The 26-year-old has made over 100 appearances for Ulster since making his debut in 2018 against Munster.
His performances in the 2020/21 season saw him named at full-back in the Pro14 dream team and in the following season, he was nominated for the EPCR European Player of the Year.
That form saw him called up to the Ireland international squad, where he made a try-scoring debut against Italy in the 2022 Six Nations Championship.
A graduate of the Ulster Rugby Academy, Lowry stood out as a talent in his school days, winning three Danske Bank Schools’ Cups in a row with Royal Belfast Academical Institution and captaining the side in his final year.
Lowry is known for his commitment in the jersey, with his quick footwork and bravery in defence both being strong aspects of his game.
Ulster Rugby’s General Manager, Bryn Cunningham commented on the news:
“Michael is an extremely important member of the senior squad. He has a lot of experience for his age, and his attitude and professionalism is always exemplary.
“His versatility is also a huge strength, whether playing on the wing or at full-back, and his competitiveness on the pitch belies his physical stature.
“With young backs coming through, Michael is the perfect role model for others to follow.”
On the announcement, Lowry said:
“I’m delighted to sign for the next three seasons. I enjoy being a part of this team and playing at Kingspan Stadium in front of our fans.
"I am excited for the future of this group and looking forward to seeing where we can get to both as a team and individually.”