Stock Market Impact: Free cash flow more than doubled to £168 million, beating analyst estimates and supporting a higher dividend, likely positive for the share price.
Listed Companies and Sectors: Underlying operating profit was £340 million, roughly in line with consensus; Clean Air division profit rose to £307 million (14.5% margin) beating forecasts; PGM Services profit fell to £119 million below expectations; Hydrogen Technologies posted a £19 million loss, improving from the prior year loss and achieving run‑rate breakeven in Q4.
Investment Flows: Johnson Matthey agreed to acquire Cormetech Inc. for an enterprise value of $360 million cash (10.3× expected 2026 EBITDA) with a possible $100 million earn‑out in 2028‑29; proceeds from the pending £1.33 billion sale of Catalyst Technologies to Honeywell are expected by August 2026, with £1 billion to be returned to shareholders.
Interest Rates, Inflation, and Liquidity: No direct references in the announcement.
Fiscal or Monetary Policy: No policy measures disclosed.
