Metals that matter,
for a healthier world
Annual Report and Accounts 2026
Sustainability
performance
Principle adverse
impact statement
GRI
TCFD and UK SECR
SASB
Assurance report
Glossary
Contents
Non-financial limited assurance: ERM Certification and Verification Services Limited (ERM CVS) wereengaged
to provide limited assurance of selected information as presented on page 218. Please see ERM CVS’
Independent Limited Assurance Report on pages 216 to 217 for more details. The sustainability information
presented in this report is prepared as at 31
st
March 2026. Unless otherwise stated, the non-financial
information in this report includes the Catalyst Technologies (CT) business.
Cautionary statement
The Strategic report and certain other sections of this Annual Report contain forward-looking statementsthat
are subject to risk factors associated with, among other things, the economic and business circumstances
occurring from time to time in the countries and sectors in which the Company operates. It is believed that the
expectations reflected in these statements are reasonable, but they may be affected bya wide range of
variables which could cause actual results, performance, operations, impacts, events orcircumstances to differ
materially from those currently anticipated.
1 Strategic report
1 Our purpose
2 JM at a glance
3 Chair’s statement
4 Global context and market dynamics
6 Chief Executive Officer’s statement
8 Our business model
10 Our strategy
13 Key performance indicators
15 Our business
19 Chief Financial Officer’s statement
21 Financial performance review
28 Sustainability review
40
48
Task Force on Climate-related Financial
Disclosures (TCFD)
UK Streamlined Energy and Carbon
reporting (SECR)
50 Risk report
58 Non-financial and sustainability
information statement
60 Going concern and viability
61 Governance
62 Chair’s introduction to governance
64 Board at a glance
66 Board of directors
69 Our governance structure
70 Board decisions and outcomes
72 Board and committee performance
74 Section 172 statement
76 Stakeholder engagement
78 Stakeholder engagement in action
79 Nomination Committee report
82 Audit Committee report
92 Investment Committee report
93 Societal Value Committee report
95 Remuneration Committee report
99 Remuneration at a glance
100 Remuneration Policy
112 Annual report on remuneration
123 Directors’ report
127 Responsibilities of directors
128 Financial statements
210 Other information
This report forms part of a wider reporting suite and the table below
details where to find certain disclosures within this suite.
Metals that mat ter,
for a healthier world
Annual Report and Accounts 2026
Sustainability databook 2026
Annual Report
and Accounts
Sustainability
Performance
Databook
matthey.com
Our purpose
Metals that matter,
for a healthier world
In 2025/26, we re-articulated our purpose through a company-wide
crowdsourcing exercise. Reflecting our inclusive culture, this process drew
on the input and perspectives of our diverse global workforce. Two key
themes emerged: our world-leading capabilities in PGM chemistry and
catalysis, and JM as a force for good. JM’s new purpose statement, along
with our supporting near-term priorities and behaviours, captures these
essential elements.
PGMs are metals that matter. Fundamental to sustainable technologies,
lifesciences and industry, they support diverse applications that play
a major positive role in modern society. They also run through our
entire organisation and underpin everything we do.
In many ways, our redefined purpose is about getting back to
basics and simplifying our offer. Combined with our organisational
restructure and strategic refresh, it provides a clearer sense of
who we are, why we exist and what we need to do to deliver
on our commitments. Inshort, it gives us the platform to
perform; a foundation around which we can all align as we
look to create a leaner, more focused and future-oriented JM.
JM’s redefined purpose revolves around
our global expertise in platinum group metals
(PGMs) and the benefits these metals bring
to people, communities and the environment.
From providing air quality to enabling clean
energy and transport to advancing cancer
diagnostics, our PGM products and services
are helping to create a healthier world.
Read more on Sustainability on pages 28 to 39.
Governance Financial statements Other informationStrategic report 1Johnson Matthey Annual Report and Accounts 2026
Johnson Matthey (JM) is a world leader in platinum
group metals (PGMs). For over 200 years, we have
used advanced metals chemistry to tackle the
world’s biggest challenges.
Many of the world’s leading energy, chemicals and
automotive companies depend on our technology
and expertise to decarbonise, reduce harmful
emissions and improve their sustainability.
And now, as the world faces the challenges of
climate change, energy supply and resource scarcity,
we are actively providing solutions for our customers
– metals that matter, for a healthier world.
JM at a glance
Our purpose
Metals that
matter, for
a healthier
world
Safety first,
always
Nothing comes
before the safety
of our people
and operations
Work
together
We combine our skills
and expertise to solve
problems and perform
at our best
Take
accountability
No excuses.
We take ownership and
responsibility to deliver
for our customers
Drive
results
We strip out complexity
and tackle issues
head-on, to unleash our
full potential
Our behaviours
£2,555m
in sales
c.9,500
1
employees across 28 countries
Europe
43%
North America
28%
China
9%
Rest of Asia
16%
Rest of World
4%
At a glance
Sustainability website: matthey.com/en/sustainability
1. As at 31
st
March 2026, including CT business.
Johnson Matthey Annual Report and Accounts 2026 2Governance Financial statements Other informationStrategic report
Delivering on our
commitments
2025/26 was a pivotal year for
Johnson Matthey (JM). We set out
revised strategic ambitions, moved
to leaner structures throughout the
business and made significant changes
to our management teams.
Responding and repositioning
Following the announced divestment of Catalyst
Technologies (CT) in May 2025, the Company took
strong action to reposition itself with investors. This
included revised guidance with clear financial targets
and a commitment to create increased shareholder value
going forward. To deliver these objectives, the Company
sharpened its focus on JM’s core capabilities, solidified its
position in key markets and began the work of driving
higher levels of internal efficiency.
The process of renewal is underpinned by our revised
purpose, ‘metals that matter, for a healthier world’.
The new articulation of our purpose, which followed the
reshaping of our portfolio, was achieved with input from
colleagues across the business and is designed to bring
focus to our work. It also reflects the enduring pride that
people at JM feel for what we do and the positive effect
we have in the countries and communities where we
operate. It is the central theme of this report.
As part of this renewal, the Board reviewed its governance
arrangements to ensure they remain aligned with the
Group’s refocused strategy, with greater emphasis on
integrated board oversight of sustainability, capital
allocation, risk and execution as priorities become clearer.
Andrew Cosslett
Chair
Focused on execution
In a year of significant internal change and external
challenge, the Company produced good financial results and
delivered well against its revised financial commitments.
Wereturned £129 million in dividends to shareholders
during the year.
I took up the role of Chair in July 2025 and I consider it a
privilege to be part of the great history of this organisation.
Iwould like to pay tribute to my predecessor, Patrick Thomas,
for his contribution and commitment over the seven years
he was Chair. Since my arrival, the JM Board has continued
to evolve. In January 2026, Alastair Judge was appointed to
the Board as an Executive Director and Chief Financial
Officer (CFO). Richard Pike was appointed Chief Operating
Officer (COO), remaining an Executive Director.
As part of JM’s strategic reset, the Board is focused on
overseeing the ongoing process of transition. We are
committed to supporting the management team to
deliver its urgent priorities. These include the successful
commissioning of our new refinery at Royston in the UK,
the divestment of the CT business and the continued
reshaping of JM for future success. Under the leadership
of our Chief Executive, Liam Condon, the management
team is well placed to execute the strategy we have set
out and I look forward to helping them make the very
best of the undoubted talent and resources we have at
our disposal at Johnson Matthey.
Andrew Cosslett
Chair
Chair’s statement
Johnson Matthey Annual Report and Accounts 2026 3Governance Financial statements Other informationStrategic report
Critical materials
Critical minerals and materials have become a nation-
first battleground, with protectionism reshaping global
markets and intensifying geopolitical competition for
resources. Platinum group metals (PGMs) are of vital
importance to a vast number of sectors. They play a
key role in enabling the energy transition and furthering
life science technology (LST). Their accessibility is
therefore of huge interest and importance to multiple
parties globally.
As supply chains for PGMs and other metals, such as
lithium and nickel, become more complex, JM is
presented with both risks and opportunities. The biggest
challenge comes from trade barriers, which could
prevent the cross-border flow of PGMs and necessitate a
redesign of JM’s refining footprint. On the other hand,
increased protectionism could further encourage circular
models and the refining of secondary feeds, which plays
to JM’s strengths. It could also stimulate more funding for
research into future PGM applications.
Through our world-leading PGM recycling capabilities,
we are helping to ensure the availability of PGMs, with
close to 60% of PGMs used globally coming from
recycling.
1
Our global footprint is also a strategic asset,
enabling robust supply chain management and good
customer service.
Forces shaping
our markets
Global context and market dynamics
JM’s markets and operating environment
are continually being reshaped by
macroeconomic and geopolitical forces.
Conflicts, tariffs and regulatory uncertainty are affecting
capital investments and altering the pace and pathway of
the energy transition. These factors create unpredictability,
while also reinforcing demand for secure energy and the
need for strong, resilient supply chains.
Against this backdrop, we regularly refresh our strategic
priorities and resource allocation to ensure we deliver value
for our customers, shareholders and employees in the short
term, while building structural competitive advantages for
the longer run.
The following trends have influenced our recent strategic
refresh. They highlight the opportunities as well as the
challenges that shape our operating environment today and
in the years ahead.
The UK Government has set a target to meet
10%
of annual UK demand for critical minerals
through domestic production and 20%
through recycling by 2035.
2
1. The PGMs: a circularity success story, Johnson Matthey.
2. Vision 2035: Critical Minerals Strategy, UK Government.
Johnson Matthey Annual Report and Accounts 2026 4Governance Financial statements Other informationStrategic report
Global context and market dynamics continued
1. World Energy Outlook 2024, IEA.
2. How electricity providers are adapting to the global data centre buildout,
World Economic Forum.
Energy transition slowdown
Wavering policy support for the energy transition is
delaying sustainability projects around the world.
While emissions are peaking, the pathway to 1.5°C is
increasingly uncertain, with fossil fuel demand set to
remain high, driven in particular by road transport.
Funding withdrawals continue to impact the hydrogen
market. Varying regulations around emissions are also
creating uncertainty in the automotive industry.
Meanwhile, the rollback on green technology,
particularly in the US, means ICE markets will remain
stronger for longer. Indeed, recent forecasts for global
ICE vehicle production to the mid-2030s are up on
previous projections.
3
Our Clean Air capabilities,
technology and footprint remain adapted to best
serve the needs of the autocatalyst sector.
Electricity demand,
supply and
infrastructure are set
to
double
by 2050.
1
In hydrocracking,
AI-driven precision
adjustments can
result in up to
30%
gains
in efficiency or
throughput.
6
Road transport will remain
the largest driver of
sustained oil demand
through 2030.
4
And 2025
forecasts suggest light-duty
(LD) ICE will have a
59% share
of the automotive
market in 2034 (up 7%
on 2022 estimates).
5
Electrification
Energy security remains a strategic imperative for
most nations and is essential to economic wealth.
Electrification of transport, industrial processes and
digital infrastructure is driving exponential growth in
global electricity demand.
The increase presents both opportunities and
headwinds for JM. The electrification of road transport
continues to affect the long-term outlook for internal
combustion engines (ICEs) and the associated
autocatalyst market. However, the pace of electrification
has significantly slowed relative to earlier projections
due to structural, technical and economic challenges,
including charging infrastructure deployment, grid
capacity and affordability. This has extended the
lifespan of the ICE market and, as a result, that of our
autocatalyst technology.
At the same time, rising electricity demand has
positive implications for JM, with our expertise in
hydrogen fuel cells and non-automotive emission
control technologies. We are particularly well placed
to benefit from opportunities in distributed power
generation – for example, linked to the buildout of
data centres, where electricity demand is growing
roughly four times faster than all other sectors.
2
Automation & AI
Automation and AI are reshaping R&D, operations
and customer engagement across a range of
industries, boosting productivity while creating new
challenges. At JM, we are judiciously exploring
opportunities to leverage digital tools to optimise our
operations. In digital manufacturing, we are looking
at predictive solutions to maximise efficiency and
increase margins. On the commercial side, AI can
enhance our margin forecasting, pricing excellence,
contract management and new business model
creation. We are also leveraging machine learning to
reduce Clean Air testing costs and derive greater value
from our refining assets.
These innovations look set to deliver major savings,
efficiencies and advantages. As an example, we have
been using digital techniques to achieve deeper
technical understanding of our electrolysis products.
These insights ensure we maximise the delivery of our
innovation pipeline, from research through to
commercial products.
3. S&P Global.
4. Global Energy Perspective 2025, McKinsey & Company.
5. S&P Global.
6. AI/ML in Oil & Gas Refining – Part 2: Operations Improvement / AI in
Refinery Operations – Efficiency, Yield & Savings, Fidelis Associates.
Johnson Matthey Annual Report and Accounts 2026 5Governance Financial statements Other informationStrategic report
Reset, reshaped
and refocused
2025/26 was a year of strategic reset
for Johnson Matthey (JM), underpinned
by solid performance. A year in which
we announced a final agreement for
the divestment and sale of Catalyst
Technologies (CT) and made progress
towards becoming a more streamlined,
focused and cash-generative business,
with sustainable returns.
Our performance in 2025/26
Despite challenging market conditions and a volatile
geopolitical climate, we delivered a solid performance in
2025/26 and made good progress on our priorities,
including working capital reduction and cash
improvements. We increased underlying operating profit by
6% at constant platinum group metal (PGM) prices;
delivered Clean Air margin improvement of 270 basis points
to 14.5%; and Platinum Group Metal (PGM) Services margin
of 28.3%. We also achieved run-rate breakeven for
Hydrogen Technologies (HT), although evolving external
dynamics led us to take additional impairments on the
majority of our HT assets, reflecting slower market growth.
JM continued to take a conservative view of markets,
focusing on improving profit, reducing costs and managing
capex. Our focus is on controlling the controllables and not
being dependent on market tailwinds to drive performance.
With the foundations for our new cash-focused business
model in place, we saw a material step-up in free cash flow,
plus improved working capital across the Group and a
reduction in overheads of c.£70 million. As a result, we are
on track to deliver sustainable free cash flow of at least
£250 million p.a. by 2027/28 and beyond.
Liam Condon
Chief Executive Officer
Chief Executive Officer’s statement
1. S&P Global.
Focusing on our core competencies
In late February 2026, we announced our agreement with
Honeywell to extend the Long Stop Date for the sale of our
CT business. We expect to complete the transaction by the
end of August 2026, having agreed to sell CT at a revised
enterprise value of £1,325 million. Since we first announced
the transaction in May 2025, the market environment has
changed, with significant headwinds impacting all players,
including CT. In this context, we believe the revised
agreement is a positive outcome, representing substantial
value for JM and our shareholders.
The sale of CT is a major development for JM. It has
presented a unique opportunity to reset our strategic
direction and reshape our organisation. It has also enabled
us to refocus on the organisation’s core competencies.
Post-CT, we are doubling down on the disciplines in which
JM has excelled for over 200 years (precious metal
chemistry and catalysis), further strengthening our
market-leading positions in Clean Air and PGM Services.
Previously, our combined portfolio of growth and value
created a mixed picture for stakeholders. Now this picture is
clearer, as we present a simpler, fully circular offering
focused on driving value to our customers and investors.
However, these changes won’t undermine our growth
prospects. JM is leveraging its technological expertise and
assets through the stability of its core markets, while
pursuing capex-light growth optionality through Clean Air
Solutions (CAS), Hydrogen Technologies and PGM Products.
Crucially, the Clean Air market has greater longevity than
previously thought,
1
and we are building lasting partnerships
with leading OEMs in this space. In 2025/26, we signed a major
contract with a global manufacturer focused on the growing
market segment of hybrid light-duty gasoline platforms. We
also signed a significant new deal with a major US industrial
company for off-grid power generation emission control.
Johnson Matthey Annual Report and Accounts 2026 6Governance Financial statements Other informationStrategic report
In another important development, in May 2026 we
announced the acquisition of CORMETECH Inc., the leading
SCR catalyst manufacturer for stationary applications, for an
enterprise value of $360 million. With a significant presence
in the large and growing US power generation market,
CORMETECH Inc. is expected to deliver strong growth in
sales and profit in the near, medium and long term.
Itsacquisition will materially enhance the scale of our
CAS business and create a global leader in stationary
emission control, including for the rapidly growing data
centre market.
Leading with purpose
The result of our solid performance and refined offer is a
greater understanding of our role and the value we bring,
which we express through our purpose.
JM has always been a purpose-driven organisation. As the
world shifts and our priorities evolve, it is important we
revisit our purpose to ensure JM remains culturally cohesive
and continues to have a positive impact.
During 2025/26, JM redefined its purpose and reaffirmed
the behaviours that will ensure we deliver on our targets.
Our newly articulated purpose centres on ‘metals that
matter, for a healthier world’, reflecting our expertise in
precious metals, and the value of JM products and services
to our customers and society.
I was personally delighted to see the positive response from
employees in helping to redefine our purpose. Indeed, a
clear demonstration of organisational progress can be found
in the following three metrics: Safety, Employee
Engagement and Customer Focus, and JM is improving in all
three areas. That JM’s employee engagement survey results
and customer-focused net promoter scores increased during
a year of significant change is impressive – clear evidence
that JM is moving in the right direction.
Safety of course remains our number-one priority, and in
2025/26 we made good progress in our process safety
performance. However, there is room for further
improvement and we are committed to achieving zero harm
across our operations.
Refreshing our long-term strategy
Following the redefinition of our purpose, in early 2026 we
refreshed our strategy, initiating a multi-year transition for JM.
Our aim was to reflect market developments, build on progress
and outline just how attractive the long-term outlook for JM is.
As we explain in this report, our refreshed strategy
refocuses JM on our core strengths, scaling businesses and
selective emerging growth pathways. We believe this
strategic approach will help us generate substantial and
sustainable returns, not only in the near and medium term,
but also in the long term.
Structural realignment
It is important our organisation reflects and supports our
strategic direction. To this end, we implemented leadership
changes and a new organisational structure designed to
improve efficiency, accountability and execution.
As part of the streamlining of our Group Leadership Team
(GLT), we appointed our former Chief Financial Officer (CFO)
Richard Pike to the position of Chief Operating Officer (COO).
Through this change, Richard undertakes responsibility for our
three key businesses, Clean Air, PGM Services and Hydrogen
Technologies. With extensive operational experience in
manufacturing, recycling and refining, he will assume direct
oversight of our business management teams.
Richard’s successor as CFO is Alastair Judge. Previously both
interim CEO of Clean Air and CEO of PGM Services, Alastair
has an intricate knowledge of the JM business plus extensive
financial experience. I look forward to working closely with
Richard and Alastair in their new capacities, together with
the rest of our six-person executive team.
Chief Executive Officer’s statement continued
Our purpose
Metals that matter, for a healthier world
Our refreshed strategy
Our strategy is focused on refreshed priorities –
grounded in science-led advantage and disciplined
execution – generating strong and sustainable returns.
See more on pages 10 to 12
Our focused delivery
We deliver through an integrated, fully circular
operating model – combining technology, services and
materials to support customers across the full lifecycle.
See more on pages 8 and 9
These developments reflect our organisational shift towards
a more integrated, streamlined and agile way of working.
Stripping out complexity, all functions now operate within a
unified governance model. In this way, the rebasing of our
business has given us the platform to perform and supports
the development of a high-performance business with a
bright outlook.
Boosting our refining capacity
The changes we undertook during the year are all part of the
new JM. The organisation is still in a stage of transition, but the
new JM is very much here, and transition doesn’t mean
uncertainty. For the new JM, it means maintaining momentum
ahead of entering an era of sustained productivity and greater
stability, when our new world-class Royston facility, the Third
Century Refinery (3CR), comes online next year.
JM’s biggest ever capital investment, 3CR will significantly
boost our refining capacity and accelerate the throughput of
customers’ materials, with meaningful benefits likely to be
felt from late 2027/28. It will ensure we can achieve our
financial commitments and cash delivery goals, ultimately
providing a source of sustainable growth.
In 2025/26, we encountered setbacks in the 3CR
construction process, leading to cost overruns which will
impact our planned capex reduction. However, these issues
are now resolved, and working with our contractors and
onsite teams we are increasing the pace of delivery as we
move into the commissioning phase.
Looking ahead
Looking to the future with confidence, we are fully focused
on delivering on our promises, and confident in our abilities
to do so. Reset and reshaped around our compelling
purpose, JM is well positioned for future success.
I would like to thank my GLT colleagues and board members
for their continued support. I would also like to thank all JM
employees for their hard work and commitment during this
period of change. By working together towards our shared
goals, we will continue to drive high performance, grow
great talent and help create a healthier world.
An exciting new chapter has begun.
Liam Condon
Chief Executive Officer
Johnson Matthey Annual Report and Accounts 2026 7Governance Financial statements Other informationStrategic report
Our business model
delivering value
Leveraging synergies and
competitive advantages
Expertise in metal chemistry
Everything we do across our three businesses is
underpinned byour leadership in complex metal chemistry,
catalysis and process engineering.
Mutual customers and partners
As our customers transition towards decarbonised energy
systems, we provide a fully integrated and comprehensive
offering through collaboration across our business units.
Shared technology and capabilities
We have approximately 2,400 R&D and engineering
colleagues across all our businesses – with over 4,000
patents granted and more applications pending.
Foundational PGM ecosystem
We have deep insights into PGM markets through our
Precious Metal Management team and our refining
operations. Alarge share of the PGMs we use are sourced
internally. This shared resource creates a resilient supply,
lower exposure to price risk and efficient working capital.
Security of supply
Our customers count on us for a reliable supply of PGMs and
recycling services. This is because we are the world’s largest
metal hub for PGMs, underpinned by our status as the
leading recycler of PGMs.
A comprehensive sustainability offering
Every part of our business is committed to helping our
customers adapt processes and products to reach the
sustainability goals our society and planet are depending on.
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Johnson Matthey Annual Report and Accounts 2026 8Governance Financial statements Other informationStrategic report
Addressing a range of end markets
Clean Air Platinum Group
Metal Services
Hydrogen
Technologies
Automotive
Power Generation
Maritime Shipping
Mining Operations
Industrial Processes
Glassmaking
Aerospace & Electronics
Energy
Chemicals & Fuels
Pharma & Agrochemicals
Flavours & Fragrances,
Eyecare, Dental
Jewellery
Creating value for stakeholders
Our business model continued
1. Excludes CT business.
2. ICCT paper Comments and Technical Recommendations on Future Euro 7/VII Emission Standards, 2021.
Communities
We work with a range of partners on charitable giving and
employee volunteering schemes. 1,647 volunteering days in2025/26.
Society
Our catalytic converters have been helping to improve air quality
since 1974, with benefits on health and avoided deaths
2
. c.135k
additional tonnes of NOx were removed from tailpipes in 2025/26.
Suppliers
We partner with our suppliers to embed the highest
standards to deliver for ourcustomers. 46% supplier spend
(excl PGMs) have EcoVadis medal for good ESG performance.
Customers and strategic partners
Our customers highlight the quality of our products,
our collaborative approach and our technical expertise.
Our Net Promoter Score(NPS)
1
has increased to 47 from 41.
Investors
Our performance-driven culture and resilient portfolio create
sustainable value for our shareholders. £129 million returned
to shareholders via dividends.
Our People
Our employee engagement score increased by 0.3 to
7.5/10
1
in March 2026 compared to 7.2/10 in March 2025.
Please see our Products and markets page on our website: matthey.com
Johnson Matthey Annual Report and Accounts 2026 9Governance Financial statements Other informationStrategic report
Strengthening our core.
Building for the future.
Our strategy
See how
our refreshed
strategy is
translating
into progress
Our strategic journey since 2022
Since the launch of our new strategy in 2022, we have
diligently executed on our priorities, refocusing the JM
portfolio, investing with discipline and transforming the
organisation. During this time, we have made progress in
the face of several sustained headwinds, including a sharp
slowdown in the energy transition, weaker demand in the
global auto sector and significant platinum group metal
(PGM) price declines.
The announced divestment of our Catalyst Technologies
(CT) business unit in May 2025 laid the foundations for a
strategic recalibration. We are now refocusing on JM’s core
strengths and maintaining our market-leading positions in
Clean Air and Platinum Group Metal (PGM) Services, along
with growth optionality through Hydrogen Technologies
(HT), Clean Air Solutions (CAS) and PGM Products. This
recalibration, combined with disciplined execution of
diverse efficiency measures, enabled us to outperform our
peers and create significant shareholder value over the
period 2022-2025.
In early 2026, we refreshed our strategy, looking to add
greater depth, align with the market environment and
present our short- to medium-term outlook for the business.
Refocusing our activities, this strategic refresh supports
the launch of the new JM: a highly focused, lean and
cash-generative business delivering materially enhanced
shareholder returns.
JM’s refreshed strategy aims
to generate cash, drive growth
and deliver sustainable value
to 2035 and beyond
Johnson Matthey Annual Report and Accounts 2026 10Governance Financial statements Other informationStrategic report
Fully circular offering.
Refreshed strategy.
Purpose: Metals that matter, for a healthier world
Key capabilities: EHS, capital allocation, talent, innovation, digital and AI, sustainability
Financial objectives: Sustainable cash generation >£250m p.a. by 2027/28
Best-in-cost functions: Cost reduction in 2027/28 vs. 2025/26
Behaviours: Safety first, take accountability, drive results, work together
Disciplined execution: Critical priorities, cascaded Objectives & Key Results,
aligned incentives
Our strategy continued
Our strategic horizons
Our refreshed strategy is focused on ensuring longevity
across our three strategic horizons, Core, Scaling and
Emerging, with a commitment to generate a minimum of
£250 million p.a. in cash and £200 million of shareholder
returns in and beyond 2027/28.
In Core – with Clean Air and PGM Services – we currently
generate most of our revenues and cash flow. Our focus
remains on driving disciplined execution, improving
efficiencies and driving down costs to create streamlined,
high-performing, cash-generative businesses for the
longrun.
In Scaling – with Clean Air Solutions (CAS), Hydrogen
Technologies (HT) and PGM Products – we are well
positioned in market segments with attractive mid- to
longer-term growth perspectives. Our focus is on setting
these businesses up for success and accelerating their
growth through selective organic and inorganic initiatives.
And in Emerging, we will be exploring and building out
new growth platforms through structured partnerships and
potential M&A opportunities.
Our immediate priorities remain centred on our Core
businesses, which continue to benefit from a significantly
larger allocation of our resources. We are on track against
the strategic milestones we have set and are also making
good progress to deliver on our Scaling and Emerging
objectives. Combined, these focus areas create a three-
tiered pathway to sustainable, long-term cash generation.
Underpinned by our redefined purpose, ‘metals that matter,
for a healthier world’, this strategic approach also supports
our efforts to deliver on our sustainability commitments and
solve significant societal challenges.
Emerging
Pipeline of
new opportunities
Scaling
CA S, HT,
PGM Products
Core
Autocatalyst and
Refining/PMM
7
0
%
a
t
t
e
n
t
i
o
n
2
0
%
a
t
t
e
n
t
i
o
n
1
0
%
a
t
t
e
n
t
i
o
n
Direction
Strategic Horizons
Execution
Johnson Matthey Annual Report and Accounts 2026 11Governance Financial statements Other informationStrategic report
Our strategy continued
Core commitments.
Continued delivery on our milestones.
2025/26 2026/27 2027/28
On track Achieved
Financials
Operational
Sustainable
Our strategy continued
Read more about how our milestones map to our principal risks on pages 52 to 57
Increase Clean Air underlying operating margin to 16-18%
Achieve operating profit breakeven and positive cash flow in HT
1
Carve-out Catalyst Technologies following agreed sale
Operate new world-class PGM refinery
2
Improve customer net promoter score to greater than 41
3
Improve ICCA process safety event severity rate to 0.60
4
Increase employee engagement score to at least 7.2
5
Reduce Scope 1 and 2 emissions by 57%
6
1. Achieved run-rate operating profit breakeven in Q4 2025/26. On track to be cash flow positive in 2026/27. Cash flow is underlying operating profit plus depreciation and amortisation (EBITDA), less capex and net working capital movements.
2. Expect new refinery to be operational in calendar year 2027.
3. Net promoter score is a market research survey metric to measure customer satisfaction and loyalty, calculated from our annual customer survey data. 2025/26: 47, 2024/25 baseline: 41.
4. ICCA – International Council of Chemical Associations. 2024/25 baseline: 0.74 (restated – previously 0.78).
5. Employee engagement – March 2026: 7.5, March 2025 baseline: 7.1.
6. Metric tonnes of greenhouse gases. 2025/25: 101,010 tonnes CO
2
equivalents. This represents a 59% reduction compared to 2019/20 baseline of 248,432 tonnes (restated – previously 249,465 tonnes).
Johnson Matthey Annual Report and Accounts 2026 12Governance Financial statements Other informationStrategic report
Measuring performance
against our key performance indicators
Financial performance
Revenue
£12,573m
Sales
1
(excluding precious metals)
£2,555m
Operating profit
£161m
Underlying operating profit
1
£340m
Strong underlying cash flow generation driven
by good underlying profit growth alongside
reduced capital expenditure and continued
reductions in working capital.
Reported earnings per share decreased driven by
major impairment and restructuring charges
and deferred tax asset not recognised in the
current year, resulting in a reported loss.
Underlying earnings per share increased by 16%
driven by a lower average number of shares
following the share buyback in the prior year
and solid underlying performance.
Dividend per share maintained at the same level
as prior year.
Key performance indicators are from continuing operations.
1. Non-GAAP measures are defined and reconciled in note 34 of the financial statements, refer to page 195 to 197.
Revenue up, driven by higher precious
metalprices.
Sales down 7% at constant currency excluding
Value Businesses, driven primarily by Clean Air
with lower volumes mainly reflecting market
softness. Sales in PGM Services were also
down and this more than offset growth in
Hydrogen Technologies.
Operating profit decreased by 65%, due to a
number of one-off items in the prior year. These
include the profit on disposal of Medical Device
Components, partially offset by higher major
impairment and restructuring charges.
Good underlying performance with 6% growth,
excluding the favourable impact of metal
price (£24 million) and at constant foreign
exchange rates (no impact). Strong cost savings
and efficiencies across the Group enabling
margin improvement.
Free cash flow
1
£168m
(Loss) / Earnings per share
(5 4.1)p
Underlying earnings per share
1
128.5p
Ordinary dividend per share
77p
Key performance indicators
2025/ 26
12, 573m
11, 022m
12,284m
2024/25
2023/24
2025/ 26
64m
2024/25
2023/24
168m
173m
2025/ 26
£2 ,555m
2,831m
3,360m
2024/25
2023/24
(54.1)p
2025/ 26
176.0p
26.1p
2024/25
2023/24
2025/ 26
454m
179m
2024/25
2023/24
161m
2025/ 26
128.5p
110.7p
109.6p
2024/25
2023/24
2025/ 26
340m
299m
335m
2024/25
2023/24
77. 0 p
2025/ 26
77. 0 p
77. 0 p
2024/25
2023/24
KPI linked to remuneration policy, see page 100
Johnson Matthey Annual Report and Accounts 2026 13Governance Financial statements Other informationStrategic report
Sales contributing to our
four priority UN Sustainable
Development Goals (SDGs)
85%
R&D spend contributing
to our four priority SDGs
85%
Total Scope 1 and 2
greenhouse gas (GHG)
emissions (market-based)
236,859 tCO
2
e
Total Scope 3 (Category 1)
purchased goods and services
GHG emissions
2,911, 3 6 6 t C O
2
e
GHG emissions avoided from
using JM technologies
(compared to conventional offerings)
2,274,248 tCO
2
e
Recycled PGM content in
JM’s manufactured products
73%
Total recordable injury
and illness rate
(employees and contractors)
0.47
Female representation
across all management levels
32%
Sustainability performance (data shown including CT, unless otherwise stated)
The increase this year reflects changes in the
overall sales mix. Differences in market
performance led to a higher share of sales
aligned with our four priority UN SDGs, with
stronger contributions from areas more closely
linked to these goals. Please see https://sdgs.un.
org/goals for more details onthe UN SDGs.
We saw a decrease in R&D spend against our
priority UN SDGs as we continue to focus on UN
SDG-aligned innovation.
Total Scope 1 and 2 GHG emissions decreased
this year compared with the previous year,
driven by reductions in Scope 1 emissions
resulting from operational efficiencies and
changes in product mix. See page 33 for
moredetails.
Our GHG emissions from Scope 3 purchased
goods and services were lower than last year,
reflecting changes in purchasing behaviours
and business requirements. See page 33 for
more details.
This financial year over 2.27 million tonnes of
GHG emissions were avoided in customer
products, aided by JM technologies or services.
See our Sustainability Performance Databook
for more details.
The rate of recycled PGM content in our
manufactured products was 73%, down from
76% in 2024/25, reflecting cyclical refining
patterns and scheduled production downtime
that increased the use of primary material. See
page 35 for more details.
The year-end total recordable injury and illness
rate (TRIIR) is 0.47, above that of the past two
years. The increase reflects higher slip, trip and
fall injuries in January–February 2026, more
ergonomic cases, and reduced office-based
hours
1
worked following organisational changes
this year. See page 37 for more details.
Female representation at all management levels
remains at32% this year compared with the
previous year.
We remain committed toachieving our target of
40% by 2030. Seepage 38 for more details.
KPI linked to remuneration policy, see page 100
Key performance indicators continued
For more on our sustainability performance, please see our Sustainability Performance Databook
For more information on our sustainability targets, please see page 32
1. Office-based workers are less exposed to safety hazards and hence less likely to get injured compared to, for example, plant-based workers.
2025/ 26
85%
82%
89%
2024/25
2023/24
2025/ 26
2,274,248
1,606,644
1,335,881
2024/25
2023/24
2025/ 26
87%
92%
2024/25
2023/24
85%
2025/ 26
73%
76%
69%
2024/25
2023/24
2025/ 26
236,859
246,5 33
281,912
2024/25
2023/24
2025/ 26
0.47
0.36
0.36
2024/25
2023/24
2025/ 26
2,911,366
3,098,366
3,283,140
2024/25
2023/24
32%
2025/ 26
32%
30%
2024/25
2023/24
Johnson Matthey Annual Report and Accounts 2026 14Governance Financial statements Other informationStrategic report
Our business
One JM.
Fully circular.
Read our
individual
business
reviews on
the following
pages
Clean Air
Clean Air continues to lead in global emission control
markets. We invest and innovate with discipline to ensure
our solutions meet evolving legislative and customer needs.
We are also developing emission control technologies for
expanding hybrid platforms and for applications beyond
automotive, such as generators for data centres, shipping
and distributed power generation.
Platinum Group Metal Services
Platinum Group Metal (PGM) Services is a global leader in
PGMs. We play a key role in enabling many sustainable
technologies and a wide range of critical applications. The
world’s largest PGM recycler by volume, our circular model
also places us at the heart of more sustainable and resilient
supply chains. This makes us the partner of choice for
businesses seeking trusted, end-to-end PGM services.
Hydrogen Technologies
Hydrogen Technologies is a leading player in the hydrogen
economy. We have maintained our strength in the
development and manufacture of the critical performance-
defining components at the heart of fuel cells and
electrolysers. Our decades of experience in hydrogen cut
across numerous parts of the value chain, including
market-leading hydrogen production catalysts and
processes, components for hydrogen fuel cells and new
technologies for clean hydrogen production.
We deliver through three
businesses across multiple
sectors, leveraging synergies
and competitive advantage
to create long-term value.
Johnson Matthey Annual Report and Accounts 2026 15Governance Financial statements Other informationStrategic report
Our business continued
Clean Air
Maintaining market leadership,
exploring new opportunities
The markets in which Clean Air operates have greater
longevity than previously projected. Compared to 2022
estimates, updated 2025 forecasts for global light-duty
internal combustion engine (ICE) vehicle production
between 2027 and 2034 are higher by c.19m units,
1
largely
reflecting slower-than-anticipated battery electric vehicle
(BEV) penetration. Heavy-duty, off-road, marine and
stationary engine segments are also expected to remain
ICE-dominated well into the late 2030s.
2
For JM, operating
through our Clean Air business, these therefore remain core
markets with strong prospects for future cash delivery.
Our performance in 2025/26
In 2025/26, Clean Air closed the year with a total recordable
injury and illness rate (TRIIR) of 0.39, against a target of less
than 0.23. We remain unwavering in our commitment to
safety, learning lessons from our incidents and near misses,
strengthening our processes, enhancing communication
and continuously seeking opportunities to improve and
safeguard our people.
During the year, we delivered a solid performance and
achieved our top-line targets against a backdrop of tough
macroeconomic conditions. As we entered the year, tariffs
and changes in policy caused market disruption, although
for Clean Air our manufacturing footprint and strong
purchasing strategy helped mitigate the tariff challenges.
In the US, medium- and heavy-duty vehicle production
declined year-on-year, driven by increasing input costs and
regulatory uncertainty around upcoming EPA27 emissions
standards. This uncertainty delayed pre-buy activity and
weighed on freight demand. Fleet renewals, particularly for
Class 8 trucks, also slowed, as operators took a more
cautious approach to capital spending. At the same time,
replacement cycles are structurally extending, supported by
longer vehicle lifetimes due to improvements in durability,
powertrain efficiency and maintenance practices.
Despite these headwinds, we maintained leadership in our
core automotive market. Underlying operating profit grew
12%, despite declining volumes. We also delivered on our
commitment of margin improvement to 14.5%, up 270
basis points on 2024/25, and we remain on track for
16-18% margin by 2027/28.
This performance was mainly driven by our focus on
the factors within our control; for example, operational
discipline and ongoing footprint optimisation, plus the use
of lean tools, targeted capex investments, rigorous cash
management and a culture of continuous improvement.
Wealso achieved greater efficiencies through the close
cooperation and dedication of the teams in our plants.
Overall, these efforts delivered significant Operational
Excellence (OPEX) savings for the year.
Business wins and lasting partnerships
In 2025/26, we delivered good results in Asia, mainly in
India and Japan, while business in Europe also remained
positive. In our sales pipeline, we secured £2 billion of future
business in sales excluding precious metals (SEPM). These
include a strategic partnership with a leading manufacturer
representing around 10% of European gasoline volumes
and 20% of European hybrid volumes. We also secured
our position as the long-term partner in diesel to another
leading auto manufacturer from 2028 onward. Elsewhere,
we re-established JM as the technology partner of choice
for a major US manufacturer, securing non-incumbent
gasoline business over the next three years.
These developments reinforce our ability to win
globally through emission control systems. Our new
OEM alliances are also part of our efforts to build lasting
partnerships. These partnerships aim to maximise
future cash generation and resilience for JM and
for our customers navigating a challenging market.
Our continued focus on customer relationships and service
excellence was reflected in our annual net promoter score,
which is up to 42 from 39 the previous year.
Non-automotive growth opportunities
Non-automotive differentiated markets continued to gain
momentum in 2025/26, creating opportunities to adapt JM’s
catalyst technology through our Clean Air Solutions division.
Growth optionality is particularly strong in the US, where
backup power facilities are being mainstreamed to meet
soaring energy demand linked to data centre development.
Our acquisition of leading SCR catalyst manufacturer
CORMETECH Inc., announced in May 2026, will materially
enhance the scale of Clean Air Solutions and drive growth in
stationary emission control applications, particularly in the
USmarket.
During the year, we signed a new Clean Air Solutions
contract with a leading US industrial company to deliver
emission control for off-grid power generation. Other
notable wins include a long-term supply agreement with
one of the world’s leading manufacturers of stationary gas
engines. This new five-year contract, which covers the
supply of key emission control components, is our first
major success in the gas engine segment.
Looking ahead
In the coming year and beyond, we will continue to deepen
relationships with OEMs and Tier 1s across key and growing
markets, particularly in Asia. India remains an important
growth market for combustion engines, and we are well
equipped to support customers there through the next
investment cycle. Already, we have secured c.95% of
Clean Air planned volumes for 2027/28, and we are strongly
positioned for ongoing margin improvement and durable
cashgeneration.
Through Clean Air Solutions, enhanced by the acquisition of
CORMETECH Inc., we will continue to explore opportunities
in stationary emissions segments, including marine and
industry catalysts. We will also pursue growth areas such as
engine systems for stationary power and CO
2
equivalent
reduction technologies. Via these pathways, we believe
Clean Air Solutions could help open up new revenue streams
and drive cash generation in the coming years.
1. S&P Global.
2. S&P Global / KGP.
+12%
underlying
operating profit
growth vs
2024/25
Johnson Matthey Annual Report and Accounts 2026 16Governance Financial statements Other informationStrategic report
Process safety performance continued to strengthen, with
our International Council of Chemical Associations (ICCA)
Process Safety Event Severity Rate (PSESR) improving from
2.4 at the start of the year to 1.9. Thisimprovement reflects
the successful delivery of our high-risk reduction
programme and highlights the positive impact of targeted
process safety initiatives.
However, PGM Services had a challenging financial
performance in 2025/26, despite the benefits of higher
metal prices and metal trading flow particularly in our
Precious Metals Management (PMM) business. Our US
refinery suffered elevated levels of operational losses, and,
given the high metal prices at which we recorded these
losses, this resulted in our operating profit falling by 20%.
The delivery of our asset renewal and operational excellence
programmes is well advanced in the US refinery, and we
expect losses to be significantly lower moving forward. A
large part of these improvements will be offset by higher
ongoing maintenance costs at our ageing refinery assets,
but we remain on track to achieve a 30% operating margin
by 2027/28, in line with our commitments, as the new
refinery in the UK is commissioned.
Meanwhile, with the management of working capital a top
priority for JM, we implemented plans to deliver significant
reductions in operating cost and inventory. PGM Services’
Accelerate programme, which is focused on production
efficiency, delivered targeted asset improvements across
several sites, leading to c.£15 million in operating
efficiencies during the year, and a significant reduction in
UK refinery backlogs at year end.
We continued to deliver for our customers as well,
particularly in chemicals thanks to our solutions orientation,
achieving an annual net promoter score of 52, up from 49 in
the previous year.
Refining capabilities
In the US, we won incremental new business which offset
the closure of an existing customer’s mine, and throughout
2025/26 our primary refining grew. It was also a good year
for refining in our secondary industrial sectors, and we
anticipate an uplift in the auto-scrap market in 2026/27.
We have identified a strong pipeline of volume opportunity
once our new Royston facility, the Third Century Refinery
(3CR), is completed. With a significant expansion of
production capacity, 3CR will increase the speed and
reliability with which we can process customers’ metal.
It will also deliver a step-change in technology to improve
safety, efficiency and flexibility, generating growth
opportunities while meeting demand for circular and
sustainable PGM use.
Ahead of 3CR coming online, our priority is to maintain
momentum and focus across our operations. In March
2026, PGMS Royston recorded its strongest-ever monthly
performance, processing record levels of platinum and
exceeding all financial and operational targets. These results
are a clear sign that our pre-3CR approach is working.
Products and partnerships
On the PGM Products side, we saw several interesting wins
and developments. In our chemicals business, we launched
a new product for aviation and generated strong sales in
energy. Our industrial products business also delivered
growth across many sectors, including wins in jewellery,
medical devices and nitro (gauze). Meanwhile, our life
science technologies (LST) business faced challenging
market conditions, but still won several new contracts.
Inone milestone deal, JM catalysts will be used to