Morgan Advanced Materials (MGAM) Trading Update summary

CEO succession

• Pete Raby will retire as CEO and Board member on 1 July 2025 after a decade in the role.

• Damien Caby, currently President of the Thermal Products Division, is appointed CEO Designate and will join the Board on 8 May 2025, assuming the CEO role on 1 July 2025.

• Damien Caby brings international experience from BASF and Imerys and has led the Thermal Products business for two years.

• Pete Raby will support the transition until the end of August 2025.

• Remuneration for both executives will follow the Directors' Remuneration Policy, with Caby's annual salary set at €720,000.

2024 trading update

• 2024 performance was in line with expectations, with group sales up 3.6% on an organic constant currency basis.

• Adjusted operating profit and net debt to adjusted EBITDA met expectations.

• The simplification programme is progressing as planned.

• £4.7m of shares were repurchased by year-end as part of the ongoing buy-back programme.

• Full year results for 2024 will be announced on 28 February 2025.

Board and governance

• The Board expressed gratitude for Pete Raby's leadership, noting the Group's transformation and strong financial position.

• No additional disclosures required under UK listing rule 6.4.8R for Damien Caby's appointment.

• Details of executive remuneration and departure terms will be published in the 2024 Annual Report and on the company website.