REG - Johnson Matthey PLC - Financial reporting structure and trading update

Johnson MattheyAnnouncement

Thu 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251009:nRSI6410Ca&default-theme=true

RNS Number : 6410C  Johnson Matthey PLC  09 October 2025

Re-classification of Catalyst Technologies reporting segment and pre-close trading update
9(th) October 2025

 

 

 Re-classification of Catalyst Technologies
 As announced on 22(nd) May 2025, we have agreed the sale of our Catalyst
 Technologies business to Honeywell International Inc. We continue to make
 progress on both regulatory approvals and the carve-out of the business, and
 expect the transaction to complete by the first half of calendar year 2026.

 For the 2025/26 financial year, Catalyst Technologies will be reported as a
 discontinued operation in accordance with IFRS 5. Consequently, the headline
 financials to be published for the group (sales and underlying operating
 profit) will exclude Catalyst Technologies. To aid comparison of our results
 with prior periods, we have provided a breakdown of sales and underlying
 operating profit by business for the year ended 31(st) March 2025 in the
 appendix on page 3.

 Pre-close trading update for the half year ended 30(th) September 2025
 Johnson Matthey also releases a pre-close trading update for the half year
 ended

30(th) September 2025, ahead of its half year results scheduled for 20(th)
 November 2025.

 We expect strong performance in group underlying operating profit for the half
 year (excluding Catalyst Technologies and Value Businesses), driven by ongoing
 efficiency improvements across the group, together with strong trading in the
 PGM Services business.

 We are also making encouraging progress in terms of cash performance. Although
 group free cash flow in the first half is expected to be an outflow, we expect
 to report a significant

year-on-year improvement in the first half (1H 2024/25: £169 million
 outflow¹). As we further embed our working capital improvement measures, we
 expect a material step up in free cash flow for the full year when compared to
 the prior year (2024/25: £59 million inflow¹).

 The group outlook for the full year (excluding Catalyst Technologies and Value
 Businesses) is at the higher end of our initial guidance of mid single digit
 growth in underlying operating profit². Overall group performance will
 continue to be weighted towards the second half. If precious metal prices and
 foreign exchange rates remain at their current levels³ for the remainder of
 2025/26, we now expect a c.£10 million net benefit to full year operating
 performance compared with the prior year (previously £5 million net adverse
 impact as guided in May 2025).⁴(,)⁵

 Discontinued operations: Catalyst Technologies underlying operating profit in
 the first half is expected to be materially down year-on-year, impacted by
 weaker demand for catalysts and the timing of licensing wins in key end
 markets. The long-term growth potential for this business remains strong, with
 additional large-scale project wins in the half and a healthy project pipeline
 in our sustainable technologies portfolio.
 Half year results
 We will announce our half year results for the six months ended 30(th)
 September 2025 on

20(th) November 2025.

 ENDS

 

 Enquiries:
 Investor Relations
 Louise Curran       Head of Investor Relations      +44 20 7269 8235

 

 Johnson Matthey Plc is listed on the London Stock Exchange (JMAT)
 Registered in England & Wales number: 00033774
 Legal Entity Identifier number: 2138001AVBSD1HSC6Z10

 

 Notes:
 1.    Net cash flow from operating activities after net interest paid, net purchases
       of non-current assets and investments, dividends received from joint ventures
       and associates and the principal elements of lease payments, adjusted for the
       impact of the disposal of Value Businesses and to reflect the classification
       of Catalyst Technologies as a discontinued operation.
 2.    Mid single digit percentage growth in pro-forma underlying operating profit at
       constant precious metal prices and constant currency. Baseline is underlying
       operating profit excluding Catalyst Technologies and Value Businesses

(£298 million in 2024/25 as shown on page 3).
 3.    Precious metal prices and average foreign exchange rates on 31(st) August
       2025.
 4.    If precious metal prices remain at their current level³ for the remainder of
       2025/26 there would be a benefit of

c.£15 million on full year operating performance compared with the prior
       year. As provided in May 2025, a US$100 per troy ounce change in the average
       annual platinum, palladium and rhodium metal prices each have an impact of
       approximately £1 million, £1 million and £0.5 million respectively on full
       year 2025/26 underlying operating profit in PGM Services. This assumes no
       foreign exchange movement.
 5.    If foreign exchange rates remain at their current level³ (£:US$ 1.35, £:€
       1.16, £:RMB 9.62, £:INR 119) translational foreign exchange movements for
       the year ending 31(st) March 2026 are expected to adversely impact underlying
       operating profit by c.£5 million.

 

 

 Appendix
 Subject to completion of the Catalyst Technologies sale, below we have
 provided 2024/25 sales and underlying operating profit, excluding Catalyst
 Technologies (discontinued) and Value Businesses (divested).

 

 Sales excluding precious metal¹              Year ended 31(st) March 2025

 (£ million)
                                              1H          2H          FY
 Clean Air                                    1,165       1,154       2,319
 PGM Services²                                215         266         481
 Hydrogen Technologies                        20          40          60
 Eliminations                                 (34)        (32)        (66)
 Total sales (pro-forma)                      1,366       1,428       2,794
 Catalyst Technologies (discontinued)²(,)³    328         324         652
 Eliminations (discontinued)⁴                 (8)         (5)         (13)
 Value Businesses (divested)⁵                 36          1           37
 Total sales (as reported)                    1,722       1,748       3,470

 Underlying operating profit                      Year ended 31(st) March 2025

 (£ million)
                                                  1H          2H          FY
 Clean Air                                        121         152         273
 PGM Services²                                    51          100         151
 Hydrogen Technologies                            (26)        (13)        (39)
 Corporate                                        (42)        (45)        (87)
 Total underlying operating profit (pro-forma)    104         194         298
 Catalyst Technologies (discontinued)²(,)³        50          40          90
 Value Businesses (divested)⁵                     2           (1)         1
 Total underlying operating profit (as reported)  156         233         389

 

 Notes:
 1.      Revenue excluding cost of precious metals to customers and the precious metal
         content of products sold to customers.
 2.      Adjusted to reflect the group's updated reporting segments following the
         agreed sale of Catalyst Technologies, where a small business outside of the
         sale perimeter will move from Catalyst Technologies to PGM Services.
 3.      Catalyst Technologies is classified as a discontinued operation for the
         financial year 2025/26.
 4.      Relates to Catalyst Technologies.
 5.      Value Businesses includes Battery Materials, Battery Systems and Medical
         Device Components which are all now disposed.

 

http://www.rns-pdf.londonstockexchange.com/rns/6410C_1-2025-10-8.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6410C_1-2025-10-8.pdf)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTMZMGGRRNGKZM