Umicore (UMI) AGM 2025 summary

Opening remarks and agenda

• Convening notices and meeting materials were distributed to shareholders, board members, and auditors in advance of the meeting.

• The meeting was opened with acknowledgments of a challenging year and an overview of the agenda, including financial results, strategy, and voting items.

Financial performance review

• 2024 revenue was EUR 3.5 billion, down from EUR 3.9 billion in 2023, with an adjusted EBITDA of EUR 763 million and a margin of 22%.

• Significant write-downs of EUR 1.6 billion were recorded, mainly in battery activities, impacting net results.

• Free cash flow and efficiency improved, with cost-saving measures exceeding targets (EUR 100 million saved vs. EUR 70 million planned).

• Net financial debt stood at EUR 1.4 billion, with a leverage ratio of 1.87.

• Q1 2025 started positively, with strong performance in core business units and limited direct impact from new tariffs.

Board and executive committee updates

• A new CEO was appointed in May 2024, with changes in the executive board and supervisory board.

• Two new board members, Michael Bredael and Martina Merz, were introduced, bringing extensive industry and financial experience.

• The board convened 13 times in 2024, with high attendance and active engagement on strategy, management changes, and ESG topics.