SHERIDAN, WYOMING - April 14, 2026 - Umicore's first-half 2025 financial results show a materially stronger earnings profile than the prior year, with adjusted EBITDA rising 10% to €433 million and adjusted EBIT climbing 25% to €302 million on revenues of €1.8 billion. The performance was driven by sustained demand across foundation businesses, operational efficiency gains, and a supportive precious and specialty metals price environment. The results mark the first reporting period under Umicore's restructured CORE strategy, which prioritizes cash generation from established units while managing the value recovery of Battery Cathode Materials.
Financial performance and margin expansion
Group revenues for the first half of 2025 reached €1.8 billion, essentially flat versus H1 2024, while adjusted EBITDA margin expanded to 24.3% from 21.8% in the same prior-year period. That margin improvement reflects efficiency measures that more than offset cost inflation and modest foreign exchange headwinds. Adjusted net profit attributable to the group totaled €135 million, translating to an adjusted earnings per share of €0.56.
Capital expenditures fell sharply to €109 million from €269 million in H1 2024, reflecting Umicore's strict capital allocation discipline under the CORE strategy. Return on capital employed stood at 16.4% as of April 14, 2026. Net debt reached €1,829 million, corresponding to a net debt-to-LTM adjusted EBITDA ratio of 2.28x, which the company had anticipated and flagged in prior guidance.
Business unit breakdown
Catalysis delivered the standout result, recording its second-highest adjusted EBITDA in the division's history at €232 million. Light-duty gasoline catalyst volumes outperformed a slightly contracting internal combustion engine automotive market through market share gains, while Precious Metals Chemistry and Fuel Cell & Stationary Catalysts posted strong revenue growth on customer demand. Cost discipline and high operational efficiency amplified the revenue gains into outsized margin performance.
The Recycling Business Group - now comprising Precious Metals Refining, Jewelry & Industrial Metals, and Precious Metals Management following a structural reorganization - delivered adjusted EBITDA of €190 million, broadly in line with H1 2024. High activity levels and favorable precious, minor, and specialty metal pricing offset a less favorable mix in Precious Metals Refining and declining average hedge price levels. Specialty Materials improved year-on-year with adjusted EBITDA of €59 million, supported by higher cobalt product margins and operational efficiency programs.
Battery Materials Solutions and structural reorganization
Umicore introduced a new reporting segment - Battery Materials Solutions - consolidating Battery Cathode Materials (previously a standalone business group) with Battery Recycling Solutions, formerly housed within Recycling. The reorganization reflects the company's intent to manage EV-related assets as a unified portfolio through its 2028 roadmap. Historical 2024 financials have been restated to reflect this structure.
Battery Materials Solutions revenues came in at €212 million, slightly below H1 2024, owing to modestly lower cathode active material volumes and reduced refining income. Adjusted EBITDA for the segment was €-21 million, roughly stable against €-20 million in H1 2024, though divergent trends within the segment are notable: Battery Recycling Solutions improved year-on-year while Battery Cathode Materials deteriorated, partly due to the absence of one-off positive items recorded in 2024. Adjusted EBIT for the segment reached €-54 million.
Business impact
Procurement leads and materials sourcing teams at automotive OEMs and battery cell manufacturers face a more constrained supplier landscape as Umicore explicitly pursues strategic partnerships in Battery Cathode Materials only where they accelerate or increase value recovery - meaning consolidation or co-investment structures, not volume commitments, are the company's near-term currency. Vendor selection processes for cathode active materials should account for Umicore's disciplined volume posture through 2028 rather than assuming capacity expansion.
Capital allocation and treasury officers at industrial customers reliant on Umicore's Recycling and Catalysis divisions can treat those segments as stable supply counterparties: the company's full-year 2025 adjusted EBITDA guidance of €790 million to €840 million has been confirmed and upgraded, and the efficiency program targeting at least €100 million in EBITDA delivery is more than halfway delivered at H1. For 2026 budget cycles, procurement and operations directors should factor in a supplier that is structurally reducing capex exposure - lowering the probability of capacity-driven disruptions but also constraining new capacity commitments in battery materials specifically.