Melrose Results Presentation Deck

Melrose Group cash generation Melrose Free cash flow 1 Cash flow £m Adjusted EBITDA ³ Lease obligation payments Non-cash impact from loss-making contracts Movement in working capital Adjusted operating cash flow (pre-capex) Net capital expenditure Defined benefit pension contributions - ongoing Trading net other Dividend income from equity accounted investments Restructuring Cash generated before interest and tax Net interest and net tax paid Cash flow from operations discontinued in the year Free cash flow 1 Adjusted free cash flow ¹ ■ Buy Improve Sell 123 2022 2022 Melrose² Dowlais 2 3. 293 (29) (24) (147) 93 (72) (23) 58 (53) 3 515 (22) (16) (31) 446 (222) (36) (15) 59 (83) 149 2022 Group 808 (51) (40) (178) 539 (294) (59) 43 Year end net debt¹ of £1.14 billion, better than expectations Particularly strong cash generation in the second half of the year 59 (136) 152 (175) 15 (8) 128 Reconciliation of net debt¹ £m Net debt¹ brought forward Adverse foreign exchange and other non-cash movements Net cash flow from acquisition and disposal related activities Free cash flow¹ in the year Dividends paid to shareholders Buy back of own shares Net debt¹ 31 December 2022 Described in the glossary to the Preliminary Announcement and considered by the Board to be a key measure of performance Melrose includes Aerospace and the continuing central cost centre; Dowlais comprises the Automotive, Powder Metallurgy and Hydrogen businesses Calculated excluding EBITDA from equity accounted investments 2022 Group (950) (61) 461 (8) (77) (504) (1,139) 15

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