Dear Shareholders,
On behalf of the Board of Directors of Primoco UAV SE, with its registered office at Výpadová 1563/29f, 153 00 Prague 5 – Radotín, Czech Republic, Company ID No. 037 94 393, registered in the Commercial Register maintained by the Municipal Court in Prague, Section H, Insert 1546 (the “Company”), we would like to provide you with additional information regarding the recently published notice of a lawsuit (petition) filed by one of the shareholders. The lawsuit challenges a resolution adopted by the General Meeting concerning amendments to the Company’s Articles of Association, specifically the reduction of the quorum required for the General Meeting to be quorate from the original 75% of all shareholders to 50% of all shareholders, and the reduction of the voting threshold for certain specified resolutions from 75% of all shareholders to a simple majority of shareholders present. Given the increasing number of inquiries we have received from shareholders, we consider it necessary to provide a more detailed and comprehensive statement regarding this matter and the overall affairs of the Company.
The Board of Directors would like to state that the filing of this lawsuit is not unexpected. Over the past three years, the Company has repeatedly faced legal actions initiated by this particular shareholder, as well as efforts aimed at obstructing key corporate decisions.
All previous claims and filings submitted by this shareholder have been assessed by the Company as unfounded. The Board of Directors remains fully convinced that the General Meeting was conducted in full compliance with all applicable laws and the Company’s internal regulations. Given the possibility that the validity of the General Meeting could be challenged, the Company proceeded with the utmost caution and exceeded the standard legal requirements in the preparation and conduct of the meeting.
We fully respect the rights of all shareholders. However, defending these recurring disputes consumes internal resources and generates additional legal expenses. For this reason, the Company will continue to defend its position actively and vigorously through all available legal means. We would also note that, out of more than 4,000 shareholders, the legitimacy of the General Meeting has been challenged by only this single shareholder.
We have also received a number of questions regarding recent fluctuations in the market value of the Company’s shares, despite the Company’s strong operating performance and financial results. Contracts exceeding CZK 1 billion in aggregate value, announced around the turn of the year, are currently in the implementation phase. Although certain milestones have experienced limited delays due to external factors such as cooperation with governmental authorities or weather conditions, the overall schedule remains on track and management expects all of these contracts to be completed by the end of this year.
At the same time, final-stage negotiations are underway regarding several additional significant contracts, which we expect to conclude during the current year. With respect to the share price, the Board of Directors believes that the market performance of the Company’s shares may have been influenced by the long-term and continuous sale of a substantial number of shares by the same shareholder who is pursuing the above-mentioned legal disputes against the Company.
The same shareholder has also proposed that the Company commence the payment of dividends. Following careful consideration, the Board of Directors does not recommend this proposal and considers it inappropriate at the current stage of the Company’s development. The Company has consistently adhered to a policy of maintaining zero debt. All generated profits are reinvested into expanding the Company’s own capabilities, thereby directly increasing the Company’s long-term value. In mid-June of this year, a new training centre located at the Company’s factory airport in Písek will be officially inaugurated in the presence of government representatives and other distinguished guests. Following years of preparation, this investment will provide customers with a highly representative environment meeting the highest international standards.
The Board of Directors considers the construction of a new production facility in Písek to be an absolute strategic priority. The existing facilities in Radotín have reached their practical limits and increasingly constrain further technological development, the planned increase in production capacity, recruitment of new employees, and improvements in occupational health and safety standards. The payment of dividends would require the Company to seek external debt financing for these critical infrastructure projects. Such a step would be inconsistent with the Company’s long-term strategy and is therefore viewed by the Board as disadvantageous. Investments into our own facilities significantly enhance our reputation, manufacturing capabilities, attractiveness to global customers, and ultimately the overall value of the Company.
In conclusion, we would like to summarize the Company’s current financial position. In 2025, the Company generated revenues of CZK 389 million and achieved net profit exceeding CZK 104 million. EBITDA reached nearly CZK 146 million, confirming our long-term ability to maintain a strong operating margin in the range of 30% to 40%. For the first time in the Company’s history, newly signed contracts exceeded CZK 1 billion in aggregate value, while the Company continues to expand strategic partnerships within the defence sector. Further confirmation of our market position is the fact that the Primoco One 150 was the only foreign aircraft platform presented at the recent global Airbus Defence summit, where it was showcased in conjunction with Airbus’ latest artificial intelligence system, Airbus MARS.
Dear shareholders, thank you for your continued trust and support. We assure you that the management’s priority remains the Company’s sustainable growth, the protection of shareholder value, and the responsible management of the Company.
Ladislav Semetkovský
Chairman of the Board of Directors
Prague, 9 June 2026
The new Písek Krašovice Airport.
Visualization of the construction of a new production plant in Písek (2026–2028).
