Umicore (UMI) Q1 2026 TU earnings summary

Executive summary

• Strong start to 2026 with high activity levels, operational efficiency, and robust performance across all business units.

• Leadership changes announced: Lily Liu to become CFO in August, Marten Zieris appointed Chief Digital and Transformation Officer.

• Strategic partnerships and efficiency initiatives are supporting ongoing growth and resilience.

• Focus remains on operational excellence, capital discipline, and value orientation.

Financial highlights

• Group (adjusted) EBITDA for 2026 expected to approach EUR 1 billion, assuming stable metal prices and no major macroeconomic shocks.

• Leverage projected to be significantly below 2x, better than the previously anticipated 2.5x.

• CapEx targeted at approximately EUR 350 million for 2026, with major investments scheduled for subsequent years.

• Group revenues (excluding metal) reached €3.6 billion in 2025, with total turnover of €19.4 billion.

Outlook and guidance

• Catalysis expected to benefit from strong market position in gasoline catalyst applications, with volumes remaining solid despite declining global ICE production.

• Recycling performance anticipated to materially exceed current market forecasts, offsetting lower hedge rates and shutdown impacts.

• Specialty Materials projected to significantly exceed market expectations, driven by strong cobalt and germanium demand.

• Battery Materials Solutions volumes expected in line with previous years, with improved performance from take-or-pay contracts.

• Capital expenditures to slightly increase, focused on selective high-quality growth investments.