Umicore Sa · EURONEXT:UMI
Umicore Sa — Investor Day (March 2025)
26 slides from Umicore Sa's investor day presentation, Mar 27, 2025
Slide 1: Solid mid-term plan towards value recovery
Solid mid-term plan towards value recovery Umicore Capital Markets Day 27th March 2025 Battery Materials Solutions Bart Sap – Chief Executive Officer Capital Markets Day - Battery Materials Solutions 1
Slide 2: Disclaimer
Disclaimer This presentation is provided solely for This presentation contains forward-looking information that involves risks and general information purposes about uncertainties, including statements about Umicore’s plans, objectives, expectations Umicore and its activities. and intentions. This p
Slide 3: Battery Cathode Materials and Battery Recycling plans
Battery Cathode Battery Recycling Materials Solutions Robust standalone Optimize our mid-term plan differentiated pyro-hydro technology Actively exploring partnership options Explore partnerships to enable scale-up VALUE RECOVERY TECHNOLOGY OPTIMIZATION Capital Markets Day - Battery Materials Soluti
Slide 4: Zoom in on Battery Cathode Materials
Zoom in on Umicore Battery Cathode Materials Capital Markets Day 27th March 2025 Capital Markets Day - Battery Materials Solutions 4
Slide 5: Developing CAM market comes with additional requirements
Developing CAM market comes with additional requirements Large Need for scale upfront Capex Inherent Intense competition Increased focus on volatility from Asia, especially cost, beyond technology in a market China differentiation still taking shape Dynamic geopolitical Macro-economy and regulatory
Slide 6: Adjusted to new market reality & strategy review
Adjusted to new market reality & strategy review Comprehensive review incorporating internal analysis, insights from industry experts, customer input and external benchmarks Market attractiveness Umicore’s ability to succeed • Global & regional • Customer portfolio & footprint addressable market • T
Slide 7: Market on structural long-term growth trend, even with current slowdown in EV growth
Market on structural long-term growth trend, even with current slowdown in EV growth 100% Classic penetration curve Typical volatility 90% Norway on upward growth trend 80% • EV penetration 70% levels vary by country 60% • Structural adoption 50% curve across countries, Iceland Denmark despite EV sl
Slide 8: External sources expect NMC opportunity to remain large
External sources expect NMC opportunity to remain large 2030 share of NMC in CAM demand (BEV) Demand 0% 20% 40% 60% 80% 100% in GWh Global 1,200 – 2,500 Mix of battery technologies to Europe 330 – 670 co-exist, yet exact balance remains NAM 350 – 630 unclear Sizeable NMC demand China 310 – 750 in Eu
Slide 9: Solid foundation of strengths
Solid foundation of strengths Building on our core business model and capabilities Security Strong of cost-effective Strong Leading customer supply asset base Technologies relationships • Upstream • Strong foothold in • Deep CAM application • Long-term make-or-buy flexibility Europe know-how and str
Slide 10: Robust standalone mid-term plan to recover value
Robust standalone Building • Leveraging strong mid-term plan to on our core customer contracts • Customer and recover value business platform diversification model Sizeable NMC demand with long-term growth potential Capital Performance Solid foundation of strengths and capabilities to leverage • Rig
Slide 11: Mid-term plan supported by strong contractual Take-or-Pay provisions
Building on our core business model Capital Mid-term plan supported by strong contractual Take-or-Pay provisions Volumes covered by contractual Take-or-Pay provision1 ~133 GWh Adj. EBITDA of (incl. IONWAY JV; GWh2) € 275m to € 325m in 20283 ~104 GWh ~72 GWh ~32 GWh Providing opportunity for further
Slide 12: Rigorous capital deployment from 2025 to 2028
Building on our core business model Capital Rigorous capital deployment from 2025 to 2028 Bringing down Capex with € 800m versus previous plan € 1.6bn € 800m € 600m IONWAY JV 0.3 bn equity contribution € 200m € 800m Identified Capex reductions of CAPEX € 800m, primarily reflecting IONWAY JV Europe,
Slide 13: Flexible asset base
Building on our core business model Capital Flexible asset base Current pCAM and CAM manufacturing footprint • Current CAM production capacity: ~30 GWh • Up & running for >20 years • Ability to serve locally and globally (meeting Cheonan, local content KR requirements) • Cathode materials R&D hub pC
Slide 14: Remaining Capex investment of € 250m in Nysa
Building on our core business model Capital Remaining Capex investment of € 250m in Nysa Bringing CAM capacity up to 45 GWh end 2028 • Remaining investments to recover value ~15% reduction in capital • Delivering on customer and product commitments density per kg with Take-or-Pay provision by 2030 •
Slide 15: Remaining Capex investment of € 120m in Korea
Building on our core business model Capital Remaining Capex investment of € 120m in Korea Bringing CAM capacity to 40 GWh by end 2028 Remaining investment to recover value: • Successful transfer of AESC supply from Canada to Korea, avoiding Capex investment in Canada • Covered by Take-or-Pay provisi
Slide 16: Each partner to contribute € 500m equity in IONWAY JV
Building on our core business model Capital Each partner to contribute € 500m equity in IONWAY JV to bring CAM capacity to 70 GWh • Strong commitment of both partners to IONWAY JV • Equity contribution in line with called off investment waves • Waves included in mid-term plan: ~70 GWh Nysa, • Non-re
Slide 17: Footprint optionality of cash neutral Chinese pCAM and CAM production
Building on our core business model Capital Footprint optionality of cash neutral Chinese pCAM and CAM production • Cash neutral at current capacity utilization with cash revenues covering variable and fixed cash costs of the site • Technology proximity to R&D headquarters and test centers of region
Slide 18: Cost reductions further driving down $/kWh
Building on our core business model Capital Performance Cost reductions further driving down $/kWh Cumulative € ~15m savings of in 2025 € ~80m More between 2026 pronounced € ~95m and 2028 impact towards Supporting future 2028 reflecting profitability and volume ramp- cash flows up and related econom
Slide 19: Focus on targeted levers to address specific performance priorities
Building on our core business model Capital Performance Focus on targeted levers to address specific performance priorities ‘End-to-end’ approach covering product design Fixed cost Variable cost up to plant throughput and capex density Process • Process optimization in Europe and Asia resulting in t
Slide 20: Zoom in on production process optimization in Nysa
Building on our core business model Capital Performance Zoom in on production process optimization in Nysa Projected manufacturing cost of CAM plant in Nysa after remaining € 250m investment (€/kg) Process technology and 20 GWh Continuous improvement, increased utilization lower scrap, further techn
Slide 21: Core 2028 ambitions – Battery Cathode Materials
Core 2028 ambitions – Battery Cathode Materials Standalone mid-term plan: value recovery with cash and cost focus Revenue EBITDA Adj. EBITDA ROCE in 2028 in margin 2028 in 2028 in 2028 ~ € 1,100m >> 25% 25% ~ 9% Adj. EBITDA positive in 2026, Adj. EBIT positive in 2027 Investments 2025-28: Capex to f
Slide 22: Mid-term plan significantly re-sized allowing for standalone execution
Mid-term plan Actively exploring partnership significantly re-sized allowing options to accelerate for standalone execution value recovery No investments beyond current plan Industry sees value in consolidation Capital Markets Day - Battery Materials Solutions 22
Slide 23: Zoom in on Battery Recycling Solutions
Zoom in on Battery Recycling Umicore Capital Markets Day Solutions 27th March 2025 23
Slide 24: Scaling up at optimal market timing
Scaling up at optimal market timing Market: confidence in long-term perspectives • Slower ramp-up due to slowdown EV growth • Sizable addressable recycling needs: anticipated worldwide production scraps & end-of-life batteries Winning value proposition at scale: phased market approach • Differenti
Slide 25: Battery Materials Solutions Take-aways
Battery Materials Solutions Take-aways Value recovery Focus on in Battery Rigorous return on Cathode capital investments Materials deployment, through Actively based on solid bringing down optimized use exploring mid-term plan Capex of asset base partnerships Date Capital Markets Day - Battery Mater
Slide 26: Umicore Capital Markets Day 27th March 2025
Umicore Date Capital Markets Day 27th March 2025 Capital Markets Day - Battery Materials Solutions