Share buyback programme

The board of directors of M.P. Evans (the "Board") is pleased to announce that it will commence a new share buyback programme (the "Programme") with immediate effect.

The Programme will have a budget of up to £12 million (in aggregate), with up to £2m to be used to buy back M.P. Evans' shares of 10 pence each ("Shares") in the market over the course of the period from the date of this announcement until 17 September 2025. The balance of £10 million may be used during the same time period in more limited circumstances, including in the event that any more material shareholdings of Shares are offered for sale.

The Board maintains the view that its overall business and its assets are currently undervalued, with the current enterprise value being below the independent valuation of its assets. The Group's robust balance sheet continues to provide an opportunity to repurchase Shares at advantageous levels, as part of its overall approach to capital allocation, which will focus on the long-term value creation for shareholders.

In order to implement the Programme, and consistent with the terms of the share buyback programme that was announced on 24 December 2024 and expired on 20 March 2025, M.P. Evans has entered into an agreement with Cavendish Capital Markets Limited on the following basis:

• Any Shares purchased will be cancelled.
• The Group has authorised the Programme to commence with immediate effect and will continue whilst it retains the authority from shareholders to repurchase Shares until 17 September 2025.
• Outside of the above, the Programme will be conducted in accordance with the other safe harbour parameters as prescribed by MAR.

The Board will keep the Programme under review and will make a decision in due course on a further extension.