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Sales excluding precious metals

£2.6 billion

FY 2025/26

Underlying operating profit

£340 million

FY 2025/26

Underlying earnings per share

128.5p

FY 2025/26

Latest financial results - full year 2025/26

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Delivering on our strategy - creating a focused, lean and cash generative group

Good progress on executing JM’s new strategy to create a focused, lean and cash generative group, with a significant increase in free cash flow¹ year-on-year – £168 million, up 163%
Delivered solid 2025/26 operating profit in line with previously upgraded guidance: pro forma underlying operating profit² up 6% at constant PGM prices and FX
Reported operating profit down 65% due to significant profit on disposals in the prior year, partly offset by lower impairment and restructuring charges
Delivered 14.5% underlying operating margin in Clean Air, up 270 basis points year-on-year; on track to achieve guidance of 16% to 18% in 2027/28
PGM Services impacted by operational metal losses in our US refinery. Started early-stage commissioning of new UK PGM refinery; on track to be operational in calendar year 2027
£1,325 million sale of Catalyst Technologies³ on track to complete by the end of August 2026: £1 billion of net sale proceeds to be returned to shareholders following completion ⁴
Agreed acquisition of CORMETECH Inc. (Cormetech) for an enterprise value of $360 million (10.3x expected 2026 EBITDA, pre-synergies⁵) to drive growth in stationary emissions control applications, including for the rapidly growing data centre market in the US
On track to deliver sustainable free cash flow of at least £250 million p.a. by 2027/28, of which at least £200 million p.a. will be returned to shareholders in respect of 2026/27 and beyond

"In May 2025, we set out our strategy to transform Johnson Matthey into a focused, lean and cash generative group. The significant increase in cash generation shows our strategy is working. We also made progress in the year on decisive portfolio changes that will reshape the company for years to come and drive sustainable value creation."

"The sale of Catalyst Technologies is on track and the acquisition of Cormetech represents another important milestone in JM’s development. Cormetech will materially enhance the scale of Clean Air Solutions and create a global leader in stationary emissions control, including for the rapidly growing data centre market."

"Together with the progress we are making on strengthening our core businesses, we are on track to achieve our medium-term targets and deliver enhanced shareholder returns."

Notes:

1. 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.
2. Pro forma financials exclude Catalyst Technologies (discontinued) and Value Businesses (divested) as shown on page 10 (of full release).
3. Enterprise value of £1,325 million on a cash and debt-free basis.
4. Comprising £800 million through a special dividend with a share consolidation, and £200 million through an on -market share buyback programme.
5. Acquisition of Cormetech for an enterprise value of $360 million payable in cash, which represents a 10.3x acquisition multiple pre-synergies based on expected 2026 EBITDA of c.$35 million. An additional earn-out consideration of up to $100 million in total may be payable in cash during calendar years 2028 and 2029, conditional on Cormetech achieving certain financial performance targets. Further detail included in the transaction announcement.