EBT Share Purchase and Share Buyback 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 that, in its capacity as trustee ("the Trustee") of the Ultimate Products Employee Benefit Trust (the "EBT"), JTC Employer Solutions Trustee Limited will commence a programme to buy ordinary shares of 0.25p each in the Company ("Ordinary Shares") for the period to 31 January 2026, up to an aggregate value of £325,000 (the "Programme").

The Trustee of the EBT will purchase Ordinary Shares in accordance with the Programme, which seeks to mitigate the dilutive impact of share option awards and to improve overall shareholder return.

The EBT currently holds 2,487,308 Ordinary Shares representing approximately 2.9% of the Company's current issued share capital, with 245,239 shares having been used during the course of FY25 to satisfy the exercise of share options, and 256,111 shares having been purchased in the open market during FY25. The Company currently has a total of 2,216,808 shares under option.

The Trustee of the EBT has entered into arrangements with the Company's joint broker, Cavendish to carry out on-market purchases of Ordinary Shares under the Programme, including on a discretionary basis independent of the Company in accordance with certain pre-set parameters, during any prohibited periods of the Company, as determined by the UK Market Abuse Regulation, which may fall during the period of the Programme.

The Company also announces that following the completion of its fourth tranche of the Share Buyback Programme, the Company will pause further purchases of shares under the programme until further notice. This decision is made in accordance with the Company's Capital Allocation Policy to maintain net bank debt/adjusted EBITDA ratio at around 1.0x. It is the Board's intention to continue to invest in the business for growth, whilst returning around 50% of post-tax profits to shareholders through dividends, and to supplement this with share buybacks when consistent with its leverage target. Further detail of the Share Buyback Programme was set out in the Company's announcements dated 3 February 2025 and 10 May 2024.