Melrose Results Presentation Deck

Cash generation in the year: net debt¹ significantly reduced Melrose Free cash flow¹ Cash flow £m Adjusted² EBITDA Lease obligation payments Positive non-cash impact from loss-making contracts Reduction in working capital Adjusted operating cash flow (pre-capex)¹ Net capital expenditure Net interest and tax paid Defined benefit pension contributions - ongoing contributions Dividend income from equity accounted investments Restructuring Trading net other Cash flows from operations discontinued in the year³ Free cash flow¹ Adjusted free cash flow¹ ■ I Group 2021 734 Buy Improve Sell (54) (48) 62 694 (225) (205) (54) 52 (193) 3 53 125 323 Reconciliation of opening to closing net debt¹ Melrose has reduced net debt¹ further whilst still investing in the businesses Net debt¹ of £950 million at closing exchange rates of US $1.35 and €1.19 Reconciliation of net debt¹ Free cash flow¹ from all businesses of £125 million, fully self-funding all costs including restructuring spend of £193 million on continuing businesses Significant free cash generation since the GKN acquisition during the period impacted by the pandemic has protected shareholder value £m Net debt¹ brought forward Net cash flow from acquisition and disposal related activities Free cash inflow in the year Payments to shareholders Foreign exchange and other Net debt¹ at 31 December 2021 1. Described in the glossary to the Preliminary Announcement and considered by the Board to be a key measure of performance Calculated excluding EBITDA from equity accounted investments 2. 3. Includes £5 million of restructuring spend Group 2021 (2,847) 2,536 125 (798) 34 (950) 19

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