Palladium

Adj. EBITDA +33% to €577m and margin 30.2%; revenues €1.9bn; Free Operating Cash Flow €295m; guidance upgraded to slightly above €1bn adj. EBITDA for FY2026.

Majority buy adds pyrometallurgical, hydrometallurgical and electrowinning tech to recover precious and critical metals from e‑waste, batteries, PV panels and mining tailings.

Strategy driving cash: free cash flow £168m (+163%); pro forma underlying operating profit +6% at constant PGM/FX. Catalyst sale £1,325m on track; Cormetech buy agreed; new PGM refinery 2027.

PGM prices surged; platinum hit record. 2026: deficits likely for platinum, ruthenium, iridium; palladium and rhodium may have small surpluses. Strong prices boost recycling; industrial demand firm.

A new catalyst system uses CO₂ and green hydrogen to produce chemicals, replacing toxic carbon monoxide and enhancing sustainability in the chemical industry.

Catalyst Technologies sale to Honeywell progresses. Strong group profit expected, cash flow improving. Full-year outlook positive, driven by PGM Services.