Umicore plans €450m Hoboken expansion and operating-model changes

Hoboken refining expansion

Umicore plans to invest €450 million to expand its Precious Metals Refining flowsheet in Hoboken, Belgium. Selected by the European Commission as a strategic project under the Critical Raw Materials Act, the expansion is subject to regulatory approvals. Spending is planned between 2027 and 2030, with commissioning expected in 2030. The company expects a payback period of about six years.

The proprietary hydro-metallurgical flowsheet is intended to increase feed flexibility, shorten throughput times for platinum-group and other precious metals, and raise capacity for minor and specialty metals such as antimony and tin. It will also enable cobalt refining and recycling. The project includes further environmental improvements and increased automation to enhance operational safety.

Operating-model changes

Umicore plans to simplify its operating model, clarify accountabilities and standardize processes using automation, digital tools, AI and selective outsourcing. The proposed changes could put up to about 350 employees at risk of job loss over the next two years. Consultations with trade unions and works councils’ representatives have begun. Implementation is expected to be phased through the end of 2029, with annualized savings of about €60 million targeted by the end of Q4 2028.

FY 2026 guidance

After strong underlying performance in the first half and Q3 trading in line with expectations, Umicore reiterated its FY 2026 adjusted EBITDA guidance of slightly above €1 billion. Performance is expected to be weighted towards the first half.