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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.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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