Q3 Trading Update

Press Release

Morgan Advanced Materials plc

5 November 2026

Q3 Trading Update

Increasing revenue momentum, FY26 profit around upper end of expectations

Morgan Advanced Materials plc, the global leader in advanced ceramics and carbon systems for technologically demanding applications, announces a trading update for the first nine months of the year to 30 September 2026.

Current Trading

Group sales for the first nine months of the year to 30 September 2026 were 4.9% higher than the same period last year, on an organic constant currency basis, and excluding the £8.9m phasing benefit from a Semiconductor take-or-pay contract. Strong growth has continued in strategic areas including Aerospace and Energy whilst industrial end-markets have proved resilient.

2026 Outlook

As a consequence of our strategic progress, operational improvements and continued momentum, we now expect adjusted operating profit for 2026 to be around the upper end of the range of analysts’ expectations.

Strategic Review

As previously announced, the Group is undertaking a strategic review of its Thermal Products division, with a full range of options remaining under consideration, including a potential disposal. Interest in Thermal Products has been shown by a number of potential buyers. Whilst no decision has been made regarding a disposal, following a period of preparation, the Group is now starting to engage formally with potential buyers. Further updates will be provided in due course, as appropriate.

2026 results

The full year results announcement is currently scheduled for 11 March 2027.

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Important notice

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.

Analyst Expectations

Company compiled analyst expectations for FY2026 are for adjusted operating profit in the range £100.0m to £105.0m