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Capital Markets Event October 2026
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Important information Disclaimer 2 This presentation has been prepared solely for informational purposes for the Capital Markets Event of Porvair plc (“Porvair” or the “Company”) on 14 October 2026. No representation or warranty, express or implied, is made or given by or on behalf of the Company, any of its subsidiaries or any of its directors or any other person as to the accuracy, completeness or fairness of the information contained in this presentation and no responsibility or liability is accepted for any such information. This presentation does not constitute an offer of securities by the Company and no investment decision or transaction in the securities of the Company should be made on the basis of the information contained in this presentation. This presentation contains statements that are, or may be, forward-looking statements, including statements relating to Porvair plc's strategy, plans, objectives, ambitions, targets, financial outlook and future performance. Forward-looking statements may use terms such as "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should". Such statements are based on the Board's current expectations, assumptions and information available to Porvair at the date of this presentation, 14 October 2026. They are subject to known and unknown risks, uncertainties and other factors, many of which are beyond the Group's control, and recipients are cautioned that any such forward-looking statements are not guarantees of future performance. Actual results, performance or developments may differ materially from those expressed or implied by such statements. Accordingly, no assurance can be given that any targets, ambitions, plans or expectations set out in this presentation will be achieved. The information contained in this presentation should be considered in conjunction with the trading update issued by Porvair plc today and with the Group's latest Annual Report and other regulatory announcements. Forward-looking statements speak only as at the date of this presentation. Except as required by applicable law or regulation, Porvair plc undertakes no obligation to update or revise any such statements as a result of new information, future events or otherwise. Nothing in this presentation constitutes or should be construed as a profit forecast or estimate, or as investment advice. Porvair plc 7 Regis Place Bergen Way King's Lynn Norfolk PE30 2JN UK
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Agenda 3 FOCUS, DELIVER, COMPOUND 13:30 AEROSPACE & INDUSTRIAL 14:00 LABORATORY 14:25 METAL MEL T QUALITY 15:10 M&A 15:35 LONG-TERM COMPOUNDING 15:45 CLOSING REMARKS 16:05 Q&A 16:10 14:50 | Break and demonstrations 16:30 | Drinks reception Board members in the audience: John Nicholas Non-Executive Chair Ami Sharma Non-Executive Director Laura Wand Non-Executive Director Mark Osborne Divisional MD Laboratory Dr. Lindsay Parkes R&D Manager Laboratory Emrah Gozturk Divisional MD Aerospace & Industrial Hooman Caman Javvi CEO James Mills CFO Watt Jackson Divisional MD Metal Melt Quality Lalicia Potter President SEAL Analytical Laboratory Presenters:
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Turning a strong track record into accelerated growth PAST 20 years of compounding − Solid foundation − Strong track record − Consistent performance − 8% revenue and 13% EPS CAGR Significant opportunity for long-term value creation PRESENT Inflection point − Executive Committee established − Strategy reviewed − Capabilities strengthened − Execution sharpened − Customer-focused, scalable model − M&A accelerated − Strong cash generation and balance sheet providing strategic optionality FUTURE Accelerate growth − Long runway for organic and inorganic growth − Clear strategy to scale the business − Performance-led execution − Sharpen focus on margin, cash and returns − Delivering against a new financial framework 4
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20 years of consistent growth REVENUE CAGRS £45m ADJ. OPERATING MARGIN 7.2% ADJ. EPS CAGRS 3.6p TOTAL SHAREHOLDER RETURN* 957% 0 50 100 150 200 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 15 30 45 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 20 30 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 1 2 3 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue (£m) Adj. OP (£m) Adj. EPS (p) Dividends (£m) 8% CAGR 11% CAGR 20 years of progressive dividend13% CAGR COVID COVID GFC GFC £194m 13.5% 42.3p 5 vs FTSE All shares: 369% vs FTSE 100: 349% vs FTSE 250: 501% FY05 FY25 * Source: DB Numis, FY05 to FY25 20y: 8% 10y: 7% 15y: 8% 5y: 8% 20y: 13% 10y: 11% 15y: 15% 5y: 14% FY05 FY25 FY05 FY25
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Hooman Caman Javvi FOCUS, DELIVER, COMPOUND
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The Porvair business fundamentals A high-quality industrial with defensible, cash-generative niche businesses 01 Attractive, diversified end markets 02 Mission-critical solutions 03 T echnical differentiation 04 High recurring revenue 05 Agile decentralised model 06 Disciplined capital allocation Principal measure of success: Consistency of earnings growth BUILT TO COMPOUND: Structural demand, recurring revenue, strong cash generation, disciplined investment 7
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Group overview Porvair is a decentralised portfolio of specialist filtration, laboratory and environmental technology businesses 35% Group revenue43% Group revenue 22% Group revenue Principal markets: Aerospace, general industrial, energy and petrochemical Principal markets: Environmental, life and bioscience and chromatography Principal markets: Global aluminium and superalloys US UK Europe RoW Where we operate (by revenue) 45% 26% 25% 4% 24 Sites 10 Countries 1,200 Employees 8 FY25 revenue stated above is before the acquisitions of Drache, GV and Carekem Aerospace & Industrial Highly engineered specialist filtration solutions Laboratory Designer and manufacturer of specialist filters, instruments and consumables Metal Melt Quality World leading products in the filtration of cast house aluminium and superalloys
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Global customer base with high levels of recurring revenue Where we sell (by revenue) Our global manufacturing footprint allows us to be flexible and resilient, and to deliver innovative solutions to global customers N. AMERICA 43% UNITED KINGDOM 11% EUROPE 27% ASIA 14% Industrial Aerospace Life Sciences Environmental Aluminium MMQ others 31% 12% 20% 15% 10% 12% Diverse end market exposure and low customer concentration >6,000 customers served 9 ROW 5% <11% Top 10 customer share
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Facing end markets with long-term structural growth drivers Strongly positioned to benefit from global megatrends Resource efficiency and decarbonisation Tightening regulation and environmental protection Ageing population and healthcare demand Growing middle class and urbanisation Energy transition Electrification Carbon-efficient transport Circular economy and recycling Industrial process efficiency Emissions control Water standards Demand for clean water Waste reduction Analytical science Diagnostics Drug discovery Laboratory automation Air travel and aftermarket OEM build rates and fleet growth Growing aluminium demand Sustainable aviation DRIVING DEMAND ACROSS PORVAIR'S END MARKETS Aluminium Superalloys Aerospace Industrial Environmental Industrial Life science Bioscience Aerospace Aluminium Superalloys 10
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END MARKETS CAGR DRIVERS 4%+ Build rates and flying hours GDP+ Emissions control and process quality 5%+ Diagnostics and analytical laboratory growth 5%+ Tightening water, soil and air quality standards 4%+ Aluminium demand, high-grade alloy usage Attractive markets with significant growth potential Aerospace Industrial Aluminium Environmental Life Science 11 Porvair solutions enable the move toward a sustainable future
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ESG is at the heart of who we are and what we do Clean water | Lightweight sustainable metals | Cleaner oceans | Critical filtration in aerospace, industry and energy Sustainability is both a purpose and a growth enabler 12 Aerospace filtration Protect systems from contamination, improving quality and service life Metal Melt Quality Remove impurities and waste. Improve metal strength relative to weight Water analysis Check drinking water safety and wastewater contamination Waste reduction Reusable filters replace disposable filters to reduce waste Monitor changes in ocean chemistry Reduce refinery waste and improve marine fuel quality Contain and reduce industrial emissions Prevent emissions of fissile material Reduce emissions, identify pollutants, minimise waste, and improve process efficiency and product quality Address our customers’ key challenges and ultimately benefit the environment and wider society Maritime analysis Petrochemical filtration Industrial filters Nuclear filters Our products and solutions: Our products and solutions help:
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Why we win Three reinforcing advantages Deep application knowledge Bespoke solutions Niche applications Technical expertise Protecting mission-critical systems Small cost but critical in function Proven in demanding environments Reliability Agility and speed Proximity to customers Customer-led product development Decentralised operating model ENABLED BY OUR PEOPLE & CUL TURE Technical expertise Decentralisedoperatingmodel Reliability 13
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Why Porvair, why now Enhancing execution, building capabilities, creating a customer-focused and scalable model People and organisation Growth and margin M&A New Executive Committee High-performing culture People strategy Enhanced capability and strengthened team Scalable organisation Portfolio management with OpCo model Full strategy review, focus, alignment Increased execution pace Customer centric and value-selling New financial framework Clear strategic mandate and focus Operational excellence Central M&A resource M&A framework and pipeline Disciplined capital allocation Increased M&A cadence Clearly defined M&A integration Enhancing M&A function FY25 FOUNDATIONS LAID FY26 ACCELERATING… 14
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Operating companies Autonomy to grow Porvair’s decentralised operating model Autonomy at the front line | Discipline at the centre ExCo and centre Set direction, allocate capital Entrepreneurial culture Full P&L ownership, earned autonomy, clear accountability Decisions made close to customers Speed and agility in fast-moving niches A clear, focused strategic mandate Operating companies Execute strategy, capital allocation and M&A Set the tone, culture and high-performance bar Performance management Challenge, coach and support Plc governance Enable collaboration, establish networks, best practice sharing ExCo and centre Our operating model drives profitable growth while we continue to strengthen accountability across the business 15 Managing a portfolio of specialist businesses
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Disciplined execution and active portfolio management Margin improvement potential Where value sits today How we are unlocking it Progress FY25 Revenue CAGR (FY22-25) Size of bubble is revenue scaleAdj. Operating Margin (FY25) Clear priorities, set by mandate Disciplined performance management Operational excellence Visible contribution to Group returns Capability strengthened Key levers in FY25 and FY26 Commercial and operational excellence Active portfolio and footprint management Right OpCo organisational structure More potential… Adj. Operating Margin (%) COVID GFC +80bps TO 13.5% Portfolio, commercial and operational levers provide a runway to improve margins 16
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Material shift in portfolio mix in FY25 Strategic mandate framework to focus investment, improvement and business priorities Stabilise -14pts YoY Improve -2pts YoY Grow +16pts YoYOF GROUP TURNOVER ~4% Transform, restructure and improve Improve margin and returns Moderate investment in growth Grow above market rate while maintaining high margin levels Invest strongly in organic growth Look for inorganic opportunities OF GROUP TURNOVER ~42% OF GROUP TURNOVER ~54% FY24 ~18% ~44% ~38% Margin performance is key, alongside growth prospects, cash and returns profile ~4% ~42% ~54%FY25 High grading our portfolio through operational excellence, targeted actions and disciplined capital allocation 17
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Building a customer-focused, scalable model Customer-centric OpCos, ExCo capacity shifts to portfolio leadership WHERE WE ARE HEADING ExCo members lead a portfolio ACTIONS TAKEN SO FAR Two larger, customer- focused OpCos WHERE WE WERE Many small sites, reporting to Divisional MDs Wide span of control; leaders pulled into site-level detail Limited career progression M&A not yet scalable Five sites under one OpCo leadership Scale per site c.£8m avg. → c.£40m OpCo Porvair Life Sciences Two sites, c.€10m avg. → c.€20m OpCo Now under one GM, one commercial team, common ERP/processes European Filter Corporation Group Presidents run scaled OpCos ExCo capacity to drive growth and capability building Full P&L accountability at OpCo level M&A function strengthened Deeper bench, clearer career paths Expands management capacity, sharpens accountability, and makes organic growth and M&A more repeatable 18
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Embedding a customer centric mindset Product centric Understanding customer needs Customer centric Technical product expertise Customer service Product centric Application expertise Customer segmentation Understanding customer needs Understanding true drivers for customers’ performance Improving customers’ processes with our products, services and expertise Unique value propositions Deliberate sales channels Customer centric Truly integrated and partnering with our customers 19
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Accelerating growth, improving margins and compounding value over the long term Our strategic priorities − Customer centric − Value-add offerings − Pricing excellence − Segmentation and value proposition − Deliberate channels Commercial excellence − Automation and lean − Performance culture − Continuous improvement − Right footprint and utilisation Operational excellence − Customer-led, agile new product development − Invest in technology and resources Innovation and new product development − Operating model − Scalable structure − OpCo portfolio − Leadership and talent development − Rewards and incentives Organisation and people − Disciplined capital allocation − Value-accretive deals − Active portfolio management M&A 20
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To change the background image: Right-click the slide > Format Background > Picture or texture fill > Picture Source > Insert… browse to your chosen image, click Open. Emrah Gozturk AEROSPACE & INDUSTRIAL
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Highly engineered specialist filtration solutions Serving global customers such as: 22 Aerospace and defence Petrochem Chemical process OEM materials Microelectronics Nuclear Food and beverage Bioscience Gasification Revenue by end market (FY25) − A leading provider of mission-critical filtration solutions across Aerospace and Industrial markets − Designed-in products generating high recurring revenues and entry barriers − Protecting customers’ high value critical asset base with an excellent track record − Leading market positions in selected segments − Large installed base across industries driving recurring revenue 43% Revenue FY25 Of Group revenues Adj. operating profit FY25 £11.9m £83.7m
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Global reach serving diverse end markets Porvair Filtration Group Industrials, energy, aerospace, OEM and microelectronics. Serves highly regulated markets with wide geographical presence Dahlman Filtration systems / solutions. Project management and engineering services for chemicals, petrochem and green molecules European Filter Corporation Filtration products into food and beverage, pharma, chemicals and petrochemicals with specialised product offering in mist elimination GV Filtri Specialises in engineering and manufacturing of industrial filters and filtration systems serving various industrial sectors Porvair Filtration Group European Filter Corporation GV Filtri 23 Geographical revenue mix North America Europe RoW UK 6 sites in UK and Europe 3 sites across North America Dahlman 1 site in India
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Attractive end markets with structural growth drivers Recurring revenues from markets with structural long-term growth, high technical complexity and high entry barriers Aerospace | Defence Petrochemicals | Gasification | Chemical process Nuclear Microelectronics | OEM | Bioscience | F&B 4%+ CAGR Growth drivers − Passenger demand growth − Increased defence spend − Civil aviation fleet to grow by 80% between 2026-2045 − c.44k aircraft to be built 2026–2045 GDP+ CAGR Growth drivers − Chemical and pharma capacity growth − Increasing regulation − Localisation 5%+ CAGR Growth drivers − Energy security and electrification − Power demand driven by AI and datacentres − Decommissioning Mission-critical filtration in embedded systems A&I opportunity Leveraging A&I technical expertise and set-up A&I opportunity Decommissioning, SMR/fusion optionality A&I opportunity Precision filtration in demanding processes A&I opportunity 3-6% CAGR Growth drivers − High-tech manufacturing growth − Digitalisation − Demographics and bioscience demand 24
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26 Chemical and process industries: three distinct verticals A&I can capture global project activity and recurring installed-base demand across the portfolio Chemical process is a balanced mix of global project opportunities and recurring installed-base demand Petrochemicals Market signal − European market subdued − Projects delayed, healthy global pipeline − Recurring revenues from installed base Porvair differentiator − Use A&I operating-company reach − Follow global customers and EPCs − Deploy proven products and applications Subdued European market and geopolitical uncertainties impacting project timings Gasification Market signal − New client project delivered this year − Healthy pipeline − Complex, highly technical content Porvair differentiator − A leading player with best technical solution − References across continents − Local responsiveness with group expertise Project-led growth opportunity turning to recurring revenue Chemical process Market signal − Recurring demand continues − Served across multiple OpCos − Reliability and compliance spend Porvair differentiator − Customer intimacy close to sites − Application knowledge in niche processes − Long-term supply contracts Resilient recurring revenue stream
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Built to stay: qualification creates long-lived positions Deep engineering expertise and customer integration create high barriers to supplier substitution Embedded for decades Long programme lives Requalification creates switching friction Positions extended into aftermarket High cost and risk of supplier change Engineered with the customer Deep application expertise Application-specific engineering Early collaboration with OEMs Design through industrialisation Built to perform High technical and qualification barriers Extensive validation and qualification Proven reliability Time and cost to qualify 26 Application expertise | Qualification barriers | High switching costs | Long-lived customer positions
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Every second an aeroplane lifts off with Porvair components Decades-long positions | Recurring replacement demand | Qualified and embedded | Trusted supplier Engine fuel control Brake systems Power control and avionics Auxiliary power 01 02 03 04 Primary and secondary flight control 05 Fuel tank inerting06 Gearbox and generator lubrication 07 01 02 03 04 05 06 07 Major aerospace customers and programmes: 27 Mission-critical filtration qualified and embedded across the world’s leading civil aerospace programmes
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Mission-critical solution with strong recurring demand Small component cost | Mission-critical function | High switching barriers | Recurring revenue Customer challenge Protect safety-critical aircraft systems − Eliminate flammable fuel vapours in fuel tank − Compact, lightweight solution required − Complex integration requirements into the aircraft Porvair solution Co-developed, qualified and embedded − Integrated filtration and ozone separation – save weight − Extended element operating life – save opex costs − Engineered in partnership with OEMs – qualified and integrated Commercial outcome Qualification creates a long-lived revenue stream − Assemblies fitted across major civil aircraft fleets − Growing installed base with every new aircraft − Recurring replacement cartridge demand From OEM qualification to decades of recurring revenue Develop and qualify > New aircraft production > Growing installed base > Recurring revenue Installed in approximately 70% of civil aviation fleet worldwide 28 Engine bleed air filter and separator
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Nuclear case study: Hanford | Engineering expertise creates a long-term recurring revenue position Mission-critical filtration for one of the world’s largest nuclear waste treatment programmes Recurring revenues delivered by long-term collaboration with customer, with certified and patented product The challenge 56m gallons Radioactive waste accumulated over 46 years of operation awaiting treatment, vitrification process emissions need filtration Hanford, WA Porvair solution Long-term value Decades Long-term opportunity with recurring revenue stream given the significant qualification process and consumable filters Certified and patented replacement filters Dedicated production line at Ashland, VA Customer-led product development for over 10 years to find the best solution for their demanding environment Qualified and patented HEPA filtration solution Engineered solution Qualified and patented Established production Recurring replacement revenue 29 Source: www.hanford.gov
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GV Filtri unlocks new capabilities and growth opportunities 30 GV Filtri Industriali S.r.l. − Founded in 2008, based in the major industrial hub, Turin, Italy − Focus: Specialist in systems engineering and manufacture of industrial filters and complete filtration systems − Scale: 2025 revenue c.€5m, c.30 employees Rationale: − Geographical reach – route to market in Italy and Southern Europe − Expertise – complementary engineering and manufacturing capabilities − Portfolio – broader, complementary product offering − Cross-selling – deeper customer penetration, revenue synergies − In-sourcing – more value captured, better margins − Relationship – long-standing Porvair partner Solid 30/60/90-day integration plan underway COMPLETED SEPT 2026 End markets − Broad range of industrial sectors: − Energy − Power generation − Chemical − LNG − Water treatment − Low customer concentration, c.250 active customers.
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Creating a scaled European filtration platform Integration creates a stronger operating model and platform for targeted growth Clear accountability | Lower complexity | Stronger customer proposition | Scalable growth 2025 Fragmented structure 2026 Integrated OpCo 2027 Growth platform Dahlman Filtration Services B.V. Location: NL European Filter Corporation N.V. Location: BE EFC - one integrated European filtration business c.€20m revenue Expand into new geographies Two sub-scale filtration businesses operating 50km apart with separate leadership and processes One GM One commercial team Common ERP / processes Delivery: Delivery: Build on existing initial market entry Leverage larger platform for developing sales channels and growth Delivery: 31 c.€10m revenue each
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Positioned for future growth 32 14% Adj. OP CAGR from FY20 to FY25 Markets positioned for attractive long-term growth Diverse end-markets with structural growth Highly attractive niche positions with high entry barriers Three step value creation model Engineered with the customer + built to perform + embedded for decades Selected investments Acquisition of GV Filtri (Italy) adds capabilities Creating scalable platforms for expansion A&I is well positioned to leverage exciting opportunities in a range of attractive end markets With a clear focus on margin enhancement
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To change the background image: Right-click the slide > Format Background > Picture or texture fill > Picture Source > Insert… browse to your chosen image, click Open. Mark Osborne LABORATORY
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Designer and manufacturer of specialist instruments and consumables 34 Enviro testing and water labs Clinical testing labs Agricultural and soil labs Academic and private labs Chromatography process Industrial process and labs Bioscience labs Pharmaceutical process Medical process Other Revenue by end market (FY25) − Leading niche provider serving life sciences and environmental laboratory markets − Focus on specialist applications within large, growing end markets − Recurring consumables and service revenues supported by an expanding installed base − Differentiated through customer intimacy, technical expertise and service excellence − Growth driven by innovation, acquisitions, investment in operations and collaboration 35% Revenue FY25 Of Group revenues Adj. operating profit FY25 £10.9m £66.9m Serving global customers such as:
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35 Supporting customers with a global network Operating companies across USA, UK and Europe, and China, with a global distribution network Ten major sites: - Eight providing manufacturing, R&D and customer service - Two delivering local service and customer support to specific territories SEAL Analytical Mequon, WI Manufacturing Finneran Vineland, NJ Glass and plastic manufacturing SEAL Analytical Wrexham, UK Customer support Kbiosystems Basildon, UK Laboratory automation with software engineering capability SEAL Analytical Rijen, Netherlands Robotics Factory SEAL Analytical Norderstedt, Germany Manufacturing SEAL Analytical Shanghai, China Support Office PSL Wrexham, UK Porous plastic materials with multidisciplinary R&D team Ratiolab Germany and Hungary Moulding and product assembly Life SciencesEnvironmental Geographical revenue mix North America Europe RoW UK
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36 Attractive end markets with structural growth drivers The Laboratory division is strongly positioned for increasing demand, underpinned by forecast population growth from 8.3B today to 9.7B by 2050 Growth drivers − Need for clean water and food supply − Awareness of new pollutants − Increased monitoring − Tightening regulation Growth drivers − Demand for healthcare − Increasing disease screening and prevention − Growth in personalised medicine − Rollout of healthcare in developing regions Increasing sample testing automation and throughput Increasing need for lower detection limits at volume Lab opportunity Growth in biologics research Increasing need for research and testing volumes Lab opportunity Environmental Life Sciences 5%+ CAGR 5%+ CAGR
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To change the background image: Right-click the slide > Format Background > Picture or texture fill > Picture Source > Insert… browse to your chosen image, click Open. Lalicia Potter ENVIRONMENTAL
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38 A global leader in environmental analysis solutions Our go-to-market strategy: Direct sales where we have presence in territory Through a strong and well engaged distribution network A strong global presence Product portfolio Continuous flow analysers Discrete analysers Robotics systems Digestion systems Services Technical support Service Software development Training Consumables Serving global customers such as: GOVERNMENT UNIVERSITIES / RESEARCH INSTITUTES INDUSTRY PRIVATE TESTING Designed by chemists for chemists Designed by chemists for chemists
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39 Market and structural growth drivers Designed by chemists for chemists Regulations Tightening water regulations – globally Increasing regulation – especially in developing economies Safe drinking water and oceans Agricultural / soil regulations Monitoring – climate change Demand drivers T echnological shifts = More automationMore testing More laboratories Limited space – more compact instruments Increased throughput Faster turnaround of results Increased sample volumes More instrumentation More consumables More services More training More data / software integration = more SEAL! 39 Wastewater analysis Seawater analysis Drinking water analysis Soil and plant analysis Tobacco analysis
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40 SEAL Analytical differentiators Designed by chemists for chemists Expertise in: Customer centric focus Global reach and customer support Superior technical expertise >65 years in the industry All technical sales and support teams are qualified chemists Strong global team alignment Direct access to technical experts Trusted partner Large global installed base Instrumentation design Optics Software development Data integration Manufacturing Chemistry Installation and training
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41 Over 65 years of customer-led innovation and product development Designed by chemists for chemists Increasing installed base >10,000 instruments Increased speed and automation with each generation of product Recurring revenue with each sold instrument, consumables and service Reoccuring instrument business every c.10 years Customer centric expertise retains customer loyalty SEAL AnalyticalTechnicon 1957 AutoAnalyzer 1987 TRAACS 800 2002 AQ2 2018 Robotics 2023 AQ700 1969 AutoAnalyzer II 1997 AutoAnalyzer 3 2015 AQ400 2018 AA500 Milestones AAII - first commercially available automated lab instrument TrAAcs - first microflow high-speed SFA AQ2 - first benchtop discrete analyser for the environmental market 2008 Acquired by Porvair R&D begins with key customer requirements and an unmet need
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New product development Designed by chemists for chemists Solves real laboratory workflow challenges - faster analysis, higher capacity, 24/7 unattended operation Improved laboratory productivity International collaboration combining specialist chemistry and robotics expertise Decreased labour costs Increased sample throughput 4-fold (400%) SEAL AQ700 Discrete Analyser AFTER 2 YEARS 50 Units installed $5m Revenue Solid Pipeline >$0.75m Annual recurring revenue from service and consumables Case study: AQ700 42
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43 Future Growth Designed by chemists for chemists Innovation continues… More robotic automation New projects with major lab groups underway Continued solid customer base Continued customer loyalty – replacement revenue Recurring revenue - new and existing installed base Proprietary consumables and reagents, upgrades Service and support contracts c.30% of total revenue is service and consumables - and growing c.10-year customer lifecycle Drives customer loyalty Outlook Positioned for attractive long-term growth Carekem acquisition strengthens service and support focus
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To change the background image: Right-click the slide > Format Background > Picture or texture fill > Picture Source > Insert… browse to your chosen image, click Open. Dr. Lindsay Parkes LIFE SCIENCES
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45 Market leading products for biotech and life sciences InstrumentsPorous plastics filtration Designed-in, highly specialised consumables for sample preparation, storage and analysis Offering Meets high spec requirements and market demands for no contaminants Customer benefits Engineered porous materials for filtration, separation and fluid management Offering Bespoke design and applications Customer benefits Laboratory automation and sample preparation systems that improve workflow efficiency and complement the wide range of consumables the division manufactures Offering Automation to increase lab throughput Customer benefits Plates, vials and accessories
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Perfectly positioned to support customers’ needs 70+ years of knowledge and expertise Solving complex technical customer challenges Industry expertise and customer intimacy In-depth understanding of technical requirements Long-term customer journey Integrated solutions Collective innovation Trusted collaboration Unified customer supply chain Extensive range of processes and equipment Scientific testing and validation Plastic and glass material processing expertise Process Scientific and technical expertise Engineering capability Strong software engineering capability Diverse talent Strong mould tooling know-how Diverse talent 46
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47 Innovation and new product development funnel 30+ projects progressing Opportunity and risk Idea generation − Market research − Draft project calculations − Legal / financial risk assessments Concept development and feasibility − Project management resource and plan − Prototype development and testing − Engineering design and verification − Customer agreement − Production tooling Implementation − Product / process validation − Marketing ramp up − Serial production − Process / product improvement − Post launch review Launch New to the World | Penetration into new market Active product line development
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48 Growing global importance of biologic medicine VS.Conventional medicines Biologic medicines Small molecules Chemically synthesised in labs Large molecules Cells Fastest growing therapeutic 30% of all approved drugs in 2025 Patent cliff Automation shift in processing of tests Over 50% of current R&D programmes are related to biologics PSL opportunity Requires new consumables to be developed for automated processing Processing times reduced which drives consumable demand Shift to more engineered products with higher margin Credit: Johnson & Johnson What are biologic medications?
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49 One example of a new product launch Clara 6-well plate - capturing biologics opportunity Porvair Life Sciences Group’s Clara range enables automation and acceleration of discovery and development Customer challenge The volume challenge − Small volumes yield too little data − Large volumes costly and time consuming Speed to market is critical − First mover advantage − Patent coverage Solution Automation-ready consumables − Accelerate biologics development Unique filtration and purification system − Cuts processing time from 6 hours per sample to 20 minutes for 6 samples >100x faster − Increased throughput, reduced timelines
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50 Future growth Innovation continues More specialised consumables for automated workflows Dynamic new product development pipeline Strong relationships with biopharma customers High quality “designed-in” product with frequent replacement cycles Recurring revenue - new and existing installed base Complementary consumables and instrumentation Service and support contracts Regulated product with limited reusability Markets with high concern for resource cost, low concern for consumable cost Agility in customer-led product development Outlook: Positioned for attractive long-term growth
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To change the background image: Right-click the slide > Format Background > Picture or texture fill > Picture Source > Insert… browse to your chosen image, click Open. Mark Osborne LABORATORY
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52 Laboratory division’s growth journey A track record of strong organic growth, and scaled through acquisitions 2017 Laboratory division Spun out from Aerospace & Industrial, with PSL and Seal Analytical 2018 Rohasys acquired Liquid handling robots 2021 Kbiosystems acquired Lab automation 2023 Ratiolab acquired Clean room manufacturing 2026 Carekem acquired UK service company 2017 £0.8m invested in PSL Porous plastic capacity expansion 2018 $2m invested In Finneran facility expansion 2019 £1m invested in PSL High volume frit manufacturing capability 2023 €0.5m invested in Ratiolab Clean room expansion and new mould presses Lab division FY17 Rohasys Kbiosystems Ltd Ratiolab Carekem Organic Lab division FY25 ORGANIC GROWTH c.£68m c.£35m Revenue (£m) Finneran acquired Microplates and chromatography vials Including proforma Carekem 70 60 50 40 30
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53 Creating Porvair Life Sciences Group Integration creates a stronger operating model and a platform for targeted geographic and market expansion The key to the Life Sciences Group is unlocking what each company adds, and bringing it to bear on our worldwide markets and customers 2025 Fragmented structure Five distinct sites based in UK, Germany, Hungary and USA Different product lines, commercial teams comfortable with own products only Five different routes to market geographically and channel wise Local teams incentivised on their own performance Soft collaboration working, but with natural limitations 2026 Integrated OpCo One OpCo MD owning all the operating sites and incentivised on a consolidated financial performance Strategy to assess the unique value each Company can bring to the overall Group Stronger alignment amongst the commercial teams Development of common combined product offering to all markets 2027 Growth platform Combined strategy and consolidation of commercial teams (sales, marketing, product management) Development of combined new product roadmap leveraging total “Voice of Customer” Consistent worldwide go-to-market planning Focus on site-by-site operational excellence, and best practice sharing PORVAIR LIFE SCIENCES GROUP
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Positioned for future growth With a clear focus on margin enhancement 10% Adj. OP CAGR from FY20 to FY25 Our markets have strong long-term growth potential Continued focus on those niche applications where we can be the leading solution provider New products coming to market in 2026 and 2027 that are currently in customer trials Further investment to drive inorganic and organic growth Further collaboration being a force multiplier in environmental and life sciences businesses 54
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To change the background image: Right-click the slide > Format Background > Picture or texture fill > Picture Source > Insert… browse to your chosen image, click Open. Watt Jackson METAL MEL T QUALITY
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Serving global customers such as: Infrastructure/Industrial Automotive Aerospace Other 22% World leading products in the filtration of cast house aluminium and superalloys Revenue FY25 £43.4m Of Group revenue Adj. operating profit FY25 £6.6m Prior to 2026 Drache Acquisition (Drache annual turnover c.€20m) Revenue by end market (FY25) − A leading global filtration supplier in core markets of infrastructure / industrial, automotive and aerospace − Five international production platforms to serve global customer base − Energy dynamics driving growth in aluminium, superalloys, and copper filtration − 40+ years of global leadership in metal filtration technology − Strong revenue visibility resulting from critical role embedded in metal production − Aluminium DNA, spun out of major international aluminium company 56
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57 Strategically positioned to service global markets Production platforms in the Americas, EMEA, and Asia offering supply flexibility and continuity Customer technical support strategically positioned Well positioned to support international customers growth ambitions Production R&D Logistics / warehousing Gilberts IL USA Hendersonville NC USA Diez Germany Xiaogan PRC Sharjah UAE Technical support Geographical revenue mix North America RoW Europe UK
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58 Structural growth underpins core aluminium market demand Aluminium cans Aerospace Electric vehicles General aluminium 4% CAGR Substantial market share upside from ongoing material substitution MMQ opportunity Growth drivers − Sustainability-led shift and attractiveness of aluminium’s infinite recyclability 4%+ CAGR Driving superalloy (nickel/cobalt) filter demand for turbine blades Multiple components of the aircraft driving aluminium demand MMQ opportunity Growth drivers − Passenger demand growth − Increased defence spend − Civil aviation fleet to grow by 80% between 2026-2045 − c.44k aircraft to be built 2026–2045 6% CAGR EVs contain ~40% more aluminium Build-out of charging infrastructure drives filtration for copper wire production MMQ opportunity Growth drivers − Increasing demand for electric vehicles 2% CAGR Aluminium used in various applications MMQ opportunity Growth drivers − Increasing population and urbanisation
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Impact of electrification 59 According to the International Energy Agency: “Electricity demand is on course to grow at least 2.5 times as fast as overall energy demand through 2030 as the Age of Electricity takes hold. This is driven by rising industrial use of electricity, the continued uptake of electric vehicles, higher air conditioning use and the expansion of data centres and AI.” The impact on MMQ filtration demand: Superalloy turbine blades for Industrial Gas Turbines Copper wiring Aluminium recycling
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60 Compelling case for recycled aluminium Smelter (Primary - produced from bauxite / alumina) 01 Recycled aluminium (Secondary) 02 Energy accounts for 30-50% of production cost A single smelter uses ~11 terawatt hours of electricity annually (equivalent of Greater Manchester) Smelters struggling to source electricity contracts in competition with other electrification demands Only 4 smelters left in the USA $4-6 billion capital cost and 5-6 years to build a smelter Requires ~95% less energy than smelting A large sorting / recycling facility can be built in 1 – 1.5 years at a cost of <$0.5 billion Investment activity in aluminium recycling is surging globally, valued at over $50 billion and projected to reach up to $117 billion by the early 2030s as industries race to secure low-carbon metal Electrification’s impact on aluminium production is significant
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61 Increasing use of recycled aluminium will magnify demand for filtration beyond end market growth Smelter End of life Cast House Rolling Extrusion Forging Final Product Production Use of more recycled aluminium carries higher inclusion loading and increased need for filtration capacity Recycling VS 74 81 33 53 2025 2035 Primary Secondary Global total aluminium consumption, million metric tonnes +20 +7 CRU & Alcoa projections 5% CAGR 1% CAGR
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62 Acquisition of Drache GmbH provides transformational opportunity Drache and SELEE teams working very well together and delivering synergies more quickly than anticipated Creates scale required to serve global aluminium market A leading global player Balanced geographic revenue footprint Broader and deeper product portfolio Establishes production platforms in Americas, Europe, Middle East, and Asia Expands global commercial network reach Increases installed customer base by >65% Creates potential for synergies in: − Purchasing − New product development − Engineering − Operations MMQ and Drache (FY25 revenue) MMQ £43m Drache £17m
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63 Typical aluminium cast house Each cast house is bespoke Holding furnace Billet casting table
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TO CASTING TABLE FROM FURNACE 01 02 03 04 0506 08 07 64 Drache acquisition created complete aluminium cast house product line 06 Refractory coatings refractory repair Launder replacement refractory 08 CONSUMABLES 01 Launder 02 Degasser 03 Preheat lid 05b Filter bowl w/ drain dam EQUIPMENT 07 Launder covers 04 Filters 05a Filter bowl refractory
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65 Enabling a broader and deeper aluminium offering COMBINED EQUIPMENT Degasser system Launders + refractory Launder covers (passive + heated) Preheat lid Filter bowl CONSUMABLES Filter bowl drain plugs Filter bowl dams Ceramic foam filters Refractory coatings Refractory repair mastic Spouts, stoppers, hot top rings SERVICES Equipment repair services Operator training Metallurgical support Enhanced innovation capability Combined new product development resources can accelerate new offerings Significantly strengthened equipment offering New degassing platform expands growth opportunities Broader filter bowl and preheat range supports customised cast house solutions Increased consumables exposure Complementary products increase global recurring revenue potential Added service capability Combined expertise enhances aftermarket and technical support offering
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66 Acquisition creating global operational footprint and balanced business base SELEE REVENUES 70% DRACHE REVENUES 15% SELEE REVENUES 15% DRACHE REVENUES 60% SELEE REVENUES 15% DRACHE REVENUES 25% SELEE Production Drache Production Americas EMEA Asia Combined SELEE + Drache Revenues
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67 Scale enables business model innovation Expanded product lines and services Represented by a larger sales and support network Serving a broader global customer base Leveraging technical capabilities, monetising high value services (in-person / online): New filtration system engineering design Operator training Equipment servicing Metallurgical support (45-year database) Operational troubleshooting Collaborating to accelerate new product development and operational efficiencies
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68 MMQ support of Emirates Global Aluminium IN REVENUES WITH 2 CASTING LOCATIONS IN THE UNITED ARAB EMIRATES $8.7bn For over 20 years, Drache and SELEE have been trusted long-term suppliers to EGA Supporting the business through local presence in the UAE, combined with technical support and material supply from their global network of facilities in the UAE, Germany, USA and China. This blend of local reach and global capability ensures fast response, strong technical backup and reliable supply for the Casthouse at Jebel Ali and Al Taweelah, reflecting a partnership that adds real value to EGA's operations." Mr. Abdulrahman Rahmani Manager – Casting Services SELEE USA and China Drache Middle East Drache Germany SELEE CS-X Filters (USA) SELEE CS-W Filters (China) Production of ceramic filter bowl and launders Spares, consumables Installation services Logistics hub Ceralu filters Preheat systems Refractory linings Ceramic consumables Launder lids
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69 MMQ support of Shandong Nanshan Aluminium IN ANNUAL REVENUES WITH OPERATIONS IN SHANDONG CHINA AND USA $5bn Nanshan America Shandong Nanshan Aluminum SELEE CS-X Filters (USA) Drache Ceralu Filters (Germany) Filter bowls (USA) Preheat systems (USA) Ceramic consumables (USA) SELEE CS-W Filters (China) PLAY VIDEO
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Investing to capture long-term aluminium opportunity To fully capture long-term aluminium opportunity 50% capacity expansion, with reduced operating costs, to support market growth £5 million investment delivered on time and to budget Pre-investment USA cast house line approaching operational capacity Existing kiln at end of life Strong aluminium market demand projections Solution Investment in new kiln offering 50% more capacity Natural gas savings Features to add automation Reduced maintenance expenses Ergonomic benefits Reduced carbon intensity 70
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71 Positioned for future growth With a clear focus on margin enhancement The MMQ team is excited and motivated about our future Markets positioned for attractive long-term growth End market growth Aluminium recycling dynamics Significant production investments Acquisition of Drache GmbH (Germany) generates scale for the division to capitalise on these global growth dynamics MMQ accelerating customer support services to its traditional range of products 19% Adj. OP CAGR from FY20 to FY25
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Hooman Caman Javvi M&A
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Relationships with founder-led targets are nurtured over long periods 73 Proven acquisition track record ACQUISITIONS SINCE 2017 11 April 2017 December 2017 February 2018 September 2019 December 2023 May 2023 March 2023 February 2021 January 2026 June 2026 September 2026 Historical acquisitions have delivered: CAPITAL DEPLOYED ACROSS 18 ACQUISITIONS c.£90m c.£5m AVERAGE DEAL SIZE Increased capability across divisions Complementary customers and products Extended geographical reach Broadened end market exposure Cross-selling opportunities Rohasys B.V. Keystone Filter HRW Inc. Since 2012: Vertical integration, cost- out and margin capture
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74 Why business owners sell to Porvair A differentiated proposition for entrepreneurs, with the majority of deals sourced off-market Trusted, long-term owner Reputation as a long-term, responsible home – not a short-hold financial buyer Legacy and entrepreneurial spirit Founders' legacy is protected and the entrepreneurial spirit remains, along with identity and customers People stay, and grow Management and teams retain their positions, with access to group experience Capital to accelerate Balance sheet strength funds capacity, new products and geographic reach “For me, Porvair was the right partner to help Drache build on its strengths and realise its full potential, while benefiting from the global presence, market leadership, and long-term growth opportunities offered by teaming up with Selee.” Gerlinde Weyl-Drache Former shareholder, Drache Umwelttechnik GmbH “Porvair understood what we had built at GV and shared our focus on filtration. It gave us the strength of a larger group while preserving the know-how and the people that make GV what it is, and that made it the right home for our business.” Marco Vicentini Managing Director, GV Filtri Industriali S.r.l. Ultimately, it is about trust, transparency and building relationships People sell to people
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75 Porvair's value-add Building better businesses for sustainable growth Expertise and discipline Group expertise, technology and best practice sharing Financial discipline and improved business processes Leadership support, career opportunity, proven operating model Capital to grow Capital for resources, capacity, automation, new product development and bolt-ons Long-term sustainable growth for customers and employees Autonomy and identity Decentralised structure - autonomy, accountability, entrepreneurial spirit Flexible approach adopted to brand retention and operating locations Unlocking the full potential of acquired businesses Commercial synergy Cross-selling plus market and customer access International network and increased collaboration Higher value offerings
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Backing good businesses and making them better 76 Accelerating the pace of M&A Spend on M&A (£m) Clear focus ExCo-level M&A focus, with framework and ambition set Clear accountability for every acquisition business case Capability Central M&A resource added and is being further strengthened GMs engaged in sourcing; external M&A resources leveraged Discipline Active M&A pipeline Value accretive acquisitions Post-acquisition reviews implemented and acted on Scalable model Group Presidents leading a portfolio of businesses Integration playbook: solid integration process in place £25m 3 DEALS 0 5 10 15 20 25 30 3 2 1 0 1 1 2 1 0 1 2 1 00 Avg. M&A spend per year £5m Avg. acquisitions per year 1 deal What we have done in FY25 and FY26 Number of deals per year
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77 A highly fragmented global market with significant white space Healthy M&A pipeline Proven platform Acquire, integrate and grow into white spaces Multiple levers • New geographies • Sectors • Capabilities • Applications • End markets Penetration Strong Moderate Small END MARKETS SECTORS NORTH AMERICA UK&I EUROPE ASIA INDIA SOUTH AMERICA ROW Aerospace Aero components Industrial Nuclear Power and energy Chemical and petrochemical Microelectronics Pharmaceutical Food and beverage OEM materials Other general industrial Life Sciences Life science consumables Testing and laboratories Chromatography Environmental Water Soil Agriculture Metal Melt Quality Aluminium Superalloys Expanding addressable market New sectors or applications Scalable model
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M&A targeting Value accretive acquisitions Strategic fit Financial quality Opportunities to improve Does it belong in the portfolio? Does it pay for itself? Can we make it better? Attractive market exposure Technology and capabilities Customer and geographic reach Familiarity with the sector Strong financial returns or potential Value accretive deals delivering returns in excess of cost of capital Strong cash generation Recurring revenue, low customer concentration Growth and return prospects Commercial and operational synergy Cultural fit and management capability Small cost, but critical in function How we do it Disciplined by design 01 We buy quality businesses 02 We make them better 03 Disciplined on price 04 Disciplined M&A with a clear framework Ambitious on value, disciplined on price 78
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James Mills LONG-TERM COMPOUNDING
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Strong foundations for sustainable compounding growth Compounder model Niche positions Attractive end markets High barriers to entry High levels of recurring revenue Diversified and resilient Underpins Group financial performance Inherent qualities, attractive business characteristics 80
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81 Compounding growth within a new financial framework Consistent performance Portfolio of businesses Margin expansion Cash generation Capital allocation and returns PAST 20 years of compounding − Solid foundations − Strong track record − Consistent performance PRESENT Inflection point − Acceleration − Momentum − Strong balance sheet, strategic optionality FUTURE Accelerate growth − Scale − Impact − Margins, cash and returns
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82 Introducing a medium-term financial framework KPI LAST 5 YEARS FY25 Organic CC revenue growth %2 5% 2% Adjusted OP % 12.4%2 13.5% Operating cash flow %2,4 96% 91% ROIC %2,5 18% 18% Leverage2 0.1x - Total revenue growth %1 8% 1% Adjusted EPS growth %1 14% 10% 1 CAGR 2 Average 3 FY31 range 4 Cash generated from operations, add-back pension recovery payments and exceptional cash flows, less capex, as a percentage of adjusted operating profit 5 Adjusted operating profit as a percentage of average net assets less net cash/(debt) excluding lease liabilities FINANCIAL FRAMEWORK Mid-Single-Digit 16-18%3 85%+ 18%+ <1.5x (2.0x for compelling strategic rationale) 10%+ 10-20%
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Building blocks of medium-term margin progression Non-linear progression 16-18% FY24 12.7% FY25 13.5% Market growth and operating leverage Growth markets Capacity Value-add offerings Portfolio management Operational excellence Niche positions New products and services Product mix Strategic mandate Performance management Capital allocation Relentless focus on margin enhancement within a customer-focused, scalable model 83
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84 Divisional medium-term margin framework A&I LAB MMQ FINANCIAL FRAMEWORK 18-20% FINANCIAL FRAMEWORK 18-20% FINANCIAL FRAMEWORK 15-18% Guidance 14-16% FY25 14% 5-year average 12% Guidance (updated) 15-17% FY25 16% 5-year average 16% Guidance (updated) 14-16% FY25 15% 5-year average 14%
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85 Cash generation provides strong foundations for growth Balance sheet strength provides strategic flexibility Free Cash Flow (£m) Highly cash generative business model Disciplined working capital management Operating cash flow conversion 85%+ Operating Cash Flow conversion (%) 13 16 18 18 20 2021 2022 2023 2024 2025 £85m of free cash flow generated over last five years: Acquisitions£29m Capex£26m Dividends£13m Surplus cash £17m 107 95 97 93 91 2021 2022 2023 2024 2025
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Disciplined capital allocation in a decentralised Group 01 Organic growth 02 Targeted acquisitions 03 Dividends 04 Additional returns People New products and services Growth capex Strategic fit Financial quality Opportunities to improve Progressive 20+ years of increase Good discipline to maintain Consistent surplus cash And 01 – 03 delivered Only where: Allocation priorities 86
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87 Capex-light model Historical capex Growth capex hurdle rate YEAR 3 ROIC 40% Average c.3% of Group revenue last five years Sites well invested Sustaining capex <1% of Group revenue Growth capex >2% of Group revenue Automation, efficiency, capacity Strategic mandate drives priorities Total capex moves towards c.4% of Group revenue Growth capex in action Disciplined capital deployment Competition for capital across the three divisions Commercial rigour and discipline Selection and execution Post capex assessment Growth capex opportunities
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88 Growth capex in action… Aerospace & Industrial Matsuura, 5 axis machine Laboratory Clean room Metal Melt Quality Production line connector ROIC 40%+ SEGENSWORTH, UK, PFG Benefits: INVESTMENT £0.6m Vertical integration, derisk supply chain, lights out running and in-source margin ROIC 40%+ BUDAPEST, HU, RATIOLAB Benefits: INVESTMENT £0.5m Capability and in-source margin ROIC 100%+ DIEZ, DE, DRACHE Benefits: INVESTMENT £0.1m Automation and speed of production
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89 Targeted acquisitions Targeted acquisitions in action Targeted acquisitions Opportunities Strategic fit Financial quality Opportunities to improve Value accretive acquisitions Returns above cost of capital Aligned with M&A framework
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90 Targeted acquisitions in action… European Filter Corporation (EFC) Drache GV Filtri ACQUIRED DEC 23 END MARKET INDUSTRIAL CONSIDERATION (NET) £10m ROIC 15%+ ACQUIRED JAN 26 END MARKET ALUMINIUM CONSIDERATION (NET) £17m YEAR 3 ROIC 15%+ ACQUIRED SEP 26 END MARKET INDUSTRIAL CONSIDERATION (NET) £5m ROIC 15%+ SYNERGY TARGET £1m+ Diversification Enhanced capability Complementary products Routes-to-market Cross-selling opportunities
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91 A compounding flywheel of growth and reinvestment Delivering attractive returns within a new financial framework Consistent performance Portfolio of businesses Cash generation ROIC Margin expansion Organic growth Targeted acquisitions KPI Organic CC revenue growth % Adjusted OP % Operating cash flow % ROIC % Leverage Total revenue growth % Adjusted EPS growth % FINANCIAL FRAMEWORK Mid-Single-Digit 16-18% 85%+ 18%+ <1.5x (2.0x for compelling strategic rationale) 10%+ 10-20%
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Hooman Caman Javvi SUMMARY AND KEY TAKEAWAYS
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Built to compound. Positioned to accelerate. Strong foundation − Track record of compounding − Attractive market positions − Consistency of performance − Strong cash generation Accelerating growth, improving margins and compounding value over the long term Enhanced execution − Clear strategy − Customer centric mindset − Disciplined performance management − Scalable organisation − Strengthened M&A capability − ExCo established Long runway − Structural market growth − Organic and inorganic growth levers − Margin improvement opportunity − Disciplined capital allocation − Financial framework 93
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Capital Markets Event October 2026