• Oleg Vornik to step down as Managing Director and CEO, Angus Bean appointed as successor
• Peter James to retire as Chairman, Hamish McLennan appointed as Independent Chairman-Elect
• Record quarterly cash receipts of $77m in 1Q26, up 361% YoY

DroneShield Limited (ASX:DRO) announced that Oleg Vornik has decided to step down as Managing Director and CEO after more than 10 years in the role. Vornik will continue at the company as an adviser for the next three months to support a smooth transition. The Board has appointed DroneShield's Chief Product Officer Angus Bean to succeed Vornik as Managing Director and CEO, effective immediately. Bean has been with the company since 2016 and has held C-level executive roles since 2018. Commenting on the appointment, Chairman Peter James said Bean is a natural choice to lead DroneShield's next stage of growth, having played a central role in developing the company's core technologies and engineering strategy. Outgoing CEO Vornik said he is proud to have led DroneShield's growth from a $27 million market capitalization at its IPO in 2016 to entering the ASX200 in 2025 with a market capitalization of nearly $4 billion. After 10 years as DroneShield's Chairman, Peter James has announced his retirement from the Board and decision to not stand for re-election at the upcoming Annual General Meeting. Hamish McLennan will join the Board from 1 May 2026 as Independent Non-Executive Director and Chairman-Elect, and will assume the role of Chairman at the conclusion of the AGM. McLennan is an experienced executive and board director with a strong focus on building companies and driving superior corporate governance. DroneShield also announced strong ongoing momentum in the quarter ended 31 March 2026 (1Q26) with $63m of revenue (up 87% on 1Q25) and an all-time record high of $77m in customer cash receipts (up 361% on 1Q25).

For FY2025, DroneShield reported $216.5m of revenues (up 276% on FY2024), $33.3m in Underlying Profit before Tax, and $15.9m in net cash from operations.