Elementis PLC

Latest Results (20.01.2026):

Elementis PLC — results for the six months ended 30 June 2025 (first half of 2025, covering Q2 2025): the Group reported a resilient operating performance from continuing operations with revenue of $308m (down ~1% constant currency), adjusted operating profit of $65.3m (up ~7% constant currency) and an adjusted operating margin around 21%. Net debt fell to $125m after the sale of the Talc business, a $50m share buyback was launched, and a new "Elevate Elementis" strategy with upgraded growth and return targets was announced.

Headline financials

Revenue $307.9m (H1 2025), adjusted operating profit $65.3m (up 7% cc), statutory operating profit $57.0m (up 5%), adjusted operating margin ~21% (vs ~20% prior year). Adjusted diluted EPS 6.8 cents (up ~19%). Interim dividend 1.3 cents (up from 1.1c).

Balance sheet & cash returns

Net debt reduced to $125.4m (down ~36% since 31 Dec 2024) with net debt/EBITDA ~0.9x. Sale of Talc generated ~$52.5m cash proceeds and triggered a $50m share buyback programme (commenced 28 May 2025). Refinancing completed: new $110m term loan (maturity 2029) and RCF extended to May 2029; $110m of USD debt swapped to fixed rates.

Segment — Personal Care

Personal Care revenue $116.4m (up ~2% cc) with record adjusted operating margin ~34% and adjusted operating profit $39.5m (up ~18% cc). Growth driven by Cosmetics and AP Actives, new product launches (BENTONE ULTIMATE series, Deoluxe SC) and cost savings including Middletown closure.

Segment — Coatings

Coatings revenue $191.5m (down ~3–4% cc) reflecting softer global demand; adjusted operating profit $34.9m and margin ~18% (resilient despite weaker volumes). New product launches include RHEOLATE HX 6030, THIXATROL 5050W and BENAQUA 1101; St. Louis operational issues are being addressed.

Discontinued operations — Talc

Talc business sold to IMI Fabi (completed 27 May 2025) for enterprise value disclosed (net cash proceeds reported ~$52.5m). The period includes a discontinued loss of ~$100.2m; divestment refocuses Elementis to specialty additives.

Strategy & targets (Elevate Elementis)

New strategy launched with three priorities: accelerate sustainable growth, be first choice for customers, and simplify/lean the business. Medium-term ambitions: mid-single-digit revenue growth; adjusted operating margin 23%+; 3‑year operating cash conversion >90%; ROCE (ex‑goodwill) >30%. Additional $10m savings targeted by 2026 (net of higher R&D).

Cash flow & working capital

Adjusted EBITDA $76.6m, adjusted operating cash flow $42.0m, free cash flow $16.0m. Working capital outflow increased to $29.3m (higher debtors and inventories), reducing operating cash conversion in H1 versus prior year.

Outlook, sustainability & governance

Company expects full‑year adjusted operating profit to be in line with market consensus (~$126m mean). SBTi validation received for GHG targets; sustainability actions underway (solar at Anji, low‑carbon electricity contracts, water recycling). Safety: three recordable incidents in H1 (no time lost), with increased audits and inspections.