Editor’s Note
This summary outlines Umicore’s key 2025 performance drivers, highlighting strategic execution, strong foundational business results, and continued investment in its battery materials division despite sector headwinds.
Robust progress on CORE strategy execution. Strong performance in foundation businesses, supported by Group-wide operational excellence efforts and a favorable metal price environment. Executing mid-term plan in Battery Cathode Materials amid EV industry challenges.
- Revenues of € 3.6 billion
- Adjusted EBITDA of € 847 million and Adjusted EBITDA margin of 24.0%
- Adjusted EBIT of € 579 million and Adjusted EBIT margin of 16.5%
- Adjusted net profit (Group share) of € 288 million and adjusted EPS of € 1.20
- ROCE of 15.7%
- Total recordable injury rate (TRIR) for own employees of 4.5 per 1 million exposure hours
- Efficiency measures of € 100 million, target achieved
- Capital expenditures limited to € 310 million
- Cash flow from operations of € 849 million and Free Operating Cash Flow of € 524 million
- Net Debt at € 1.4 billion, corresponding to a Net Debt/LTM Adj EBITDA ratio of 1.60x
- Optimization of gold refining business model, through sale and subsequent lease-in of permanently tied up gold inventories, unlocking significant value
- Proposed gross annual dividend for 2025 of € 0.50 per share, to be paid out in May 2026
The business unit Battery Recycling Solutions, formerly within the Recycling Business Group, is now part of the new structure. The Recycling Business Group is now composed of the business units Precious Metals Refining, Jewelry & Industrial Metals and Precious Metals Management. In this release, the 2024 financial reporting has been restated according to the new Business Group structure.
Revenues for the Battery Materials Solutions Business Group rose to € 436 million, up 11% versus prior year. This is driven by higher revenues in Battery Cathode Materials on the back of new customer programs along with take-or-pay compensation for contractual volume shortfall, partially offset by lower refining income. Adjusted EBITDA for the business group amounted to € -21 million and Adjusted EBIT was € -91 million. Battery Cathode Materials achieved break-even Adjusted EBITDA, an important underlying improvement compared with the previous year. This resulted from increased revenues, enhanced operating leverage and an improved cost base. In addition, the negative earnings contribution from Battery Recycling Solutions decreased substantially due to diligent cost management.
The Company will pursue its mid‑term plan to recover value in Battery Cathode Materials, while navigating a volatile and competitive market. Umicore will continue to focus on rigorous capital allocation and leveraging its customer contracts with take-or-pay commitments, which are gaining importance in light of slower customer volume ramp-up. The business remains committed to its high‑quality product portfolio, bringing its cost base down and exploring partnerships along the value chain. In Battery Recycling Solutions, spending on technology optimization is expected to remain broadly in line with 2025.
As part of its strategy update in March 2025, Umicore has grouped its businesses related to the evolving EV market into a single Business Group Battery Materials Solutions as of fiscal year 2025. The Battery Materials Solutions Business Group is now composed of Battery Cathode Materials and Battery Recycling Solutions. The Recycling Business Group no longer includes the Battery Recycling Solutions business unit and is henceforth composed of the business units Precious Metals Refining, Jewelry & Industrial Metals and Precious Metals Management. The Business Group’s revenues and earnings for 2024 have been restated to take this change into account.