Melrose Results Presentation Deck

1. 2022 Results: better than signalled in September Melrose Buy Improve Sell Both groups well positioned ahead of the proposed demerger 1. 2. 3. 4. 5. Melrose (Aerospace) pre-PLC costs £m Revenue EBITDA (pre-PLC costs) EBITDA margin % Operating profit (pre-PLC costs) Operating profit margin % Proforma PLC costs4 Adjusted ¹ Results 2022 2,957 330 11.2% 186 6.3% Growth vs 2021 11% 19% 1.1ppts 51% 1.9ppts (46) £10m less Aerospace experienced strong momentum and market recovery in 2022 with a continued positive outlook for 2023 of c.15% + blended market growth 5 Dowlais² pre-PLC costs £m Revenue EBITDA ³ (pre-PLC costs) EBITDA³ margin % Operating profit (pre-PLC costs) Operating profit margin % Proforma PLC costs Adjusted ¹ Results 2022 Described in the glossary to the Preliminary Announcement and considered by the Board to be a key measure of performance Comprises the Automotive, Powder Metallurgy and Hydrogen businesses Including depreciation and amortisation from equity accounted investments Proforma PLC costs of £36 million and £10 million of non-cash divisional LTIP charge Sources for volume growth: S&P global light vehicle production forecast (January 2023) for Dowlais; Cirium, Teal and US DoD for Aerospace 5,234 620 11.8% 332 6.3% Growth vs 2021 7% 7% (30) Dowlais2 results are slightly above the top end of the range indicated previously for 2022. The market outlook for 2023 is c.3% volume growth 5 Flat 24% 0.9ppts £30m more 7

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