**Summary**
Morgan Advanced Materials plc, a global leader in advanced ceramics and carbon systems, held a Strategy Update event in London on December 4, 2025, outlining its plan for sustainable growth. The event, hosted by CEO Damien Caby and CFO Richard Armitage, focused on three key areas
1. **Transforming Operational Effectiveness:** Improving underperforming sites and supply chain efficiency.
2. **Driving Stronger Growth** Enhancing the value proposition, strengthening partnerships, and expanding in strategic areas to gain market share.
3. **Maximising Portfolio Value** Pursuing partnerships, divestments, and bolt-on M&A to optimize the portfolio.
The company also introduced an updated financial framework, targeting
<mark style="background-coloryellow">Above</mark>-market organic revenue growth exceeding GDP.
Adjusted operating profit margins of 12% by 2028, sustaining between 12% and 14% thereafter.
Sustained EPS growthdriven by organic growthmargin improvementshareholder returnsand M&A.
ROIC of 17%–20% and leverage range of 1.0x to 1.5x adjusted EBITDA (up to 2.0x post-acquisition).
Dividend cover maintained at around 2.5x adjusted earnings.
Morgan announced a pause in its share buy-back program after completing the second tranche (£20m in purchases) to focus on balance sheet resilience. CEO Damien Caby emphasized the company’s potential, attributing underperformance to insufficient customer focus and portfolio management. The presentation and recording were made available on the company’s website.
**Note** The announcement includes forward-looking statements subject to risks and uncertainties, with no obligation to update them.