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olivLaw · European equity research

Morgan Advanced Materials plc MGAM.L

United Kingdom · London Stock Exchange · ISIN GB0006027295 · Vertical: Listed companies from United Kingdom

2.66GBP+2.70% · 1 dayClose 05 Nov 2026

Morgan Advanced Materials is a UK-based producer of advanced carbon materials, technical ceramics and performance products used in industries with high safety and efficiency requirements. The company is steering its strategy toward cleaner operations and toward customer demand for sustainable solutions, while cutting emissions through renewable energy and efficiency investments, with Scope 1 emissions of tonnes CO2e in 2025.

At the close of 05 Nov 2026, Morgan Advanced Materials plc (MGAM.L) stock was 2.66 GBP (+2.70% on the day), with market capitalisation 748.3 m GBP, P/E 35.5 on diluted EPS of 0.08 GBP over the last 12 months, dividend yield 2.03%, beta 0.99, 52-week range 1.87–2.90 GBP.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
748.3 m GBP
shares as of 31 Dec 2025
P/E (TTM)
35.5
Diluted EPS TTM 0.08 · TTM to 31 Dec 2025
E/P (TTM)
2.82%
TTM to 31 Dec 2025
Dividend yield
2.03%
DPS 12m 0.05
Beta (2y)
0.99
Volatility (1y) 33%
52-week range
1.872.90

Price history

Loading chart…

Technical reading

RSI (14)
52.0
neutral
Bollinger (20, 2)
2.41 – 2.95
in the lower half of the band · %B 0.46 · band width 20.2%
SMA 50 / 200
2.59 / 2.32
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
-0.00 / 0.01
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−3.8%−0.6%−3.1 pp—
3 months+8.6%−4.2%+12.7 pp—
6 months+17.4%+4.3%+13.1 pp—
Year to date+22.0%+7.5%+14.5 pp—
1 year+30.4%+9.9%+20.5 pp+5.8%
3 years+14.4%+49.8%−35.4 pp+26.3%
5 years−27.1%+42.8%−69.9 pp—
Max drawdown (1y)
−23.0%
25 Feb 2026 → 20 Mar 2026
Max drawdown (5y)
−53.3%
22 Nov 2021 → 07 Apr 2025
Compound annual growth (5y)
−6.1%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 100 percentile of its own 3-quarter history (min 15.5, median 17.2, max 29.1; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue1.1 bn1.1 bn996.6 m
Revenue YoYunavailable−4.9%−6.0%
Net income47.3 m50.3 m21.1 m
Net income YoYunavailable+6.3%−58.1%
Diluted EPS0.170.180.08
Diluted EPS YoYunavailable+6.1%−57.1%
net %4.2%4.7%2.1%
Free cash flow18.1 m17.2 munavailable

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
79.3 m GBP
Financial debt
311.5 m GBP
Net debt
232.2 m GBP
Equity
348.9 m GBP
Total assets
984.8 m GBP
Debt / equity
0.89x
Current ratio
1.23x
ROE
5.7%
ROA
2.0%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (GBP)

Margins

Income statement · GBP

Revenue
2023
1.1 bn
2024
1.1 bn
2025
996.6 m

esef· 07 Apr 2026verified

Operating income
2023
91.9 m
2024
99.2 m
2025
45.2 m

esef· 07 Apr 2026verified

Interest expense
2023
18.0 m
2024
21.6 m
2025
25.1 m

esef· 07 Apr 2026verified

Pre-tax income
2023
77.8 m
2024
80.2 m
2025
23.0 m

esef· 07 Apr 2026verified

Income tax
2023
22.2 m
2024
24.7 m
2025
17.9 m

esef· 07 Apr 2026verified

Net income
2023
47.3 m
2024
50.3 m
2025
21.1 m

esef· 07 Apr 2026verified

Diluted EPS
2023
0.17
2024
0.18
2025
0.08

esef· 07 Apr 2026verified

Dividend per share
2023
0.05
2024
0.05
2025
—

esef· 15 Apr 2025verified

Balance sheet · GBP

Cash
2023
124.5 m
2024
120.8 m
2025
79.3 m

esef· 07 Apr 2026verified

Receivables
2023
191.6 m
2024
189.6 m
2025
139.1 m

esef· 07 Apr 2026verified

Inventories
2023
175.1 m
2024
165.9 m
2025
146.5 m

esef· 07 Apr 2026verified

Current assets
2023
493.9 m
2024
479.8 m
2025
416.3 m

esef· 07 Apr 2026verified

Property, plant & equipment, net
2023
293.8 m
2024
344.9 m
2025
326.0 m

esef· 07 Apr 2026verified

Goodwill
2023
177.5 m
2024
176.9 m
2025
163.7 m

esef· 07 Apr 2026verified

Intangibles (excl. goodwill)
2023
4.7 m
2024
3.0 m
2025
3.2 m

esef· 07 Apr 2026verified

Total assets
2023
1.0 bn
2024
1.1 bn
2025
984.8 m

esef· 07 Apr 2026verified

Accounts payable
2023
192.0 m
2024
204.1 m
2025
194.6 m

esef· 07 Apr 2026verified

Short-term debt
2023
600.0 k
2024
9.3 m
2025
99.4 m

esef· 07 Apr 2026verified

Long-term debt
2023
309.1 m
2024
337.7 m
2025
212.1 m

esef· 07 Apr 2026verified

Current liabilities
2023
239.5 m
2024
263.1 m
2025
337.7 m

esef· 07 Apr 2026verified

Total liabilities
2023
639.6 m
2024
687.8 m
2025
635.9 m

esef· 07 Apr 2026verified

Equity
2023
398.6 m
2024
389.3 m
2025
348.9 m

esef· 07 Apr 2026verified

Shares outstanding at year end
2023
284.9 m
2024
284.2 m
2025
281.3 m

esef· 07 Apr 2026derived

Cash flow · GBP

Operating cash flow
2023
78.5 m
2024
113.3 m
2025
117.8 m

esef· 07 Apr 2026verified

Capex
2023
60.4 m
2024
96.1 m
2025
—

esef· 15 Apr 2025verified

Free cash flow
2023
18.1 m ≈
2024
17.2 m ≈
2025
—

esef· 15 Apr 2025derived

Investing cash flow
2023
-60.2 m
2024
-86.0 m
2025
-52.2 m

esef· 07 Apr 2026verified

Financing cash flow
2023
-2.0 m
2024
-33.0 m
2025
-99.5 m

esef· 07 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-6.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-54.4%
computed by olivLawFY 2025
Net income growth (YoY)
-58.1%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-57.1%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
4.5%
computed by olivLawFY 2025
Net margin
2.1%
computed by olivLawFY 2025
FCF margin
2.2%
computed by olivLawFY 2025

Returns

ROE
6.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
2.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
6.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
7.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
72.0%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
232.2 m GBP
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
1.8x
computed by olivLawFY 2025

Liquidity

Current ratio
1.2x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.8x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.2x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
117.8 m GBP
computed by olivLawFY 2025
Capital expenditure
96.1 m GBP
computed by olivLawFY 2024
Free cash flow
21.7 m GBP
computed by olivLawFY 2025
FCF conversion
102.8%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
60 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
748.3 m GBP
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
980.5 m GBP
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
35.5x
computed by olivLawFY 2025
P/E (TTM)
35.5x
computed by olivLawFY 2025
Earnings yield
2.8%
computed by olivLawFY 2025
P/B
2.4x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.8x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
21.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
1.0x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
34.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
2.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
2.0%
computed by olivLawFY 2025
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 52.1% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

2.66 GBP

05 Nov 2026Source: olivLaw, closing series

Market cap: 748.3 m GBP

Key indicators

Market capitalisation
748.3 m GBP
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
35.5x
computed by olivLawFY 2025
P/B
2.4x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
6.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
2.1%
computed by olivLawFY 2025
Revenue growth (YoY)
-6.0%
computed by olivLawFY 2025
Dividend yield
2.0%
computed by olivLawFY 2025

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 07 Apr 2026
verified 86derived 3

Score by group

52% · Insufficient data

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Insufficient data

    Minimum-evidence gate: score weight coverage: 52.1% of at least 60%

    FactorValueScoreWeight used
    ROIC · Quality6.3%25 (vs peers)20%
    Net margin · Quality2.1%26 (vs peers)12%
    FCF conversion · Quality102.8%100 (on a fixed band)12%
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheet1.8x5 (on a fixed band)12%
    Current ratio · Balance sheet1.2x36 (on a fixed band)8%
    P/E (TTM) · Valuation35.5x6 (vs peers)20%
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuation2.9%36 (on a fixed band)16%
    Shareholder yield (distributions) · Returnsunavailableunavailable—
    Payout ratio (FCF) · Returnsunavailableunavailable—

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet17/100 · 2/3 factors with a value
    • Growth· partialunavailable · 0/2 factors with a value
    • Quality46/100 · 3/3 factors with a value
    • Returns· partialunavailable · 0/2 factors with a value
    • Valuation19/100 · 2/3 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    MORGAN ADVANCED MATERIALS PLC (MGAM.L). Latest full fiscal year: 2025; data up to 2025-12-31.

    Figures computed from the financial statements: revenue 996.6 m GBP in 2025; YoY growth -6.0%; net margin 2.1%; ROE 6.3%.

    The estimated value range is 0.60–1.20 GBP per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 0.84 GBP, the price of 2.66 GBP leaves a potential of -68.4% (value / price − 1) and a margin of safety of -216.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

    Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • FCF conversion: 102.8%

    What contradicts it

    • ROIC: 6.3%
    • Net margin: 2.1%
    • Interest coverage: 1.8x
    • P/E (TTM): 35.5x
    • The price is above the estimated value range
    • The valuation methods diverge

    Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

    Versus the vertical median

    Listed companies from United Kingdom · same country · compared with 39 companies

    Multiples and returns vs the median

    P/E
    35.5x
    vertical median 15.3x
    above median (+131.2%)
    EV/EBITDA
    —
    vertical median —
    P/S
    0.8x
    vertical median 1.5x
    below median (−51.1%)
    P/B
    2.4x
    vertical median 2.2x
    above median (+9.4%)
    ROE
    6.3%
    vertical median 14.4%
    below median (−56.2%)
    Net margin
    2.1%
    vertical median 10.8%
    below median (−80.3%)
    EBIT margin
    4.5%
    vertical median 22.9%
    below median (−80.2%)
    Revenue YoY
    -6.0%
    vertical median 7.9%
    below median (−176.0%)
    Net debt/EBITDA
    —
    vertical median —
    Dividend yield
    2.0%
    vertical median 2.9%
    below median (−29.0%)

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    BATS.LBritish American Tobacco P.L.C.104.3 bn13.516.5%30.3%−1.0%+7% / +88%
    ABF.LAssociated British Foods PLC14.7 bn14.39.2%5.3%−3.1%−5% / −15%
    0EV1.LCarnival PLC5.5 bn4.146.7%13.4%+6.4%unavailable / unavailable
    BAB.LBabcock International Group PLC5.1 bn24.734.7%4.1%+7.2%−10% / +158%
    AUTO.LAutotrader Group PLC4.8 bn16.460.2%47.1%+3.9%−13% / −23%
    BBY.LBalfour Beatty PLC4.2 bn16.323.2%2.8%+15.2%+20% / +160%
    ABDN.LAberdeen Group PLC4.1 bn10.88.0%28.9%−2.1%+11% / +41%
    BKG.LThe Berkeley Group Holdings PLC3.6 bn11.38.8%13.4%−4.2%−0% / −22%
    BME.LB&M European Value Retail PLC2.9 bn17.421.2%2.8%+3.7%+68% / −51%
    AJB.LAj Bell PLC2.4 bn22.849.9%33.1%+18.0%+8% / +128%
    ASHM.LAshmore Group PLC1.4 bn13.913.1%71.6%−0.1%+28% / +18%
    BCG.LBaltic Classifieds Group PLC1.2 bn23.215.8%57.6%+6.9%−99% / −99%
    APN.LApplied Nutrition PLC763.6 m36.241.2%19.7%+24.2%+71% / unavailable
    MGAM.LMorgan Advanced Materials PLC748.3 m35.56.3%2.1%−6.0%+31% / +4%
    BAG.LA.G. Barr P.L.C.671.9 m14.414.4%10.8%+4.0%−7% / +26%
    ASC.LAsos PLC494.5 m—-81.3%-12.0%−14.7%+71% / +8%
    ALFA.LAlfa Financial Software Holdings PLC486.8 m16.361.5%23.8%+15.3%−28% / +10%
    AML.LAston Martin Lagonda Global Holdings PLC344.3 m—-93.4%-39.2%−20.6%−45% / −85%
    APTD.LAptitude Software Group PLC111.3 m28.57.2%6.2%−7.3%−30% / −23%
    AMGO.LAmigo Holdings PLC9.9 m———−81.9%+325% / +844%
    ASBE.LAssociated British Engineering PLC605.3 k—-19.1%—unavailableunavailable / unavailable
    AMIF.LAmicorp Fs (uk) PLC221.6 k0.127.5%9.1%+8.1%unavailable / unavailable
    AAF.LAirtel Africa PLC——24.1%10.6%+29.5%−7% / +164%
    AAL.LAnglo American PLC——-19.3%-20.2%+4.5%+30% / +76%
    ACG.LAcg Metals Limited——-80.3%-32.0%+134.8%+60% / +63%

    1- and 3-year price returns: for MGAM.L from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    The engine has no published run for this company yet.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

    Bear
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Base
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Bull
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Nothing is saved.

    Estimated price (GBP)

    Estimated priceBearBaseBull
    1 years
    1.42
    Total return -45% · Per year -45%
    2.53
    Total return -3% · Per year -3%
    3.82
    Total return 46% · Per year 46%
    3 years
    1.13
    Total return -54% · Per year -23%
    2.28
    Total return -9% · Per year -3%
    3.82
    Total return 51% · Per year 15%
    5 years
    0.90
    Total return -60% · Per year -17%
    2.06
    Total return -14% · Per year -3%
    3.82
    Total return 55% · Per year 9%
    What moves the 3-year price the most
    • Exit P/E± 0.57
    • Net margin± 0.40
    • Annual revenue growth± 0.36
    • Annual dilution± 0.03

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Morgan Advanced Materials is a UK-based producer of advanced carbon materials, technical ceramics and performance products used in industries with high safety and efficiency requirements. The company is steering its strategy toward cleaner operations and toward customer demand for sustainable solutions, while cutting emissions through renewable energy and efficiency investments, with Scope 1 emissions of 1 tonnes CO2e in 2025.

    SWOT

    Strengths

    • The company runs a structured safety programme, with no fatalities reported since 2012, which can support customer confidence.
    • The renewable and nuclear electricity target was reached in 2025, showing real progress in decarbonisation.
    • The product portfolio is described as integral to customers' safety applications, which can reinforce its position as a preferred supplier.

    Weaknesses

    • The LTA rate rose in 2025, indicating gaps in operational safety leadership.
    • Gas-fired industrial processes remain a major source of emissions, which limits the pace of decarbonisation.
    • The extract does not provide detailed financial data by division, which makes segment performance hard to assess.

    Opportunities

    • Customer demand for sustainable solutions could open new revenue streams for low-impact products.
    • Investment in energy efficiency and alternative manufacturing technologies could lower costs over the long term.
    • Expanding solar projects and long-term energy contracts could help stabilise production costs.

    Threats

    • Costs linked to the energy transition and new technologies could squeeze margins if prices cannot be passed on to customers.
    • Higher reporting and emissions verification requirements may create additional administrative costs.
    • Safety incidents could disrupt production continuity and damage the company's reputation.

    Risks

    • Operational safetyhigh

      The rise in the LTA rate shows the safety culture is not yet stabilised, and incidents could interrupt production.

    • Process emissionsmedium

      Reliance on natural gas in kilns may limit emission reductions if alternative technologies do not become viable.

    • Decarbonisation costsmedium

      Investment in renewable energy and new equipment could weigh on margins in the short term.

    • Compliance and reportinglow

      Higher climate and diversity reporting requirements could lead to errors or additional compliance costs.

    • Energy and resource dependencemedium

      Energy and water use remain sensitive to local costs and regulation, particularly in water-stressed regions.

    Investment thesis

    What would need to be true (bull case)

    • Progress toward the SBTi target and lower emissions could strengthen the company's position with customers seeking sustainable solutions.
    • A safety programme that delivers results over time could reduce incidents and support production continuity.
    • Combining high-performance products with energy efficiency could generate revenue in segments with demanding technical requirements.

    What would break the thesis

    • A rising LTA rate could point to operational culture problems that affect costs and reputation.
    • The energy transition requires large investment, and if prices cannot be passed on, margins could fall.
    • Dependence on gas-fired industrial processes could limit long-term progress in reducing emissions.

    What to watch

    • Results of the ThinkSAFE Leaders programme and the trend in the LTA rate2026
    • Completion of compliance audits of the new safety standards2026
    • Progress toward carbon neutral operations, the 2050 goal2050
    • Trend in total energy consumption and the share of renewable energynext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    According to the annual report for the year ended 31 December 2025 1, the group runs industrial operations at sites in the United States, India, France, Germany, Mexico, China and the United Kingdom. The business is built on manufacturing advanced-material components, and its management system emphasises health, safety and environment alongside ethics and anti-corruption policies. The report describes a strategy with three execution priorities: safer and cleaner operations, growth by meeting demand for sustainable solutions, and maximising portfolio value.

    The company has set decarbonisation targets validated as SBTi targets, aligned with a well below 2°C ambition, with a goal of carbon neutral operations by 2050. In 2025 it reached its target of 80% renewable and nuclear electricity, and total energy consumption fell slightly. Efficiency investments include electric ovens, energy monitoring systems and solar projects, such as a 1.8 MW array in the US.

    On safety, the group reports no fatalities since 2012 and has launched the ThinkSAFE Leaders programme to strengthen operational safety leadership. The LTA rate rose in 2025, prompting the company to revise standards and expand process hazard analyses. Beyond industrial activity, the company supports community projects and diversity programmes.

    Segments

    Thermal Products

    The Thermal Products division appears in the report in connection with energy efficiency and water reduction projects, including a new electric annealing oven in France that delivered 740 tonnes CO2 savings per year. The report does not give separate financial figures for this division in the available extract.

    Performance Carbon

    The Performance Carbon division completed a 1.8 MW solar installation in the US, the largest in the group's portfolio, which would cover 12% of the site's annual electricity needs. The report also mentions a more efficient thermal oxidiser, but gives no separate financial data in the available extract.

    Technical Ceramics

    The Technical Ceramics division introduced water recycling systems and furnace temperature controls at sites in the UK and Germany. The report does not present separate financial figures for this division in the available extract.

    Market context

    The extract does not include data on the size of the global advanced-materials market. The company does indicate, however, that customer demand for solutions that reduce environmental impact and energy use is a growth factor for its portfolio.

    In industrial markets, customers in sectors with high safety requirements are an important segment, and the safety performance of products can influence purchasing decisions. The report suggests these requirements may support demand over the medium term, but it offers no quantitative estimates.

    Trends

    • Decarbonisation and renewable energymixed

      Customer demand for low-impact solutions and the SBTi commitments could create opportunities, but the costs of new technologies and renewable energy could weigh on margins in the short term.

    • Demand for sustainable solutionstailwind

      If industrial customers continue to prioritise sustainability, products that cut energy use and emissions could gain market share.

    • Reporting and compliance costsheadwind

      Higher climate reporting requirements, including TCFD and external verification of emissions, can add administrative and operational costs.

    • Pressure on operational safetyheadwind

      The rise in the LTA rate points to challenges in safety culture that could require additional investment in training and audits.

    Competitive position

    The report extract does not name competitors, so the company's comparative market positions cannot be specified from this source.

    According to the report, the company differentiates itself by combining safety, efficiency and sustainability in its products, which could strengthen customer trust relative to alternative suppliers.

    • Competitors not named in the extract

      The report does not name direct competitors in the available section, so no US-listed peers can be confirmed.

    • Technical ceramics producers

      Companies in this segment are not identified in the source, and the information cannot be verified from the extract.

    • Carbon materials suppliers

      The source does not mention specific competitors in this area.

    • Energy-efficiency solution providers

      The report gives no names of competing companies in this segment.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    Annual reports (ESEF)

    Sources

    1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Morgan Advanced Materials plc · 31 Dec 2025

    Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

    Morgan Advanced Materials plc (MGAM.L): stock, results, valuation and forecast · olivLaw