2025 marked a decisive turnaround for Umicore, as the materials technology group accelerated earnings, tightened capital discipline and reset its battery business for value recovery.
In March, the Company launched its CORE strategy focused on reinforcing its leadership in its foundation businesses while further unlocking their strong cash generation potential. At the same time, Umicore continues to set up Battery Cathode Materials for value recovery. Thanks to a strong performance in its foundation businesses and successful rollout of the CORE strategy, Umicore achieved solid results throughout 2025.
The numbers underscore the momentum.
Group revenues climbed 3% to €3.6 billion, while adjusted EBITDA jumped 11% to €847 million, delivering a robust 24.0% margin. Adjusted EBIT surged 21% year-on-year to €579 million. Capital discipline remained rigorous, with capital expenditures limited to € 310 million over 2025.
The positive year-on-year earnings evolution is mainly driven by improved underlying performance in a supportive metal price environment, boosted by efficiency measures that allowed to almost fully offset headwinds from unfavorable foreign exchange movements and inflation.
The Group maintained a robust balance sheet, ending the year with net debt of €1.4 billion. ROCE amounted to 15.7% reflecting the aforementioned step up in earnings and capital discipline.
Segment snapshots:
Battery Materials: In Battery Materials Solutions, revenues rose 11% to €436 million, supported by new customer programs and contractual protections.
In 2025, revenues in Battery Materials Solutions 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.
The break-even performance in Battery Cathode Materials marks a crucial step in stabilizing a segment long pressured by market volatility.
Catalysis: It once again proved to be a backbone of earnings stability.
In 2025, the Business Group Catalysis posted - yet again - a robust performance. Revenues reached €1,668 million, in line with 2024. Revenues in Automotive Catalysts remained in line with 2024 despite a moderately less supportive automotive market.
Revenues for Fuel Cell and Stationary Catalysts and Precious Metals Chemistry remained stable. Earnings for the business group were up, with Adjusted EBITDA at €450 million (+4%) and Adjusted EBIT at €383 million (+6%).
Recycling: It capitalized on favorable metal prices, delivering higher revenues and steady profitability.
In a supportive metal price environment, the Recycling Business Group’s revenues were up 5% compared to 2024 and amounted to €947 million. Adjusted EBITDA was €371 million, stable versus last year, and Adjusted EBIT amounted to €296 million (+1%).
In Precious Metals Refining revenues were stable, while earnings were lower resulting from reduced average hedged prices for precious and platinum group metals, a somewhat less favorable supply mix and temporary process inefficiencies. Earnings in Jewelry & Industrial metals benefited from strong demand in a context of record high precious metal prices. Precious Metals Management successfully leveraged highly favorable trading conditions.
Specialty Materials: The segment delivered one of the year’s strongest performances, driven by premium pricing and surging demand in key segments.
Revenues in Specialty Materials reached € 558 million in 2025, 4% above previous year. Adjusted EBITDA for the Business Group amounted to €108 million, representing an 11% increase versus 2024.
Adjusted EBIT was €76 million (+16%). Although Metal Deposition Solutions experienced a slight decline in earnings, this was more than compensated by significant earnings growth in Electro-Optic Materials, fueled by strong demand, coupled with higher premiums for cobalt products in Cobalt & Specialty Materials.
