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Segmental Information | 9 Months Ended
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Sep. 28, 2025
Segment Reporting [Abstract] |
Segmental Information | Segmental Information We classify our operations into business segments, based primarily on shared economic characteristics for the nature of the products and services; the nature of the production processes; the type or class of customer for their products and services; the methods used to distribute their products or provide their services; and the nature of the regulatory environment. The Company has four identified business units following the divestiture of Luxfer Graphic Arts, which aggregate into two reportable segments within continuing operations, and one within discontinued operations. Luxfer Gas Cylinders forms the Gas Cylinders segment and, Luxfer MEL Technologies and Luxfer Magtech aggregate into the Elektron segment. Prior to its divestiture, an additional business unit, Luxfer Graphic Arts formed the Graphic Arts segment. Our Superform business unit used to aggregate into the Gas Cylinders segment but is now recognized within discontinued operations. A summary of the operations of the segments within continuing operations is provided below: Gas Cylinders segment Our Gas Cylinders segment manufactures and markets specialized highly-engineered cylinders, using composites and aluminum alloys, including pressurized cylinders for use in various applications including self contained breathing apparatus ('SCBA') for firefighters, containment of oxygen and other medical gases for healthcare, alternative fuel vehicles, aerospace and space exploration and specialty industrial applications. Elektron segment Our Elektron segment focuses on specialty materials based primarily on magnesium and zirconium, with key product lines including advanced lightweight magnesium alloys with a variety of uses across a variety of industries; magnesium powders for use in countermeasure flares, as well as heater meals; and high-performance zirconium-based materials and oxides used as catalysts and in the manufacture of advances ceramics, fiber-optic fuel cells, and many other performance products. Graphic Arts segment Our Graphic Arts segment provided a full range of pre-sensitized magnesium, copper and zinc plates, along with associated chemicals, for the production of foil-stamping and embossing dies. In addition, non-sensitized polished brass and magnesium plates were manufactured for computer numerical control ('CNC') engraving. The segment also advised on turnkey engraving operations, complete with etching machines, computer-to-plate ('CtP') machines, exposure units and film setters. 15. Segmental Information (continued) Other Other, as used below, primarily represents unallocated corporate expense and includes non-service related defined benefit pension credit. Management monitors the operating results of its reportable segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated by the chief operating decision maker "CODM", the CEO, who is responsible for allocating resources and assessing performance of the operating segments, using net sales and adjusted EBITA, which is defined as the Company's measure of segment profit or loss, and is based on income before tax from continuing operations, adjusted for share-based compensation charges; restructuring charges; impairment charges; disposal costs; gain on disposal of assets held for sale/property, plant and equipment; defined benefit credit/charge, interest expense, net and amortization. Unallocated assets and liabilities include those which are held on behalf of the Company and cannot be allocated to a segment, such as taxation, investments, cash, retirement benefits obligations, bank and other loans and holding company assets and liabilities. Financial information by reportable segment in the third quarter and first nine months of 2025 and 2024 were as follows:
|  | Third Quarter 2025 |
| In millions | Gas Cylinders |  | Elektron |  | Graphic Arts |  | Total |
| Net sales | $ | 42.9 |  |  | $ | 50.0 |  |  | $ | — |  |  | $ | 92.9 |  |
| Manufacturing fixed costs | (7.5) |  |  | (8.8) |  |  | — |  |  | (16.3) |  |
| Other cost of sales(1) | (28.5) |  |  | (26.4) |  |  | — |  |  | (54.9) |  |
| Other segment items(2) | (4.1) |  |  | (6.4) |  |  | — |  |  | (10.5) |  |
| Segment adjusted EBITA | $ | 2.8 |  |  | $ | 8.4 |  |  | $ | — |  |  | $ | 11.2 |  |
| Amortization |  |  |  |  |  |  | (0.2) |  |
| Share-based compensation charges |  |  |  |  |  |  | (1.0) |  |
| Restructuring charges |  |  |  |  |  |  | (3.5) |  |
| Disposal costs |  |  |  |  |  |  | (1.1) |  |
| Defined benefit pension credit |  |  |  |  |  |  | 0.6 |  |
| Interest expense, net |  |  |  |  |  |  | (0.7) |  |
| Income before tax from continuing operations |  |  |  |  |  |  | $ | 5.3 |  |
|  | Third Quarter 2024 |
| In millions | Gas Cylinders |  | Elektron |  | Graphic Arts |  | Total |
| Net sales | $ | 42.6 |  |  | $ | 48.8 |  |  | $ | 8.0 |  |  | $ | 99.4 |  |
| Manufacturing fixed costs | (7.3) |  |  | (7.2) |  |  | (1.9) |  |  | (16.4) |  |
| Other cost of sales(1) | (28.5) |  |  | (27.7) |  |  | (4.4) |  |  | (60.6) |  |
| Other segment items(2) | (3.1) |  |  | (4.6) |  |  | (1.8) |  |  | (9.5) |  |
| Segment adjusted EBITA | $ | 3.7 |  |  | $ | 9.3 |  |  | $ | (0.1) |  |  | $ | 12.9 |  |
| Amortization |  |  |  |  |  |  | (0.2) |  |
| Share-based compensation charges |  |  |  |  |  |  | (0.7) |  |
| Restructuring charges |  |  |  |  |  |  | (0.5) |  |
| Loss on disposal of property, plant and equipment |  |  |  |  |  |  | (0.1) |  |
| Gain on disposal of held for sale assets |  |  |  |  |  |  | 6.1 |  |
| Disposal costs |  |  |  |  |  |  | (0.1) |  |
| Defined benefit pension credit |  |  |  |  |  |  | 0.3 |  |
| Interest expense, net |  |  |  |  |  |  | (1.4) |  |
| Income before tax from continuing operations |  |  |  |  |  |  | $ | 16.3 |  |
In the third quarter of 2025 there were no sales made between our segments (2024: $0.1 million sales between our Elektron segment and Graphic Arts segment). 15. Segmental Information (continued)
|  | Year-to-date 2025 |
| In millions | Gas Cylinders |  | Elektron |  | Graphic Arts |  | Total |
| Net sales | $ | 131.0 |  |  | $ | 149.5 |  |  | $ | 13.4 |  |  | $ | 293.9 |  |
| Manufacturing fixed costs | (22.6) |  |  | (24.3) |  |  | (4.0) |  |  | (50.9) |  |
| Other cost of sales(1) | (87.8) |  |  | (80.6) |  |  | (7.5) |  |  | (175.9) |  |
| Other segment items(2) | (12.0) |  |  | (21.2) |  |  | (3.0) |  |  | (36.2) |  |
| Segment adjusted EBITA | $ | 8.6 |  |  | $ | 23.4 |  |  | $ | (1.1) |  |  | $ | 30.9 |  |
| Amortization |  |  |  |  |  |  | (0.6) |  |
| Share-based compensation charges |  |  |  |  |  |  | (2.8) |  |
| Restructuring charges |  |  |  |  |  |  | (5.6) |  |
| Disposal costs |  |  |  |  |  |  | (1.2) |  |
| Defined benefit pension credit |  |  |  |  |  |  | 1.8 |  |
| Interest expense, net |  |  |  |  |  |  | (2.4) |  |
| Income before tax from continuing operations |  |  |  |  |  |  | $ | 20.1 |  |
|  | Year-to-date 2024 |
| In millions | Gas Cylinders |  | Elektron |  | Graphic Arts |  | Total |
| Net sales | $ | 137.8 |  |  | $ | 128.5 |  |  | $ | 22.2 |  |  | $ | 288.5 |  |
| Manufacturing fixed costs | (22.3) |  |  | (21.3) |  |  | (5.8) |  |  | (49.4) |  |
| Other cost of sales(1) | (92.7) |  |  | (70.3) |  |  | (13.3) |  |  | (176.3) |  |
| Other segment items(2) | (11.8) |  |  | (11.6) |  |  | (4.8) |  |  | (28.2) |  |
| Segment adjusted EBITA | $ | 11.0 |  |  | $ | 25.3 |  |  | $ | (1.7) |  |  | $ | 34.6 |  |
| Amortization |  |  |  |  |  |  | (0.6) |  |
| Share-based compensation charges |  |  |  |  |  |  | (2.1) |  |
| Restructuring charges |  |  |  |  |  |  | (2.3) |  |
| Loss on disposal of property, plant and equipment |  |  |  |  |  |  | (0.1) |  |
| Gain on disposal of held for sale assets |  |  |  |  |  |  | 6.1 |  |
| Disposal costs |  |  |  |  |  |  | (9.5) |  |
| Defined benefit pension credit |  |  |  |  |  |  | 0.8 |  |
| Interest expense, net |  |  |  |  |  |  | (4.1) |  |
| Income before tax from continuing operations |  |  |  |  |  |  | $ | 22.8 |  |
During the first nine months of 2025 there were $0.1 million sales made between our Elektron segment and Graphic Arts segment (2024: $0.4 million) (1) Other cost of sales includes material costs and variable costs. (2) Other segment items primarily consists of sales, marketing, research and development, general and admin costs.
|  | Depreciation and amortization |  | Restructuring charges |
|  | Third Quarter |  | Year-to-date |  | Third Quarter |  | Year-to-date |
| In millions | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
| Gas Cylinders segment | $ | 0.9 |  |  | $ | 0.9 |  |  | $ | 2.6 |  |  | $ | 2.6 |  |  | $ | 0.9 |  |  | $ | 0.5 |  |  | $ | 3.0 |  |  | $ | 2.1 |  |
| Elektron segment | 1.7 |  |  | 1.7 |  |  | 4.9 |  |  | 4.9 |  |  | 2.6 |  |  | — |  |  | 2.6 |  |  | 0.2 |  |
| Graphic Arts segment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
| Consolidated | $ | 2.6 |  |  | $ | 2.6 |  |  | $ | 7.5 |  |  | $ | 7.5 |  |  | $ | 3.5 |  |  | $ | 0.5 |  |  | $ | 5.6 |  |  | $ | 2.3 |  |
15. Segmental Information (continued)
|  | Total assets | Capital expenditures |
|  | September 28, |  | December 31, |  | Third Quarter |  | Year-to-date |
| In millions | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
| Gas Cylinders segment | $ | 128.7 |  |  | $ | 122.5 |  |  | $ | 0.5 |  |  | $ | 1.1 |  |  | $ | 1.3 |  |  | $ | 3.2 |  |
| Elektron segment | 172.8 |  |  | 173.1 |  |  | 1.2 |  |  | 1.8 |  |  | 3.3 |  |  | 3.9 |  |
| Graphic Arts segment | — |  |  | 14.8 |  |  | — |  |  | 0.1 |  |  | 0.1 |  |  | 0.2 |  |
| Total reportable segments | $ | 301.5 |  |  | $ | 310.4 |  |  | $ | 1.7 |  |  | $ | 3.0 |  |  | $ | 4.7 |  |  | $ | 7.3 |  |
| Other | 69.1 |  |  | 64.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |
| Discontinued operations | 6.8 |  |  | 7.7 |  |  | — |  |  | — |  |  | 0.2 |  |  | — |  |
| Consolidated | $ | 377.4 |  |  | $ | 382.4 |  |  | $ | 1.7 |  |  | $ | 3.0 |  |  | $ | 4.9 |  |  | $ | 7.3 |  |
|  | Property, plant and equipment, net |
|  | September 28, |  | December 31, |  |  |
| In millions | 2025 |  | 2024 |  |  |
| U.S. | $ | 22.4 |  |  | $ | 26.7 |  |  |  |
| United Kingdom | 33.5 |  |  | 33.0 |  |  |  |
| Canada | 2.6 |  |  | 2.8 |  |  |  |
| Asia Pacific | 0.3 |  |  | 0.3 |  |  |  |
|  | $ | 58.8 |  |  | $ | 62.8 |  |  |  |
The following tables present certain geographic information by geographic region for the first nine months and Third Quarter ended September 28, 2025, and September 29, 2024:
|  | Net Sales(1) |
|  | Third Quarter |  | Year-to-date |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |
|  | $M | Percent |  | $M | Percent |  | $M | Percent |  | $M | Percent |
| United States | $ | 63.4 |  | 68.3 | % |  | $ | 57.7 |  | 58.1 | % |  | $ | 189.2 |  | 64.4 | % |  | $ | 168.2 |  | 58.3 | % |
| United Kingdom | 6.0 |  | 6.5 | % |  | 7.4 |  | 7.4 | % |  | 18.0 |  | 6.1 | % |  | 18.0 |  | 6.2 | % |
| Japan | 4.3 |  | 4.6 | % |  | 5.7 |  | 5.7 | % |  | 14.9 |  | 5.1 | % |  | 14.7 |  | 5.1 | % |
| Germany | 5.8 |  | 6.2 | % |  | 5.8 |  | 5.8 | % |  | 17.0 |  | 5.8 | % |  | 18.4 |  | 6.4 | % |
| Canada | 1.4 |  | 1.5 | % |  | 2.8 |  | 2.8 | % |  | 7.2 |  | 2.4 | % |  | 9.3 |  | 3.2 | % |
| Top five countries | $ | 80.9 |  | 87.1 | % |  | $ | 79.4 |  | 79.8 | % |  | $ | 246.3 |  | 83.8 | % |  | $ | 228.6 |  | 79.2 | % |
| Rest of Europe | 7.0 |  | 7.5 | % |  | 12.1 |  | 12.3 | % |  | 26.6 |  | 9.1 | % |  | 36.5 |  | 12.7 | % |
| Asia Pacific | 4.1 |  | 4.4 | % |  | 5.8 |  | 5.8 | % |  | 16.3 |  | 5.5 | % |  | 16.1 |  | 5.6 | % |
| Other (2) | 0.9 |  | 1.0 | % |  | 2.1 |  | 2.1 | % |  | 4.7 |  | 1.6 | % |  | 7.3 |  | 2.5 | % |
|  | $ | 92.9 |  |  |  | $ | 99.4 |  |  |  | $ | 293.9 |  |  |  | $ | 288.5 |  |  |
(1) Net sales are based on the geographic destination of sale. (2) Other includes South America, Latin America the Middle East and Africa.

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- Definition The entire disclosure for reporting segments including data and tables. 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