Discl: Held IRL 14.95% and in SM

INITIAL REACTION

I am really struggling with EOS’ Announcement this morning, attempting to squash makret speculation of EOS moving both its HQ and listing to Europe. More so after reading the Reuters report: https://www.reuters.com/business/aerospace-defense/australian-laser-maker-eos-heads-europe-defence-demand-soars-2026-01-30/ which formed the basis of the speculation. 

Clearly the market does not like it and the price has taken a bit of a beating.

EOS has been super clear that it WILL set up production facilities in countries that insist on that - it is a key EOS competitive advantage. And in the clip on the Reuters site of the interview, this comes out, as it does in the article. There was no video footage of the conversation around the shifting the Headquarters and listing, so I can’t form an opinion on that specific topic.

The comments in green are motherhood, nothing statements really. You would expect the Board to look at everything and anything, which is what this statement is intended to say I suspect. But given the context of the drama, it also keeps the uncertainty very much alive.

It really does not add up. And so, I went on a self emotionally driven rant as the share price takes another beating.

I sent a note to EOS Investor Relations with this request/comment against the announcement:

Hi, are you able to publish a video of the Reuters interview of 30 Jan 2026 where Andreas is said to have made remarks which gave rise to the speculation so that we can form our own opinions on what was said/not said? 

I am having great difficulty reconciling between: 

(1) EOS/Andreas strong track record of careful public comments, great communication discipline and clarity; 

(2) what appears to be uncharacteristically very loose language in reports of the Reuters interview which goes against this tight discipline;

(3) the apparent "clarity" and "defitiveness" of the reported remarks in the Reuters interview;

(4) the announcement commentary of "no plans under consideration in this regard".

Something does not quite add up, unfortunately, and this is of great concern.

A FEW MOMENTS LATER ....

Unless there are absolutely serious discussions occurring for the move and Andreas/the Board is clearly wanting to put it out there to get a reaction and/or is in early-positioning mode.

Rant aside, reflecting a bit more, and putting on a business rationale hat, this is actually starting to feel like this is the right thing for EOS management to not only contemplate, but to actually follow through and execute:

- EOS has already made some moves in this regard by enabling the trading of EOS changes on the Frankfurt Open Market (FOE) in Sep 2025, so the writing has been on the wall

- The Defence action is all mostly about Europe now, and will be, in the forseeable future

- Being physically located in Canberra, must be a physical hindrance to corporate agility - time difference, distance particularly. EOS is in a far corner of the world when the action is happening at the other ends of the world, literally, ie Europe, SIN, Middle East. EOS has perhaps outlived CBR and Australia, generally and being located in the middle of nowhere is starting to contrain the company.

- Physically moving to Europe takes away all these issues and will enable EOS to be that much more agile in responding to fast moving customer demands

- Listing in Europe will upset Aust fundies for sure, but the upside is that it opens up EOS to global and European fundies - not hard to see that any slack created by Aust fundies exiting is likely to be more than taken up by global/European fundies, purely due to easier accessibility to the market, to management, and given the strong market position that EOS is in now

I am now mentally starting to adjust to this new reality. The more I think about it and ignore the share price impact, I am actually changing my thinking that this may actually be a required and smart move. 

If I take this view, then Andreas choice of words, unverified as such, is actually entirely consistent with the smart strategic thinking that he and his management team have demonstrated from the time they took over. There was never going to be any easy way to announce this intent and there will be no running away from the price pain that comes with it, however it is announced.

SO WHAT DO I DO

My immediate reaction was to lighten up to take some money off the table.

But an hour later, having got a clearer view on it, I will do nothing.

• The thesis has not changed
• Everything positive about EOS remains positive. 
• There are clear and potentially huge business benefits with moving both the listing and HQ to Europe - this may well unconstrain EOS in pursuing the major opportunities globally
• There are really no huge downsides to a move to Europe that I can immediately think of

It may end up being more inconvenient to trade EOS if it was offshore. But that is probably a small price to pay for continued exposure to what is looking like the next logical step of a major global defence company in the making ...