Our Superform aluminum superplastic forming business, which operates from a site in the U.S. was historically included in the Gas Cylinders Segment. As a result of our decision to exit non-strategic aluminum product lines, we have reflected the results of its operations as discontinued operations in the Consolidated Statements of Income for all periods presented. We expect the Superform business to be sold within the next twelve months.

The assets and liabilities of the Superform business has been presented within Current assets held-for-sale and Current liabilities held-for-sale in the Consolidated Balance Sheets at December 31, 2025, and December 31, 2024.

Results of discontinued operations were as follows:


In millions	2025		2024		2023
Net sales	$	9.3	$	6.6	$	8.2
Cost of goods sold	(7.2)		(5.2)		(6.4)
Gross profit	2.1		1.4		1.8
Selling, general and administrative expenses	(5.5)		(1.9)		(1.7)
Restructuring credit / (charge)	—		—		(0.2)
Disposal related credit	0.4		0.4		0.2
Loss on assets held-for-sale	(2.8)		—		—



(Loss) / income before income taxes	(5.8)		(0.1)		0.1
Credit for income taxes	0.4		0.2		0.6


Net (loss) / income	$	(5.4)	$	0.1	$	0.7

In 2025 the Company recognized a $2.8 million loss on held-for-sale asset group relating to Superform assets. The loss reflects an adjustment to bring the carrying amount in line with its estimated fair value less costs to sell, in accordance with ASC 360, due to revised expectations regarding the sale. The fair value measurement was determined using a non-recurring fair value approach under ASC 820. As the asset group is not traded in an active market, the Company applied a market approach, estimating fair value based on recent transactions involving comparable businesses of a similar size and industry profile. This fair value measurement is classified as Level 3 within the fair value hierarchy.

Also in 2025, 2024 and 2023, the Company recognized a disposal-related credit of $0.4 million, $0.4 million and $0.2 million, respectively, in relation to a previously impaired asset from the previous dispositions which occurred in 2021.

Additionally, in 2025, the Company recognized a provision of $3.1 million in relation to dilapidation obligations associated with the former Superform U.K. site sold in 2021, for which the Group remains a guarantor under the relevant lease arrangements following disposal of the business. The obligation reflects management’s best estimate of the costs required to settle the remaining property reinstatement and exit obligations.

The expense has been recorded within discontinued operations in selling, general and administrative expenses, consistent with the nature of the underlying site and its association with the disposed business.

The expense has been recorded in the consolidated balance sheet within other current liabilities as a short-term provision, reflecting the Group’s ongoing legal obligation as guarantor and the expected timing of settlement.

The associated assets and liabilities relating to Superform U.S. that are classified as held-for-sale were as follows:


In millions	December 31, 2025		December 31, 2024
Accounts and other receivables	$	2.1	$	1.8
Prepayments and accrued income	0.5		0.4
Inventories	2.9		4.0

Current assets	5.5		6.2


Right-of-use assets	—		1.5

Total assets	$	5.5	$	7.7

Accounts payable	1.1		0.8
Accrued liabilities	0.4		0.4
Other current liabilities	1.3		2.4
Current liabilities	2.8		3.6


Total liabilities	$	2.8	$	3.6

The depreciation and amortization, capital expenditures and significant operating non-cash items were as follows:


In millions	2025		2024		2023
Non-cash add-backs to cash flows from discontinued operating activities:
Depreciation	$	—	$	—	$	0.1
Share-based compensation charge	0.3		—		—


Cash flows from discontinued investing activities:
Capital expenditures	$	0.2	$	—	$	0.1

The total assets and liabilities classified as held-for-sale, including those that qualify as discontinued operations are as follows:


Held-for-sale assets	December 31,		December 31,
In millions	2025		2024
Accounts and other receivables	2.1		5.5
Prepayments and accrued income	0.5		1.6
Inventory	2.9		11.3
Current assets	5.5		18.4

Property, plant and equipment	—		0.3
Right-of-use-assets	—		3.8
Non-current assets	—		4.1

Total held-for-sale assets	$	5.5	$	22.5

Held-for-sale liabilities
Accounts payable	1.1		1.4
Accrued liabilities	0.4		3.3
Other liabilities	1.3		8.1
Held-for-sale liabilities	$	2.8	$	12.8

In 2024, the Company recognized a $6.1 million gain on disposal in relation to the sale of the land and buildings in our Elektron division. Net consideration of $7.3 million was received in the fourth quarter of 2024.

As a result of the Company’s strategic review process announced in October 2023, the Company concluded that its Graphic Arts business no longer aligned with the Company’s overall business and value proposition and as a result the assets and liabilities of the business were disclosed as held-for-sale. In 2024, the company recognized a $9.8 million loss on the held-for-sale asset group, recognized within disposal related costs, relating to our Graphic Arts segment to reflect its fair value. A total $2.4 million of costs ($1.7 million accrual), were also recognized within disposal related costs in the Consolidated Statements of Income / (Loss), for expected costs in relation to professional fees for the planned divestiture of the Graphic Arts segment.

On July 2, 2025, the Company completed the divesture of its Graphic Arts business to Vulcan Metals Specialty Products, Inc., a newly created affiliate of TerraMar Capital LLC. Graphic Arts was previously reported as a separate operating segment under ASC 280. In 2025, the Company recognized a net loss on the held-for-sale asset group of $1.9 million. The consideration and loss on disposal was calculated as follows:



In millions	2025
Gross consideration	$	7.3
Working capital adjustment	(2.3)
Transaction costs	(2.1)
Net proceeds	$	2.9
Net assets disposed	(4.6)
Accrued transaction costs	(0.2)
Net loss on disposal	$	(1.9)

The loss on disposal of $1.9 million has been recognized within disposal related costs in the Consolidated Statements of Income / (Loss). The working capital adjustment reflects cash received prior to the divestiture, resulting in a reduction of the consideration paid by Vulcan Metals Specialty Products, Inc.


Assets	July 2,
In millions	2025
Inventory	$	7.9
Prepayments and accrued income	0.9
Accounts and other receivables	3.8
Current assets	$	12.6

Property, plant and equipment	$	0.5
Right-of-use-assets	2.3
Non-current assets	$	2.8

Total assets	$	15.4

Liabilities
Accounts payable	$	0.6
Accrued liabilities	4.7
Other current liabilities	5.5
Total liabilities	$	10.8

Net assets disposed	$	4.6

In accordance with ASC 205-20 and ASC 360-10, our Graphic Arts business was classified as held-for-sale at December 31, 2024, however the business did not meet the criteria to be classified as a discontinued operation.