Morgan Advanced Materials (MGAM) Trading update summary

Trading performance

• Q1 saw stable order intake across all divisions and end-markets, with organic constant currency revenue growth of 6.2%.

• Trading in the first quarter was in line with expectations.

Outlook and guidance

• Full-year 2026 outlook and guidance remain unchanged.

• No material trading impact observed from the Middle East conflict in Q1; inflationary impacts are being offset through pricing.

• Ongoing monitoring of geopolitical risks and potential prolonged impacts.

Strategic initiatives

• Progress continues on strategic priorities, including a review of Thermal Products.

• Focus remains on executing the strategy outlined at the December 2025 Capital Markets Day.