Umicore Sa · EURONEXT:UMI
Umicore Sa — Investor Presentation (November 2025)
54 slides from Umicore Sa's investor presentation, November 2025
Slide 1: Umicore Investor Presentation
Umicore Investor Presentation November 2025 Investor Presentation - November 2025 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: Agenda
Agenda 1. 2. About Umicore Core 2028 Umicore’s mid- term plan to 2028 Maximizing cash generation from foundation businesses and recover value in Battery Cathode Materials 3. 4. Core 2028 HY 2025 performance Umicore’s financial and 2025 outlook strategy Rigorous capital deployment and solid cash gene
Slide 4: 1. About Umicore
1. About Umicore Investor Presentation - November 2025 4
Slide 5: Umicore's history stretches > 200 years; circular business model
Our circular business model is more Umicore’s history relevant than ever and at the stretches > 200 core of everything we do years, with roots in Umicore’s business model is built on a closed-loop system mining and smelting. that integrates metals refining, production, and recycling. We transformed
Slide 6: 2. Core mid-term plan 2028
2. Core mid-term plan 2028 Maximize cash generation from foundation businesses and recover value in Battery Cathode Materials Investor Presentation - November 2025 6
Slide 7: Our business model is more relevant than ever
Our business model is more relevant than ever and at the Working closely with our customers, core of everything we do we innovate and tailor for their needs Building on our core capabilities Innovation we focus on applications where we can attain leadership Chemistry Material Science We bridge criti
Slide 8: Through our unique business model we benefit from megatrends
Clean Technologies Through our unique business RESOURCE model SCARCITY we embrace and Connected Mobility World Transformation benefit from megatrends Date Investor Presentation - November 2025 8
Slide 9: Our path forward
Our path forward Harnessing our strengths, focusing on 4 imperatives Capital People & Capital Performance Partnerships Culture More balanced Further embed Drive change Actively exploring Building capital allocation operational towards a partnerships in efficiencies performance battery materials on o
Slide 10: Leveraging our business model and portfolio: maximizing cash generation
Leveraging our business model and portfolio: further maximizing cash generation potential of foundation businesses Battery Catalysis Recycling Specialty Materials Materials Solutions Maximize cash Maximize cash generation Selective investments Recover value with cost & cash generation and drive fro
Slide 11: Maximizing business value in Catalysis
Maximizing business value in Catalysis Fuel Cell & Precious Metals Automotive Catalysts Stationary Catalysts Chemistry One of the world's leading Stationary emission World class metals-based producers of emission control control catalysts for catalyst portfolio for life- PGM based catalysts for Powe
Slide 12: Maximizing business value in Catalysis
Maximizing business value in Catalysis Automotive Fuel Cell & Precious Metals Catalysts Stationary Catalysts Chemistry Leveraging leadership Demand from the Steady end market in high-value LDG hydrogen-based mobility demand from market, moderate segment set to grow automotive, chemicals, growth & va
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 long-lasting light-duty to support customer Maximizing markets needs globally value for customers Umicore 2024 light-duty catalyst volumes by regi
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 • #1 position1 in attractive light-duty gasoline value pool Leveraging unique on our core • Projected global market share increase in total light-duty c
Slide 15: 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 16: Core 2028 – Catalysis
Core 2028 – Catalysis Our ambitions Revenue1 EBITDA Adj. EBITDA ROCE Catalysis in 2028 in margin 2028 in 2028 in 2028 > 25% ~ € 1.8bn ~ 25% > 35% Capex 2025-28: < € 300mn FCF2 2025-28: > € 1.4bn 1Revenues (excluding metals): All revenue elements - value of the following purchased metals : Au, Ag, Pt
Slide 17: 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 metals group metal products recycling facilities and (PGM) for jewelers, • Global le
Slide 18: 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 and • Demand in Umicore • Strategic supply of critical raw different industrial end-markets business units and demand m
Slide 19: 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 20: Core 2028 ambitions – Recycling
Core 2028 ambitions – Recycling Revenue1 EBITDA Adj. EBITDA ROCE Recycling in 2028 in margin 2028 in 2028 in 2028 > 25% ~ € 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, P
Slide 21: Capturing growth opportunities 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 leading • Global leader in the applications, strong player suppliers of products for recycling a
Slide 22: 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 market with • Demand for coating • Demand from cobalt and several niche applications solutions from the nickel-based special
Slide 23: Core 2028 ambitions – Specialty Materials
Core 2028 ambitions – Specialty Materials Revenue1 EBITDA Adj. EBITDA ROCE Specialty in 2028 in margin 2028 in 2028 Materials in 2028 > 25% ~ € 600m > 20% > 12.5% CAPEX 2025 - 2028: < € 200m FCF2 2025 - 2028: ~ € 300m 1Revenues (excluding metals): All revenue elements - value of the following purcha
Slide 24: Value recovery in Battery Cathode Materials
Leveraging our business model and portfolio: Value recovery in Battery Cathode Materials Battery Catalysis Recycling Specialty Materials Materials Solutions Maximize cash generation Maximize cash generation Selective investments Recover value with cost & and drive quality of earnings from current a
Slide 25: 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 Long-term in a CAM Deep CAM application customer market still
Slide 26: 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 0.3 bn equity contribution € 200m € 800m Identified Capex reductions of CAPEX € 800m, primarily reflecting IONWAY JV Europe, Korea, 1.3 bn 300M
Slide 27: Remaining Capex investment in Nysa
Battery Cathode Materials 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 • Unlocking substan
Slide 28: Remaining Capex investments
Battery Cathode Materials Capital Remaining Capex investments • Bringing CAM capacity to 40 GWh by end 2028 • > 15% ROCE on remaining Capex investment • Remaining investment (€ 120m) to recover value: • Successful transfer of Cost Cheonan, AESC supply from reductions KR Canada to Korea, further driv
Slide 29: Path towards value recovery
Path towards value recovery Harnessing our strengths, focusing on capital and performance Building Capital Capital Performance on our core business Rigorous capital deployment • End-to-end approach • Product development model • Maximize plant utilization and process integration • Leverage footprint
Slide 30: Core 2028 ambitions – Battery Cathode Materials
Core 2028 ambitions – Battery Cathode Materials Standalone mid-term plan: value recovery with cash and cost focus Revenue1 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
Slide 31: Mid-term plan 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 Date Investor Presentation - November 2025 31
Slide 32: 3. Core 2028 - Umicore's financial strategy
3. Core 2028 - Umicore’s financial strategy Rigorous capital deployment and solid cash generation Investor Presentation - November 2025 32
Slide 33: Rigorous capital deployment
Rigorous capital deployment resulting in net cash savings of € 1.2bn Total projected investments for Umicore Group Net Capex (’25-’28, € bn) reduction € 3.3bn € 1.4bn of € 1.4bn primarily € 0.1bn € 0.1bn in Battery Cathode Corporate € 0.5bn Materials and Battery Recycling Solutions Foundation € 1.1b
Slide 34: Relentless performance management
Relentless performance management Continued focus will drive additional efficiencies AMBITION 2026-28 TARGET 2025 ACTUALS 2024 Total (€ m) >100 100 Revenue1 ~25% ~30% (% of contribution) Offset inflation COGS ~45% ~20% through gross efficiencies of Cost min €50m to SG&A ~15% ~35% (% of contribution)
Slide 35: 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 36: Solid liquidity
Solid liquidity with spread debt maturities and contained leverage Long Term Debt profile (€ bn) Leverage ratio c.€ 2.8bn c. 2.5x Sale of gold inventory in Oct. 2025 c. <2.0x decreases leverage 1.9x 1.6x – 1.8x Post ‘28 c.€ 0.5bn ’26-‘28 € 0.5bn ‘25 Debt Maturity '24 '25 '28 1.4 1.9 1.8 Net debt (€
Slide 37: 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 Materials Catalysis Recycling Specialty Materials Solutions Adj. EBITDA Adj. EBITDA Adj. EBITDA Adj. EBITDA ~25% ~ 35% > 20% >
Slide 38: 4. HY 2025 performance and 2025 outlook
4. HY 2025 performance and 2025 outlook Investor Presentation - November 2025 38
Slide 39: Key figures H1 2025
Key figures H1 2025 Strong underlying performance, driven by sustained demand and operational efficiencies • Solid H1 2025, earnings well up versus H1 2024 Revenues Free operating • Sustained demand and Group wide operational efficiency cash-flow measures within a supportive metal price environment
Slide 40: 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 41: Upgraded FY 2025 guidance reiterated at HYR
Upgraded FY 2025 guidance reiterated at HYR 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. This
Slide 42: Q&A
Q&A Investor Presentation - November 2025 42
Slide 43: Thank you!
Thank you! Investor Relations: Discover our Subscribe to CORE 2028 Roadmap our press releases Caroline Kerremans HEAD OF INVESTOR RELATIONS Caroline.kerrements@eu.umicore.com Caroline.kerrements@eu.umicore.com Bart Heylen INVESTOR RELATIONS MANAGER Bart.heylen@eu.umicore.com Bart.heylen@eu.umicore.c
Slide 44: Annexes
Annexes Investor Presentation - November 2025 44
Slide 45: Progress in sustainability roadmap
Progress in sustainability roadmap Investor Presentation - November 2025 45
Slide 46: Our approach to sustainability
Our approach to sustainability Net Zero Harm Zero Zero Inequality Scope 1 + 2 GHG emissions by 2035 Safety & wellbeing Increased cultural diversity and - 20% by 2025 and - 50% by 2030 gender parity in management Minimizing impact on the environment 35% women in management by Scope 3 - 42% carbon int
Slide 47: 2024 Highlights in sustainability
2024 2024 Highlights in sustainability Sustainability Performance Highlights Net Zero Zero Harm Zero Inequality -28.8% 39.7% 11,581 Scope 1+2 GHG market-based Reduction in staff TRIR Total workforce vs 2019 baseline compared to 2023 46.3% 54% 24.7 % Global electricity from renewables Reduction of di
Slide 48: Responsible sourcing
Responsible sourcing Managing risks for positive impact in the value chain Group-wide approach Focus on Global Sustainable Sourcing battery Policy materials aligned with OECD & ISO 20400 650+ suppliers aligned with ESG Material-specific sourcing requirements frameworks for cobalt, nickel, Due Dilige
Slide 49: Building momentum in 2025
Building momentum in 2025 Umicore’s first Corporate Sustainability Reporting Directive (CSRD)-aligned disclosures Umicore is part of the BEL20 ESG index, highlighting the top 20 Belgian listed companies with strong ESG performance Publication of Umicore’s Sustainability-linked Financing Framework In
Slide 50: Corporate Governance
Corporate Governance Investor Presentation - November 2025 50
Slide 51: Guiding us forward
Guiding us forward Umicore’s Executive Leadership Team Karena Jensen Cancilleri Verhelle Executive Vice President Bart Sap Executive Vice President Battery Cathode Materials Catalysis Chief Executive Officer Ana Veerle Executive Vice President Executive Vice President Fonseca Slenders Specialty Mate
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 C
Slide 53: Shareholding structure
Shareholding structure You can consult the latest shareholding structure on our website via the following link: Shareholder structure | Umicore Investor Presentation - November 2025 53
Slide 54: umicore
_ umicore materials for a better, life