Umicore Q1 momentum points to ~€1bn adjusted EBITDA in 2026
- Group adjusted EBITDA for 2026 is expected to approach €1 billion.
- Final investment decision on expanding the hydrometallurgical flowsheet in Precious Metals Refining is targeted for H2 2026, with 2026 capex slightly above 2025.
- Umicore completed a joint venture with HS Hyosung Advanced Materials to industrialize silicon‑carbon composite anode materials for EV batteries.
- Specialty Materials is supported by strong cobalt and germanium demand; Recycling is expected to more than offset the 2026 Precious Metals Refining maintenance shutdown, while Battery CAM volumes remain modest and shortfalls are covered by take‑or‑pay compensations.
Q1 performance
Umicore reported a strong first quarter, benefiting from operational efficiency and a supportive metal price environment that boosted earnings across core businesses.
Business groups
Catalysis: Automotive Catalysts outperformed the global light‑duty vehicle market with strong demand in Europe, China and India; heavy‑duty diesel volumes increased while Fuel Cells earnings fell and Stationary Catalysts and Precious Metals Chemistry improved. Recycling: operations resumed after scheduled maintenance in Precious Metals Refining and saw high activity and favorable trading, with Jewelry & Industrial Metals and Precious Metals Management contributing strongly. Specialty Materials: exceptional profitability driven by Cobalt & Specialty Materials and sustained demand for germanium; Electro‑Optic Materials and Metal Deposition Solutions started the year on track. Battery Materials Solutions: CAM volumes modestly improved as some customer platforms ramp slower than expected; revenue and earnings were supported by take‑or‑pay compensations for volume shortfalls and Battery Recycling is progressing per plan; the anode joint venture with HS Hyosung Advanced Materials is in place.
Investments and outlook
Umicore expects Group adjusted EBITDA for 2026 to approach €1 billion assuming metal prices remain near Q1 levels and no major macro deterioration; 2026 capex is expected to be slightly above 2025 with selective growth investments; a final investment decision on expanding the hydrometallurgical flowsheet in Precious Metals Refining is targeted for H2 2026; the company aims to keep Net Debt/LTM Adj EBITDA below 2.0x.
Source: Umicore