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Umicore
Umicore (UMI) investor relations material
Umicore H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary20 Feb, 2026
Executive summary
2025 marked a pivotal year with the launch of new strategies, including the CORE strategy and consolidation of EV-related businesses, focusing on value recovery, operational excellence, and disciplined capital allocation.
Strong performance in foundation businesses was driven by efficiency gains and favorable metal prices, with revenues up 3% and adjusted EBITDA up 11% year-over-year.
The sale and leaseback of permanent gold inventory unlocked significant value, generating €525 million in cash and reducing leverage to 1.6x.
All business segments except Recycling saw EBITDA improvement or stability; Recycling remained stable with strong margins.
The company enters 2026 on a stronger footing, maintaining a focus on cost discipline, selective growth, and value recovery in Battery Materials.
Financial highlights
Revenues (excluding metal) rose 3% year-over-year to €3.6 billion; turnover reached €19.4 billion.
Adjusted EBITDA increased 11% to €847 million (margin 24.0%); Adjusted EBIT up 21% to €579 million (margin 16.5%).
Adjusted net income: €288 million; adjusted EPS up 13% to €1.20.
Net income: €385 million, a significant turnaround from -€1.5 billion in 2024.
Free operating cash flow reached €524 million, supported by gold inventory sale; capex limited to €310 million.
Dividend proposed at €0.50 per share (42% payout ratio).
Outlook and guidance
No concrete 2026 guidance due to market volatility, but adjusted EBITDA is expected to progress, with focus on capital discipline, cash generation, and efficiency.
CapEx for 2026 expected between €300 million and €400 million, mainly for Recycling and Specialty Materials growth, excluding IONWAY contributions.
Battery Materials Solutions to pursue value recovery, leveraging take-or-pay contracts and cost base improvements.
Catalysis expected to benefit from strong market position in gasoline catalyst applications despite peak ICE production.
Corporate costs to rise due to investments in digitalization and AI.
Impact of take-or-pay on Battery Cathode Materials
What drives 2026 capex increase?
Umicore's metal hedging strategy for 2027-2030
Limitations to hedging beyond 2028
Take-or-pay effectiveness in volatile EV market
Capital allocation priorities for 2026 growth
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Next Umicore earnings date
H1 202631 Jul, 2026
Umicore
Next Umicore earnings date
H1 202631 Jul, 2026
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Frequently asked questions
Umicore SA is a global materials technology and recycling company. The company focuses on the development and production of advanced materials used in various industries, including automotive, energy, and electronics. Umicore's core business segments include catalysis, energy and surface technologies, and recycling. It produces automotive catalysts for emission control, rechargeable battery materials for electric vehicles and energy storage, and also operates a highly specialized recycling business that processes complex waste streams to recover precious and base metals. The company serves sectors such as clean mobility, energy storage, and industrial applications. The company is headquartered in Brussels, Belgium, and its shares are listed on the Brussels Stock Exchange.
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