Strong Growth, Harder Next Leg; Initiate At Hold

Research evidence excerpt

Strong Growth, Harder Next Leg; Initiate At Hold

Cohort PLC (CHRT LN)

Equity Research

May 17, 2026

Executive Summary

Cohort is a UK Defence equipment supplier, operating as 7 autonomous companies grouped into

two divisions: Sensors & Effectors and Communications & Intelligence. The group was founded

and listed on AIM in 2006 by Stanley Carter and Nick Prest, with Mr Carter retaining a 19% share in

the business and Nick Prest serving as the current Chairman. Mr Prest, as well as Cohort's current

CEO and CFO all worked for Alvis, the UK armoured vehicle contractor, when it was acquired by

BAE Systems in 2004.

Exhibit 1 - Company Overview - Revenue, EBITA and EBITA margins relate to FY26F

Company Description HQ

Sensors & Effectors - 50% Revenue, 36% EBITA, 9.5% EBITA margin

A specialist in electro-optical systems, Chess provides advanced surveillance, tracking, and fire control solutions for land and

CHESS maritime platforms. Its key offerings include electro-optical tracking systems, counter-UAS technologies, and naval fire control UK

systems.

A sonar specialist, ELAC SONAR delivers advanced hydroacoustic systems for submarines and surface ships. Its key offerings

ELAC Sonar Germany

include sonar suites, underwater communication systems, and anti-submarine warfare technologies.

SEA delivers maritime defence systems and technologies, with a focus on underwater warfare and naval communications. Its

SEA core products include torpedo launch and handling systems, sonar and underwater sensors, and integrated maritime mission UK

Communication & Intelligence - 50% Revenue, 64% EBITA, 17.3% EBITA margin

MASS delivers secure information systems, electronic warfare support, and training solutions for defence and government

MASS UK

clients.