Johnson Matthey Plc (JMAT) Earnings Call Transcripts
Johnson Matthey Plc's Latest Earnings Call - May 28, 2026
In the earnings call for the fiscal year 2025-2026, Johnson Matthey Plc reported a solid performance with underlying operating profit up 14% to GBP 340 million, driven by cost efficiencies, despite a 7% decline in sales due to soft market conditions in Clean Air. The company achieved a significant margin improvement in Clean Air, reaching 14.5%, and generated over 160% more cash year-on-year. Management maintained guidance for fiscal year 2026-2027, expecting low to mid-single-digit growth in operating profit and a target of at least GBP 250 million in free cash flow by fiscal year 2027-2028, while announcing the acquisition of Cormetech, which is expected to enhance growth in Clean Air Solutions.
Reported metrics
| Metric | Value |
|---|---|
| Revenue | GBP 2.4B (miss) |
| Underlying Operating Profit | GBP 340M (beat) |
| EPS | 128.5p (beat) |
| Free Cash Flow | GBP 168M (beat) |
| Net Debt | GBP 880M (negative) |
| CapEx | GBP 239M (negative) |
Guidance from management
Management expects low to mid-single-digit growth in operating profit for FY 2026-2027, with a target of at least GBP 250 million in free cash flow by FY 2027-2028. They maintained their commitment to shareholder returns of at least GBP 200 million annually.
What management said
Thank you, Liam, Alastair, for the presentation. We'll first take questions in the room, and then we'll go to the webcast. And just as a reminder, please state your name and your company when you ask the question. So Alex, will get to you first. Let's wait for the mic. Thank you.
Yes. So next Yes, yes, that's good. So next year, we're guiding to flat underlying, but with a GBP 25 million upside from metal prices on top of that. And so those metal prices will continue for as long as metal prices remain as high as they are today.
What analysts pressed on
Analysts expressed concerns regarding the impact of the GBP 48 million operational metal loss on PGM Services and the potential for lower margins in the upcoming fiscal year. There were also questions about the timing of regulatory approvals for the Catalyst Technologies sale and the competitive landscape for the Cormetech acquisition.
Main topics on the call
- Revenue Performance — Sales decreased by 7% primarily due to soft market conditions in Clean Air, while underlying operating profit increased by 14%. Management stated, "Despite this, underlying operating profit was up 14%... driven largely b...
- Margin Improvement — Clean Air margins improved significantly to 14.5%, with management targeting 16% to 18% margins for fiscal year 2027-2028. "Operating profit grew 12%, and margins increased from 11.8% to 14.5% as our focus on cost reduct...
- Cash Generation — The company generated GBP 168 million in free cash flow, a substantial increase from GBP 64 million in the prior year. Management highlighted, "We delivered a cash flow of GBP 168 million, up from GBP 64 million in the p...
- Acquisition of Cormetech — Johnson Matthey announced the acquisition of Cormetech for $360 million, which is expected to be accretive to earnings from year one. Management noted, "Cormetech is a market leader in stationary emission control and is ...
Read the full Johnson Matthey Plc transcript (May 28, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Johnson Matthey Plc
Johnson Matthey Plc (JMAT) is a publicly listed company in the Chemicals industry, within the Materials sector. It trades on LSE and is based in GB. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 22 calls on record spanning June 11, 2020 to August 11, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 22 Johnson Matthey Plc earnings call transcripts on record, spanning June 11, 2020 to August 11, 2026. Based on this history, Johnson Matthey Plc reports quarterly. The most recent call on file is dated August 11, 2026. The full list is below — each row opens the complete, free-to-read transcript.