Financial results and reports

Latest financial results - half year 2025/26

Strong 1H performance whilst delivering a leaner, more focused and cash generative JM

Strong performance with pro forma underlying operating profit¹ up 38% at constant currency. Reported operating profit down 78% due to profit on disposals in prior period
Delivered 12.4% margin in Clean Air, up 200 basis points year-on-year, and on track to achieve margin guidance of 14 to 15% in 2025/26
Expect to start commissioning new PGM refinery in second half of 2025/26, and be operational in calendar year 2027
Good progress in implementing a cash-focused business model: significant improvement in first half free cash flow and expect a material step up for the full year²
£1.8 billion Catalyst Technologies sale on track to complete by first half of calendar year 2026³
£1.4 billion of net sale proceeds to be returned to shareholders: £1.15 billion via special dividend and £250 million via share buyback programme
Outlook unchanged⁴,⁵: expect to deliver growth in full year underlying operating profit at the higher end of a mid single digit percentage range, at constant PGM prices and currency

"Following the agreement to sell Catalyst Technologies, we are transforming Johnson Matthey into a more highly focused, lean and cash generative business. Our focus on increased efficiency has driven a strong first half performance with significant growth in pro forma underlying operating profit¹."

"We are also making good progress in implementing our cash-focused business model, with the benefits starting to come through and a material step up in free cash flow expected for the full year². The carve out of Catalyst Technologies is progressing well and we remain on track to complete the transaction by the first half of calendar year 2026."

"For the full year, we expect to deliver growth in underlying operating profit at the higher end of a mid single digit percentage range^_⁵,⁶. Looking ahead, with momentum building in efficiency and cash generation, we are on track to achieve our medium-term targets and deliver materially enhanced shareholder returns."

Notes:

1. Pro forma financials exclude Catalyst Technologies (discontinued) and Value Businesses (divested) as shown on page 8 (of full release).
2. Free cash flow defined as net cash flow from operating activities (excluding disposal related costs) after net interest paid, net purchases of non-current assets and investments and the principal elements of lease payments, adjusted to reflect the classification of Catalyst Technologies as a discontinued operation. 2024/25: £64 million inflow.
3. Enterprise value of £1.8 billion on a cash and debt-free basis.
4. Outlook unchanged from pre-close trading update published on 9th October 2025.
5. Baseline is pro forma underlying operating profit which excludes Catalyst Technologies and Value Businesses – £298 million in 2024/25 as shown on page 9 (of full release).
6. Outlook commentary for Clean Air, PGM Services and Hydrogen Technologies refers to underlying operating performance and assumes constant precious metal prices and constant currency.