Johnson Matthey Plc (JMAT) Q4 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

So good morning, everyone. Very nice to see you here. I'm Louise Curran, Head of Investor Relations at Johnson Matthey, and a very warm welcome this morning. Just a little bit of admin before we start, if you could turn your mobiles off or onto silent. And I'll first point you to our cautionary statement at the presentation. I'm very pleased to welcome our CEO, Liam Condon, and Alastair Judge, our CFO. In terms of the agenda this morning, we'll take the usual format. So Liam will talk through an overview. Alistair will then run you through the financial results before Liam gives a strategic update on the progress this year and also the acquisition of Cormatet this morning. I will of course leave plenty of time for Q&A both in the room and then from the webcast as well. And with that, I'll hand over to Liam. Thanks a lot, Louise, and a warm welcome, everybody, from my side and, of course, to everybody online who's watching and listening in today. A year ago, we presented our new strategy to you about JM becoming a more focused, a more lean and a more cash-generative company. And I'm very pleased today to be able to present the progress that we're making. And as usual, we'll be pretty open as well about where we're facing challenges. But first, let's come to some of the highlights of what we've announced today. I know there's a lot of moving parts, not easy to digest everything, but there's a lot of progress in here. First thing, the underlying growth at 6% is in line with our previously upgraded guidance. I think that was very important. It's of course 14% on a reported basis because we're benefiting from the increase in precious metal prices. Very strong margin improvement in clean air, up to 14.5%. This is great progress. Some of you will remember a few years ago we...