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Umicore (UMI) investor relations material

Umicore H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary1 Aug, 2025

Executive summary

  • H1 2025 delivered strong results, driven by operational efficiency, sustained demand, and a favorable metal price environment.

  • Strategic focus on operational excellence, capital discipline, performance culture, and partnerships, with reduced CapEx and efficiency savings.

  • New reporting structure: Battery Materials Solutions now includes battery recycling, with restated 2024 numbers for comparability.

  • Gradual ramp-up of Battery Cathode Materials contracts and continued leadership in next-generation battery technologies.

Financial highlights

  • H1 2025 revenues reached €1.8 billion; adjusted EBITDA was €433 million, up 10% year-over-year.

  • Adjusted EBITDA margin improved to 24.3%; ROCE at 16.4%.

  • Adjusted net profit group share was €135 million; adjusted EPS up 16% to €0.56.

  • Free cash flow from operations was negative €54 million, reflecting higher working capital and equity injection into IONWAY.

  • Net financial debt at €1.8 billion; leverage ratio at 2.28x; net gearing ratio at 47.6%.

Outlook and guidance

  • Full-year 2025 adjusted EBITDA guidance raised to €790–850 million, with most recent range at €790–840 million.

  • CapEx for 2025 expected at €350 million, down from €550 million in 2024.

  • Leverage expected to peak in 2025–2026, then fall below 2x from 2027 as cash flow improves.

  • Battery Materials Solutions group expected at €-20 to €-25 million adjusted EBITDA for 2025; Catalysis and Recycling to remain strong.

  • Guidance assumes no major upheavals amid ongoing geopolitical tensions.

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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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