“ELT Group and Shamal Forge Dynamic Partnership with Groundbreaking MOU”

During the convening of the Italy-Saudi Arabia institutional roundtable, featuring the presence of President of the
Council of Ministers, Giorgia Meloni, alongside the Saudi Minister of Investment H.E. Khalid A. Al Falih,
ELT Group formalized a Memorandum of Understanding (MoU) with Shamal, a Saudi-owned Limited
Liability Company engaged in the defense sector. This accord stands as a concrete demonstration of the unwavering commitment of ELT Group towards Saudi Arabia’s Vision 2030 strategic
objectives, seeking to establish strong and lasting collaborations in the aerospace and defense
industries.

Under this MoU, ELT and Shamal will join forces to provide training solutions in the crucial
domain of Defense Electronics and Cybersecurity. This project will involve Cy4gate, the
investee firm of ELT Group that specializes in Cyber Intelligence & Cyber Security. One of the
key aspirations of this collaboration is to enhance and strengthen the existing capabilities within the
Kingdom, utilizing the expertise developed by the ELT Group across various domains and its
continuous research and development efforts to tackle present and future challenges.

ELT Group has cultivated a robust partnership with the Kingdom, leveraging its 70 years of proficiency in
managing the electromagnetic spectrum and designing electronic defense systems. Recently, the
Group established a Saudi-based company, Elettronica for Industry Saudi Arabia LLC, focusing on
localizing logistic support and, more broadly, refining the entire value chain.