Cohort is the parent company of seven innovative, agile and responsive businesses providing a wide range of services and products for British and international customers in defence, security and related markets. Its objective is to deliver value to shareholders through the operating subsidiaries: Chess, EID, ELAC SONAR, MASS, MCL, SEA and EMS.

14 Aug 2026

A major contract won by ELAC SONAR

Cohort's subsidiary ELAC SONAR (Sensors & Effectors Division) has secured a contract worth €140.7m (c. £120m) to collaborate with Saab to deliver integrated sonar systems for the Polish Orka Submarine Programme.

The Orka programme involves provision of 3 submarines for the Polish Navy, based on the Swedish Saab Kockums A26, one of the most advanced non‑nuclear submarine designs. ELAC SONAR will provide Integrated Sonar Suites with full spectral, spherical and dynamic sound range coverage, backed by comprehensive detection analysis.

We estimate that revenue from the Saab contract will build towards an annual peak contribution of c.£20m p.a. by 2030, where we expect a medium-term improvement in (adj.) EBIT margin from 7.1% recorded in FY26 towards 10% to 11%. We raise our FY28 (adj.) EBIT outlook by 2% to £47.7m (+13%YoY), and for FY29E, by 2.9% to £53.7m.

At this stage we maintain our Fair Value at 2,150p/share, noting that at current levels the FY27E EV/EBITDA of 13.7x is well below the average of peers of 20.5x

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