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Morgan Advanced Materials
Morgan Advanced Materials (MGAM) investor relations material
Morgan Advanced Materials H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary3 Mar, 2026
Executive summary
Delivered resilient performance in 2025 despite challenging market conditions, with strategic execution progressing and early wins expected in 2026.
Strategic review of Thermal Products underway, with a focus on maximizing portfolio value and the sale of MMS completed.
Strategy centers on operational effectiveness, growth, and portfolio optimization, targeting a 12% EBITDA margin by 2028.
Outlook for 2026 remains stable, targeting 1%-2% organic constant currency revenue growth.
Financial highlights
Headline revenue was £1.03 billion, down 3.3% on an organic constant currency basis year-over-year.
Adjusted operating profit was £99.1 million, with a margin of 9.6% (down from 11.7%).
Adjusted EPS was 15.9p, down from 24.2p; total dividend held flat at 12.2p.
Free cash flow improved to £45.4 million from £15.1 million; closing net debt at £232 million, leverage at 1.8x.
Significant adjusting items of £47.6 million, including impairments and business simplification costs.
Outlook and guidance
2026 outlook expects organic constant currency revenue growth of 1%-2% as end markets stabilize.
Adjusted operating profit margin expected to return to around 10%.
Capital expenditure guidance of ~£50 million per year for the next three years; ERP investment to peak in H1 2026.
Net finance charge to be around £24 million; effective tax rate to rise to 27%-29%.
Year-end leverage expected to be around 1.7x, with a target range of 1x-1.5x.
Semiconductor market recovery timing and drivers?
Thermal Products review: expected timeline and scope?
Leverage reduction plan: key drivers and timing?
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Next Morgan Advanced Materials earnings date
H1 20266 Aug, 2026
Morgan Advanced Materials
Next Morgan Advanced Materials earnings date
H1 20266 Aug, 2026
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Frequently asked questions
Morgan Advanced Materials plc operates as a materials science and application engineering company primarily in the United Kingdom. The company specializes in metals and advanced ceramics from production through to repair, refurbishment, remanufacturing and disposal solutions. It also provides material solutions for customers, including original equipment manufacturers, aerospace, automotive and defense. Morgan Advanced Materials plc was founded in 1856 and is headquartered in Windsor, the United Kingdom.
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