Umicore has opened 2026 with a robust first-quarter performance, driven by strong execution across its core businesses and favorable metal market conditions, positioning the company for a potentially record-setting year.

 

The Belgian materials technology group said its operational efficiency and value-focused strategy allowed it to fully benefit from supportive pricing environments, lifting results across Catalysis, Recycling, and Specialty Materials.

 

Catalysis delivered a solid start, outperforming the global light-duty vehicle market, powered by strong demand in Europe, China, and India. Heavy-duty diesel also posted gains, while Precious Metals Chemistry added further momentum. However, Fuel Cells and Stationary Catalysts saw softer earnings due to weaker fuel cell demand.

 

Recycling stood out with a “very strong performance” in the quarter. After scheduled maintenance, Precious Metals Refining resumed smoothly, while Jewelry & Industrial Metals and Precious Metals Management drove additional gains amid high activity levels and favorable trading conditions.

 

Specialty Materials posted an “outstanding first quarter,” largely fueled by exceptional profitability in cobalt-related activities, supported by strong cobalt market dynamics. Electro-Optic Materials and Metal Deposition Solutions also tracked positively.

 

Battery Materials Solutions remained focused on recovery, with modest growth in cathode material sales volumes and improved results driven mainly by take-or-pay compensations. The segment continues cost reductions and disciplined capital management while its battery recycling initiatives progress as planned.

 

Looking ahead, Umicore is increasingly confident in its trajectory. The company now expects full-year 2026 adjusted EBITDA to approach €1 billion, assuming stable metal prices and no major macroeconomic disruption.

 

Management highlighted resilience across its diversified portfolio and strong momentum in foundation businesses.

 

CEO Bart Sap said: "2026 started off with strong momentum. In the first months of the year, the foundation businesses recorded high activity levels. Thanks to our expertise, value orientation and efficiency initiatives, we are able to leverage the benefits of the current supportive metal price environment. 

 

"It is most energizing to see the Umicore teams continue to step forward with courage, take accountability and increasingly collaborate across boundaries in order to execute with discipline."

 

Capital expenditure is expected to rise slightly versus 2025 as Umicore prioritizes selective growth investments while maintaining strict capital discipline. A final decision on expanding its hydrometallurgical refining flowsheet is expected in the second half of the year.

 

The company also reaffirmed its financial discipline, targeting net debt to EBITDA below 2.0x, underscoring its focus on balance sheet strength alongside growth ambitions.