Melrose Results Presentation Deck

Melrose Group cash generation: leverage¹ reducing Melrose Free cash flow 1 Cash flow £m Adjusted¹ operating profit Depreciation and amortisation Lease obligation payments Non-cash impact from loss-making contracts Movement in working capital: Inventory Receivables & payables Adjusted operating cash flow (pre-capex)¹ Net capital expenditure Defined benefit pension contributions - ongoing Trading net other Restructuring Free cash flow pre-interest and tax¹ Net interest and net tax paid Free cash flow ¹ Adjusted free cash flow ¹ H1 2023 159 ■ 71 (16) (13) (53) (116) 32 (40) (2) (53) (69) (49) (118) (65) Reconciliation of net debt¹ £m Net debt¹ as at 1 January 2023 Net cash outflow from Dowlais businesses to date of demerger² Reduction in net debt following the demerger of Dowlais Demerger related costs and pension buy-in³ Dividends paid to shareholders Proforma net debt¹ as at 1 January 2023 Free cash flow in the period Foreign exchange and other non-cash movements ³ Net debt¹ at 30 June 2023 H1 2023 (1,139) (54) 1. Described in the glossary to the 2023 Interim Financial Statements and considered by the Board to be a key measure of performance Includes £17 million of finance costs on demerger settled net debt 2. 3. Includes £16 million of demerger related costs unpaid at 30 June 2023, reversed through non-cash movements 885 (118) (61) (487) (118) 52 ■ Net debt of £553 million in line with expectations ▪ Leverage¹ reduced to 1.5x at 30 June 2023 in line with expectations, and moving towards 1x at 2023 year end (prior to share buybacks) Working capital movements consistent with sales growth of 15%: inventory up 10%, receivables & payables up 6% (553) 8

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