Johnson Matthey (JMAT) Investor presentation summary

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.