Slide 1: Umicore Investor Presentation August 2026
Umicore Investor Presentation August 2026
Slide 2: Agenda
Agenda 1. 2. About Umicore CORE 2028 mid- term plan Maximizing cash generation from foundation businesses and recover value in Battery Cathode Materials 3. 4. 5. CORE 2028 HY 2026 2026 Outlook financial strategy performance Rigorous capital deployment and solid cash generation Investor Presentation
Slide 3: About Umicore
1 | About Umicore Investor Presentation - August 2026 3
Slide 4: Our business model is more relevant than ever
Our business model is more relevant than ever Working closely with our customers, we innovate and tailor for their needs Chemistry Material Building on our core capabilities Science Metals Material we focus on applications where we can attain leadership Metallurgy Solutions Metals Management We brid
Slide 5: Through our unique business model we embrace and benefit from megatrends
Clean Technologies Through our unique business model we embrace and benefit Connected World Mobility Transformation from megatrends Investor Presentation - August 2026 5
Slide 6: Umicore at a glance
Umicore at a glance Global company with operations • Revenues of € 3.6bn, adj. EBITDA of € 847m and adj. EBITDA margin of spanning 5 continents 24% • ROCE of 15.7%, net debt / LTM adj. EBITDA ratio of 1.60x Megatrends supporting key activities: Clean Technologies, Connected • CF from operations of €
Slide 7: Umicore at a glance: strategic mandate and CORE 2028 ambitions
Umicore at a glance Our strategic mandate Our CORE 2028 Group financial ambitions Maximize cash generation in the Strong profitability & returns Solid cash generation Robust balance sheet foundation businesses Value recovery in Battery > 23% > 15% € 1.0bn – 1.2bn < 2.0 Adj. EBITDA margin ROCE Cathod
Slide 8: Core mid-term plan 2028
2 | Core mid-term plan 2028 Investor Presentation - August 2026 8
Slide 9: CORE 2028 | Our path forward
CORE 2028 | Our path forward Harnessing our strengths, focusing on 4 imperatives People and Capital Performance Partnerships Culture More balanced Actively exploring Further embed Drive change capital allocation partnerships in operational towards a Rigorous capital efficiencies performance battery
Slide 10: Leveraging our business model and portfolio
Leveraging our business model and portfolio: further maximizing cash generation in our foundation businesses while recovering value in Battery Cathode Materials Catalysis Recycling Specialty Materials Battery Materials Solutions Recover value with cost Selective investments & cash discipline in high
Slide 11: Maximizing business value in Catalysis
Maximizing business value in Catalysis Automotive Fuel Cell & Precious Metals Catalysts Stationary Catalysts Chemistry One of the world's leading Stationary emission control World class metals-based producers of emission control catalysts for Power Generation, catalyst portfolio for life- PGM based
Slide 12: Maximizing business value in Catalysis
Maximizing business value in Catalysis Fuel Cell & Stationary Precious Metals Automotive Catalysts Catalysts Chemistry Leveraging leadership in high- Demand from the hydrogen- Steady end market demand from value LDG market, moderate based mobility segment set to automotive, chemicals, electronics g
Slide 13: Unique customer proposition in Automotive Catalysts
Automotive Catalysts Unique customer proposition in Automotive Catalysts Longstanding reliable partner to customers Strong presence in Balanced footprint Maximizing long-lasting light- to support customer value for customers duty markets needs globally Umicore 2025 light-duty catalyst volumes by reg
Slide 14: Maximizing cash and driving quality of earnings in Automotive Catalysts
Automotive Catalysts Maximizing cash and driving quality of earnings in Automotive Catalysts Global catalyst market in mature market stage Building Leveraging unique on our core • #1 position1 in attractive light-duty gasoline value pool customer proposition as business longstanding reliable • Proje
Slide 15: Core 2028 ambitions – Catalysis
Core 2028 ambitions – Catalysis Revenue1 Adj. EBITDA ROCE Catalysis in 2028 margin in 2028 in 2028 ~ € 1.8bn ~ 25% > 35% Capex 2025-28: < € 300mn FCF2 2025-28: > € 1.4bn 1 Revenues (excluding metals): All revenue elements - value of the following purchased metals : Au, Ag, Pt, Pd, Rh, Co, Ni, Pb, Cu
Slide 16: Industry leading value creation in Recycling
Industry leading value creation in Recycling Precious Metals Jewelry & Precious Metals Refining Industrial Metals Management • Metal services and • One of the world’s • Precious and platinum trading largest precious group metal products metals recycling (PGM) for jewelers, • Global leader in the sup
Slide 17: Industry leading value creation in Recycling
Industry leading value creation in Recycling Precious Metals Jewelry & Precious Metals Refining Industrial Metals Management • Growing resource scarcity • Global demand for jewelry • Demand in Umicore • Strategic supply of critical and different industrial end- business units and demand raw material
Slide 18: Enhancing leadership through investments while strengthening performance
Precious Metals Refining Enhancing leadership through investments while strengthening performance Strengthening solid leadership position Building Unique integrated flow • Highly accurate sampling & assaying sheet • Technology, size & scale to recover 17 metals on our core Profitable revenue • Integ
Slide 19: Core 2028 ambitions – Recycling
Core 2028 ambitions – Recycling Revenue1 Adj. EBITDA ROCE Recycling in 2028 margin in 2028 in 2028 ~ € 800m ~ 35% > 40% Capex 2025 - 2028: ~ € 600m FCF2 2025 - 2028: ~ € 400m 1Revenues (excluding metals): All revenue elements - value of the following purchased metals : Au, Ag, Pt, Pd, Rh, Co, Ni, Pb
Slide 20: Capturing growth opportunities while improving performance in Specialty Materials
Capturing growth opportunities while improving performance in Specialty Materials Electro-Optic Metal Deposition Cobalt & Specialty Materials Solutions Materials • #1 in Ge substrate • One of the world’s • Global leader in the applications, strong leading suppliers of refining, transforming and play
Slide 21: Capturing growth opportunities while improving performance in Specialty Materials
Capturing growth opportunities while improving performance in Specialty Materials Electro-Optic Metal Deposition Cobalt & Specialty Materials Solutions Materials • High-growth markets with • Demand for coating solutions • Demand from cobalt and several niche applications from the electronics, semi-
Slide 22: Core 2028 ambitions – Specialty Materials
Core 2028 ambitions – Specialty Materials Revenue1 Adj. EBITDA ROCE Specialty in 2028 margin in 2028 Materials in 2028 ~ € 600m > 20% > 12.5% CAPEX 2025 - 2028: < € 200m FCF2 2025 - 2028: ~ € 300m 1Revenues (excluding metals): All revenue elements - value of the following purchased metals : Au, Ag,
Slide 23: Battery Cathode Materials: Path towards value recovery
Battery Cathode Materials Path towards value recovery Investor Presentation - August 2026 23
Slide 24: Solid position in Battery Cathode Materials
Solid position in Battery Cathode Materials Building on our core business Strategic and flexible asset base and strong model industrial capabilities Sourcing expertise with > 20 years of and flexibility experience Additional requirements Deep CAM application Long-term in a CAM knowhow and leading cu
Slide 25: Rigorous capital deployment from 2025 to 2028
Battery Cathode Materials Rigorous capital deployment from 2025 to 2028 Bringing down Capex with € 800m versus previous plan € 1.6bn € 800m € 600m IONWAY JV equity 0.3 bn contribution € 200m € 800m Identified Capex reductions CAPEX of € 800m, primarily IONWAY JV Europe, Korea, 1.3 bn 300M equity ref
Slide 26: Remaining Capex investment in Europe
Battery Cathode Materials Remaining Capex investment in Europe • IONWAY JV: Each partner to contribute € 500m equity in IONWAY JV to bring CAM capacity to ~15% 70 GWh reduction in • Remaining capex investment of € 250m in capital density Nysa to bring CAM capacity up to 45 GWh end per kg by 2030 202
Slide 27: Remaining Capex investments in Asia
Battery Cathode Materials Remaining Capex investments in Asia • Bringing CAM capacity to 40 GWh by end 2028 • > 15% ROCE on remaining Capex investment • Remaining investment (€ 120m) to recover value: • Successful transfer of AESC Cost Cheonan, supply from Canada to Korea, reductions KR avoiding Cap
Slide 28: Path towards value recovery
Path towards value recovery Harnessing our strengths, focusing on capital and performance Building Capital Performance on our core business Rigorous capital deployment • End-to-end approach model • Maximize plant utilization • Product development and process • Leverage footprint integration • Levera
Slide 29: Core 2028 ambitions – Battery Cathode Materials
Core 2028 ambitions – Battery Cathode Materials Standalone mid-term plan: value recovery with cash and cost focus Revenue1 Adj. EBITDA ROCE in 2028 margin in 2028 in 2028 ~ € 1,100m > 25% ~ 9% Adj. EBITDA positive in 2026, Adj. EBIT positive in 2027 Investments 2025-28: Capex to finalize footprint E
Slide 30: Mid-term plan re-sized; exploring partnership options
Mid-term plan Actively exploring partnership significantly re-sized allowing options to accelerate for standalone execution value recovery No investments beyond current Industry sees value in plan consolidation Investor Presentation - August 2026 30
Slide 31: Core 2028 – Umicore's financial strategy
3 | Core 2028 – Umicore’s financial strategy Investor Presentation - August 2026 31
Slide 32: Rigorous capital deployment
Rigorous capital deployment Resulting in net cash savings of € 1.2bn Net Capex Total projected investments for Umicore Group reduction (’25-’28, € bn) of € 1.4bn primarily € 3.3bn € 1.4bn in Battery Cathode Corporate € 0.1bn € 0.1bn Materials and € 0.5bn Battery Recycling Foundation € 1.1bn € 2.1bn
Slide 33: Relentless performance management
Relentless performance management Continued focus will drive additional efficiencies Actuals 2025 Target 2025 AMBITION 2026-28 Total (€ m) 100 100 Revenue ~25% ~30% (% of contribution) Offset inflation COGS ~20% ~20% through gross efficiencies of (% of contribution) min €50m to Cost SG&A ~25% ~35% €
Slide 34: Security of future earnings increased
Security of future earnings increased With PM & PGM metals volatility largely mitigated through hedging policy Price sensitivity Historical volatility Substantial portion largely linked to PM of expected structural 10% PM & PGM and PGM prices price exposure covered up to 2028 Strategic metal hedging
Slide 35: Solid liquidity
Solid liquidity With spread debt maturities and contained leverage Long Term Debt profile (€ bn) Leverage ratio c.€ 2.8bn 1.9x 1.6x 1.6x – 1.8x Post ‘28 c.€ 0.5bn ’26-‘28 € 0.5bn ‘25 Debt Maturity '24 '25 '28 1.4 1.4 1.8 Net debt (€ bn) € 2bn of liquidity 85% of total debt at at the end of 2024 fixe
Slide 36: Core 2028 ambitions – Umicore Group
Core 2028 ambitions* – Umicore Group Adj. EBITDA Adj. EBITDA FCF ’25-’28 ROCE Umicore margin Group € 1.0bn – 1.2bn > 23% € 1.0bn – 1.2bn > 15% FOUNDATION BUSINESSES Battery Specialty Catalysis Recycling Materials Materials Solutions Adj. EBITDA Adj. EBITDA Adj. EBITDA Adj. EBITDA ~25% ~ 35% > 20% >
Slide 37: HY 2026 performance
4 | HY 2026 performance Investor Presentation - August 2026 37
Slide 38: H1 2026 Broad-based earnings uplift and solid execution
H1 2026 Broad-based earnings uplift and solid execution Highlights Strong underlying Tailwind from metal Sustained efficiency Upgrading FY 2026 performance with price environment, driving increased Adj. EBITDA guidance greater activity and primarily in Q1 2026 profit margins solid execution CORE 202
Slide 39: H1 2026 Key figures
H1 2026 Key figures Increased margins, stronger returns, improved cash generation and robust balance sheet Revenues Adj. EBITDA Adj. EBITDA margin € 1.9 bn € 577 mn 30.2% +7% y/y +33% y/y H1 2025: 24.3% ROCE Free operating cash flow Leverage ratio 23.0% € 295 mn 1.52x H1 2025: 16.4% H1 2025: € (54)
Slide 40: 2026 Outlook
5 | 2026 Outlook Investor Presentation - August 2026 40
Slide 41: Upgrading guidance for FY 2026
Upgrading guidance for FY 2026 2026 adj. EBITDA expected slightly above € 1 billion Specialty Battery Material Catalysis Recycling Materials Solutions • Adj. EBITDA expected to be in • Adj. EBITDA expected to be • Adj. EBITDA expected to be • Anticipated performance line with record FY 2025 signific
Slide 42: Thank you!
Thank you! Investor Relations contacts: Review 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.umic
Slide 43: Annexes
_ umicore Annexes
Slide 44: Capture emerging growth in Fuel Cell Catalysts
Fuel Cell Catalysts Capture emerging growth in Fuel Cell Catalysts Estimated global hydrogen fuel cell vehicles1 LDV HDD (k units – per type) 160 140 Compelling growth potential, in 120 particular for long haul heavy-duty 100 trucks 80 60 40 20 0 2023 2024 2025 2026 2027 2028 Industry Diversified cu
Slide 45: Progress in sustainability roadmap
Progress in sustainability roadmap Investor Presentation - August 2026 45
Slide 46: Our approach to sustainability
Our approach to sustainability Zero Net Zero Zero Harm Inequality Scope 1 + 2 GHG emissions: Increased cultural Safety & wellbeing - 20% by 2025 diversity and gender - 50% by 2030 parity in management Minimizing impact on the environment Scope 3 GHG emissions: 35% women in - 42% carbon intensity of
Slide 47: 2025 Highlights in sustainability reporting
2025 Highlights in sustainability reporting 2025 was a milestone year showing strong momentum on our sustainability 11,230 -31.4% roadmap and reporting Total workforce Scope 1+2 GHG market-based vs 2019 baseline ✓ Exceeded our first decarbonization 24.4 % 60% Women in total workforce Global electric
Slide 48: Responsible sourcing
Responsible sourcing Managing risks for positive impact in the value chain Focus on Group-wide battery approach materials Global Sustainable Sourcing Policy Material-specific sourcing aligned with OECD & ISO 20400 frameworks for cobalt, nickel, ✓ EcoVadis Gold (Top 5%) 650+ suppliers aligned with ES
Slide 49: Corporate Governance
Corporate Governance Investor Presentation - August 2026 49
Slide 50: Guiding us forward: Executive Leadership Team
Guiding us forward Umicore’s Executive Leadership Team Karena Marten Cancilleri Executive Vice President Bart Sap Zieris Chief Digital & Battery Cathode Chief Executive Officer Transformation Officer Materials Ana Fonseca Jensen Nordang Verhelle Executive Vice President Executive Vice President Peop
Slide 51: Supervisory Board
Supervisory Board 1 2 3 1) Thomas Leysen – Chair – Appointed on 19 November 2008 2) Anna Bertona – Independent member – Appointed on 30 April 2026 3) Marc Grynberg – Member – Appointed on 27 April 2023 4 5 6 7 4) Frédéric Oudéa – Independent member – Appointed on 25 April 2024 5) Martina Merz – Inde
Slide 52: Supervisory Board
Supervisory Board The Supervisory Board is composed of at least six members. The members’ term of office may not exceed four years. Umicore's Supervisory Board members are usually elected for a (renewable) period of three years. ▪ Audit Committee Supervisory Board ▪ Nomination & Remuneration structu
Slide 53: Shareholding structure
Shareholding structure You can consult the latest shareholding structure on Shareholding Structure our website via the following link: Shareholder structure | Umicore Investor Presentation - August 2026 53
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