Umicore: Half Year Results 2025
Umicore Group key highlights for the first half of 2025
- Solid first half of the year with earnings well up versus the previous year, driven by sustained demand and Group wide operational efficiency measures within a supportive metal price environment
- Strong performance in foundation businesses
and gradual ramp-up of contracts in Battery Cathode Materials - Group key figures as at 30 June 2025:
- Revenues* of € 1.8 billion
- Adjusted EBITDA of € 433 million and adjusted EBITDA margin of 24.3%
- Adjusted EBIT of € 302 million and adjusted EBIT margin of 17.0%
- Adjusted net profit (Group share) of € 135 million and adjusted EPS of € 0.56
- ROCE of 16.4%
- Total recordable injury rate for own employees of 4.4 per 1 million exposure hours, down compared to the end of 2024
- Execution of CORE strategy: focus on operational excellence,
rigorous capital deployment and performance culture- Efficiency measures, well on track with > € 50 million already achieved over the first half of the year
- Strict capital allocation with capital expenditures of € 109 million
- Cash flow from operations of € 62 million: free operating cash flow of € -54 million
- Net debt at € 1,829 million corresponding to a net debt / LTM adj. EBITDA ratio of 2.28x.
Statement from Bart Sap, CEO
“Umicore delivered an encouraging performance in the first half of this year, in a dynamic global context. This highlights the quality of our businesses as well as our continued focus on operational efficiencies and rigorous capital deployment across the Group. As we look to the future, we stay focused on executing our strategic priorities and take the necessary steps to drive cash generation in our foundation businesses and recover value in Battery Cathode Materials. In light of today’s geopolitical context and its resulting challenges, our longstanding circular business model is more relevant than ever as we continue to provide local access to critical metals and materials for a broad set of industries and applications. Our performance underlines the remarkable efforts of our teams, who consistently set the bar for industry performance.”
CORE | Strategy update
Maximize cash generation from foundation businesses and recover value in Battery Cathode Materials
In March 2025, Umicore shared the key outcomes of the Battery Materials strategy review and its roadmap to 2028. Focus is to reinforce our leadership in the foundation businesses and further unlocking their strong cash generation potential, while setting up Battery Cathode Materials for value recovery.
Umicore’s strategic roadmap to 2028 is based on four key imperatives:
- Capital: Strictly contained investments, focus on a more balanced capital allocation across the Group and a rigorous capital deployment.
- Performance: Operational efficiencies across activities, targeted to offset inflation.
- People and culture: Establish a performance culture to drive change and unlock value through a continuous improvement mindset.
- Strategic partnerships: In Battery Cathode Materials, Umicore is executing its solid mid-term plan with a disciplined focus on value recovery, while simultaneously exploring partnerships if this would result in a faster or higher value recovery.
For more information on Umicore’s strategy and related mid-term targets we refer to the Capital Markets Day 2025 section on Umicore’s website.
New reporting structure
As part of the strategy update, Umicore has grouped its businesses related to the evolving EV market into a single Business Group called Battery Materials Solutions. This release marks the first introduction of this new financial reporting structure.
The Battery Materials Solutions Business Group is henceforth composed of :
- The business unit Battery Cathode Materials (formerly the ‘Battery Materials’ Business Group), which encompasses the developing, manufacturing and marketing of cathode materials and its precursors for lithium-ion batteries as well as the related refining activities of cobalt and nickel chemicals.
- The business unit Battery Recycling Solutions, formerly within the Recycling Business Group.
The Recycling Business Group is from now on 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.
Business performance in the first half of 2025
Umicore’s Group revenues for the first half of 2025 amounted to € 1.8 billion, in line with the first half of 2024. The adjusted EBIT for the Group stood at € 302 million and the adjusted EBITDA at € 433 million, …