Umicore Reports Growth in 2025 Results Driven by Metal Prices
Mining and recycling group Umicore released its annual 2025 results on Friday, showing an increase in revenue and profitability. The implementation of its CORE strategy, launched in March 2025, has enabled the group to strengthen its operational performance in a favorable environment.
Financial Performance Highlights
Umicore recorded a turnover of 3.6 billion euros in 2025, up 3% from 2024. Adjusted EBITDA increased by 11%, reaching 847 million euros, representing a margin of 24.0%. Adjusted EBIT amounted to 579 million euros, up 21% year-on-year. This improvement was due to a strengthened underlying performance in a context of favorable metal prices, combined with operational efficiency measures. These gains almost entirely offset the negative effects related to exchange rate fluctuations and inflation. The group maintained strict discipline in capital allocation, with investment expenditures limited to 310 million euros in 2025. The return on invested capital (ROCE) reached 15.7%, reflecting the improvement in results and this disciplined capital management.
Structural Reorganization and Solid Financial Position
Umicore ended the 2025 fiscal year with a strong balance sheet, showing a net debt of 1.4 billion euros, representing 1.60x EBITDA over the last twelve months. Concurrently, the group underwent a major reorganization of its structure, consolidating its activities related to the electric vehicle market into a new Business Group called Battery Materials Solutions. This group includes the Battery Cathode Materials activity, which continues its repositioning to restore value, and Battery Recycling Solutions. The Recycling Business Group, meanwhile, encompasses the Precious Metals Refining, Jewelry & Industrial Metals, and Precious Metals Management units. This restructuring, implemented in March 2025, reflects the group's strategic orientation towards strengthening its core activities.
Outlook for 2026: Strategic Progress and Market Dynamics
For 2026, Umicore anticipates a continuation of its strategic progress by maintaining its focus on capital discipline and cash generation. The group expects to navigate a volatile and competitive environment, particularly in Battery Materials Solutions, where it will continue to execute its value restoration plan. In the Recycling Business Group, performance is expected to benefit from a favorable metal price environment, provided that the current trend continues. Umicore anticipates sustained business momentum in Specialty Materials, driven by demand for germanium products and a more favorable cobalt price environment. Investment expenditures are expected to increase compared to 2025, particularly for selective growth investments. In the second half of 2026, the group plans to make a final investment decision regarding the expansion of its hydrometallurgical scheme within Precious Metals Refining, aiming to increase copper and nickel capacity. Corporate costs are expected to rise slightly, mainly due to new investments in digitalization and artificial intelligence.
