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Visual21 Nov 2025
Data center suppliers
Johnson Matthey (JMAT) investor relations material
Johnson Matthey H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary20 Nov, 2025
Executive summary
Underlying operating profit rose 38% year-over-year, driven by cost efficiencies, higher PGM prices, and strong operational execution.
Clean Air margin improved by 200bps to 12.4%, with further gains targeted; PGM Services and Hydrogen Technologies also showed improved profitability.
Sale of Catalyst Technologies to Honeywell for £1.8bn is progressing, with £1.4bn of proceeds to be returned to shareholders upon completion in H1 2026.
The business is transitioning to a leaner, cash-focused model, with significant headcount and cost reductions, including a streamlined executive team.
Significant turnaround in cash flow, moving from a large outflow last year to a small inflow this half.
Financial highlights
Sales from continuing operations declined 4% year-over-year to £1,279m, while underlying operating profit increased 38% to £142m.
Free cash flow improved to a £4m inflow from a £165m outflow in the prior year, despite a £200m stock build and higher metal prices.
Earnings per share rose 40% to 51.2p; interim dividend maintained at 22.0p per share.
Net debt increased to £971m, representing 2.0x EBITDA.
R&D spend reduced to £69m (5% of sales excl. precious metals).
Outlook and guidance
Full-year underlying operating profit expected at the higher end of mid-single digit growth, with Clean Air margin guidance of 14–15% for 2025/26 and a longer-term goal of 16–18% by 2027–2028.
Hydrogen Technologies expected to reach break-even run rate by March 2026.
Sustainable free cash flow of at least £250m targeted by 2027/28.
Annualised shareholder returns of at least £200m per annum from 2026/27 onwards.
New PGM refinery commissioning in 2H 2025/26, operational in 2027.
Explain
0.2bn difference in Catalyst Tech proceeds
PGM refinery transition's near-term profit drag
Quantify Clean Air margin drivers' contribution
Old refinery reliability during 3CR delay?
Quantify financial benefit of new org structure
Clean Air Solutions: future revenue contribution?
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Next Johnson Matthey earnings date
H2 202621 May, 2026
Next Johnson Matthey earnings date
H2 202621 May, 2026
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Frequently asked questions
Johnson Matthey Plc is a British multinational company specializing in sustainable technologies, with a focus on chemical processes, advanced materials, and clean energy solutions. The company operates across sectors such as automotive, energy, and chemicals, providing products like catalytic converters for emission control, battery materials for electric vehicles, and hydrogen production technologies. The company is headquartered in London, England, and its shares are listed on the LSE.
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