Umicore N.V. Overview
Umicore turns precious and critical metals into functional materials and then recovers those metals at end of life. Its four Business Groups are Catalysis, Recycling, Specialty Materials and Battery Materials Solutions. The group reported FY2025 revenues excluding metal of EUR 3.6bn on turnover of EUR 19.4bn, and a 24.0% adjusted EBITDA margin. Automotive catalysts and the Hoboken precious metals refinery generate most of the cash. Germanium, stationary catalysts and semiconductor plating and thin-film materials form the smaller growth edge. The battery cathode business, which absorbed a EUR 1.6bn write-down in 2024, now earns mainly through take-or-pay contracts. For the semiconductor industry Umicore is a supplier of germanium wafers, sputtering targets, copper plating additives and precursors, and also a recycler of spent targets, germanium scrap and precious-metal residues. That closed loop, which handles more than 17 metals outside China, is the group's defining asset.
Umicore describes itself in its FY2025 and H1 2026 releases as "a global advanced materials and recycling Group" that, "leveraging decades of expertise in materials science, metallurgy, chemistry, and metals management, transforms precious and critical metals into functional technologies that enable everyday applications." It adds that its circular business model ensures critical elements are "continuously refined and recycled, to be reintegrated in new applications."
An independent reading is more specific. Umicore is a metals-margin business with three earnings engines of different quality. Catalysis is a formulation and manufacturing franchise that earns a value-added fee on platinum group metals, largely passed through to customers, in a mature market that peaked in volume terms. Recycling is a high-margin toll and metal-yield business in which Umicore earns treatment charges and retains part of the metal value, making earnings sensitive to precious metal prices, partly hedged out to 2030. Specialty Materials is a set of niche positions in germanium, cobalt chemicals and plating, smaller but now the most strategically interesting. Battery Materials Solutions remains a large capital commitment, with EUR 2.1bn of average capital employed in H1 2026, earning a negative return.
Revenue model. Umicore reports two top lines. Turnover (EUR 19,374m in FY2025) includes the value of metal passed through and swings with metal prices. Revenues excluding metal (EUR 3,562m) strip out twelve purchased metals (Au, Ag, Pt, Pd, Rh, Co, Ni, Pb, Cu, Ge, Li, Mn) and are the meaningful measure of activity. Revenue is overwhelmingly product-based. H1 2026 turnover comprised EUR 13,813m of sales and EUR 107m of services. Refining and tolling income, trading gains in Precious Metals Management and take-or-pay compensation in cathode materials are the main non-product elements. There is no material subscription or licensing income.
Value chain position. Umicore sits between mines and recyclers upstream and OEMs, cell makers, chipmakers and jewellers downstream. It buys cobalt hydroxide, germanium concentrates and nickel sulphate, and takes in spent autocatalysts, e-scrap and industrial residues. Those go through more than 200 feed types and over 400,000 tonnes a year at Hoboken. Output is refined metals, catalysts, chemicals, wafers, targets and cathode powders.
Customers and end-markets.
Automotive and heavy-duty emissions: Businesses serving it: Automotive Catalysts; Customer types: Global and Chinese light-vehicle OEMs, truck and engine makers
Precious metals recycling: Businesses serving it: Precious Metals Refining; Jewelry & Industrial Metals; Customer types: Smelters, auto-catalyst collectors, e-scrap processors, refineries, jewellers
Semiconductors and electronics: Businesses serving it: Metal Deposition Solutions; Electro-Optic Materials; Precious Metals Refining; Customer types: Fabs, OSATs, compound semiconductor makers, connector platers
Space, telecom and photonics: Businesses serving it: Electro-Optic Materials; Customer types: Satellite solar-cell makers, fibre producers, VCSEL and photonics makers
Data centres and power: Businesses serving it: Fuel Cell & Stationary Catalysts; Electro-Optic Materials; Customer types: Backup-generator and power-plant OEMs, optical fibre suppliers
Pharmaceuticals and chemicals: Businesses serving it: Precious Metals Chemistry; Customer types: Life-science and specialty chemical companies
Tools, tyres and oilfield: Businesses serving it: Cobalt & Specialty Materials; Customer types: Cemented-carbide makers, rubber compounders
Electric vehicles: Businesses serving it: Battery Cathode Materials; Battery Recycling Solutions; Customer types: SK On, ACC, PowerCo, AESC
Jewellery and investment: Businesses serving it: Jewelry & Industrial Metals; Precious Metals Management; Customer types: Luxury houses, bullion dealers, banks
Umicore's scale in the supply base is wide. Its 2022 integrated annual report listed 12,635 customers in 99 countries and 19,663 suppliers in 87 countries. Quantified customer concentration is not publicly disclosed, although the financial risk notes refer to businesses "characterized by a significant level of customer concentration," which is plainly true of automotive catalysts and cathodes.
Strategy
CORE. Launched on 27 March 2025, CORE rests on four imperatives: Capital, Performance, People & Culture, and Partnerships. It aims to "reinforce leadership in our foundation businesses" and "restore value" in battery materials. It replaced RISE 2030's growth ambition with cash discipline.
Group mid-term targets (Capital Markets Day 2025).
2028 adjusted EBITDA: Commitment: EUR 1.0bn to EUR 1.2bn, margin above 23%
2028 revenue: Commitment: About EUR 4.4bn
2028 ROCE: Commitment: Above 15%
Free cash flow 2025–28: Commitment: EUR 1.0bn to EUR 1.2bn cumulative; positive from 2026
Capex 2025–28: Commitment: Below EUR 1.6bn, plus about EUR 500m for IONWAY; a EUR 1.4bn reduction
Efficiency: Commitment: EUR 100m savings in 2025; minimum EUR 50–75m gross per year from 2026 to 2028
Leverage: Commitment: Peak about 2.5x; net debt/LTM adjusted EBITDA below 2.0x from 2027
Dividend: Commitment: "Stable or rising dividends" from a EUR 0.50 gross baseline
2028 targets by business: Commitment: Revenue; Adj. EBITDA margin; ROCE; FCF 2025–28
Catalysis: Commitment: About EUR 1.8bn; About 25%; Above 35%; Above EUR 1.4bn
Recycling: Commitment: About EUR 800m; About 35%; Above 40%; About EUR 400m
Specialty Materials: Commitment: About EUR 600m; Above 20%; Above 12.5%; About EUR 300m
Battery Cathode Materials: Commitment: About EUR 1.1bn; Above 25%; About 9%; Not guided
Battery Cathode Materials targets adjusted EBITDA of EUR 275–325m in 2028, EBIT and FCF positive in 2027. Electro-Optic Materials aims to grow at over 10% a year to 2028, and management said on the H1 2026 call that momentum may be stronger.
Umicore has effectively reached the bottom of its 2028 EBITDA range two years early, though on a metal tailwind. The H1 2026 margin was above all segment targets for Catalysis and Recycling, which suggests the targets are conservative, or that 2026 is above trend.
Initiatives of the last 24 months.
Efficiency programme: Status: EUR 100m delivered in 2025; EUR 60m in H1 2026
Gold inventory sale and lease-in: Status: EUR 525m pre-tax released; revolving lease cost EUR 5–8m a year
Hoboken hydrometallurgical expansion: Status: About EUR 400m; increases Cu and Ni capacity, cuts PGM throughput time, adds cobalt as an 18th metal, more antimony and tin; final decision expected H2 2026, none announced by 3 November 2026
Germanium closed-loop expansion: Status: Capacity additions in H1 2026 capex; customer-financed elements under discussion
Stationary catalysts for data centres: Status: Plan to more than double EBITDA by 2031, in a capital-disciplined way; customers considering prepayment
Tungsten recovery: Status: Valorising filter-cake tungsten at Olen; Europe-focused
Semiconductor materials: Status: USSM in Wujiang; IntraCu to be produced in Germany too
Digital and AI: Status: New CTrO role; corporate costs rising for AI capability
Battery partnerships: Status: Extra Mile Materials; talks on further value chain partnerships
Japan footprint: Status: Consolidation by mid-2027
ESG commitments are covered under the ESG profile, with sustainability-linked financing embedded in the USPP and syndicated facilities.
Products & Services
Pricing is generally not publicly disclosed. Metal content is passed through or priced to market, and value-added fees are negotiated by contract.
Catalysis
| Offering | Description | Target customer | Notes |
|---|---|---|---|
| Light-duty gasoline catalysts | Three-way catalysts and gasoline particulate filter coatings, including hybrid and alternative fuel | Global and Chinese OEMs | Light-duty was 84% of Automotive Catalysts revenue in H1 2026, 81% of it gasoline |
| Light-duty diesel catalysts | Oxidation, NOx and particulate after-treatment | OEMs | Declining share |
| Heavy-duty diesel catalysts | SCR-based and related systems from the Topsoe heritage | Truck and engine makers | 16% of unit revenue, H1 2026 |
| Motorcycle, non-road, natural gas catalysts | Application-specific coatings | OEMs in Asia and the Americas | — |
| Inorganic precious metal chemicals | Precursors for catalysts and electronics | Catalyst and chemical makers | Part of Precious Metals Chemistry |
| Homogeneous catalysts | Grubbs metathesis catalysts, ligands and related systems | Pharma, agrochemicals, oxo processes | Solvias high-throughput screening and ligand capabilities acquired December 2025 |
| Pharmaceutical intermediates | Precious-metal intermediates; Catoosa expansion to produce from early 2027 | Pharma | Platinum API business outside South America sold to Heraeus in 2025 |
| PEM fuel cell catalysts | Platinum-based membrane catalysts for hydrogen mobility | Fuel cell makers | Changshu plant has initiated production |
| Stationary catalysts | NOx and emission catalysts for power, refining and chemical plants, including data-centre backup generation | Generator and plant operators | Management sees scope to more than double EBITDA |
Recycling
| Offering | Description | Target customer | Notes |
|---|---|---|---|
| Precious Metals Refining (Hoboken) | Integrated smelter and refinery treating 200+ feed types and 400,000+ tonnes a year, recovering 17 metals | E-scrap processors, smelters, catalyst collectors, semiconductor scrap holders | Metals include Ag, Au, Pt, Pd, Rh, Ir, Ru, Cu, Pb, Ni, Sb, Bi, Sn, Se, Te, In; cobalt planned as the 18th |
| E-scrap and residue recycling | Circuit boards, sweeps, sludges, residues | Electronics and semiconductor manufacturers | Precious metal bearing fab and packaging residues enter through this route |
| Investment products | Gold and silver bars, coins and blanks | Banks and dealers | Demand peaked in Q1 2026 |
| Jewelry and industrial metals | Jewellery alloys, shielding materials, platinum engineered materials for high-purity glass | Luxury houses, glass makers | Agosi brand at Pforzheim |
| Precious Metals Management | Metal delivery, hedging, trading | Internal units and industrial clients | Nexyclus recycled-content offering for Ag, Au, Pt, Pd, Rh |
Specialty Materials: semiconductor-relevant and other
| Offering | Description | Key specifications | Target customer |
|---|---|---|---|
| Germanium substrates | Epi-ready germanium wafers for multi-junction satellite solar cells, VCSELs and III-V devices | 4–12 inch formats; Umicore claims number one in germanium substrate applications | Space, photonics, compound semiconductors |
| High-purity germanium chemicals | GeCl₄ for optical fibre and advanced chemicals | Ultra-high purity crystals to 12N+ | Fibre makers, data communications |
| Infrared optics | Germanium crystals, GASIR® chalcogenide glass (80% less germanium), Tessella™ wafer moulding, 2,500+ IR coating designs | Mass-market thermal imaging lenses | Automotive, security, defence-adjacent optics |
| Germanium recycling | Pyro- and hydrometallurgical recovery; tolling of production scrap | Materials from 0.5% Ge in solids and 0.5 g/l in solutions; over 50% secondary feed | Wafer, fibre, solar, LED and IR producers |
| IntraCu® | Patented modular copper additive system for advanced packaging | Copper plating for redistribution layers and similar structures; also copper oxide powders and electrodes for ECD tools | OSATs, foundries, advanced packaging lines |
| Sputtering targets | Thin Film Products range: Al, AlCu, AlSi, AlSiCu 5N5; Ti 5N; W 5N; Ta 4N; Cu 4N5; Ru 4N; Hf; Mo; Ni; NiV7; WTi10; ITO; GaZO; Ge 5N; Si 5N; SiO₂; Al₂O₃; AlSc; Pt; Pd; Au; Ag | Formats include ARQ151, ARQ300, AKQ515, AK510/517/618 | Silicon front end, compound semiconductors, advanced packaging |
| Evaporation materials | Pellets, slugs, liners | Application-specific | Thin-film coaters |
| Precious Metal Services | Worldwide collection of spent targets, output monitoring, allocation to new product or customer pool accounts, shield recycling via local partners | Closed loop for Au, Pt, Pd and Ag | Target users in fabs |
| Precious metal electrolytes | About 1,200 components and 350+ processes; Umicore Galvanotechnik | Connector, decorative and industrial plating | Electronics, automotive, luxury |
| Copper additives | Simetric range | Plating | Electronics |
| Ruthenium | Metal and targets for ultra-thin barrier layers; Umicore calls itself one of the major recyclers and refiners | Ru 4N target grade | Advanced node chipmakers |
| Cobalt chemicals | Inorganics, carboxylates, distribution | Sulphates, oxides, salts | Chemicals, tyres |
| Tool materials | Cobalt powders for cemented carbide; tungsten recovery from filter cakes under study at Olen | Binder metals | Tool makers |
Umicore's own semiconductor pages emphasise materials supply, while recycling is delivered through the Precious Metal Services, germanium and Hoboken routes. No named CMP slurry recycling or wafer reclaim service appears in its current offering. The recycling proposition for fabs is therefore metal-specific rather than a full-service reclaim business.
Battery Materials Solutions
| Offering | Description | Target customer | Notes |
|---|---|---|---|
| NMC cathode active materials | High-nickel cathode for premium EVs, 90%+ Ni for AESC | SK On, ACC, PowerCo, AESC | Mid-nickel high-voltage positioned against locally produced LFP |
| Precursors and refining | Cobalt and nickel chemicals at Kokkola and elsewhere | Internal and external | Lower refining income in 2025 |
| Battery recycling | Pyro-hydrometallurgical pilot at Hoboken, 7,000 t a year; over 95% Co, Cu, Ni and over 90% Li recovery | Cell makers, OEMs | Scale-up postponed; volumes expected from the mid-2030s |
| Silicon-carbon anode | Developed at Olen, now in Extra Mile Materials (Umicore 20%) | Cell makers | Industrial demonstration plant due end 2026 |
Financial Narrative
All figures are from Umicore's full-year results releases for FY2021 to FY2025, in EUR million unless stated. FY2021 revenues are shown on the restated basis, which excludes pass-through lithium and manganese; the originally reported figure was EUR 3,963m. Umicore does not report gross profit, so the relevant measure is revenues excluding metal. Margins are on revenues excluding metal.
Income statement
FY2021 EBITDA is derived as adjusted EBITDA less EUR 75m of adjustments.
Over FY2021–FY2025 the revenue CAGR was -1.5% on revenues excluding metal and -5.3% on turnover, while adjusted EBITDA fell at -9.3% a year.
Commentary. FY2021 was a peak: exceptional PGM prices, particularly rhodium, flowed through a largely unhedged portion of the Recycling and Catalysis exposure. Earnings declined for three years as metal prices normalised and battery start-up costs rose. FY2024 was the trough, with adjusted EBITDA of EUR 763m and a EUR 1.79bn EBITDA adjustment, mainly the Battery Materials write-down. FY2025 headline profit is flattered: EBITDA of EUR 1,212m includes EUR 486m from the gold inventory sale, reported as an adjustment, and net profit carries a one-off derecognition of deferred tax assets. Adjusted figures are the sounder base, and they rose 11% at EBITDA level.
H1 2026 update
The H1 2026 EBITDA bridge from EUR 433m to EUR 577m shows EUR 53m from business activity, EUR 60m from efficiency measures, EUR 57m from metal prices including hedges, and EUR -26m from inflation, FX and other. Former CFO Wannes Peferoen characterised the three positive drivers as an equal contribution.
Balance sheet
Reported net financial debt excludes the revaluation of hedged non-euro debt, so it differs slightly from debt less cash. Goodwill was EUR 159m in FY2021 and EUR 158m in FY2022.
Commentary. The write-down halved equity in 2024 and sharply reduced capital employed, which is why reported returns recovered faster than earnings. Inventories fell by over EUR 1.1bn from 2022 to 2024 as metal prices dropped and working capital was released, then rebuilt in 2025. The FY2025 reduction in total debt reflects repayment of the EUR 500m convertible in June 2025. At 30 June 2026 cash was EUR 1,799m, gross debt was EUR 3,250m, and group equity was EUR 2,451m.
Cash flow
Commentary. FY2025 free operating cash flow of EUR 524m included EUR 525m of pre-tax gold inventory proceeds, so excluding the transaction it was close to zero after a EUR 298m working-capital build. That is why H1 2026 matters. Free operating cash flow of EUR 295m, against EUR -54m a year earlier, was the first clean evidence of the cash conversion CORE promises. Net proceeds after tax on the gold sale are EUR 422m, with the tax due in 2026. Tax paid in H1 2026 was EUR 78.7m, against EUR 75.8m a year earlier, and income tax payable stood at EUR 261m at 30 June 2026. Capex peaked in 2023 with cathode plant construction. It is expected to stay near 2025's level in 2026, EUR 175m having gone into IONWAY in January.
Ratios
Umicore's reported ROCE serves as its ROIC measure. A cash conversion cycle is not publicly disclosed, and it would have limited meaning given the size of metal leases and tolled metal. Leverage has improved from the 2.28x mid-2025 level on higher EBITDA rather than lower debt, and interest cover has eroded as average cost of debt rose to about 3.5% in H1 2026.
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Business Group Details
| Business Group | Business units | Main products |
|---|---|---|
Catalysis | Automotive Catalysts; Precious Metals Chemistry; Fuel Cell & Stationary Catalysts | Emission catalysts, precious-metal chemicals, PEM catalysts, stationary catalysts |
Recycling | Precious Metals Refining; Jewelry & Industrial Metals; Precious Metals Management | Refined metals, investment bars, jewellery alloys, platinum engineered materials, metal trading and hedging |
Specialty Materials | Cobalt & Specialty Materials; Electro-Optic Materials; Metal Deposition Solutions | Cobalt chemicals, germanium wafers and optics, electrolytes, sputtering targets |
Battery Materials Solutions | Battery Cathode Materials; Battery Recycling Solutions; Battery Anode Materials | Cathode powders, cobalt and nickel refining, battery recycling, 20% of Extra Mile Materials |
Revenues excl. metal (EUR Mn)
| Revenues excl. metal (EUR Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Catalysis | 1,804 | 1,666 | 1,668 |
Recycling | 1,013 | 899 | 947 |
Specialty Materials | 557 | 536 | 558 |
Battery Materials Solutions | 548 | 395 | 436 |
Adjusted EBITDA (EUR Mn)
| Adjusted EBITDA (EUR Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Catalysis | 436 | 431 | 450 |
Recycling | 372 | 370 | 371 |
Specialty Materials | 110 | 97 | 108 |
Battery Materials Solutions | 149 | -49 | -21 |
Corporate | -95 | -86 | -62 |
Adjusted EBIT (EUR Mn)
| Adjusted EBIT (EUR Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Catalysis | 364 | 362 | 383 |
Recycling | 295 | 293 | 296 |
Specialty Materials | 79 | 66 | 76 |
Battery Materials Solutions | 48 | -134 | -91 |
Corporate | -113 | -108 | -84 |
Adjusted EBITDA margin (%)
| Adjusted EBITDA margin (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Catalysis | 24.2 | 25.9 | 27.0 |
Recycling | 36.7 | 41.2 | 39.2 |
Specialty Materials | 19.8 | 18.1 | 19.4 |
Battery Materials Solutions | 27.7 | -11.9 | -3.4 |
FY2025 segment view | Revenue growth (%) | Share of group revenues (%) | ROCE (%) |
Catalysis | 0.1 | 46.8 | 40.8 |
Recycling | 5.4 | 26.6 | 208.4 |
Specialty Materials | 4.0 | 15.6 | 11.1 |
Battery Materials Solutions | 10.6 | 12.2 | -4.8 |
Results by Segment
| H1 2026 half-year trend (EUR Mn) | H1 2025 | H2 2025 | H1 2026 |
|---|---|---|---|
Catalysis revenues | 872 | 796 | 883 |
Recycling revenues | 460 | 487 | 495 |
Specialty Materials revenues | 271 | 287 | 328 |
Battery Materials Solutions revenues | 212 | 225 | 230 |
Catalysis adjusted EBITDA | 232 | 218 | 250 |
Recycling adjusted EBITDA | 190 | 182 | 259 |
Specialty Materials adjusted EBITDA | 59 | 49 | 88 |
Battery Materials Solutions adjusted EBITDA | -21 | 0 | 10 |
Corporate adjusted EBITDA | -27 | -35 | -29 |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Turnover (EUR Mn) | 24,054 | 25,436 | 18,266 | 14,854 | 19,374 |
Revenues excl. metal (EUR Mn) | 3,791 | 4,155 | 3,876 | 3,461 | 3,562 |
Adjusted EBITDA (EUR Mn) | 1,251 | 1,151 | 972 | 763 | 847 |
EBITDA (EUR Mn) | 1,176 | 1,118 | 890 | -1,025 | 1,212 |
Adjusted EBIT (EUR Mn) | 971 | 865 | 674 | 478 | 579 |
EBIT (EUR Mn) | 896 | 832 | 591 | -1,311 | 945 |
Profit before tax (EUR Mn) | 806 | 710 | 482 | -1,424 | 772 |
Adjusted net profit, Group share (EUR Mn) | 667 | 593 | 447 | 255 | 288 |
Net profit, Group share (EUR Mn) | 619 | 570 | 385 | -1,480 | 385 |
Adjusted EPS (EUR) | 2.77 | 2.47 | 1.86 | 1.06 | 1.20 |
Basic EPS (EUR) | 2.57 | 2.37 | 1.60 | -6.15 | 1.60 |
Diluted EPS (EUR) | 2.56 | 2.37 | 1.60 | -6.15 | 1.59 |
Gross dividend declared (EUR per share) | 0.80 | 0.80 | 0.80 | 0.50 | 0.50 |
Margin (% of revenues excl. metal)
| Margin (% of revenues excl. metal) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Adjusted EBITDA margin | 32.5 | 27.3 | 25.0 | 22.0 | 24.0 |
Adjusted EBIT margin | 25.6 | 20.8 | 17.4 | 13.8 | 16.5 |
EBIT margin | 23.6 | 20.0 | 15.2 | -37.9 | 26.5 |
Net margin | 16.3 | 13.7 | 9.9 | -42.8 | 10.8 |
Income Statement and Margin Analysis (%)
| Metric | H1 2025 | H2 2025 | H1 2026 |
|---|---|---|---|
Turnover (EUR Mn) | 8,694 | 10,680 | 13,920 |
Revenues excl. metal (EUR Mn) | 1,791 | 1,772 | 1,918 |
Adjusted EBITDA (EUR Mn) | 433 | 414 | 577 |
Adjusted EBITDA margin (%) | 24.3 | 23.6 | 30.2 |
Adjusted EBIT (EUR Mn) | 302 | 278 | 442 |
Adjusted net profit, Group share (EUR Mn) | 135 | 153 | 273 |
Net profit, Group share (EUR Mn) | 137 | 248 | 240 |
Adjusted EPS (EUR) | 0.56 | 0.64 | 1.14 |
R&D (EUR Mn) | 103 | 103 | 118 |
Capex (EUR Mn) | 109 | 201 | 130 |
Net debt (EUR Mn) | 1,829 | 1,357 | 1,508 |
Net debt / LTM adjusted EBITDA (x) | 2.28 | 1.60 | 1.52 |
ROCE (%) | 16.4 | 14.9 | 23.0 |
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| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (EUR Mn) | 9,045 | 9,942 | 9,966 | 9,412 | 9,460 |
Cash and equivalents (EUR Mn) | 1,194 | 1,240 | 1,516 | 2,013 | 1,559 |
Short-term financial debt (EUR Mn) | 431 | 717 | 729 | 1,120 | 597 |
Long-term financial debt (EUR Mn) | 1,724 | 1,626 | 2,019 | 2,317 | 2,244 |
Total financial debt (EUR Mn) | 2,155 | 2,343 | 2,748 | 3,437 | 2,842 |
Net financial debt (EUR Mn) | 960 | 1,104 | 1,266 | 1,425 | 1,357 |
Group equity (EUR Mn) | 3,167 | 3,566 | 3,697 | 1,922 | 2,272 |
Intangible assets incl. goodwill (EUR Mn) | 340 | 343 | 381 | 387 | 390 |
Inventories (EUR Mn) | 2,869 | 3,394 | 2,850 | 2,252 | 2,557 |
Net current assets (EUR Mn) | 2,463 | 2,414 | 2,215 | 1,230 | 1,484 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Cash generated from operations (EUR Mn) | 1,405 | 835 | 1,217 | 967 | 849 |
Change in working capital (EUR Mn) | 167 | -342 | 347 | 392 | -298 |
Net operating cash flow (EUR Mn) | 1,259 | 634 | 1,043 | 869 | 711 |
Capital expenditure (EUR Mn) | 389 | 470 | 857 | 555 | 310 |
Free operating cash flow (EUR Mn) | 989 | 344 | 332 | 384 | 524 |
Dividends paid to shareholders (EUR Mn) | 181 | 192 | 192 | 192 | 60 |
Net purchases of own shares (EUR Mn) | 22 | 43 | -2 | 0 | 0 |
Equity into IONWAY and associates (EUR Mn) | 0 | 0 | 0 | 175 | 250 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROCE (%) | 22.2 | 19.2 | 13.5 | 12.3 | 15.7 |
ROE on year-end shareholders' equity (%) | 19.9 | 16.2 | 10.5 | -76.4 | 17.2 |
ROA on year-end assets (%) | 6.8 | 5.7 | 3.9 | -15.7 | 4.1 |
Current ratio (x) | 1.71 | 1.58 | 1.62 | 1.28 | 1.35 |
Total debt / equity (x) | 0.68 | 0.66 | 0.74 | 1.79 | 1.25 |
Net debt / adjusted EBITDA (x) | 0.77 | 0.96 | 1.30 | 1.87 | 1.60 |
Adjusted EBIT / interest paid (x) | 17.8 | 12.3 | 8.0 | 5.5 | 4.9 |
Asset turnover on turnover (x) | 2.66 | 2.56 | 1.83 | 1.58 | 2.05 |
Capex / revenues excl. metal (%) | 10.3 | 11.3 | 22.1 | 16.0 | 8.7 |
Turnover by region (EUR Mn)
| Turnover by region (EUR Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Europe | 12,676 | 13,050 | 9,400 | 9,670 | 12,960 |
of which Belgium | 213 | 159 | 164 | 228 | 177 |
Asia-Pacific | 6,422 | 6,400 | 4,170 | 2,740 | 2,660 |
North America | 3,761 | 4,618 | 3,680 | 1,650 | 2,910 |
South America | 1,011 | 1,152 | 840 | 707 | 768 |
Africa | 184 | 215 | 173 | 88 | 78 |
Turnover growth by region (%)
| Turnover growth by region (%) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Europe | 3.0 | -28.0 | 2.9 | 34.0 |
Asia-Pacific | -0.3 | -34.8 | -34.3 | -2.9 |
North America | 22.8 | -20.3 | -55.2 | 76.4 |
South America | 14.0 | -27.1 | -15.8 | 8.6 |
Africa | 16.9 | -19.5 | -49.1 | -11.4 |
Automotive Catalysts H1 2026 volume or market change (%)
| Automotive Catalysts H1 2026 volume or market change (%) | Market | Umicore volumes |
|---|---|---|
Global ICE light-duty production | -4.1 | Outperformed |
Europe light-duty gasoline | -4.6 | 5.9 |
China light-duty | -11.4 | -1.8 |
North America light-duty | 1.3 | 2.1 |
South America light-duty | 3.3 | 1.8 |
Europe heavy-duty | -0.1 | 5.3 |
China heavy-duty | 0.8 | Outperformed |
Share data
| Share data | Value |
|---|---|
Close, 2 November 2026 | EUR 18.08 |
52-week range | EUR 14.19–26.98 |
Market capitalisation | About EUR 4.35bn |
Enterprise value (net debt EUR 1,508m, minorities EUR 44m at 30 June 2026) | About EUR 5.90bn |
Approximate price performance | 1 year |
Price change (%), to 2 Nov 2026 from late October base | 4 |
Year-end close (EUR) | FY2021 |
Share price | 35.93 |
Valuation on Current Price Details
| Valuation on current price | Multiple |
|---|---|
P/E, LTM net EPS of EUR 2.03 | 8.9 |
P/E, LTM adjusted EPS of EUR 1.78 | 10.2 |
P/E, FY2026E consensus | 10.2 |
EV / LTM adjusted EBITDA of EUR 991m | 6.0 |
EV / FY2026E adjusted EBITDA | 5.8 |
EV / FY2026E revenues excl. metal | 1.6 |
P/B, shareholders' equity EUR 10.00 per share | 1.8 |
Dividend yield, EUR 0.50 | 2.8 |
Peer Multiples Details
| Peer multiples (Stockanalysis) | Date | Fwd P/E | EV/EBITDA | P/B |
|---|---|---|---|---|
Umicore | 23 Oct 2026 | 9.6 | 4.3 | 1.7 |
Johnson Matthey | 11 Sep 2026 | 10.9 | 8.8 | 1.3 |
Aurubis | 19 Oct 2026 | 15.2 | 4.6 | 1.1 |
Materion | 26 Oct 2026 | 27.9 | 24.8 | 4.6 |
Income Statement and Per-Share Data (FY2026E–FY2027E)
| VARA consensus at 30 October 2026 (EUR Mn) | FY2026E | FY2027E |
|---|---|---|
Revenues excl. metal | 3,792 | 3,959 |
Adjusted EBITDA | 1,024 | 1,039 |
Adjusted EBIT | 748 | 753 |
Adjusted EPS (EUR) | 1.78 | 1.82 |
Gross dividend (EUR per share)
| Gross dividend (EUR per share) | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
Dividend | 0.375 | 0.75 | 0.80 | 0.80 | 0.80 | 0.50 | 0.50 |
Debt at 30 June 2026
| Debt at 30 June 2026 | Amount |
|---|---|
USPP 2017 | EUR 360m |
USPP 2019 | EUR 390m |
USPP 2023 | EUR 232m and USD 363m |
USPP 2024 | EUR 225m and USD 296m |
Schuldschein 2017 | EUR 43m |
EIB loans 2020, 2024, 2026 | EUR 125m, EUR 250m, EUR 100m |
CP and MTN | EUR 456m drawn of EUR 1,800m |
Syndicated facilities (undrawn) | EUR 500m to Oct 2028; EUR 600m to Dec 2030 |
Analyst Conclusions
Management guidance (31 July 2026). FY2026 adjusted EBITDA of slightly above EUR 1bn, assuming metal prices broadly in line with June levels and no major macro deterioration.
Catalysis: FY2026 guidance: In line with the record 2025 level, EUR 450m
Recycling: FY2026 guidance: Significantly above FY2025; H2 lower than H1
Specialty Materials: FY2026 guidance: Materially above FY2025; weighted to H1
Battery Materials Solutions: FY2026 guidance: Improvement mainly from take-or-pay; volumes largely stable
Corporate costs: FY2026 guidance: Somewhat above 2025
Capex: FY2026 guidance: In line with 2025, EUR 310m
Guidance implies H2 adjusted EBITDA of around EUR 430–450m, with consensus at about EUR 447m. Metals have since moved below the June assumption. Hedge prices are neutral for 2027, and H2 carries seasonality in Catalysis, so FY2027 consensus of EUR 1,039m implies that growth elsewhere offsets the fading exceptional items.
Bull case.
-
Foundation earnings are structurally better. Efficiency alone contributed EUR 60m in H1 2026, and Catalysis margins are 300 basis points above the CMD assumption, so a EUR 1bn base can hold after cobalt normalises.
-
Critical-metal scarcity is being recapitalised by customers. Germanium, stationary and minor metals growth can be financed by prepayments and EU support, re-rating a business trading at about 6x EBITDA.
-
Take-or-pay contracts protect EUR 275–325m of 2028 BCM EBITDA, which is not reflected in the valuation and implies a large swing from the EUR 19m of H1 2026.
Bear case.
-
2026 is a peak. H1 had three coincident tailwinds, and cobalt at -31% year on year and softer PGMs point to lower H2 and 2027 earnings than consensus.
-
Take-or-pay is a promise rather than a business. If customers restructure or volumes fail to appear, cash receipts could disappoint, and BMS's EUR 2.2bn of capital could be impaired again.
-
Cash calls are rising. The hydro project (about EUR 400m), the remaining IONWAY commitment, possibly new germanium capacity and the gold tax weigh on free cash flow targets, even at a 1.52x leverage.
Catalysts and monitorables (next 12 months).
16 November 2026: Event: Hoboken connecting road opens
27 November 2026: Event: Scheduled end of China's germanium ban suspension, unless extended
By year-end 2026: Event: Hydro final investment decision
End 2026: Event: Extra Mile Materials demonstration plant
Early 2027: Event: First take-or-pay invoicing for FY2026 volumes
19 February 2027: Event: FY2026 results and 2027 guidance
26 March 2027: Event: Annual Report 2026
29 April 2027: Event: AGM; mandates of Thomas Leysen and four other members expire; EY mandate renewal
During 2027: Event: Hoboken maintenance shutdown; leverage target below 2.0x; Japan consolidation; Lily Liu's first capital allocation framework
Analyst verdict. Umicore's H1 2026 is the best evidence in five years that the group is, at heart, a superior metals franchise rather than a stranded battery company. Adjusted EBITDA of EUR 577m, ROCE of 23% and FOCF of EUR 295m came in a period when cathode volumes did not grow at all. Discipline explains part of this: EUR 60m of efficiency savings is a durable gain. Metal prices, a locked-in cobalt window and an unusual trading environment explain much of the rest, and management is candid that H2 will not repeat it.
The valuation already reflects that scepticism. At EUR 18.08 the shares trade near 10x FY2026E earnings and under 6x EBITDA, with a 2.8% yield, far below the EUR 35.93 of end 2021. Investors are paying little for EUR 2bn of battery capital and little for strategic scarcity in germanium. The departure of GBL removed an overhang, but it also removed an anchor, and the register is now institutional and more price-sensitive.
The next year turns on three proofs. Earnings must hold around EUR 1bn as cobalt and PGM conditions normalise. Take-or-pay accruals must convert into cash when invoiced in early 2027, which is the single most important test of the battery thesis. The hydro decision must show that capital discipline survives a growth opportunity, ideally with customer and EU funding.
For the semiconductor ecosystem, Umicore's relevance is greater than its revenue share suggests. It is one of the few Western companies able to recycle and refine germanium, ruthenium and precious metals end-to-end. The appointment of former ASM International CEO Benjamin Loh signals that the board sees this. Specialty Materials is still only 16% of revenues, however, and Umicore does not yet quantify its semiconductor exposure, so that optionality remains unpriced and unproven. The balance of evidence favours a business of solid cash quality with a material but contained tail risk in batteries.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | In role since | Background | Education |
|---|---|---|---|---|
Bart Sap (48) | CEO | 16 May 2024 | Joined 2004; EVP Catalysis 2021–24; SVP Cobalt & Specialty Materials and Supply 2020–21 | Master's in Commercial Science, Vlekho |
Lily Liu | EVP & CFO | 1 August 2026 | CFO of Synthomer from 2022; earlier Essentra, Xaar, Smiths Detection; NED at DCC | MBA, AGSM |
Marten Zieris | Chief Digital & Transformation Officer | 1 August 2026 | Partner and head of growth and transformation Central Europe, Arthur D. Little | Business Administration, Bayreuth |
Ana Fonseca Nordang | EVP People & Organization, ESG, P&T | 1 September 2023 | Equinor SVP Renewables and CHRO | BA Kent; MBA George Washington |
Karena Cancilleri | EVP Battery Cathode Materials | 1 April 2025 | President Foundry Technologies at Vesuvius; Beaulieu, FiberVisions, Kraton, Shell Chemicals | Master's Chemistry, Turin; MBA Strathclyde |
Geert Olbrechts | CTO & EVP Recycling | CTO 1 August 2023; EVP 18 November 2024 | Joined 2000; SVP R&T and Supply Automotive Catalysts | PhD, KU Leuven; EMBA Vlerick |
Veerle Slenders | EVP Specialty Materials | 18 November 2024 | EVP Recycling from June 2023; 28 years at Praxair/Linde | Master's Chemical Engineering, Hasselt |
Jensen Verhelle | EVP Catalysis | 16 May 2024 | Joined 2008; VP Precious Metals Chemistry; SVP Operations AC | Master's Civil Engineering, KU Leuven; MGM Vlerick |
Governance Detail
| Component | Bart Sap, CEO |
|---|---|
Fixed fee | 922,500 |
Short-term incentive | 746,200 |
Long-term incentive | 148,215 |
Shares | 36,620 |
Stock options | 159,300 |
Pension | 192,784 |
Other | 20,977 |
Total | 2,226,596 |
Governance Detail — Karena Cancilleri
| ELT member, FY2025 | Total (EUR) |
|---|---|
Karena Cancilleri (includes sign-on) | 1,792,958 |
Wannes Peferoen | 1,374,822 |
Ana Fonseca Nordang | 1,343,095 |
Veerle Slenders | 1,334,329 |
Geert Olbrechts | 1,297,837 |
Jensen Verhelle | 1,246,528 |
Board of Directors
| Member | Role | Since | Term to AGM | Independent | Other main roles |
|---|---|---|---|---|---|
Thomas Leysen | Chair; chairs NRC and Investment Committee | 2000 (Chair 2008) | 2,027 | No | Chair of dsm-firmenich and Mediahuis; former Umicore CEO |
Koenraad Debackere | Vice-Chair | 2018 | 2,027 | Yes | Chair of KBC Group; KU Leuven |
Frédéric Oudéa | Member | 2024 | 2,027 | Yes | Chair of Sanofi; senior adviser to GBL |
Birgit Behrendt | Chair, Sustainability | 2021 | 2,027 | Yes | Boards of Thyssenkrupp, KION, Rolls-Royce |
Philip Eykerman | Member | 2024 | 2,027 | Yes | Executive at dsm-firmenich |
Alison Henwood | Chair, Audit | 2022 | 2,028 | Yes | Ex-Shell Trading finance; Endeavour Mining |
Martina Merz | Member | 2025 | 2,028 | Yes | Ex-CEO Thyssenkrupp; AB Volvo, Yara |
Marc Grynberg | Member | 2023 | 2,029 | No | Former Umicore CEO; Nexans, Wienerberger |
Anna Bertona | Member | 2026 | 2,029 | Yes | CEO of Azelis |
Benjamin Loh | Member | 2026 | 2,029 | Yes | Ex-CEO ASM International; ASML supervisory board; Chair of Comet; SEMI |
Major Shareholders
| Holder | Voting rights (%) | Equivalent instruments (%) | Total (%) |
|---|---|---|---|
BlackRock, Inc. | 4.97 | 0.68 | 5.65 |
Norges Bank | 5.01 | 0.29 | 5.30 |
SFPIM (Belgian federal holding) | 5.00 | 0.00 | 5.00 |
JP Morgan Asset Management Holdings | 3.40 | 0.02 | 3.42 |
Amundi SA | 3.11 | 0.00 | 3.11 |
BNP Paribas Asset Management and Cardif | 3.06 | 0.00 | 3.06 |
Competitive Landscape
Competitors by Segment
| Segment | Main competitors | Umicore's relative position |
|---|---|---|
Automotive catalysts | Johnson Matthey, BASF (Metivo), Cataler, Heraeus in part | One of a concentrated group of global suppliers; strong in gasoline and in local Chinese OEMs; gaining share |
Stationary catalysts | Johnson Matthey (with Cormetech), Topsoe, BASF | Smaller scale; data-centre tailwind |
Precious metals chemistry | Johnson Matthey, Heraeus, Evonik | Niche strength in Grubbs and ligands |
Precious metals refining | Heraeus, Johnson Matthey, Tanaka, Dowa, Boliden, Aurubis, Glencore | Unmatched flowsheet complexity at Hoboken |
Germanium | AXT (substrates), 5N Plus, Yunnan Germanium, Teck for primary | Largest integrated position outside China |
Sputtering targets and thin film | JX Advanced Metals, Materion, Honeywell, Tosoh, Mitsubishi Materials | Niche, stronger in specialty targets than in large silicon fabs |
Plating chemistry | MKS/Atotech, Qnity (DuPont electronics), Merck KGaA electronics, Moses Lake | Challenger in advanced packaging via IntraCu |
Semiconductor metals recycling | Heraeus, Tanaka, Dowa, JX Advanced Metals, Materion | Multi-metal depth, especially germanium and ruthenium |
Cobalt chemicals | Huayou Cobalt, Jervois (Kokkola), CNGR | Western refiner in a Chinese-led market |
Cathode materials | EcoPro BM, L&F, POSCO Future M, CNGR, Huayou, BASF | Sub-scale, high-nickel and Western-focused, contract protected |
Battery recycling | Glencore (Li-Cycle assets), Redwood Materials, Sims | Pilot stage |
Benchmark | Fiscal year | Revenue basis |
Umicore | FY2025 | EUR, excl. metal |
Johnson Matthey | FY to March 2026 | GBP, excl. precious metals |
Heraeus | FY2025 | EUR, excl. precious metals |
Aurubis | FY to Sept 2025 | EUR, including metals |
Competitor Detail
| Other peers, latest fiscal year (S&P data via aggregator) | Year end | Currency | Revenue (M) | Growth (%) | Operating margin (%) |
|---|---|---|---|---|---|
Boliden | Dec 2025 | SEK | 93,509 | 4.8 | 13.5 |
Dowa Holdings | Mar 2026 | JPY | 745,410 | 9.8 | 4.6 |
Mitsubishi Materials | Mar 2026 | JPY | 1,844,053 | -6.0 | 3.3 |
JX Advanced Metals | Mar 2026 | JPY | 884,638 | 23.7 | 7.4 |
Entegris | Dec 2025 | USD | 3,197 | -1.4 | 15.2 |
MKS | Dec 2025 | USD | 3,931 | 9.6 | 14.1 |
Qnity | Dec 2025 | USD | 4,754 | 9.7 | 21.5 |
AXT | Dec 2025 | USD | 88 | -11.1 | -24.9 |
5N Plus | Dec 2025 | USD | 391 | 35.2 | 19.3 |
Yunnan Germanium | Dec 2025 | CNY | 1,066 | 38.9 | 4.3 |
EcoPro BM | Dec 2025 | KRW | 2,531,576 | -8.5 | 5.7 |
L&F | Dec 2025 | KRW | 2,154,939 | 13.0 | -7.3 |
POSCO Future M | Dec 2025 | KRW | 2,938,698 | -20.6 | 0.7 |
Huayou Cobalt | Dec 2025 | CNY | 81,019 | 32.9 | 12.0 |
CNGR | Dec 2025 | CNY | 48,140 | 19.7 | 6.9 |
Recent Developments
No Q3 trading statement is scheduled. Umicore reports next on 19 February 2027.
