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Johnson Matthey (JMAT) investor relations material
Johnson Matthey Investor presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive leadership and recent transaction
Leadership team includes CEO Liam Condon, CFO Alastair Judge, and COO Richard Pike, each with significant industry experience.
Completed all-cash sale of Catalyst Technologies to Honeywell for £1.3bn, with £1bn to be returned to shareholders via special dividend and buyback.
Pro-forma leverage remains within target range of 1.0 to 1.5x net debt to EBITDA.
Transaction completion expected by end of August 2026, pending regulatory approvals.
Strategic focus and business model
Refocused as a lean, agile business with core strengths in Clean Air and PGM Services.
Annualised sustainable free cash flow targeted at £250m by 2027/28.
Growing annual cash returns to shareholders, from at least £130m in 2025/26 to £200m from 2026/27 onward.
Market-leading positions in automotive emissions control and PGM refining.
Financial performance and outlook
2024/25 pro-forma sales of £2.8bn and operating profit of £298m, with a 10.7% margin.
Targeting mid single digit CAGR in operating profit and at least £200m annual cash returns to shareholders by 2027/28.
Capex reducing to c.£120m by 2027/28, with working capital reduction of c.£250m expected.
Free cash flow projected to rise from £64m in 2024/25 to at least £250m by 2027/28.
- Major asset sale, strong results, and leadership change set stage for future growth and returns.JMAT
AGM 20253 Feb 2026 - Shareholders discussed business disposals, debt, PFAS risks, and voted on all resolutions.JMAT
AGM 20243 Feb 2026 - PGM Services drives sustainable profit growth through recycling, innovation, and efficiency.JMAT
Status Update3 Feb 2026 - Transformation savings and divestments drive resilient results; full-year outlook maintained.JMAT
H1 202512 Jan 2026 - Operating profit up 38% and £1.4bn shareholder return planned after Catalyst sale.JMAT
H1 202620 Nov 2025 - GBP 1.8bn Catalyst Technologies sale boosts cash returns and sharpens operational focus.JMAT
H2 202518 Nov 2025
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