Umicore Sa · EURONEXT:UMI
Umicore Sa — Umicore Sa Ord New — H1 2025 Earnings Presentation
39 slides from Umicore Sa's earnings presentation, Aug 1, 2025
Slide 1: Half-Year Results 2025
Half-Year Results 2025 Date Umicore INTERNAL document Half-Year Results 2025
Slide 2: Disclaimer and forward-looking information
This presentation is provided solely for This presentation contains forward-looking information that involves general information purposes about risks and uncertainties, including statements about Umicore’s plans, Umicore and its activities. objectives, expectations and intentions. This presentation
Slide 3: Speakers
Speakers Bart Sap Chief Executive Officer Wannes Peferoen Chief Financial Officer Half-Year Results 2025 3
Slide 4: Agenda
Agenda 01 CORE strategy 02 Key figures and highlights 03 Business review 04 Financial review 05 Outlook 2025 06 Wrap-up 07 Q&A Half-Year Results 2025 4
Slide 5: CORE strategy
CORE strategy 1 Half-Year Results 2025 Half-Year Results 2025
Slide 6: CORE strategy
CORE strategy Maximize cash generation in foundation businesses Value recovery in Battery Cathode Materials People & Capital Performance Partnerships Building Culture on our core More balanced capital allocation Further embed operational Drive change towards a efficiencies performance business acros
Slide 7: Alignment of reporting structure with strategy
CORE strategy Alignment of reporting structure with strategy • New Business Group Battery Materials Solutions encompassing all activities related to the evolving EV market • First introduction of new reporting structure in H1 25 Results, with 2024 reporting restated Battery Specialty Materials Catal
Slide 8: Key figures and highlights
Key figures and highlights 2 Half-Year Results 2025 Half-Year Results 2025
Slide 9: Key figures H1 2025
Key figures H1 2025 Strong underlying performance, driven by sustained demand and operational efficiencies Revenues Free operating • Solid H1 2025, earnings well up versus H1 2024 cash-flow • Sustained demand and Group wide operational efficiency measures within a supportive metal price environment
Slide 10: Highlights H1 2025
Highlights H1 2025 CORE strategy execution with focus on operational excellence, rigorous capital deployment and performance culture Capital Performance H1 25 capex of € 109 million, Efficiency savings well below level of H1 2024 > € 50 million reflecting strict approach in capital already achieved
Slide 11: Business review
Business review 3 Half-Year Results 2025 Half-Year Results 2025
Slide 12: Battery Materials Solutions
Battery Materials Solutions Half-Year Results 2025
Slide 13: Battery Materials Solutions H1 2025 | Performance
Battery Materials Solutions H1 2025 | Performance Revenues somewhat lower, adj. EBITDA roughly in line with H1 24 Revenues (€ mn)1 Battery Cathode Materials 1,250 • Revenues of € 208 mn, below H1 24 1,000 • Lower refining income 750 • Slightly lower CAM volumes, as anticipated: legacy 500 395 contra
Slide 14: Progress on next-generation battery materials technologies
Battery Materials Solutions Progress on next-generation battery materials technologies • BMW and Solid Power among first to test an all-solid-state battery vehicle on the road, incorporating Umicore’s proprietary cathode materials • Strong validation of Umicore’s leadership in cathode materials tech
Slide 15: Catalysis
Catalysis Half-Year Results 2025
Slide 16: Catalysis H1 2025 | Market context
Catalysis H1 2025 | Market context Slightly contracting global light-duty ICE production with varied trends per region Annual global ICE passenger car production (millions) 79.3 77.1 72.5 73.6 • LDV ICE production: - 1.7% • China + 1.2% 41.2 38.8 • North America - 5.6% 34.9 37.9 • Europe - 9.1% • So
Slide 17: Catalysis H1 2025 | Performance
Catalysis H1 2025 | Performance Strong performance: revenues and earnings above H1 2024 Revenues (€ mn) Automotive Catalysts 1,687 1,776 1,804 1,666 1,750 • Revenues and earnings in line with H1 2024 1,500 780 879 857 812 872 • Outperformance of ICE LDV market reflecting strong position in LDG 1,250
Slide 18: Recycling
Recycling Half-Year Results 2025
Slide 19: Recycling H1 2025 | Market context
Recycling H1 2025 | Market context Overall supportive metals price environment Price 2025 Price 2024 Rhodium (KEUR/kg) Gold (EUR/kg) Platinum (EUR/kg) Silver (EUR/kg) 185,000 100,000 40,000 1,100 175,000 95,000 38,000 1,050 90,000 1,000 165,000 36,000 85,000 950 80,000 34,000 155,000 900 75,000 32,0
Slide 20: Recycling H1 2025 | Performance
Recycling H1 2025 | Performance Solid performance with revenues and adj. EBITDA in line with H1 2024 Precious Metals Refining • Revenues close to H1 2024 Revenues (€ mn) (1) • Higher volumes 1,250 1,108 1,107 1,013 • Less favorable supply conditions 1,000 898 457 569 • Supportive metal price environ
Slide 21: Recycling H1 2025: Green buffer zone completed
Recycling H1 2025 Green buffer zone completed • Structural measure providing a buffer between the adjacent residential area and the refining and recycling site • Comes on top of other environmental initiatives taken on site and in the vicinity: € 25 million invested annually to further improve envir
Slide 22: Specialty Materials
Specialty Materials Half-Year Results 2025
Slide 23: Specialty Materials H1 2025 | Performance
Specialty Materials H1 2025 | Performance Adj. EBITDA +35%, driven by higher margins for cobalt products and contribution from operational efficiency improvements Revenues (€ mn) Cobalt & Specialty Materials 557 600 536 • Revenues somewhat lower 500 274 264 271 • Earnings substantially up reflecting
Slide 24: Our business model is more relevant than ever
Our business model is more relevant than ever Half-Year Results 2025
Slide 25: EU Critical Raw Materials Act bolsters Umicore's strategic initiatives
EU Critical Raw Materials Act bolsters Umicore's strategic initiatives and operational capabilities 17 of the 34 EU Critical Raw Materials* fall within Umicore’s scope, being a world leader in materials technology, metallurgy and circularity * 33 + 5 as Platinum Group Metals (PGMs) are considered as
Slide 26: Financial review
Financial review 4 Half-Year Results 2025 Half-Year Results 2025
Slide 27: Strong underlying performance
Strong underlying performance Adj. EBITDA bridge (€ mn) 487 -53 • Strong underlying performance, 39 -1 433 primarily driven by solid demand and operational 393 55 efficiency initiatives across activities + 24% • More than offsetting adverse effects of cost inflation and - to a lesser extent - FX flu
Slide 28: Efficiency program well on track
Efficiency program well on track TARGET 2025 ACTUALS H1 25 Examples H1 25: Adjustment of Total (€ m) >50 At least 100 Corporate R&D set- up and resizing of Revenue Group Corporate ~25% ~30% (% of contribution) functions COGS ~15% ~20% Adjustment of Cost Automotive Catalyst SG&A ~40% ~35% R&D operati
Slide 29: Consolidated P&L
Consolidated P&L € million H1 24 H1 25 Adjusted EBITDA 393 433 - Depr. & Amortization (152) (131) • Increase in adj. net finance cost, reflecting higher Adjusted EBIT 241 302 average net financial debt and lower interest - Adj net finance cost (56) (102) income on cash deposits, combined with higher
Slide 30: Consolidated balance sheet
Consolidated balance sheet € million 31/12/2024 30/06/2025 Non-current assets 3,798 3,701 • Solid liquidity with cash position of € 1.1 billion, Property, plant and equipment 2,390 2,315 after the repayment of the € 500 million Current assets 5,580 4,855 convertible bond earlier in June Inventories
Slide 31: Net financial debt
Net financial debt Net cash flow bridge (€ mn) 300 260 200 -197 • Leverage ratio of 2.28x 100 62 LTM adj EBITDA -117 -54 0 -54 -76 -100 -76 -60 -60 • Increased working capital -200 and equity contribution into -300 -250 IONWAY -400 • Resulting in a € 404 mn -51 +87 -404 increase of -500 -441 +87 net
Slide 32: Hedging of strategic metals exposure
Hedging of strategic metals exposure Reduce volatility of future earnings and increase visibility 100% 1.2 100% 1.2 80% 1 80% 1 0.8 60% 0.8 60% Rhodium Gold 0.6 0.6 40% 40% 0.4 0.4 20% 0.2 20% 0.2 0% 0 0% 0 2025 2026 2027 2028 2029 2025 2026 2027 2028 2029 100% 1.2 100% 1.2 80% 1 80% 1 0.8 Palladium
Slide 33: Outlook 2025
Outlook 2025 5 Half-Year Results 2025 Half-Year Results 2025
Slide 34: Recently upgraded FY 2025 guidance reiterated
Recently upgraded FY 2025 guidance reiterated Building on the encouraging performance in the first half of the year, Umicore confirms that the adjusted EBITDA for the full year 2025 is anticipated to be in the range of € 790 million to € 840 million, in line with the previously upgraded guidance. Th
Slide 35: Wrap-up
Wrap-up 6 Half-Year Results 2025 Half-Year Results 2025
Slide 36: Wrap-up
Wrap-up H1 25 driven by sustained Strong H1 25 performance in demand and operational foundation businesses efficiency in a supportive metal Gradual ramp-up of Battery price environment Cathode Materials contracts Half-Year Results 2025 36
Slide 37: Q&A
Q&A 7 Half-Year Results 2025 Half-Year Results 2025
Slide 38: Thank you!
Thank you! Investor Relations contacts: Subscribe to our press releases Caroline Kerremans HEAD OF INVESTOR RELATIONS Caroline.kerremans@eu.umicore.com Caroline.kerremans@eu.umicore.com Eva Behaeghe SENIOR INVESTOR RELATIONS MANAGER Eva.behaeghe@eu.umicore.com Eva.behaeghe@eu.umicore.com Half-Year R
Slide 39: 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