Umicore: Full Year Results 2025

Core Insights - Umicore achieved solid financial results in 2025, with revenues of €3.6 billion, an increase of 3% compared to 2024, and a strong performance in its foundation businesses [6][9] - The company launched its CORE strategy in March 2025, focusing on reinforcing leadership in foundation businesses and restoring value in battery materials [3][8] - Adjusted EBITDA rose by 11% to €847 million, with a margin of 24.0%, while adjusted EBIT increased by 21% to €579 million [6][9] Business Performance - The Battery Materials Solutions segment generated revenues of €436 million, up 11% year-on-year, driven by new customer programs and take-or-pay compensation [12] - The Catalysis Business Group maintained stable revenues of €1,668 million, with adjusted EBITDA at €450 million, reflecting a 4% increase [12] - The Recycling Business Group's revenues reached €947 million, a 5% increase from 2024, with adjusted EBITDA stable at €371 million [12] Financial Metrics - Adjusted net profit (Group share) for 2025 was €288 million, with an adjusted EPS of €1.20 [6] - The company maintained a net debt of €1.4 billion, resulting in a net debt to LTM adjusted EBITDA ratio of 1.60x [9] - Return on Capital Employed (ROCE) was reported at 15.7%, reflecting improved earnings and capital discipline [9] Strategic Focus - Umicore plans to continue its mid-term strategy in Battery Cathode Materials while navigating a volatile market [11] - The company emphasizes rigorous capital allocation and efficiency measures to enhance cash generation [10][11] - Investments in digitalization and artificial intelligence capabilities are expected to increase corporate costs in 2026 [16] Outlook - The company anticipates sustained top-line momentum in Specialty Materials in 2026, supported by demand for germanium products and a favorable cobalt price environment [15] - Umicore expects to make a final investment decision on expanding its hydrometallurgical flowsheet in the Precious Metals Refining unit in the second half of 2026 [16] - The company remains resilient amid geopolitical uncertainties, leveraging its diversified portfolio and technology leadership [17]