Response to media speculation

The Board of Bodycote plc ("Bodycote") notes the recent media speculation and confirms that it has received a conditional proposal from Apollo Management X, L.P. (together with Apollo Global Management, Inc. and its subsidiaries ("Apollo")), on behalf of certain of its managed investment funds, regarding a possible cash offer for the entire share capital of Bodycote.

Under the proposal, Bodycote shareholders would receive an offer price of 885 pence per share in cash and would be entitled to receive the proposed final dividend of 16.1 pence per share for the 2025 financial year without any reduction to the offer price (subject to approval by shareholders at Bodycote's annual general meeting on 27 May 2026) (the "Proposal").

This Proposal follows a number of previous proposals from Apollo to the Board regarding a possible offer for Bodycote. The Board of Bodycote and Apollo are in discussions regarding the Proposal.

There can be no certainty that any offer will be made, nor as to the final terms on which any offer might be made. A further announcement will be made as and when appropriate.

In accordance with Rule 2.6(a) of the Code, Apollo is required, by not later than 5.00 p.m. on 19 June 2026, either to announce a firm intention to make an offer for Bodycote in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.

This announcement is being made by Bodycote without the prior approval of Apollo.

Barclays Bank PLC and Goldman Sachs International are acting as financial advisers to Bodycote.

Disclaimers

In accordance with the Code, normal United Kingdom market practice and Rule 14e-5(b) of the Securities Exchange Act 1934 of the United States, Barclays and its affiliates will continue to act as exempt principal trader in Bodycote securities on the London Stock Exchange. These purchases and activities by exempt principal traders which are required to be made public in the United Kingdom pursuant to the Code will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website at www.londonstockexchange.com. This information will also be publicly disclosed in the United States to the extent that such information is made public in the United Kingdom.

Rule 26.1 disclosure

Offer Period

Additional Information