MGAM H1 2026 Financial Report

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RNS Number : 4821P Morgan Advanced Materials PLC 06 August 2026 ✓ Morgan Advanced Materials " Performance in - line ; continued strategic momentum " Half - year results for the period ended 30 June 2026 Results from continuing operations H1 2026 Restated H1 20253 Reported change OCC1 Adjusted results Revenue £ 518.1m £ 502.5m 3.1 % 4.8 % Adjusted operating profit¹ £ 57.8m £ 54.8m 5.5 % 7.2 % Adjusted operating profit margin 11.2 % 10.9 % 30bps 30bps Adjusted EPS1 10.7p 9.9p 8.1 % Return on invested capital ' 14.5 % 15.4 % n / m² Free cash flow¹ £ 3.5m £ 4.6m ( 23.9 ) % Net debt to EBITDA1 ratio ( ex . IFRS 16 leases ) 2.0x 1.8x n / m² Statutory results Revenue Operating profit Operating profit margin Basic EPS Cash generated from operations Interim dividend per share £ 518.1m £ 502.5m 3.1 % £ 39.1m £ 41.6m ( 6.0 ) % 7.5 % 8.3 % ( 80 ) bps 4.5p 5.6p £ 43.3m £ 70.3m ( 19.6 ) % ( 38.4 ) % 5.4p 5.4p 1. Definitions of these non - GAAP measures and reconciliations to the equivalent statutory measures can be found in the ' Glossary ' and ' Alternative performance measures ' section at the end of this announcement . Throughout this report these non - GAAP measures are clearly identified by an asterisk ( * ) where they appear in text and by a footnote where they appear in tables . 2. Movements where the % movement is not meaningful are represented by n / m . 3. The disposal of the majority of the Molten Metal Systems ( ' MMS ' ) business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations . Financial highlights • • • • Organic constant - currency * revenue up 4.8 % ; up 3.0 % excluding phasing benefit from semiconductor take - or - pay contract , and adjusted operating profit * margin of 11.2 % Revenue , adjusted operating profit * and net debt * benefit from phasing impact of £ 8.9 million income from a semiconductor customer which will not repeat in H2 Business simplification programme on track to deliver previously communicated annualised run - rate benefits of £ 27 million by the end of 2026 Net debt to EBITDA * ( excl . IFRS 16 leases ) of 2.0 times reflects recent investments in capacity , simplification and ERP ; expected to reduce in H2 as free cash flow * normalises , as well as the potential MMS disposal proceeds Strategic and operational highlights Transforming operational effectiveness 。 Two major site turnarounds now underway ; early progress against agreed operational milestones 。 Group - led procurement initiative gaining traction ; first savings in H2 2026 , as planned ERP roll - out progressing to plan ; 13 sites now live Driving stronger growth о Focused teams established to accelerate growth in priority markets where we are well positioned to win 。 Strategy to deepen engagement with OEMs delivering initial share gains in Energy and Rail Maximising our portfolio ○ Strategic review of options for Thermal Products division progressing well ; further update to be provided in due course Outlook

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Mindful of the current geopolitical and macroeconomic environment, particularly within European Industrialmarkets, we expect organic constant-currency* revenue growth of around 2% for the full-year. Noting a foreign exchange headwind, we expect an adjusted operating profit* margin for the second half broadly in-line with that ofthe first, excluding the phasing benefit from the take-or-pay agreement. We remain confident in our roadmap to deliver a 12% margin in 2028 and achieve our medium-term financialframework. Damien Caby, Chief Executive Officer, commented:"Performance in the first half was in-line with our expectations, reflecting stabilisation across many of our end-markets, continued strength in Aerospace and strategic growth in Energy. Revenue and margin progression reflect both the actions we are taking to improve operational performance and drive profitable growth, and the phasing ofcontractual revenue into the first half. Our strategy is gaining momentum as we execute to unlock our potential by transforming our operationaleffectiveness and driving stronger and more profitable growth, including assessing options for our ThermalProducts division. We are confident in our roadmap to deliver our 12% margin target in 2028 and achieve our financial framework." Medium-term financial framework • 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 withsustainable adjusted operating profit* margins of between 12% and 14% beyond 2028 • Delivering EPS Growth: Achieving sustained growth in adjusted earnings per share*, ahead of organicrevenue 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 strongbalance sheet to fund organic growth, and then over time deploying excess capital to fund incrementalM&A or additional shareholder returns as appropriate • Dividend Cover: Shareholder dividends maintained then growing with adjusted earnings at around 2.5x cover Strategic review of Thermal Products division As previously announced, the Group is undertaking a strategic review of its Thermal Products division, with a fullrange of options under consideration, including a potential disposal. We have made good progress in assessingthe division's growth prospects and are preparing for a number of options. Further updates will be provided in due course, as appropriate. Results presentation todayThere will be an analyst and investor presentation at 10:00 (UK time) today via web-conference. A live audiowebcast and slide presentation of this event will be available on www.morganadvancedmaterials.com. We recommend that you register by 09:30 (UK time). EnquiriesRichard Armitage, CFO Morgan Advanced Materials 01753 837 000Nicholas Frost, Investor Relations Morgan Advanced MaterialsMartin Robinson Teneo 0207 427 1572 Giles Kernick Teneo 0207 427 5412 Forward-looking statementsThis 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 thatthese 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. About Morgan Advanced Materials plc Morgan Advanced Materials is a global leader in advanced materials. We combine material science, deepapplication expertise and process excellence to co-design and manufacture mission critical solutions. Thesesolutions are at the heart of society's most essential systems today and they will enable the breakthroughs of tomorrow. Our products help people move, build and thrive. We help power human progress, where it mattersmost. Established in 1856, we have a proven track record in delivering for our customers, underpinned by over a centuryof innovation. We employ approximately 8,100 people worldwide, across 57 operating sites serving a diverserange of customers across a range of end-markets. Learn more at www.morganadvancedmaterials.com. Operational review

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Business simplification benefits Our previously announced multi-year simplification programme is now materially complete. The costs incurredduring 2026 include the costs associated with the closure of a Technical Ceramics site in the US which willgenerate incremental benefits for the Group in 2028 and beyond. In total, the simplification programme will deliver the full expected benefits of £27 million of annualised savings bythe end of 2026, with a total cash implementation cost of £45 million. FY 2023£m FY 2024£m FY 2025£m FY 2026£m Total£m Adjusted operating profit1 benefits 1 8 24 27 - Costs charged to specific adjusting items (7) (13) (15) (10) (45) 1. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measures can be found in the 'Glossary' and 'Alternative performance measures' section at the end of this announcement. Throughout this report these non-GAAP measures are clearly identified by an asterisk (*) where they appear in text and by a footnote where theyappear in tables. Site transformation As announced in December 2025, we intend to implement structured and comprehensive multi-year programmesto improve performance at large sites that represent more than 20% of Group revenue. The programmes areintended to unlock growth and improve margins by optimising production cycles and supply chains and simplifying the asset base and product portfolio. Thermal Products, North America In 2025, we launched a multi-year programme of work to create more predictable, scalable and competitivemanufacturing operations at one of the largest facilities in the Group which manufactures multiple product lines forour North America customer base. We are seeing encouraging early progress and expect to deliver sustainable margin improvement from 2027 onwards. Technical Ceramics, North America During the first half, we announced the closure of our Hayward Ceramics site in California and the relocation of itsproduction to alternative sites in the US and Europe to optimise asset utilisation. The qualification of the newmanufacturing locations and the phased transfer of assets is underway. We expect to see margin benefits from this initiative from 2028. Global ERP implementation The Group has accelerated investment in the development of a Global ERP system which is intended to replaceover 30 different legacy systems across the Group. We have successfully implemented this system into 13 of theGroup's sites. Our environmental commitmentsDuring the period, our scope 1 and 2 CO2e emissions have decreased by 8% on H1 2025. Our 2030 goal is toreduce our scope 1 and 2 CO2e emissions by 50% (from a 2015 baseline). On an annualised basis we are now 57% below our 2015 baseline. As our business grows, continued focus is needed on process efficiencies andtechnological advancements to maintain this. Financial review Alternative performance measuresIn addition to statutory metrics, the Group monitors business performance through alternative performancemeasures ('APMs') which are non-GAAP measures not defined under IFRS. The Directors consider that these APMs provide useful information to stakeholders, including additional insight into ongoing trading and year-on-yearcomparisons. These APMs are not intended as a substitute for IFRS measures and should be considered asproviding complementary insight. The Group defines each APM and therefore they may not be directly comparable with similarly named metrics in other businesses. The purpose and definition of each APM, along with areconciliation to the equivalent statutory metric, are included in the 'Glossary' and 'Alternative PerformanceMeasures' sections included at the end of this announcement. Throughout this report, these non-GAAP measures are clearly identified by an asterisk (*) where they appear intext and by a footnote where they appear in tables. Unless otherwise stated, all financial information reported in this financial review relates to continuing operations. Group financial performance (unaudited) Summary income statement and key metrics H1 2026 £m Restated H1 20251 £m Change % Revenue 518.1 502.5 3.1% Adjusted operating profit2 57.8 54.8 5.5% Adjusted operating profit2 margin 11.2% 10.9% 30bps Amortisation of intangible assets (0.3) (0.5) (40.0)% Specific adjusting items4 (18.4) (12.7) 44.9% Operating profit from continuing operations 39.1 41.6 (6.0)% Net financing costs (11.6) (10.8) 7.4%

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Profit before taxation from continuing operations 27.5 30.8 (10.7)% Income tax expense (11.4) (10.8) 5.6% Profit after taxation from continuing operations 16.1 20.0 (19.5)% Profit/(loss) after taxation from discontinued operations - (0.9) n/m3 Profit for the year 16.1 19.1 (15.7)% Basic EPS from continuing and discontinued operations 4.5p 5.3p (15.1)% Adjusted EPS2 10.7p 9.9p 8.1% Return on invested capital2 14.5% 15.4% (90)bps Summary cash flow and key metrics H1 2026 £m Restated H1 20251 £m Change % Cash generated from continuing operations 43.3 70.3 (38.4)% Free cash flow before acquisitions, disposals and dividends2 3.5 4.6 n/m3 Cash and cash equivalents 104.3 84.6 23.3% Net debt2 253.1 249.1 1.6% Net debt2 to EBITDA2 ratio (ex. IFRS 16) 2.0x 1.8x n/m3 Interim dividend per share 5.4p 5.4p - 1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June2025 to present the results of MMS within discontinued operations. 2. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary and Alternative Performance Measures' section at the endof this announcement. 3. Movements where the percentage movement is not meaningful are represented by n/m. 4. Details of specific adjusting items can be found in note 3 to the condensed consolidated financial statements. Revenue Revenue (unaudited) H1 2026£m Restated H1 20251 £m Change% OCC2 Change% Thermal Products 176.1 175.4 0.4% 2.5% Performance Carbon 158.3 154.1 2.7% 4.0% Technical Ceramics 183.7 173.0 6.2% 7.8% Revenue from continuing operations 518.1 502.5 3.1% 4.8% 1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June2025 to present the results of MMS within discontinued operations.2. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary and Alternative Performance Measures' section at the endof this announcement. The Group recognised revenue of £518.1 million for the six months ended 30 June 2026 (restated H1 2025: £502.5 million), an increase of 3.1% compared to the prior period, on a reported basis. Revenue was significantlyimpacted by foreign exchange headwinds, largely related to the US dollar and sterling exchange rates. Reflectingthese dynamics, on an organic constant-currency* basis, the Group delivered a 4.8% increase in revenue. Thermal Products benefited from strong performance in Asia, particularly in India and China supporting our Metals processing customers. This was partially offset by weakness in the European Industrial market withgeopolitical conditions impacting investment in process industries. In North America, we saw increased CPI projectrevenue and increased demand for energy storage solutions. This resulted in 2.5% revenue growth on an organic constant-currency* basis, with the division reporting revenue of £176.1 million. Performance Carbon delivered revenue of £158.3 million, a 4.0% increase on an organic constant-currency* basis and a 1.8% decline excluding the phasing of revenue earned under a take-or-pay arrangement. Bothrevenue and margin were positively impacted by the phasing of a £8.9 million income under a take-or-payarrangement into H1 2026, which will not repeat in H2. We had expected to supply these products during the second half of 2026, however, the customer settled their contractual commitments in full during the first half.Aerospace and Defence revenue declined, with good performance in Aerospace more than offset by a decline inDefence due to lower demand for body armour. The division saw strong growth in Energy, particularly in Wind where we continue to displace competitor products. Revenue from Semiconductor markets was in-line with theprior period showing continued stabilisation. Technical Ceramics delivered revenue of £183.7 million, a 7.8% increase on an organic constant-currency*basis. Revenue reflects strong performance in Aerospace and Defence, where we produce critical components forthe manufacture of jet engine turbine blades, and increased demand within Energy markets. Adjusted operating profit* H1 2026 Restated H1 20251 Adjusted operating profit2 (unaudited) Profit£m Margin% Profit£m Margin% Thermal Products 11.3 6.4% 13.5 7.7% Performance Carbon 27.0 17.1% 25.2 16.4% Technical Ceramics 23.8 13.0% 20.2 11.7% Corporate costs (4.3) n/m3 (4.1) n/m3 Adjusted operating profit2 from continuing operations 57.8 11.2% 54.8 10.9% 1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June2025 to present the results of MMS within discontinued operations.2. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary and Alternative Performance Measures' section at the endof this announcement.3. Movements where the percentage movement is not meaningful are represented by n/m.

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The Group delivered adjusted operating profit* of £57.8 million (restated H1 2025: £54.8 million) and an adjusted operating profit* margin of 11.2% (restated H1 2025: 10.9%). The H1 2026 result included a phasing benefit of£8.9 million of income from a semiconductor customer which will not repeat in H2. Volume and mix impacts contributed a 200 bps decline versus the prior period and were largely the residual impactof reported H2 2025 headwinds. Short-term operational disruption contributed a further 80 bps decline. On acombined basis, the net impact of pricing, inflation and efficiency initiatives contributed 190 bps improvement to margin with simplification initiatives providing a further 60 bps margin. The phasing benefit from the semiconductorreceipt noted above delivered a 160 basis point increase to reported margin for the half year. The remainingmovement in margin relates to non-trading items recognised in H1 2025 which, as expected, did not repeat in H1 2026. Thermal Products adjusted operating profit* was £11.3 million with an adjusted operating profit* margin of 6.4%, a 130 bps decrease compared with the prior period due to operational issues at a large site in the US. A structuredturnaround is underway at the impacted site, with early progress against operational milestones. Performance Carbon adjusted operating profit* was £27.0 million with an adjusted operating profit* margin of17.1%, a 70 bps increase compared to H1 2025. Adjusted operating profit* for the current period was impacted bythe phasing of £8.9 million income from a semiconductor customer which will not repeat in H2. Technical Ceramics benefited from strong revenue growth and delivered adjusted operating profit* of £23.8million with an adjusted operating profit* margin of 13.0%, a 130 bps improvement compared with the prior period. Specific adjusting items from continuing operationsSpecific adjusting items were £18.4 million (restated H1 2025: £12.7 million) and comprised the following: Specific adjusting items from continuing operations (unaudited) H1 2026 £m Restated H1 20251 £m Net restructuring charge (4.7) (5.8) Impairments relating to restructuring (4.7) (1.3) Design, configuration, customisation and implementation of a Global ERP system (11.5) (5.6) Movement in fair value of consideration shares held at FVTPL 2.5 - Total specific adjusting items before income tax (18.4) (12.7) Income tax credit from specific adjusting items 1.7 1.2 Total specific adjusting items after income tax (16.7) (11.5) 1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June2025 to present the results of MMS within discontinued operations. Net restructuring charge and impairments related to restructuring Expenditure of £9.4 million has been recognised in respect of restructuring charges and related impairments(restated H1 2025: £7.1 million). This includes the Group's business simplification and restructuring programmeand the costs associated with the ongoing strategic review of the Thermal Products division. In total, once fully implemented, our simplification initiatives are expected to deliver total annual adjusted operating profit* benefits ofapproximately £27 million by the end of 2026. ERP implementationThe Group has incurred expenditure of £11.5 million (H1 2025: £5.6 million) associated with the design,configuration, customisation and implementation of its Global ERP system which is presented as a specific adjusting item in the income statement, in accordance with the Group's accounting policies. Statutory operating profit Statutory operating profit was £39.1 million (restated H1 2025: £41.6 million). Net financing costs Net financing costs of £11.6 million (H1 2025: £10.8 million) comprise net bank interest and similar charges of £9.9million (H1 2025: £9.3 million), net interest on IAS 19 pension obligations of £0.2 million (H1 2025: £0.1 million),and the interest expense on lease liabilities of £1.5 million (H1 2025: £1.4 million). We expect net financing costs in the range of £22 - £26 million for the full year. TaxationThe Group tax charge from continuing operations, excluding specific adjusting items, was £13.1 million (restatedH1 2025: £12.0 million), being an effective tax rate, excluding specific adjusting items, of 28.5% (restated H1 2025: 27.6%). Note 5 to the condensed consolidated financial statements provides additional information on the Group'stax charge. We currently expect our effective tax rate, excluding specific adjusting items, to be within the 27-29%range for the full year. On a statutory basis, the Group tax charge was £11.4 million (restated H1 2025: £10.8 million). Tax risksThe Group follows a tax policy to fulfil local and international tax requirements, maintaining accurate and timely taxcompliance whilst seeking to maximise long-term shareholder value. The Group adopts an open and transparent approach to relationships with tax authorities and continues to monitor and adopt new reporting requirements, forexample those arising from the implementation of the OECD Base Erosion and Profit Shifting proposals within taxlegislation across various jurisdictions.

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The tax strategy is aligned to the Group's business strategy and ensures that tax affairs have strong commercialsubstance. Earnings per shareBasic earnings per share from continuing operations was 4.5 pence (restated H1 2025: 5.6 pence) and adjusted earnings per share* was 10.7 pence (restated H1 2025: 9.9 pence). Details of these calculations can be found innote 7 to the condensed consolidated financial statements. Foreign currency impactFor illustrative purposes, the table below provides details of the impact on Group revenue and adjusted operatingprofit* for the six-month period ended 30 June 2026 if the actual reported results, calculated using the actual average exchange rates applicable for the period, were restated for GBP weakening by 10 cents against the USdollar in isolation and 10 cents against the Euro in isolation: Increase in H1 2026 revenue/adjusted operating profit1 if: Revenue£m Adjusted operating profit1 £m GBP weakens by 10c against the US dollar in isolation 19.1 2.4 GBP weakens by 10c against the Euro in isolation 9.3 1.4 1. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary and Alternative Performance Measures' section at the end ofthis announcement. The principal exchange rates used in the translation of the results of overseas subsidiaries were as follows: H1 2026 H1 2025 GBP to: Closing rate Averagerate Closing rate Averagerate US dollar 1.32 1.34 1.37 1.30 Euro 1.16 1.15 1.16 1.19 Cash flow (Unaudited) H1 2026 Restated H1 20252 Cash generated from continuing operations 43.3 70.3 Net capital expenditure (12.5) (38.9) Net interest on cash and borrowings (9.5) (9.0) Tax paid (11.5) (12.0) Lease payments and interest (6.3) (5.8) Free cash flow before acquisitions, disposals and dividends1 3.5 4.6 Dividends paid to external plc shareholders (18.8) (19.1) Net cash flows from other investing and financing activities (4.2) (12.2) Net cash flows from discontinued operations - (3.1) Tax paid on disposal of business (0.6) - Exchange movement and other non-cash movements (0.8) 6.9 Movement in net debt1 (20.9) (22.9) Opening net debt1 (232.2) (226.2) Closing net debt1 (253.1) (249.1) Lease liabilities (48.4) (47.4) Closing net debt1 and lease liabilities (301.5) (296.5) 1. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary and Alternative Performance Measures' section at the endof this announcement. 2. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June2025 to present the results of MMS within discontinued operations. The Group generated cash from continuing operations of £43.3 million (restated H1 2025: £70.3 million) which was£27.0 million lower than the prior period. This primarily relates to a £23.5 million outflow from working capital,reflecting normal first-half phasing. The cash flow reflects benefits of £4.4 million (excluding foreign exchange differences) in the six month period to 30 June 2026 from working capital initiatives including a focused supplierfinancing arrangement and a non-recourse debt factoring programme. Balances for these initiatives were £8.0million (H1 2025: £16.6 million; FY 2025: £12.8 million) and £34.6 million (H1 2025: £nil; FY 2025: £25.1 million) respectively. Free cash flow before acquisitions, disposals and dividends* was £3.5 million (restated H1 2025: £4.6 million). The Group incurred net capital expenditure of £12.5 million (restated H1 2025: £38.9 million); significantly lower thanH1 2025 which included £15.0 million of strategic investments in semiconductor capacity. For the purposes of compliance with external debt covenants, net debt* is calculated excluding IFRS 16 leaseliabilities. On this basis, net debt* was £253.1 million (H1 2025: £249.1 million), representing a net debt* toEBITDA* ratio of 2.0 times (restated H1 2025: 1.8 times). Leverage is expected to improve to 1.7 times during H2 as free cash flow* normalises and following the expected realisation of the MMS disposal proceeds.

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Commitments for property, plant and equipment and computer software for which no provision has been made areset out in note 8 to the condensed consolidated financial statements. LiquidityThe Group had net cash and cash equivalents* of £98.1 million (H1 2025: £84.4 million) and undrawn headroom on its available credit facilities of £347.7 million (H1 2025: £364.8 million). Capital structure At the period end, total equity was £353.6 million (H1 2025: £352.2 million) with closing net debt* including IFRS16 lease liabilities of £301.5 million (H1 2025: £296.5 million). Non-current assets were £569.6 million (H1 2025:£585.4 million) and total assets were £1,051.2 million (H1 2025: £1,020.4 million). Interim dividendThe Board has resolved to pay an interim dividend of 5.4 pence (H1 2025: 5.4 pence) per Ordinary share. The interim dividend will be paid on 17 November 2026 to Ordinary shareholders on the register of members at theclose of trading on 23 October 2026. The ex-dividend date will be 22 October 2026. Post balance sheet eventsThere were no reportable post balance sheet events following the balance sheet date. Group principal risks and uncertaintiesThe Board considers that risk management and internal control are fundamental to achieving the Group's strategicobjectives. Principal and emerging risks are identified both 'top-down' by the Board and the Executive Committee and 'bottom-up' through the divisions and central functions. Senior executives are responsible for the strategicmanagement of the Group's principal and emerging risks, including related policy, guidelines and processes,subject to Board oversight. The current principal risks are set out in the 2025 Annual Report and Accounts, which are available on the Group'swebsite at www.morganadvancedmaterials.com (pages 43 to 45). The Directors do not consider that the principal risks and uncertainties have changed since the publication of the Annual Report and Accounts. No new emergingrisks have been identified that are expected to have a material impact on the Group during the remainder of 2026. The identified principal risks relate to: • External environment; • Business change and development; • Businesscontinuity; • Environment, health and safety; • IT infrastructure and security; • Legal and regulatory; and • Keyfinancial processes. Going concernThe Directors have conducted a review of the Group's business activities, financial position and main trends andfactors likely to affect its future development, performance and financial position. Having considered the base forecasts, along with potential scenarios and principal risks, the Directors have a reasonable expectation, at thetime of approving the financial statements, that the Company and the Group have adequate resources to continuein operational existence for a period of at least 18 months from the date of signing this half-yearly report. Accordingly, they continue to adopt the going concern basis in preparing the condensed consolidated financialstatements for the six months ended 30 June 2026. Further information is provided in note 1 to the Condensed Interim Financial Statements under the heading 'Goingconcern'. Directors' responsibilities statementThe Directors confirm that to the best of their knowledge: • The condensed consolidated financial statements have been prepared in accordance with UK-adopted IAS 34 'Interim Financial Reporting'; • The interim management report for the six-month period ended 30 June 2026 includes a fair review of theinformation required by DTR 4.2.7R (indication of important events and their impact during the first six monthsof the financial year and a description of the principal risks and uncertainties for the remaining six months of the year); and; • The interim management report for the six-month period ended 30 June 2026 includes a fair review of theinformation required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein). Information about the current Directors of Morgan Advanced Materials plc responsible for providing this Statementis maintained on the Company's website at www.morganadvancedmaterials.com. The responsibility statement was approved by the Board of Directors on 05 August 2026. By order of the Board, Director DirectorD. Caby R. Armitage Condensed consolidated income statement Unauditedsix months ended30 June 2026 Restated unauditedsix months ended 30 June 20253 Resultsbeforespecific Specificadjusting Total Resultsbeforespecific Specificadjusting Total

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adjustingitems items 1 adjustingitems items 1 Note £m £m £m £m £m £m Revenue 2 518.1 - 518.1 502.5 - 502.5 Operating costs before amortisation of intangibleassets (460.3) (18.4) (478.7) (447.7) (12.7) (460.4) Profit from operations before amortisation ofintangible assets 2 57.8 (18.4) 39.4 54.8 (12.7) 42.1 Amortisation of intangible assets (0.3) - (0.3) (0.5) - (0.5) Operating profit 2 57.5 (18.4) 39.1 54.3 (12.7) 41.6 Finance income 1.1 - 1.1 1.7 - 1.7 Finance expense (12.7) - (12.7) (12.5) - (12.5) Net financing costs 4 (11.6) - (11.6) (10.8) - (10.8) Profit before taxation 45.9 (18.4) 27.5 43.5 (12.7) 30.8 Income tax expense 5 (13.1) 1.7 (11.4) (12.0) 1.2 (10.8) Profit from continuing operations 32.8 (16.7) 16.1 31.5 (11.5) 20.0 Profit/(loss) from discontinued operations 6 - - - 2.4 (3.3) (0.9) Profit for the period 32.8 (16.7) 16.1 33.9 (14.8) 19.1 Profit for the period attributable to: Shareholders of the Company 29.0 (16.7) 12.3 29.8 (14.8) 15.0 Non-controlling interests 3.8 - 3.8 4.1 - 4.1 Profit for the period 32.8 (16.7) 16.1 33.9 (14.8) 19.1 Earnings per share 7 Continuing and discontinued operations Basic earnings per share 4.5p 5.3p Diluted earnings per share 4.4p 5.3p Continuing operations Basic earnings per share 4.5p 5.6p Diluted earnings per share 4.4p 5.6p Dividends2 Proposed interim dividend - pence 5.4p 5.4p - £m 14.9 15.1 1. Details of specific adjusting items are given in note 3 to the condensed consolidated financial statements. 2. The proposed interim and approved final dividends are based upon the number of shares outstanding at the balance sheet date. 3. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June2025 to present the results of MMS within discontinued operations. Condensed consolidated statement of comprehensive income Unauditedsix months ended30 June 2026 Restated unauditedsix months ended 30 June 20251 £m £m Profit for the period 16.1 19.1 Other comprehensive income/(expense): Items that will not be reclassified subsequently to income statement: Remeasurement gain on defined benefit plans 3.6 0.3 Tax effect of components of other comprehensive income not reclassified (0.2) (0.3) 3.4 - Items that may be reclassified subsequently to income statement: Foreign exchange translation differences 8.6 (32.8) Cash flow hedges: Change in fair value 0.6 1.2 Transferred to income statement (0.2) 0.4 Net investment hedges: Change in fair value (2.3) 7.2 6.7 (24.0) Total other comprehensive income/(expense) 10.1 (24.0) Total comprehensive income/(expense) 26.2 (4.9) Attributable to: Shareholders of the Company 21.8 (6.3) Non-controlling interests 4.4 1.4 26.2 (4.9) Total comprehensive income/(expense) attributable to shareholdersof the Company arising from: Continuing operations 21.8 (6.3) Discontinued operations - - 21.8 (6.3) 1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025to present the results of MMS within discontinued operations.

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Condensed consolidated balance sheet Unauditedsix months ended30 June 2026 Unauditedsix months ended30 June 2025 Auditedyear ended31 December 2025Note £m £m £m Assets Property, plant and equipment 8 324.1 342.7 326.0 Right-of-use assets 33.1 34.3 36.4 Intangible assets: goodwill 9 165.3 170.6 163.7 Intangible assets: other 9 3.0 3.2 3.2 Investments 0.6 0.5 0.5 Trade and other receivables 3.2 2.9 3.1 Employee benefits: pensions 12 15.2 12.0 12.4 Deferred tax assets 25.1 19.2 23.2 Total non-current assets 569.6 585.4 568.5 Inventories 165.9 158.9 146.5 Derivative financial assets 11 2.2 3.3 2.0 Trade and other receivables 157.4 186.0 139.1 Investments 48.8 - 47.2 Current tax receivable 3.0 2.2 2.2 Cash and cash equivalents 10 104.3 84.6 79.3 Total current assets 481.6 435.0 416.3 Total assets 1,051.2 1,020.4 984.8 Liabilities Borrowings 10 256.7 333.5 212.1 Lease liabilities 10 37.2 36.2 38.1 Employee benefits: pensions 12 33.7 34.0 34.4 Provisions 13 12.6 10.5 9.9 Non-trade payables 2.3 2.5 2.7 Deferred tax liabilities 0.9 1.8 1.0 Total non-current liabilities 343.4 418.5 298.2 Borrowings and bank overdrafts 10 100.7 0.2 99.4 Lease liabilities 10 11.2 11.2 11.1 Trade and other payables 207.3 203.8 194.6 Current tax payable 25.9 25.1 24.0 Provisions 13 7.7 7.9 8.1 Derivative financial liabilities 11 1.4 1.5 0.5 Total current liabilities 354.2 249.7 337.7 Total liabilities 697.6 668.2 635.9 Total net assets 353.6 352.2 348.9 Equity Share capital 69.2 69.9 69.2 Share premium 111.7 111.7 111.7 Reserves (7.6) (29.7) (13.7) Retained earnings 145.8 164.8 149.4 Total equity attributable to shareholders of theCompany 319.1 316.7 316.6 Non-controlling interests 34.5 35.5 32.3 Total equity 353.6 352.2 348.9 Condensed consolidated statement of changes in equity Sharecapital SharepremiumTranslationreserve Hedgingreserve Fairvaluereserve Capitalredemptionreserve OtherreservesRetainedearnings Totalparentequity Non-controllinginterests Totalequity £m £m £m £m £m £m £m £m £m £m £m At 1 January 2025 70.9 111.7 (38.2) (0.2) (1.0) 36.1 (4.9) 179.3 353.7 35.6 389.3 Profit for the period - - - - - - - 15.0 15.0 4.1 19.1 Other comprehensive income/(expense): Remeasurement gain on defined benefitplans and related taxes - - - - - - - - - - - Foreign exchange differences - - (30.1) - - - - - (30.1) (2.7) (32.8) Cash flow hedging fair value changes andtransfers - - - 1.6 - - - - 1.6 - 1.6 Net investment hedging fairvalue changes and transfers - - 7.2 - - - - - 7.2 - 7.2 Total comprehensive income/(expense) - - (22.9) 1.6 - - - 15.0 (6.3) 1.4 (4.9) Transactions with owners:

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Dividends - - - - - - - (19.1) (19.1) (1.5) (20.6) Equity-settled share-based payments - - - - - - - 1.4 1.4 - 1.4 Own shares acquired for share incentiveschemes (net) - - - - - - - (3.0) (3.0) - (3.0) Purchase of own shares for share buybackprogramme - - - - - - (10.0) - (10.0) - (10.0) Cancellation of own shares under sharebuyback programme (1.0) - - - - 1.0 8.8 (8.8) - - - Unaudited at 30 June 2025 69.9 111.7 (61.1) 1.4 (1.0) 37.1 (6.1) 164.8 316.7 35.5 352.2 At 1 January 2025 70.9 111.7 (38.2) (0.2) (1.0) 36.1 (4.9) 179.3 353.7 35.6 389.3 Profit for the year - - - - - - - 21.1 21.1 7.7 28.8 Other comprehensive income/(expense): Remeasurement loss on defined benefitplans and related taxes - - - - - - - (0.2) (0.2) - (0.2) Foreign exchange differences - - (21.1) - - - - - (21.1) (2.1) (23.2) Cash flow hedging fair value changes andtransfers - - - 0.8 - - - - 0.8 - 0.8 Net investment hedging fair value changesand transfers - - 2.9 - - - - - 2.9 - 2.9 Total comprehensive income/(expense) - - (18.2) 0.8 - - - 20.9 3.5 5.6 9.1 Transactions with owners: Dividends - - - - - - - (34.1) (34.1) (6.0) (40.1) Equity-settled share-based payments - - - - - - - 1.9 1.9 - 1.9 Own shares acquired for share incentiveschemes (net) - - - - - - - (3.5) (3.5) - (3.5) Purchase of own shares for share buybackprogramme - - - - - - (10.0) - (10.0) - (10.0) Cancellation of own shares under sharebuyback programme (1.7) - - - - 1.7 15.1 (15.1) - - - Reclassification to income statement ondisposal of business - - 5.1 - - - - - 5.1 (2.9) 2.2 Audited at 31 December 2025 69.2 111.7 (51.3) 0.6 (1.0) 37.8 0.2 149.4 316.6 32.3 348.9 At 1 January 2026 69.2 111.7 (51.3) 0.6 (1.0) 37.8 0.2 149.4 316.6 32.3 348.9 Profit for the period - - - - - - - 12.3 12.3 3.8 16.1 Other comprehensive income/(expense): Remeasurement gain on defined benefitplans and related taxes - - - - - - - 3.4 3.4 - 3.4 Foreign exchange differences - - 8.0 - - - - - 8.0 0.6 8.6 Cash flow hedging fair value changes andtransfers - - - 0.4 - - - - 0.4 - 0.4 Net investment hedging fair value changes - - (2.3) - - - - - (2.3) - (2.3) Total comprehensive income - - 5.7 0.4 - - - 15.7 21.8 4.4 26.2 Transactions with owners: Dividends - - - - - - - (18.8) (18.8) (2.2) (21.0) Equity-settled share-based payments - - - - - - - 1.3 1.3 - 1.3 Own shares acquired for share incentiveschemes (net) - - - - - - - (1.8) (1.8) - (1.8) Unaudited at 30 June 2026 69.2 111.7 (45.6) 1.0 (1.0) 37.8 0.2 145.8 319.1 34.5 353.6 Condensed consolidated statement of cash flows Unauditedsix months ended30 June 2026 Restated unauditedsix months ended 30 June 20251 Notes £m £m Operating activities Profit for the period from continuing operations 16.1 20.0 Loss for the period from discontinued operations 6 - (0.9) Adjustments for: Depreciation - property, plant and equipment 2,8 16.6 16.6 Depreciation - right-of-use assets 2 4.1 4.3 Amortisation 2,9 0.3 0.5 Net financing costs 4 11.6 10.8 Non-cash specific adjusting items in operating profit 3.8 1.3 Fair value (gain)/loss on equity instruments held at FVTPL (0.6) 0.3 Loss on sale of property, plant and equipment - 0.5 Income tax expense 5 11.4 11.3 Equity-settled share-based payment expenses 1.3 1.4 Cash generated from operations before changes in workingcapital and provisions 64.6 66.1 Increase in trade and other receivables (17.7) (8.6) Increase in inventories (17.4) (1.2) Increase in trade and other payables 11.7 14.5 Increase/(decrease) in provisions 2.1 (1.4) Payments to defined benefit pension plans (net of IAS 19 pensioncharges) - 0.2 Cash generated from operations 43.3 69.6

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Interest paid - borrowings and overdrafts (10.7) (10.6) Interest paid - lease liabilities (1.5) (1.4) Income tax paid (11.5) (12.5) Net cash from operating activities 19.6 45.1 Investing activities Purchase of property, plant and equipment and software (13.7) (40.9) Purchase of investments (0.1) (0.4) Proceeds from sale of property, plant and equipment 1.2 0.4 Interest received 1.2 1.6 Disposal of investments - 1.5 Tax paid on disposal of business (0.6) - Net cash from investing activities (12.0) (37.8) Financing activities Purchase of own shares for share incentive schemes (1.8) (3.0) Purchase of own shares for share buyback programme (0.1) (8.8) Increase in borrowings 60.3 38.9 Reduction and repayment of borrowings (15.0) (37.3) Payment of lease liabilities (4.8) (4.7) Dividends paid to shareholders of the Company (18.8) (19.1) Dividends paid to non-controlling interests (2.2) (1.5) Net cash from financing activities 17.6 (35.5) Net increase/(decrease) in cash and cash equivalents, andoverdrafts 25.2 (28.2) Net cash and cash equivalents at start of period 74.2 111.5 Effect of exchange rate fluctuations on cash held (1.3) 1.1 Net cash and cash equivalents at period end 10 98.1 84.4 1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025to present the results of MMS within discontinued operations. Notes to the condensed consolidated financial statements Note 1. Basis of preparation, accounting policies and judgment and estimatesMorgan Advanced Materials plc ('the Company') is a company incorporated in the UK under the Companies Act 2006. The unaudited condensed consolidated financial statements of the Company for the six months ended 30 June 2026 comprise the Company and the Group's subsidiaries (together 'the Group'). The condensed consolidatedfinancial statements for the six months ended 30 June 2026 have been prepared in accordance with IAS 34'Interim Financial Reporting' and International Financial Reporting Standards ('IFRSs') as adopted by the UK. There has been no change to the recognition, measurement or disclosure from preparation in previous periodsunder IFRSs as adopted by the UK. Selected explanatory notes are included to explain events and transactionsthat are significant to an understanding of the changes in financial position and performance of the Group since the last annual consolidated financial statements for the year ended 31 December 2025. The condensed consolidated financial statements and the comparative information for the six months ended 30 June 2026 have neither been audited nor reviewed, do not comprise statutory accounts for the purpose of section434 of Companies Act 2006 and should be read in conjunction with the Annual Report and Accounts for the yearended 31 December 2025. Those accounts have been reported on by the Group's auditor and delivered to the Registrar of Companies. The report of the auditor was unqualified, did not include a reference to any matters towhich the auditor drew attention by way of emphasis without qualifying his report, and did not contain a statementunder section 498(2) or (3) of the Companies Act 2006. The condensed consolidated financial statements have been prepared on a going concern basis, see the 'Going concern' section below for further details. All periods presented in these condensed consolidated financial statements are for continuing operations, with separate disclosure of discontinued operations where applicable. The consolidated financial statements of the Group for the year ended 31 December 2025 are available on request from the Company's registered office at York House, Sheet Street, Windsor, SL4 1DD or atmorganadvancedmaterials.com. The condensed consolidated financial statements for the six months ended 30 June 2026 were approved by theBoard on 05 August 2026. Accounting policiesAs required by the Disclosure and Transparency Rules of the Financial Conduct Authority, these condensedconsolidated financial statements have been prepared by applying the accounting policies that were applied in the preparation of the Group's published consolidated financial statements for the year ended 31 December 2025,except for newly effective standards listed below. Use of judgements and estimates

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In preparing these condensed consolidated financial statements, management has made judgements, estimatesand assumptions that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses. Final outcomes may differ from these estimates. Estimates and underlyingassumptions are reviewed on an ongoing basis. The Group's critical accounting judgments and key sources ofestimation uncertainty remain unchanged from those set out in the Group's consolidated financial statements for the year ended 31 December 2025. Accounting developments and changes Newly adopted standardsThe Group has reviewed amendments to IFRS Accounting Standards as adopted by the UK that are mandatorilyeffective for an accounting period that begins on or after 1 January 2026. The following amendments were effective on 1 January 2026 and their adoption has not had any material impact on the disclosures or on theamounts reported in these condensed consolidated financial statements:· IFRS 9 and IFRS 7 'Classification and Measurement of Financial Instruments'. · IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 'Annual Improvements to IFRS Accounting Standards'· IFRS 9 and IFRS 7 'Contracts Referencing Nature-dependent Electricity' New accounting standards in issue but not yet effectiveNew standards and interpretations that are in issue but not yet effective are listed below.· IFRS S1 'General requirements for Disclosure of Sustainability-related Financial Information'. · IFRS S2 'Climate-related Disclosures'.· IFRS 18 'Presentation and Disclosure in Financial Statements' IFRS 18 is effective for periods beginning on or after 1 January 2027 and replaces IAS 1 'Presentation of FinancialStatements'. The standard requires the classification of income and expenditure in the income statement to be split between operating, investing and financing, introduces disclosures around management defined performancemeasures (MPMs) and aggregation and disaggregation of other disclosure information. The impact of the standardon the Group is currently being assessed, and it is not yet practicable to quantify the effect of IFRS 18 on these condensed consolidated financial statements. There are no other upcoming accounting standards or amendments that are applicable to the Group. Non-GAAP measuresWhere non-GAAP measures have been referenced, these have been identified by an asterisk (*) where they appear in text and by a footnote where they appear in a table. Definitions of these non-GAAP measures andreconciliations to the equivalent statutory measure can be found in the 'Glossary' and 'Alternative performancemeasures' section at the end of this announcement. Going concernThe Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the 2025 Annual Report and Accounts on pages 2 to 54. The financial position of the Group,its cash flows, liquidity position and borrowing facilities are set out in the Group Financial Review included withinthis announcement. In addition, note 11 to the condensed consolidated financial statements for the six months ended 30 June 2026 provides details of the Group's policies and processes for managing financial risk, details ofits financial instruments and hedging activities and details of its exposures to credit risk and liquidity risk. The Group meets its day-to-day working capital requirements through local banking arrangements underpinned bythe Group's £230.0 million unsecured multi-currency revolving credit facility, which matures in November 2029. Asat June 2026 the Group had both significant available liquidity and headroom on its covenants. Total committedborrowing facilities were £600.3 million. The amount drawn under these facilities was £350.7 million, which together with net cash and cash equivalents* of £98.1 million, gave total headroom of £347.7 million. The multi-currency revolving credit facility was £45.0 million drawn. The Group has scheduled debt maturities of $97 millionand €25 million due in October 2026 and we expect to repay these facilities using existing facilities. As at 30 June 2026, the Group had significant available liquidity and headroom on its covenants. The principal borrowing facilities are subject to covenants that are measured semi-annually in June and December, being net debt* to EBITDA* of a maximum of 3 times and interest cover of a minimum of 4 times,based on measures defined in the facilities agreements which are adjusted from the equivalent IFRS amounts. The Group has carefully modelled its cash flow outlook, taking account of reasonably possible changes in tradingperformance, exchange rates, debt totalling £95.2 million which is due to mature over the 18-month review periodand plausible downside scenarios. This review indicated that there was sufficient headroom and liquidity for the business to continue for at least the 18-month period based on the facilities available. The Group was alsoexpected to be in compliance with the required covenants as discussed above. The Board has also reviewed the Group's reverse stress testing performed to demonstrate available headroom oncovenant levels in respect of changes in net debt*, EBITDA*, and underlying revenue. Based on this assessment acombined reduction in EBITDA* of 30% and an increase in net debt* of 30% would still allow the Group to operate within its financial covenants. The Directors do not consider either of these scenarios to be plausible given thediversity of the Group's end markets and its broad manufacturing base. The Board and Executive Committee have regular reporting and review processes in place in order to closelymonitor the ongoing operational and financial performance of the Group. As part of the ongoing risk managementprocess, principal and emerging risks are identified and reviewed on a regular basis. In addition, the Directors have assessed the risk of climate change and do not consider that it will impact the Group's ability to operate as agoing concern for the period under consideration. After making enquiries, and in the absence of material uncertainties, the Directors have a reasonable expectationthat the Company and the Group have adequate resources to continue in operational existence for a period of at

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least 18 months from the date of signing this half-yearly report. Accordingly, they continue to adopt the goingconcern basis in preparing the condensed consolidated financial statements for the six months ended 30 June 2026. Note 2. Segmental reporting The Group is managed through three distinct segments, as detailed below. These have been identified on thebasis of internal management reporting information that is regularly reviewed by the Group's Board of Directors(the Chief Operating Decision Maker) in order to allocate resources and assess performance. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can beallocated on a reasonable basis. Unallocated items comprise mainly investments and related income, borrowings and related expenses, corporate assets and head office expenses, and income tax assets and liabilities. The information presented below represents the operating segments of the Group. Unaudited six months ended 30 June 2026 ThermalProducts PerformanceCarbon TechnicalCeramics Segmenttotals Corporate costs1 Group Continuing operations £m £m £m £m £m £m Revenue from external customers 176.1 158.3 183.7 518.1 - 518.1 Segment adjusted operating profit1 11.3 27.0 23.8 62.1 - 62.1 Corporate costs (4.3) (4.3) Group adjusted operating profit1 57.8 Amortisation of intangible assets (0.2) - (0.1) (0.3) - (0.3) Operating profit before specific adjusting items 11.1 27.0 23.7 61.8 (4.3) 57.5 Specific adjusting items2 (0.1) (0.9) (8.5) (9.5) (8.9) (18.4) Operating profit 11.0 26.1 15.2 52.3 (13.2) 39.1 Finance income 1.1 Finance expense (12.7) Profit before taxation 27.5 Segment assets 321.2 314.4 204.6 840.2 211.0 1,051.2 Segment liabilities 100.6 56.0 98.1 254.7 442.9 697.6 Segment capital expenditure 4.1 5.9 3.7 13.7 - 13.7 Segment depreciation: property, plant and equipment 5.6 6.1 4.9 16.6 - 16.6 Segment depreciation: right-of-use assets 1.7 0.9 1.5 4.1 - 4.1 1. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary' and 'Alternative Performance Measures' section on pages atthe end of this announcement. 2. Details of specific adjusting items are given in note 3 to the condensed consolidated financial statements. Restated unaudited six months ended 30 June 20253 ThermalProducts PerformanceCarbon TechnicalCeramics Segmenttotals Corporate costs1 Group Continuing operations £m £m £m £m £m £m Revenue from external customers 175.4 154.1 173.0 502.5 - 502.5 Adjusted operating profit1 13.5 25.2 20.2 58.9 - 58.9 Corporate costs (4.1) (4.1) Group adjusted operating profit1 54.8 Amortisation of intangible assets (0.2) (0.1) (0.2) (0.5) - (0.5) Operating profit before specific adjusting items 13.3 25.1 20.0 58.4 (4.1) 54.3 Specific adjusting items2 (2.6) (2.7) (1.1) (6.4) (6.3) (12.7) Operating profit 10.7 22.4 18.9 52.0 (10.4) 41.6 Finance income 1.7 Finance expense (12.5) Profit before taxation 30.8 Segment assets 353.6 322.5 216.3 892.4 128.0 1,020.4 Segment liabilities 94.5 54.9 90.4 239.8 428.4 668.2 Segment capital expenditure 10.1 22.0 8.8 40.9 - 40.9 Segment depreciation: property, plant and equipment 5.7 5.5 4.4 15.6 - 15.6 Segment depreciation: right-of-use assets 1.6 0.9 1.6 4.1 - 4.1 1. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary' and 'Alternative performance measures' section at the end ofthis announcement. 2. Details of specific adjusting items are given in note 3 to the condensed consolidated financial statements. 3. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June2025 to present the results of MMS within discontinued operations. Audited year ended 31 December 2025 ThermalProducts PerformanceCarbon TechnicalCeramics Segmenttotals Corporate costs1 Group Continuing operations £m £m £m £m £m £m

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Revenue from external customers 348.2 306.8 341.6 996.6 - 996.6 Adjusted operating profit1 23.5 41.2 39.4 104.1 - 104.1 Corporate costs (10.3) (10.3) Group adjusted operating profit1 93.8 Amortisation of intangible assets (0.3) (0.2) (0.5) (1.0) - (1.0) Operating profit before specific adjusting items 23.2 41.0 38.9 103.1 (10.3) 92.8 Specific adjusting items2 (5.9) (20.4) (1.0) (27.3) (20.3) (47.6) Operating profit 17.3 20.6 37.9 75.8 (30.6) 45.2 Finance income 2.9 Finance expense (25.1) Profit before taxation 23.0 Segment assets 304.9 300.9 201.8 807.6 177.2 984.8 Segment liabilities 96.5 50.1 88.5 235.1 400.8 635.9 Segment capital expenditure 15.9 31.3 17.1 64.3 - 64.3 Segment depreciation: property, plant and equipment 11.3 11.7 8.8 31.8 - 31.8 Segment depreciation: right-of-use assets 3.3 1.7 3.3 8.3 - 8.3 Segment impairment of non-financial assets - 15.6 - 15.6 - 15.6 1. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary' and 'Alternative performance measures' section at the end ofthis announcement. 2. Details of specific adjusting items are given in note 3 to the condensed consolidated financial statements. Revenue from external customers by geography Continuing operations Unauditedsix months ended30 June 2026£m Restated unauditedsix months ended 30 June 20251 £m Auditedyear ended31 December 2025£m USA 215.2 216.5 421.4 China 42.7 42.2 84.8 Germany 43.9 35.9 67.2 UK 24.5 21.4 42.7 Other Asia, Australasia, Middle East and Africa 90.2 82.2 171.0 Other Europe 75.5 79.7 156.7 Other North America 16.8 15.8 33.5 South America 9.3 8.8 19.3 518.1 502.5 996.6 1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June2025 to present the results of MMS within discontinued operations. Revenue from external customers is based on geographic location of the end-customer. No customer represents more than 5% of revenue. Revenue from external customers by end-market Continuing operations Unauditedsix months ended30 June 2026£m Restated unauditedsix months ended 30 June 20251 £m Auditedyear ended31 December 2025£m Industrial 198.8 200.6 394.5 Aerospace and Defence 111.2 106.7 213.5 Oil and Petrochemicals 49.0 50.5 100.3 Healthcare 35.8 37.7 72.2 Energy 45.1 34.4 70.9 Semiconductors2 35.1 35.7 69.8 Rail 18.7 19.4 41.0 Other2 24.4 17.5 34.4 518.1 502.5 996.6 1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June2025 to present the results of MMS within discontinued operations. 2. The category 'other' includes in H1 2026 a phasing benefit of £8.9 million from a semiconductor customer which will not repeat in H2. Intercompany sales to other segments

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Continuing operations Unauditedsix months ended30 June 2026£m Unaudited six months ended30 June 2025£m Auditedyear ended31 December 2025£m Thermal Products 0.6 0.7 1.7 Performance Carbon 0.3 0.2 0.5 Technical Ceramics 0.4 0.2 0.3 1.3 1.1 2.5 Note 3. Specific adjusting items Unauditedsix months ended30 June 2026£m Restated unaudited six months ended 30 June 20251 £m Audited year ended31 December 2025£m Continuingoperations Discontinuedoperations Total Continuingoperations Discontinuedoperations Total Continuingoperations Discontinuedoperations Total Net restructuringcharge (4.7) - (4.7) (5.8) (0.8) (6.6) (8.6) (0.9) (9.5) Impairments relating torestructuring (4.7) - (4.7) (1.3) - (1.3) (4.8) - (4.8) Global ERP system (11.5) - (11.5) (5.6) - (5.6) (13.3) - (13.3) Credit in relation to theimpact of Argentina'scurrency devaluation - - - - - - 1.9 - 1.9 Impairment of non-financial assets - - - - - - (15.6) - (15.6) Gain on disposal ofMMS and associatedcosts - - - - (2.8) (2.8) - 28.5 28.5 Movements in fairvalue of considerationshares held at FVTPL 2.5 - 2.5 - - - (7.2) - (7.2) Total specificadjusting itemsbefore income tax (18.4) - (18.4) (12.7) (3.6) (16.3) (47.6) 27.6 (20.0) Income tax credit fromspecific adjusting items 1.7 - 1.7 1.2 0.3 1.5 1.5 (7.7) (6.2) Total specificadjusting items afterincome tax (16.7) - (16.7) (11.5) (3.3) (14.8) (46.1) 19.9 (26.2) 1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025to present the results of MMS within discontinued operations. Net restructuring charge and restructuring-related impairmentsA net restructuring charge of £4.7 million was recognised in relation to all restructuring programmes, which includes an £0.8 million gain from the disposal of land and buildings. The Group has continued its previously announced simplification and restructuring programme to achieve cost reductions and efficiencies. As part of this programme, the business announced the closure of a TechnicalCeramics production site in the US. A provision of £3.1 million for restructuring costs associated with the siteclosure has been recognised. Impairment of property, plant and equipment and right-of-use assets associated with the announced closure totalling £4.7 million has also been recognised as at 30 June 2026, in accordance with IAS36 'Impairment of Assets'. In addition to the ongoing programme, a strategic review of the Thermal Products division was announced inMarch 2026. Costs arising from the review are included within net restructuring charges. Design, configuration, customisation and implementation of a Global ERP systemThe Group is developing a Global ERP intended to replace over 30 legacy systems across the Group. Theprogramme will create further opportunities to align business processes, strengthen information security and the control environment. The costs of £11.5 million associated with the design, configuration, customisation andimplementation of the system are classified as specific adjusting items due to their nature and size. Movement in fair value of consideration shares held at FVTPLConsideration for the disposal of the Molten Metal Systems business ('MMS') in 2025 comprised cash and sharesin Foseco India Ltd ('FIL'), a business publicly listed in India. The shares are held for trading and recognised at FVTPL and revalued at the balance sheet date. Changes in the value of the shares and associated foreignexchange movements are recognised in specific adjusting items due to their nature and size. Refer to Note 6 forfurther information. Note 4. Finance income and expense Continuing operations Unauditedsix months ended30 June 2026£m Unauditedsix months ended30 June 2025£m Audited year ended31 December 2025£m Interest on bank balances and cash deposits 1.1 1.7 2.9 Finance income 1.1 1.7 2.9

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Interest expense on borrowings and overdrafts (10.2) (10.7) (20.7) Interest expense on lease liabilities (1.5) (1.4) (2.8) Interest on supplier finance arrangements (0.8) (0.3) (1.2) Net interest on IAS 19 defined benefit pension obligations (0.2) (0.1) (0.4) Finance expense (12.7) (12.5) (25.1) Net financing costs (11.6) (10.8) (22.2) Note 5. Taxation Continuing operations Unaudited six months ended30 June 2026£m Restated unauditedsix months ended 30 June 20251 £m Audited year ended31 December 2025£m Income tax charge on profit before specific adjusting items (13.1) (12.0) (19.4) Income tax credit from specific adjusting items 1.7 1.2 1.5 Total income tax expense (11.4) (10.8) (17.9) 1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025to present the results of MMS within discontinued operations. The Group's consolidated effective tax rate, excluding specific adjusting items, was 28.5% for the six monthsended 30 June 2026 (30 June 2025: 27.6%; 31 December 2025: 27.5%) and is based on the Directors' best estimate of the effective tax rate for the year. The Group operates in numerous jurisdictions and is subject to factors that may affect future tax charges, including the implementation of the OECD's Base Erosion and Profit Shifting (BEPS) initiatives, changes in tax legislationand tax rates, the expiry of statutory limitation periods, and the resolution of tax audits and disputes. In line with the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting, the UK has enactedlegislation implementing the Pillar Two global minimum tax rules, including the Domestic Top-up Tax and theMultinational Top-up Tax. As at the interim reporting date, the Group has assessed its potential exposure to Pillar Two taxes. Based on thisassessment, the transitional safe harbour provisions continue to apply in the majority of jurisdictions in which the Group operates. However, a limited number of jurisdictions are expected to be subject to the GloBE Pillar Tworules. Consequently, the Group has recognised an estimated current tax expense of £0.1 million in respect of PillarTwo taxes for the six months ended 30 June 2026. Note 6. Discontinued operations During 2025 the Group announced the disposal of MMS, an operating segment included in the Thermal Productsreporting segment. The disposal group represented a major line of business and therefore met the criteria of IFRS5 'Non-current Assets Held for Sale and Discontinued Operations'. The results of MMS for the period up to the completion of the transaction on 12 November 2025 are presented as discontinued operations. Consideration forthe acquisition included issuance of 1.2 million shares in FIL, which represented a circa 15% shareholding. Thevaluation of the shares at 30 June 2026 is £48.8 million. During the six months ended 30 June 2026, the Group received net cash inflows from discontinued operatingactivities of £nil (H1 2025: £3.1 million (outflow); FY 2025: £3.1 million). The results from discontinued operations are set out below: Unauditedsix months ended30 June 2026£m Restated unaudited six months ended30 June 2025£m Audited year ended31 December 2025£m Note Resultsbeforespecificadjustingitems Specificadjustingitems Total Resultsbeforespecificadjustingitems Specificadjustingitems Total Resultsbeforespecificadjustingitems Specificadjustingitems Total Revenue - - - 20.1 - 20.1 33.7 - 33.7 Operating costs - - - (16.9) (3.6) (20.5) (28.4) 27.6 (0.8) Profit/(loss) beforetaxation - - - 3.2 (3.6) (0.4) 5.3 27.6 32.9 Income tax expense - - - (0.8) 0.3 (0.5) (1.5) (7.7) (9.2) Profit/(loss) fromdiscontinued operations - - - 2.4 (3.3) (0.9) 3.8 19.9 23.7 Basic earnings per sharefrom discontinuedoperations 7 - (0.3)p 8.5p Diluted earnings pershare from discontinuedoperations 7 - (0.3)p 8.4p Cash flows from discontinued operations are set out below:

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Unauditedsix months ended30 June 2026 Restated unauditedsix months ended30 June 2025 Auditedyear ended31 December 2025£m £m £m Net cash generated in operating activities - (1.2) 5.7 Net cash generated from investing activities - (1.6) (2.5) Net cash flow used in financing activities - (0.3) (0.1) - (3.1) 3.1 Note 7. Earnings per share Unaudited six months ended30 June 2026 Restated unaudited six months ended 30 June 20252 Audited year ended31 December 2025 Earnings Basicearningsper share Dilutedearnings per shareEarnings Basicearningsper share Dilutedearnings per share Earnings Basicearningsper share Dilutedearnings per share £m pence pence £m pence pence £m pence pence Profit for the period attributable toshareholders of the Company 12.3 4.5p 4.4p 15.0 5.3p 5.3p 21.1 7.5p 7.5p (Profit)/loss from discontinued operations - - - 0.9 0.3p 0.3p (23.7) (8.5)p (8.4)p Profit/(loss) from continuing operations 12.3 4.5p 4.4p 15.9 5.6p 5.6p (2.6) (1.0)p (0.9)p Specific adjusting items3 18.4 6.7p 6.6p 12.7 4.5p 4.5p 47.6 17.0p 16.9p Amortisation of intangible assets 0.3 0.1p 0.1p 0.5 0.2p 0.2p 1.0 0.4p 0.4p Tax effect of the above (1.7) (0.6)p (0.6)p (1.2) (0.4)p (0.4)p (1.5) (0.5)p (0.5)p Adjusted profit for the period fromcontinuing operations as used in adjusted earnings per share1 29.3 10.7p 10.5p 27.9 9.9p 9.9p 44.5 15.9p 15.9p 1. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary' and 'Alternative Performance Measures'section at the end of this announcement. 2. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the periodended 30 June 2025 to present the results of MMS within discontinued operations. 3. Details of specific adjusting items are given in note 3 to the condensed consolidated financial statements. Unauditedsix months ended30 June 2026millions Unauditedsix months ended30 June 2025millions Audited year ended31 December 2025millions Number of shares Weighted average number of Ordinary shares for the purposes of basic earnings per share1 276.1 280.8 279.6 Effect of dilutive potential Ordinary shares: Share options 1.6 2.1 1.3 Weighted average number of Ordinary shares for thepurposes of diluted earnings per share 277.7 282.9 280.9 1. The calculation of the weighted average number of Ordinary shares excludes the shares held by The Morgan Employee Benefit Trust on which dividends are waived. Note 8. Property, plant and equipment Land andbuildings£m Plant,equipmentand fixtures£m Total£m Cost At 1 January 2026 206.9 785.1 992.0 Additions 0.5 12.5 13.0 Disposals (0.8) (3.6) (4.4) Transfer between categories 0.3 (0.3) - Effect of movement in foreign exchange 2.4 8.2 10.6 Unaudited at 30 June 2026 209.3 801.9 1,011.2 Depreciation and impairment losses At 1 January 2026 111.0 555.0 666.0 Depreciation charge for the period 2.7 13.9 16.6 Impairment 0.2 1.8 2.0 Disposals (0.5) (3.5) (4.0) Effect of movement in foreign exchange 1.6 4.9 6.5 Unaudited at 30 June 2026 115.0 572.1 687.1 Carrying amounts At 1 January 2026 95.9 230.1 326.0

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Unaudited at 30 June 2026 94.3 229.8 324.1 As at 30 June 2026, commitments for property, plant and equipment and computer software expenditure for which no provision has been made in these accounts amount to £5.2 million (30 June 2025: £6.0 million). Note 9. Intangible assets Goodwill£m Customerrelationships£m Technologyand trademarks£m Capitaliseddevelopmentcosts£m Computersoftware£m Total£m Cost At 1 January 2026 163.7 57.2 4.5 0.7 32.2 258.3 Additions - - - - - - Disposals - - - - (0.3) (0.3) Effect of movement in foreign exchange 1.6 0.8 - 0.1 0.3 2.8 Unaudited at 30 June 2026 165.3 58.0 4.5 0.8 32.2 260.8 Amortisation and impairment losses At 1 January 2026 - 56.5 4.0 0.7 30.2 91.4 Charge for the period - 0.1 0.1 - 0.1 0.3 Disposals - - - - (0.3) (0.3) Effects of movement in foreign exchange - 0.8 - 0.1 0.2 1.1 Unaudited at 30 June 2026 - 57.4 4.1 0.8 30.2 92.5 Carrying amounts At 1 January 2026 163.7 0.7 0.5 - 2.0 166.9 Unaudited at 30 June 2026 165.3 0.6 0.4 - 2.0 168.3 Note 10. Cash and cash equivalents reconciled to net debt* Unaudited at30 June 2026£m Unaudited at30 June 2025£m Audited at31 December 2025£m Bank balances 93.5 75.2 68.6 Cash deposits 10.8 9.4 10.7 Cash and cash equivalents 104.3 84.6 79.3 Reconciliation of net cash and cash equivalents* to net debt* Unauditedsix months ended30 June 2026£m Unauditedsix months ended30 June 2025£m Audited year ended31 December 2025£m Opening borrowings (306.4) (337.7) (337.7) Increase in borrowings (60.3) (38.9) (38.8) Repayment of borrowings 15.0 37.3 70.1 Effect of movement in foreign exchange 0.5 5.8 - Closing borrowings (351.2) (333.5) (306.4) Net cash and cash equivalents1 98.1 84.4 74.2 Closing net debt1 (253.1) (249.1) (232.2) Opening lease liabilities (49.2) (47.1) (47.1) Payments of lease liabilities 4.8 4.7 9.3 New leases and lease remeasurement (3.5) (7.5) (13.9) Disposal of business - - 0.7 Effect of movements in foreign exchange (0.5) 2.5 1.8 Closing lease liabilities (48.4) (47.4) (49.2) Closing net debt1 and lease liabilities (301.5) (296.5) (281.4) 1. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary' and 'Alternative Performance Measures' section at the end of this announcement. The table below details changes in the Group's liabilities arising from financing activities, including both cash and non-cash changes.

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Borrowings£m Net cashand cash equivalents1 £m Movement in net debt1 £m Leaseliabilities£m Net debt1 and leaseliabilities£m At 1 January 2026 (306.4) 74.2 (232.2) (49.2) (281.4) Cash inflow - 39.3 39.3 - 39.3 Borrowings and lease liability cash flow (45.3) - (45.3) 4.8 (40.5) Net interest paid - (12.2) (12.2) - (12.2) Net cash inflow/(outflow) (45.3) 27.1 (18.2) 4.8 (13.4) Share purchases - (1.9) (1.9) - (1.9) New leases and lease remeasurement - - - (3.5) (3.5) Exchange and other movements 0.5 (1.3) (0.8) (0.5) (1.3) Unaudited at 30 June 2026 (351.2) 98.1 (253.1) (48.4) (301.5) 1. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary' and 'Alternative Performance Measures' section at the end of this announcement. Note 11. Financial risk management Fair values Unaudited at 30 June 2026 Unaudited at 30 June 2025 Audited at 31 December 2025 Carryingamount£m Fair Value Carryingamount£m Fair Value Carryingamount£m Fair Value Level 1£m Level 2£m Total£m Level 1£m Level 2£m Total£m Level 1£mLevel 2£m Total£m Financial liabilities heldat amortised cost 3.37% US Dollar SeniorNotes 2026 (73.6) - (73.0) (73.0) (71.1) - (68.8) (68.8) (72.4) - (71.2) (71.2) 1.55% Euro Senior Notes2026 (21.6) - (21.4) (21.4) (21.5) - (21.0) (21.0) (21.9) - (21.5) (21.5) 4.87% US Dollar SeniorNotes 2026 - - - - (18.6) - (18.4) (18.4) - - - - 1.74% Euro Senior Notes2028 (8.6) - (8.2) (8.2) (8.6) - (8.1) (8.1) (8.7) - (8.2) (8.2) 2.89% Euro Senior Notes2030 (21.5) - (19.6) (19.6) (21.5) - (19.6) (19.6) (21.8) - (19.8) (19.8) 5.47% US Dollar SeniorNotes 2031 (7.6) - (7.3) (7.3) (7.3) - (7.1) (7.1) (7.5) - (7.3) (7.3) 5.53% US Dollar SeniorNotes 2033 (7.6) - (7.2) (7.2) (7.3) - (7.0) (7.0) (7.5) - (7.2) (7.2) 5.61% US Dollar SeniorNotes 2035 (22.7) - (21.3) (21.3) (21.9) - (20.7) (20.7) (22.4) - (21.3) (21.3) 5.50% Cumulative FirstPreference shares (0.1) - (0.1) (0.1) (0.1) - (0.1) (0.1) (0.1) - (0.1) (0.1) 5.00% CumulativeSecond Preferenceshares (0.3) - (0.3) (0.3) (0.3) - (0.3) (0.3) (0.3) - (0.3) (0.3) (163.6) - (158.4) (158.4) (178.2) - (171.1) (171.1) (162.6) - (156.9) (156.9) Financial assets held atFVTPL 48.8 48.8 - 48.8 - - - - 47.2 47.2 - 47.2 Derivative financialassets held at fair value 2.2 - 2.2 2.2 3.3 - 3.3 3.3 2.0 - 2.0 2.0 51.0 48.8 2.2 51.0 3.3 - 3.3 3.3 49.2 47.2 2.0 49.2 Derivative financialliabilities held at fair value (1.4) - (1.4) (1.4) (1.5) - (1.5) (1.5) (0.5) - (0.5) (0.5) The table above analyses financial instruments carried at fair value, by valuation method, together with thecarrying amounts shown in the balance sheet. The fair value of cash and cash equivalents, current trade and other receivables/payables and floating-rate bankand other borrowings are excluded from the preceding table as their carrying amount approximates to their fair value. Fair value hierarchy The different levels have been defined as follows: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: not traded in an active market but the fair values are based on quoted market prices oralternative pricing sources with reasonable levels of price transparency. Fair value is calculated usingdiscounted cash flow methodology, future cash flows are estimated based on forward exchange rates. • Level 3: inputs for the asset or liability that are not based on observable market data (unobservableinputs).There were no transfers between Level 1 and Level 2 during the six months to 30 June 2026 or 2025 and therewere no Level 3 financial instruments in either the six months to 30 June 2026 or 2025. The major methods and assumption used in estimating the fair values of financial instruments reflected in thepreceding table are as follows:

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Equity securities Fair value is based on quoted market prices at the balance sheet date. Derivatives Forward exchange contracts are marked to market either using listed market prices or by discounting thecontractual forward price and deducting the current spot rate. Fixed-rate borrowingsFair value is calculated based on discounted expected future principal and interest cash flows. The interest ratesused to determine the fair value of borrowings are 4.1-6.5% (30 June 2025: 3.5-6.3%; 31 December 2025: 3.7- 6.0%). Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails tomeet its contractual obligations. The Group is exposed to credit risk on financial instruments such as liquid assets,derivative assets and trade receivables. The current economic climate gives rise to an increased credit risk, primarily with respect to trade receivables. The Group establishes an allowance for impairment that represents its estimate of expected credit losses ('ECL')in respect of trade receivables. The loss allowance for trade receivables by ageing category is as follows: Unaudited at 30 June 2026 Unaudited at 30 June 2025 Audited at 31 December 2025 ECLGross tradereceivables ECL Net tradereceivables ECL Gross tradereceivables ECL Net tradereceivables ECL Gross tradereceivables ECL Net tradereceivables % £m £m £m % £m £m £m % £m £m £m Not past due 0.0% 107.4 - 107.4 0.1% 137.3 (0.1) 137.2 0.1% 90.6 (0.1) 90.5 Past due 0-30days 0.7% 15.0 (0.1) 14.9 0.0% 15.4 - 15.4 0.9% 11.7 (0.1) 11.6 Past due 31-60 days 0.0% 2.4 - 2.4 0.0% 2.5 - 2.5 5.0% 2.0 (0.1) 1.9 Past due 61-90 days 11.1% 0.9 (0.1) 0.8 8.3% 1.2 (0.1) 1.1 0.0% 0.8 - 0.8 Past due morethan 90 days 90.9% 4.4 (4.0) 0.4 73.4% 6.4 (4.7) 1.7 77.8% 5.4 (4.2) 1.2 130.1 (4.2) 125.9 162.8 (4.9) 157.9 110.5 (4.5) 106.0 Full details of the Group's policies and processes for managing financial risk are described in note 22 of the Group's 2025 Annual Report and Accounts. Offsetting financial assets and liabilitiesThe following table shows the amounts recognised for forward exchange contracts, which are subject to offsettingarrangements on a gross basis, and the amounts offset in the balance sheet. The Group also has cash pooling agreements which cannot be offset under IFRS, but which could be settled netunder the terms of master netting agreements, are also presented in the table to show the total net exposure of the Group. Gross amounts ofrecognised financialassets/ (liabilities) Amountsoffset Net amountspresented onthe balancesheet Financialinstruments notoffset in thebalance sheet Net amount £m £m £m £m £m Unaudited at 30 June 2026 Derivative financial assets 2.2 - 2.2 - 2.2 Derivative financial liabilities (1.4) - (1.4) - (1.4) Cash and cash equivalents 104.3 - 104.3 (6.2) 98.1 Current bank and other borrowings (6.2) - (6.2) 6.2 - Unaudited at 30 June 2025 Derivative financial assets 3.3 - 3.3 - 3.3 Derivative financial liabilities (1.5) - (1.5) - (1.5) Cash and cash equivalents 84.6 - 84.6 (0.2) 84.4 Current bank and other borrowings (0.2) - (0.2) 0.2 - Audited at 31 December 2025 Derivative financial assets 2.0 - 2.0 - 2.0 Derivative financial liabilities (0.5) - (0.5) - (0.5) Cash and cash equivalents 79.3 - 79.3 (5.1) 74.2 Current bank and other borrowings (5.1) - (5.1) 5.1 -

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Note 12. Pensions and other post-retirement employee benefits Defined benefit obligations Unaudited six months ended 30 June 2026 UK£m USA£m Europe£m Rest of theWorld£m Total£m Summary of net obligations Present value of unfunded defined benefit obligations -) (4.3) (23.6) (4.9) (32.8)Present value of funded defined benefit obligations (302.6) (91.4) (0.7) (7.7) (402.4)Fair value of plan assets 317.3) 91.8) -) 7.6) 416.7) Net assets/(obligations) 14.7) (3.9) (24.3) (5.0) (18.5) Represented by: Surpluses 14.7) -) -) 0.5) 15.2)Obligations -) (3.9) (24.3) (5.5) (33.7) Movements in present value of defined benefitobligationAt 1 January 2026 (315.6) (97.7) (24.6) (12.8) (450.7)Current service cost -) -) (0.4) (0.8) (1.2)Interest cost (8.3) (2.4) (0.5) (0.1) (11.3) Actuarial gain/(loss): Experience loss on plan obligations (0.6) (0.1) -) -) (0.7) Gain on changes in financial assumptions 10.4) 1.4) -) -) 11.8)Benefits paid 11.5) 4.6) 0.9) 0.8) 17.8)Exchange adjustments -) (1.5) 0.3) 0.3) (0.9) At 30 June 2026 (302.6) (95.7) (24.3) (12.6) (435.2) Movements in fair value of plan assets At 1 January 2026 327.1) 93.2) -) 8.4) 428.7)Interest on plan assets 8.6) 2.3) -) 0.2) 11.1)Remeasurement loss (6.6) (0.8) -) (0.1) (7.5)Administrative cost (0.3) -) -) -) (0.3)Contributions by employer -) 0.2) 0.9) 0.2) 1.3)Benefits paid (11.5) (4.6) (0.9) (0.8) (17.8)Exchange adjustments -) 1.5) -) (0.3) 1.2) At 30 June 2026 317.3) 91.8) -) 7.6) 416.7) Actual return on assets 2.0) 1.5) -) 0.1) 3.6) Fair value of plan assets by category Equities -) 5.1) -) -) 5.1)Growth assets 31.4) -) -) -) 31.4)Bonds 45.6) 83.6) -) -) 129.2)Liability-driven investments ('LDI') 152.8) -) -) -) 152.8)Matching insurance policies 83.7) 1.4) -) 5.8) 90.9)Other 3.8) 1.7) -) 1.8) 7.3) 317.3) 91.8) -) 7.6) 416.7) Principal actuarial assumptions at30 June 2026: % % % % Discount rate 5.88 5.39 4.20 5.22 Inflation (UK: RPI/CPI) 2.97/2.43 n/a 2.00 n/a Unaudited six months ended 30 June 2025 UK£m USA£m Europe£m Rest of theWorld£m Total£m Summary of net assets/(obligations) Present value of unfunded defined benefit obligations - (3.9) (24.5) (4.1) (32.5) Present value of funded defined benefit obligations (312.1) (92.0) (1.3) (8.6) (414.0) Fair value of plan assets 323.6 92.4 0.3 8.2 424.5 Net assets/(obligations) 11.5 (3.5) (25.5) (4.5) (22.0) Represented by Surpluses 11.5 0.2 - 0.3 12.0 Obligations - (3.7) (25.5) (4.8) (34.0) Principal actuarial assumptions at30 June 2025: % % % % Discount rate 5.51 5.26 3.90 4.66 Inflation (UK: RPI/CPI) 2.89/2.31 n/a 2.00 n/a Audited year ended 31 December 2025 UK£m USA£m Europe£m Rest of theWorld£m Total£m Summary of net assets/(obligations) Present value of unfunded defined benefit obligations - (3.5) (23.9) (4.5) (31.9)

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Present value of funded defined benefit obligations (315.6) (94.2) (0.7) (8.3) (418.8) Fair value of plan assets 327.1 93.2 - 8.4 428.7 Net assets/(obligations) 11.5 (4.5) (24.6) (4.4) (22.0) Represented by Surpluses 11.5 - - 0.9 12.4 Obligations - (4.5) (24.6) (5.3) (34.4) Principal actuarial assumptions at31 December 2025: % % % % Discount rate 5.47 5.17 4.20 5.22 Inflation (UK: RPI/CPI) 2.79/2.22 n/a 2.00 n/a Note 13. Provisions and contingent liabilities Closure andrestructuringprovisions£m Legal and otherprovisions£m Environmentalprovisions£m Total£m Balance at 1 January 2026 6.0 5.5 6.5 18.0 Provisions made during the year 2.8 0.5 - 3.3 Provisions used during the year (0.6) (0.1) (0.5) (1.2) Effect of movements in foreign exchange 0.2 - - 0.2 Unaudited at 30 June 2026 8.4 5.9 6.0 20.3 Current 4.1 1.6 2.0 7.7 Non-current 4.3 4.3 4.0 12.6 Unaudited at 30 June 2026 8.4 5.9 6.0 20.3 Closure and restructuring provisions Closure and restructuring provisions relate to the Group's restructuring programmes and represent committedexpenditure at the balance sheet date. The amounts provided are based on the costs of terminating relevantcontracts, under the contract terms, and management's best estimate of other associated restructuring costs including professional fees. Of the total, £4.1 million of the provisions are expected to be utilised in the next one totwo years. We have a provision for a multi-employer pension obligation for a site which was closed during 2021. The cashoutflows relating to the pension obligation may continue for up to 15 years, subject to any settlement beingreached in advance of that date. Legal and other provisionsLegal and other provisions mainly comprise amounts provided against open legal and contractual disputes arising in the normal course of business and long-service costs. Provisions are made for the expected costs associatedwith such matters, based on past experience of similar items and other known factors, taking into accountprofessional advice received, and represent management's best estimate of the most likely outcome. The timing of utilisation of these provisions is frequently uncertain, reflecting the complexity of issues and the outcome of variouscourt proceedings and associated negotiations. Where obligations are not capable of being reliably estimated, or if a material outflow of economic resources isconsidered not probable, it is classified as a contingent liability. The Group is of the opinion that any associatedclaims that might be brought can be defeated successfully and, therefore, the possibility of any material outflow in settlement is assessed as remote. Environmental provisions Environmental provisions are made for quantifiable environmental liabilities arising from known environmentalissues. The amounts provided are based on the best estimate of the costs required to remedy these issues. Theprovisions are expected to be utilised in the next five to ten years. Environmental contingent liabilitiesDue to the international footprint of the Group and the nature of its manufacturing operations it is subject to a wide range of local health and safety, environmental and employment laws and regulations. At any point in time theGroup has a number of ongoing environmental or employment cases for which there is uncertainty due to the widerange of possible outcomes and associated costs. Possible outcomes include the case being settled, withdrawn ordismissed. Tax contingent liabilitiesThe Group is subject to periodic tax audits by various fiscal authorities covering corporate, employee and sales taxes in the various jurisdictions in which it operates. We have provided for estimates of the Group's likelyexposures where these can be reliably estimated. Note 14. Related parties Identification of related parties The Company has related party relationships with its subsidiaries and with its Directors and executive officers.

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Transactions with key management personnel Details of transactions with key management personnel are described in note 27 of the Group's 2025 AnnualReport and Accounts. Transactions with related partiesThere were no related party transactions during the period that have materially affected the financial position or theperformance of the Group during the period. There have been no changes in the nature of related party transactions as described in note 27 to the Group's 2025 Annual Report and Accounts which could have a materialeffect on the financial position or performance of the Group during the period. Note 15. Subsequent eventsThere were no reportable events subsequent to the balance sheet date. Glossary Constant-currency1 Constant-currency revenue and Group adjusted operating profit are derived bytranslating the prior year results at current year average exchange rates. Corporate costs Corporate costs consist of the costs of the central head office. Free cash flow beforeacquisitions, disposals and dividends1 Cash generated from continuing operations less net capital expenditure, net interestpaid, tax paid and lease payments. Earnings before interest, tax, depreciation and amortisation ('EBITDA') 1 EBITDA is defined as operating profit before specific adjusting items, amortisation of intangible assets and depreciation. Earnings before interest, tax and amortisation ('EBITA') 1 EBITA is defined as operating profit before specific adjusting items and amortisation of intangible assets. Group adjusted operating profit1 Operating profit adjusted to exclude specific adjusting items and amortisation ofintangible assets. Group organic1 The Group results excluding acquisition, disposal and business exit impacts at constant-currency. Adjusted earnings per share ('EPS') 1 Adjusted earnings per share is defined as operating profit adjusted to exclude specificadjusting items and amortisation of intangible assets, less net financing costs, income tax expense and non-controlling interests, divided by the weighted average number ofOrdinary shares during the period. Net debt1 Borrowings and bank overdrafts less cash and cash equivalents. Net cash and cash equivalents1 Net cash and cash equivalents is defined as cash and cash equivalents less bankoverdrafts. Return on invested capital ('ROIC') 1 Group adjusted operating profit (operating profit excluding specific adjusting items and amortisation of intangible assets) divided by the average adjusted net assets (excludeslong-term employee benefits, deferred tax assets and liabilities, current tax payable,provisions, cash and cash equivalents, borrowings, bank overdrafts and lease liabilities). Specific adjusting items See note 3 to the condensed consolidated financial statements for further details. Underlying Reference to underlying reflects the trading results of the Group without the impact of specific adjusting items and amortisation of intangible assets that would otherwiseimpact the users' understanding of the Group's performance. The Directors believe thatadjusted results provide additional useful information on the core operational performance of the Group and review the results of the Group on an adjusted basisinternally. 1. Reconciliations of non-GAAP measures to GAAP measures can be found at the end of this announcement. Alternative performance measuresThe Group monitors business performance through alternative performance measures ('APMs') which are not defined under IFRS and are therefore non-GAAP measures. The APMs provide useful information to stakeholders,including additional insight into ongoing trading and year-on-year comparisons. These APMs are not a substitute forIFRS measures but are complementary to them. The Group defines each APM and therefore they may not be directly comparable with similarly named metrics in other businesses. The definition, purpose and reconciliation to statutoryfigures where applicable are included below. Constant-currencyConstant-currency figures are derived by translating the prior year results at current year average exchange rates.These measures are used as they allow key metrics such as revenue to be compared year on year excluding the impact of foreign exchange rates. Organic growth

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The growth of the business excluding the impacts of acquisitions, divestments and foreign currency impacts. Thismeasure is used as it allows revenue and adjusted operating profit to be compared on a like-for-like basis. ThermalProducts PerformanceCarbon TechnicalCeramics Segmenttotal £m £m £m £m Restated H1 2025 revenue1 175.4 154.1 173.0 502.5 Impact of foreign currency movements (3.6) (1.9) (2.6) (8.1) Impacts of acquisitions, disposals and business exits - - - - Organic constant-currency change 4.3 6.1 13.3 23.7 Organic constant-currency change % 2.5% 4.0% 7.8% 4.8% H1 2026 revenue 176.1 158.3 183.7 518.1 1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 topresent the results of MMS within discontinued operations. ThermalProducts PerformanceCarbon TechnicalCeramics Segmenttotal Corporatecosts Group £m £m £m £m £m £m Restated H1 2025 adjusted operating profit1 13.5 25.2 20.2 58.9 (4.1) 54.8 Impact of foreign currency movements (0.6) (0.4) 0.1 (0.9) - (0.9) Impacts of acquisitions, disposals and businessexits - - - - - - Organic constant-currency change (1.6) 2.2 3.5 4.1 (0.2) 3.9 Organic constant-currency change % (12.4)% 8.9% 17.2% 7.1% n/m2 7.2% H1 2026 adjusted operating profit 11.3 27.0 23.8 62.1 (4.3) 57.8 1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025to present the results of MMS within discontinued operations. 2. Movements where the % movement is not meaningful are represented by n/m. Corporate costsCorporate costs consist of the costs of the central head office. Specific adjusting itemsSpecific adjusting items are items which occur infrequently and are presented separately in the condensedconsolidated income statement due to their nature and size. They typically include but are not limited to: • Individual restructuring projects which are material or relate to the closure of a part of the business and are notexpected to recur; • Impairment of non-financial assets which are material; • Gains or losses on disposal or exit of businesses; • Significant costs incurred as part of the integration of an acquired business; • Gains or losses arising on significant changes to or closures of defined benefit pension plan; and • Design, configuration, customisation and implementation of a Global ERP system. The Directors consider disclosure of specific adjusting items necessary for the users of the financial statements toobtain an alternative understanding of the financial information and underlying performance of the business. Note 3 provides details of the specific adjusting items in the current and prior year. Group earnings before interest, tax, depreciation and amortisation (EBITDA)Group EBITDA is defined as operating profit before specific adjusting items, amortisation of intangible assets anddepreciation. The Group uses this measure as it is a key metric in covenants over debt facilities; these covenants use EBITDA excluding the impact of IFRS 16 'Leases'. The following table reconciles operating profit to Group EBITDA: H1 2026£m Restated H1 20251 £m Operating profit 39.1 41.6 Add back: specific adjusting items included in operating profit 18.4 12.7 Add back: depreciation - property, plant and equipment 16.6 15.6 Add back: depreciation - right-of-use assets 4.1 4.2 Add back: amortisation of intangible assets 0.3 0.5 Group EBITDA 78.5 74.6 1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 topresent the results of MMS within discontinued operations. Group EBITDA excluding IFRS 16 'Leases' impact Group EBITDA excluding IFRS 16 'Leases' impact is defined as Group EBITDA less interest expense on leaseliabilities and capital payments on lease liabilities.

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The Group uses this measure as it is a key metric in covenants over debt facilities; these covenants use EBITDA onan IAS 17 basis (pre-IFRS 16 basis) and this metric is used as a proxy for the charge that would have been attributable to operating leases recognised in EBITDA under the now defunct IAS 17. The following table reconciles Group EBITDA to Group EBITDA excluding IFRS 16 'Leases' impact: H1 2026£m Restated H1 20251 £m Group EBITDA 78.5 74.6 Interest expense on lease liabilities (1.5) (1.4) Capital payments on lease liabilities (4.8) (4.7) Group EBITDA excluding IFRS 16 'Leases' impact 72.2 68.5 1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 topresent the results of MMS within discontinued operations. Adjusted operating profitAdjusted operating profit is defined as operating profit excluding specific adjusting items and amortisation of intangible assets. Specific adjusting items are excluded on the basis that they distort trading performance. Theexclusion of amortisation of intangible assets is to allow for consistent comparability internally and externally betweenour businesses. The following table reconciles operating profit to adjusted operating profit: ThermalProducts PerformanceCarbon TechnicalCeramics Segmenttotal Corporatecosts GroupH1 2026 £m £m £m £m £m £m Operating profit 11.0 26.1 15.2 52.3 (13.2) 39.1 Add back: specific adjusting items included inoperating profit 0.1 0.9 8.5 9.5 8.9 18.4 Add back: amortisation of intangible assets 0.2 - 0.1 0.3 - 0.3 Adjusted operating profit 11.3 27.0 23.8 62.1 (4.3) 57.8 Adjusted operating profit margin 6.4% 17.1% 13.0% 11.2% ThermalProducts PerformanceCarbon TechnicalCeramics Segmenttotal Corporatecosts Group Restated H1 20251 £m £m £m £m £m £m Operating profit 10.7 22.4 18.9 52.0 (10.4) 41.6 Add back: specific adjusting itemsincluded in operating profit 2.6 2.7 1.1 6.4 6.3 12.7 Add back: amortisation of intangibleassets 0.2 0.1 0.2 0.5 - 0.5 Adjusted operating profit 13.5 25.2 20.2 58.9 (4.1) 54.8 Adjusted operating profit margin 7.7% 16.4% 11.7% 10.9% 1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 topresent the results of MMS within discontinued operations. Adjusted earnings per share (EPS)Adjusted earnings per share is defined as profit for the year attributable to shareholders of the Company adjusted toexclude profit from discontinued operations, specific adjusting items and amortisation of intangible assets and the taxeffects of the excluded items, divided by the weighted average number of Ordinary shares during the year. Whilst amortisation of intangible assets is a recurring charge, it is excluded from these measures on the basis that itprimarily arises on externally acquired intangible assets and therefore does not reflect consistently the benefit that all of the Group's businesses realise from their intangible assets, which may not be recognised separately. This measure of earnings is shown because the Directors consider that it provides a helpful indication of the Group's financial performance excluding material non-recurring expenses or gains and non-financial asset impairments andimpairment reversals and therefore facilitates the evaluation of the Group's performance over time. A reconciliationfrom IFRS profit to the profit used to calculate adjusted earnings per share is included in note 7 to the condensed consolidated financial statements. Free cash flow before acquisitions, disposals and dividends Free cash flow before acquisitions, disposals and dividends is defined as cash generated from continuing operationsless net capital expenditure, net interest (interest paid on borrowings, overdrafts and lease liabilities, net of interestreceived), tax paid and lease payments. The Group discloses free cash flow as this provides readers of the condensed consolidated financial statements witha measure of the cash flows from the business before corporate-level cash flows (acquisitions, disposals and dividends). The following table reconciles cash generated from continuing operations to free cash flow before acquisitions, disposals and dividends: H1 2026£m Restated H1 20251 £m Cash generated from continuing operations 43.3 70.3

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Net capital expenditure (12.5) (38.9) Net interest on cash and borrowings (9.5) (9.0) Tax paid (11.5) (12.0) Lease payments and interest (6.3) (5.8) Free cash flow before acquisitions, disposals and dividends 3.5 4.6 1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025to present the results of MMS within discontinued operations. Net debt Net debt is defined as borrowings, and bank overdrafts less cash and cash equivalents. The Group discloses net debt because this is the measure used in the covenants over the Group's debt facilities. It helps readers of the condensed consolidated financial statements assess its ability to meet its financial obligations,manage debt and its capacity to invest in growth opportunities. H1 2026£m H1 2025£m Cash and cash equivalents 104.3 84.6 Non-current borrowings (256.7) (333.5) Current borrowings and bank overdrafts (100.7) (0.2) Closing net debt (253.1) (249.1) Net cash and cash equivalentsNet cash and cash equivalents is defined as cash and cash equivalents less bank overdrafts. The Group also discloses this measure as it provides an indication of the net short-term liquidity available to the Group. H1 2026£m H1 2025£m Cash and cash equivalents 104.3 84.6 Bank overdrafts (6.2) (0.2) Net cash and cash equivalents 98.1 84.4 Return on invested capital (ROIC)ROIC is defined as 12-month adjusted operating profit divided by the average capital employed. The Group disclosesROIC to assess its efficiency in generating profits from the capital it has invested in its operations. Third-party working capital includes inventories, current trade and other receivables, and current trade and other payables. H1 2026£m Restated H1 20251 £m Operating profit 42.7 76.1 Add back: specific adjusting items 53.3 32.0 Add back: amortisation of intangible assets 0.8 1.0 Group adjusted operating profit 96.8 109.1 Third-party working capital 116.0 141.1 Property, plant and equipment 324.1 342.7 Right-of-use assets 33.1 34.3 Goodwill 165.3 170.6 Other intangible assets 3.0 3.2 Capital employed 641.5 691.9 Average capital employed 666.7 710.4 ROIC 14.5% 15.4% 1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 topresent the results of MMS within discontinued operations. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authorityto act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this informationmay apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. Forfurther information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END

Interim report