Morgan Advanced Materials Releases 2025 Annual Report: Unlocking our potential

Today we released our Annual Report, which details the progress Morgan made during 2025.

The report outlines our performance in a challenging market environment, our progress against the refreshed strategy, and our continued commitment to sustainability and stakeholder value.

Our performance in 2025

2025 was a challenging year for us, but we delivered a resilient set of results*.

• Headline revenue*: £1,030.3 million
• Headline adjusted operating profit*: £99.1 million
• Adjusted EPS*: 15.9p
• ROIC*: 14.1%
• Headline* leverage: 1.8×

These results reflect softer conditions in several markets, while aerospace & defence remained a strong contributor.

*Details on non-statutory measures can be found in the full Annual Report

Strategy and progress

Under the leadership of our CEO, Damien Caby, we refined our strategy to focus on three key areas: Transform, Drive, and Maximise. This strategy is designed to help us achieve a 12% adjusted operating margin by 2028 and deliver long‑term sustainable performance.

Key milestones during the year included:

• Delivering £24 million in cumulative savings through our simplification programme
• Successfully piloting our new global ERP system
• Beginning a formal strategic review of our Thermal Products division
• Completing the sale of Molten Metal Systems (MMS) for £76.2 million in November 2025

Our sustainability progress

We continued to make progress against our environmental and social goals.

• Reduced Scope 1 and 2 emissions, which are now 58% lower than our 2015 baseline
• Reached our SBTi target of 80% renewable and nuclear electricity
• Reduced total water withdrawal by 11% compared tho the prior year
• Increased female leadership representation to 36%

We also advanced our climate reporting and risk management in line with TCFD requirements, including scenario modelling and a shadow internal carbon price.

"Together, we will transform our operational effectiveness, drive stronger growth in selected value chains with deeper collaborations and upgraded positions, and maximise the value of our portfolio. I am excited about the next phase of our journey, and inspired to lead the Morgan team through this new chapter."

Damien Caby, CEO