XP Power Ltd – Grant of LTIP, RSP and DBP awards

11 March 2026

XP Power Limited

(«XP Power» or «the Company»)

Grant of Restricted Share Plan, Long Term Incentive Plan and Deferred Bonus Plan
awards

The Company announces that on 10 March 2026, Executive Directors of the Company,
Gavin Griggs, Matt Webb and Andy Sng, were awarded nominal priced options over
ordinary shares of 1pence each in the Company («Ordinary Shares»), under the XP
Power Limited Restricted Share Plan 2020 (the «RSPs») and the XP Power Limited
Long Term Incentive Plan 2017 (the «LTIPs»). The RSPs are subject to a five-year
vesting period, with no performance conditions attached. The vesting of the
LTIPs, after five years, is conditional on meeting performance conditions
measured at the end of a three-year period.

Awards were further granted on 10 March 2026 to the Executive Directors of the
Company under the XP Power Limited Deferred Bonus Plan 2017 (the «DBP»). These
awards relate to the compulsory deferral into share awards of 50% of their
earned FY25 bonus, which vest after two years. Full details of the FY25 bonus
outcome will be set out in the FY25 Annual Report.

The five-day average of the closing mid-market quotation prior to the date of
grant used to calculate the number of options granted under the LTIP, RSP and
DBP, was £13.492.

All awards were made in accordance with the approved Directors’ Remuneration
Policy.

The notification below, made in accordance with the requirements of the UK
Market Abuse Regulation, gives further details.

+–+—————————-+–+————————+
|1 |Details of the person |
| |discharging managerial |
| |responsibilities |
+–+—————————-+–+————————+
|a)|Name |Gavin Griggs |
+–+—————————-+–+————————+
|2 |Reason for the notification |
+–+—————————-+–+————————+
|a)|Position/status |Chief Executive |
| | |Officer (PDMR) |
+–+—————————-+–+————————+
|b)|Initial notification |Initial Notification |
| |/Amendment | |
+–+—————————-+–+————————+
|3 |Details of the issuer, |
| |emission allowance market |
| |participant, auction |
| |platform, auctioneer or |
| |auction monitor |
+–+—————————-+–+————————+
|a)|Name |XP POWER LIMITED |
+–+—————————-+–+————————+
|b)|LEI |213800I7RWQ3FV72EZ26 |
+–+—————————-+–+————————+
|4 |Details of the |
| |transaction(s): section to be |
| |repeated for (i) each type of |
| |instrument; (ii) each type of |
| |transaction; (iii) each date; |
| |and (iv) each place where |
| |transactions have been |
| |conducted |
+–+—————————-+–+————————+
|a)|Description of the financial|Ordinary shares of |
| |instrument, type of |£0.01 each |
| |instrument |(«Ordinary Shares») |
| | | |
| |Identification code |SG9999003735 |
+–+—————————-+–+————————+
|b)|Nature of the transaction |1)|Award of nominal value |
| | | |options over Ordinary |
| | | |Shares as part of the XP|
| | | |Power Limited Restricted|
| | | |Share Plan 2020. The |
| | | |vesting of the award |
| | | |after five years is not |
| | | |subject to performance |
| | | |conditions. There is no |
| | | |price payable on the |
| | | |grant or vesting of the |
| | | |option. On exercise, the|
| | | |option price of £0.01 |
| | | |per share is payable. |
+–+—————————-+–+————————+
| | |2)|Award of nominal value |
| | | |options over Ordinary |
| | | |Shares as part of the XP|
| | | |Power Limited Long Term |
| | | |Incentive Plan 2017. The|
| | | |potential vesting of the|
| | | |award after five years |
| | | |is subject to the |
| | | |achievement of |
| | | |performance conditions |
| | | |assessed at the end of a|
| | | |three-year period. There|
| | | |is no price payable on |
| | | |the grant or vesting of |
| | | |the option. On exercise,|
| | | |the option price of |
| | | |£0.01 per share is |
| | | |payable. |
+–+—————————-+–+————————+
| | |3)|Grant of nil cost share |
| | | |option award over |
| | | |Ordinary Shares under |
| | | |the XP Power Limited |
| | | |Deferred Bonus Plan |
| | | |2017. The vesting of the|
| | | |award after two years is|
| | | |not subject to |
| | | |performance conditions. |
| | | |There is no price |
| | | |payable on the grant, |
| | | |vesting or exercise of |
| | | |the option. |
+–+—————————-+–+————————+
| | | |
+–+—————————-+–+————————+
|c)|Price(s) and volume(s) | |
| | |+——–+———+ |
| | ||Price(s)|Volume(s)| |
| | |+——–+———+ |
| | ||1) Nil |5,439 | |
| | |+——–+———+ |
| | ||2) Nil |43,514 | |
| | |+——–+———+ |
| | ||3) Nil |12,836 | |
| | |+——–+———+ |
+–+—————————-+–+————————+
|d)|Aggregated information |  61,789 |
| | | |
| |- Aggregated volume |  Nil |
| | | |
| |- Price | |
+–+—————————-+–+————————+
|e)|Date of the transaction |  10 March 2026 |
+–+—————————-+–+————————+
|f)|Place of the transaction |  Outside a trading |
| | |venue |
+–+—————————-+–+————————+

+–+—————————-+–+————————+
|1 |Details of the person |
| |discharging managerial |
| |responsibilities |
+–+—————————-+–+————————+
|a)|Name |Matthew Webb |
+–+—————————-+–+————————+
|2 |Reason for the notification |
+–+—————————-+–+————————+
|a)|Position/status |Chief Financial |
| | |Officer (PDMR) |
+–+—————————-+–+————————+
|b)|Initial notification |Initial Notification |
| |/Amendment | |
+–+—————————-+–+————————+
|3 |Details of the issuer, |
| |emission allowance market |
| |participant, auction |
| |platform, auctioneer or |
| |auction monitor |
+–+—————————-+–+————————+
|a)|Name |XP POWER LIMITED |
+–+—————————-+–+————————+
|b)|LEI |213800I7RWQ3FV72EZ26 |
+–+—————————-+–+————————+
|4 |Details of the |
| |transaction(s): section to be |
| |repeated for (i) each type of |
| |instrument; (ii) each type of |
| |transaction; (iii) each date; |
| |and (iv) each place where |
| |transactions have been |
| |conducted |
+–+—————————-+–+————————+
|a)|Description of the financial|Ordinary shares of |
| |instrument, type of |£0.01 each |
| |instrument |(«Ordinary Shares») |
| | | |
| |Identification code |SG9999003735 |
+–+—————————-+–+————————+
|b)|Nature of the transaction |1)|Award of nominal value |
| | | |options over Ordinary |
| | | |Shares as part of the XP|
| | | |Power Limited Restricted|
| | | |Share Plan 2020. The |
| | | |vesting of the award |
| | | |after five years is not |
| | | |subject to performance |
| | | |conditions. There is no |
| | | |price payable on the |
| | | |grant or vesting of the |
| | | |option. On exercise, the|
| | | |option price of £0.01 |
| | | |per share is payable. |
+–+—————————-+–+————————+
| | |2)|Award of nominal value |
| | | |options over Ordinary |
| | | |Shares as part of the XP|
| | | |Power Limited Long Term |
| | | |Incentive Plan 2017. The|
| | | |potential vesting of the|
| | | |award after five years, |
| | | |is subject to the |
| | | |achievement of |
| | | |performance conditions |
| | | |assessed at the end of a|
| | | |three-year period. There|
| | | |is no price payable on |
| | | |the grant or vesting of |
| | | |the option. On exercise,|
| | | |the option price of |
| | | |£0.01 per share is |
| | | |payable. |
+–+—————————-+–+————————+
| | |3)|Grant of nil cost share |
| | | |option award over |
| | | |Ordinary Shares under |
| | | |the XP Power Limited |
| | | |Deferred Bonus Plan |
| | | |2017. The vesting of the|
| | | |award after two years is|
| | | |not subject to |
| | | |performance conditions. |
| | | |There is no price |
| | | |payable on the grant, |
| | | |vesting or exercise of |
| | | |the option. |
+–+—————————-+–+————————+
| | | |
+–+—————————-+–+————————+
|c)|Price(s) and volume(s) | |
| | |+——–+———+ |
| | ||Price(s)|Volume(s)| |
| | |+——–+———+ |
| | ||1) Nil |4,198 | |
| | |+——–+———+ |
| | ||2) Nil |33,590 | |
| | |+——–+———+ |
| | ||3) Nil |7,927 | |
| | |+——–+———+ |
+–+—————————-+–+————————+
|d)|Aggregated information |  45,715 |
| | | |
| |- Aggregated volume |  Nil |
| | | |
| |- Price | |
+–+—————————-+–+————————+
|e)|Date of the transaction |  10 March 2026 |
+–+—————————-+–+————————+
|f)|Place of the transaction |  Outside a trading |
| | |venue |
+–+—————————-+–+————————+

+–+—————————-+–+————————+
|1 |Details of the person |
| |discharging managerial |
| |responsibilities |
+–+—————————-+–+————————+
|a)|Name |Andy Sng |
+–+—————————-+–+————————+
|2 |Reason for the notification |
+–+—————————-+–+————————+
|a)|Position/status |Executive Vice |
| | |President, Asia |
| | |(PDMR) |
+–+—————————-+–+————————+
|b)|Initial notification |Initial Notification |
| |/Amendment | |
+–+—————————-+–+————————+
|3 |Details of the issuer, |
| |emission allowance market |
| |participant, auction |
| |platform, auctioneer or |
| |auction monitor |
+–+—————————-+–+————————+
|a)|Name |XP POWER LIMITED |
+–+—————————-+–+————————+
|b)|LEI |213800I7RWQ3FV72EZ26 |
+–+—————————-+–+————————+
|4 |Details of the |
| |transaction(s): section to be |
| |repeated for (i) each type of |
| |instrument; (ii) each type of |
| |transaction; (iii) each date; |
| |and (iv) each place where |
| |transactions have been |
| |conducted |
+–+—————————-+–+————————+
|a)|Description of the financial|Ordinary shares of |
| |instrument, type of |£0.01 each |
| |instrument |(«Ordinary Shares») |
| | | |
| |Identification code |SG9999003735 |
+–+—————————-+–+————————+
|b)|Nature of the transaction |1)|Award of nominal value |
| | | |options over Ordinary |
| | | |Shares as part of the XP|
| | | |Power Limited Restricted|
| | | |Share Plan 2020. The |
| | | |vesting of the award |
| | | |after five years is not |
| | | |subject to performance |
| | | |conditions. There is no |
| | | |price payable on the |
| | | |grant or vesting of the |
| | | |option. On exercise, the|
| | | |option price of £0.01 |
| | | |per share is payable. |
+–+—————————-+–+————————+
| | |2)|Award of nominal value |
| | | |options over Ordinary |
| | | |Shares as part of the XP|
| | | |Power Limited Long Term |
| | | |Incentive Plan 2017. The|
| | | |potential vesting of the|
| | | |award after five years, |
| | | |is subject to the |
| | | |achievement of |
| | | |performance conditions |
| | | |assessed at the end of a|
| | | |three-year period. There|
| | | |is no price payable on |
| | | |the grant or vesting of |
| | | |the option. On exercise,|
| | | |the option price of |
| | | |£0.01 per share is |
| | | |payable. |
+–+—————————-+–+————————+
| | |3)|Grant of nil cost share |
| | | |option award over |
| | | |Ordinary Shares under |
| | | |the XP Power Limited |
| | | |Deferred Bonus Plan |
| | | |2017. The vesting of the|
| | | |award after two years is|
| | | |not subject to |
| | | |performance conditions. |
| | | |There is no price |
| | | |payable on the grant, |
| | | |vesting or exercise of |
| | | |the option. |
+–+—————————-+–+————————+
| | | |
+–+—————————-+–+————————+
|c)|Price(s) and volume(s) | |
| | |+——–+———+ |
| | ||Price(s)|Volume(s)| |
| | |+——–+———+ |
| | ||1) Nil |2,143 | |
| | |+——–+———+ |
| | ||2) Nil |10,715 | |
| | |+——–+———+ |
| | ||3) Nil |3,000 | |
| | |+——–+———+ |
+–+—————————-+–+————————+
|d)|Aggregated information |15,858 |
| | | |
| |- Aggregated volume |Nil |
| | | |
| |- Price | |
+–+—————————-+–+————————+
|e)|Date of the transaction |  10 March 2026 |
+–+—————————-+–+————————+
|f)|Place of the transaction |  Outside a trading |
| | |venue |
+–+—————————-+–+————————+

Enquiries:

XP Power
Ruth Cartwright, Company Secretary +44 (0)118 984 5515

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