**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 ยฃ1,030.3 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 ยฃ99.1 million, with a margin of 9.6%, reflecting efficiency gains and business simplification efforts that partially offset market headwinds.
**Key Financial Highlights**
**Revenue** ยฃ1,030.3 million, down 3.3% organically due to market challenges.
**Adjusted Operating Profit** ยฃ99.1 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** ยฃ168.6 million, up 3.4% year-on-year.
**Free Cash Flow** ยฃ45.4 million, significantly improved from ยฃ15.1 million in 2024.
**Dividend** Maintained at 12.2 pence per share.
**Strategic Progress**
**Business Simplification** The program is materially complete, delivering ยฃ16 million in savings in 2025, with a target of ยฃ27 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.
Here is the comparison of financials and debt year on year presented as an HTML table:
**Notes:** * The table compares key financial metrics between 2025 and 2024.
* Revenue and operating profit decreased year-on-year, while operating profit margin also declined.
* Net debt to EBITDA ratio increased, indicating higher leverage.
* Cash generated from operations and free cash flow improved significantly.
* Dividend per share remained stable.
* Return on invested capital decreased. This table provides a concise overview of the year-on-year changes in Morgan Advanced Materials PLC's financials and debt position.