The call presents a balanced picture: the group delivered resilient margins and free cash flow, achieved notable growth in Aerospace/Defense and fire protection, and progressed transformation and portfolio actions. However, meaningful near‑term headwinds persist—semiconductor volumes and mix weakness, a GBP 15.6m impairment, Thermal Products under strategic review, elevated specific adjusting items, and leverage slightly above target. Management has clear plans for efficiency, targeted growth and portfolio optimization with guidance for modest revenue growth (1%–2%) and margin recovery to ~10% in 2026, but execution and market recovery will determine outcomes.

Company Guidance

The company guided that for 2026 it expects organic constant-currency end‑market revenue growth of 1–2%, with adjusted operating margin returning to around 10% (after a 9.6% margin in 2025), supported by pricing of c.3.5% offsetting c.5% COGS inflation, continued simplification/efficiency (which delivered 1.7 percentage points in 2025) and net transform benefits of c.£11m in 2026 (with procurement/site initiatives targeted to deliver at least £20m of margin improvement by 2028); capital expenditure is expected to be c.£50m (around 1.2x depreciation) for the next three years, ERP spend c.£20m in 2026 (winding down in 2027), net finance charge c.£24m (impacted by expiry of £94m fixed debt at ~3%), an effective tax rate of c.27–29%, year‑end leverage around 1.7x with a plan to bring leverage to ~1.5x over the next two years, a maintained dividend this year with growth in line with adjusted earnings once cover returns to ~2.5x, and an ongoing review of the Thermal Products division.

Resilient headline margin and operating profit

Group headline adjusted operating profit of GBP 99.1m with an adjusted operating margin of 9.6%, described as resilient and in line with expectations despite challenging markets.

Revenue and stabilization outlook for 2026

Headline revenue was GBP 1,030m in 2025 (organic constant currency decline of 3.3%). Management expects organic constant currency end-market revenue growth of 1%–2% in 2026, and adjusted operating margin to return to around 10%.

Strong free cash flow and working capital improvement

Headline free cash flow was an inflow of GBP 45.4m. Working capital showed an inflow of GBP 50.4m, comprised of approximately GBP 13m underlying improvement plus GBP 38m of non‑recourse working capital arrangements.

Durable pricing and efficiency offset inflation

Pricing actions delivered c.3.5% for the year and simplification/efficiency programs contributed c.1.7 percentage points to margin, offsetting a c.5% increase in cost of goods sold.

Technical Ceramics outperformance—Aerospace strength

Technical Ceramics delivered revenue growth in 2025 with Aerospace & Defense up 22%, supporting an operating margin of 11.5% and low single-digit growth in industrial technical ceramics despite an industrial downturn.

Fire protection and targeted growth wins

Fire protection achieved double-digit growth overall and a 60% revenue increase in the Middle East in 2025 through local partnerships and product qualification efforts.

Progress on transformation and cost savings roadmap

Simplification program nearing completion: GBP 16m of in‑year benefits delivered in 2025; implementation to date GBP 35m with GBP 24m benefits realized. Management expects net transform benefits of c. GBP 11m in 2026 and a target of 12% EBITDA margin by 2028.

Portfolio actions and liquidity events

Sale of Molten Metal Systems (MMS) completed with net GBP 10m received after tax and fees (balance due later in 2026). Foseco India holding valued at GBP 47m as of 31 Dec 2025 (would be ~GBP 54m on more recent results) with an intention to sell down post lock‑up.

Morgan Advanced Materials (GB:MGAM) Earnings, Revenues Date & History

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GB:MGAM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 31, 2026	2026 (Q2)	- / -	0.144	―	―	―
Mar 03, 2026	2025 (Q4)	0.11 / 0.11	0.099	13.13% (+0.01)	―	―
Aug 07, 2025	2025 (Q2)	0.14 / 0.14	0.143	0.70% (<+0.01)	―	―
Feb 28, 2025	2024 (Q4)	0.10 / 0.10	0.13	-23.85% (-0.03)	―	―
Aug 06, 2024	2024 (Q2)	0.14 / 0.14	0.099	44.44% (+0.04)	―	―
Mar 12, 2024	2023 (Q4)	- / 0.13	0.154	-15.58% (-0.02)	―	―
Aug 04, 2023	2023 (Q2)	0.10 / 0.10	0.158	-37.34% (-0.06)	―	―
Apr 28, 2023	2022 (Q4)	- / 0.18	0.128	40.62% (+0.05)	―	―
Jul 29, 2022	2022 (Q2)	0.14 / 0.16	0.127	24.41% (+0.03)	―	―
Mar 04, 2022	2021 (Q4)	0.10 / 0.13	0.075	70.67% (+0.05)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

GB:MGAM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Mar 03, 2026	233.50 p	201.50 p	-13.70%
Aug 07, 2025	219.62 p	190.89 p	-13.08%
Feb 28, 2025	240.06 p	201.14 p	-16.21%
Aug 06, 2024	289.66 p	284.15 p	-1.90%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Morgan Advanced Materials PLC (GB:MGAM) report earnings?

Morgan Advanced Materials PLC (GB:MGAM) is schdueled to report earning on Jul 31, 2026, TBA (Confirmed).

What is Morgan Advanced Materials PLC (GB:MGAM) earnings time?

Morgan Advanced Materials PLC (GB:MGAM) earnings time is at Jul 31, 2026, TBA (Confirmed).

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What is the P/E ratio of Morgan Advanced Materials PLC stock?

The P/E ratio of Morgan Advanced Materials is N/A.

What is GB:MGAM EPS forecast?

Currently, no data Available