Umicore (UMI) H1 2025 earnings summary

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.