Transparency notification byGroupe Bruxelles Lambert S.A. In accordance with article 14, § 1 of the law of 2 May 2007 on the disclosure of major holdings, Umicore was recently notified by Groupe Bruxelles Lambert S.A. that it has crossed the legal threshold of 3% for the direct voting rights downwards on 25 February 2026. The total holding of direct voting rights and equivalent financial instruments of Groupe Bruxelles Lambert S.A. stands at 0.00% on 25 February 2026. Summary of the move by Groupe Bruxelles ...

Transparency notification byBarclays PLC In accordance with article 14, § 1 of the law of 2 May 2007 on the disclosure of major holdings, Umicore was recently notified by Barclays PLC that it has crossed the legal threshold of 3% for the direct voting rights and equivalent financial instruments downwards on 18 February 2026. The total holding of direct voting rights and equivalent financial instruments of Barclays PLC stands at 0.00% on 18 February 2026. Summary of the move by Barclays PLC: Date on which th ...

Market Overview - US equity futures are lower as traders assess the potential market impact of war with Iran and await significant US economic data including GDP and core PCE [1] - The S&P and Nasdaq futures are down 0.1% after trading positively overnight, with the "Magnificent Seven" stocks showing mixed performance [3] - Bond yields have reversed and are lower, while the USD remains flat; commodities show mixed results with base metals declining and precious metals, particularly gold, rallying above $5000 [1][11] Company Earnings and Stock Movements - Akamai Technologies (AKAM) shares fell 11% after a weaker-than-expected earnings outlook [3] - Ardelyx (ARDX) dropped 6% due to a softer sales forecast for its Ibsrela drug [3] - Copart (CPRT) fell 8% after reporting operating income that missed analyst estimates [3] - Floor & Decor (FND) rose 4% after exceeding earnings expectations for the fourth quarter [3] - Grail (GRAL) tumbled 47% after its cancer detection test failed to meet primary endpoints [3] - Harmonic (HLIT) increased by 9% due to strong book-to-bill ratios indicating growth potential [3] - Newmont (NEM) dropped 4% as it expects lower gold production this year [3] - Opendoor Technologies (OPEN) surged 19% after reporting better-than-expected revenue [3] - RingCentral (RNG) rose 10% after beating expectations and providing a positive forecast [3] - Texas Roadhouse (TXRH) increased by 4% as it anticipates positive sales growth [3] - Workiva Inc. (WK) gained 12% after reporting strong fourth-quarter results and optimistic forecasts [3] Economic Data and Inflation - Core personal consumption expenditure (PCE) data is expected to show an increase, which may influence interest rate decisions and the economic outlook [4] - Bloomberg Economics anticipates core inflation to accelerate, with a month-on-month increase of 0.32% in the core PCE deflator for December, raising the annual rate to 2.9% from 2.8% [4] - Wider inflation concerns are heightened by oil prices nearing a six-month high amid geopolitical tensions [5][6] Geopolitical Impact - The US military is deploying forces in the Middle East, with President Trump warning Iran of a limited strike if negotiations do not progress [6][35] - Geopolitical tensions have led to a cautious market sentiment, impacting stock performance and investor behavior [6][39]

Umicore (UMI.BR,UMICF,NVJP.DE) reported fiscal 2025 net profit, Group share, of 385 million euros compared to a loss of 1.48 billion euros, prior year. Profit per share was 1.59 euros compared to a loss of 6.15 euros. The company reported an adjusted net profit, Group share, of 288 million euros, compared to 255 million euros in the prior period. Adjusted EBITDA was at 847 million euros, compared to 763 million euros, in the previous period. Adjusted basic profit per share increased to 1.20 euros from 1.06 ...

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]

Group 1 - Barclays PLC has crossed the legal threshold of 3% for direct voting rights and equivalent financial instruments in Umicore, with a total holding of 3.22% as of February 2, 2026 [2][10] - The breakdown of Barclays PLC's holdings includes 0.90% in direct voting rights and 2.32% in equivalent financial instruments after the transaction [3][10] - The notification regarding this change was made on February 11, 2026, following the threshold crossing [10] Group 2 - Umicore is a global advanced materials and recycling group, focusing on transforming precious and critical metals into functional technologies [6] - The company operates through four business groups: Catalysis, Recycling, Specialty Materials, and Battery Materials Solutions, addressing resource scarcity and the need for clean technologies [7] - Umicore generated revenues of €1.8 billion (turnover of €8.7 billion) in the first half of 2025, with a strong emphasis on clean mobility and recycling [9]

Core Viewpoint - BNP Paribas Asset Management SA has crossed the legal threshold of 3% for direct voting rights in Umicore, now holding 3.08% as of February 5, 2026 [2][10]. Company Overview - Umicore is a global advanced materials and recycling group, specializing in transforming precious and critical metals into functional technologies [6]. - The company operates with a unique circular business model that focuses on refining and recycling critical elements for new applications [6]. Business Segments - Umicore has four main business groups: Catalysis, Recycling, Specialty Materials, and Battery Materials Solutions, which address resource scarcity and the demand for functional materials in clean technologies [7]. - The company emphasizes innovation and sustainability through tailored products and processes [7]. Financial Performance - In the first half of 2025, Umicore generated revenues of €1.8 billion (with a turnover of €8.7 billion), focusing primarily on clean mobility and recycling [9].

Core Insights - Amundi SA has notified Umicore of changes in its voting rights, crossing the legal threshold of 3% for direct voting rights on two occasions in early February 2026 [2][7]. Summary of Notifications - On January 30, 2026, Amundi SA's direct voting rights reached 3.03%, which was notified on February 3, 2026 [3][7]. - On February 3, 2026, Amundi SA's direct voting rights decreased to 2.27%, with the notification made on February 5, 2026 [3][7]. Company Overview - Umicore is a global advanced materials and recycling group, focusing on transforming precious and critical metals into functional technologies [6]. - The company operates four business groups: Catalysis, Recycling, Specialty Materials, and Battery Materials Solutions, addressing resource scarcity and the demand for clean technologies [8]. - Umicore's revenues primarily come from clean mobility and recycling, with a commitment to sustainable value creation [9]. - In the first half of 2025, Umicore reported group revenues (excluding metal) of €1.8 billion, with a turnover of €8.7 billion [10].

Core Viewpoint - The infrared optical glass industry is experiencing significant growth driven by increasing demand in various applications such as military, security, aerospace, and industrial sectors, alongside advancements in material performance and supportive government policies [4][18]. Group 1: Current Industry Status - The demand for infrared optical glass is rising due to its extensive applications in military, security, aerospace, night vision, thermal imaging, infrared communication, industrial inspection, and scientific research [4]. - The main material used is infrared sulfide glass, which has high infrared transmittance and low refractive index temperature coefficient, becoming the mainstream material due to advancements in manufacturing processes [4]. - Government policies are encouraging the development and production of infrared glass, with specific projects listed in the "2024 Industrial Structure Adjustment Guidance Catalog" [4]. - There are technical bottlenecks in sulfide glass, including low hardness and relatively poor chemical stability, which require high standards for substrate treatment and infrared anti-reflective coating technology [4]. Group 2: Market Size and Growth - The global infrared optical glass market is projected to reach $320.89 million in 2024 and is expected to grow to $551.29 million by 2031, with a compound annual growth rate (CAGR) of 8.4% [13]. - China and Europe are key production regions, with China expected to maintain the fastest growth rate, increasing its market share from 75.11% in 2024 to 82.54% by 2031 [13]. - China is also the largest consumer market, holding 63.34% of the market share in 2024, with a projected CAGR of approximately 9.6% from 2025 to 2031 [13]. Group 3: Product and Application Insights - Sulfide infrared glass is currently the market leader, with a market size of $96.77 million in 2024, accounting for approximately 30.16% of the global market [15]. - The military and defense sector leads in market share, expected to account for 40.35% in 2024, with a CAGR of about 6.8% in the coming years [15]. Group 4: Key Manufacturers - Major global manufacturers of infrared optical glass include Umicore, Amorphous Materials, Vitron Spezialwerkstoffe, Chengdu Guangming Optoelectronics, and Hubei Xinhua Optics [17]. - The first-tier manufacturers, including Anhui Guangzhi Technology, hold about 45% of the market share, while second-tier manufacturers account for 29% [17]. Group 5: Industry Development Opportunities - Continuous technological advancements in manufacturing processes, coating technologies, and precision processing are enhancing the performance of infrared optical glass [18]. - Government support through policies aimed at promoting optical materials development provides a favorable environment for the industry [18]. - Rapid growth in downstream applications, including security, automotive, medical, and industrial sectors, is driving demand for infrared optical glass [18]. - Collaboration across the optical glass supply chain is improving production efficiency and quality [18].

Summary of AXT Conference Call Company Overview - AXT is a specialized manufacturer of compound semiconductor materials, particularly indium phosphide, gallium arsenide, and germanium, with a focus on applications in data centers and optical transceivers [3][5][6] - The company was founded in 1986 and went public in 1998, with manufacturing operations based in China [3] Industry Insights - The demand for indium phosphide is significantly increasing due to its critical role in AI data center infrastructure and optical connectivity [4][12] - AXT is the only pure-play indium phosphide company listed on NASDAQ, positioning it uniquely in the market [4] - The company anticipates a doubling of demand for indium phosphide in 2026 and again in 2027, driven by scale-out and scale-up opportunities in data centers [22][23] Market Position and Competition - AXT holds approximately 40% of the global merchant market share for indium phosphide, with Sumitomo as its main competitor [20] - The company is expanding its capacity, aiming to double it by the end of 2025, while competitors like Sumitomo are expected to take longer to achieve similar expansions [21][23] - AXT's vertical integration in the supply chain allows it to control costs and mitigate risks associated with raw material supply [10] Financial and Operational Highlights - AXT's subsidiary in China, Tongmei, is in the process of going public on the STAR Market of the Shanghai Stock Exchange, although the process has faced delays [12] - The company reported that 70-75% of its indium phosphide revenue currently comes from outside China, with expectations for growth in the Chinese market [18] - The permitting process for exports from China is a significant risk factor, with the company working closely with the Ministry of Commerce to navigate this [15][16] Customer Base and Applications - AXT sells its products to EPI vendors and laser manufacturers, including well-known companies like Intel, Broadcom, and Lumentum [40] - The current revenue from data center connectivity is estimated to be around 10%, with significant growth potential as the market evolves [46] Challenges and Risks - The export control regulations in China pose a risk to AXT's operations, as indium phosphide was added to the export control list, requiring permits for international orders [15][16] - The company faces challenges in understanding the variability of the permit approval process, which can impact revenue recognition [33][36] Conclusion - AXT is well-positioned to capitalize on the growing demand for indium phosphide in the data center market, with a strong supply chain and expansion plans in place. However, regulatory challenges and competition remain key factors to monitor moving forward [4][10][12]