**Summary of Morgan Advanced Materials PLC Full Year Results for 2025**
Morgan Advanced Materials PLC reported its full-year results for 2025, highlighting a resilient performance despite challenging market conditions. The company achieved revenue of £1,030.3 million, a 3.3% decline on an organic constant-currency basis, primarily due to weakness in the Semiconductor and European Industrial markets. Adjusted operating profit stood at £99.1 million, with a margin of 9.6%, reflecting efficiency gains and business simplification efforts that partially offset market headwinds.
**Key Financial Highlights**
**Revenue** £1,030.3 million, down 3.3% organically due to market challenges.
**Adjusted Operating Profit** £99.1 million, with a margin of 9.6%.
**Net Debt to EBITDA Ratio** 1.8x, reflecting investments in Semiconductor and simplification programs.
**Cash Generated from Operations** £168.6 million, up 3.4% year-on-year.
**Free Cash Flow** £45.4 million, significantly improved from £15.1 million in 2024.
**Dividend** Maintained at 12.2 pence per share.
**Strategic Progress**
**Business Simplification** The program is materially complete, delivering £16 million in savings in 2025, with a target of £27 million by 2026.
**Portfolio Management** The sale of the Molten Metal Systems (MMS) business was completed in November 2025, simplifying the Group and demonstrating a commitment to portfolio optimization.
**Strategic Review of Thermal Products** A review is underway to assess strategic options, including a potential disposal, to maximize value.
**Operational Transformation** Initiatives include site turnaround plans, group-led procurement, and ERP system rollout to enhance efficiency and profitability.
**Outlook for 2026**
**Revenue Growth** Expected organic constant-currency growth of 1-2%.
**Adjusted Operating Profit Margin** Targeted at or around 10%, driven by efficiency and transformation initiatives.
**Medium-Term Goals** Confident in achieving <mark style="background-color:yellow">above</mark>-market organic revenue growth and returning to a 12% margin by 2028.
**CEO Commentary**
Damien Caby, CEO, emphasized the companys resilience and progress against strategic priorities, including business simplification and portfolio optimization. He highlighted the ongoing transformation efforts to drive profitable growth and the commitment to delivering sustainable value for shareholders.
**Conclusion**
Morgan Advanced Materials PLC demonstrated resilience in 2025, navigating challenging markets while advancing its strategic initiatives. The company remains focused on operational transformation, portfolio optimization, and sustainable growth, with a clear path to achieving its medium-term financial goals.