Strategy Update

About this update from Morgan Advanced Materials Plc

Press Release Morgan Advanced Materials plc 4 December 2025 Strategy Update Unlocking our potential Morgan Advanced Materials plc, the global leader in advanced ceramics and carbon systems for technologically demanding applications, is today holding a Strategy Update in London. Participation in the event is by invitation only for institutional analysts and investors. Damien Caby, Chief Executive Officer and Richard Armitage, Chief Financial Officer will host the event. They will present Morgan's strategy for sustainable growth, focussing on: -  Transforming our operational effectiveness to turnaround underperforming sites and improve our supply chain effectiveness -  Driving stronger growth by focusing on our right to win to enhance our value proposition, strengthening partnerships, and expanding in the right areas to gain share -  Maximising our portfolio through partnerships, divestments and bolt-on M&A They will also set out an updated financial framework and re‐iterate our capital allocation priorities: -  Above Market Organic Revenue Growth . We expect to achieve growth in excess of GDP -  Attractive Margins . We expect to achieve adjusted operating profit margin of 12% by 2028 with sustainable adjusted operating profit margins of between 12% and 14% beyond 2028 -  Delivering EPS Growth . Achieving sustained growth in adjusted Earnings per Share, ahead of organic revenue growth, driven by a combination of organic growth, margin accretion, shareholder returns and M&A -  Sustaining ROIC . 17% ‐ 20% ROIC -  Leverage Range . 1.0x to 1.5x, or up to 2.0x adjusted EBITDA post-acquisition, utilising our strong balance sheet to fund our organic growth, and then over time deploying excess capital to fund incremental M&A or additional shareholder returns as appropriate -  Dividend Cover . Shareholder dividends maintained then growing with adjusted earnings at around 2.5x cover We intend to pause our buy-back programme as part of our focus on balance sheet resilience. The programme will be paused after the completion of the second tranche, by which time we will have purchased £20m of shares. No new information on current year trading will be shared at the event. Damien Caby, Chief Executive Officer, commented: "Morgan is an exciting innovative company with distinctive capabilities and competitive advantages that give us a decisive right to win across our diverse markets. However, we have not been delivering to our ambition or to our full potential. Much of this value can be achieved through more rigorous customer focus and portfolio management. I will set out today a clear strategy focussing on unlocking the Group's potential by focussing on transformation of operational effectiveness, driving stronger growth and the maximisation of portfolio value. This will help us improve the financial performance of the group on a more sustainable basis to deliver against a revised financial framework." The presentation will be made available at www.morganadvancedmaterials.com at 2pm today, along with a recording of the presentation that will be made available following the event.   For further enquiries: Richard Armitage, CFO   Morgan Advanced Materials 01753 837 000 Nicholas Frost, Investor Relations         Nina Coad Brunswick 0207 404 5959   Important notice: This announcement contains forward-looking statements. These statements have been made in good faith based on the information available up to the time of the approval of this announcement. No assurance can be given that these expectations will prove to have been correct. By their nature, forward-looking statements involve risks, uncertainties or assumptions that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. As such, undue reliance should not be placed on forward-looking statements. The Directors undertake no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.

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