26 June 2026
Johnson Matthey at a glance: a more highly focused, lean and agile business
Johnson Matthey has a rich history in platinum group metals (PGMs) which goes back over 200 years.
Our portfolio of businesses contains Clean Air (autocatalysts), PGM Services (refining and manufacture of PGM products), Catalyst Technologies (licensing of process technology and supply of catalysts, primarily to the chemicals industry) and Hydrogen Technologies (manufacture of critical components for fuel cells and electrolysers).
Following the agreed sale of Catalyst Technologies to Honeywell, Johnson Matthey will be a more highly focused, lean and agile business centred around Clean Air and PGM Services. These businesses have leading market positions, underpinned by our strong heritage and expertise in PGMs.
- Clean Air - a global leader providing catalysts for emission control after-treatment systems used in light and heavy duty vehicles powered by internal combustion engines.
- PGM Services – a world leader in PGMs, enabling the energy transition through developing new PGM applications and providing a fully circular offering
A step change in sustainable cash generation delivering attractive shareholder returns
JM will become a highly streamlined group focused on delivering sustained strong cash generation and attractive ongoing cash returns to shareholders. This is underpinned by a high-performance culture driving rigorous cost control, materially lower capex and significant working capital benefits. We will maintain a disciplined capital allocation framework targeting 1.0 to 1.5x net debt to EBITDA over the medium-term.
By 2027/28 we expect to deliver:
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At least mid single digit CAGR in pro-forma operating profit¹ from 2024/25
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Annualised sustainable free cash flow of at least £250 million driven by cost savings, lower capex and improved working capital management
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Cash returns of at least £200 million per annum to shareholders
Strategic milestones to track our progress
As we execute against our strategy, we’ve outlined our key strategic milestones to 2027/28 to track our progress.
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 CO2 equivalents. This represents a 59% reduction compared to 2019/20 baseline of 248,432 tonnes (restated - previously 249,465 tonnes).
