Slide 1: Results for the year ended 31st March 2026
Results for the year ended 31st March 2026 28th May 2026 Metals that matter, for a healthier world
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 Overview 2 Financial update 3 Strategic update 4 Conclusion 3
Slide 4: Overview
IM wattiey Overview
Slide 5: Solid 2025/26 performance in line with guidance
Solid 2025/26 performance in line with guidance 6% growth in Strong margin Achieved A material underlying improvement run-rate step-up in operating in Clean Air breakeven in free cash flow profit¹ Hydrogen Technologies Delivering on our commitments today and on track for 2027/28 1. Pro forma underly
Slide 6: Reshaping JM to drive sustainable returns
Reshaping JM to drive sustainable returns New PGM refinery Catalyst Technologies Acquisition of commissioning sale on track Cormetech¹ ▪ PGM Services in a transitional ▪ Reorganisation complete ▪ The leading SCR catalyst period manufacturer supplying ▪ Only one antitrust approval into the rapidly gr
Slide 7: A focused, lean and cash generative group
A focused, lean and cash generative group Driving efficiencies Supporting customers and employees Lean operating Incentivising value Customer Employee model creation satisfaction engagement ▪ Reduced Group ▪ 80% of 2026/27 ▪ JM net promoter score ▪ Employee engagement Leadership Team annual bonus li
Slide 8: Financial update
IM wattiey Financial update
Slide 9: Delivering operating profit and cash growth
Delivering operating profit and cash growth Sales -7%¹ Operating profit +14%¹ Earnings per share – no material financial impact 128.5p, +16%² due to Middle East conflict Free cash flow £168m inflow Net debt £880m Ordinary dividend maintained a material step-up year-on-year³ (1.8 times EBITDA) at 77.
Slide 10: Underlying results
Underlying results Underlying results for year ended % change, 31st March¹ 2026 2025² % pro forma³, £m £m change constant FX Sales excluding precious metals 2,555 2,831 -10 -7 Operating profit 340 299 +14 +14 Finance charges (69) (54) Profit before tax 271 245 +11 Taxation⁴ (55) (50) Profit after ta
Slide 11: Exceptional items
Exceptional items Major impairment and restructuring charges £m for year ended 31st March 2026¹ (192) Hydrogen Technologies – impairments reflecting 1 further slowdown in the hydrogen market (88) PGM Services – impairment of assets linked 2 to fuel cells and closure of our China refinery (38) Clean
Slide 12: Clean Air: profit and margin growth driven by efficiencies
Clean Air: profit and margin growth driven by efficiencies Underlying results for year ended 31st March % change, 2026 2025 constant Sales down 7% £m £m FX rates ▪ Weaker vehicle production in North American HDD and LDD 991 1,049 -5 European LDD ▪ Market share losses in LDG LDG 403 480 -15 HDD 729 7
Slide 13: PGM Services: sales and profit down materially
PGM Services: sales and profit down materially Underlying results for year ended 31st March % change, 2026 2025¹ constant Sales down 11% £m £m FX rates ▪ Mainly driven by operational metal losses in US refinery Total sales 420 481 -11 ▪ Partly offset by a strong trading performance Operating profit
Slide 14: Hydrogen Technologies: achieved run-rate breakeven
Hydrogen Technologies: achieved run-rate breakeven Underlying results for year ended 31st March % change, 2026 2025 constant Sales up 18% £m £m FX rates ▪ Revenue recognised due to changes to volume commitments Total sales 71 60 +18 from customers in fuel cells ▪ Higher electrolyser sales Operating
Slide 15: A material step-up in free cash flow…
A material step-up in free cash flow… Free cash flow for year ended 31st March 2026 2025¹ £m £m Underlying EBITDA (pro forma)² 489 454 Working capital 135 141 …driven by ▪ c.£70m benefits from Interest and tax (148) (129) overhead reduction ▪ Reduced capex Capex (239) (301) ▪ Lower restructuring cos
Slide 16: Capex reducing materially following new refinery completion
Capex reducing materially following new refinery completion Capex¹ Expect materially lower capex of 1 c.£120m by 2027/28 following completion of new PGM refinery £303m c.£230m Expect c.£230m capex in 2026/27 £216m 2 (previously c.£140m) ▪ Higher fit-out costs and lower labour productivity after indu
Slide 17: Capital allocation
Capital allocation Sources of cash Uses of capital Targeting net debt to EBITDA of 1.0 to 1.5x by 31st March 2029¹ Operating cash flows 1 2 3 Organic investment Shareholder returns Inorganic Reduction Capex reducing to ▪ Ongoing returns of at least investment in capex c.£120m in 2027/28 £200m per an
Slide 18: Outlook for year ending 31st March 2027
Outlook for year ending 31st March 2027 Expect low to mid single digit PGM prices FX percentage growth in operating At least £25m £2m adverse profit at constant precious metal benefit if PGM impact if FX prices and constant currency¹ prices remain at rates remain at current levels² current levels³ ▪
Slide 19: Strategic update
IM wattiey Strategic update 19
Slide 20: A focused, lean and cash generative group
A focused, lean and cash generative group Fully circular offering 1 PGM expertise underpins the group Clean Air Strong core businesses with leading 2 positions – Clean Air and PGM Services PGMs HT 3 Driving growth¹ leveraging core technology 4 A step change in cash generation PGM Services 5 Deliveri
Slide 21: Clean Air: leading in autocatalyst markets
Clean Air: leading in autocatalyst markets Our ambition: Maintain position as 2025/26 a leading autocatalyst player and drive LDG 19% continued strong margin improvement Profitable share in HDD 34% gasoline Sales £2.1bn 2027/28 targets: LDD 47% >£2bn Market leader Sales (of which >95% already won) i
Slide 22: Maintaining our position as a leading autocatalyst business
Maintaining our position as a leading autocatalyst business 1 2 3 4 Maintaining #1 Targeting gasoline Prioritising key Reducing total cost position in diesel hybrid business long-term partners of ownership ▪ LDD win rate c.100%¹ ▪ Increased LDG win Leveraging strategic ▪ Decreasing PGM ▪ HDD win rat
Slide 23: Driving continued margin growth
Driving continued margin growth Underlying operating margin Progress in 2025/26 Plans for 2026/27 c.20% reduction in R&D and Additional reduction in R&D SG&A spend in Clean Air¹ and SG&A spend 16-18% 14.5% Reduced headcount by 11%¹ Further streamlining of corporate functions, reducing recharged cost
Slide 24: PGM Services: a world leader in PGMs
PGM Services: a world leader in PGMs Our ambition: Maintain position as a 2025/26 world leader in PGMs and drive significant working PMM c.15% capital improvement Global liquidity Refining hub for PGMs c.40% Sales £420m World’s 2027/28 targets1: Products largest recycler of PGMs c.45% >£450m PGM che
Slide 25: Commissioning new PGM refinery
Commissioning new PGM refinery Timeline Started early-stage commissioning in March 2026 c.70% of equipment installed Expect to be operational in calendar year 2027 Begin decommissioning existing refinery in calendar Q4 2027 25
Slide 26: Driving growth leveraging core technology
Driving growth leveraging core technology 1 2 3 Clean Air Solutions (CAS) PGM Products Hydrogen Technologies A leader in emissions control A leader in converting PGMs into A leader in critical components for for growing stationary applications high value products hydrogen fuel cells and electrolyser
Slide 27: Cormetech: a compelling and value creative acquisition
Cormetech: a compelling and value creative acquisition Cormetech is the leading SCR catalyst manufacturer 1 supplying into the rapidly growing data centre market Highly complementary acquisition creating a global leader 2 in stationary emissions control Serving a structurally growing market – total
Slide 28: Clean Air Solutions' scale materially enhanced by acquisition of Cormetech
Clean Air Solutions’ scale materially enhanced by acquisition of Cormetech Transaction details Key financial terms Next steps ▪ All-cash acquisition of ▪ Enterprise value of $360m – ▪ Transaction conditional Cormetech 10.3x expected 2026 on receipt of customary Cormetech EBITDA¹ regulatory approvals
Slide 29: Clean Air Solutions: overview
Clean Air Solutions: overview What does Clean Air Solutions do 2025/26 sales 2025/26 operating profit¹ ▪ SCR and oxidation catalysts and engine systems £67m £10m ▪ Mainly for diesel engines used in stationary applications ▪ Largely for back up power ▪ Removes harmful emissions (NOx, CO, VOCs, partic
Slide 30: Cormetech: overview
Cormetech: overview What does Cormetech do LTM sales² LTM EBITDA² ▪ Leading manufacturer of SCR catalysts £104m £16m ▪ For natural gas turbines and coal-fired power plants ▪ Largely for primary power ▪ Removes harmful emissions (NOx) Key customers ▪ Data centres, industrial, petrochemicals, utilitie
Slide 31: Strong visibility of Cormetech's sales growth
Strong visibility of Cormetech’s sales growth Underpinned by a material orderbook and a substantial project pipeline Cormetech catalyst orders received c.$300m c.$300m orderbook supporting 1 sales in 2026 and 2027¹ c.4x increase Additional pipeline totalling c.$1bn 2 sales over the medium-term c.$75
Slide 32: Global leader in stationary emissions control
Global leader in stationary emissions control Combined business – sales by segment¹ Geography Customers Technology Natural gas turbines Utilities Diesel engines US Data centres Natural gas Rest of World Marine engines Europe Industrial Coal power plants Petrochemicals Other² Other² A global business
Slide 33: Highly attractive financial outcomes
Highly attractive financial outcomes A financially ▪ Annualised run-rate EBITDA synergies of at least compelling $20m by 2030¹ acquisition ‒ c.70% revenue synergies through cross-selling ‒ c.30% cost synergies across procurement and operations ▪ EPS accretive from first full year pre synergies ▪ Tra
Slide 34: Conclusion
SIM petesen Matthey Conclusion 34
Slide 35: Delivering on our milestones
Delivering on our milestones 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 HT¹ Carve-out Catalyst Technologies following agreed sale Operational Operate new world-class PGM refinery² Improve cus
Slide 36: On track to deliver our 2027/28 commitments
On track to deliver our 2027/28 commitments 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 to shareholders² Delivering shareholder value creation Note: Guidance excludes Cormetech. 1. Base
Slide 37: Q&A
IM wattiey SA Q
Slide 38: Appendix
IM wattiey Appendix 38
Slide 39: Sales by business
Sales by business Sales for year ended % change, 2026 2025¹ 31st March constant £m £m FX rates Clean Air 2,123 2,319 -7 PGM Services 420 481 -11 Hydrogen Technologies 71 60 +18 Eliminations¹ (59) (66) n/a Sales (pro forma) 2,555 2,794 -7 Catalyst Technologies (discontinued) 558 652 -14 Eliminations
Slide 40: Underlying operating profit by business
Underlying operating profit by business Underlying operating profit for % change, 2026 2025¹ year ended 31st March constant £m £m FX rates Clean Air 307 273 +12 PGM Services 119 151 -20 Hydrogen Technologies (19) (39) n/a Corporate (67) (87) n/a Underlying operating profit (pro forma) 340 298 +14 Ca
Slide 41: Catalyst Technologies (discontinued): key financials
Catalyst Technologies (discontinued): key financials Underlying results for % change, year ended 31st March 2026 2025¹ constant £m £m FX rates Catalysts 491 547 -10 Licensing 67 105 -36 Total sales 558 652 -14 Operating profit 44 90 -51 Operating profit margin 7.9% 13.8% EBITDA margin 8.8% 17.9% 1.
Slide 42: Reported results (continuing)
Reported results (continuing) Reported results for year ended 31st March 2026 2025¹ £m £m Underlying operating profit 340 299 Gain on significant legal proceedings 8 - Profit on disposal of businesses² 5 482 Major impairment and restructuring (192) (327) charges³ Reported operating profit 161 454 Re
Slide 43: Free cash flow (continuing)
Free cash flow (continuing) Free cash flow for 2026 2025¹ year ended 31st March £m £m Underlying operating profit (pro forma²) 340 298 Depreciation and amortisation 149 156 – Precious metal working capital inflow 155 65 – Non precious metal working capital (outflow) / inflow (20) 76 Net working capi
Slide 44: Net debt to EBITDA (continuing)
Net debt to EBITDA (continuing) 1.8 times £m Net debt at 31st March 2025¹ (810) Free cash flow 168 Cash inflow from divestments² 7 Dividends (129) Movement in net debt 46 Lease adjustments³ (4) Net debt before FX and other movements (768) FX and other movements⁴ (112) Net debt at 31st March 2026 (88
Slide 45: Net debt (continuing)
Net debt (continuing) 1.8 times 1.8 times Free cash flow: £168m inflow net debt net debt £109m to EBITDA to EBITDA £129m £880m £810m £69m £148m £239m (£489m) (£135m) Net debt Pro forma Working Capex Interest Other free Dividends Other Net debt 31st March underlying capital and tax cash flow paid ite
Slide 46: PGM prices
PGM prices US$ per troy oz 15,000 3,000 12,000 2,000 9,000 Price (US$ per troy oz) Current 2025/26 2024/25 (22nd May 2026) average average 6,000 1,000 3,000 Platinum 1,970 1,605 980 0 0 Palladium 1,395 1,353 993 01/04/24 01/04/25 01/04/26 Rhodium Platinum Palladium Rhodium 9,550 7,734 4,745 (left ha
Slide 47: Clean Air: a durable market due to ICE longevity
Clean Air: a durable market due to ICE longevity Light duty vehicle production¹ Heavy duty vehicle production² (millions) (millions) Light duty to Heavy duty to Hybrids (mainly LDG) LDG LDD Electric Non-road (mainly HDD) On-road HDD be c.60% ICE be c.75% ICE in 2034/25 On-road HDG Electric + hydroge
Slide 48: Clean Air Solutions and Cormetech: substantial synergies
Clean Air Solutions and Cormetech: substantial synergies Annualised run-rate EBITDA synergies of at least $20m by 20301 Revenue synergies Cost synergies c.70% total c.30% total Selling Cormetech products to existing JM CAS customers Procurement ▪ Supply Cormetech’s SCR catalysts for gas turbines ▪ S