CEO Succession & 2024 Trading Update

Press Release

Morgan Advanced Materials plc

16^th January 2025

CEO Succession

 & 2024 Trading Update

Morgan Advanced Materials plc announces that Pete Raby has informed the Board of his intention to retire as CEO following a decade in the role. It is intended that Pete will be stepping down as CEO and from the Board on 1st July 2025, but will continue to provide support for the transition until the end of August 2025.

The Board is delighted to announce that Damien Caby, currently President of the Thermal Products Division, is appointed CEO Designate. Damien has been selected following a comprehensive process that considered internal and external candidates, will join the Board on 8^th May 2025, and will assume the CEO role on 1^st July 2025.

Pete Raby, CEO, commented:

"It has been a privilege to lead Morgan over the last decade and I would like to thank our superb people for their commitment and support throughout that time. I look forward to working with Damien and the team throughout the first half, focusing on the delivery of a strong performance for the Group, and on an orderly transition. With our leading market positions and investments in new products and capacity, I am confident the business is poised to deliver a period of faster organic growth and margin expansion."

Ian Marchant, Chair, added:

"I would like to thank Pete for his service over the last ten years. He has transformed the Group and will leave it with a clear direction, a robust financial position and fully ready to exploit the opportunities for profitable growth in our chosen end markets. He will be very much missed by the Board and by his many long-standing colleagues throughout the business."

"I am pleased that we have been able to appoint Damien as a successor. He brings strong leadership capabilities and international experience, having successfully led our Thermal Products business for the last two years and having previously held senior leadership roles in BASF and Imerys."

There are no other matters to be disclosed under UK listing rule 6.4.8R in relation to Damien's appointment.

2024 Trading Update

Performance for the year to 31 December 2024 was in line with expectations. Sales were 3.6% higher for the Group on an organic constant currency basis, compared to the same period last year. Adjusted operating profit and net debt to adjusted EBITDA were also in line with expectations. Our enhanced simplification programme is on track, and our share buy-back programme is progressing well with some £4.7m of shares re-purchased to the end of December.

Full year results for the 12 month period ending 31 December 2024 will be announced at 07:00 on Friday 28^th February 2025.

For further enquiries:

This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of Morgan Advanced Materials plc is Richard Armitage, Chief Financial Officer. The Company's LEI number is I4K14LL95N2PHDL7EG85.

Remuneration Arrangements

Damien Caby's remuneration arrangements have been set in accordance with the Directors' Remuneration Policy. On appointment, his annual salary will be €720,000. Full details will be disclosed in the Morgan Advanced Materials 2024 Annual Report.

Pete Raby's departure will be treated in accordance with the Directors' Remuneration Policy and his service contract. He will be treated as a good leaver for the purpose of incentives. Full details will be disclosed on the Company's website in compliance with Section 430(2B) of the Companies Act 2006 and in the 2024 Annual Report.