Umicore: Half-Year Results 2026

Earnings uplift across the board over the first half of 2026
Upgrading full-year 2026 guidance

• Strong underlying performance reflecting greater activity levels and solid execution
  • Revenues¹ of € 1.9 billion, up 7.1% y/y
  • Adj. EBITDA of € 577 million up 33.5% y/y, and adj. EBITDA margin of 30.2%
  • Adj. EBIT of € 442 million, up 46.6% y/y, and adj. EBIT margin of 23.2%
    • Adj. net profit (Group share) of € 273 million, up 102.6% y/y, and adj. EPS of € 1.14 up 102.5% y/y
    • ROCE of 23.0% versus 16.4% in H1 2025
    • Total recordable injury rate (TRIR) for own employees of 4.3 per 1 million exposure hours versus 4.4 for H1 2025
• Turning earnings into cash while maintaining rigorous capital discipline and efficiency focus
  • Efficiency measures of € 60 million
  • Capital expenditures of € 130 million
  • Cash flow from operations of € 433 million and Free Operating Cash Flow of € 295 million
  • Net Debt at € 1.5 billion, corresponding to a Net Debt/LTM adj. EBITDA ratio of 1.52x
• Upgrading guidance to slightly above € 1 billion adj. EBITDA for full-year 2026
  
  

Statement from Bart Sap, CEO

"We are delivering earnings growth across our foundation businesses, with stronger returns, improved cash generation and a robust balance sheet. These results reflect the quality of our business model and the disciplined execution of our CORE mid-term plan. We therefore enter the second half of 2026 with confidence and are raising our full-year guidance to an expected adj. EBITDA of slightly above € 1 billion. While macroeconomic uncertainties persist, continued focus, adaptability and rigorous capital discipline will be crucial to sustain our performance and drive long-term value creation. This achievement reflects the remarkable efforts of our teams, whose accountability, courage and collaboration are driving execution, embedding our renewed values and reinforcing our unwavering commitment to safety always." Bart Sap, CEO

Business performance in the first half of 2026

Umicore's Group revenues for the first half of 2026 ("H1 2026") amounted to € 1.9 billion, 7% above the level of the first half of 2025 ("H1 2025"). The adj. EBITDA for the Group amounted to € 577 million and adj. EBIT to € 442 million, up +33% and +47% respectively versus H1 2025. The sharp y/y² increase is driven by strong activity levels in the foundation businesses, a continued focus on efficiency measures across the Group, and a favorable metal price environment which allowed to offset the effect of lower average hedging prices versus H1 2025. The adj. EBITDA margin increased to 30.2%, an increase of almost 600 basis points from 24.3% at H1 2025.

The Group maintained a robust balance sheet, with net debt of € 1.5 billion (1.52x LTM adj. EBITDA). ROCE reached 23.0%, up significantly from 16.4% in H1 2025, supported by higher earnings and continued capital discipline. The € 132 million increase in working capital resulted from higher activity levels and increased metal prices, particularly in Catalysis. Capital expenditures increased slightly to € 130 million mainly due to the scheduled maintenance shutdown in Precious Metals Refining in H1 2026. As a result Free Operating Cash Flow was € 295 million in H1 2026.

Umicore continues to execute the mid-term plan outlined at the March 2025 capital markets day³. The Company's foundation businesses performed well in H1 2026, delivering on their respective strategies.

• Catalysis recorded revenues in line with H1 2025, while adj. EBITDA was up 8%. Automotive Catalysts delivered broadly stable volumes and revenues y/y, outperforming the global market. Precious Metals Chemistry benefited from strong end-market demand and delivered higher revenues, while Fuel Cell and Stationary Catalysts recorded slightly lower revenues y/y. Catalysis' stable revenue base y/y and continued focus on efficiencies resulted in higher H1 2026 adj. EBITDA. The Catalysis Business Group continues to execute the mid-term plan: maximizing cash generation and focusing on margins in Automotive Catalysts through disciplined execution in a mature market, while expanding its presence in structurally attractive growth markets.
• Recycling delivered an outstanding performance, as revenues and, to a greater extent, adj. EBITDA increased y/y, by 8% and 36% respectively. This was supported by high activity levels overall and particularly in Jewelry & Industrial Metals, with robust demand across its product businesses and a highly supportive metal price environment. These positive drivers more than offset the effect of lower average hedging prices versus H1 2025 and lower volumes in Precious Metals Refining, following the scheduled maintenance shutdown in H1 2026. At the core of Umicore's closed-loop metals business model, the Recycling Business Group demonstrated once again its ability to capture favorable market dynamics. It continues to improve efficiency, optimize its business model and support sustainable value creation.
• Specialty Materials performed exceptionally well in H1 2026, with revenues and adj. EBITDA significantly above H1 2025, 21% and 49% respectively. This was driven by exceptional profitability in Cobalt & Specialty Materials on the back of strong cobalt momentum, high demand for germanium solutions in Electro-Optic Materials and strong activity in semiconductor applications in Metal Deposition Solutions. The Specialty Materials Business Group delivered an excellent H1 performance, benefiting from exceptional market dynamics while further leveraging its position in structurally growing and technology-driven end-markets.
  
  

Battery Materials Solutions' revenues and adj. EBITDA increased y/y. This was mostly driven by higher revenues and adj. EBITDA in Battery Cathode Materials versus H1 2025, mainly related to accruals for take-or-pay compensation⁴ linked to contractual volumes. The negative contribution in Battery Recycling Solutions remained in line with H1 2025. In a highly competitive market environment, Battery Materials Solutions focuses on disciplined cost management, rigorous capital expenditure control and operational excellence, strengthening its competitiveness and reinforcing financial resilience.

Umicore upgrades guidance for the full year 2026

Reflecting excellent results in H1 2026 and considering current visibility levels across end markets, Umicore expects Group adj. EBITDA for the full year 2026 ("FY 2026") to be slightly above € 1 billion. This guidance assumes metal prices broadly in line with June levels and no major macro-economic deterioration⁵-

Catalysis is expected to continue to benefit from its strong position in light-duty gasoline catalyst applications, supported by a proven track record of operational performance and a continued focus on efficiency. Adj. EBITDA is expected to be in line with the record level of 2025.

Recycling's adj. EBITDA for FY 2026 is expected to be significantly above FY 2025. Adj. EBITDA is nevertheless expected to be lower in H2 2026 compared with H1 2026, as the exceptional performance, most notably in Jewelry and Industrial Metals and Precious Metals Management, is not expected to repeat.

Specialty Materials is anticipated to continue to benefit from supportive margins for cobalt products, although the exceptional performance uplift marking H1 2026 is expected to further moderate into H2. Performance should be supported by healthy demand for germanium products and resilient activity across end markets. Adj. EBITDA for FY 2026 is expected to be materially above FY 2025, with performance significantly weighted toward H1 2026. The business is well positioned to capture further high-quality growth opportunities driven by sustained traction across its end markets.

In Battery Materials Solutions, the volume trajectory for Battery Cathode Materials is expected to remain largely stable y/y, as selected customer platforms continue to ramp up at a slower pace. Against this backdrop, the anticipated y/y performance improvement is expected to be largely supported by take-or-pay compensation linked to contractual volume. Umicore continues to execute on its mid-term plan, prioritizing cost-base reduction and tight control of capital expenditures.

Corporate costs are expected to increase somewhat versus 2025, with targeted investments in digitalization and artificial intelligence capabilities.

Capital expenditures are expected to remain in line with 2025. Umicore is committed to rigorous capital allocation discipline. The 2026 capital expenditures will include selective high-quality growth investments in the Company's foundation businesses.

A live audio webcast and conference call for analysts and investors will take place today at 09:30 AM CEST. Media are welcome to attend and listen to the live audio webcast. They can direct their questions to Umicore Media Relations.

For more information

Investor Relations

Caroline Kerremans	[phone]	[e-mail]
Bart Heylen	[phone]	[e-mail]

Media Relations

Marjolein Scheers	[phone]	[e-mail]
Caroline Jacobs	[phone]	[e-mail]

Financial calendar

19 February 2027 Publication of the annual results 2026
26 March 2027 Publication of the annual report 2026
29 April 2027 Annual General Meeting

Umicore profile

Umicore is a global advanced materials and recycling Group. Leveraging decades of expertise in materials science, metallurgy, chemistry, and metals management, Umicore transforms precious and critical metals into functional technologies that enable everyday applications. Its unique circular business model ensures that these critical elements are continuously refined and recycled, to be reintegrated in new applications.

Umicore's four Business Groups - Catalysis, Recycling, Specialty Materials and Battery Materials Solutions - offer materials and solutions addressing resource scarcity and the growing need for functional materials for clean technologies, clean mobility and a connected world. Through tailored and cutting-edge products and processes they drive innovation and sustainability.

Umicore generates the majority of its revenues from, and focuses most of its R&D efforts on, clean mobility and recycling. Its overriding goal of sustainable value creation is rooted in developing, producing and recycling materials for a better life.

Umicore's industrial, commercial and R&D activities, with more than 11,000 employees, are located across the world to best serve its global customer base. Group revenues (excluding metal) reached € 1.9 billion (turnover of € 13.9 billion) in the first half of 2026.

¹ All references to revenues in this document refer to revenues excluding metals (i.e. all revenue components less the value of the following purchased metals: Au, Ag, Pt, Pd, Rh, Co, Ni, Pb, Cu, Ge, Li and Mn).
² Year-on-year.
³ Capital Markets Day 2025 | Umicore
⁴ Over the year, Umicore books accruals for take-or-pay compensations. After year-end it will invoice the take-or-pay compensations based on the effective yearly volume versus contractual volume commitments.
⁵ Due to, for instance, the conflict in the Middle East, from which any potential impact is not expected to be material in 2026. Umicore has very limited supply nor sales exposure to the Middle East region and has strong pre-conflict energy hedges in place. An overview of the outstanding energy hedges is found in the Financial Review of this press release.