Umicore raises 2026 guidance following 33% increase in adjusted EBITDA in H1
Umicore announced a progression in its results for the first half of 2026, with a 33% increase in adjusted EBITDA and a margin improvement of nearly 600 basis points.
This performance, supported by high activity levels and a favorable metals price environment, is leading the group to raise its annual guidance for 2026, anticipating an adjusted EBITDA slightly above 1 billion euros.
Half-year figures: widespread growth in results
The group achieved revenues of €1.9 billion in H1 2026, up 7% compared to H1 2025. Adjusted EBITDA stood at €577 million, marking a 33% increase, while adjusted EBIT progressed 47% to reach €442 million.
This acceleration in results reflects sustained activity levels in the group's key business areas, the maintenance of operational efficiency efforts, and a favorable metals price environment that made it possible to offset the effect of lower average hedge rates compared to H1 2025.
In terms of profitability, the adjusted EBITDA margin stood at 30.2%, marking an improvement of nearly 600 basis points compared to the 24.3% recorded in the first half of 2025. Return on capital employed (ROCE) also progressed, moving from 16.4% to 23.0%, supported by earnings growth and the maintenance of rigorous discipline in capital allocation.
Robust financial position and positive cash flows
The group maintained a robust financial position, with net debt of €1.5 billion, or 1.52x adjusted EBITDA for the last twelve months. Working capital requirements increased by €132 million, reflecting the rise in activity and the metals price environment, notably within the Catalysis division.
Capital expenditure amounted to €130 million, with a slight increase due to the scheduled maintenance shutdown at Precious Metals Refining in H1 2026. Available operating cash flows reached €295 million during the half-year.
2026 guidance raised and segmented outlook
On the basis of H1 2026 results and the current level of visibility on its end markets, Umicore now anticipates an adjusted EBITDA for 2026 slightly above 1 billion euros, guidance raised compared to its previous forecasts. This guidance is based on the assumption that metals prices will remain broadly in line with June 2026 levels and in the absence of major macroeconomic deterioration.
The group expects its Catalysis division to continue benefiting from its strong position in light-duty gasoline engine catalyst applications, with adjusted EBITDA comparable to the record level achieved in 2025. The Recycling division is expected to show adjusted EBITDA significantly higher than 2025, although H2 2026 performance is expected to remain below that of H1 2026, with the first half not expected to be repeated.
In the Specialty Materials division, margins are expected to remain favorable on cobalt-based products, with adjusted EBITDA expected significantly above 2025. The Battery Materials Solutions division anticipates a maintenance of Battery Cathode Materials volumes compared to 2025, with performance improvement relying largely on "take-or-pay" type compensations related to contractual volumes.
