Johnson Matthey Plc · LSE:JMAT
Johnson Matthey — Q2 2026 Earnings Presentation
42 slides from Johnson Matthey's earnings presentation, Nov 20, 2025
Slide 1: Results for the half year ended 30th September 2025
Results for the half year ended 30th September 2025 20th November 2025
Slide 2: Cautionary statement
Cautionary statement This presentation contains forward-looking statements that are subject to risk factors associated with, amongst other things, the economic and business circumstances occurring from time to time in the countries and sectors in which Johnson Matthey operates. By their nature, forw
Slide 3: Agenda
Agenda 1 2 3 4 Overview Financial update Strategy update Q&A 3
Slide 4: Overview
J Johnson Matthey Overview
Slide 5: Highlights
Highlights Strong performance – underlying operating profit up 38%¹ Delivering a leaner and Good progress in implementing cash-focused business model more focused Johnson Matthey Sale of Catalyst Technologies on track 1. Pro forma underlying operating profit growth which excludes Catalyst Technologi
Slide 6: Good strategic momentum
Good strategic momentum Sale of Catalyst Technologies Margin improvement Strong performance for £1.8bn¹ on track in Clean Air in PGM Services Completion expected by first Up 200 basis points Underlying operating half of calendar year 2026 profit up 33% New PGM refinery progressing On track for break
Slide 7: Financial update
J Johnson Matthey Financial update
Slide 8: Good progress on operating profit and cash
Good progress on operating profit and cash Sales -4%¹ Operating profit +38%¹ Earnings per share 51.2p, +40%² Free cash flow £4m inflow Net debt £971m Interim dividend maintained a significant y-o-y improvement (2.0 times EBITDA) at 22.0p per share (1H 2024/25: £165m outflow)³ Note: Unless otherwise
Slide 9: Underlying results
Underlying results Underlying results for half year % change, ended 30th September¹ 2025 2024² % pro forma³, £m £m change constant FX Sales excluding precious metals 1,279 1,402 -9 -4 Operating profit 142 106 +34 +38 Finance charges (32) (23) Profit before tax 110 83 +33 Taxation (24) (17) Profit af
Slide 10: Clean Air: good progress in line with expectations
Clean Air: good progress in line with expectations Underlying results for half year ended % change, 2025 2024 30th September constant Sales down 7% £m £m FX rates Decline in global vehicle production – mainly European LDD LDD 486 530 -7 and North American HDD LDG impacted by share losses LDG 202
Slide 11: PGM Services: good sales and profit growth
PGM Services: good sales and profit growth Underlying results for half year ended % change, 2025 20241 30th September constant Sales up 7% £m £m FX rates Good growth in refining and trading Higher PGM prices and increased Total sales 226 215 +7 trading activity Operating profit 66 51 +33 Operati
Slide 12: Hydrogen Technologies: smaller operating loss
Hydrogen Technologies: smaller operating loss Underlying results for half year ended % change, 2025 2024 30th September constant Sales up 15% £m £m FX rates Revenue recognised due to changes to volume commitments Total sales 23 20 +15 from customers in fuel cells Higher electrolyser volumes Oper
Slide 13: Significant year-on-year improvement in free cash flow
Significant year-on-year improvement in free cash flow Free cash flow for half year ended 30th September 2025 2024¹ £m £m Underlying EBITDA (pro forma)² 218 184 Working capital 29 (116) Interest and tax (58) (73) Capex (129) (135) Other³ (56) (25) Expect a material Free cash flow 4 (165) step up in
Slide 14: Ongoing actions to drive cash generation
Ongoing actions to drive cash generation Overhead reduction Capex reduction Improved working capital management On track for c.20% reduction in Capex remains elevated as new PGM R&D and SG&A spend in Clean Air refinery delivered, replacing Improving supplier payment terms by end of 2025/26¹ en
Slide 15: Delivering materially enhanced shareholder returns
Delivering materially enhanced shareholder returns Returning proceeds from the Growing ongoing returns… sale of Catalyst Technologies Enterprise value of £1.8bn on a cash …from at least £130m for 2025/26… and debt-free basis Ordinary dividend Net sale proceeds of c.£1.6bn £1.4bn to be return
Slide 16: Outlook for year ending 31st March 2026
Outlook for year ending 31st March 2026 Group guidance unchanged¹: Growth in underlying operating profit at the higher end of a mid single digit percentage range, at constant precious metal prices and currency² Performance weighted towards 2H 2H lower y-o-y mainly driven by PGM Services – lower
Slide 17: Strategy update
J Johnson Matthey Strategy update
Slide 18: Sale of Catalyst Technologies for £1.8bn on track
Sale of Catalyst Technologies for £1.8bn¹ on track 1 2 3 Competition Carve-out £1.4bn to be returned Completion authority approvals progressing well to shareholders expected by Received vast majority first half of Legal re-organisation £1.15bn via special of approvals being finalised dividend
Slide 19: The new JM will be a highly focused, lean and agile business
The new JM will be a highly focused, lean and agile business Fully circular offering 1 PGM expertise underpins the group Leading positions in Clean Air and PGM Services, 2 with existing assets providing growth optionality¹ PGMs 3 Lean operating model Step change in cash generation – annualised 4 sus
Slide 20: Clean Air: leading in autocatalyst markets
Clean Air: leading in autocatalyst markets Our ambition: 2027/28 targets: Full year 2024/25 >£2bn 16-18% Sales Operating margin HDD: Maintain position 34% Sales as a leading £2.3bn LDD: autocatalyst 45% player and LDG: drive continued 21% strong margin improvement Operating profit: £273m Operating m
Slide 21: Clean Air: maintaining a leading position
Clean Air: maintaining a leading position Good commercial progress in the half… Strong overall win rate¹ Secured new gasoline hybrid business with leading Chinese OEMs Good progress on long-term partnerships with strategic customers …underpinning >£2bn sales in 2027/28 of which c.90% is already won
Slide 22: Clean Air: driving efficiency
Clean Air: driving efficiency 1 2 3 Clean Air overhead Commercial Footprint reduction excellence optimisation c.10% headcount Strong customer Line closure in India reduction in 1H – relationships – 21 lines today on track for c.15% net promoter score (2021/22: 50 lines) by end of 2025/26¹ up
Slide 23: PGM Services: a world leader in PGMs
PGM Services: a world leader in PGMs Our ambition: 2027/28 targets¹: Full year 2024/25² c.£450m c.30% Sales Operating margin Refining: Maintain position c.50% Sales as a world leader £481m Products: in PGMs and c.40% drive significant PMM: working capital c.10% improvement Operating profit: £151m Op
Slide 24: PGM Services: construction of new PGM refinery progressing
PGM Services: construction of new PGM refinery progressing 95% of equipment delivered Expect to start Continued focus on commissioning in mitigating downtime in 2H 2025/26 old PGM refinery Expect new refinery to be operational in calendar year 2027 24
Slide 25: Streamlined Group Leadership Team to support JM's transition
Streamlined Group Leadership Team to support JM’s transition Group Leadership Team Liam Condon Alastair Judge Carol Frost Richard Pike Liz Rowsell Simon Price Chief Executive Chief Financial Chief People & Chief Operating Chief Technology General Counsel Officer (CEO) Officer (CFO) Communications Of
Slide 26: Nurturing a high-performance culture
Nurturing a high-performance culture TRIIR improved to 0.32¹ 1 Safety (vs 0.36 as at 31st March 2025) Customer JM net promoter score up 2 satisfaction 13 points² Accountability Employee Continued uptick in employee 3 engagement engagement in latest survey Efficiency Performance Aligning 37.5%
Slide 27: What JM will deliver by 2027/28
What JM will deliver by 2027/28 1 2 3 At least mid single digit Annualised sustainable Cash returns of CAGR in pro forma free cash flow of at least at least £200m p.a operating profit¹ £250m driven by cost to shareholders driven by cost savings savings, lower capex and improved working capital manag
Slide 28: Strategic milestones
Strategic milestones¹ 2025/26 2026/27 2027/28 Increase Clean Air underlying operating margin to 16-18% Financial Achieve operating profit breakeven and positive cash flow in HT² Carve-out Catalyst Technologies following agreed sale Operational Operate new world-class PGM refinery³ Improve customer n
Slide 29: Delivering a leaner and more focused Johnson Matthey
Delivering a leaner and more focused Johnson Matthey Strong Good progress Sale of Catalyst performance in implementing Technologies – underlying cash-focused on track operating profit up business model 38%¹ Delivering materially enhanced shareholder returns 1. Pro forma underlying operating profit g
Slide 30: Q&A
IM wattiey Q&A
Slide 31: Appendix
Appendix 31
Slide 32: 2024/25 pro forma sales
2024/25 pro forma sales Sales for year ended 31st March 2025 (£m) 1H 2H FY Clean Air 1,165 1,154 2,319 PGM Services¹ 215 266 481 Hydrogen Technologies 20 40 60 Eliminations¹ (34) (32) (66) Sales (pro forma) 1,366 1,428 2,794 Catalyst Technologies (discontinued)¹,² 328 324 652 Eliminations (discontin
Slide 33: 2024/25 pro forma underlying operating profit
2024/25 pro forma underlying operating profit Underlying operating profit for year ended 31st March 2025 (£m) 1H 2H FY Clean Air 121 152 273 PGM Services¹ 51 100 151 Hydrogen Technologies (26) (13) (39) Corporate (42) (45) (87) Underlying operating profit (pro forma) 104 194 298 Catalyst Technologie
Slide 34: Sales by business
Sales by business Sales for half year % change, 2025 2024¹ ended 30th September constant £m £m FX rates Clean Air 1,061 1,165 -7 PGM Services 226 215 +7 Hydrogen Technologies 23 20 +15 Eliminations (31) (34) n/a Sales (pro forma) 1,279 1,366 -4 Catalyst Technologies (discontinued) 272 328 -16 Elimin
Slide 35: Underlying operating profit by business
Underlying operating profit by business Underlying operating profit for % change, 2025 2024¹ half year ended 30th September constant £m £m FX rates Clean Air 132 121 +11 PGM Services 66 51 +33 Hydrogen Technologies (18) (26) n/a Corporate (38) (42) n/a Underlying operating profit (pro forma) 142 104
Slide 36: Catalyst Technologies (discontinued): key financials
Catalyst Technologies (discontinued): key financials Underlying results for % change, half year ended 30th 2025 2024¹ constant September £m £m FX rates Catalysts 233 268 -12 Licensing 39 60 -35 Total sales 272 328 -16 Operating profit 20 50 -60 Operating profit margin 7.4% 15.2% EBITDA margin 9.2% 1
Slide 37: Reported results (continuing)
Reported results (continuing) Reported results for half year ended 30th 2025 2024¹ September £m £m Underlying operating profit 142 106 Gain on significant legal proceedings 8 - Major impairment and restructuring charges² (33) (63) Profit on disposal of businesses³ - 484 Reported operating profit 117
Slide 38: Free cash flow (continuing)
Free cash flow (continuing) Free cash flow for half year 2025 2024¹ ended 30th September £m £m Underlying operating profit 142 104 Depreciation and amortisation 76 80 – Precious metal working capital inflow 142 4 – Non precious metal working capital outflow (113) (120) Net working capital inflow / (
Slide 39: Net debt to EBITDA (continuing)
Net debt to EBITDA (continuing) 2.0 times £m Net debt at 31st March 2025¹ (810) Free cash flow 4 Cash inflow from divestments 4 Dividends (92) Movement in net debt (894) Lease adjustments² (4) Net debt before FX and other movements (898) FX and other movements³ (73) Net debt at 30th September 2025 (
Slide 40: Net debt (continuing)
Net debt (continuing) Free cash flow: £4m inflow 2.0 times net debt 1.8 times to EBITDA net debt £73m to EBITDA £92m £56m £971m £58m £810m £129m (£218m) (£29m) Net debt Underlying Working Capital Interest Other FCF Dividends Other Net debt 31st March EBITDA capital expenditure and tax items² paid it
Slide 41: Capital allocation priorities
Capital allocation priorities Target net debt to EBITDA: 1.0 to 1.5x¹ 1 2 3 Organic Shareholder Inorganic investment returns investment PGM refinery Growing annual Selective investment cash returns to investments in core shareholders from areas – only highly Capex to D&A compelling bolt-on a
Slide 42: PGM prices
PGM prices US$ per troy oz 10,000 2,000 8,000 1,500 6,000 Price 1,000 (US$ per troy oz) Current 1H 2025/26 1H 2024/25 (11th Nov 2025) average average 4,000 500 2,000 Platinum 1,605 1,249 982 0 0 Palladium 1,448 1,098 986 01/04/24 01/10/24 01/04/25 01/10/25 Rhodium Platinum Palladium Rhodium 8,075 6,