Umicore (UMI) H1 2026 earnings summary

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.