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The information set out in this presentation is not intended to form the basis of any contract. By attending (whether in person, by telephone or webcast) this presentation or by reading the presentation slides, you agree to the conditions set out below. This presentation (including any oral briefing and any question-and-answer session in connection with it) is for information only. The presentation is not intended to, and does not constitute, represent or form part of any offer, invitation, inducement or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in the US or any other jurisdiction. Securities may not be sold in the U.S. absent registration or an exemption from registration. This presentation must not be acted on or relied on in connection with any contract or commitment whatsoever. It does not constitute a recommendation regarding any securities. Past performance, including the price at which Melrose's securities have been previously bought or sold and the past yield on Melrose's securities, cannot be relied on as a guide to future performance. Nothing herein should be construed as financial, legal, tax, accounting, actuarial or other specialist advice. The release, presentation, publication or distribution of this presentation in jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about and observe any applicable requirements. It is your responsibility to satisfy yourself as to the full observance of any relevant laws and regulatory requirements. Any failure to comply with applicable requirements may constitute a violation of the laws and/or regulations of any such jurisdiction. In addition, in the United Kingdom, this presentation is being made available only to persons who fall within the exemptions contained in Article 19 and Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the \"Order\"). This presentation is not intended to be available to, and must not be relied upon, by any other person. Nothing in this presentation constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. None of Melrose, its shareholders, subsidiaries, affiliates, associates, or their respective directors, officers, partners, employees, representatives and advisers (the \"Relevant Parties\") makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this presentation, or otherwise made available, nor as to the reasonableness of any assumption contained in such information, and any liability therefor (including in respect of direct, indirect, consequential loss or damage) is expressly disclaimed. No information contained herein or otherwise made available is, or shall be relied upon as, a promise, warranty or representation, whether as to the past or the future and no reliance, in whole or in part, should be placed on the fairness, accuracy, completeness or correctness of such information. Unless expressly stated otherwise, no statement in this presentation is intended as a profit forecast or estimate for any period and no statement in this presentation should be interpreted to mean that cash flow from operations, free cash flow, earnings or earnings per share for Melrose for the current or future financial years would necessarily match or exceed the historical published cash flow from operations, free cash flow, earnings or earnings per share of Melrose. Statements of estimated cost savings relate to future actions and circumstances which, by their nature, involve risks, uncertainties and contingencies. As a result, any cost savings referred to may not be achieved, may be achieved later or sooner than estimated, or those achieved could be materially different from those estimated. By attending the presentation to which this document relates and/or by accepting this document you will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this notice. This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Melrose. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Melrose to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions including as to future potential cost savings, synergies, earnings, cash flow, return on average capital employed, production and prospects. These forward-looking statements are identified by their use of terms and phrases such as \"anticipate\", \"believe\", \"could\", \"estimate\", \"expect\", \"intend\", \"may\", \"plan\", \"objectives\", \"outlook\", \"probably\", \"project\", \"will\", \"seek\", \"target\", \"risks\", \"goals\", \"should\" and similar terms and phrases. There are a number of factors that could affect the future operations of Melrose and could cause those results to differ materially from those expressed in the forward-looking statements included in this presentation, including (without limitation): (a) changes in demand for Melrose's products; (b) currency fluctuations; (c) loss of market share and industry competition; (d) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; and (e) changes in trading conditions. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as at the specified date of the relevant document within which the statement is contained. Melrose does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this presentation. Certain financial data has been rounded. 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Comprises the Automotive, Powder Metallurgy and Hydrogen businesses\n2. Risk and Revenue Sharing Partnerships", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:56:12.761+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e6eb0ad6-fc7f-4342-8de4-85fa92d1ddf6", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.88, "x": 0.06, "y": 0.7 }, "kind": "quote", "text": "“We are delighted with these results, and everything is on track for the demerger. We consider a restructured Aerospace business to be one of the best businesses Melrose has ever owned. We are confident that a combination of restructured and refocused high class Engines and Structures businesses, and overall aerospace market recovery, positions these businesses for a significantly better than expected performance in 2023 and beyond.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:56:12.761+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47340e03-13fe-414a-9582-54a489d4f366", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.06, "y": 0.66 }, "kind": "source-note", "text": "Justin Dowley, Chairman of Melrose Industries PLC, today said:", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Using a foreign exchange rate of USD:GBP 1.3:1\n2. Pre-tax and excluding a nominal amount of maintenance capex\n3. Orders include aftermarket on delivered engines and both the original equipment sale and associated aftermarket of published engines orders\n4. Forecast orders represent the original equipment sale and associated aftermarket of expected future engine orders on current programmes", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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null, "confidence": 0.7, "extraction": { "at": "2026-07-17 01:42:36.99753+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 27, "type": "setup", "function": "quantify_opportunity", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 92, "componentCount": 9, "textChars": 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"description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:56:22.82+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3fbae52b-45d9-460e-aaf7-45de595b13fe", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.437, "x": 0.515, "y": 0.249 }, "kind": "list", "text": "Engine: P&W GTF (cornerstone of narrow body power)\nPowers A320/A220 aircraft, already on 1,100+ aircraft\nGKN supplies fabricated structures with engine mounts and is an established part of P&W repair network\n4% and 7% RRSP position on two variants", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:56:22.82+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb33facb-df41-4ef4-a625-75d6c6b20642", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.36, "x": 0.515, "y": 0.185 }, "kind": "paragraph", "text": "Illustrative examples of content and value", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:56:22.82+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "037a30f2-7161-4e53-a20c-386f273d2e2e", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.509, "x": 0.269, "y": 0.839 }, "kind": "paragraph", "text": "Design to build focus with >70% sole source portfolio", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:56:22.82+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3ef1a95-4184-4a3a-89af-07b6c8fbb3b6", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.406, "x": 0.048, "y": 0.185 }, "kind": "paragraph", "text": "GKN position on world's highest volume platforms", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:56:22.82+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c5205a21-9324-4215-9e80-3975b9f6ef94", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.35, "x": 0.142, "y": 0.909 }, "kind": "source-note", "text": "1. Source: Teal\n2. Relative to GKN total addressable technology stack\n3. Structures includes Civil and Defence segments\n4. Relates to A320 family including A319, A320 and A321\n5. Includes Sikorsky Black Hawk", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Comprises the Automotive, Powder Metallurgy and Hydrogen businesses\n2. FX rates used for translating amounts into GBP are 1.21 for GBPUSD and 1.13 for GBPEUR\n3. 3 year facility can be extended for two one-year periods at the company's option", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Comprises the Automotive, Powder Metallurgy and Hydrogen businesses\n2. Described in the glossary to the Preliminary Announcement and considered by the Board to be a key measure of performance\n3. Including depreciation and amortisation from equity accounted investments\n4. PLC costs in 2022 of £35 million and £3 million of non-cash divisional LTIP charge; proforma PLC costs in Melrose (Aerospace) include £10 million of non-cash\ndivisional LTIP charge", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:56:34.219+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2fe56359-619d-4255-b301-60e1365635fd", "parentComponentId": null }, { "bbox": { "h": 0.79, "w": 0.87, "x": 0.07, "y": 0.12 }, "kind": "table", "text": "Continuing operations\nItem\nMelrose\nProforma post-demerger\nMelrose (Aerospace)\nDowlais¹\nIncome Statement\nAdjusted² revenue\n£8,191 million\n£2,957 million\n£5,234 million\nAdjusted² operating profit (pre-PLC costs)\n£518 million\n£186 million\n£332 million\nAdjusted² EBITDA³ (pre-PLC costs)\n£950 million\n£330 million\n£620 million\nPLC costs\n(£38 million)4\n(£46 million)4\n(£30 million)\nAdjusted effective tax rate\nc.22%\nc.21%\nc.24%\nInterest cost of gross drawn debt\nc.4.0%\nc.5.5%\nc.5.5%\nCommitment fee on undrawn debt\nc.0.4%\nc.0.6%\nc.0.6%\nOther Interest:\nAmortisation of financing fees\n(£10 million)\n(£5 million)\n(£5 million)\nPension\n(£5 million)\nNil\n(£5 million)\nLeases\n(£9 million)\n(£3 million)\n(£6 million)\nUnwind of discount\n(£2 million)\n(£1 million)\n(£1 million)\nNon-controlling interest charge\n(£5 million)\nNil\n(£5 million)\nCash Flow\nDepreciation:\nOwned assets\n£360 million\n£123 million\n£237 million\nLeased assets (pre-PLC)\n£45 million\n£21 million\n£24 million\nEquity accounted investments\n£27 million\nNil\n£27 million\nTotal depreciation³\n£432 million\n£144 million\n£288 million\nNet capital expenditure\n(£294 million)\n(£72 million)\n(£222 million)\nRestructuring\n(£136 million)\n(£53 million)\n(£83 million)\nDefined benefit pension contributions\n(£59 million)\n(£23 million)\n(£36 million)\nTax\n(£80 million)\n(£7 million)\n(£73 million)\nAdjusted² operating profit from equity accounted investments\n£78 million\nNil\n£78 million\nDividend Income from equity accounted investments\n£59 million\nNil\n£59 million", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:56:34.219+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c4c7fe0-53df-4407-9b61-6ead184cc82a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.43, "x": 0.03, "y": 0.04 }, "kind": "title", "text": "Some helpful data for 2022", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:56:34.219+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3da59006-9fee-48f3-a396-89f9fd638bb3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 5, "to": 9, "label": "Problem", "description": "The document discusses the company's current situation and challenges." }, { "from": 10, "to": 16, "label": "Solution", "description": "The document presents the company's progress and plans for growth." }, { "from": 17, "to": 23, "label": "Market Size", "description": "The document discusses the market outlook and growth potential." } ], "loops": [ { "from": 5, "to": 9, "label": "Golden Circle", "description": "Why we are well positioned" }, { "from": 10, "to": 16, "label": "Cost Of Inaction", "description": "What could happen if we don't act" } ] }