Highlights

  • JMAT expects underlying profit to show upper mid-single-digit growth, performance weighted towards second half of financial year.
  • Current price and FX levels may deliver GBP 10m net benefit to operating performance.
  • In H1, negative free cash flow is projected but notable improvement over prior year

Johnson Matthey Plc (LSE:JMAT), developer of sustainable technology solutions, has confirmed the sale of its Catalyst Technologies division to Honeywell International Inc., as first disclosed on 22 May 2025. The transaction is progressing through regulatory approvals and the business carve-out, with completion expected in the first half of 2026.

In the 2025/26 financial year, the company will be classified as a discontinued operation under IFRS 5. As a result, group headline figures, including sales and underlying operating profit, will not include Catalyst Technologies.

Pre-Close Trading Update for H1 2025/26

Ahead of its half-year results on 20th November 2025, Johnson Matthey provided a pre-close trading update for the six months ending 30th September 2025.

The company stated: "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."

Free cash flow in H1 is projected to be negative. The company anticipates a notable year-on-year improvement (H1 2024/25: GBP 169m outflow). As working capital measures continue, full-year free cash flow is expected to rise significantly (2024/25: GBP 59m inflow).

Full-Year Outlook

Johnson Matthey now expects full-year underlying operating profit (excluding Catalyst Technologies and Value Businesses) to reach the upper range of its initial guidance of mid-single-digit growth. The company stated: "Overall group performance will continue to be weighted towards the second half."

If precious metal prices and exchange rates remain at current levels, a GBP 10 million net benefit to full-year operating performance is expected compared with the previous year. This revises the previous guidance from May 2025, which had forecast a GBP 5m net adverse impact.

Discontinued Operations: Catalyst Technologies

Catalyst Technologies’ underlying operating profit for the first half is projected to decrease significantly from the previous year, reflecting weaker catalyst demand and the timing of licensing wins in key markets. Management emphasized: "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."

Upcoming Results

Johnson Matthey will publish half-year results for the period ending 30 September 2025 on 20 November 2025.

Share Performance of JMAT

JMAT is currently trading at GBX 2,112, up 3.30% from its previous close of GBX 2,044.46.