS8

     Reason for the research:     Update
     Recommendation:              Buy
     from:                        19.06.2026
     Target price:                18.00 AUD (zuvor: 16.00 AUD)
     Target price on sight of:    12 Months
     Last rating change:          -
     Analyst:                     Bastian Brach

Laser JV, RWS order and BAE partnership support growth trajectory

EOS has released a series of positive announcements over recent days,
highlighting continued momentum across its core growth pillars. Key
developments include a new AUD 175m Slinger counter-drone order and a
strategic joint venture with UAE-based Gen5 to accelerate HELW development
and production, the selection of MARSS as C2 provider for BAE Systems, as
well as a revenue guidance for the standalone EOS business.

Major Slinger order and transformational HELW joint venture: EOS announced
the award of an AUD 175m Slinger counter-drone order from UAE-based Gen5.
The systems are expected to be manufactured in both Australia and the UAE,
with deliveries scheduled for 2027 and 2028. Beyond the immediate order
value, we view the transaction as further evidence of EOS' growing strategic
importance in the Middle East, where demand for counter-drone systems
continues to increase rapidly after the recent regional tensions. Even more
strategically important, in our view, is the accompanying joint venture
agreement between EOS and Gen5. The proposed JV aims to develop a
next-generation 200-300kW High Energy Laser Weapon, while simultaneously
localising production of EOS' existing 100-150kW laser systems and selected
RWS products for the UAE and wider MENA region. Importantly, the agreement
includes targets to secure a minimum USD 250m for the development of a
200-300kW HELW product family and a further minimum USD 290m order for
several 100kW HELW systems. While these contracts are not guaranteed, the
framework highlights the substantial commercial upside emerging from EOS'
laser business and reinforces its already strong competitive positioning. It
effectively unlocks the ballistic missile defence domain for EOS and would
represent the only commercial ~300kW HELW platform outside classified US
defence prime programmes. Overall, this further strengthens conviction in
the long-term growth potential of the segment.

BAE Systems partnership validates MARSS technology: A further important
milestone was the selection of MARSS as Command-and-Control provider for BAE
Systems' Anti-Threat System (BATS). Under the agreement, MARSS' NiDAR
platform will serve as the central command architecture integrating sensors
and effectors across BAE's counterdrone offering. The partnership represents
an important validation of MARSS' technology by one of the world's leading
defence contractors and highlights the battle proven competitive positioning
of NiDAR as an advanced C2 platform.

Guidance supports forecast upgrades: Alongside the operational updates, EOS
provided its first revenue outlook for the standalone EOS business excluding
MARSS. Based solely on existing contracted orders, management expects FY
2026 revenue of AUD 240m-270m, while emphasising that this figure excludes
any contribution from MARSS and any future contract wins.

Given the continued strength of order intake, the growing visibility
provided by the backlog and the increasing contribution from recently
secured contracts, we are raising our forecasts for FY 2026 and beyond. We
now expect group revenue (including MARSS) to approach AUD 300m in FY 2026,
followed by continued medium double-digit percentage growth over the
subsequent two years. In our view, the current backlog, combined with the
substantial opportunity pipeline in laser systems, counter-drone solutions
and command-and-control architectures, provides a strong foundation for this
growth trajectory.

Conclusion: The recent announcements further strengthen our positive
investment case for EOS. The combination of rising global demand for
counter-drone systems, growing traction in laser weapons, increasing
penetration of the strategically important Middle Eastern market and the
successful integration of MARSS continues to support the company's evolution
into a leading defence technology provider. Importantly, the newly announced
HELW joint venture demonstrates that EOS is beginning to convert its
technological leadership in directed-energy weapons into concrete commercial
opportunities. Combined with increasing order momentum and improving revenue
visibility, we see further upside potential for both earnings and valuation.
Following the stronger-than-expected operational developments, improved
backlog visibility and increased growth potential from MARSS, RWS and HELW,
we raise our price target from AUD 16.00 to AUD 18.00 per share and
reiterate our Buy rating.



+++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte. Bitte lesen Sie unseren RISIKOHINWEIS /
HAFTUNGSAUSSCHLUSS unter http://www.montega.de +++

Über Montega:

Die Montega AG ist eine innovative Investment-Banking-Boutique mit klarem
Fokus auf den Mittelstand und agiert als Plattformanbieter für den Austausch
zwischen börsennotierten Unternehmen und institutionellen Investoren.
Montega erstellt hochwertiges Equity Research, veranstaltet vielfältige
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You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=40d1432c2b1e987e8f11f78f2bd81750

Contact for questions:
Montega AG - Equity Research
Tel.: +49 (0)40 41111 37-80
Web: www.montega.de
E-Mail: info@montega.de
LinkedIn: https://www.linkedin.com/company/montega-ag

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2350224 19.06.2026 CET/CEST

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