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 covered annual and consolidated reports, remuneration, statutory accounts, board discharges, board composition, sustainability assurance, and change of control provisions.

• The agenda included financial results, strategy, and voting items, with acknowledgments of a challenging year.

Financial performance review

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

• Significant write-downs of EUR 1.6 billion were recorded in Battery Materials, impacting net results.

• Free cash flow and efficiency improved, with cost-saving measures exceeding targets (EUR 100 million saved vs. EUR 70 million planned); free operating cash flow was EUR 384 million and CAPEX EUR 555 million.

• Net financial debt stood at EUR 1.4 billion, leverage ratio at 1.87x, and liquidity at EUR 2 billion at year-end.

• 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 and supervisory boards.

• 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.

• Mandate renewals for Françoise Chombar (1 year) and Alison Henwood (3 years); Mark Garrett and Laurent Raets stepped down.