31 July 2026
Johnson Matthey: a focused, lean and cash generative group
Johnson Matthey has a rich history in platinum group metals (PGMs) which goes back over 200 years. Our core businesses have leading positions in durable markets and a fully circular business model, underpinned by our world-leading PGM expertise:
- 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, leading capabilities in R&D, product manufacture, refining and metal management providing a fully circular offering
Alongside these durable businesses, we are driving growth through opportunities focused on our core competencies in PGMs and catalysis.
- Clean Air Solutions – a global leader in emissions control for stationary applications, including the rapidly growing data centre market, materially enhanced by the acquisition of Cormetech
- PGM Products (within PGM Services) – a leader in converting PGMs into high value products for a wide range of industries, with growth in new applications
- Hydrogen Technologies – a leader providing critical components for green hydrogen fuel cells and electrolysers
Delivering a step change in cash generation and enhanced shareholder returns
JM is transforming into a highly focused, lean and cash generative group. We are driving sustained strong cash generation through three key levers: overhead reduction, materially lower capex and improved working capital management. Our disciplined capital allocation policy will deliver materially enhanced shareholder returns whilst maintaining a strong balance sheet, targeting 1.0 to 1.5x net debt to EBITDA by 31st March 2029.
By 2027/28 we expect to deliver:
- At least mid single digit CAGR in pro forma underlying operating profit (2024/25 baseline¹)
- Annualised sustainable free cash flow of at least £250 million
- Cash returns of at least £200 million per annum to shareholders
Notes:
1. Baseline is pro forma underlying operating profit which excludes Catalyst Technologies and Value Businesses – £298 million in 2024/25.
Strategic milestones to track our progress
As we execute against our strategy, we’ve outlined key strategic milestones to 2027/28 to track our progress.
Notes:
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. 2025/26: 101,010 tonnes CO₂ equivalents. This represents a 59% reduction compared to 2019/20 baseline of 248,432 tonnes (restated – previously 249,465 tonnes).
