Elementis PLC

Latest Results (29.05.2026):

Elementis PLC — results for the year ended 31 December 2025 (full‑year 2025). The Group delivered a resilient set of results: revenue was broadly stable at $597.5m (-1.0% reported, -1.9% constant currency), adjusted operating profit rose to $126.7m (adjusted margin 21.2%, +150bps) and adjusted diluted EPS was 13.7 cents. Statutory loss of $45.5m reflects a $110.5m loss on the sale of the Talc business. Management completed a $53.8m share buyback, proposed a final dividend of 3.0c (full‑year 4.3c, +7.5%), and reported net debt of $185.4m (net debt/EBITDA 1.3x).

Key financials

Revenue $597.5m (2024: $603.8m); adjusted operating profit $126.7m (2024: $119.2m); adjusted operating margin 21.2% (2024: 19.7%). Statutory loss $45.5m includes $110.5m loss on Talc disposal. Adjusted diluted EPS 13.7c (2024: 12.0c). Net debt $185.4m; net debt/EBITDA 1.3x.

Personal Care

Revenue $224.5m (+2.4% constant currency). Adjusted operating profit $72.8m; margin 32.4% (up strongly). Personal Care now ~37.6% of Group revenue and ~50.8% of adjusted operating profit. Hectorite and innovation driving growth; Innovation revenue 16.4% (up 200bps).

Coatings

Revenue $373.0m (-4.3% constant currency) due to soft demand; adjusted operating profit $70.4m and margin resilient at 18.9%. Energy sub‑business performed strongly despite low oil price.

Dividends, buyback and capital allocation

Final proposed dividend 3.0c (full‑year 4.3c, +7.5%). Share buyback completed: $53.8m (~£40.0m). Management signals intention to return net proceeds from the planned pharma sale to shareholders.

M&A and disposals

Acquired Alchemy for $22m (Nov 2025) to bolster natural skincare/cosmetics capabilities. Agreed sale of pharmaceutical manufacturing business to ABF for ~€34m (c.$40m); completion expected Q2 2026 (business contributed ~ $35m revenue in 2025).

Cash flow and balance sheet

Adjusted operating cash flow $104.7m; free cash flow $41.0m (2024: $51.0m). Net debt increased to $185.4m (from $157.2m) reflecting acquisitions and shareholder returns. Adjusted net leverage 1.3x EBITDA (pre‑IFRS16).

Costs, transformation and targets

$18m of cost savings delivered in 2025; on track for remaining $4m of the $10m announced earlier. Elevate Elementis strategy launched with medium‑term targets: mid‑single digit revenue growth, adjusted operating margin 23%+, 3‑year cash conversion >90%, ROCE (ex‑goodwill) >30%.

Operational metrics and safety

OTIF improved from 76% to 83% in 2025. Debottlenecking at St. Louis raised capacity utilization ~20% since H1 2025. Safety: zero lost time accidents in 2025, though four recordable (non‑serious) injuries recorded.

Outlook

Management notes soft demand in coatings and geopolitical uncertainty but expects continued progress in 2026, driven by the Elevate Elementis strategy, ongoing innovation, operational improvements and selective M&A.