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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liam Condon, Chief Executive Officer, commented:

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 range⁵,¹¹. 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.

 

Unchanged group outlook for the year ending 31st March 2026⁴

For 2025/26, we expect to deliver underlying operating profit growth at the higher end of a mid single digit percentage range, despite the challenging macroeconomic environment. This is on a pro forma basis, excluding Catalyst Technologies and Value Businesses, and at constant precious metal prices and constant currency.⁵ Overall performance will continue to be weighted towards the second half. However, second half performance will be lower year-on-year driven by PGM Services, reflecting lower metal recoveries and refining volumes, as expected.

In Clean Air we expect modest growth in operating profit, with a margin of 14 to 15%. This is based on external data which suggest a 5% decline in global light duty vehicle production for 2025/26. Operating profit growth and margin expansion will be driven by our ongoing operational excellence and transformation benefits. In PGM Services, we expect lower operating profit largely reflecting reduced metal recoveries. In Hydrogen Technologies, we continue to expect to achieve operating profit breakeven by the end of 2025/26.¹¹

If PGM (platinum group metal) prices remain at their current level¹² for the remainder of 2025/26, we expect a c.£20 million benefit to full year operating profit compared with the prior year.¹³

At current foreign exchange rates¹⁴, translational foreign exchange movements for the year ending 31st March 2026 are expected to have a limited effect on underlying operating profit. 

Over the medium-term to 2027/28, we continue to expect at least mid single digit CAGR in pro forma operating profit.⁵
 

Dividend

The board has approved an interim dividend of 22.0 pence per share, maintained at the same level as the prior year (1H 2024/25: 22.0 pence per share). The interim dividend will be paid on 3rd February 2026, with an ex-dividend date of 27th November 2025, to shareholders on the register at the close of business on 28th November 2025.

 

Enquiries:          

Investor Relations        

Louise Curran, Head of Investor Relations, +44 20 7269 8235

 

Media    

Sinead Keller, Group External Relations Director, +44 20 7269 8218
Harry Cameron, Teneo, +44 7799 152 148

<sub>Notes:
1. Pro forma financials exclude Catalyst Technologies (discontinued) and Value Businesses (divested) as shown on page 8.
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.
6. Unless otherwise stated, sales and operating profit commentary refers to performance at constant exchange rates. Growth at constant rates excludes the translation impact of foreign exchange movements, with 1H 2025/26 results converted at 1H 2024/25 average rates. In 1H 2025/26, the translational impact of exchange rates on group sales and underlying operating profit (continuing) was an adverse impact of £26 million and £2 million respectively.
7. Underlying is before gain on significant legal proceedings, profit on disposal of businesses, share of profits or losses from non-strategic equity investments, major impairment and restructuring charges, one-off tax transactions and, where relevant, related tax effects. For definitions and reconciliations of other non-GAAP measures, see pages 48 to 53.
8. 1H 2024/25 is restated to reflect the classification of Catalyst Technologies as a discontinued operation following the agreed sale, and the group’s updated reporting segments where a small business outside of the sale perimeter has moved from Catalyst Technologies to PGM Services.
9. Revenue excluding cost of precious metals to customers and the precious metal content of products sold to customers.
10. Based on weighted average number of shares in issue of 168.0 million in 1H 2025/26 (1H 2024/25: 181.7 million). Reduction due to share buyback programme from 3rd July 2024 to 12th December 2024.
11. Outlook commentary for Clean Air, PGM Services and Hydrogen Technologies refers to underlying operating performance and assumes constant precious metal prices and constant currency.
12. Based on average precious metal prices in November 2025 (month to date).
13. A US$100 per troy ounce change in the average annual platinum, palladium and rhodium metal prices each have an impact of approximately £1 million, £1 million and £0.5 million respectively on full year 2025/26 underlying operating profit in PGM Services. This assumes no foreign exchange movement.
14. Based on foreign exchange rates as at 11th November 2025 (£:US$ 1.32, £:€ 1.14, £:INR 116.55, £:RMB 9.38).</sub>