SMAG MOBILE ANTENNA MASTS AG PLANS INITIAL PUBLIC OFFERING TO ACCELERATE GROWTH

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SMAG MOBILE ANTENNA MASTS AG PLANS INITIAL PUBLIC OFFERING TO ACCELERATE GROWTH

• SMAG Mobile Antenna Masts AG is an established developer and manufacturer of mission-critical mobile antenna mast systems for military and defence applications
• A leading European supplier of self-supporting, guy-wire free mobile antenna mast systems for defence applications, with systems deployed across more than 20 countries^[1]
• Best-in-class technical performance^[2] and field-proven technology enabling communications, ground-based air defence, drone defence and electronic warfare, with systems field-proven across NATO militaries, including the Bundeswehr's tactical wide area network programme and the Patriot air defence system
• Established customer base of more than 50 defence primes, OEMs and government agencies, including 15 NATO militaries, with a Total Order Backlog^[3] of EUR 1.4 billion as at December 31, 2025
• Strong financial profile with 2026E Total Output^[4] guidance of EUR 55-60 million (approximately 46% CAGR from 2024), mid-term targets of greater than 40% Total Output CAGR and around 35% Adjusted EBIT Margin^[5]
• Targeting net proceeds of approximately EUR 30 million from newly issued shares to fund strategic growth initiatives, including investments in automation technologies, the scaling of production capacity and the expansion of the company's sales organisation as well as to strengthen its working capital position and overall financial flexibility
• Inclusion to trading of shares on the Frankfurt Stock Exchange is expected to be completed in July 2026

Salzgitter, Germany, June [25], 2026 - SMAG Mobile Antenna Masts AG ("SMAG" or the "Company"), an established developer and manufacturer of mission-critical mobile antenna mast systems for military and defence applications, today announces its plans for an initial public offering ("IPO" or "Offering"). The Offering is intended to comprise both newly issued shares from a capital increase by the Company and a sale of existing shares by SMAG Group GmbH (the "Selling Shareholder"), wholly owned by AEQUITA SE & Co. KGaA ("AEQUITA"), with the subsequent inclusion of the Company's shares to trading on the Frankfurt Stock Exchange (Scale Segment) expected to take place in July 2026, subject to market conditions (the "Inclusion"). The targeted total deal size is expected to create a substantial free float and a liquid market for the Company's shares. The Company is targeting net proceeds from the primary capital increase of approximately EUR 30 million. AEQUITA, the current ultimate 100% shareholder of the Company, will also sell existing shares and intends to retain a substantial stake following the Offering. AEQUITA and the Company are expected to commit to customary lock-up arrangements.

SMAG generates substantially all of its net sales from defence and defence-related applications. In the fiscal year ended December 31, 2025, the Company generated 99.1% of net sales from sales of mission-critical mobile antenna masts systems from military applications. The Company is headquartered in Salzgitter, Germany.

SMAG's management board consists of Chief Executive Officer Ulrich Feindt and Chief Operating Officer Kai Oppermann, both of whom bring extensive defence industry and operational experience to the Company. They will be supported by a highly experienced Supervisory Board, the composition of which will be set out in the prospectus to be published in connection with the Offering.

"The battlefields of tomorrow demand reliable, rapidly deployable communications infrastructure, and SMAG has been engineering a high quality standard for over 50 years. As both a trusted partner to Europe's leading defence primes and a specialist embedded within significant militaries, we occupy a unique position in the prime and neo-prime ecosystem. Europe's structural commitment to rearmament, accelerated by the so-called Zeitenwende, represents a once-in-a-generation opportunity, and our IPO proceeds will directly fund the manufacturing capacity and international reach needed to deliver against our substantial Total Order Backlog^[3]. We are proud to bring this German defence technology champion to the public markets and to welcome new investors to share in SMAG's next chapter of growth."

Ulrich Feindt, Chief Executive Officer of SMAG

A LEADING EUROPEAN MANUFACTURER OF MISSION-CRITICAL MOBILE ANTENNA MASTS SYSTEMS FOR DEFENCE APPLICATIONS

SMAG believes it is a leading European manufacturer of mission-critical mobile antenna masts systems for defence applications providing connectivity for the modern and next-generation battlefield. Founded in 1974 and headquartered in Salzgitter, Germany, the Company has over 50 years of German engineering heritage and approximately 170 employees as at March 31, 2026. With more than 2,000 mast systems deployed across more than 20 countries, serving 15 NATO militaries and armed forces in an additional 6 non-NATO countries, and a customer base of more than 50 defence primes, OEMs and government agencies, SMAG has established itself as an indispensable enabler of battlefield communications connectivity across the NATO alliance. The Company holds a structurally unique position as the sole manufacturer of self-supporting, guy-wire free mobile antenna mast systems, some of which are capable of heights up to 40 metres or payloads up to 600 kg. With 99.1% of its net sales derived from defence and the 'Made in Germany' quality standard deeply embedded in its products, SMAG is a rare and compelling pure-play German defence technology investment. The Company's listing comes at a pivotal moment: Germany's ”Zeitenwende” strategic reorientation has fundamentally reset European defence spending ambitions, driving structural demand growth that SMAG is uniquely positioned to capture.

BEST-IN-CLASS TECHNICAL PERFORMANCE^[2] AND FIELD-PROVEN PRODUCTS FOR MULTI-DOMAIN MODERN WARFARE

SMAG delivers best-in-class technical performance^[2]. The Company's self-supporting, guy-wire free mast systems deploy in under 10 minutes, achieve heights of up to 40 metres, carry payloads of up to 600 kg, and operate reliably in wind speeds exceeding 120 km/h, making them uniquely suited to the demanding requirements of modern multi-domain warfare. Unlike conventional guyed mast systems, which require extensive anchoring and site preparation, SMAG's architecture delivers a decisive rapid-deployment advantage critical in contested battlefield environments. The Company's systems serve a growing range of mission-critical applications: tactical communications, ground-based air defence, drone defence and radar support, electronic warfare, border control and critical infrastructure protection. This multi-domain applicability structurally broadens SMAG's addressable market and customer base as European armed forces modernise their force structures. SMAG's manufacturing operations in Salzgitter span approximately 10,000 square metres of dedicated production space, with a further site secured to expand total capacity to more than 20,000 square metres by the end of 2027. Investment in a new welding robot will double mast component production capacity to approximately 300 components per year. A Management Gross Profit Margin^[6] of 55.0% in 2025 reflects the high value-added, engineered nature of SMAG's product offering and the pricing power inherent in its specialist positioning.

KEY ENABLER OF PRIMES AND NEO-PRIMES IN MODERN DEFENCE APPLICATIONS

SMAG operates at the heart of the European defence procurement ecosystem as a critical specialist supplier to both established defence primes and the next generation of neo-prime defence technology companies. The Company has achieved programme-of-record status across some of Europe's most strategically important platforms: SMAG's mast systems are field-proven in the Bundeswehr's tactical wide area network programme, operating under a ten-year contract signed in February 2026 running to February 2036, with 54 confirmed systems and contractual options for a further 337 systems; and the Patriot air defence system for the Swiss Armed Forces. This programme-of-record positioning is expected to create high switching costs, long-duration recurring net sales streams and formidable barriers to entry for potential competitors. By positioning itself at the centre of the sales procurement process and leveraging its engineering expertise to influence procurement specifications, SMAG has evolved from a component supplier to the architect of mast solutions, creating a healthy and recurring demand flywheel across its customer ecosystem. The Company's customer base spans leading European defence primes, neo-primes and government agencies, with end users across the German Bundeswehr, Swiss Armed Forces, Hellenic Army, Dutch Army, Polish Army, Estonian Army and the armed forces of the UAE, among others.

FAST-GROWING ADDRESSABLE MARKET DRIVEN BY THE GLOBAL DEFENCE SPENDING SUPERCYCLE

SMAG is ideally positioned to capture the most significant structural increase in European defence spending in modern history. The NATO Hague Summit Declaration of June 2025 commits all NATO member states (excluding Spain, which only committed to increase its spending to 2.1% of GDP, arguing that this is all it needs to reach the capability requirements) to a new minimum defence expenditure target of 3.5% of GDP for core defence plus up to an additional 1.5% of GDP for broader security investments^[7] by 2035^[8], driving cumulative incremental European defence investment estimated at approximately EUR 3.5 trillion^[9]. In addition to the NATO Hague Summit Declaration, Germany's EUR 100 billion special defence fund and the ”Zeitenwende”^[10] strategic reorientation of Germany’s foreign and defence policy have driven German defence expenditure from approximately EUR 55 billion in 2022 to EUR 94 billion in 2025 and a forecast EUR 167 billion by 2030E, representing a CAGR of approximately 12% between 2025 and 2030E, with cumulative German defence spending over 2026-2030E estimated at approximately EUR 708 billion.^[8] Germany represents approximately 28% of the cumulative serviceable addressable market for mobile military mast systems in Europe over the same period.^[8] European NATO defence budgets are forecast to grow at a CAGR of approximately 9% between 2025 and 2030E.^[8] SMAG's serviceable addressable market for mobile military mast systems is expected to grow at a CAGR of approximately 16% to EUR 1.0 billion by 2030E, with cumulative European demand estimated at approximately EUR 4.5 billion across some 11,000 systems in the 2026-2030E period.^[8] Bundeswehr programmes increasingly define reference architectures for follow-on European orders, reinforcing SMAG's home-market advantage as a structural driver of pan-European sales.

ESTABLISHED SALES PROCUREMENT PROCESS AND SALES EXPANSION STRATEGY

SMAG benefits from an established sales procurement process and scalable manufacturing capabilities that provide a sustainable platform for significant and highly profitable operational scale. The Company operates across two primary net sales channels: direct contracts with NATO member state armed forces and programme-based partnerships with leading European defence primes. This dual-channel model provides net sales diversification and reinforces SMAG's positioning as the preferred partner for mobile antenna mast systems across the full spectrum of NATO-linked platforms. By becoming deeply embedded in the procurement and specification phase of major programmes, SMAG shifts its role from equipment bidder to solution architect, creating a recurring demand flywheel as each successful programme generates both aftermarket demand and reference architecture influence across follow-on European orders. The Company's international net sales (excluding Germany) represented approximately 72% of net sales in 2025. SMAG intends to pursue internationalization and sales expansion through local-for-local production sites, in-country production and sales capabilities, distribution partnerships and targeted investments in sales personnel, enabling SMAG to serve European defence markets with a 'Made in Germany' quality standard delivered at local scale. The aftermarket and services segment represented approximately 18% of 2025 net sales, providing a growing, high-margin recurring net sales stream from the Company's global base of more than 2,000 deployed systems.

EXCEPTIONAL NET SALES VISIBILITY WITH SIGNIFICANT PROFITABILITY GROWTH

SMAG has delivered sustained double-digit growth, with Total Output^[4] growing from EUR 26.9 million in 2024 to EUR 34.0 million in 2025, and 2026E Total Output guidance of EUR 55-60 million, representing a circa 46% Total Output CAGR over 2024-2026E. The Company is targeting an Adjusted EBIT Margin^[5] of 19-21% in 2026E, reflecting the operational leverage inherent in SMAG's scalable manufacturing platform. Mid-term financial targets are Total Output CAGR of greater than 40% and Adjusted EBIT Margin of around 35%, with net working capital at approximately 11% of Total Output and capital expenditure below 2% of Total Output, consistent with the Company's asset-light model. Free cash flow conversion (defined as Free Cash Flow divided by Adjusted EBITDA) reached 130% in 2025, reflecting the highly cash-generative nature of the business. SMAG operates with zero bank debt and a net cash position of EUR 8.4 million as at December 2025. As at December 2025, Total Order Backlog^[3] of EUR 1.4 billion, comprising EUR 140 million in Fixed Order Backlog, EUR 1,031 million in Frame Order Backlog and EUR 229 million in Soft Order Backlog, represents approximately 41x the Company's 2025 Total Output, providing unparalleled multi-year earnings visibility. The quality and duration of this backlog reflects SMAG's embedded programme-of-record status and the long-duration nature of European defence procurement cycles.

IPO PROCEEDS FOR GROWTH WITH CLEAR STRATEGIC PLAN

SMAG has a clear strategy to convert accelerating demand from defence primes and NATO member state armed forces into profitable, sustainable growth and to enhance its position as the preferred partner for mobile antenna mast systems across the NATO ecosystem and extending its commercial reach across underpenetrated European defence markets.

The Company is targeting net proceeds of approximately EUR 30 million from newly issued shares (i) to fund investments in automation technologies to double mast component production capacity, the scaling of production capacity at its Salzgitter facility, including production space expansion to more than 20,000 square metres by end 2027 and the expansion of the Company's sales organisation; (ii) to provide additional working capital to support the buildup of inventory levels and to ensure the timely execution of the Company's existing Total Order Backlog; and (iii) to strengthen the balance sheet. AEQUITA will sell existing shares alongside the primary offering. AEQUITA intends to remain a committed long-term shareholder following completion of the Offering, retaining a substantial stake in the Company.

FURTHER DETAILS ON THE INTENDED IPO

The Offering is expected to consist of a public offering in Germany as well as international private placements to qualified investors outside of Germany. The shares of SMAG AG are planned to be included to trading in the Scale Segment of the Frankfurt Stock Exchange. The final offer price, number of offer shares and total offering size will be determined following completion of the bookbuilding process.

In connection with the Offering, Cantor is acting as Sole Global Coordinator and Sole Bookrunner.

ABOUT THE COMPANY

Founded in 1974, SMAG Mobile Antenna Masts AG, headquartered in Salzgitter, Germany, is an established developer and manufacturer of mission-critical mobile antenna mast systems for military and defence applications, generating substantially all of its net sales from defence. SMAG is a leading European specialist manufacturer of self-supporting, guy-wire free mobile antenna mast systems for military applications. SMAG Mobile Antenna Masts AG is a trusted partner to more than 50 defence primes, OEMs and government agencies worldwide, including 15 NATO militaries, and employs approximately 170 people.

Disclaimer and Important Notice:

This announcement is an advertisement for the purposes of Regulation EU 2017/1129, as amended (the “Prospectus Regulation”), relating to the intention of SMAG Mobile Antenna Masts AG (the “Company”) to proceed with an initial public offering. This announcement does not constitute or form part of a prospectus. These materials may not be, directly or indirectly, published, distributed or transmitted in or into the United States, Canada, Australia or Japan or any other jurisdiction in which the distribution or release would be unlawful. These materials do not constitute an offer of securities for sale or a solicitation of an offer to purchase securities (the “Securities”) of the Company in the United States, Australia, Canada, Japan or any other jurisdiction in which such offer or solicitation is unlawful. The Securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). There will be no public offering of the Securities in the United States. The Securities of the Company have not been, and will not be, registered under the Securities Act. The Securities referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan subject to certain exceptions.

This publication constitutes neither an offer to sell nor a solicitation to buy securities. The offer will be made solely by means of, and on the basis of, a securities prospectus which is yet to be published. An investment decision regarding the publicly offered securities of the Company should only be made on the basis of the securities prospectus which approval should not be understood as an endorsement of the securities offered. The securities prospectus will be published promptly upon approval by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “Bafin”) and will be available free of charge on the website of the Company (https://www.smag.de).

In any member state of the European Economic Area, this communication is only addressed to and is only directed at qualified investors in such member state within the meaning of the Prospectus Regulation, and no person that is not a qualified investor may act or rely on this communication or any of its contents.

In the United Kingdom, this document is only being distributed to and is only directed at persons who are “qualified investors” within the meaning of Article 2(e) of the Public Offers and Admissions to Trading Regulations 2024 (POATRs) who are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), or (ii) persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.), or (iii) persons to whom an invitation or inducement to engage in an investment activity (within the meaning of section 21 of the United Kingdom Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise be lawfully communicated or caused to be communicated (all such persons together being referred to as “Relevant Persons”). This document is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

The present material contains various statements relating to the future development of the Company. These statements are based on assumptions and estimates. Although we are convinced that the forward-looking statements are realistic, they are not guarantees of future performance since our assumptions involve risks and uncertainties that could cause the actual performance and results as well as the financial and net asset position to differ materially from those anticipated. Such factors include market fluctuations, the development of world market prices for commodities or spare parts as well as financial markets and exchange rates, changes in national or international laws and regulations or fundamental changes in the economic and political environment. The Company does not intend to and does not undertake any obligation to update any forward-looking statements in order to reflect events or developments after the date of this material.

Cantor Fitzgerald Ireland Limited (the “Bank”) is acting exclusively for the Company and the Selling Shareholder and no one else in connection with the planned offering of shares of the Company (the “Offering”) and will not be responsible to anyone other than the Company for providing the protections afforded to its customers or for providing advice in relation to any offering or any transaction or arrangement referred to herein. The Bank and its affiliates expressly disclaim any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise.

Certain industry, market and competitive position data contained in this announcement comes from official or third-party sources. Third-party industry publications, studies and surveys generally state that the information they contain originates from sources assumed to be reliable, but that the accuracy and completeness of such information is not guaranteed. Market studies are usually based on certain assumptions and expectations at the time of their preparation which may turn out not to be accurate or appropriate, and their methodology is inherently predictive and speculative. Moreover, the market data and other information included in market studies is typically partially based on other industry publications as well as market research, which itself is based on sampling and subjective judgments by both the researchers and the respondents, including judgments about what types of products and transactions should be included in the relevant market. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this announcement.

In connection with the planned Offering, the Bank and any of its affiliates, acting as investors for their own accounts, may subscribe for or purchase securities of the Company and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such securities and other securities of the Company or related investments in connection with the planned Offering or otherwise. Accordingly, references in the prospectus, once published, to the securities being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by the Bank and any of its affiliates acting as investors for their own accounts. In addition, the Bank or its respective affiliates may enter into financing arrangements (including swaps or contracts for differences) with investors in connection with which the Bank (or its affiliates) may from time to time acquire, hold or dispose of the Company’s shares. The Bank does not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

Neither the Bank nor any of its representatives accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

The information contained in this release is for background purposes only and does not purport to be full or complete. No reliance may be placed by any person for any purpose on the information contained in this release or its accuracy, fairness or completeness. The expected date of the inclusion into trading of shares of the Company on the Scale segment of the Open Market (Freiverkehr) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) (the “Inclusion”) may be influenced by factors such as market conditions. There is no guarantee that Inclusion will occur and no financial decision should be based on the intentions of the Company in relation to Inclusion at this stage. Acquiring investments to which this release relates may expose an investor to a significant risk of losing all of the amount invested. Persons considering making such investments should consult an authorized person specializing in advising on such investments. This release does not constitute a recommendation concerning the Offering. The value of shares can decrease as well as increase. Potential investors should consult a professional advisor as to the suitability of the Offering for the person concerned.

INVESTOR RELATIONS CONTACT

Jasmin Dentz

+49 6997124731

dentz@gfd-finanzkommunikation.de

INVESTOR RELATIONS CONTACT:

PRESS CONTACT

Elena Strikker

+49 5341302447

elena.strikker@smag.de