Continued double-digit increase in 1st half year 2025:

  • Order intake +35.6%

  • Orders on hand +23.0%

  • Revenues +14.8%

Investor Presentation October 2025



We are the only company focusing solely on safety-critical control centres



Coast guard / navy

Heavy rail

Police forces

Air force

Air Traffic Management Public Safety and Transport

Civil

Defence

Public Safety

Public Transport

Maritime

Air navigation service providers

Aeronautical data service providers

Flight information service providers

Airports

Uncrewed traffic service providers

Space agencies

Search and rescue

Port authorities

Offshore

Urban rail

Critical infrastructure for industries

Emergency and medical services

Fire services

Joint forces

Homeland security

Navy

Army

2 | Investor Presentation October 2025

© Frequentis AG 2025



Vision: #1 in control centre solutions through innovations

  • Drone

    management

  • 5G-based

    critical comms

  • AI-assistance systems

  • Future comms and

    tower infrastructure

  • Cloud solutions

  • Software-as-a-service

    R&D

    about 6%1

    New deployment models

    €3.8bn

    addressable market today

    €14.0bn

    total market size

  • Expansion of product

    and technology portfolio

    • Security

    • Data analytics

M&A

1) About 6% of revenues expensed for company-funded R&D activities; another 6% financed by customers and project funds.

3 | Investor Presentation October 2025

3 | Investor Presentation October 2025

© Frequentis AG 2025



Order intake

€309.0m

+35.6% vs. H1'24

Orders on hand

€763.8m

+23.0% vs. H1'24

Revenues

€236.8m

+14.8% vs. H1'24

Entirely organic growth

Highlights H1 2025

Strong growth in

order intake and revenues

Orders on hand ensure good capacity utilisation

EBIT shows usual seasonality

EBITDA

€5.2m

EBIT

€-4.3m

Equity ratio

39.1%

+0.3 PP

Net cash

€68.3m

thereof €62.6m advance payments from customers

4 | Investor Presentation October 2025

1) Cash and cash equivalents and time deposits were €73.2m, liabilities to banks were €4.9m.



Note: Dividend of EUR 0.27 per share for FY 2024 paid in June 2025.

© Frequentis AG 2025





Order intake: selected highlights

Public Safety

  • Integrated operations and control centre system for the Thuringian state police in Germany

  • Frequentis is the general contractor

  • Control centre technology is ready for multimedia communications in future broadband digital radio network

Public Safety

  • Delivery of a new communication solution for all Norwegian fire emergency call centres.

    The new system will handle calls, radio, video, and digital messages.

  • Orders for computer-aided dispatching system for control centres in UK and Italy - provided by Regola

Air Traffic Management

  • ATM Civil: Additional orders for air-to-ground protocol converter system in USA

  • ATM Defence: First U.S. Department of Defense digital air traffic control tower is now live and in operation at an U.S. Army Garrison in Germany

  • ATM Defence: multi-domain communication systems for Australia Defence Force's (ADF) next-generation AIR6500 Joint Air Battle Management System



5 | Investor Presentation October 2025

© Frequentis AG 2025



Order intake = confirmed orders

H1 2024: 64% ATM, 36% PST

H1 2025: 52% ATM, 48% PST

Orders on hand

H1 2024: 64% ATM, 36% PST

H1 2025: 57% ATM, 43% PST

432

331

309 764

157 161

228

133

75

146

82

208

161

149

498

292

161

320

178

453

344

203

547

621

117 118

43

40

H1

H1

H1

H1

H1

June

June

June

June

June

2021

2022

2023

2024

2025

2021

2022

2023

2024

2025

6 | Investor Presentation October 2025

378

243

in € m

Public Safety & Transport (PST)
Air Traffic Management (ATM)



© Frequentis AG 2025



Revenues Revenue split in H1 2025

H1 2024: 70% ATM, 30% PST

H1 2025: 70% ATM, 30% PST

145

56

89

167

54

113

187

64

123

206

61

145

237

30%

70%

72 165

H1 2021

H1 2022

H1 2023

H1 2024

H1 2025

7 | Investor Presentation October 2025

7 | Investor Presentation October 2025

in € m

Public Safety & Transport (PST)
Air Traffic Management (ATM)



© Frequentis AG 2025



Revenues by region Revenue split

  • Stable business model fosters growth

  • Low cyclical exposure

    131

    144

    Australia/ Pacific/Africa

    H1 2025

  • >90% government

    customers

  • Strong European

54 Asia

9%

36

7%

7% H1 2024

12%

home market

24

21

15 18

Americas

23%

17%

64%

61%

Europe

Australia / Pacific / Africa

Asia Americas Europe

8 | Investor Presentation October 2025

8 | Investor Presentation October 2025

in € m

H1 2024
H1 2025



© Frequentis AG 2025





in € m

EBITDA

46.5 45.6

44.2

12.4 8.4

8.2

6.7

5.2

54.1

EBIT

29.0

25.0

26.6

5.4

-0.5 -0.3

-2.8

-4.3

32.1

Comments

  • EBITDA and EBIT typically show strong seasonality

  • Half-year results typically negative: order intake and project acceptance and therefore revenues and profits are higher in second half

  • Fluctuation of US dollar: Exchange rate losses are largely offset by exchange rate gains

H1

'21

FY

'21

H1

'22

FY

'22

H1

'23

FY

'23

H1

'24

FY

'24

H1

'25

'21 '21

In 2021 EBITDA and EBIT were positively influenced by

lower travel / trade fair expenses due to pandemic travel restrictions.

H1 FY

H1

'22

FY

'22

H1

'23

FY

'23

H1

'24

FY

'24

H1



'25

9 | Investor Presentation October 2025

© Frequentis AG 2025

Mission Critical Services (MCX)

Transition to 5G-based communication

4G 5G

5G

via SAT

  • State-of-the-art

    Public

    5G

    Private

    multimedia communications

  • Flexible in network use

    Guaranteed priority enabled by MissionX

    5G

  • 3GPP global standard to replace TETRA (Europe) / P25 (US) and GSM-R (for railways)

    Enable control rooms to steer multimedia communications

    Frequentis

    5G

    Private

    Build one communication out of many heterogenous networks

    4G

    Public

    Police, Fire fighters, Railway staff

    Connect first responders to the overall situation

  • Leader in enabling FRMCS (Future Railway

solutions & services

Control Room Solutions: LifeX, ASGARD, FTS for Rail

Voice

Video

Data

Inter-working

Apps for mobile phones

Mobile Communication System)

IP Multimedia handling

User admin / Network mgmt.

Mobile device management

10| | Investor Presentation October 2025

© Frequentis AG 2025





  • Trials to foster MCX as part of EU Critical Communication System (EUCCS)



  • Frequentis leads one of the 4 consortia of EUCCS



11 | Investor Presentation October 2025

© Frequentis AG 2025

Award for standardised software developer kit in June 2025

  • Customers:

    Public safety organisations and transport operators use the software developer kit to integrate existing features into their mobile phone applications.

  • Features are:

    • push-to-talk

    • video

    • data

    • security



services (MCX)

First prioritised communication on public mobile networks

  • Safety-critical broadband communication will be based on 4G/5G mobile technology

  • Prioritisation and guaranteed bandwidth are key for the MCX standard

  • First prioritised communication is a major milestone





© Frequentis AG 2025

Journey to mission critical

12 | Investor Presentation October 2025

Order for emergency services network based on MCX

  • Frequentis as a partner of IBM to deliver emergency service network for 300,000 emergency responders

  • Mission-critical services (MCX) network enhances efficiency and security for voice, video, and data



Outlook and management agenda for 2025

Orders

on hand

€764m 30 June '25

Aim to increase order intake in the low double-digit percentage range

Aim to increase revenues by at least 10%

EBIT margin of about

6.5 - 7.0%

Good basis for revenues for full year 2025 and beyond.

Capex of about €12m.

Company-funded R&D expenses

at same level as 2024.

Note: Expectations depend on further development of inflation,

temporary shifts in orders or revenues, tariffs, and protectionist measures.

13 | Investor Presentation October 2025 © Frequentis AG 2025

13 | Investor Presentation October 2025

© Frequentis AG 2025





Financial appendix



Split by category Split by revenue type

3%

<10%

>35%

~20%

30%

3% 2024

3% 2023

41%

36%

61%

56%

15 | Investor Presentation October 2025

15 | Investor Presentation October 2025

Follow-on business for installed systems and solutions (IBB/installed base business)

New products for established customers and exisiting products for new customers

Consulting and other

© Frequentis AG 2025

In-project services
Maintenance

Software
Hardware

Consulting and other





Revenues and EBIT margin development

Public Safety & Transport

92 96

114

128

134

142

7.5%

12.7%

7

12

14.6%

17

11.7%

15

12.4%

17

10.0%

14

2019 2020 2021 2022 2023 2024

Note: In 2020 and 2021 EBIT and EBIT-margin were positively influenced by lower travel / trade fair expenses due to pandemic travel restrictions.

16 | Investor Presentation October 2025 © Frequentis AG 2025

16 | Investor Presentation October 2025

© Frequentis AG 2025

Group Air Traffic Management

338

293

258

211

203

220

7.2%

5.3%

5.7%

4.9%

10

4.0%

3.4%

15

12

10 10

18

2019 2020 2021 2022 2023 2024

EBIT Revenues EBIT margin

6.7%

2019 2020 2021 2022 2023 2024

32

27

25

29

27

17

6.5%

5.7%

480

6.2%

8.7%

9.0%

299

304

334

386

427





21.9%

Components of working capital

17.8%

18.8%

20.5%

in € m

109.5

Net working capital in

21.4%

% of LTM (last twelve months) revenues

Comments

  • Inventories in H1'2025 mainly higher due to an increase in unfinished goods for a major project for a

    80.3 68.9 91.8

    33.5

    105.4

    32.9

    42.6

    Inventories

    customer in North America.

    • Contract assets higher due to

21.7 77.0

50.5

4.0

-68.0

-16.3

31.12.2022

26.6

81.0

61.3

2.4

-72.1

-18.9

31.12.2023

76.4

81.5

2.3

-79.6

-22.3

30.06.2024

80.1

70.9

2.5

-57.6

-23.4



31.12.2024

94.6

83.6

2.2

-84.7

-28.7

30.06.2025

Trade accounts receivable

Contract assets Contract costs

Contract liabilities

Trade accounts payable

work in progress that has not yet been invoiced.

  • Contract liabilities higher, mainly due to more advance payments in 1st half 2025

17 | Investor Presentation October 2025

© Frequentis AG 2025



Order data 2024 2023 +/- in % +/- in €m 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013

Earnings data 2024 2023 +/- in % +/- in €m 2022 2021 2020 20191) 2018 2017 2016 2015 2014 2013

All figures in € m unless otherwise stated.

Revenues

480.3

427.5

+12.4%

52.8

386.0

333.5

299.4

303.6

285.8

266.9

241.2

220.2

204.0

186.3

EBITDA

54.1

44.2

+22.5%

10.0

45.6

46.5

41.9

30.2

21.6

20.0

17.7

16.6

15.9

13.0

EBITDA margin

11.3%

10.3%

+1,0 PP

-

11.8%

13.9%

14.0%

9.9%

7.6%

7.5%

7.3%

7.5%

7.8%

7.0%

EBIT

32.1

26.6

+20.5%

5.5

25.0

29.0

26.8

17.2

15.6

14.3

12.4

12.5

12.4

9.2

EBIT margin

6.7%

6.2%

+0,5 PP

-

6.5%

8.7%

9.0%

5.7%

5.5%

5.4%

5.2%

5.7%

6.1%

4.9%

Profit for the financial year

23.5

20.0

+17.8%

3.6

18.9

20.8

-3.4

12.5

11.8

10.7

9.2

11.2

7.1

7.3

Earnings per share in €

1.66

1.39

+19.3%

-

1.41

1.50

-0.30

0.93

0.94

0.82

n.m.

n.m.

n.m.

n.m.

Order intake

583.8

504.8

+15.7%

79.0

404.8

333.2

314.6

333.7

306.3

287.8

259.5

219.1

215.7

204.4

Orders on hand (at year-end)

724.0

594.7

+21.8%

129.4

522.0

467.9

427.6

391.5

355.2

335.3

n/a

n/a

n/a

n/a

Total assets

394.8

371.1 +6.4% 23.7 340.3 315.7 277.6 272.1 198.0 194.6 183.7 143.2 134.9 121.6

Shareholders´equity

174.8

155.6

+12.3%

19.1

147.3

129.9

111.4

116.2

85.6

90.1

81.0

73.9

68.2

64.6

Equity ratio

44.3%

41.9%

+2,4 PP

-

43.3%

41.1%

40.1%

42.7%

43.3%

46.3%

44.1%

51.6%

50.6%

53.1%

Net cash

81.8

84.3

-2.9%

-2.5

91.0

101.1

85.0

77.8

55.4

70.0

59.5

38.1

41.7

31.2

No. of employees (average)

2,422

2,217

+9.2%

-

2,081

1,937

1,907

1,849

1,763

1,697

1,606

1,309

1,248

1,215

Cash flow from operating activities

22.1

25.7

-14.0%

-3.6

14.2

48.8

54.8

17.7

4.6

16.7

38.8

15.6

17.5

20.2

Cash flow from investing activities

-15.6

-18.8

-17.4%

3.3

-20.1

-24.6

-7.0

-4.6

-4.4

-4.4

-15.8

-14.5

-5.3

-5.1

Cash flow from financing activities

-13.9

-13.4

+4.0%

-0.5

-16.5

-12.6

-10.1

8.0

-14.2

-3.7

7.7

-5.0

-4.7

0.8

Cash and cash equiv. at end of period

67.0

74.2

-9.7%

-7.2

81.4

103.8

91.3

66.9

45.5

77.7

69.1

38.3

42.2

34.7



Cash flow statement 2024 2023 +/- in % +/- in €m 2022 2021 2020 20191) 2018 2017 2016 2015 2014 2013

Statement of financial position 2024 2023 +/- in % +/- in €m 2022 2021 2020 20191) 2018 2017 2016 2015 2014 2013

1) Initial application of IFRS 16 (Leases) from 1 January 2019 (note 41 to the consolidated financial statements 2019). n/a = not available, n.m. = not meaningful

18 | Investor Presentation October 2025

© Frequentis AG 2025



Customers increase investment in infrastructure and defence

Defence:

changed circumstances

  • Increasing investment in military security: additional budgets for control centres expected

  • No immediate jump in orders and revenues expected

  • Portfolio expansion:

− Integration of / defence against drones

− Remote digital tower

− Surveillance / network solutions (distribution of radar data)

− Voice communication systems

remain core business

Defence orders from

around the globe

  • USA: Remote Digital Tower

  • Australia: Secure voice comm. system for AIR6500 programme

  • UK: Continuous orders from the RAF for installed base business

  • Germany: Renewal of military radar data network

  • Germany: Upgrade of voice communication system for Command and Reporting Centre

Investment in

infrastructure

  • Frequentis is part of national safety-critical infrastructures

  • Market growth of 4% to 5% per year

  • Frequentis Group grew by 9.6% in past 5 yrs

  • Increased investment by customers in mobility and safety

  • Continuous advancement of our safety critical applications

    • Digitalisation and automation



19 | Investor Presentation October 2025

© Frequentis AG 2025



Digitalisation of drone traffic

  • Automated and digital implementation of drones in air traffic

  • Digital flight planning and flight authorisations in real time

  • Quick check on relevant airspace restrictions

  • Digital and automated risk assessment tool

Friend / enemy detection for drone defence

  • Project for integration of drones

    into military airspace

  • Scope: flight clearances,

    flight control, weather services, geo-awareness, alarm system

  • Identification of non-cooperative / enemy drones

  • Support for military systems for tracking and neutralising drones





© Frequentis AG 2025

Highlights drones

20 | Investor Presentation October 2025

Automated remote drone operation

  • Innovation project for inspection flights and incident support for Austrian Federal railways infrastructure

  • Automated operation and control from the control centre

  • Operation from drone hangars

  • First official approval in Europe for automated operation above rails, incl. local area / alpine environment



Consistent M&A strategy: Expansion of product and technology portfolio

6 years listed on the stock exchange: 10 acquisitions

Nemergent

Orthogon

ATC

C4i

Regola

Aviamaps

FRAFOS

GuardREC ATC

Groiss Informatics

Spain

Germany

Canada

Australia

Italy

Finland

Germany

Norway

Austria

PST

ATM

ATM

ATM

PST

ATM

PST

ATM

ATM

ATRiCS

Germany ATM

2020

2020

2021 2021 2021 2022 2022 2023

2023

2024

Product for optimisation of taxiing at airports: TowerPad

Services for mission-critical voice and data communications

Optimisation of air traffic: arrival and departure manager

Competence centre for voice and data communications in North America

Products for military voice communications

Command and control solutions for emergency services

Real-time flight management system for drone flights

Special firewall for enhanced cybersecurity requirements

Legal recordings and data analytics

Workflow management systems

ATM = Air Traffic Management, PST = Public Safety & Transport

21 | Investor Presentation October 2025



© Frequentis AG 2025



Reasons to invest in Frequentis

Largely

independent

of macroeconomic trends

Stability

for decades



Growth drivers

fully intact

Security

Mobility

Technology

Growing faster

than the market

Av. 9.6% revenue growth

in the past 5 years

Av. 4-5% market growth

22 | Investor Presentation October 2025

© Frequentis AG 2025



Growth of about 15% per year

Standardised airspace management for

air traffic control

Information systems for all participants in the airspace

Automated control system for rescue missions and inspection flights

Friend / enemy detection

for drone defence

  • Total drone market in Europe, including hardware, is estimated at more than

    € 10 billion in 2030

  • Europe-wide regulations largely in place

    Service range

    • Consultancy & evaluation of legal framework

    • Technical realisation & integration

    • Cloud-based operation

23| | Investor Presentation October 2025

© Frequentis AG 2025



Financial policy framework

Maintain net cash position at a minimum level of about 10% of Group revenues

Equity ratio

of > 35%

Capex of about

€12m in 2025

(2024: €10.1m)

Company-funded R&D expenses in 2025 at same level as 2024 with €30.1m

24 | Investor Presentation October 2025 © Frequentis AG 2025

24 | Investor Presentation October 2025

© Frequentis AG 2025



About us appendix





Growth markets: Our innovations in operational use

Growth drivers: Security - Mobility - Technology

Digital Tower Drone management Networks



Innovative technology to improve efficiency, safety, situational awareness

Coexistence of uncrewed aerial vehicles and crewed aircraft in shared airspace

Networks for air traffic management, police / fire / emergency services, public transport

26 | Investor Presentation October 2025

© Frequentis AG 2025







with hubs for added customer proximity



150+

Active channel

partners for 125 countries

150

countries

550+

customers



1955

1983

Regional offices Channel partners Frequentis Hubs

1947

1990 - 1999

2000 - 2009

2010 - 2019

Frequentis

Vienna, Austria

SVK UK

Subsidiaries

GER CAN USA

AUS

ROU

BRA CHI NOR

FRA

UAE



27 | Investor Presentation October 2025

© Frequentis AG 2025





Executive board

Norbert Haslacher

CEO



Strategy, Global Sales, Strategic Business Units, Corp. Comms & Marketing, Investor Relations, New Business Development & Invest4Tech, New Market Solutions, Partnerships and M&A

Monika Haselbacher

COO

Project Management & PMO, Customer Services, Health Safety Environment (HSE) Mgmt.,

Group Governance, Processes & Efficiency, Quality Mgmt., Safety Mgmt., Group Mgmt.

Peter Skerlan

CFO

Finance, Human Resources, IT, Legal, Facility Management, Environment, Social & Governance (ESG),

Internal Audit & Compliance

Karl Wannenmacher

CTO

Technology Management, Production & Logistics, Procurement,

Product Management, Security

Supervisory board

Chairman Deputy chairman Members Delegated by the Workers' Council

Hannes Bardach Karl Michael Millauer Sylvia Bardach Stefan Hackethal

Reinhold Daxecker Gabriele Schedl

Boris Nemsic Reinhard Steidl Petra Preining

28 | Investor Presentation October 2025

© Frequentis AG 2025

Our experts for a safer world.

We build solutions that enable our customers to make the world a safer place.

5.3%

staff turnover

7.8yrs

av. length

of employment Group

2,500

Global

11.0yrs

av. length

of employment HQs

65

nationalities

43

av. age

29 | Investor Presentation October 2025

Employees

1,100

Austria

23%

female employees

Strong employer brand

  • Introduction of a modern employer branding

  • Social media campaigns on LinkedIn and Instagram

  • 'Women & Careers'initiative

  • Activities such as participation in Vienna Daughters' Day

© Frequentis AG 2025





Shareholder structure

Core shareholder H. Bardach about 68% B&C Holding Österreich >10% Free float about 22%

Listed on Frankfurt and Vienna

stock exchanges

ATFREQUENT09

ISIN

FQT

Ticker symbol

https://www.frequentis.com/en/ir

Investor relations website









14 May 2019

Initial listing



13,280,000

shares outstanding

30 | Investor Presentation October 2025

© Frequentis AG 2025

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Frequentis AG published this content on November 05, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 05, 2025 at 14:23 UTC.