Umicore (UMI) Investor presentation summary

Business overview and strategy

• Over 200 years of history, evolved into a global leader in advanced materials technologies and recycling, with a closed-loop, circular business model integrating metals refining, production, and recycling.

• Focus on innovation, chemistry, material science, and metallurgy to tailor solutions and build leadership across sectors.

• Core 2028 mid-term plan targets maximizing cash generation from foundation businesses and recovering value in Battery Cathode Materials.

• Four strategic imperatives: balanced capital allocation, operational efficiencies, performance culture, and partnerships, especially in battery materials.

Segment performance and ambitions

• Catalysis: Leading position in automotive catalysts, targeting €1.8bn revenue and >35% ROCE by 2028, with >€1.4bn FCF from 2025-28.

• Recycling: Industry leader in precious metals recycling, aiming for €800m revenue, ~35% EBITDA margin, >40% ROCE, and ~€400m FCF by 2028.

• Specialty Materials: Focused on high-growth applications, targeting €600m revenue, >20% EBITDA margin, >12.5% ROCE, and ~€300m FCF by 2028.

• Battery Cathode Materials: Resized plan with €800m Capex reduction, targeting €1.1bn revenue, >25% ROCE, and positive FCF from 2027.

Financial strategy and capital deployment

• Rigorous capital deployment with €1.4bn Capex reduction versus previous plan, mainly in Battery Cathode Materials and Battery Recycling Solutions.

• Projected €2.1bn investments over 2025-28, with €0.3bn reinforcing recycling leadership.

• Performance management to offset inflation with €50-75m annual gross efficiencies from 2026-28.

• Hedging policy mitigates volatility in precious and platinum group metals, increasing earnings visibility.

• Solid liquidity with €2bn available at end 2024, leverage ratio targeted below 2x, and stable or rising dividends from €0.50/share baseline.