EC 231-125-0
chemXplore tracks 1 project producing rhodium, of which one is active.
Of the active ones, 1 expansion.
The project adds cobalt recycling and targets €60m in annual savings by Q4 2028; FY 2026 adjusted EBITDA guidance remains slightly above €1bn.
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.
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.
Catalyst Technologies sale to Honeywell progresses. Strong group profit expected, cash flow improving. Full-year outlook positive, driven by PGM Services.
