Umicore Sa · EURONEXT:UMI
Umicore Sa — Umicore Sa Ord New — H1 2026 Earnings Presentation
33 slides from Umicore Sa's earnings presentation, Jul 31, 2026
Slide 1: Half-Year Results 2026
Half-Year Results 2026 Earnings uplift across the board over H1 2026 Upgrading FY 2026 guidance
Slide 2: Disclaimer
Disclaimer This presentation is provided solely for general This presentation contains forward-looking information that involves risks information purposes about Umicore and its and uncertainties, including statements about Umicore’s plans, objectives, activities. expectations and intentions. This p
Slide 3: Agenda
Agenda 1 Highlights 4 2026 Outlook 2 Business review 5 Wrap-up 3 Financial review 6 Q&A Half-Year Results 2026 3
Slide 4: Speakers
Speakers Bart Sap Chief Executive Officer Wannes Lily Peferoen Chief Financial Officer Liu Chief Financial Officer Until 31 July 2026 As of 1 August 2026 Earnings call speaker Roadshow speaker Half-Year Results 2026 4
Slide 5: Highlights
1 | Highlights Half-Year Results 2026 5
Slide 6: 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 7: 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 8: Business review
2 | Business review Half-Year Results 2026 8
Slide 9: Catalysis
Catalysis Half-Year Results 2026 9
Slide 10: Catalysis | H1 2026 Market context
Catalysis | H1 2026 Market context Decline in global light-duty internal combustion engine production as anticipated. Modest growth in heavy-duty. Regional differences. Global light-duty internal combustion engine vehicle production (millions) 79.5 77.4 77.4 H2 LDV internal combustion engine product
Slide 11: Catalysis | H1 2026 Performance
Catalysis | H1 2026 Performance Adj. EBITDA up 8%: strong performance Revenues (€ mn) with sustained operational excellence 2,000 1,776 1,804 1,666 1,668 1,500 Automotive Catalysts 879 857 812 796 • Revenues in line, adj. EBITDA up y/y 1,000 H2 • Outperforming global LDV (-4.1%) and HDV (+1.2%) mark
Slide 12: Recycling
Recycling Half-Year Results 2026 12
Slide 13: Recycling | H1 2026 Performance
Recycling | H1 2026 Performance Adj. EBITDA up 36%: strong execution Revenues (€ mn) capturing benefits from supportive 1,200 1,107 market environment 1,000 1,013 898 947 800 569 476 Precious Metals Refining 436 487 600 • Higher adj. EBITDA, revenues broadly in line y/y H2 400 • Scheduled maintenanc
Slide 14: Specialty Materials
Specialty Materials Half-Year Results 2026 14
Slide 15: Specialty Materials, the hidden gem of Umicore
Specialty Materials, the hidden gem of Umicore, creating tangible value in an increasingly connected world Half-Year Results 2026 15
Slide 16: Specialty Materials | H1 2026 Performance
Specialty Materials | H1 2026 Performance Adj. EBITDA up 49%: supported by Revenues (€ mn) favourable market dynamics and efficiency 600 557 536 558 500 Cobalt & Specialty Materials 400 274 264 287 • Significantly higher revenues and adj. EBITDA y/y 300 2H • Exceptional profitability on the back of
Slide 17: Battery Materials Solutions
Battery Materials Solutions Half-Year Results 2026 17
Slide 18: Battery Materials Solutions | H1 2026 Performance
Battery Materials Solutions | H1 2026 Performance Focused on executing mid-term plan Revenues (€ mn) 500 436 395 400 300 171 225 Battery Cathode Materials 200 H2 100 224 212 230 H1 • 10% increase in revenues y/y 0 • Sales volumes in line y/y given slower ramp-up 2024* 2025 2026 • Revenue driven by a
Slide 19: Financial review
3 | Financial review Half-Year Results 2026 19
Slide 20: Adjusted EBITDA bridge
Adjusted EBITDA bridge Sharp uplift in adj. EBITDA on strong underlying growth Efficiencies more than offset inflation headwind Adj. EBITDA bridge (€ mn) 33% 577 546 (26) 57 60 • Underlying performance up on strong activity levels 433 53 and efficiency contributions • Efficiency measures continue to
Slide 21: Net Cash Flow bridge
Net Cash Flow bridge Leverage down to 1.52x LTM adj. EBITDA, well below mid-term target Net Cash Flow bridge (€ mn) 565 (132) 433 (138) 295 • Net debt/Adj EBITDA declined to 1.52x, well below mid-term target of <2.0x (Dec 25: 1.60x) (79) • Net financial debt at € 1.5 bn (Dec 25: € 1.4 bn) (58) • Str
Slide 22: Consolidated P&L
Consolidated P&L Strong earnings growth € million H1 25 H1 26 Adjusted EBITDA 433 577 • Adj. EBITDA up 33% y/y - Depr. & Amortization (131) (135) • Adj. EBIT up 47% y/y Adjusted EBIT 302 442 - Adj net finance cost (102) (80) • Adj. net finance cost down: - Adjusted tax (64) (78) • Lower impact from
Slide 23: Consolidated balance sheet
Consolidated balance sheet Robust liquidity and healthy gearing ratio € million 31/12/2025 30/06/2026 Non-current assets 3,681 3,706 Property, plant and equipment 2,361 2,357 Current assets 5,736 6,357 Inventories 2,557 2,644 • Cash position remains robust Trade and other receivables 1,590 1,887 Cas
Slide 24: Hedging of strategic metals exposure
Hedging of strategic metals exposure Increasing cash-flow visibility and reducing volatility 100% 100% Rhodium Gold 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% 2026 2027 2028 2029 2030 2026 2027 2028 2029 2030 100% 100% Palladium Silver 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% 2026 2027 2028 2029 2030 2026 2
Slide 25: 2026 Outlook
4 | 2026 Outlook Half-Year Results 2026 25
Slide 26: 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 27: Wrap-up
5 | Wrap-up Half-Year Results 2026 27
Slide 28: Key takeaways
Key takeaways Delivering amidst volatility, built for a changing world • Unique circular multi-metal platform • Broad-based earnings growth driven by benefiting from the growing strategic strong execution across businesses importance of critical materials • Disciplined capital allocation, • Clear pr
Slide 29: Q&A
6 | Q&A Half-Year Results 2026 29
Slide 30: Upcoming Events
Upcoming Events August 3 - 4 London Roadshow August 5 Benelux Roadshow August 6 -7 Virtual Roadshow | Asia & Germany August 27 Kepler Cheuvreux | Fireside Chat France October 19 JP Morgan| Fireside Chat CEO Series Half-Year Results 2026 30
Slide 31: Thank you!
Thank you! Investor Relations contacts: Consult 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.umi
Slide 32: 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
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