Umicore Sa · EURONEXT:UMI
Umicore Sa — Umicore Sa Ord New — FY2025 Earnings Presentation
38 slides from Umicore Sa's earnings presentation, Feb 20, 2026
Slide 1: Full Year Results 2025
Full Year Results 2025 20th February 2026 1
Slide 2: Reporting structure & Disclaimer
Reporting structure & Disclaimer As part of its strategy update in March 2025, This presentation is provided solely for general information purposes about Umicore has grouped its businesses related to the Umicore and its activities. evolving EV market into a single Business Group Battery Materials S
Slide 3: Speakers
Speakers Bart Sap Chief Executive Officer Wannes Peferoen Chief Financial Officer Full Year Results 2025 3
Slide 4: Agenda
Agenda 1 5 CORE Strategy Outlook 2026 2 Key Figures 6 Wrap-up 3 Business Review 7 4 Q&A Financial Review Full Year Results 2025 4
Slide 5: CORE Strategy
1 CORE Strategy Full Year Results 2025 5
Slide 6: Geopolitical landscape
Geopolitical landscape A trend reshaping markets and supply chains A structurally different world • Volatility is the new normal Umicore’s business model more relevant than ever • Umicore’s circular, multi-metal model is as a powerful differentiator and an anchor in a fragmented market, ensuring ind
Slide 7: CORE Strategy
CORE Strategy 2025 marked an important turning point for Umicore Building People & on our core Capital Performance Culture Partnerships business model Sale and subsequent lease-in of permanent Full Year Results in line with upgraded guidance Driving a performance culture Partnership with HS Hyosung
Slide 8: Key Figures
2 Key Figures Full Year Results 2025 8
Slide 9: Key figures Full Year 2025
2024 Key figures Full Year 2025 Sustainability Performance Highlights Strong performance in foundation businesses, supported by Group-wide operational excellence efforts and a favorable metal price environment € 3.6 bn € 847 mn 24.0% Revenues +3% vs PY Adj. EBITDA +11% vs PY Adj. EBITDA margin vs 22
Slide 10: Business Review
3 Business Review Full Year Results 2025 10
Slide 11: Battery Materials Solutions
Battery Materials Solutions Full Year Results 2025 11
Slide 12: Battery Cathode Materials | Market context
Battery Cathode Materials | Market context Inherent volatility in a market taking shape EV penetration advancing globally at different speeds: China leads decisively, Europe follows at a moderated pace, US remains behind Policy pivot away from EVs Structural interdependence: Focus shifts to localisa
Slide 13: Battery Materials Solutions | 2025 Performance
Battery Materials Solutions | 2025 Performance Underlying improvement in Revenues (€ mn) Battery Cathode Materials, diligent 800 cost management in Battery Recycling Solutions 600 436 395 400 Battery Cathode Materials 171 225 • Revenues of € 430 mn, up 11% vs 2024 200 224 212 • Volumes from new cust
Slide 14: Catalysis
Catalysis Full Year Results 2025 14
Slide 15: Catalysis | 2025 Market context
Catalysis | 2025 Market context Slightly declining global light-duty internal combustion engine production with varied trends per region Annual global ICE passenger car production (mn) 79.5 77.4 76.8 • LDV ICE production: -0.7% • Europe -5.8% • China 1.1% 40.6 39.0 38.8 • North America -1.2% • South
Slide 16: Catalysis | 2025 Performance
Catalysis | 2025 Performance Solid performance, sustained demand in Revenues (€ mn) a volatile market, combined with 2,000 1,776 1,804 operational excellence 1,687 1,666 1,668 1,500 780 879 857 812 796 Automotive Catalysts 1,000 • Revenues in line with last year, earnings increased • Outperformance
Slide 17: Recycling
Recycling Full Year Results 2025 17
Slide 18: Recycling | 2025 Market context
Recycling | 2025 Market context Metal price environment 300,000 140,000 Rhodium (EUR/KG) 250,000 120,000 Gold (EUR/KG) 100,000 200,000 80,000 150,000 60,000 100,000 40,000 Nov Feb Mar May Apr Aug Sep Dec Jan Jun Jul Oct Feb Mar Nov May Aug Sep Apr Jan Jun Dec Jul Oct 55,000 2,500 50,000 Palladium (E
Slide 19: Recycling | 2025 Performance
Recycling | 2025 Performance Revenues increased versus 2024, Revenues (€ mn) Adjusted EBITDA stable y-o-y 1,200 1,108 1,107 1,013 947 1,000 898 457 569 800 476 Precious Metals Refining 436 487 600 • Revenues in line with previous year: 400 • Supportive metal price environment and solid volumes offse
Slide 20: Specialty Materials
Specialty Materials Full Year Results 2025 20
Slide 21: Specialty Materials | 2025 Performance
Specialty Materials | 2025 Performance Adj. EBITDA +16%, driven by improving Revenues (€ mn) premiums for cobalt products and 800 operational efficiency measures 557 558 600 536 Cobalt & Specialty Materials 274 264 287 400 • Revenues above the level of 2024 200 • Earnings were up materially supporte
Slide 22: Financial Review
4 Financial Review Full Year Results 2025 22
Slide 23: Adjusted EBITDA bridge
Adjusted EBITDA bridge Strong business activity & efficiency measures more than offset inflation headwind Adj. EBITDA bridge (€ mn) +11% 988 • Strong underlying performance reflecting solid 125 68 demand and operational excellence 17 56 847 763 100 • Target to offset cost inflation through efficienc
Slide 24: Performance management
Performance management Group-wide efficiency contributions delivered on target Actuals 2025 Target 2025 Total (€ m) 100 100 • Digitalization and process automation in operations Revenue ~25% ~30% (% of contribution) • Adjustment of Corporate R&D set-up and resizing of Group Corporate functions COGS
Slide 25: Free Operating Cash Flow
Free Operating Cash Flow Strong cash generation, rigorous capital discipline Free Operating Cash Flow (€ mn) 1,500 1238 1177 1147 • Significant increase in cash flow from operations 989 driven by higher activity and gold inventories sale 1,000 873 and subsequent lease-in 575 524 • Net working capita
Slide 26: Net Cash Flow bridge
Net Cash Flow bridge Leverage down to 1.60x Adj EBITDA, net debt reduced Net Cash Flow bridge (€ mn) 849 • Leverage contained to 325 1.60x net debt/Adj EBITDA, well bellow the anticipated peak of ~2.50x 524 • Net financial debt of € 1.4 bn 159 Of which € 250 mn equity • Strong operational cash flow,
Slide 27: Consolidated P&L
Consolidated P&L EPS up on strong underlying result € million 2024 2025 • Adj net finance cost up: Adjusted EBITDA 763 847 • Stable cost of debt (3.3%) - Depr. & Amortization (285) (268) • Deposit yield down (2.3% vs 3.6% prior Adjusted EBIT 478 579 year) - Adj net finance cost (108) (173) • Increas
Slide 28: Consolidated balance sheet
Consolidated balance sheet Solid liquidity position, improved gearing ratio € million 31/12/2024 31/12/2025 Non-current assets 3,798 3,681 • Strong cash position maintained despite repayment of convertible bond (500m€) Property, plant and equipment 2,390 2,361 Current assets 5,580 5,736 • Increased
Slide 29: Hedging of strategic metals exposure
Hedging of strategic metals exposure Increase visibility and reduce volatility of future earnings 100 100 80 80 Rhodium 60 60 Gold 40 40 20 20 0 0 2026 2027 2028 2029 2030 2026 2027 2028 2029 2030 100 100 80 80 Silver 60 60 Palladium 40 40 20 20 0 0 2026 2027 2028 2029 2030 2026 2027 2028 2029 2030
Slide 30: Outlook 2026
5 Outlook 2026 Full Year Results 2025 30
Slide 31: Outlook 2026
Outlook 2026 Entering the year on a stronger footing Catalysis Recycling Specialty Materials Battery Materials Solutions Anticipated to continue benefitting Provided current trend persists, Expected sustained top-line momentum Pursue mid-term plan to recover from strong market position in light- per
Slide 32: Wrap-up
6 Wrap-up Full Year Results 2025 32
Slide 33: Wrap-up
Wrap-up Strong 2025 Robust Entering 2026 from a Further performance progress on CORE position building on momentum and disciplined delivery strategy execution of strength in 2026 “Building on the execution discipline demonstrated in 2025, we remain focused on the levers within our control to deliver
Slide 34: Q&A
7 Q&A Full Year Results 2025 34
Slide 35: Financial Calendar 2026
Financial Calendar 2026 27 March Publication of the annual report 2025 30 April Ordinary shareholders’ meeting 31 July Half Year Results 2026 Full Year Results 2025 35
Slide 36: Upcoming Events
Upcoming Events February 23-25 London Roadshow March 4 Paris Roadshow March 12 Frankfurt Roadshow March 24 JP Morgan European Chemicals Forum (London) May 19 Citi European Chemicals Forum (London) Full Year Results 2025 36
Slide 37: Thank you!
Thank you! Investor Relations: Discover our Subscribe to CORE 2028 Roadmap our press releases Caroline Kerremans HEAD OF INVESTOR RELATIONS Caroline.kerremans@eu.umicore.com Caroline.kerremans@eu.umicore.com Bart Heylen INVESTOR RELATIONS MANAGER Bart.heylen@eu.umicore.com Bart.heylen@eu.umicore.com
Slide 38: Glossary
Glossary Adjusted EBIT EBIT - EBIT adjustments including total other income, income taxes, depreciation and amortization, and excluding non-recurring, irregular and one-time items Adjusted EBIT margin Adjusted EBIT of fully consolidated companies / revenues excluding metals Adjusted EBITDA Adjusted