Umicore H1 2026 results
- Revenues €1.9 billion, up 7.1% y/y; adj. EBITDA €577 million, up 33.5%, margin 30.2%.
- Adj. EBIT €442 million (+46.6%); adj. net profit €273 million (+102.6%); ROCE 23.0%.
- Free Operating Cash Flow €295 million; cash flow from operations €433 million; Net Debt €1.5 billion (Net Debt/LTM adj. EBITDA 1.52x).
- Upgraded FY2026 guidance to slightly above €1 billion adj. EBITDA, assuming metal prices near June levels and no major macro deterioration.
H1 2026 financials
Group revenues were €1.9 billion (+7.1% y/y). Adj. EBITDA reached €577 million (+33.5%) with a 30.2% margin; adj. EBIT was €442 million (+46.6%) and adj. net profit (group share) €273 million (+102.6%). ROCE improved to 23.0% from 16.4%.
Cash, capital and balance sheet
Efficiency measures totaled €60 million. Capital expenditures were €130 million, driven in part by a scheduled Precious Metals Refining maintenance shutdown. Cash flow from operations was €433 million and Free Operating Cash Flow €295 million. Net debt stood at €1.5 billion, or 1.52x LTM adj. EBITDA.
Business group highlights
Catalysis: revenues broadly stable and adj. EBITDA +8%, with automotive catalysts outperforming the market. Recycling: revenues +8% and adj. EBITDA +36%, supported by Jewelry & Industrial Metals and metal prices despite lower refining volumes from the scheduled shutdown. Specialty Materials: revenues +21% and adj. EBITDA +49%, led by cobalt, germanium and semiconductor-related demand. Battery Materials Solutions: revenues and adj. EBITDA rose, largely reflecting take-or-pay accruals; Battery Recycling remained a negative contributor similar to H1 2025.
Guidance and outlook
Group adj. EBITDA for FY2026 is raised to slightly above €1 billion, assuming metal prices broadly at June levels and no material macro deterioration. Corporate costs are expected to increase modestly for digital and AI investments; overall capex is to remain in line with 2025, focused on selective, high-quality growth in foundation businesses.
Source: Umicore