Morgan Advanced Materials (MGAM) Trading Update summary

Trading performance

• Group sales for the first nine months of 2025 were 3.6% lower year-on-year on an organic constant currency basis.

• Third quarter revenue rose 1.6% compared to the same period last year, indicating some market stabilisation.

Outlook and guidance

• Full year 2025 sales are now expected to be approximately 4% lower than the prior year on an organic constant currency basis.

• Adjusted operating profit margin for 2025 is forecast at around 10%, impacted by lower sales volumes, weaker mix, and FX effects.

• Demand in semiconductor markets remains weak, with orders deferred to 2026 and increased uncertainty in European industrial markets.

Strategic actions and business updates

• Continued focus on strong cost management and business simplification amid challenging markets.

• Sale of the Molten Metal Systems business is expected to complete in due course; current results still include its full year impact.