Welcome to Johnson Matthey's 2026 Annual General Meeting. It's a pleasure to see those of you who are here in person, and I am very pleased also to welcome those who are joining us electronically. I am joined on the top table this morning, as usual, by my fellow Directors who work with great commitment on your behalf throughout the year, and I would just like to introduce them if I may. Starting on my right, we have Rita Forst, Sinead Lynch, Richard Pike, Alastair Judge, Liam Condon, the CEO, John O' Higgins, Barbara Jeremiah, Doug Webb, and Xiaozhi Liu at the far end. To my immediate left here is Simon Price, our General Counsel and Company Secretary, and the man I turn to when anything goes wrong. The AGM is a good opportunity to update shareholders about the progress being made in the business. We are going to be looking forward to doing that with you shortly when I pass over to Liam. Thanks for taking the time to be here, particularly those of you who have come a distance. I was just talking to this gentleman who has come down from York, so thank you for that, and I just hope you find this meeting productive. As I say, Liam will shortly go through a review of last year and the highlights of our performance, after which, of course, we will take any questions you may have. Just a few brief comments, though, if I may, personally because this is my first AGM for Johnson Matthey as you may know, and my first year with the company, obviously. People ask me why I was attracted to be part of JM. I was attracted to the company because I think it has got great opportunity ahead of it. I saw that opportunity. I think it is a business with real, unique set of strengths and significant potential. I just felt that with the broad experience I have got with other businesses, I just thought there was something of value that I could bring here to help in the work of reshaping Johnson Matthey and helping to get after that potential I have mentioned. This last year, the last 12 months, has been one of considerable change in the business. We have really tried to get behind the revised strategy that was put out last year. That involves simplifying the business, sharpening the focus of the business onto fewer things, putting more emphasis on execution, efficiency, and cash generation. It has involved a great deal of hard work, and I would like to thank Liam and his senior leadership team, and indeed all the colleagues that make up Johnson Matthey around the world for their commitment and resilience for what have been some tough moments in the last 12 months. Performance-wise, in what has been a challenging, let us say, macro market and backdrop, the business has delivered a solid performance in the last 12 months, meeting its revised operating financial commitments. We have returned GBP 129 million to shareholders during the year, and we are now proposing a final dividend of GBP 0.55 per share, giving a total dividend for the year of GBP 0.77, which would be in line with prior year. The board is changing, too. I would like to acknowledge Barbara Jeremiah in particular, and John O'Higgins, who are both stepping down from the board at the conclusion of today's meeting. Barbara, as Senior Independent Director, and John as Chair of the Remuneration Committee. They've been key members of the board for a number of years. I'd like to thank them for their support and their significant contribution during that time. We obviously wish them very well and all the best for the future. That's it from me. I'll be back in a minute for the formalities. Now over to you, Liam. Thank you, Andy, and good morning, everyone. It's a great pleasure to see you all here. Thank you for joining us, and also thank you to everyone who's joining us online. Let me start with a brief overview of the highlights of our 2025/2026 results that we presented in May. Overall, I'm really pleased that we delivered full year end performance in line with our previously upgraded guidance. With underlying operating profit up 6% on a reported basis, it was up 14%. Clean Air's margin improved strongly to mid-teen levels. Hydrogen Technologies achieved run rate breakeven, and we delivered a very material step-up in free cash flow, over 160% more cash year-on-year. These are tangible financial outcomes as we drive cost and cash focus across the group. This was despite some challenges in our PGM refining business in relation to our U.K. and U.S. refineries. What's really important is that we're working through these challenges, and as we delivered on our guidance in 2025/2026, you can remain assured that we are completely on track to deliver our 2027/2028 commitments as well. We are reshaping the group to drive sustainable returns. Our PGM Services business is currently in a period of transition as we upgrade existing assets and invest into a new world-class PGM refinery in the U.K. in Royston, close to Cambridge. We started early-stage commissioning of our new refinery in March and are on track to be operational in calendar year 2027, so in the second half of next year. To ensure delivery of the project in line with our committed timelines, we have taken additional actions which have increased our CapEx expectations for 2026/2027. This is a really important, you could say, once in a lifetime project that will deliver a step change in operational efficiency and working capital management in PGM Services. We've called this internally 3CR, it's the Third Century Refining, and we think this is going to carry us for the next 100 years. It's a really foundational investment for JM. To update on the sale of Catalyst Technologies, I'm pleased to say that everything here is very much on track. As we announced at the beginning of July, we have received the China antitrust approval, which was the last remaining outstanding antitrust approval required. With that, all conditions to the deal have now been satisfied. We have agreed with Honeywell a completion date of tomorrow. You can expect to see an announcement tomorrow, hopefully, that we have completed that deal. Please do look out for that tomorrow. We also announced the acquisition recently of Cormetech, the leading manufacturer of selective catalytic reduction catalysts. Cormetech has a significant presence in the U.S. power generation market, which is seeing increasing demand driven by the rapid expansion of data centers, amongst others. This is a rare opportunity for JM that builds on our core competencies. The combination with our Clean Air Solutions business is highly complementary across technology, customers, and geographies. Through this acquisition, we will create a global leader in stationary emission control and serve a structurally growing market. Overall, this is a highly compelling acquisition that will deliver significant shareholder value creation. As we execute on our strategy, we have made changes to how we operate. We're becoming a leaner and more efficient organization. We have streamlined our executive leadership team from nine to six people. We've been flowing those changes down the organization, implementing a lean operating model to reduce duplication and increase the speed of decision-making. As we embed our cash focus, we've aligned incentives with 80% of the annual bonus for 2026/ 2027 linked to profit and cash. Importantly, we're also getting positive feedback from our customers and employees. As we focus on driving customer value, our Net Promoter Score has increased significantly in all our businesses. For those who are not so familiar with it, Net Promoter Score is a reflection from your customers of how much value you're creating for them or not. We already, as Johnson Matthey, had high scores. They actually increased in every single business in the past year. Employee engagement is also up, which is actually quite unusual when you have a period of a lot of change. Typically, employee engagement goes down. We have seen an increase in employee engagement. That's really encouraging because typically engagement is an early predictor of performance. This, I think, should give us all a lot of encouragement for the future. Overall, I think as JM, we're delivering on our promises. We have a good, solid outlook, and we're very much looking forward to the future. With that, thank you very much. Back to you, Andy. Thank you, Liam. Well, ladies and gentlemen, we'd be more than happy now to take any questions that you might have. If you're here in the room and would like to ask a question, please raise your hand and just wait for the microphone to come to you. For those joining on the telephone conference, you can ask a question by pressing star one and one on your keypad. If you're joining via the webcast, please submit your question using the Q&A box. If you don't mind, we'll take the questions first from the room, and then we'll move on to the telephone, and finally the webcast. If you would be so kind to, if you're going to ask a question, perhaps you can introduce yourself. Let's start over here, gentleman. Yes, sir. Ed Glan, private shareholder. Over the last few years, too many of my best shares have been gobbled up by foreign predators. Do you have a defense strategy in place, and is it a good one? Well, yes. I think it's true that there's been a number of the situations that you described. The best defense strategy is to have a very successful business that manages its leverage well and has an outlook and a plan that can give shareholders and all the stakeholders a lot of confidence in the business's management and the way it's moving into the future. Yes, we keep plans refreshed. We have good advisors who help us on that front, and we're very confident that we are in shape to deal with anything that's coming our way. We're a public company, so we're always under scrutiny. I think it's down to the execution of a good plan that's our best defense. I appreciate the question. We're alive to the risk. Thank you. Are there any other questions in the room? Gentleman over here. Thank you. My name's Phil Clark. I'm a very long-term shareholder. I've not been to an AGM for many years because my wife used to be a teacher, and we'd be on holiday by now normally. She retired last summer, so I've come along. As it's been a long time since I've been here, there's just one or two things I'd like to reflect on, please. First of all, page 119, the total shareholder return graph. Which, as you well know, over 10 years, the company has returned -4%, which is a long way the wrong side of appalling. It's great that you joined as chairman despite that backdrop. Is there any hope? Is there any point for the company? Can I ask a part B to that, which is on page 25, which is. The items outside are the underlying operating profit, which was major impairments and restructuring. I remember the last time I came to an AGM, which was donkeys years ago, and there was a ton of money being poured through that line back then. The numbers there dwarf the dividend. The write-offs impairments seem to be a way of life in this business, which is probably the reason why the TSR is so poor. Can you actually bring that to a halt, please? Can we actually stop that? It's great every year we spend money, and the next year we write it all off again. I mean, as a shareholder, is there any point being a shareholder to this company? Thank you. Thank you, Mr. Clark. Well, hopefully you'll agree we've seen some sign of life in the share price in more recent times. I appreciate the company's had, over a number of years, a disappointing return against what could be a very high potential for the business. I think there were some, and you'll know this well, there were some investment decisions that went the wrong way, going back multiple years, and the write-offs and the impairments that you're talking about mainly relate to those. I mean, in a large international business, there's always things which have to be done, restructurings, things that go below the line, so to speak, but they're in the usual come through as of any international large business. Significant impairments and significant restructuring costs only really happen when you've made a poor investment decision or you're not getting the right return on your investment, which should then reflect in a positive TSR. Look, we're very optimistic, and you used the word hope. We hope it's more than hope. We have a plan. The plan of the company and the strategy that we've set out under Liam is designed specifically to reward shareholders for their patience to get our shareholder returns back moving in the right direction. We hope to be able to do something quite meaningful in very short order when we have the disposal of CT finally complete. That's just a stepping stone to what we believe will be a brighter future for JM, and built on some new and the new acquisition we've just done. Liam, you just might want to say a word or two about it, but that's a very interesting acquisition for us because it's an acquisition that's not too far out from our core business. It's very close to what we already do. It's a nice adjacent step, which gives us a high level of confidence that we can put it into the business and really manage it extremely well. We already know the sector very well because a lot of the customers that they have are customers that we already have with JM products. It's an interesting acquisition, but it gives us and hopefully you some hope that the business understands its direction of travel. We have some very successful businesses already. Some of them have a long-term legacy issue, like some of the catalyst converter businesses that we know. We are planning to replace those with growth businesses into the future and do more, frankly, with what we've already got in terms of strengths and assets in the business. Yeah, I think there's a lot of hope, and I wouldn't have joined the company if I didn't think that was a possibility. I think it's a company with massive potential. Hopefully we can have a different conversation next year. Liam, why don't you just say a word about Cormetech? Yeah, sure. The reason we acquired Cormetech really goes back to our core strategy as saying we focus on the core strengths of JM. If you think about what is JM world-class at, it typically centers around platinum group metals, manufacturing, catalysis, recycling, trading, and building great businesses that use precious metals, platinum group metals. One of our core competencies is emission control. Our biggest business is automotive catalysts, so catalysts on things that are moving around. There is a huge growing market in stationary emission control, so emission control on things that are not moving around, like gas turbine engines or backup power diesel generators. That market is being driven particularly by the electrification and demand for energy from data centers, which in the U.S. are usually powered by gas turbines, which all require an emission control catalyst. What we've in essence done is we have acquired the market leader for emission control in that space in the U.S., which is the fastest-growing, most valuable market segment. This is a market that is only going to grow globally. We think this will generate a lot of value for JM and its shareholders going forward. I think, as Andy said, I think there's a lot to look forward on this one. On the TSR front, I think your point is completely justified. If we look back over the last five years versus our peers, who would be more the kind of the Umicore's, the BASF's of the world, our total shareholder return has exceeded their TSR. From a relative point of view, the last five years, we've done okay. I think going forward, you should be, and rightfully so, expecting more, and that is our intent as well to generate more value. Thank you. Thank you very much. Any other questions in the room? Gentleman in the blue shirt. My name is John Mayers. I'm a small holder through Halifax. First question is Cormetech acquisition. Reading through the technical bumf, the stationary power catalyst side, it seems to include nitrous oxide and CO2. How are they going to do the CO2? Next question is, thank you for your dividend. That's very nice. What is your onward philosophy about share buybacks versus dividends? That's all for the moment. Want to take the first one? Thanks very much, John. On Cormetech, this is basically a selective catalytic reduction catalyst company, a lot of words in there, but basically for eliminating nitrous oxide, as you rightly say. Typically, whether it's gas turbines or diesel engines, you will also require a catalyst to eliminate carbon monoxide, an oxidation catalyst. That is the piece that JM actually offers. Through the acquisition of Cormetech, we have an opportunity to cross-sell. If we're selling a Cormetech product, we can now sell the JM product, which is required as well to eliminate carbon monoxide. If we're selling a JM product eliminating carbon monoxide, now we can offer the Cormetech product to eliminate nitrogen oxide as well. You're not eliminating carbon dioxide [inaudible]. Sorry, we're not? Not eliminating carbon dioxide. We're not eliminating carbon dioxide, but Cormetech also has technology for point source capture of carbon dioxide. That's a further offering that we're developing as part of the overall value capture program with Cormetech. Does that involve carbon capture and storage? Because that's not something that's been developed yet, is it? It's something where there is potential. What we would be doing is the process technology to enable carbon capture and storage. That is something that Cormetech already has in their pipeline today. The carbon capture and storage market in the U.S., surprisingly, is developing relatively rapidly. There is a high interest in developing this technology further. Quite honestly, we haven't baked that into any of our forecasts right now from a prudence point of view. We're quite excited by the potential of what's in the pipeline on that side as well. We see that as upside opportunity. On the dividends, and the capital allocation, maybe Alastair, you can say a word? Look, on an ongoing basis, we'll be returning GBP 200 million a year to shareholders through a combination of the dividend and the share buyback plans. Broadly, it could be about half and half. We will continue to do that through the future. Thank you for your questions. Any further questions? I've got one more. Oh, okay. About hydrogen. Seems to be the only country that really is going for hydrogen is Japan, with hydrogen made in Australia. Are you involved there? What about elsewhere? I mean, the U.K. and U.S.A., they look pretty doubtful, don't they, on hydrogen because of the need for carbon capture and storage, which hasn't really worked very well in the U.K. What do you say to that? Liam? Yeah, sure. Where we're focused is green hydrogen. Typically, we produce the catalyst-coated membrane for our fuel cells, and for electrolyzers, the high-value components for fuel cell and the electrolyzer. We have seen the market change over time. I think there's a general consensus that you cannot decarbonize heavy industry without green hydrogen. I think that's kind of accepted today as general consensus. The issue is green hydrogen is still uneconomical. Technologically, it's feasible. The economics, also due to the high cost of renewable energy, just don't allow it to work today. There's a lot of effort in going into reducing the overall total cost involved for green hydrogen. That's a core part of our development program as well. Reducing the amount of platinum group metals that are required for electrolysis, for example, or for fuel cells, reducing the total cost of ownership. What we've seen geographically is actually China moving ahead relatively quickly, more quickly than Japan, for example. Japan is also at the forefront given the fact that they're completely dependent on imports, they have an inherent big incentive to actually push a green hydrogen agenda. Europe wants to move ahead from a policy point of view, it's just slow to translate regulations into actionable plans. The U.S. has probably taken a step backwards from a regulatory point of view. It's a very mixed global picture. Within that picture, we have been picking up quite a few new contracts with major OEMs, major market players who are looking for somebody who can reliably produce a high-quality electrolyzer fuel cell components. We feel quite confident about the future of the business, but we think we need to be realistic about the speed of growth. I think in the past, the projections were rapid growth very quickly. Today, we take a much more measured view. We think it's going to take quite a few years for the market to develop. There will come an inflection point where it becomes a rapidly growing market, but that's probably still a couple of years away. Okay. Thank you. Thank you very much. Very well. I'm now going to turn, if there's no further questions in the room, to the telephone operator and see if there are any questions. Can we ask if there are any questions? I have to look to the heavens now and see if there's anything. Thank you. Again, if you would like to ask a question, press star then the number one on your telephone keypad. There are no questions at this time. Okay. Thank you. Well, we'll turn finally to the webcast, which we're also doing the Q&A. Chandrika, are you around? Are there any questions coming up? No questions registered, Chair. No questions. Okay. Hello. It's Clark. I'll have a go. Another go. Yes, well, of course. Thank you. As nobody else is interested, I'm interested. The reason I actually bought in originally is I used to work for BP, and we used to deal with your catalyst business, and we used to spend a lot of money with them, and they were fabulous. They were completely professional, and they were a joy to deal with. This is many years ago. I'm not sure they still are, but they were great. It's disappointing that you're selling off the catalyst business, it's a done deal, so fair enough. I'm interested about the loss of synergies between that business and the skill sets within that and the rest of the group. I just wonder if you could say a few words about that. I have a last question as well, which is more dull. In the accounts, in the review of PGM Services, it talks about lower profits because of operational metal losses in the U.S. refinery. I'm just completely intrigued by that. I can see somebody pulling a plug out or something and a whole load of metal going down the drain. I'm just curious as to what that was. I'm more interested in the loss of synergy. Okay. Thank you for your questions. Maybe Liam, you could take those last two. I'll take the synergies one and Alastair will take the metal losses one. I can only confirm we've had a great collaboration with BP. Up until today, that has been a really valuable partnership. The reason we took, or the decision that we took to basically divest Catalyst Technologies, again, goes back to the core strategy where we said we're going to focus on where we are world-class and where we have critical mass, where we can be a global market leader, and that was all around PGMs. The reality is, the Catalyst Technology business that we're selling uses hardly any platinum group metals. It's mainly a base metal business of cobalt, nickel, things like that. The core technology is really engineering process technology versus the core kind of skill set that we have in JM for the rest of the business. It was actually quite a different business if I compare it to Clean Air and to PGMs and Hydrogen Technologies, all of which use extensive amounts of platinum group metals where we manufacture, recycle, and trade the metals. CT, as we called, it was quite a different business. That was basically the route where we said actually we probably can't make the most of this business. Still has great opportunity, but there's probably a better owner out there than us, and if somebody's willing to pay the right price, then we can afford to divest it. That was the background. Very honestly, I'm less concerned about lack of synergies just because it was a different business than the other three businesses that we keep as the core. On the PGM losses, the way our refineries work is we have a wide variety of feeds that go into the refineries. We run them constantly for two years, and we estimate the amount of metal that will be lost through that process. Then at the end of a two-year period, we close down the refinery for maintenance, make sure all the assets are working effectively and safely, and we count the amount of metal that we extract from the system in that process. When we did the count at the end of last calendar year and the reconciliations, the amount of metal we'd lost through the two years was higher than we'd normally seen. Our estimates were slightly lower, and that's why we booked the stock loss at the end of the period. That's the answer. Because it's valuable material, it was a big number. You can rest assured we are managing that situation very carefully and taking some lessons from our refining over here as well and putting them into place now in America. Hopefully, a better story in the future there. Thank you very much for your questions, and we'll move on to, if we may, to the formal part of the meeting, which is the voting. As usual, this will be done by way of a poll. As a reminder to those joining by the webcast or by telephone, I'm afraid you'll not be able to vote at today's meeting because you've had an opportunity to vote in advance. Those of you in the room will have been given, hopefully should have been given, a poll card when you registered this morning. Our registrars are in the room with additional ones if you need them. To remind you, each member present in person, by corporate representative, or by proxy, is entitled to one vote for every share that they hold. If you are representing more than one shareholding, please ask for additional cards because a separate poll card should be used for each shareholding. If you've already returned your form of proxy appointing me to vote on your behalf and you do not wish to change that vote, then you don't need to fill in a poll card. The resolutions are set out in full behind me, I hope, and in the notice of the meeting. I'm proposing that we take the notices as read, that the resolutions are proposed to the meeting accordingly. Once the final votes have been counted, we will announce the figures via Regulatory Information Service and publish them on our company website later today. The latest proxy voting figures are here. Are they up? Yeah. Yeah. The figures shown reflect the proxy votes received so far and will be updated later today to include the votes that are cast at this meeting. Thank you very much for the voting. Thank you for being here. The poll will remain open for a few more minutes here. That formally concludes the meeting. I'd just say that if you have a poll card, please pass it to the representative of Equiniti as you leave the room, and thank you for attending. I wish you all a very pleasant day. Thank you