Umicore: Half Year Results 2025

Umicore: Half Year Results 2025

Umicore Group key highlights for the first half of 2025

• Solid first half of the year with earnings well up versus the previous year, driven by sustained demand and Group wide operational efficiency measures within a supportive metal price environment
• Strong performance in foundation businesses
  and gradual ramp-up of contracts in Battery Cathode Materials
• Group key figures as at 30 June 2025:
  • Revenues* of € 1.8 billion
  • Adjusted EBITDA of € 433 million and adjusted EBITDA margin of 24.3%
  • Adjusted EBIT of € 302 million and adjusted EBIT margin of 17.0%
  • Adjusted net profit (Group share) of € 135 million and adjusted EPS of € 0.56
  • ROCE of 16.4%
  • Total recordable injury rate for own employees of 4.4 per 1 million exposure hours, down compared to the end of 2024
• Execution of CORE strategy: focus on operational excellence,
  rigorous capital deployment and performance culture
  • Efficiency measures, well on track with > € 50 million already achieved over the first half of the year
  • Strict capital allocation with capital expenditures of € 109 million
  • Cash flow from operations of €  62 million: free operating cash flow of € -54 million
  • Net debt at € 1,829 million corresponding to a net debt / LTM adj. EBITDA ratio of 2.28x.

Statement from Bart Sap, CEO

“Umicore delivered an encouraging performance in the first half of this year, in a dynamic global context. This highlights the quality of our businesses as well as our continued focus on operational efficiencies and rigorous capital deployment across the Group. As we look to the future, we stay focused on executing our strategic priorities and take the necessary steps to drive cash generation in our foundation businesses and recover value in Battery Cathode Materials. In light of today’s geopolitical context and its resulting challenges, our longstanding circular business model is more relevant than ever as we continue to provide local access to critical metals and materials for a broad set of industries and applications. Our performance underlines the remarkable efforts of our teams, who consistently set the bar for industry performance.”

CORE | Strategy update

Maximize cash generation from foundation businesses and recover value in Battery Cathode Materials

In March 2025, Umicore shared the key outcomes of the Battery Materials strategy review and its roadmap to 2028. Focus is to reinforce our leadership in the foundation businesses and further unlocking their strong cash generation potential, while setting up Battery Cathode Materials for value recovery.

Umicore’s strategic roadmap to 2028 is based on four key imperatives: 

• Capital: Strictly contained investments, focus on a more balanced capital allocation across the Group and a rigorous capital deployment.
• Performance: Operational efficiencies across activities, targeted to offset inflation.
• People and culture: Establish a performance culture to drive change and unlock value through a continuous improvement mindset.
• Strategic partnerships: In Battery Cathode Materials, Umicore is executing its solid mid-term plan with a disciplined focus on value recovery, while simultaneously exploring partnerships if this would result in a faster or higher value recovery.

For more information on Umicore’s strategy and related mid-term targets we refer to the Capital Markets Day 2025 section on Umicore’s website.

New reporting structure

As part of the strategy update, Umicore has grouped its businesses related to the evolving EV market into a single Business Group called Battery Materials Solutions. This release marks the first introduction of this new financial reporting structure.

The Battery Materials Solutions Business Group is henceforth composed of :

• The business unit Battery Cathode Materials (formerly the ‘Battery Materials’ Business Group), which encompasses the developing, manufacturing and marketing of cathode materials and its precursors for lithium-ion batteries as well as the related refining activities of cobalt and nickel chemicals.

• The business unit Battery Recycling Solutions, formerly within the Recycling Business Group.

The Recycling Business Group is from now on composed of the business units Precious Metals Refining, Jewelry & Industrial Metals and Precious Metals Management. In this release, the 2024 financial reporting has been restated according to the new Business Group structure.

Business performance in the first half of 2025

Umicore’s Group revenues for the first half of 2025 amounted to € 1.8 billion, in line with the first half of 2024. The adjusted EBIT for the Group stood at € 302 million and the adjusted EBITDA at € 433 million, up +25% and +10% respectively compared to the same period last year. This year-on-year increase demonstrates solid underlying performance, primarily driven by sustained demand and operational efficiency initiatives across business units. These positive elements more than offset adverse effects of cost inflation and – to a lesser extent – fluctuations in foreign exchange rates¹. They have enabled us to cope with geopolitical uncertainties as they emerged since the beginning of 2025. A supportive precious, minor and specialty metals price environment compensated for the gradual decline in the average price levels of precious metals hedges.

• Revenues in the Battery Materials Solutions Business Group² amounted to € 212 million, somewhat below the first half of 2024, primarily due to slightly lower volumes of cathode active materials (CAM) and a lower refining income in the Battery Cathode Materials business unit. Adjusted EBITDA of the Business Group amounted to € -21 million, roughly stable against € -20 million over the first half of 2024. The earnings evolution hides opposite trends across the business units. Net spending in Battery Recycling Solution decreased versus 2024 which resulted in a positive year-on-year earnings evolution. On the other hand, earnings for Battery Cathode Materials decreased. In addition to slightly lower revenues, the year-on-year earnings evolution also reflects the absence of positive one offs recorded in 2024, only partially offset by efficiency and strict costs management. Adjusted EBIT amounted to € -54  million.
• Catalysis delivered an outstanding performance, with revenues and earnings above the levels seen in the first half of 2024. Revenues and volumes for Automotive Catalysts remained stable, with light-duty catalyst volumes outperforming a slightly contracting ICE automotive market mainly as a result of further market share gains in light-duty gasoline catalysts. Revenues in Precious Metals Chemistry and Fuel Cell & Stationary Catalysts were well up, driven by strong customer demand. The positive revenue evolution, in combination with cost discipline and high operational efficiency, led to an adjusted EBITDA of € 232 million, the second highest level achieved in the history of the Catalysis Business Group.
• The Recycling³ Business Group recorded solid results with revenues and earnings in line with the level of the first half of 2024. This performance reflects high activity levels and a supportive precious, minor and specialty metal price environment across business units that offset – in Precious Metals Refining – a somewhat less favorable mix and decreasing average price levels of precious metals hedges. Adjusted EBITDA amounted to € 190 million, also benefiting from performance management initiatives.
• Revenues in Specialty Materials were in line with the level of the first half of 2024. Adjusted EBITDA of the Business Group amounted to € 59 million, well up compared to the previous year, reflecting higher margins for cobalt products in Cobalt & Specialty Materials as well as operational efficiency improvements.

Capital deployment and cash generation

Umicore accelerated ongoing efficiency improvements to support cost optimization, top-line growth and working capital optimization. The Group-wide program to deliver at least € 100 million EBITDA in 2025 (included in the 2025 outlook) is well on track, with more than € 50 million already achieved so far. The Group’s adjusted EBITDA margin amounted to 24.3%, well up compared to the 21.8% in the first half of 2024.

Capital expenditures amounted to € 109 million in the first half of 2025, substantially down compared to € 269 million in the same period the previous year reflecting Umicore’s strict approach in capital allocation and certain timing effects. As at 30 June 2025, the ROCE amounted to 16.4%.

The Group continues to have a solid balance sheet at the end of June 2025, with a strong liquidity position and spread debt maturities. As anticipated, the net debt / LTM EBITDA ratio amounts to 2.28x.

Umicore confirms recently increased outlook for 2025

Building on the encouraging performance in the first half of the year, Umicore confirms that the adjusted EBITDA for the full year 2025 will be in the range of € 790 million to € 840 million, in line with the previously upgraded guidance. This guidance excludes any major upheavals in a context of persistent geopolitical tensions.⁴

• Umicore reiterates its guidance for the Battery Cathode Materials business unit, expecting adjusted EBITDA to be around break-even for 2025, similar to last year. This outlook indicates a solid underlying year-on-year performance improvement driven by the anticipated ramp-up of contracted volumes and ongoing operational efficiencies, given that 2024 results benefited from significant one-offs. For the full Battery Materials Solutions Business Group, including henceforth Battery Recycling Solutions, adjusted EBITDA is forecasted between € -20 and € -25 million, reflecting sequential improved performance in the second half as higher Battery Cathode Materials volumes should offset increased Battery Recycling Solutions spending.

• In Catalysis, Umicore expects to continue to benefit from its strong market position in gasoline catalyst applications and continued contribution from operational performance efforts. In this context, adjusted EBITDA in 2025 is expected to be slightly above the record level achieved in 2024. It is, however, anticipated that revenues and earnings in the second half of the year will reflect the usual seasonality in the automotive end market.
• Assuming similar precious metals and minor & specialty metals price levels as in the month of  June, in combination with current metal hedges, the 2025 adjusted EBITDA for the Recycling Business Group is projected to be close to the level of 2024. It is however anticipated that revenues and earnings will be sequentially lower in the second half of the year as a result of the gradual decline of the average price level of the precious metals’ hedges.

• It is anticipated that Specialty Materials will continue to benefit from increased efficiency measures, as well as supportive margins for cobalt products. This is expected to result in a modest increase in 2025 adjusted EBITDA of the Business Group versus 2024.
• Corporate costs are expected to decrease up to 20% versus the level of the previous year.
• In the spirit of rigorous capital deployment and taking into account the remaining, strictly minimized, investments in the Battery Cathode Materials business, Group capital expenditures for 2025 are anticipated to be around € 350 million. This excludes the equity contributions to the IONWAY joint venture with PowerCo. For the full year 2025, Umicore plans to contribute a total of € 400 million to IONWAY. It has already contributed € 250 million in January this year and currently anticipates that the remaining € 150 million will be contributed in the second half of the year.

• Building on the strong value management in 2024, the outlook for 2025 includes an additional year-on-year EBITDA impact of at least € 100 million, originating from further efficiency improvements across the Group.

A conference call and audio webcast for analysts and investors will take place today at 09:30 AM CET. Press representatives are welcome to watch the live audio webcast. For further interpretation, they can contact the Media Relations team.

Access the full Press Release via this link.

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Financial calendar

20 February 2026         Full Year Results 2025

Umicore profile

Umicore is a global advanced materials and recycling Group. Leveraging decades of expertise in materials science, metallurgy, chemistry, and metals management, Umicore transforms precious and critical metals into functional technologies that enable everyday applications. Its unique circular business model ensures that these critical elements are continuously refined and recycled, to be reintegrated in new applications.

Umicore’s four Business Groups – Catalysis, Recycling, Specialty Materials and Battery Materials Solutions – offer materials and solutions addressing resource scarcity and the growing need for functional materials for clean technologies, clean mobility and a connected world. Through tailored and cutting-edge products and processes they drive innovation and sustainability.

Umicore generates the majority of its revenues from, and focuses most of its R&D efforts on, clean mobility and recycling. Its overriding goal of sustainable value creation is rooted in developing, producing and recycling materials for a better life.

Umicore’s industrial, commercial and R&D activities, with more than 11,000 employees, are located across the world to best serve its global customer base. Group revenues (excluding metal) reached € 1.8 billion (turnover of € 8.7 billion) in the first half of 2025.

^* All references to revenues in this document refer to revenues excluding metals (i.e. all revenue elements less the value of the following purchased metals: Au, Ag, Pt, Pd, Rh, Co, Ni, Pb, Cu, Ge, Li and Mn).

¹ Umicore has hedged the majority of its structural FX exposure.

² The Battery Materials Solutions Business Group is henceforth composed of the business units Battery Cathode Materials and Battery Recycling Solutions. We refer to the section ‘New reporting structure’ in this press release for more information. The Business Group’s revenues and earnings for the first half of 2024 have been restated to take this change into account.

³ The Recycling Business Group no longer includes the Battery Recycling Solutions business unit and is henceforth composed of the business units Precious Metals Refining, Jewelry & Industrial Metals and Precious Metals Management. We refer to the section ‘New reporting structure’ in this press release for more information. The Business Group’s revenues and earnings for the first half of 2024 have been restated to take this change into account.

⁴ Please consult the Forward Looking Statements on page 37 of the release.

Attachment

• Press Release HYR 2025_EN