Half-year Financial Report

Morgan Advanced Materials PLC

06 August 2026

 

"Performance in-line; continued strategic momentum"

Half-year results for the period ended 30 June 2026

	Results from continuing operations
		H1 2026	Restated        H1 20253	Reported change	OCC1
Adjusted results
Revenue		£518.1m	£502.5m	3.1%	4.8%
Adjusted operating profit1		£57.8m	£54.8m	5.5%	7.2%
Adjusted operating profit1 margin		11.2%	10.9%	30bps	30bps
Adjusted EPS1		10.7p	9.9p	8.1%	-
Return on invested capital1		14.5%	15.4%	n/m2	-
Free cash flow1		£3.5m	£4.6m	(23.9)%	-
Net debt1 to EBITDA1 ratio (ex. IFRS 16 leases)		2.0x	1.8x	n/m2	-
Statutory results
Revenue		£518.1m	£502.5m	3.1%	-
Operating profit		£39.1m	£41.6m	(6.0)%	-
Operating profit margin		7.5%	8.3%	(80)bps	-
Basic EPS		4.5p	5.6p	(19.6)%	-
Cash generated from operations		£43.3m	£70.3m	(38.4)%	-
Interim dividend per share		5.4p	5.4p	-	-
1. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measures can be found in the 'Glossary' and 'Alternative performance measures' section at the end of this announcement. Throughout this report these non-GAAP measures are clearly identified by an asterisk (*) where they appear in text and by a footnote where they appear in tables.
2. Movements where the % movement is not meaningful are represented by n/m.
3. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.

Financial highlights

•	Organic constant-currency* revenue up 4.8%; up 3.0% excluding phasing benefit from semiconductor take-or-pay contract, and adjusted operating profit* margin of 11.2%
•	Revenue, adjusted operating profit* and net debt* benefit from phasing impact of £8.9 million income from a semiconductor customer which will not repeat in H2
•	Business simplification programme on track to deliver previously communicated annualised run-rate benefits of £27 million by the end of 2026
•	Net debt* to EBITDA* (excl. IFRS 16 leases) of 2.0 times reflects recent investments in capacity, simplification and ERP; expected to reduce in H2 as free cash flow* normalises, as well as the potential MMS disposal proceeds

Strategic and operational highlights

·      Transforming operational effectiveness

o  Two major site turnarounds now underway; early progress against agreed operational milestones

o  Group‑led procurement initiative gaining traction; first savings in H2 2026, as planned

o  ERP roll-out progressing to plan; 13 sites now live

·      Driving stronger growth

o  Focused teams established to accelerate growth in priority markets where we are well positioned to win

o  Strategy to deepen engagement with OEMs delivering initial share gains in Energy and Rail

·      Maximising our portfolio

o  Strategic review of options for Thermal Products division progressing well; further update to be provided in due course

Outlook

Mindful of the current geopolitical and macroeconomic environment, particularly within European Industrial markets, we expect organic constant-currency* revenue growth of around 2% for the full-year. Noting a foreign exchange headwind, we expect an adjusted operating profit* margin for the second half broadly in-line with that of the first, excluding the phasing benefit from the take-or-pay agreement.

We remain confident in our roadmap to deliver a 12% margin in 2028 and achieve our medium-term financial framework.

Damien Caby, Chief Executive Officer, commented:

"Performance in the first half was in-line with our expectations, reflecting stabilisation across many of our end-markets, continued strength in Aerospace and strategic growth in Energy. Revenue and margin progression reflect both the actions we are taking to improve operational performance and drive profitable growth, and the phasing of contractual revenue into the first half.

Our strategy is gaining momentum as we execute to unlock our potential by transforming our operational effectiveness and driving stronger and more profitable growth, including assessing options for our Thermal Products division. We are confident in our roadmap to deliver our 12% margin target in 2028 and achieve our financial framework."

Medium-term financial framework

•	Above Market Organic Revenue Growth: We expect to achieve growth in excess of GDP
•	Attractive Margins: We expect to achieve adjusted operating profit* margin of 12% by 2028 with sustainable adjusted operating profit* margins of between 12% and 14% beyond 2028
•	Delivering EPS Growth: Achieving sustained growth in adjusted earnings per share*, ahead of organic revenue growth, driven by a combination of organic growth, margin accretion, shareholder returns and M&A
•	Sustaining ROIC*: 17% ‐ 20% ROIC*
•	Leverage Range: 1.0x to 1.5x, or up to 2.0x adjusted EBITDA* post-acquisition, utilising our strong balance sheet to fund organic growth, and then over time deploying excess capital to fund incremental M&A or additional shareholder returns as appropriate
•	Dividend Cover: Shareholder dividends maintained then growing with adjusted earnings at around 2.5x cover

Strategic review of Thermal Products division

As previously announced, the Group is undertaking a strategic review of its Thermal Products division, with a full range of options under consideration, including a potential disposal. We have made good progress in assessing the division's growth prospects and are preparing for a number of options. Further updates will be provided in due course, as appropriate.

Results presentation today

There will be an analyst and investor presentation at 10:00 (UK time) today via web-conference. A live audio webcast and slide presentation of this event will be available on www.morganadvancedmaterials.com.

We recommend that you register by 09:30 (UK time).

Enquiries
Richard Armitage, CFO	Morgan Advanced Materials	01753 837 000
Nicholas Frost, Investor Relations	Morgan Advanced Materials
Martin Robinson	Teneo	0207 427 1572
Giles Kernick	Teneo	0207 427 5412

Forward-looking statements

This announcement contains forward-looking statements. These statements have been made in good faith based on the information available up to the time of the approval of this announcement. No assurance can be given that these expectations will prove to have been correct. By their nature, forward-looking statements involve risks, uncertainties or assumptions that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. As such, undue reliance should not be placed on forward-looking statements.

The Directors undertake no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.

About Morgan Advanced Materials plc

Morgan Advanced Materials is a global leader in advanced materials. We combine material science, deep application expertise and process excellence to co-design and manufacture mission critical solutions. These solutions are at the heart of society's most essential systems today and they will enable the breakthroughs of tomorrow. Our products help people move, build and thrive. We help power human progress, where it matters most.

Established in 1856, we have a proven track record in delivering for our customers, underpinned by over a century of innovation. We employ approximately 8,100 people worldwide, across 57 operating sites serving a diverse range of customers across a range of end-markets.

Learn more at www.morganadvancedmaterials.com.

Operational review

Business simplification benefits

Our previously announced multi-year simplification programme is now materially complete. The costs incurred during 2026 include the costs associated with the closure of a Technical Ceramics site in the US which will generate incremental benefits for the Group in 2028 and beyond.

In total, the simplification programme will deliver the full expected benefits of £27 million of annualised savings by the end of 2026, with a total cash implementation cost of £45 million.

	FY 2023 £m	FY 2024 £m	FY 2025 £m	FY 2026 £m	Total £m
Adjusted operating profit1 benefits	1	8	24	27	-
Costs charged to specific adjusting items	(7)	(13)	(15)	(10)	(45)
1. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measures can be found in the 'Glossary' and 'Alternative performance measures' section at the end of this announcement. Throughout this report these non-GAAP measures are clearly identified by an asterisk (*) where they appear in text and by a footnote where they appear in tables.

Site transformation

As announced in December 2025, we intend to implement structured and comprehensive multi-year programmes to improve performance at large sites that represent more than 20% of Group revenue. The programmes are intended to unlock growth and improve margins by optimising production cycles and supply chains and simplifying the asset base and product portfolio. 

Thermal Products, North America

In 2025, we launched a multi-year programme of work to create more predictable, scalable and competitive manufacturing operations at one of the largest facilities in the Group which manufactures multiple product lines for our North America customer base. We are seeing encouraging early progress and expect to deliver sustainable margin improvement from 2027 onwards.

Technical Ceramics, North America

During the first half, we announced the closure of our Hayward Ceramics site in California and the relocation of its production to alternative sites in the US and Europe to optimise asset utilisation. The qualification of the new manufacturing locations and the phased transfer of assets is underway. We expect to see margin benefits from this initiative from 2028.

Global ERP implementation

The Group has accelerated investment in the development of a Global ERP system which is intended to replace over 30 different legacy systems across the Group. We have successfully implemented this system into 13 of the Group's sites.

Our environmental commitments

During the period, our scope 1 and 2 CO2e emissions have decreased by 8% on H1 2025. Our 2030 goal is to reduce our scope 1 and 2 CO2e emissions by 50% (from a 2015 baseline). On an annualised basis we are now 57% below our 2015 baseline. As our business grows, continued focus is needed on process efficiencies and technological advancements to maintain this.

Financial review

Alternative performance measures

In addition to statutory metrics, the Group monitors business performance through alternative performance measures ('APMs') which are non-GAAP measures not defined under IFRS. The Directors consider that these APMs provide useful information to stakeholders, including additional insight into ongoing trading and year-on-year comparisons. These APMs are not intended as a substitute for IFRS measures and should be considered as providing complementary insight. The Group defines each APM and therefore they may not be directly comparable with similarly named metrics in other businesses. The purpose and definition of each APM, along with a reconciliation to the equivalent statutory metric, are included in the 'Glossary' and 'Alternative Performance Measures' sections included at the end of this announcement.

Throughout this report, these non-GAAP measures are clearly identified by an asterisk (*) where they appear in text and by a footnote where they appear in tables.

Unless otherwise stated, all financial information reported in this financial review relates to continuing operations.

Group financial performance (unaudited)

Summary income statement and key metrics	H1 2026 £m	Restated         H1 20251 £m	Change %
Revenue	518.1	502.5	3.1%
Adjusted operating profit2	57.8	54.8	5.5%
Adjusted operating profit2 margin	11.2%	10.9%	30bps
Amortisation of intangible assets	(0.3)	(0.5)	(40.0)%
Specific adjusting items4	(18.4)	(12.7)	44.9%
Operating profit from continuing operations	39.1	41.6	(6.0)%
Net financing costs	(11.6)	(10.8)	7.4%
Profit before taxation from continuing operations	27.5	30.8	(10.7)%
Income tax expense	(11.4)	(10.8)	5.6%
Profit after taxation from continuing operations	16.1	20.0	(19.5)%
Profit/(loss) after taxation from discontinued operations	-	(0.9)	n/m3
Profit for the year	16.1	19.1	(15.7)%
Basic EPS from continuing and discontinued operations	4.5p	5.3p	(15.1)%
Adjusted EPS2	10.7p	9.9p	8.1%
Return on invested capital2	14.5%	15.4%	(90)bps
Summary cash flow and key metrics	H1 2026 £m	Restated         H1 20251 £m	Change %
Cash generated from continuing operations	43.3	70.3	(38.4)%
Free cash flow before acquisitions, disposals and dividends2	3.5	4.6	n/m3
Cash and cash equivalents	104.3	84.6	23.3%
Net debt2	253.1	249.1	1.6%
Net debt2 to EBITDA2 ratio (ex. IFRS 16)	2.0x	1.8x	n/m3
Interim dividend per share	5.4p	5.4p	-
1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.
2. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary and Alternative Performance Measures' section at the end of this announcement.
3. Movements where the percentage movement is not meaningful are represented by n/m.
4. Details of specific adjusting items can be found in note 3 to the condensed consolidated financial statements.

Revenue

Revenue (unaudited)	H1 2026 £m	Restated   H1 20251 £m	Change %	OCC2 Change %
Thermal Products	176.1	175.4	0.4%	2.5%
Performance Carbon	158.3	154.1	2.7%	4.0%
Technical Ceramics	183.7	173.0	6.2%	7.8%
Revenue from continuing operations	518.1	502.5	3.1%	4.8%
1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.
2. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary and Alternative Performance Measures' section at the end of this announcement.

The Group recognised revenue of £518.1 million for the six months ended 30 June 2026 (restated H1 2025: £502.5 million), an increase of 3.1% compared to the prior period, on a reported basis. Revenue was significantly impacted by foreign exchange headwinds, largely related to the US dollar and sterling exchange rates. Reflecting these dynamics, on an organic constant-currency* basis, the Group delivered a 4.8% increase in revenue.

Thermal Products benefited from strong performance in Asia, particularly in India and China supporting our Metals processing customers. This was partially offset by weakness in the European Industrial market with geopolitical conditions impacting investment in process industries. In North America, we saw increased CPI project revenue and increased demand for energy storage solutions. This resulted in 2.5% revenue growth on an organic constant-currency* basis, with the division reporting revenue of £176.1 million.

Performance Carbon delivered revenue of £158.3 million, a 4.0% increase on an organic constant-currency* basis and a 1.8% decline excluding the phasing of revenue earned under a take-or-pay arrangement. Both revenue and margin were positively impacted by the phasing of a £8.9 million income under a take-or-pay arrangement into H1 2026, which will not repeat in H2. We had expected to supply these products during the second half of 2026, however, the customer settled their contractual commitments in full during the first half. Aerospace and Defence revenue declined, with good performance in Aerospace more than offset by a decline in Defence due to lower demand for body armour. The division saw strong growth in Energy, particularly in Wind where we continue to displace competitor products. Revenue from Semiconductor markets was in-line with the prior period showing continued stabilisation.

Technical Ceramics delivered revenue of £183.7 million, a 7.8% increase on an organic constant-currency* basis.  Revenue reflects strong performance in Aerospace and Defence, where we produce critical components for the manufacture of jet engine turbine blades, and increased demand within Energy markets.

Adjusted operating profit*

	H1 2026		Restated H1 20251
Adjusted operating profit2 (unaudited)	Profit £m	Margin %	Profit £m	Margin %
Thermal Products	11.3	6.4%	13.5	7.7%
Performance Carbon	27.0	17.1%	25.2	16.4%
Technical Ceramics	23.8	13.0%	20.2	11.7%
Corporate costs	(4.3)	n/m3	(4.1)	n/m3
Adjusted operating profit2 from continuing operations	57.8	11.2%	54.8	10.9%
1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.
2. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary and Alternative Performance Measures' section at the end of this announcement.
3. Movements where the percentage movement is not meaningful are represented by n/m.

The Group delivered adjusted operating profit* of £57.8 million (restated H1 2025: £54.8 million) and an adjusted operating profit* margin of 11.2% (restated H1 2025: 10.9%). The H1 2026 result included a phasing benefit of £8.9 million of income from a semiconductor customer which will not repeat in H2.

Volume and mix impacts contributed a 200 bps decline versus the prior period and were largely the residual impact of reported H2 2025 headwinds. Short-term operational disruption contributed a further 80 bps decline. On a combined basis, the net impact of pricing, inflation and efficiency initiatives contributed 190 bps improvement to margin with simplification initiatives providing a further 60 bps margin. The phasing benefit from the semiconductor receipt noted above delivered a 160 basis point increase to reported margin for the half year. The remaining movement in margin relates to non-trading items recognised in H1 2025 which, as expected, did not repeat in H1 2026.

Thermal Products adjusted operating profit* was £11.3 million with an adjusted operating profit* margin of 6.4%, a 130 bps decrease compared with the prior period due to operational issues at a large site in the US. A structured turnaround is underway at the impacted site, with early progress against operational milestones.

Performance Carbon adjusted operating profit* was £27.0 million with an adjusted operating profit* margin of 17.1%, a 70 bps increase compared to H1 2025. Adjusted operating profit* for the current period was impacted by the phasing of £8.9 million income from a semiconductor customer which will not repeat in H2.

Technical Ceramics benefited from strong revenue growth and delivered adjusted operating profit* of £23.8 million with an adjusted operating profit* margin of 13.0%, a 130 bps improvement compared with the prior period.

Specific adjusting items from continuing operations

Specific adjusting items were £18.4 million (restated H1 2025: £12.7 million) and comprised the following:

Specific adjusting items from continuing operations (unaudited)	H1 2026 £m	Restated H1 20251 £m
Net restructuring charge	(4.7)	(5.8)
Impairments relating to restructuring	(4.7)	(1.3)
Design, configuration, customisation and implementation of a Global ERP system	(11.5)	(5.6)
Movement in fair value of consideration shares held at FVTPL	2.5	-
Total specific adjusting items before income tax	(18.4)	(12.7)
Income tax credit from specific adjusting items	1.7	1.2
Total specific adjusting items after income tax	(16.7)	(11.5)
1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.

Net restructuring charge and impairments related to restructuring

Expenditure of £9.4 million has been recognised in respect of restructuring charges and related impairments (restated H1 2025: £7.1 million). This includes the Group's business simplification and restructuring programme and the costs associated with the ongoing strategic review of the Thermal Products division. In total, once fully implemented, our simplification initiatives are expected to deliver total annual adjusted operating profit* benefits of approximately £27 million by the end of 2026.

ERP implementation

The Group has incurred expenditure of £11.5 million (H1 2025: £5.6 million) associated with the design, configuration, customisation and implementation of its Global ERP system which is presented as a specific adjusting item in the income statement, in accordance with the Group's accounting policies.

Statutory operating profit

Statutory operating profit was £39.1 million (restated H1 2025: £41.6 million).

Net financing costs

Net financing costs of £11.6 million (H1 2025: £10.8 million) comprise net bank interest and similar charges of £9.9 million (H1 2025: £9.3 million), net interest on IAS 19 pension obligations of £0.2 million (H1 2025: £0.1 million), and the interest expense on lease liabilities of £1.5 million (H1 2025: £1.4 million).

We expect net financing costs in the range of £22 - £26 million for the full year.

Taxation

The Group tax charge from continuing operations, excluding specific adjusting items, was £13.1 million (restated H1 2025: £12.0 million), being an effective tax rate, excluding specific adjusting items, of 28.5% (restated H1 2025: 27.6%). Note 5 to the condensed consolidated financial statements provides additional information on the Group's tax charge. We currently expect our effective tax rate, excluding specific adjusting items, to be within the 27-29% range for the full year.

On a statutory basis, the Group tax charge was £11.4 million (restated H1 2025: £10.8 million).

Tax risks

The Group follows a tax policy to fulfil local and international tax requirements, maintaining accurate and timely tax compliance whilst seeking to maximise long-term shareholder value. The Group adopts an open and transparent approach to relationships with tax authorities and continues to monitor and adopt new reporting requirements, for example those arising from the implementation of the OECD Base Erosion and Profit Shifting proposals within tax legislation across various jurisdictions.

The tax strategy is aligned to the Group's business strategy and ensures that tax affairs have strong commercial substance.

Earnings per share

Basic earnings per share from continuing operations was 4.5 pence (restated H1 2025: 5.6 pence) and adjusted earnings per share* was 10.7 pence (restated H1 2025: 9.9 pence). Details of these calculations can be found in note 7 to the condensed consolidated financial statements.

Foreign currency impact

For illustrative purposes, the table below provides details of the impact on Group revenue and adjusted operating profit* for the six-month period ended 30 June 2026 if the actual reported results, calculated using the actual average exchange rates applicable for the period, were restated for GBP weakening by 10 cents against the US dollar in isolation and 10 cents against the Euro in isolation:

Increase in H1 2026 revenue/adjusted operating profit1 if:	Revenue £m	Adjusted operating profit1 £m
GBP weakens by 10c against the US dollar in isolation	19.1	2.4
GBP weakens by 10c against the Euro in isolation	9.3	1.4
1. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary and Alternative Performance Measures' section at the end of this announcement.

The principal exchange rates used in the translation of the results of overseas subsidiaries were as follows:

	H1 2026		H1 2025
GBP to:	Closing  rate	Average rate	Closing  rate	Average rate
US dollar	1.32	1.34	1.37	1.30
Euro	1.16	1.15	1.16	1.19

Cash flow

(Unaudited)	H1 2026	Restated H1 20252
Cash generated from continuing operations	43.3	70.3
Net capital expenditure	(12.5)	(38.9)
Net interest on cash and borrowings	(9.5)	(9.0)
Tax paid	(11.5)	(12.0)
Lease payments and interest	(6.3)	(5.8)
Free cash flow before acquisitions, disposals and dividends1	3.5	4.6
Dividends paid to external plc shareholders	(18.8)	(19.1)
Net cash flows from other investing and financing activities	(4.2)	(12.2)
Net cash flows from discontinued operations	-	(3.1)
Tax paid on disposal of business	(0.6)	-
Exchange movement and other non-cash movements	(0.8)	6.9
Movement in net debt1	(20.9)	(22.9)
Opening net debt1	(232.2)	(226.2)
Closing net debt1	(253.1)	(249.1)
Lease liabilities	(48.4)	(47.4)
Closing net debt1 and lease liabilities	(301.5)	(296.5)
1. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary and Alternative Performance Measures' section at the end of this announcement.
2. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.

The Group generated cash from continuing operations of £43.3 million (restated H1 2025: £70.3 million) which was £27.0 million lower than the prior period. This primarily relates to a £23.5 million outflow from working capital, reflecting normal first-half phasing. The cash flow reflects benefits of £4.4 million (excluding foreign exchange differences) in the six month period to 30 June 2026 from working capital initiatives including a focused supplier financing arrangement and a non-recourse debt factoring programme. Balances for these initiatives were £8.0 million (H1 2025: £16.6 million; FY 2025: £12.8 million) and £34.6 million (H1 2025: £nil; FY 2025: £25.1 million) respectively.

Free cash flow before acquisitions, disposals and dividends* was £3.5 million (restated H1 2025: £4.6 million). The Group incurred net capital expenditure of £12.5 million (restated H1 2025: £38.9 million); significantly lower than H1 2025 which included £15.0 million of strategic investments in semiconductor capacity.

For the purposes of compliance with external debt covenants, net debt* is calculated excluding IFRS 16 lease liabilities. On this basis, net debt* was £253.1 million (H1 2025: £249.1 million), representing a net debt* to EBITDA* ratio of 2.0 times (restated H1 2025: 1.8 times). Leverage is expected to improve to 1.7 times during H2 as free cash flow* normalises and following the expected realisation of the MMS disposal proceeds.

Commitments for property, plant and equipment and computer software for which no provision has been made are set out in note 8 to the condensed consolidated financial statements.

Liquidity

The Group had net cash and cash equivalents* of £98.1 million (H1 2025: £84.4 million) and undrawn headroom on its available credit facilities of £347.7 million (H1 2025: £364.8 million).

Capital structure

At the period end, total equity was £353.6 million (H1 2025: £352.2 million) with closing net debt* including IFRS 16 lease liabilities of £301.5 million (H1 2025: £296.5 million). Non-current assets were £569.6 million (H1 2025: £585.4 million) and total assets were £1,051.2 million (H1 2025: £1,020.4 million).

Interim dividend

The Board has resolved to pay an interim dividend of 5.4 pence (H1 2025: 5.4 pence) per Ordinary share. The interim dividend will be paid on 17 November 2026 to Ordinary shareholders on the register of members at the close of trading on 23 October 2026. The ex-dividend date will be 22 October 2026.

Post balance sheet events

There were no reportable post balance sheet events following the balance sheet date.

Group principal risks and uncertainties

The Board considers that risk management and internal control are fundamental to achieving the Group's strategic objectives. Principal and emerging risks are identified both 'top-down' by the Board and the Executive Committee and 'bottom-up' through the divisions and central functions. Senior executives are responsible for the strategic management of the Group's principal and emerging risks, including related policy, guidelines and processes, subject to Board oversight.

The current principal risks are set out in the 2025 Annual Report and Accounts, which are available on the Group's website at www.morganadvancedmaterials.com (pages 43 to 45). The Directors do not consider that the principal risks and uncertainties have changed since the publication of the Annual Report and Accounts. No new emerging risks have been identified that are expected to have a material impact on the Group during the remainder of 2026.

The identified principal risks relate to: • External environment; • Business change and development; • Business continuity; • Environment, health and safety; • IT infrastructure and security; • Legal and regulatory; and • Key financial processes.

Going concern

The Directors have conducted a review of the Group's business activities, financial position and main trends and factors likely to affect its future development, performance and financial position. Having considered the base forecasts, along with potential scenarios and principal risks, the Directors have a reasonable expectation, at the time of approving the financial statements, that the Company and the Group have adequate resources to continue in operational existence for a period of at least 18 months from the date of signing this half-yearly report. Accordingly, they continue to adopt the going concern basis in preparing the condensed consolidated financial statements for the six months ended 30 June 2026.

Further information is provided in note 1 to the Condensed Interim Financial Statements under the heading 'Going concern'.

Directors' responsibilities statement

The Directors confirm that to the best of their knowledge:

•	The condensed consolidated financial statements have been prepared in accordance with UK-adopted IAS 34 'Interim Financial Reporting';
•	The interim management report for the six-month period ended 30 June 2026 includes a fair review of the information required by DTR 4.2.7R (indication of important events and their impact during the first six months of the financial year and a description of the principal risks and uncertainties for the remaining six months of the year); and;
•	The interim management report for the six-month period ended 30 June 2026 includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

Information about the current Directors of Morgan Advanced Materials plc responsible for providing this Statement is maintained on the Company's website at www.morganadvancedmaterials.com.

The responsibility statement was approved by the Board of Directors on 05 August 2026.

By order of the Board,

Director	Director
D. Caby	R. Armitage

Condensed consolidated income statement

			Unaudited six months ended 30 June 2026				Restated unaudited six months ended 30 June 20253
			Results before specific adjusting items	Specific adjusting items 1	Total			Results before specific adjusting items	Specific adjusting items 1	Total
		Note	£m	£m	£m			£m	£m	£m
Revenue		2	518.1	-	518.1			502.5	-	502.5
Operating costs before amortisation of intangible assets			(460.3)	(18.4)	(478.7)			(447.7)	(12.7)	(460.4)
Profit from operations before amortisation of intangible assets		2	57.8	(18.4)	39.4			54.8	(12.7)	42.1
Amortisation of intangible assets			(0.3)	-	(0.3)			(0.5)	-	(0.5)
Operating profit		2	57.5	(18.4)	39.1			54.3	(12.7)	41.6
Finance income			1.1	-	1.1			1.7	-	1.7
Finance expense			(12.7)	-	(12.7)			(12.5)	-	(12.5)
Net financing costs		4	(11.6)	-	(11.6)			(10.8)	-	(10.8)
Profit before taxation			45.9	(18.4)	27.5			43.5	(12.7)	30.8
Income tax expense		5	(13.1)	1.7	(11.4)			(12.0)	1.2	(10.8)
Profit from continuing operations			32.8	(16.7)	16.1			31.5	(11.5)	20.0
Profit/(loss) from discontinued operations		6	-	-	-			2.4	(3.3)	(0.9)
Profit for the period			32.8	(16.7)	16.1			33.9	(14.8)	19.1
Profit for the period attributable to:
Shareholders of the Company			29.0	(16.7)	12.3			29.8	(14.8)	15.0
Non-controlling interests			3.8	-	3.8			4.1	-	4.1
Profit for the period			32.8	(16.7)	16.1			33.9	(14.8)	19.1
Earnings per share		7
Continuing and discontinued operations
Basic earnings per share					4.5p					5.3p
Diluted earnings per share					4.4p					5.3p
Continuing operations
Basic earnings per share					4.5p					5.6p
Diluted earnings per share					4.4p					5.6p
Dividends2
Proposed interim dividend - pence					5.4p					5.4p
- £m					14.9					15.1
1. Details of specific adjusting items are given in note 3 to the condensed consolidated financial statements.
2. The proposed interim and approved final dividends are based upon the number of shares outstanding at the balance sheet date.
3. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.

Condensed consolidated statement of comprehensive income

	Unaudited six months ended 30 June 2026	Restated unaudited six months ended 30 June 20251
	£m	£m
Profit for the period	16.1	19.1
Other comprehensive income/(expense):
Items that will not be reclassified subsequently to income statement:
Remeasurement gain on defined benefit plans	3.6	0.3
Tax effect of components of other comprehensive income not reclassified	(0.2)	(0.3)
	3.4	-
Items that may be reclassified subsequently to income statement:
Foreign exchange translation differences	8.6	(32.8)
Cash flow hedges:
Change in fair value	0.6	1.2
Transferred to income statement	(0.2)	0.4
Net investment hedges:
Change in fair value	(2.3)	7.2
	6.7	(24.0)
Total other comprehensive income/(expense)	10.1	(24.0)
Total comprehensive income/(expense)	26.2	(4.9)
Attributable to:
Shareholders of the Company	21.8	(6.3)
Non-controlling interests	4.4	1.4
	26.2	(4.9)
Total comprehensive income/(expense) attributable to shareholders of the Company arising from:
Continuing operations	21.8	(6.3)
Discontinued operations	-	-
	21.8	(6.3)
1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.

Condensed consolidated balance sheet

		Unaudited six months ended 30 June 2026	Unaudited six months ended 30 June 2025	Audited year ended 31 December 2025
	Note	£m	£m	£m
Assets
Property, plant and equipment	8	324.1	342.7	326.0
Right-of-use assets		33.1	34.3	36.4
Intangible assets: goodwill	9	165.3	170.6	163.7
Intangible assets: other	9	3.0	3.2	3.2
Investments		0.6	0.5	0.5
Trade and other receivables		3.2	2.9	3.1
Employee benefits: pensions	12	15.2	12.0	12.4
Deferred tax assets		25.1	19.2	23.2
Total non-current assets		569.6	585.4	568.5
Inventories		165.9	158.9	146.5
Derivative financial assets	11	2.2	3.3	2.0
Trade and other receivables		157.4	186.0	139.1
Investments		48.8	-	47.2
Current tax receivable		3.0	2.2	2.2
Cash and cash equivalents	10	104.3	84.6	79.3
Total current assets		481.6	435.0	416.3
Total assets		1,051.2	1,020.4	984.8
Liabilities
Borrowings	10	256.7	333.5	212.1
Lease liabilities	10	37.2	36.2	38.1
Employee benefits: pensions	12	33.7	34.0	34.4
Provisions	13	12.6	10.5	9.9
Non-trade payables		2.3	2.5	2.7
Deferred tax liabilities		0.9	1.8	1.0
Total non-current liabilities		343.4	418.5	298.2
Borrowings and bank overdrafts	10	100.7	0.2	99.4
Lease liabilities	10	11.2	11.2	11.1
Trade and other payables		207.3	203.8	194.6
Current tax payable		25.9	25.1	24.0
Provisions	13	7.7	7.9	8.1
Derivative financial liabilities	11	1.4	1.5	0.5
Total current liabilities		354.2	249.7	337.7
Total liabilities		697.6	668.2	635.9
Total net assets		353.6	352.2	348.9
Equity
Share capital		69.2	69.9	69.2
Share premium		111.7	111.7	111.7
Reserves		(7.6)	(29.7)	(13.7)
Retained earnings		145.8	164.8	149.4
Total equity attributable to shareholders of the Company		319.1	316.7	316.6
Non-controlling interests		34.5	35.5	32.3
Total equity		353.6	352.2	348.9

Condensed consolidated statement of changes in equity

	Share capital	Share premium	Translation reserve	Hedging reserve	Fair value reserve	Capital redemption reserve	Other reserves	Retained earnings	Total parent equity	Non-controlling interests	Total equity
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
At 1 January 2025	70.9	111.7	(38.2)	(0.2)	(1.0)	36.1	(4.9)	179.3	353.7	35.6	389.3
Profit for the period	-	-	-	-	-	-	-	15.0	15.0	4.1	19.1
Other comprehensive income/(expense):
Remeasurement gain on defined benefit plans and related taxes	-	-	-	-	-	-	-	-	-	-	-
Foreign exchange differences	-	-	(30.1)	-	-	-	-	-	(30.1)	(2.7)	(32.8)
Cash flow hedging fair value changes and transfers	-	-	-	1.6	-	-	-	-	1.6	-	1.6
Net investment hedging fair value changes and transfers	-	-	7.2	-	-	-	-	-	7.2	-	7.2
Total comprehensive income/(expense)	-	-	(22.9)	1.6	-	-	-	15.0	(6.3)	1.4	(4.9)
Transactions with owners:
Dividends	-	-	-	-	-	-	-	(19.1)	(19.1)	(1.5)	(20.6)
Equity-settled share-based payments	-	-	-	-	-	-	-	1.4	1.4	-	1.4
Own shares acquired for share incentive schemes (net)	-	-	-	-	-	-	-	(3.0)	(3.0)	-	(3.0)
Purchase of own shares for share buyback programme	-	-	-	-	-	-	(10.0)	-	(10.0)	-	(10.0)
Cancellation of own shares under share buyback programme	(1.0)	-	-	-	-	1.0	8.8	(8.8)	-	-	-
Unaudited at 30 June 2025	69.9	111.7	(61.1)	1.4	(1.0)	37.1	(6.1)	164.8	316.7	35.5	352.2
At 1 January 2025	70.9	111.7	(38.2)	(0.2)	(1.0)	36.1	(4.9)	179.3	353.7	35.6	389.3
Profit for the year	-	-	-	-	-	-	-	21.1	21.1	7.7	28.8
Other comprehensive income/(expense):
Remeasurement loss on defined benefit plans and related taxes	-	-	-	-	-	-	-	(0.2)	(0.2)	-	(0.2)
Foreign exchange differences	-	-	(21.1)	-	-	-	-	-	(21.1)	(2.1)	(23.2)
Cash flow hedging fair value changes and transfers	-	-	-	0.8	-	-	-	-	0.8	-	0.8
Net investment hedging fair value changes and transfers	-	-	2.9	-	-	-	-	-	2.9	-	2.9
Total comprehensive income/(expense)	-	-	(18.2)	0.8	-	-	-	20.9	3.5	5.6	9.1
Transactions with owners:
Dividends	-	-	-	-	-	-	-	(34.1)	(34.1)	(6.0)	(40.1)
Equity-settled share-based payments	-	-	-	-	-	-	-	1.9	1.9	-	1.9
Own shares acquired for share incentive schemes (net)	-	-	-	-	-	-	-	(3.5)	(3.5)	-	(3.5)
Purchase of own shares for share buyback programme	-	-	-	-	-	-	(10.0)	-	(10.0)	-	(10.0)
Cancellation of own shares under share buyback programme	(1.7)	-	-	-	-	1.7	15.1	(15.1)	-	-	-
Reclassification to income statement on disposal of business	-	-	5.1	-	-	-	-	-	5.1	(2.9)	2.2
Audited at 31 December 2025	69.2	111.7	(51.3)	0.6	(1.0)	37.8	0.2	149.4	316.6	32.3	348.9
At 1 January 2026	69.2	111.7	(51.3)	0.6	(1.0)	37.8	0.2	149.4	316.6	32.3	348.9
Profit for the period	-	-	-	-	-	-	-	12.3	12.3	3.8	16.1
Other comprehensive income/(expense):
Remeasurement gain on defined benefit plans and related taxes	-	-	-	-	-	-	-	3.4	3.4	-	3.4
Foreign exchange differences	-	-	8.0	-	-	-	-	-	8.0	0.6	8.6
Cash flow hedging fair value changes and transfers	-	-	-	0.4	-	-	-	-	0.4	-	0.4
Net investment hedging fair value changes	-	-	(2.3)	-	-	-	-	-	(2.3)	-	(2.3)
Total comprehensive income	-	-	5.7	0.4	-	-	-	15.7	21.8	4.4	26.2
Transactions with owners:
Dividends	-	-	-	-	-	-	-	(18.8)	(18.8)	(2.2)	(21.0)
Equity-settled share-based payments	-	-	-	-	-	-	-	1.3	1.3	-	1.3
Own shares acquired for share incentive schemes (net)	-	-	-	-	-	-	-	(1.8)	(1.8)	-	(1.8)
Unaudited at 30 June 2026	69.2	111.7	(45.6)	1.0	(1.0)	37.8	0.2	145.8	319.1	34.5	353.6

Condensed consolidated statement of cash flows

		Unaudited six months ended 30 June 2026	Restated unaudited six months ended 30 June 20251
	Notes	£m	£m
Operating activities
Profit for the period from continuing operations		16.1	20.0
Loss for the period from discontinued operations	6	-	(0.9)
Adjustments for:
Depreciation - property, plant and equipment	2,8	16.6	16.6
Depreciation - right-of-use assets	2	4.1	4.3
Amortisation	2,9	0.3	0.5
Net financing costs	4	11.6	10.8
Non-cash specific adjusting items in operating profit		3.8	1.3
Fair value (gain)/loss on equity instruments held at FVTPL		(0.6)	0.3
Loss on sale of property, plant and equipment		-	0.5
Income tax expense	5	11.4	11.3
Equity-settled share-based payment expenses		1.3	1.4
Cash generated from operations before changes in working capital and provisions		64.6	66.1
Increase in trade and other receivables		(17.7)	(8.6)
Increase in inventories		(17.4)	(1.2)
Increase in trade and other payables		11.7	14.5
Increase/(decrease) in provisions		2.1	(1.4)
Payments to defined benefit pension plans (net of IAS 19 pension charges)		-	0.2
Cash generated from operations		43.3	69.6
Interest paid - borrowings and overdrafts		(10.7)	(10.6)
Interest paid - lease liabilities		(1.5)	(1.4)
Income tax paid		(11.5)	(12.5)
Net cash from operating activities		19.6	45.1
Investing activities
Purchase of property, plant and equipment and software		(13.7)	(40.9)
Purchase of investments		(0.1)	(0.4)
Proceeds from sale of property, plant and equipment		1.2	0.4
Interest received		1.2	1.6
Disposal of investments		-	1.5
Tax paid on disposal of business		(0.6)	-
Net cash from investing activities		(12.0)	(37.8)
Financing activities
Purchase of own shares for share incentive schemes		(1.8)	(3.0)
Purchase of own shares for share buyback programme		(0.1)	(8.8)
Increase in borrowings		60.3	38.9
Reduction and repayment of borrowings		(15.0)	(37.3)
Payment of lease liabilities		(4.8)	(4.7)
Dividends paid to shareholders of the Company		(18.8)	(19.1)
Dividends paid to non-controlling interests		(2.2)	(1.5)
Net cash from financing activities		17.6	(35.5)
Net increase/(decrease) in cash and cash equivalents, and overdrafts		25.2	(28.2)
Net cash and cash equivalents at start of period		74.2	111.5
Effect of exchange rate fluctuations on cash held		(1.3)	1.1
Net cash and cash equivalents at period end	10	98.1	84.4
1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.

Notes to the condensed consolidated financial statements

Note 1. Basis of preparation, accounting policies and judgment and estimates

Morgan Advanced Materials plc ('the Company') is a company incorporated in the UK under the Companies Act 2006.

The unaudited condensed consolidated financial statements of the Company for the six months ended 30 June 2026 comprise the Company and the Group's subsidiaries (together 'the Group'). The condensed consolidated financial statements for the six months ended 30 June 2026 have been prepared in accordance with IAS 34 'Interim Financial Reporting' and International Financial Reporting Standards ('IFRSs') as adopted by the UK. There has been no change to the recognition, measurement or disclosure from preparation in previous periods under IFRSs as adopted by the UK. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the last annual consolidated financial statements for the year ended 31 December 2025.

The condensed consolidated financial statements and the comparative information for the six months ended 30 June 2026 have neither been audited nor reviewed, do not comprise statutory accounts for the purpose of section 434 of Companies Act 2006 and should be read in conjunction with the Annual Report and Accounts for the year ended 31 December 2025. Those accounts have been reported on by the Group's auditor and delivered to the Registrar of Companies. The report of the auditor was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying his report, and did not contain a statement under section 498(2) or (3) of the Companies Act 2006. The condensed consolidated financial statements have been prepared on a going concern basis, see the 'Going concern' section below for further details.

All periods presented in these condensed consolidated financial statements are for continuing operations, with separate disclosure of discontinued operations where applicable.

The consolidated financial statements of the Group for the year ended 31 December 2025 are available on request from the Company's registered office at York House, Sheet Street, Windsor, SL4 1DD or at morganadvancedmaterials.com.

The condensed consolidated financial statements for the six months ended 30 June 2026 were approved by the Board on 05 August 2026.

Accounting policies

As required by the Disclosure and Transparency Rules of the Financial Conduct Authority, these condensed consolidated financial statements have been prepared by applying the accounting policies that were applied in the preparation of the Group's published consolidated financial statements for the year ended 31 December 2025, except for newly effective standards listed below.

Use of judgements and estimates

In preparing these condensed consolidated financial statements, management has made judgements, estimates and assumptions that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses. Final outcomes may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The Group's critical accounting judgments and key sources of estimation uncertainty remain unchanged from those set out in the Group's consolidated financial statements for the year ended 31 December 2025.

Accounting developments and changes

Newly adopted standards

The Group has reviewed amendments to IFRS Accounting Standards as adopted by the UK that are mandatorily effective for an accounting period that begins on or after 1 January 2026. The following amendments were effective on 1 January 2026 and their adoption has not had any material impact on the disclosures or on the amounts reported in these condensed consolidated financial statements:

·      IFRS 9 and IFRS 7 'Classification and Measurement of Financial Instruments'.

·      IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 'Annual Improvements to IFRS Accounting Standards'

·      IFRS 9 and IFRS 7 'Contracts Referencing Nature-dependent Electricity'

New accounting standards in issue but not yet effective

New standards and interpretations that are in issue but not yet effective are listed below.

·      IFRS S1 'General requirements for Disclosure of Sustainability-related Financial Information'.

·      IFRS S2 'Climate-related Disclosures'.

·      IFRS 18 'Presentation and Disclosure in Financial Statements'

IFRS 18 is effective for periods beginning on or after 1 January 2027 and replaces IAS 1 'Presentation of Financial Statements'. The standard requires the classification of income and expenditure in the income statement to be split between operating, investing and financing, introduces disclosures around management defined performance measures (MPMs) and aggregation and disaggregation of other disclosure information. The impact of the standard on the Group is currently being assessed, and it is not yet practicable to quantify the effect of IFRS 18 on these condensed consolidated financial statements.

There are no other upcoming accounting standards or amendments that are applicable to the Group.

Non-GAAP measures

Where non-GAAP measures have been referenced, these have been identified by an asterisk (*) where they appear in text and by a footnote where they appear in a table. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary' and 'Alternative performance measures' section at the end of this announcement.

Going concern

The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the 2025 Annual Report and Accounts on pages 2 to 54. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are set out in the Group Financial Review included within this announcement. In addition, note 11 to the condensed consolidated financial statements for the six months ended 30 June 2026 provides details of the Group's policies and processes for managing financial risk, details of its financial instruments and hedging activities and details of its exposures to credit risk and liquidity risk.

The Group meets its day-to-day working capital requirements through local banking arrangements underpinned by the Group's £230.0 million unsecured multi-currency revolving credit facility, which matures in November 2029. As at June 2026 the Group had both significant available liquidity and headroom on its covenants. Total committed borrowing facilities were £600.3 million. The amount drawn under these facilities was £350.7 million, which together with net cash and cash equivalents* of £98.1 million, gave total headroom of £347.7 million. The multi-currency revolving credit facility was £45.0 million drawn. The Group has scheduled debt maturities of $97 million and €25 million due in October 2026 and we expect to repay these facilities using existing facilities. As at 30 June 2026, the Group had significant available liquidity and headroom on its covenants.

The principal borrowing facilities are subject to covenants that are measured semi-annually in June and December, being net debt* to EBITDA* of a maximum of 3 times and interest cover of a minimum of 4 times, based on measures defined in the facilities agreements which are adjusted from the equivalent IFRS amounts.

The Group has carefully modelled its cash flow outlook, taking account of reasonably possible changes in trading performance, exchange rates, debt totalling £95.2 million which is due to mature over the 18-month review period and plausible downside scenarios. This review indicated that there was sufficient headroom and liquidity for the business to continue for at least the 18-month period based on the facilities available. The Group was also expected to be in compliance with the required covenants as discussed above.

The Board has also reviewed the Group's reverse stress testing performed to demonstrate available headroom on covenant levels in respect of changes in net debt*, EBITDA*, and underlying revenue. Based on this assessment a combined reduction in EBITDA* of 30% and an increase in net debt* of 30% would still allow the Group to operate within its financial covenants. The Directors do not consider either of these scenarios to be plausible given the diversity of the Group's end markets and its broad manufacturing base.

The Board and Executive Committee have regular reporting and review processes in place in order to closely monitor the ongoing operational and financial performance of the Group. As part of the ongoing risk management process, principal and emerging risks are identified and reviewed on a regular basis. In addition, the Directors have assessed the risk of climate change and do not consider that it will impact the Group's ability to operate as a going concern for the period under consideration.

After making enquiries, and in the absence of material uncertainties, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for a period of at least 18 months from the date of signing this half-yearly report. Accordingly, they continue to adopt the going concern basis in preparing the condensed consolidated financial statements for the six months ended 30 June 2026.

Note 2. Segmental reporting

The Group is managed through three distinct segments, as detailed below. These have been identified on the basis of internal management reporting information that is regularly reviewed by the Group's Board of Directors (the Chief Operating Decision Maker) in order to allocate resources and assess performance.

Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly investments and related income, borrowings and related expenses, corporate assets and head office expenses, and income tax assets and liabilities.

The information presented below represents the operating segments of the Group.

	Unaudited six months ended 30 June 2026
	Thermal Products	Performance Carbon	Technical Ceramics	Segment totals	Corporate costs1	Group
Continuing operations	£m	£m	£m	£m	£m	£m
Revenue from external customers	176.1	158.3	183.7	518.1	-	518.1
Segment adjusted operating profit1	11.3	27.0	23.8	62.1	-	62.1
Corporate costs					(4.3)	(4.3)
Group adjusted operating profit1						57.8
Amortisation of intangible assets	(0.2)	-	(0.1)	(0.3)	-	(0.3)
Operating profit before specific adjusting items	11.1	27.0	23.7	61.8	(4.3)	57.5
Specific adjusting items2	(0.1)	(0.9)	(8.5)	(9.5)	(8.9)	(18.4)
Operating profit	11.0	26.1	15.2	52.3	(13.2)	39.1
Finance income						1.1
Finance expense						(12.7)
Profit before taxation						27.5
Segment assets	321.2	314.4	204.6	840.2	211.0	1,051.2
Segment liabilities	100.6	56.0	98.1	254.7	442.9	697.6
Segment capital expenditure	4.1	5.9	3.7	13.7	-	13.7
Segment depreciation: property, plant and equipment	5.6	6.1	4.9	16.6	-	16.6
Segment depreciation: right-of-use assets	1.7	0.9	1.5	4.1	-	4.1
1. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary' and 'Alternative Performance Measures' section on pages at the end of this announcement.
2. Details of specific adjusting items are given in note 3 to the condensed consolidated financial statements.

	Restated unaudited six months ended 30 June 20253
	Thermal Products	Performance Carbon	Technical Ceramics	Segment totals	Corporate costs1	Group
Continuing operations	£m	£m	£m	£m	£m	£m
Revenue from external customers	175.4	154.1	173.0	502.5	-	502.5
Adjusted operating profit1	13.5	25.2	20.2	58.9	-	58.9
Corporate costs					(4.1)	(4.1)
Group adjusted operating profit1						54.8
Amortisation of intangible assets	(0.2)	(0.1)	(0.2)	(0.5)	-	(0.5)
Operating profit before specific adjusting items	13.3	25.1	20.0	58.4	(4.1)	54.3
Specific adjusting items2	(2.6)	(2.7)	(1.1)	(6.4)	(6.3)	(12.7)
Operating profit	10.7	22.4	18.9	52.0	(10.4)	41.6
Finance income						1.7
Finance expense						(12.5)
Profit before taxation						30.8
Segment assets	353.6	322.5	216.3	892.4	128.0	1,020.4
Segment liabilities	94.5	54.9	90.4	239.8	428.4	668.2
Segment capital expenditure	10.1	22.0	8.8	40.9	-	40.9
Segment depreciation: property, plant and equipment	5.7	5.5	4.4	15.6	-	15.6
Segment depreciation: right-of-use assets	1.6	0.9	1.6	4.1	-	4.1
1. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary' and 'Alternative performance measures' section at the end of this announcement.
2. Details of specific adjusting items are given in note 3 to the condensed consolidated financial statements.
3. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.

	Audited year ended 31 December 2025
	Thermal Products	Performance Carbon	Technical Ceramics	Segment totals	Corporate costs1	Group
Continuing operations	£m	£m	£m	£m	£m	£m
Revenue from external customers	348.2	306.8	341.6	996.6	-	996.6
Adjusted operating profit1	23.5	41.2	39.4	104.1	-	104.1
Corporate costs					(10.3)	(10.3)
Group adjusted operating profit1						93.8
Amortisation of intangible assets	(0.3)	(0.2)	(0.5)	(1.0)	-	(1.0)
Operating profit before specific adjusting items	23.2	41.0	38.9	103.1	(10.3)	92.8
Specific adjusting items2	(5.9)	(20.4)	(1.0)	(27.3)	(20.3)	(47.6)
Operating profit	17.3	20.6	37.9	75.8	(30.6)	45.2
Finance income						2.9
Finance expense						(25.1)
Profit before taxation						23.0
Segment assets	304.9	300.9	201.8	807.6	177.2	984.8
Segment liabilities	96.5	50.1	88.5	235.1	400.8	635.9
Segment capital expenditure	15.9	31.3	17.1	64.3	-	64.3
Segment depreciation: property, plant and equipment	11.3	11.7	8.8	31.8	-	31.8
Segment depreciation: right-of-use assets	3.3	1.7	3.3	8.3	-	8.3
Segment impairment of non-financial assets	-	15.6	-	15.6	-	15.6
1. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary' and 'Alternative performance measures' section at the end of this announcement.
2. Details of specific adjusting items are given in note 3 to the condensed consolidated financial statements.

Revenue from external customers by geography

Continuing operations	Unaudited six months ended 30 June 2026 £m	Restated unaudited six months ended 30 June 20251 £m	Audited year ended 31 December 2025 £m
USA	215.2	216.5	421.4
China	42.7	42.2	84.8
Germany	43.9	35.9	67.2
UK	24.5	21.4	42.7
Other Asia, Australasia, Middle East and Africa	90.2	82.2	171.0
Other Europe	75.5	79.7	156.7
Other North America	16.8	15.8	33.5
South America	9.3	8.8	19.3
	518.1	502.5	996.6
1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.

Revenue from external customers is based on geographic location of the end-customer. No customer represents more than 5% of revenue.

Revenue from external customers by end-market

Continuing operations	Unaudited six months ended 30 June 2026 £m	Restated unaudited six months ended 30 June 20251 £m	Audited year ended 31 December 2025 £m
Industrial	198.8	200.6	394.5
Aerospace and Defence	111.2	106.7	213.5
Oil and Petrochemicals	49.0	50.5	100.3
Healthcare	35.8	37.7	72.2
Energy	45.1	34.4	70.9
Semiconductors2	35.1	35.7	69.8
Rail	18.7	19.4	41.0
Other2	24.4	17.5	34.4
	518.1	502.5	996.6
1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.
2. The category 'other' includes in H1 2026 a phasing benefit of £8.9 million from a semiconductor customer which will not repeat in H2.

Intercompany sales to other segments

Continuing operations	Unaudited six months ended 30 June 2026 £m	Unaudited  six months ended 30 June 2025 £m	Audited year ended 31 December 2025 £m
Thermal Products	0.6	0.7	1.7
Performance Carbon	0.3	0.2	0.5
Technical Ceramics	0.4	0.2	0.3
	1.3	1.1	2.5

Note 3. Specific adjusting items

	Unaudited six months ended 30 June 2026 £m			Restated unaudited  six months ended 30 June 20251 £m			Audited  year ended 31 December 2025 £m
	Continuing operations	Discontinued operations	Total	Continuing operations	Discontinued operations	Total	Continuing operations	Discontinued operations	Total
Net restructuring charge	(4.7)	-	(4.7)	(5.8)	(0.8)	(6.6)	(8.6)	(0.9)	(9.5)
Impairments relating to restructuring	(4.7)	-	(4.7)	(1.3)	-	(1.3)	(4.8)	-	(4.8)
Global ERP system	(11.5)	-	(11.5)	(5.6)	-	(5.6)	(13.3)	-	(13.3)
Credit in relation to the impact of Argentina's currency devaluation	-	-	-	-	-	-	1.9	-	1.9
Impairment of non-financial assets	-	-	-	-	-	-	(15.6)	-	(15.6)
Gain on disposal of MMS and associated costs	-	-	-	-	(2.8)	(2.8)	-	28.5	28.5
Movements in fair value of consideration shares held at FVTPL	2.5	-	2.5	-	-	-	(7.2)	-	(7.2)
Total specific adjusting items before income tax	(18.4)	-	(18.4)	(12.7)	(3.6)	(16.3)	(47.6)	27.6	(20.0)
Income tax credit from specific adjusting items	1.7	-	1.7	1.2	0.3	1.5	1.5	(7.7)	(6.2)
Total specific adjusting items after income tax	(16.7)	-	(16.7)	(11.5)	(3.3)	(14.8)	(46.1)	19.9	(26.2)
1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.

Net restructuring charge and restructuring-related impairments

A net restructuring charge of £4.7 million was recognised in relation to all restructuring programmes, which includes an £0.8 million gain from the disposal of land and buildings.

The Group has continued its previously announced simplification and restructuring programme to achieve cost reductions and efficiencies. As part of this programme, the business announced the closure of a Technical Ceramics production site in the US. A provision of £3.1 million for restructuring costs associated with the site closure has been recognised. Impairment of property, plant and equipment and right-of-use assets associated with the announced closure totalling £4.7 million has also been recognised as at 30 June 2026, in accordance with IAS 36 'Impairment of Assets'.

In addition to the ongoing programme, a strategic review of the Thermal Products division was announced in March 2026. Costs arising from the review are included within net restructuring charges.

Design, configuration, customisation and implementation of a Global ERP system

The Group is developing a Global ERP intended to replace over 30 legacy systems across the Group. The programme will create further opportunities to align business processes, strengthen information security and the control environment. The costs of £11.5 million associated with the design, configuration, customisation and implementation of the system are classified as specific adjusting items due to their nature and size.

Movement in fair value of consideration shares held at FVTPL

Consideration for the disposal of the Molten Metal Systems business ('MMS') in 2025 comprised cash and shares in Foseco India Ltd ('FIL'), a business publicly listed in India. The shares are held for trading and recognised at FVTPL and revalued at the balance sheet date. Changes in the value of the shares and associated foreign exchange movements are recognised in specific adjusting items due to their nature and size. Refer to Note 6 for further information.

Note 4. Finance income and expense

Continuing operations	Unaudited six months ended 30 June 2026 £m	Unaudited six months ended 30 June 2025 £m	Audited  year ended 31 December 2025 £m
Interest on bank balances and cash deposits	1.1	1.7	2.9
Finance income	1.1	1.7	2.9
Interest expense on borrowings and overdrafts	(10.2)	(10.7)	(20.7)
Interest expense on lease liabilities	(1.5)	(1.4)	(2.8)
Interest on supplier finance arrangements	(0.8)	(0.3)	(1.2)
Net interest on IAS 19 defined benefit pension obligations	(0.2)	(0.1)	(0.4)
Finance expense	(12.7)	(12.5)	(25.1)
Net financing costs	(11.6)	(10.8)	(22.2)

Note 5. Taxation

Continuing operations	Unaudited six months ended 30 June 2026 £m	Restated unaudited six months ended 30 June 20251 £m	Audited  year ended 31 December 2025 £m
Income tax charge on profit before specific adjusting items	(13.1)	(12.0)	(19.4)
Income tax credit from specific adjusting items	1.7	1.2	1.5
Total income tax expense	(11.4)	(10.8)	(17.9)
1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.

The Group's consolidated effective tax rate, excluding specific adjusting items, was 28.5% for the six months ended 30 June 2026 (30 June 2025: 27.6%; 31 December 2025: 27.5%) and is based on the Directors' best estimate of the effective tax rate for the year.

The Group operates in numerous jurisdictions and is subject to factors that may affect future tax charges, including the implementation of the OECD's Base Erosion and Profit Shifting (BEPS) initiatives, changes in tax legislation and tax rates, the expiry of statutory limitation periods, and the resolution of tax audits and disputes.

In line with the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting, the UK has enacted legislation implementing the Pillar Two global minimum tax rules, including the Domestic Top-up Tax and the Multinational Top-up Tax.

As at the interim reporting date, the Group has assessed its potential exposure to Pillar Two taxes. Based on this assessment, the transitional safe harbour provisions continue to apply in the majority of jurisdictions in which the Group operates. However, a limited number of jurisdictions are expected to be subject to the GloBE Pillar Two rules. Consequently, the Group has recognised an estimated current tax expense of £0.1 million in respect of Pillar Two taxes for the six months ended 30 June 2026.

Note 6. Discontinued operations

During 2025 the Group announced the disposal of MMS, an operating segment included in the Thermal Products reporting segment. The disposal group represented a major line of business and therefore met the criteria of IFRS 5 'Non-current Assets Held for Sale and Discontinued Operations'. The results of MMS for the period up to the completion of the transaction on 12 November 2025 are presented as discontinued operations. Consideration for the acquisition included issuance of 1.2 million shares in FIL, which represented a circa 15% shareholding. The valuation of the shares at 30 June 2026 is £48.8 million.

During the six months ended 30 June 2026, the Group received net cash inflows from discontinued operating activities of £nil (H1 2025: £3.1 million (outflow); FY 2025: £3.1 million).

The results from discontinued operations are set out below:

		Unaudited six months ended 30 June 2026 £m			Restated unaudited  six months ended 30 June 2025 £m			Audited  year ended 31 December 2025 £m
	Note	Results before specific adjusting items	Specific adjusting items	Total	Results before specific adjusting items	Specific adjusting items	Total	Results before specific adjusting items	Specific adjusting items	Total
Revenue		-	-	-	20.1	-	20.1	33.7	-	33.7
Operating costs		-	-	-	(16.9)	(3.6)	(20.5)	(28.4)	27.6	(0.8)
Profit/(loss) before taxation		-	-	-	3.2	(3.6)	(0.4)	5.3	27.6	32.9
Income tax expense		-	-	-	(0.8)	0.3	(0.5)	(1.5)	(7.7)	(9.2)
Profit/(loss) from discontinued operations		-	-	-	2.4	(3.3)	(0.9)	3.8	19.9	23.7
Basic earnings per share from discontinued operations	7			-			(0.3)p			8.5p
Diluted earnings per share from discontinued operations	7			-			(0.3)p			8.4p

Cash flows from discontinued operations are set out below:

	Unaudited six months ended 30 June 2026	Restated unaudited six months ended 30 June 2025	Audited year ended 31 December 2025
	£m	£m	£m
Net cash generated in operating activities	-	(1.2)	5.7
Net cash generated from investing activities	-	(1.6)	(2.5)
Net cash flow used in financing activities	-	(0.3)	(0.1)
	-	(3.1)	3.1

Note 7. Earnings per share

	Unaudited six months ended 30 June 2026				Restated unaudited six months ended 30 June 20252				Audited year ended 31 December 2025
	Earnings	Basic earnings per share	Diluted earnings  per share		Earnings	Basic earnings per share	Diluted earnings  per share		Earnings	Basic earnings per share	Diluted earnings  per share
	£m	pence	pence		£m	pence	pence		£m	pence	pence
Profit for the period attributable to shareholders of the Company	12.3	4.5p	4.4p		15.0	5.3p	5.3p		21.1	7.5p	7.5p
(Profit)/loss from discontinued operations	-	-	-		0.9	0.3p	0.3p		(23.7)	(8.5)p	(8.4)p
Profit/(loss) from continuing operations	12.3	4.5p	4.4p		15.9	5.6p	5.6p		(2.6)	(1.0)p	(0.9)p
Specific adjusting items3	18.4	6.7p	6.6p		12.7	4.5p	4.5p		47.6	17.0p	16.9p
Amortisation of intangible assets	0.3	0.1p	0.1p		0.5	0.2p	0.2p		1.0	0.4p	0.4p
Tax effect of the above	(1.7)	(0.6)p	(0.6)p		(1.2)	(0.4)p	(0.4)p		(1.5)	(0.5)p	(0.5)p
Adjusted profit for the period from continuing operations as used in adjusted earnings per share1	29.3	10.7p	10.5p		27.9	9.9p	9.9p		44.5	15.9p	15.9p
1. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary' and 'Alternative Performance Measures' section at the end of this announcement.
2. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.
3. Details of specific adjusting items are given in note 3 to the condensed consolidated financial statements.

	Unaudited six months ended 30 June 2026 millions	Unaudited six months ended 30 June 2025 millions	Audited  year ended 31 December 2025 millions
Number of shares
Weighted average number of Ordinary shares for the purposes of basic earnings per share1	276.1	280.8	279.6
Effect of dilutive potential Ordinary shares:
Share options	1.6	2.1	1.3
Weighted average number of Ordinary shares for the purposes of diluted earnings per share	277.7	282.9	280.9
1. The calculation of the weighted average number of Ordinary shares excludes the shares held by The Morgan Employee Benefit Trust on which dividends are waived.

Note 8. Property, plant and equipment

	Land and buildings £m	Plant, equipment and fixtures £m	Total £m
Cost
At 1 January 2026	206.9	785.1	992.0
Additions	0.5	12.5	13.0
Disposals	(0.8)	(3.6)	(4.4)
Transfer between categories	0.3	(0.3)	-
Effect of movement in foreign exchange	2.4	8.2	10.6
Unaudited at 30 June 2026	209.3	801.9	1,011.2
Depreciation and impairment losses
At 1 January 2026	111.0	555.0	666.0
Depreciation charge for the period	2.7	13.9	16.6
Impairment	0.2	1.8	2.0
Disposals	(0.5)	(3.5)	(4.0)
Effect of movement in foreign exchange	1.6	4.9	6.5
Unaudited at 30 June 2026	115.0	572.1	687.1
Carrying amounts
At 1 January 2026	95.9	230.1	326.0
Unaudited at 30 June 2026	94.3	229.8	324.1

As at 30 June 2026, commitments for property, plant and equipment and computer software expenditure for which no provision has been made in these accounts amount to £5.2 million (30 June 2025: £6.0 million).

Note 9. Intangible assets

	Goodwill £m	Customer relationships £m	Technology and trademarks £m	Capitalised development costs £m	Computer software £m	Total £m
Cost
At 1 January 2026	163.7	57.2	4.5	0.7	32.2	258.3
Additions	-	-	-	-	-	-
Disposals	-	-	-	-	(0.3)	(0.3)
Effect of movement in foreign exchange	1.6	0.8	-	0.1	0.3	2.8
Unaudited at 30 June 2026	165.3	58.0	4.5	0.8	32.2	260.8
Amortisation and impairment losses
At 1 January 2026	-	56.5	4.0	0.7	30.2	91.4
Charge for the period	-	0.1	0.1	-	0.1	0.3
Disposals	-	-	-	-	(0.3)	(0.3)
Effects of movement in foreign exchange	-	0.8	-	0.1	0.2	1.1
Unaudited at 30 June 2026	-	57.4	4.1	0.8	30.2	92.5
Carrying amounts
At 1 January 2026	163.7	0.7	0.5	-	2.0	166.9
Unaudited at 30 June 2026	165.3	0.6	0.4	-	2.0	168.3

Note 10. Cash and cash equivalents reconciled to net debt*

	Unaudited at 30 June 2026 £m	Unaudited at 30 June 2025 £m	Audited at 31 December 2025 £m
Bank balances	93.5	75.2	68.6
Cash deposits	10.8	9.4	10.7
Cash and cash equivalents	104.3	84.6	79.3

Reconciliation of net cash and cash equivalents* to net debt*

	Unaudited six months ended 30 June 2026 £m	Unaudited six months ended 30 June 2025 £m	Audited  year ended 31 December 2025 £m
Opening borrowings	(306.4)	(337.7)	(337.7)
Increase in borrowings	(60.3)	(38.9)	(38.8)
Repayment of borrowings	15.0	37.3	70.1
Effect of movement in foreign exchange	0.5	5.8	-
Closing borrowings	(351.2)	(333.5)	(306.4)
Net cash and cash equivalents1	98.1	84.4	74.2
Closing net debt1	(253.1)	(249.1)	(232.2)
Opening lease liabilities	(49.2)	(47.1)	(47.1)
Payments of lease liabilities	4.8	4.7	9.3
New leases and lease remeasurement	(3.5)	(7.5)	(13.9)
Disposal of business	-	-	0.7
Effect of movements in foreign exchange	(0.5)	2.5	1.8
Closing lease liabilities	(48.4)	(47.4)	(49.2)
Closing net debt1 and lease liabilities	(301.5)	(296.5)	(281.4)
1. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary' and 'Alternative Performance Measures' section at the end of this announcement.

The table below details changes in the Group's liabilities arising from financing activities, including both cash and non-cash changes.

	Borrowings £m	Net cash and cash equivalents1 £m	Movement in net debt1 £m	Lease liabilities £m	Net debt1 and lease liabilities £m
At 1 January 2026	(306.4)	74.2	(232.2)	(49.2)	(281.4)
Cash inflow	-	39.3	39.3	-	39.3
Borrowings and lease liability cash flow	(45.3)	-	(45.3)	4.8	(40.5)
Net interest paid	-	(12.2)	(12.2)	-	(12.2)
Net cash inflow/(outflow)	(45.3)	27.1	(18.2)	4.8	(13.4)
Share purchases	-	(1.9)	(1.9)	-	(1.9)
New leases and lease remeasurement	-	-	-	(3.5)	(3.5)
Exchange and other movements	0.5	(1.3)	(0.8)	(0.5)	(1.3)
Unaudited at 30 June 2026	(351.2)	98.1	(253.1)	(48.4)	(301.5)
1. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the 'Glossary' and 'Alternative Performance Measures' section at the end of this announcement.

Note 11. Financial risk management

Fair values

	Unaudited at 30 June 2026				Unaudited at 30 June 2025				Audited at 31 December 2025
	Carrying amount £m	Fair Value			Carrying amount £m	Fair Value			Carrying amount £m	Fair Value
		Level 1 £m	Level 2 £m	Total £m		Level 1 £m	Level 2 £m	Total £m		Level 1 £m	Level 2 £m	Total £m
Financial liabilities held at amortised cost
3.37% US Dollar Senior Notes 2026	(73.6)	-	(73.0)	(73.0)	(71.1)	-	(68.8)	(68.8)	(72.4)	-	(71.2)	(71.2)
1.55% Euro Senior Notes 2026	(21.6)	-	(21.4)	(21.4)	(21.5)	-	(21.0)	(21.0)	(21.9)	-	(21.5)	(21.5)
4.87% US Dollar Senior Notes 2026	-	-	-	-	(18.6)	-	(18.4)	(18.4)	-	-	-	-
1.74% Euro Senior Notes 2028	(8.6)	-	(8.2)	(8.2)	(8.6)	-	(8.1)	(8.1)	(8.7)	-	(8.2)	(8.2)
2.89% Euro Senior Notes 2030	(21.5)	-	(19.6)	(19.6)	(21.5)	-	(19.6)	(19.6)	(21.8)	-	(19.8)	(19.8)
5.47% US Dollar Senior Notes 2031	(7.6)	-	(7.3)	(7.3)	(7.3)	-	(7.1)	(7.1)	(7.5)	-	(7.3)	(7.3)
5.53% US Dollar Senior Notes 2033	(7.6)	-	(7.2)	(7.2)	(7.3)	-	(7.0)	(7.0)	(7.5)	-	(7.2)	(7.2)
5.61% US Dollar Senior Notes 2035	(22.7)	-	(21.3)	(21.3)	(21.9)	-	(20.7)	(20.7)	(22.4)	-	(21.3)	(21.3)
5.50% Cumulative First Preference shares	(0.1)	-	(0.1)	(0.1)	(0.1)	-	(0.1)	(0.1)	(0.1)	-	(0.1)	(0.1)
5.00% Cumulative Second Preference shares	(0.3)	-	(0.3)	(0.3)	(0.3)	-	(0.3)	(0.3)	(0.3)	-	(0.3)	(0.3)
	(163.6)	-	(158.4)	(158.4)	(178.2)	-	(171.1)	(171.1)	(162.6)	-	(156.9)	(156.9)
Financial assets held at FVTPL	48.8	48.8	-	48.8	-	-	-	-	47.2	47.2	-	47.2
Derivative financial assets held at fair value	2.2	-	2.2	2.2	3.3	-	3.3	3.3	2.0	-	2.0	2.0
	51.0	48.8	2.2	51.0	3.3	-	3.3	3.3	49.2	47.2	2.0	49.2
Derivative financial liabilities held at fair value	(1.4)	-	(1.4)	(1.4)	(1.5)	-	(1.5)	(1.5)	(0.5)	-	(0.5)	(0.5)

The table above analyses financial instruments carried at fair value, by valuation method, together with the carrying amounts shown in the balance sheet.

The fair value of cash and cash equivalents, current trade and other receivables/payables and floating-rate bank and other borrowings are excluded from the preceding table as their carrying amount approximates to their fair value.

Fair value hierarchy

The different levels have been defined as follows:

•	Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
•	Level 2: not traded in an active market but the fair values are based on quoted market prices or alternative pricing sources with reasonable levels of price transparency. Fair value is calculated using discounted cash flow methodology, future cash flows are estimated based on forward exchange rates.
•	Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

There were no transfers between Level 1 and Level 2 during the six months to 30 June 2026 or 2025 and there were no Level 3 financial instruments in either the six months to 30 June 2026 or 2025.

The major methods and assumption used in estimating the fair values of financial instruments reflected in the preceding table are as follows:

Equity securities

Fair value is based on quoted market prices at the balance sheet date.

Derivatives

Forward exchange contracts are marked to market either using listed market prices or by discounting the contractual forward price and deducting the current spot rate.

Fixed-rate borrowings

Fair value is calculated based on discounted expected future principal and interest cash flows. The interest rates used to determine the fair value of borrowings are 4.1-6.5% (30 June 2025: 3.5-6.3%; 31 December 2025: 3.7-6.0%).

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is exposed to credit risk on financial instruments such as liquid assets, derivative assets and trade receivables. The current economic climate gives rise to an increased credit risk, primarily with respect to trade receivables.

The Group establishes an allowance for impairment that represents its estimate of expected credit losses ('ECL') in respect of trade receivables. The loss allowance for trade receivables by ageing category is as follows:

	Unaudited at 30 June 2026				Unaudited at 30 June 2025				Audited at 31 December 2025
	ECL	Gross trade receivables	ECL	Net trade receivables	ECL	Gross trade receivables	ECL	Net trade receivables	ECL	Gross trade receivables	ECL	Net trade receivables
	%	£m	£m	£m	%	£m	£m	£m	%	£m	£m	£m
Not past due	0.0%	107.4	-	107.4	0.1%	137.3	(0.1)	137.2	0.1%	90.6	(0.1)	90.5
Past due 0-30 days	0.7%	15.0	(0.1)	14.9	0.0%	15.4	-	15.4	0.9%	11.7	(0.1)	11.6
Past due 31-60 days	0.0%	2.4	-	2.4	0.0%	2.5	-	2.5	5.0%	2.0	(0.1)	1.9
Past due 61-90 days	11.1%	0.9	(0.1)	0.8	8.3%	1.2	(0.1)	1.1	0.0%	0.8	-	0.8
Past due more than 90 days	90.9%	4.4	(4.0)	0.4	73.4%	6.4	(4.7)	1.7	77.8%	5.4	(4.2)	1.2
		130.1	(4.2)	125.9		162.8	(4.9)	157.9		110.5	(4.5)	106.0

Full details of the Group's policies and processes for managing financial risk are described in note 22 of the Group's 2025 Annual Report and Accounts.

Offsetting financial assets and liabilities

The following table shows the amounts recognised for forward exchange contracts, which are subject to offsetting arrangements on a gross basis, and the amounts offset in the balance sheet.

The Group also has cash pooling agreements which cannot be offset under IFRS, but which could be settled net under the terms of master netting agreements, are also presented in the table to show the total net exposure of the Group.

	Gross amounts of recognised financial assets/ (liabilities)	Amounts offset	Net amounts presented on the balance sheet	Financial instruments not offset in the balance sheet	Net amount
	£m	£m	£m	£m	£m
Unaudited at 30 June 2026
Derivative financial assets	2.2	-	2.2	-	2.2
Derivative financial liabilities	(1.4)	-	(1.4)	-	(1.4)
Cash and cash equivalents	104.3	-	104.3	(6.2)	98.1
Current bank and other borrowings	(6.2)	-	(6.2)	6.2	-
Unaudited at 30 June 2025
Derivative financial assets	3.3	-	3.3	-	3.3
Derivative financial liabilities	(1.5)	-	(1.5)	-	(1.5)
Cash and cash equivalents	84.6	-	84.6	(0.2)	84.4
Current bank and other borrowings	(0.2)	-	(0.2)	0.2	-
Audited at 31 December 2025
Derivative financial assets	2.0	-	2.0	-	2.0
Derivative financial liabilities	(0.5)	-	(0.5)	-	(0.5)
Cash and cash equivalents	79.3	-	79.3	(5.1)	74.2
Current bank and other borrowings	(5.1)	-	(5.1)	5.1	-

Note 12. Pensions and other post-retirement employee benefits

Defined benefit obligations

	Unaudited six months ended 30 June 2026
	UK £m	USA £m	Europe £m	Rest of the World £m	Total £m
Summary of net obligations
Present value of unfunded defined benefit obligations	-)	(4.3)	(23.6)	(4.9)	(32.8)
Present value of funded defined benefit obligations	(302.6)	(91.4)	(0.7)	(7.7)	(402.4)
Fair value of plan assets	317.3)	91.8)	-)	7.6)	416.7)
Net assets/(obligations)	14.7)	(3.9)	(24.3)	(5.0)	(18.5)
Represented by:
Surpluses	14.7)	-)	-)	0.5)	15.2)
Obligations	-)	(3.9)	(24.3)	(5.5)	(33.7)
Movements in present value of defined benefit obligation
At 1 January 2026	(315.6)	(97.7)	(24.6)	(12.8)	(450.7)
Current service cost	-)	-)	(0.4)	(0.8)	(1.2)
Interest cost	(8.3)	(2.4)	(0.5)	(0.1)	(11.3)
Actuarial gain/(loss):
Experience loss on plan obligations	(0.6)	(0.1)	-)	-)	(0.7)
Gain on changes in financial assumptions	10.4)	1.4)	-)	-)	11.8)
Benefits paid	11.5)	4.6)	0.9)	0.8)	17.8)
Exchange adjustments	-)	(1.5)	0.3)	0.3)	(0.9)
At 30 June 2026	(302.6)	(95.7)	(24.3)	(12.6)	(435.2)
Movements in fair value of plan assets
At 1 January 2026	327.1)	93.2)	-)	8.4)	428.7)
Interest on plan assets	8.6)	2.3)	-)	0.2)	11.1)
Remeasurement loss	(6.6)	(0.8)	-)	(0.1)	(7.5)
Administrative cost	(0.3)	-)	-)	-)	(0.3)
Contributions by employer	-)	0.2)	0.9)	0.2)	1.3)
Benefits paid	(11.5)	(4.6)	(0.9)	(0.8)	(17.8)
Exchange adjustments	-)	1.5)	-)	(0.3)	1.2)
At 30 June 2026	317.3)	91.8)	-)	7.6)	416.7)
Actual return on assets	2.0)	1.5)	-)	0.1)	3.6)
Fair value of plan assets by category
Equities	-)	5.1)	-)	-)	5.1)
Growth assets	31.4)	-)	-)	-)	31.4)
Bonds	45.6)	83.6)	-)	-)	129.2)
Liability-driven investments ('LDI')	152.8)	-)	-)	-)	152.8)
Matching insurance policies	83.7)	1.4)	-)	5.8)	90.9)
Other	3.8)	1.7)	-)	1.8)	7.3)
	317.3)	91.8)	-)	7.6)	416.7)

Principal actuarial assumptions at 30 June 2026:	%	%	%	%
Discount rate	5.88	5.39	4.20	5.22
Inflation (UK: RPI/CPI)	2.97/2.43	n/a	2.00	n/a

Unaudited six months ended 30 June 2025
	UK £m	USA £m	Europe £m	Rest of the World £m		Total £m
Summary of net assets/(obligations)
Present value of unfunded defined benefit obligations	-	(3.9)	(24.5)	(4.1)		(32.5)
Present value of funded defined benefit obligations	(312.1)	(92.0)	(1.3)	(8.6)		(414.0)
Fair value of plan assets	323.6	92.4	0.3	8.2		424.5
Net assets/(obligations)	11.5	(3.5)	(25.5)	(4.5)		(22.0)
Represented by
Surpluses	11.5	0.2	-	0.3		12.0
Obligations	-	(3.7)	(25.5)	(4.8)		(34.0)
Principal actuarial assumptions at 30 June 2025:	%	%	%		%
Discount rate	5.51	5.26	3.90		4.66
Inflation (UK: RPI/CPI)	2.89/2.31	n/a	2.00		n/a

Audited year ended 31 December 2025
	UK £m	USA £m	Europe £m	Rest of the World £m	Total £m
Summary of net assets/(obligations)
Present value of unfunded defined benefit obligations	-	(3.5)	(23.9)	(4.5)	(31.9)
Present value of funded defined benefit obligations	(315.6)	(94.2)	(0.7)	(8.3)	(418.8)
Fair value of plan assets	327.1	93.2	-	8.4	428.7
Net assets/(obligations)	11.5	(4.5)	(24.6)	(4.4)	(22.0)
Represented by
Surpluses	11.5	-	-	0.9	12.4
Obligations	-	(4.5)	(24.6)	(5.3)	(34.4)
Principal actuarial assumptions at 31 December 2025:	%	%	%	%
Discount rate	5.47	5.17	4.20	5.22
Inflation (UK: RPI/CPI)	2.79/2.22	n/a	2.00	n/a

Note 13. Provisions and contingent liabilities

	Closure and restructuring provisions £m	Legal and other provisions £m	Environmental provisions £m	Total £m
Balance at 1 January 2026	6.0	5.5	6.5	18.0
Provisions made during the year	2.8	0.5	-	3.3
Provisions used during the year	(0.6)	(0.1)	(0.5)	(1.2)
Effect of movements in foreign exchange	0.2	-	-	0.2
Unaudited at 30 June 2026	8.4	5.9	6.0	20.3
Current	4.1	1.6	2.0	7.7
Non-current	4.3	4.3	4.0	12.6
Unaudited at 30 June 2026	8.4	5.9	6.0	20.3

Closure and restructuring provisions

Closure and restructuring provisions relate to the Group's restructuring programmes and represent committed expenditure at the balance sheet date. The amounts provided are based on the costs of terminating relevant contracts, under the contract terms, and management's best estimate of other associated restructuring costs including professional fees. Of the total, £4.1 million of the provisions are expected to be utilised in the next one to two years.

We have a provision for a multi-employer pension obligation for a site which was closed during 2021. The cash outflows relating to the pension obligation may continue for up to 15 years, subject to any settlement being reached in advance of that date.

Legal and other provisions

Legal and other provisions mainly comprise amounts provided against open legal and contractual disputes arising in the normal course of business and long-service costs. Provisions are made for the expected costs associated with such matters, based on past experience of similar items and other known factors, taking into account professional advice received, and represent management's best estimate of the most likely outcome. The timing of utilisation of these provisions is frequently uncertain, reflecting the complexity of issues and the outcome of various court proceedings and associated negotiations.

Where obligations are not capable of being reliably estimated, or if a material outflow of economic resources is considered not probable, it is classified as a contingent liability. The Group is of the opinion that any associated claims that might be brought can be defeated successfully and, therefore, the possibility of any material outflow in settlement is assessed as remote.

Environmental provisions

Environmental provisions are made for quantifiable environmental liabilities arising from known environmental issues. The amounts provided are based on the best estimate of the costs required to remedy these issues. The provisions are expected to be utilised in the next five to ten years.

Environmental contingent liabilities

Due to the international footprint of the Group and the nature of its manufacturing operations it is subject to a wide range of local health and safety, environmental and employment laws and regulations. At any point in time the Group has a number of ongoing environmental or employment cases for which there is uncertainty due to the wide range of possible outcomes and associated costs. Possible outcomes include the case being settled, withdrawn or dismissed.

Tax contingent liabilities

The Group is subject to periodic tax audits by various fiscal authorities covering corporate, employee and sales taxes in the various jurisdictions in which it operates. We have provided for estimates of the Group's likely exposures where these can be reliably estimated.

Note 14. Related parties

Identification of related parties

The Company has related party relationships with its subsidiaries and with its Directors and executive officers.

Transactions with key management personnel

Details of transactions with key management personnel are described in note 27 of the Group's 2025 Annual Report and Accounts.

Transactions with related parties

There were no related party transactions during the period that have materially affected the financial position or the performance of the Group during the period. There have been no changes in the nature of related party transactions as described in note 27 to the Group's 2025 Annual Report and Accounts which could have a material effect on the financial position or performance of the Group during the period.

Note 15. Subsequent events

There were no reportable events subsequent to the balance sheet date.

Glossary

Constant-currency1 Constant-currency revenue and Group adjusted operating profit are derived by translating the prior year results at current year average exchange rates. Corporate costs Corporate costs consist of the costs of the central head office. Free cash flow before acquisitions, disposals and dividends1 Cash generated from continuing operations less net capital expenditure, net interest paid, tax paid and lease payments. Earnings before interest, tax, depreciation and amortisation ('EBITDA') 1 EBITDA is defined as operating profit before specific adjusting items, amortisation of intangible assets and depreciation. Earnings before interest, tax and amortisation ('EBITA') 1 EBITA is defined as operating profit before specific adjusting items and amortisation of intangible assets. Group adjusted operating profit1 Operating profit adjusted to exclude specific adjusting items and amortisation of intangible assets. Group organic1 The Group results excluding acquisition, disposal and business exit impacts at constant-currency. Adjusted earnings per share ('EPS') 1 Adjusted earnings per share is defined as operating profit adjusted to exclude specific adjusting items and amortisation of intangible assets, less net financing costs, income tax expense and non-controlling interests, divided by the weighted average number of Ordinary shares during the period. Net debt1 Borrowings and bank overdrafts less cash and cash equivalents. Net cash and cash equivalents1 Net cash and cash equivalents is defined as cash and cash equivalents less bank overdrafts. Return on invested capital ('ROIC') 1 Group adjusted operating profit (operating profit excluding specific adjusting items and amortisation of intangible assets) divided by the average adjusted net assets (excludes long-term employee benefits, deferred tax assets and liabilities, current tax payable, provisions, cash and cash equivalents, borrowings, bank overdrafts and lease liabilities). Specific adjusting items See note 3 to the condensed consolidated financial statements for further details. Underlying Reference to underlying reflects the trading results of the Group without the impact of specific adjusting items and amortisation of intangible assets that would otherwise impact the users' understanding of the Group's performance. The Directors believe that adjusted results provide additional useful information on the core operational performance of the Group and review the results of the Group on an adjusted basis internally.
1. Reconciliations of non-GAAP measures to GAAP measures can be found at the end of this announcement.

Alternative performance measures

The Group monitors business performance through alternative performance measures ('APMs') which are not defined under IFRS and are therefore non-GAAP measures. The APMs provide useful information to stakeholders, including additional insight into ongoing trading and year-on-year comparisons. These APMs are not a substitute for IFRS measures but are complementary to them. The Group defines each APM and therefore they may not be directly comparable with similarly named metrics in other businesses. The definition, purpose and reconciliation to statutory figures where applicable are included below.

Constant-currency

Constant-currency figures are derived by translating the prior year results at current year average exchange rates. These measures are used as they allow key metrics such as revenue to be compared year on year excluding the impact of foreign exchange rates.

Organic growth

The growth of the business excluding the impacts of acquisitions, divestments and foreign currency impacts. This measure is used as it allows revenue and adjusted operating profit to be compared on a like-for-like basis.

	Thermal Products	Performance Carbon	Technical Ceramics	Segment total
	£m	£m	£m	£m
Restated H1 2025 revenue1	175.4	154.1	173.0	502.5
Impact of foreign currency movements	(3.6)	(1.9)	(2.6)	(8.1)
Impacts of acquisitions, disposals and business exits	-	-	-	-
Organic constant-currency change	4.3	6.1	13.3	23.7
Organic constant-currency change %	2.5%	4.0%	7.8%	4.8%
H1 2026 revenue	176.1	158.3	183.7	518.1
1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.

	Thermal Products	Performance Carbon	Technical Ceramics	Segment total	Corporate costs	Group
	£m	£m	£m	£m	£m	£m
Restated H1 2025 adjusted operating profit1	13.5	25.2	20.2	58.9	(4.1)	54.8
Impact of foreign currency movements	(0.6)	(0.4)	0.1	(0.9)	-	(0.9)
Impacts of acquisitions, disposals and business exits	-	-	-	-	-	-
Organic constant-currency change	(1.6)	2.2	3.5	4.1	(0.2)	3.9
Organic constant-currency change %	(12.4)%	8.9%	17.2%	7.1%	n/m2	7.2%
H1 2026 adjusted operating profit	11.3	27.0	23.8	62.1	(4.3)	57.8
1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.
2. Movements where the % movement is not meaningful are represented by n/m.

Corporate costs

Corporate costs consist of the costs of the central head office.

Specific adjusting items

Specific adjusting items are items which occur infrequently and are presented separately in the condensed consolidated income statement due to their nature and size. They typically include but are not limited to:

•	Individual restructuring projects which are material or relate to the closure of a part of the business and are not expected to recur;
•	Impairment of non-financial assets which are material;
•	Gains or losses on disposal or exit of businesses;
•	Significant costs incurred as part of the integration of an acquired business;
•	Gains or losses arising on significant changes to or closures of defined benefit pension plan; and
•	Design, configuration, customisation and implementation of a Global ERP system.

The Directors consider disclosure of specific adjusting items necessary for the users of the financial statements to obtain an alternative understanding of the financial information and underlying performance of the business.

Note 3 provides details of the specific adjusting items in the current and prior year.

Group earnings before interest, tax, depreciation and amortisation (EBITDA)

Group EBITDA is defined as operating profit before specific adjusting items, amortisation of intangible assets and depreciation. The Group uses this measure as it is a key metric in covenants over debt facilities; these covenants use EBITDA excluding the impact of IFRS 16 'Leases'.

The following table reconciles operating profit to Group EBITDA:

	H1 2026 £m	Restated H1 20251 £m
Operating profit	39.1	41.6
Add back: specific adjusting items included in operating profit	18.4	12.7
Add back: depreciation - property, plant and equipment	16.6	15.6
Add back: depreciation - right-of-use assets	4.1	4.2
Add back: amortisation of intangible assets	0.3	0.5
Group EBITDA	78.5	74.6
1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.

Group EBITDA excluding IFRS 16 'Leases' impact

Group EBITDA excluding IFRS 16 'Leases' impact is defined as Group EBITDA less interest expense on lease liabilities and capital payments on lease liabilities.

The Group uses this measure as it is a key metric in covenants over debt facilities; these covenants use EBITDA on an IAS 17 basis (pre-IFRS 16 basis) and this metric is used as a proxy for the charge that would have been attributable to operating leases recognised in EBITDA under the now defunct IAS 17.

The following table reconciles Group EBITDA to Group EBITDA excluding IFRS 16 'Leases' impact:

	H1 2026 £m	Restated H1 20251 £m
Group EBITDA	78.5	74.6
Interest expense on lease liabilities	(1.5)	(1.4)
Capital payments on lease liabilities	(4.8)	(4.7)
Group EBITDA excluding IFRS 16 'Leases' impact	72.2	68.5
1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.

Adjusted operating profit

Adjusted operating profit is defined as operating profit excluding specific adjusting items and amortisation of intangible assets. Specific adjusting items are excluded on the basis that they distort trading performance. The exclusion of amortisation of intangible assets is to allow for consistent comparability internally and externally between our businesses.

The following table reconciles operating profit to adjusted operating profit:

	Thermal Products	Performance Carbon	Technical Ceramics	Segment total	Corporate costs	Group
H1 2026	£m	£m	£m	£m	£m	£m
Operating profit	11.0	26.1	15.2	52.3	(13.2)	39.1
Add back: specific adjusting items included in operating profit	0.1	0.9	8.5	9.5	8.9	18.4
Add back: amortisation of intangible assets	0.2	-	0.1	0.3	-	0.3
Adjusted operating profit	11.3	27.0	23.8	62.1	(4.3)	57.8
Adjusted operating profit margin	6.4%	17.1%	13.0%			11.2%

	Thermal Products	Performance Carbon	Technical Ceramics	Segment total	Corporate costs	Group
Restated H1 20251	£m	£m	£m	£m	£m	£m
Operating profit	10.7	22.4	18.9	52.0	(10.4)	41.6
Add back: specific adjusting items included in operating profit	2.6	2.7	1.1	6.4	6.3	12.7
Add back: amortisation of intangible assets	0.2	0.1	0.2	0.5	-	0.5
Adjusted operating profit	13.5	25.2	20.2	58.9	(4.1)	54.8
Adjusted operating profit margin	7.7%	16.4%	11.7%			10.9%
1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.

Adjusted earnings per share (EPS)

Adjusted earnings per share is defined as profit for the year attributable to shareholders of the Company adjusted to exclude profit from discontinued operations, specific adjusting items and amortisation of intangible assets and the tax effects of the excluded items, divided by the weighted average number of Ordinary shares during the year.

Whilst amortisation of intangible assets is a recurring charge, it is excluded from these measures on the basis that it primarily arises on externally acquired intangible assets and therefore does not reflect consistently the benefit that all of the Group's businesses realise from their intangible assets, which may not be recognised separately.

This measure of earnings is shown because the Directors consider that it provides a helpful indication of the Group's financial performance excluding material non-recurring expenses or gains and non-financial asset impairments and impairment reversals and therefore facilitates the evaluation of the Group's performance over time. A reconciliation from IFRS profit to the profit used to calculate adjusted earnings per share is included in note 7 to the condensed consolidated financial statements.

Free cash flow before acquisitions, disposals and dividends

Free cash flow before acquisitions, disposals and dividends is defined as cash generated from continuing operations less net capital expenditure, net interest (interest paid on borrowings, overdrafts and lease liabilities, net of interest received), tax paid and lease payments.

The Group discloses free cash flow as this provides readers of the condensed consolidated financial statements with a measure of the cash flows from the business before corporate-level cash flows (acquisitions, disposals and dividends).

The following table reconciles cash generated from continuing operations to free cash flow before acquisitions, disposals and dividends:

	H1 2026 £m	Restated H1 20251 £m
Cash generated from continuing operations	43.3	70.3
Net capital expenditure	(12.5)	(38.9)
Net interest on cash and borrowings	(9.5)	(9.0)
Tax paid	(11.5)	(12.0)
Lease payments and interest	(6.3)	(5.8)
Free cash flow before acquisitions, disposals and dividends	3.5	4.6
1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.

Net debt

Net debt is defined as borrowings, and bank overdrafts less cash and cash equivalents.

The Group discloses net debt because this is the measure used in the covenants over the Group's debt facilities. It helps readers of the condensed consolidated financial statements assess its ability to meet its financial obligations, manage debt and its capacity to invest in growth opportunities.

	H1 2026 £m	H1 2025 £m
Cash and cash equivalents	104.3	84.6
Non-current borrowings	(256.7)	(333.5)
Current borrowings and bank overdrafts	(100.7)	(0.2)
Closing net debt	(253.1)	(249.1)

Net cash and cash equivalents

Net cash and cash equivalents is defined as cash and cash equivalents less bank overdrafts. The Group also discloses this measure as it provides an indication of the net short-term liquidity available to the Group.

	H1 2026 £m	H1 2025 £m
Cash and cash equivalents	104.3	84.6
Bank overdrafts	(6.2)	(0.2)
Net cash and cash equivalents	98.1	84.4

Return on invested capital (ROIC)

ROIC is defined as 12-month adjusted operating profit divided by the average capital employed. The Group discloses ROIC to assess its efficiency in generating profits from the capital it has invested in its operations. Third-party working capital includes inventories, current trade and other receivables, and current trade and other payables.

	H1 2026 £m	Restated H1 20251 £m
Operating profit	42.7	76.1
Add back: specific adjusting items	53.3	32.0
Add back: amortisation of intangible assets	0.8	1.0
Group adjusted operating profit	96.8	109.1
Third-party working capital	116.0	141.1
Property, plant and equipment	324.1	342.7
Right-of-use assets	33.1	34.3
Goodwill	165.3	170.6
Other intangible assets	3.0	3.2
Capital employed	641.5	691.9
Average capital employed	666.7	710.4
ROIC	14.5%	15.4%
1. The disposal of the majority of the Molten Metal Systems ('MMS') business completed on 12 November 2025. Statutory financial results have been restated for the period ended 30 June 2025 to present the results of MMS within discontinued operations.

 

END