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The CapEx will be structured within supply contracts, such that the funding actually comes through that supply contract, rather than us having to bear the burden of the CapEx that is required. So I say these numbers, and so to get to, you know, that market demand, we would be looking at between 8 and 10 folds increase in furnace numbers over the foreseeable future and over the next medium term. So it is a significant expansion, but we also have a plan of how to fund that growth, both from a working capital needs through debt and the revolving credit facility that Claire has put in place, but also in the CapEx form of within the supply contracts, how we are structured.

To answer the second part of the question in the consolidation in the medical imaging, I mean, we have seen that this market has acquired. If you go back to 2008, GE acquired Orbotech, which currently is their internal source of supply for their SPECT detectors of CZT. Acrorad was the Japanese company, was acquired by Siemens in 2010, 2011. That really is a primary source for CT detectors, photon counting CT detectors for Siemens Healthineers, but at the same time, Siemens licensed technology from us for their SPECT detectors, which are two subtly different flavors of CZT. And then Canon acquired Redlen in 2021. So this has been a market which has been acquisitive, and we have remained independent in that.

We have remained a player where we are able to serve 40% of the market and go through a tremendous growth phase. And our focus is very much to serve that market as an independent listed business in the U.K., and grow and capitalize on that significant market need that is articulated and visible to us in the current year, in the future years. And that growth ramp will be actually reasonably, you know, going on for the next 10 years as the market reaches maturity in terms of adoption of CZT. So we have got a long way to grow. We have got... You know, we can build a really, really interesting and long-term growth business in Kromek here in this particular market segment alone.

Moderator: Fantastic. Thank you. Next question is: administration costs at circa 50% seems high. What is the breakdown of these costs? The company has done well to achieve the Siemens contract and other potential areas going forward.

These conversations are important, and we’ll be continuing to have that so that we can paint a picture, we can articulate, we can frame the opportunities, and we’ll be continuing to do so going forward.

Moderator: Fantastic. Thank you, Arnab. The next question has two parts to it. The first one being: how much spare CZT production capacity does Chromax currently have left to service new tier one OEMs without requiring significant fresh CapEx? Second part: How does the board view Chromax’s role in the ongoing consolidation of the medical imaging supply chain? Is the priority to remain independent?

Arnab Basu, CEO, Kromek Group plc: Look, I think the capacity question is a very relevant question. If you recall, back in 2019, when we announced the Spectrum Dynamics contract, we actually invested GBP 10 million in expanding capacity. So today we run 174 CZT production furnaces, that’s our total stated capacity. We don’t, of course, run at 100%, you know, utilization of that at the moment, but we so we do have some spare capacity to start to service some of the early contracts that you know during the ramp-up, the early phase of the ramp-up of the contracts we already have from new customers, such as the supply contract we have with Siemens Healthineers on top of the enablement contract we have, which was a $37.5 million.

The contract, which is, we announced in April 2023, where, which had a sort of a development phase and then a commercial phase, we are rapidly approaching that commercial phase, so we’ll be able to start serving some of that contract with the capacity we have got. But if I go back to my numbers of that 40% of a $400 million market requirement in 2030, we will have to go through a pretty, you know, steep expansion of capacity. But we have made it very clear, and we have demonstrated within the structure of the Siemens contract, that as we need capacity to facilitate and supply into this market, we wouldn’t be stressing our balance sheet or asking our shareholders to really fund that.

And in this market, of course, we are working with, with everybody at the moment who does not have access to an internal supply chain, so like Siemens Healthineers and CT does have. So, so we look at this market as a total market opportunity by 2030 of about roughly $400 million of CZT requirements by 2030. $80 million-$85 million of that is required in the spec, and about $320 million required in the CT market. Now, we have access to about 40% of that $400 million CZT requirement by 2030 in these two markets that we can supply into. And as the only independent commercial supplier of CZT, we have a pretty good strategic position to really capitalize on that, on that demand that is coming through.

So, where we are today to where the market would be in 2030, which is roughly requirements of $300 million-$400 million of CZT, with us having access to about 40% of that market, we are seeing a real opportunity that will enable us to grow pretty aggressively over that period. And that’s where we have set that medium-term target of £60 million revenue with a 30% EBITDA during our Capital Markets Day last year. So what we can say here is that we are working with all our customers.

Our customers are either really accelerating their products and getting better market share, like Spectrum Dynamics, with Siemens Healthineers in the SPECT market, and our stated customer that we announced, the tier one customer in 2023 in the CT market, and also the other players that we are working with. We are going to see continuous introduction of new products, continuing that journey of adoption of CZT in this market here on. So it’s not a question of if, it’s a question of how fast in terms of CZT adoption.

So hopefully we would be able to come back to the market on a regular basis over the next few years to provide a more clearer picture in terms of as and when products are launched, as and when that ramp-up happens, as and when we are expanding in these markets. So I understand the challenge, I understand the information gap that some shareholders are feeling in terms of where we are today to how we are going to achieve that growth. But we will be looking at every possible ways of conveying and addressing that in that information gap that we understand investors feel we have.

Arnab Basu, CEO, Kromek Group plc: I think that’s a great question, and we do acknowledge that, you know, often it is the type of customers we have and the relationship we have and the strategic nature of product introductions and so forth, makes it difficult for us to convey everything that we want to convey in an ideal world. But hopefully, the conversations we are having like this is going to help in conveying some of the tape, some of the messages, and hopefully, that’ll help you understand where we are going from where we are today. So let me just characterize the broader market a little bit, and hopefully, that’ll give some context and some understanding.

So the adoption of CZT in the advanced imaging segment, which is primarily the medical imaging segment, which is CT, dominated by two modalities, CT and SPECT, are accelerating. And that is pretty evident by new product introductions that are happening in the market over the last five or six years. And certainly, we are seeing the acceleration of new product introduction utilizing CZT, that has happened even in last year. So let me talk a little bit about the SPECT market. So 2018 was the first product that GE introduced in the SPECT market with their 670 NM, and that was really the first, very first full-body imaging system or the mainstream imaging system with CZT that was introduced.

And since then, both GE and Spectrum Dynamics, with whom we have a stated contract of $57 million, have continued to introduce new products throughout the last periods. And of course, last year, the enablement contract with Siemens is, of course, for SPECT. So pretty much majority of the market has now stated their interest and demonstrated through product introduction that CZT is becoming more of a mainstream sort of detector, replacing the conventional detectors that exist in legacy systems today. So we have seen real tangible take-up of CZT through GE, through Spectrum Dynamics, and latterly through Siemens’s enablement program in that market.

When I look at the, CT market, it is going through exactly the same kind of transition at the moment, although a couple of years behind the adoption, sort of, cycle of SPECT. So, Siemens Healthineers introduced NAEOTOM Alpha, the first photon-counting system with two, you know, CZT-based detectors. That was back in 2023, and then expanded their portfolio, over the following year. And now last year, just, just in 2025, three other companies, including Canon, has, come out with, either soft product launch or really new product introduction in the market with CZT in the CT, in their CT systems, photon counting CT systems. So we are seeing not only one company really introducing product, but a number of companies starting to introduce products.

Kromek Group plc H1 2026:

Moderator: Good afternoon, and welcome to the Kromek Group plc interim results Q&A session. Throughout this recorded meeting, investors will be in listen-only mode. Questions are encouraged, and they can be submitted at any time using the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press Send. The company may not be in a position to answer every question received during the meeting itself; however, the company can review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I would like to submit the following poll, and I would now like to hand you over to CEO, Arnab Basu. Good afternoon to you, sir.

Arnab Basu, CEO, Kromek Group plc: Good afternoon, and good afternoon to everybody that is joined us. Hopefully, you’ve all had a chance to see the recorded webinar, and which we used to sort of convey the results and the opportunities that is in front of us. So, I’ve got Claire Burgess, our CFO, with us, and together, we will try to answer all your questions that you have.

Moderator: Fantastic, Arnab. Claire, if I may move on to the question, and the first one here reads as follows: You have stated that circa GBP 4.8 million in CBRN orders have been received year to date, with half still to be delivered in H2. Given the H1 CBRN revenue was GBP 4.3 million, can you clarify if the GBP 2 million post-period debt draw was specifically to purchase the long lead components for this GBP 2.4 million remaining backlog? If so, does the cash from these deliveries settle the revolver by April year-end? Apologies.

Claire Burgess, CFO, Kromek Group plc: Thank you. I’ll take that one. So I, at the year-end, negotiated a GBP 6 million revolving credit facility with HSBC Bank, and that is to support the working capital of the business. The working capital of the business, we’ve got the advanced imaging, and we’ve got CBRN. CBRN side is a relatively short working capital period, and although some of that drawdown will have been to support the CBRN side of the business, predominantly, most of it will be to support the advanced imaging side, which has a much longer working capital period. The revolving credit by nature is revolving, so during the year, the facility will get paid down.

I don’t expect that to be at the end of the year because as the year goes through, we are ramping up our production on advanced imaging, so I do expect some usage of that facility to continue.

Moderator: Perfect. Thank you. Next question: Firstly, congratulations on the acceleration of Chromax over the last 18 months. I have great confidence in Chromax over the next 5 years. I support the underpromise, overdeliver approach. That said, with large deals taking years to mature, investors need some sense of pipeline health to gauge progress. How can you give us a clearer picture of pipeline without compromising your disciplined approach?

How wonderful RNSs from ex Tom CEO of this company and what it turn out ? Time will tell but you can fillter anyone you dont like to read.

Dont worry about PPP maybe he lose money as I said that company cant buy or sell that is all . money matter as that drives peoples away the angry way.

Just saying nothing as this share cant buy or sell at moments.

A perfect corrections as now we cant sell or buy this share so no pump and drump possible. There is nothing we can do now only hoping when they public what RNS peoples are waiting for.

Company dont have any left as assets less value than debt. If company assets value 100 millions dollars so someone will pop up and pay them 30 millions then everybody will be happy. As you see that happen alot in auction house.

Nobody want to buy this company just confirm this is true and you are holding hopeless as this company never come bach from dead end.

If the value worth that money why dont they relist it again? there is big debt and nothing left. Letting you hope for free so just hope forever.

Over three CEOs but none of them can do anything with company.

Shareholder call but the most question is when do share come bach to trade? They cant answer that so it is finished then never come bach.

It is new chapter for company as they have done research and development and its products have been use by big OEMs. That is important factor for me to buy this share . as long as you can sell products and having customers it will be survive.

At this years company starting selling to the world OEMs and it have secured worth 84 millions fund from government over 4 years time and income will be count from April 2026 . so it will income minimum 20 millions this year and the hold year 2026 for them to strike more contact.

For me I bought this share from 4.5 with hodling as much as I can afford shares and now it worth double but it is just moving up after many hard job have been done so just leave it longer it will return better.

Over couble of months they will RNS more about 84 millions contact with government so peoples will have more confident about this share as that will coming soon

There are many shorters in here and all forum when it was bad they started to post all highlight old and negative posts and never mention and new and future prospect of company that make peoples unhappy and there are herds just sell off as it show they lose thier money and afraid it lose more . as when peoples have unstable emotions should not read on public forums too much just consider long and all expect about company financial before buy it then get back better than following the herd and losing money.

Only one question when do company plan to relist share on market? this need answers and show commitment to shareholders. it maybe one month or three months or 9 months but they need to say when that is the most important question shareholders want to know.

16th Sep 2025 This is final result 2025 and they said that 84 millions sign with government will be count to this year time . the first 1.7 million have been paid and more will come. Please this is really hot now as not everyone note this importan contact sign with government and money is no matter .It is up to you to think hold this share or sell it now as short time down but over this year 2026 things will be different.

The Group secured significant milestone agreements with UK Government entities, including a £2.0m contract from the MoD - a key strategic customer for Kromek - for the delivery of the Group's D5 RIID and Alpha Beta Probe. This award followed a competitive tender process and was successfully delivered within the year.

Kromek's D3M personal radiation detector was officially designated under the UK Government's Resilience Framework. The first order under this framework came from Merseyside Fire & Rescue Service, which will deploy the D3M across its detection, identification and monitoring vehicles - marking an important step in broadening end-user adoption across UK emergency services.

Additionally, Kromek was selected as a supplier under the UK Government's Radiological Nuclear Detection Framework. This framework, led by the Home Office, facilitates the procurement of radiological detection equipment and services, with a combined potential value of £84.0m over four years. Kromek is pre-qualified in three key categories: handheld, wearable and large-volume static detectors. Post period, the Group secured its first order under this framework - worth £1.7m - for the supply of Kromek's D3S-ID wearable detector, along with training and maintenance. The majority of revenue from this order will be recognised in the year to 30 April 2026.

Momentum has continued beyond the year end. The Group has received additional nuclear security orders totalling approximately £2.9m from customers across the UK, Europe, the US, Japan and Canada.

For me I bought this share as Thiers business as they have simething for sell and it work . yes it is very importance to notes it must be work then they had many big OEM s customers and some governments bought thier products too.

Letting them some more months and they can sign new contract that will be great as it should help share price. In events they cant sell any this year time share will vome bach when it was 3 months ago.

It is up to them to make a deal and company in so good situation than last year as there is less pressure on debt and they have available money over 3 millions so they have more confident to strike a deal.

If any of thier customers come bach and order more that will be blown full for us.

I see this in difference as they can sell big order to OEM it worth to sell to other too. That show very big jumping from research to production line. Remember AIMs company maun aim for starting up and loonking new ideas then making new thing . this is late state of that and selling from now on .

Second company dont issue new shares as that is the most destroy company values but they borrow money from last year and paid back so share not drips as many AIMs on market.

Yes they need money to run so they borrow again but that is practice for big or small companies so it is not objects . the main point this year how many unit they can sell and how many contact they will sign this year ? If Siemens buy from them it show worth to hold from me as they maybe sell to other big OEMs too.

Thier products must be very good that big OEM order them show it work . just thinking this year just starting to sell mass unit to the customers. Orders will come and they will positive cash follow. The state of company in mature state and selling now. Now the main points hiw many orders they will be trying to sell this year and turn into income that is this year objects at the end of year.

Peoples in panic mode just selling off as they are seeing other peoples selling . it is up to everyone see it worth to hold or sell it as that is thier money. To be honest thus RNS state the fact about company financial clearly shows what it mean for you to decide and that transparent fact from company

Watching peoples in here lock in thier money as they are trying to argument all the time who is right ir wrong but they never mention themselves they did wrongly to pivk this share from first place. How it turm all greedy man's money into the most intelligent man and took money away then left all the sounds fight each other.