Share buyback programme update

Ultimate Products, the owner of a number of leading homeware brands including Salter (the UK's oldest houseware brand, est.1760) and Beldray (est.1872), announces the following updates to its share buyback programme ("Share Buyback Programme").

Share Buyback Programme

As notified in the trading update announced on 13 February 2024, the Board has adopted a Capital Allocation Policy whereby the Board's intention is to maintain the net bank debt/adjusted EBITDA ratio at around 1.0x. The Board believes that this level of leverage is an efficient use of the Group's balance sheet and allows for further returns of capital to shareholders. It is the Board's intention to continue to invest in the business enabling it to grow, whilst returning around 50% of post-tax profits to shareholders through dividends, and to supplement this with share buybacks pursuant to a policy of maintaining net bank debt at a 1.0x adjusted EBITDA ratio.

As such, the Company intends to continue with the rolling programme of share buybacks as previously announced on 10 May 2024 and, in line with the previously announced schedule, has transferred the Share Buyback Programme instruction to its joint broker, Shore Capital Stockbrokers Limited ("Shore Capital"), to purchase shares on its behalf from 3 February 2025 for the next six months.

The Share Buyback Programme will continue on an ongoing basis, in accordance with the terms of the Company's general authority to purchase up to a maximum of 8,792,906 ordinary shares of 0.25p each in the Company ("Ordinary Shares") gained at the Company's General Meeting held on 13 December 2024 ("General Meeting"). Any Ordinary Shares purchased under the Share Buyback Programme will be cancelled and the number of Ordinary Shares in issue reduced accordingly.

As previously announced, the Company is completing the Share Buyback Programme in tranches. Tranche 1 was completed on 31 July 2024 whilst Tranche 2 was completed on 31 October 2024 and Tranche 3 was completed on 31 January 2025. Tranche 4 commences from 3 February 2025 and is intended to consist of a maximum consideration of up to £2 million to purchase Ordinary Shares over a six-month period until 31 July 2025 ("Tranche 4"). The Company has given irrevocable and non-discretionary instructions to Shore Capital in relation to Tranche 4. Shore Capital will act as principal during Tranche 4 and will make trading decisions concerning the timing of the purchases of Ordinary Shares independently of the Company. The Company will announce subsequent tranches of the Share Buyback Programme prior to the initiation of each new tranche. These tranches are expected to alternate between the Company's joint brokers, in each case acting as principal.

Any market repurchase of Ordinary Shares will be announced no later than 7:30am on the business day following the calendar day on which the repurchase occurred.

Details of the authority granted at the General Meeting can be found on the Company's website under: https://upplc.com/investor-relations/annual-meeting/