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What recent M&A reveals about the catalyst industry. August 21, 2026 Edmund Lam The catalyst industry is entering a new phase, with 2026 marking a period of significant portfolio realignment and expansion into adjacent catalyst technologies and services across refining, petrochemical, polymer, and emissions-control markets. The transactions shown in Exhibit 1 highlight a broader shift in how companies are positioning themselves across the catalyst value chain. For instance, Honeywell's acquisition of Johnson Matthey's Catalyst Technologies business allows Honeywell to combine its digital, automation, and technology capabilities with Johnson Matthey's catalyst expertise to offer integrated solutions. Meanwhile, Johnson Matthey also acquired CORMETECH to strengthen its position in emissions-control offerings including selective catalytic reduction (SCR) catalysts. Exhibit 1: Selected catalyst M&A transactions in 2026. At ADI, ADI Analytics LLC has worked with catalyst manufacturers, technology licensors, investors, and industrial suppliers on market assessments, growth strategy, and transaction support. Based on recent M&A activity in the catalyst industry, several themes are emerging, including market-driven consolidation, changing customer behavior, energy transition and environmental applications, catalyst metal circularity, and digital services. 1. Catalyst consolidation and portfolio restructuring are accelerating as companies refocus strategies in response to challenges in traditional markets. The catalyst industry is facing a challenging environment in its traditional refining and chemical markets. While refinery utilization remains relatively resilient in key regions, stagnating fuel demand growth, refinery closures, and geopolitical disruptions have delayed catalyst replacement cycles, pressured catalyst pricing, and challenged catalyst product differentiation. Meanwhile, structural overcapacity in chemicals, particularly from capacity additions in China, has kept utilization and demand under pressure. These conditions have weighed on catalyst suppliers' growth and profitability, along with growing competition from new catalyst players in emerging markets. This market pressure is contributing to a wave of consolidation as catalyst companies seek to strengthen their positions through scale, technology synergies, and portfolio optimization. Acquirers are increasingly targeting assets at what they view as a cyclical bottom, while combining catalyst technologies with broader process, service, and digital platforms to expand commercial reach and improve margins. At the same time, sellers are divesting non-core catalyst businesses to sharpen their strategic focus. Johnson Matthey's divestment of its Catalyst Technologies business enables it to focus on its Clean Air and other core businesses, while Albemarle's sale of a majority stake in Ketjen's refining catalyst portfolio allows it to focus more closely on its lithium business. ADI has extensive experience supporting catalyst companies and investors across multiple M&A and due diligence engagements, helping clients optimize their portfolios and realign their strategies core, higher-growth segments. 2. Customers' buying behavior is shifting towards integrated solutions instead of standalone catalysts. Historically, catalyst procurement focused on supplier reputation, licensor recommendation, cycle length, and catalyst price. Today, operators increasingly evaluate integrated solutions that combine process technology, engineering services, proprietary equipment, catalyst supply, performance guarantees, and digital monitoring. This shift is particularly visible in large capital projects, where reducing execution risk can outweigh minimizing catalyst costs. In addition, technology licensors are expanding their role across the asset lifecycle. Axens, Lummus Technology, Honeywell, and Topsoe increasingly bundle process licenses with catalyst supply and operational support. Honeywell's acquisition of Johnson Matthey's Catalyst Technologies business reinforces this trend by bringing together catalyst and process technology capabilities under a broader platform that also includes automation and digital solutions. 3. Energy transition and environmental applications offer longer-term growth opportunities. Many of the emerging catalyst opportunities are linked to energy transition and environmental applications. SAF is among the clearest examples. Commercial SAF deployment is expanding beyond hydroprocessed esters and fatty acid (HEFA) pathways into alcohol-to-jet (ATJ) and emerging methanol-to-jet (MTJ) routes, which is a trend that ADI is seeing and tracking closely in ADI's SAF Tracker. Major SAF projects from companies such as Neste, World Energy, and LanzaJet that are operational or moving toward commercial operation will drive catalyst demand for hydrotreating and other catalytic processes. Renewable diesel is creating a parallel growth opportunity. Existing refineries are increasingly being converted or retrofitted to process waste oils, used cooking oils, and other renewable feedstocks, driving demand for hydroprocessing catalysts capable of handling more complex feedstock slates. The ability to leverage existing refinery infrastructure has accelerated deployment and increased catalyst demand across renewable fuels projects globally. Emissions-control catalysts continue to benefit from tightening environmental regulations across transportation, power generation, marine, and industrial sectors. Stricter NOx and air-quality requirements are driving demand for SCR and other emissions-control catalysts. Catalyst demand is also expanding into gas-fired power generation and backup power systems for data centers. 4. Material circularity is reshaping catalyst economics. Catalyst recovery, regeneration, and precious-metal recycling are evolving from supporting services into core business models. Recent transactions highlight the growing importance of catalyst metal circularity. Axens' acquisition of Eurecat expands its catalyst metal regeneration, recycling, and reuse capabilities, while BASF continues to invest in catalyst recycling and metal recovery infrastructure. Increasingly, suppliers view spent catalyst management as both a customer-retention tool and a source of recurring revenue. Catalyst metal circularity also addresses supply-chain risks. With significant global PGM production concentrated in South Africa and Russia, recycled metals can improve supply security while reducing the embedded carbon footprint of catalyst materials. 5. Digital services are becoming a competitive differentiator. Catalyst suppliers increasingly compete on software capabilities alongside catalyst performance. Digital twins, predictive analytics, AI-enabled optimization, and real-time catalyst monitoring are moving from pilot programs toward commercial adoption. Clariant's CLARITY Prime utilizes AI and machine learning to support catalyst performance monitoring and optimization and has been deployed across more than 250 plants. In May 2026, Ketjen partnered with Imubit to launch its iKet Connect portal, integrating Ketjen's catalyst expertise with real-time, AI-driven analytics to provide refiners with actionable insights on operating adjustments, catalyst strategy, and unit optimization for FCC and hydroprocessing units. Honeywell is pursuing a similar strategy by integrating catalyst technologies with its Forge digital platform and broader automation portfolio. These tools help operators optimize yields, predict catalyst degradation, improve turnaround planning, and reduce operating risk. Digital platforms can also create recurring software and service revenues, strengthen customer relationships, and provide suppliers with ongoing access to operating data, making digital capabilities an increasingly important source of competitive differentiation. Strategic implications. While refining and petrochemical catalysts will remain the foundation of industry demand, longer-term growth is increasingly expected to come from energy transition and environmental applications such as SAF, RD, and emissions control, creating new sources of catalyst demand (see Exhibit 2). Exhibit 2: Catalyst market segments opportunity map. At the same time, competition is also becoming increasingly global. Chinese suppliers such as Sinopec, Sinocompound, and Zhejiang Micro General New Catalytic Materials are expanding their capabilities in advanced catalyst technologies and precious-metal systems, allowing them to compete beyond low-cost commodity products in higher-specification refining, petrochemical, specialty chemical, and energy transition applications. Catalyst suppliers, therefore, need to differentiate through more than catalyst performance alone. Integrated technology offerings, digital optimization platforms, catalyst lifecycle services, and regeneration and recovery capabilities are becoming increasingly important sources of value creation. Growth is likely to accrue to suppliers that participate across more stages of the customer lifecycle while building positions in faster-growing markets such as renewable fuels and emissions control. - Edmund Lam and Uday Turaga About ADI Analytics ADI is a prestigious, boutique consulting firm specializing in oil and gas, energy, and chemicals since 2009. ADI Analytics LLC bring deep expertise in a broad range of markets where ADI Analytics LLC support Fortune 500, mid-sized and early-stage companies, and investors with consulting services, research reports, and data and analytics, with the goal of delivering actionable outcomes to help its clients achieve tangible results. ADI Analytics LLC also host the ADI Forum that brings c-suite executives together for meaningful dialogue and strategic insights across the oil & gas, energy transition, and chemicals value chains. Learn more about the ADI Forum. Subscribe to its newsletter or contact ADI Analytics LLC to learn more.

Cambridge Index drops 3.4%. 20 July 2026 The Cambridge Index dropped 957.6 points or 3.4% to close at 26,856.6, as five out of the top ten index heavyweights posted weekly losses in their share price. Johnson Matthey, up 0.8%, announced the appointment of Joachim Rosenberg as an independent Non-Executive Director, effective from the conclusion of its Annual General Meeting. Sareum Holdings, up 4.3%, today, announced the completion of dosing in the Phase 2-enabling toxicology programme for SDC-1801, its selective oral TYK2/JAK1 inhibitor being developed for autoimmune diseases, initially psoriasis. Following the programme's restart in February 2026, the company is analysing the data and progressing chemistry, manufacturing and controls and formulation development activities, with the full Phase 2-enabling regulatory package expected to be completed by 4Q26. GetBusy, up 1.5%, announced the appointment of Paul Huberman as Chairman, succeeding Miles Jakeman, who has stepped down after nine years on the board. The company also confirmed that Nigel Payne has been appointed Chairman of the Audit Committee, with both changes taking immediate effect. SDI Group, up 0.6%, announced that it will release its results for the year ended 30 April 2026 on 29 July 2026. Oracle Power, down 20.0%, today, announced progress towards mining at its Northern Zone Gold Project, part of the Kalgoorlie Gold Project in Western Australia. The company expects to submit its site clearance and Native Vegetation Clearing Permit applications in this month, while the fauna and integrated flora and vegetation reports are being finalised. Feedback, down 8.1%, in its trading update for the year ended 31 May 2026, announced that revenue remained broadly flat at approximately £0.8m. Cash balances rose to £2.7m, ahead of expectations, while the EBITDA loss is expected to be lower than both market expectations and the prior year due to disciplined cost controls. Potter & Moore, down 6.1%, announced that a recorded presentation for investors and analysts in relation to its audited results for the year ended 31 March 2026 will be published on its website and made available through the Investor Meet Company platform on 22 July 2026. UK markets ended mostly higher last week, following Britain's upbeat economic growth data. UK's gross domestic product rose as expected in May, while the nation's manufacturing production unexpectedly advanced in May. Meanwhile, UK's BRC like-for-like retail sales rose less than forecasted in June, while industrial production declined more than anticipated in May. The FTSE 100 index advanced 1.0% to settle at 10,600.4, while the FTSE techMARK 100 index gained 1.1% to end at 8,890.2. Meanwhile, the FTSE AIM 100 index fell 0.8% to close at 3,509.1. US markets ended lower in the previous week, as a selloff in AI related stocks and escalating geopolitical tensions weighed on investor sentiment. In the US, the consumer price index rose less than anticipated in June, while the producer price index advanced less than forecasted in June. Meanwhile, the US NFIB business optimism index rose more than expected in June, while retail sales rose as expected in June. Additionally, the weekly jobless claims unexpectedly dropped to a 2-month low in the week ended 10 July 2026. Furthermore, the US Philadelphia Fed manufacturing index climbed to a 5-year high in July. The DJIA index fell 0.9% to end at 52,146.4, while the NASDAQ index lost 2.9% to close at 25,520.2. Index Movers LPA Group PLC LPA Group PLC, a provider of electronic and electro mechanical systems, surged 8.2% to 72.5p and emerged as the top gainer in the Cambridge Index. CyanConnode Holdings PLC CyanConnode Holdings PLC, the integrated software solution provider for utility metering and lighting control, climbed 6.8% to 8.6p. Hilton Food Group PLC Hilton Food Group PLC, a leading specialist in process, packs, and distributes meat product international food retailers, advanced 5.2% to 548.5p. Sareum Holdings PLC Sareum Holdings PLC, which is engaged in the structure-based drug discovery business, rose 4.3% to 24.0p. Today, the company announced the completion of dosing in the Phase 2-enabling toxicology programme for SDC-1801, its selective oral TYK2/JAK1 inhibitor being developed for autoimmune diseases, initially psoriasis. Following the programme's restart in February 2026, the company is analysing the data and progressing chemistry, manufacturing and controls and formulation development activities, with the full Phase 2-enabling regulatory package expected to be completed by 4Q26. Gaming Realms PLC Gaming Realms PLC (former PDX PLC), an online gaming operator, developing free-to-play and real-money products, gained 3.9% to 32.0p. Raspberry PI Holdings PLC Raspberry PI Holdings PLC, a worldwide designer and developer of single-board computers and compute modules, plunged 20.3% to 668.0p and emerged as the top loser in the Cambridge Index. Oracle Power PLC Oracle Power PLC, a provider of mining services, declined 20.0% to 0.04p. Today, the company announced progress towards mining at its Northern Zone Gold Project, part of the Kalgoorlie Gold Project in Western Australia. The company expects to submit its site clearance and Native Vegetation Clearing Permit applications in this month, while the fauna and integrated flora and vegetation reports are being finalised. The Mine Development and Closure Proposal is also progressing, with the heritage clearance survey completed, the hydrogeology report nearing completion, and geotechnical, geological and soil test results under analysis. Feedback PLC, a specialist in medical imaging technology and provider of innovative software and systems, dropped 8.1% to 6.2p. The company, in its trading update for the year ended 31 May 2026, announced that revenue remained broadly flat at approximately £0.8 million. Cash balances rose to £2.7 million, ahead of expectations, while the EBITDA loss is expected to be lower than both market expectations and the prior year due to disciplined cost controls. Potter & Moore PLC Potter & Moore Plc (former Creightons PLC), which is engaged in the development, marketing, and manufacture of toiletries and fragrances, lost 6.1% to 23.0p. The company announced that a recorded presentation for investors and analysts in relation to its audited results for the year ended 31 March 2026 will be published on the Company's website and made available through the Investor Meet Company platform on 22 July 2026. Dialight PLC Dialight PLC, a provider of electronic lighting and electromagnetic products, fell 5.8% to 408.0p. Other Movers in the Index Johnson Matthey PLC, a speciality chemicals company and leading provider of precious metal products and environmental technologies, gained 0.8% to 1918.0p. The company announced the appointment of Joachim Rosenberg as an independent Non-Executive Director, effective from the conclusion of the Company's Annual General Meeting. He will also serve on the Audit, Nomination and Remuneration Committees, bringing extensive international automotive, strategy and business transformation experience from the Volvo Group and McKinsey & Company. SDI Group PLC (former Scientific Digital Imaging PLC), a digital imaging technology company, rose 0.6% to 88.5p. The company announced that it will report its audited final results for the year ended 30 April 2026 on 29 July 2026. The company will also host an investor presentation on the same day for existing and prospective shareholders. GetBusy PLC, which is engaged in the development of document management and task management software, climbed 1.5% to 68.5p. The company announced the appointment of Paul Huberman as Chairman, succeeding Miles Jakeman, who has stepped down after nine years on the board. The company also confirmed that Nigel Payne has been appointed Chairman of the Audit Committee, with both changes taking immediate effect.