Morgan Advanced Materials plc (MGAM) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, everyone, and thank you for joining the Morgan Advanced Materials four-year results 2025 call. My name is Lucy, and I'll be coordinating your call today. If you would like to ask a question during today's presentation, you may do so by pressing star followed by one on your telephone keypad. If you change your mind, please press star followed by two to remove yourself from the queue. It is now my pleasure to hand over to Damian Caby, Chief Executive Officer, to begin. Please go ahead. Thank you, Lucy. Good morning, everyone. I'm Damien Kaby, the Chief Executive of Morgan Advanced Materials, and today with me is Richard Armitage, our CFO. I'll kick off today with a summary of our full year results at group level. Richard will then take you through the financial positions and the technical guidance, and I will come back to share progress against the strategy that we unveiled in December last year, and our outlook for 2026 before I'll be moving on to Q&A. So in 2025, we delivered a resilient performance in the backdrop of challenging market conditions. We're executing our strategy, making headway in our leader, and we're well on track to deliver early wins in 2026. We're focused on maximizing our portfolio value with the sale of MMS and the initiation of a strategic review of our thermal products division. Our outlook for 2026 is in line with current market expectations. We're expecting organic constant currency revenue growth of 1% to 2% in end markets, which have broadly stabilized. The 3.3% OCC decline of our revenue last year was driven by the well-publicized downturn of the semiconductor market. In 2025, revenues in this market remain stable at low level. In the other segments, changes in our sales offset each other. We continue to deliver strong growth in ae...