“ELT Group Forms Strategic Alliance with Shamal Through New MOU”

During the Italy-Saudi Arabia institutional roundtable, with the presence of the President of the
Council of Ministers, Giorgia Meloni, and the Saudi Minister of Investment H.E. Khalid A. Al Falih,
ELT Group entered into a Memorandum of Understanding (MoU) with Shamal, a Saudi-owned Limited
Liability Company that also operates in the defense sector. This agreement serves as a
tangible testament to the unwavering dedication of ELT Group towards Saudi Arabia’s Vision 2030 strategic
goals, aiming to establish robust and enduring partnerships in the aerospace and defense
industries.

Under this MOU, ELT and Shamal will collaborate to deliver training solutions in the vital
arena of Defense Electronics and Cybersecurity. This initiative will engage Cy4gate, the
ELT group investee firm specialized in Cyber Intelligence & Cyber Security. One of the
aspirational objectives of this partnership is to enhance and bolster the existing capabilities within the
Kingdom, leveraging the knowledge developed by the ELT Group across various fields and its
ongoing research and development initiatives to address current and emerging threats.

ELT Group has forged a strong alliance with the Kingdom, leveraging its 70 years of expertise in
managing the electromagnetic spectrum and creating electronic defense systems. Recently, the
Group incorporated a Saudi-law company, Elettronica for Industry Saudi Arabia LLC, concentrating on
localizing logistic support and, more broadly, optimizing the entire value chain.