Belgium · Delayed Price · Currency is EUR Umicore Earnings Call Transcripts
Fiscal Year 2025
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2025 saw strong financial performance with EBITDA up 11%, margin at 24%, and leverage reduced to 1.6x, driven by efficiency gains, gold inventory sale, and disciplined CapEx. All segments improved or held steady, and 2026 is expected to see further EBITDA progress despite ongoing market volatility.
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H1 2025 saw strong operational efficiency, higher EBITDA, and improved margins, with robust performance in Catalysis, Recycling, and Specialty Materials. Guidance for 2025 EBITDA was raised, CapEx reduced, and leverage remains under control, despite ongoing market volatility and geopolitical risks.
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The meeting reviewed a challenging year marked by lower revenues, major write-downs in battery materials, and a strategic shift to focus on core businesses and efficiency. All voting items, including a reduced dividend and board changes, were approved by large majorities.
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The group is shifting from growth to value recovery, prioritizing cash generation, operational efficiency, and capital discipline, especially in battery materials. 2028 targets include €1.0–1.2 billion EBITDA, >23% margin, and €1.0–1.2 billion free cash flow, with significant CapEx cuts and a focus on partnerships and industry consolidation.
Fiscal Year 2024
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2024 saw an 11% revenue decline to €3.5 billion, with a €1.6 billion battery materials impairment driving a net loss. Efficiency gains and CapEx cuts supported cash flow, but 2025 guidance remains cautious amid market and geopolitical uncertainties.
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H1 2024 saw lower revenues and a €1.6 billion impairment in Battery Materials due to EV market slowdown and asset underutilization. Foundation businesses delivered strong returns, and 2024 EBITDA guidance is maintained at €760–€800 million, with capital discipline and strategic review ongoing.
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2024 battery materials guidance is sharply reduced due to lower EV demand, contract delays, and weak Chinese volumes, with adjusted EBITDA now expected around break-even. CapEx is cut to €650 million, while foundation businesses remain strong. Management reaffirms long-term commitment to battery materials and will provide further updates later this year.