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Umicore (UMI) investor relations material
Umicore H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered strong, broad-based earnings growth in H1 2026, driven by business execution, efficiency, and favorable metal prices, especially in Q1.
Upgraded full-year 2026 adjusted EBITDA guidance to slightly above €1 billion.
Sustained capital discipline, improved cash generation, and robust balance sheet.
Management transition: Lily Liu to succeed outgoing CFO Wannes Peferoen as of August 2026.
Continued focus on building a high-performing, accountable organization and leveraging industry partnerships.
Financial highlights
Revenues grew 7.1% year-on-year to €1.9 billion in H1 2026.
Adjusted EBITDA increased 33.5% year-on-year to €577 million; margin rose to 30.2%.
Adjusted EBIT up 46.6% to €442 million; adjusted net result group share €273 million, more than doubled year-on-year.
Adjusted EPS doubled to €1.14; free operating cash flow €295 million versus an outflow last year.
Net debt increased to €1.5 billion; leverage ratio improved to 1.52x.
Outlook and guidance
Full-year 2026 adjusted EBITDA expected slightly above €1 billion, assuming stable metal prices and macro environment.
Catalysis 2026 adjusted EBITDA expected in line with 2025 record; Recycling and Specialty Materials to exceed 2025, though H2 will moderate.
Battery Materials Solutions performance improvement expected, driven by take-or-pay compensation and cost focus.
CapEx to remain in line with 2025, with selective growth and digitalization investments.
Corporate costs to rise due to investments in digitalization and AI.
- 2025 results, board changes, and new remuneration policy approved; strong outlook for 2026.UMI
AGM 2026 presentation - EBITDA for 2026 is projected near EUR 1 billion, supported by strong segment results and market demand.UMI
Q1 2026 TU - 2028 strategy targets cash generation, efficiency, and sustainability with robust financial goals.UMI
Investor presentation - Revenues up 3% to €3.6B, EBITDA up 11% to €847M, leverage down to 1.6x, outlook strong.UMI
H2 2025 - €1.6 billion Battery Materials impairment and €1.47 billion net loss define H1 2024.UMI
H1 2024 - Battery materials outlook and group EBITDA cut for 2024; CapEx reduced, core businesses remain strong.UMI
Trading Update - Targets EUR 1–1.2bn EBITDA, >15% ROCE, and EUR 1–1.2bn free cash flow by 2028.UMI
CMD 2025 - All proposals passed as core businesses held firm despite battery headwinds and strategic shifts.UMI
AGM 2025 - Revenues dropped 11%, with a €1.6bn impairment and 2025 EBITDA guided at €720–780m.UMI
H2 2024
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