Capability & Culture Deep Dive Highlights

Research evidence excerpt

Capability & Culture Deep Dive Highlights

Update

June 25, 2026 05:54 PM GMT

Morgan Stanley & Co. International plc+MDiploma PLC | Europe Annelies Vermeulen

Equity Analyst

Capability & Culture Deep Dive Annelies.Vermeulen@morganstanley.comZachariah Al-Qaryooti +44 20 7425-4367

Zach.Al-Qaryooti@morganstanley.com +44 20 7425-2400

Highlights Remi Grenu

Remi.Grenu@morganstanley.com +44 20 7425-0552

Key Takeaways

Diploma PLC (DPLM.L, DPLM LN)

We hosted a virtual investor meeting with Diploma's CEO of Life Sciences Peter Business Services | United Kingdom

Soelberg, and Group HR Director Donna Catley, focussing on Culture & Stock Rating Overweight

Capability. Industry View Attractive

Price target 8,250p

The call focussed on Diploma’s decentralised model and culture, group structure, Shr price, close (Jun 24, 2026) 7,040p

52-Week Range 7,300-4,794p

its approach to scaling capability, what Diploma looks for in its leaders ... Mkt cap, curr (mn) £9,480

Net debt (09/26e) (mn)* £463

... and why people and culture are so key to the group’s long-term sustainable EV, curr (mn)* £9,868

quality compounding success. * = GAAP or approximated based on GAAP

Accountability is core, with the group valuing agility, proximity, discipline and

cultural fit. Hiring, succession planning and incentivisation is built on this

Key highlights from our conversation below. Remain Overweight.

Company comments are our interpretation of what was said, and should not be

regarded as verbatim quotes. Please contact us if you would like to listen to a replay

of the call.

Organisational Structure

• Diploma’s decentralised model is designed to preserve agility, pace and

proximity to the operating businesses as the group scales. The structure keeps as