SHERIDAN, WYOMING - April 13, 2026 - Umicore reported full-year 2025 results showing adjusted EBITDA of €847 million, a 24.0% margin, and adjusted EBIT of €579 million - a 21% year-on-year increase - as its CORE strategy, launched in March 2025, drove measurable earnings recovery across foundation businesses including Catalysis, Recycling, and Specialty Materials. Group revenues reached €3.6 billion, up 3% versus 2024, while free operating cash flow hit €524 million and net debt closed the year at €1.4 billion, representing a 1.60x LTM EBITDA ratio. The results confirm that capital discipline and structural cost measures more than offset foreign exchange headwinds and inflation pressure. Battery Cathode Materials reached adjusted EBITDA break-even, a meaningful recovery milestone in a segment still navigating EV industry slowdown.
CORE strategy execution and capital discipline
Umicore's CORE strategy, introduced in March 2025, consolidated EV-related operations into a single Battery Materials Solutions business group - combining Battery Cathode Materials and Battery Recycling Solutions - while repositioning Recycling around Precious Metals Refining, Jewelry & Industrial Metals, and Precious Metals Management. This structural realignment clarified capital allocation priorities and enabled the company to cap capital expenditures at €310 million for the full year, well below prior cycles.
Efficiency measures delivered €100 million in savings, meeting the stated target. Cash flow from operations reached €849 million. The company also optimized its gold refining business model through the sale and subsequent lease-in of permanently tied-up gold inventories, unlocking significant balance sheet value. Return on capital employed stood at 15.7%, reflecting the combination of earnings growth and tighter capital deployment.
Foundation business performance by segment
Catalysis posted revenues of €1,668 million, in line with 2024, with adjusted EBITDA rising 4% to €450 million and adjusted EBIT up 6% to €383 million. The segment's light-duty gasoline catalyst franchise maintained volume despite a moderately softer automotive market, and structural cost measures contributed to margin stability.
Recycling revenues grew 5% to €947 million, supported by favorable precious metal prices. Adjusted EBITDA held at €371 million and adjusted EBIT reached €296 million. Jewelry & Industrial Metals benefited from record-high precious metal prices, while Precious Metals Management leveraged favorable trading conditions. Precious Metals Refining saw lower average hedged prices and some process inefficiencies offset stable revenue performance.
Specialty Materials revenues rose 4% to €558 million, with adjusted EBITDA up 11% to €108 million and adjusted EBIT up 16% to €76 million. Strong demand for Electro-Optic Materials and higher cobalt product premiums in Cobalt & Specialty Materials more than compensated for a modest earnings decline in Metal Deposition Solutions.
Battery Materials Solutions: recovery in progress
Battery Materials Solutions revenues grew 11% to €436 million, driven by new customer programs in Battery Cathode Materials and take-or-pay compensation for contractual volume shortfalls. Despite this revenue growth, the segment reported adjusted EBITDA of €-21 million and adjusted EBIT of €-91 million, reflecting the ongoing ramp-up costs and competitive market dynamics in EV battery supply chains.
Battery Cathode Materials reaching adjusted EBITDA break-even represents a concrete improvement over 2024, achieved through increased revenues, improved operating leverage, and a lower cost base. Battery Recycling Solutions reduced its negative earnings contribution through diligent cost management. For 2026, Umicore will continue pursuing take-or-pay contract protections, exploring value-chain partnerships, and managing technology optimization spend in Battery Recycling Solutions at broadly 2025 levels.
Business impact
Procurement leads and battery supply chain officers evaluating cathode material sourcing for 2026-2027 programs now face a clearer picture of Umicore's financial stability. The company's take-or-pay contract structure is gaining operational importance as EV volume ramp-ups slow, meaning procurement teams that built volume flexibility into contracts are better protected from penalty exposure. For suppliers and partners in the cobalt and nickel refining chain, Umicore's improved cost base and break-even EBITDA in Battery Cathode Materials signals continued engagement rather than segment exit.
Corporate finance and treasury teams at industrial companies with precious metals exposure should note Umicore's gold inventory monetization model as a liquidity management benchmark. Specialty Materials buyers - particularly in germanium and cobalt products - face a 2026 environment where Umicore anticipates a more supportive cobalt price environment and sustained demand for germanium, which may tighten availability and affect materials sourcing budgets. Automotive Catalysts customers should factor in that global internal combustion engine production has peaked, per Umicore's own outlook, which will shape the company's longer-term capacity and investment posture in that segment.