Umicore S.A.

H1 2026 revenue was EUR 1.9 billion, up 7% year over year. Adjusted EBITDA was EUR 577 million, up 33% year over year, with margin expanding from 24% to 30.2%; adjusted EBIT rose 47% to EUR 442 million and adjusted EPS doubled to EUR 1.14. Free operating cash flow was EUR 295 million versus an outflow of EUR 54 million last year, while cash from operations was EUR 565 million and net debt rose to EUR 1.5 billion. For 2026, management upgraded adjusted EBITDA guidance to slightly above EUR 1 billion, assuming stable metal prices versus June 2026 and no major macro deterioration; CapEx is expected to be in line with 2025.

Bart Sap framed the quarter as evidence that Umicore is executing better operationally and becoming more disciplined on costs and capital. He repeatedly pointed to broad-based earnings growth, efficiency gains, and a more focused strategy centered on high-quality organic growth. He also stressed that the company is well positioned in critical materials and sees long-term opportunity in areas like germanium, stationary catalysts and tungsten.

Wannes Peferoen highlighted three drivers of the 33% increase in adjusted EBITDA to EUR 577 million: higher volumes/activity, top-line and efficiency measures, and favorable precious and minor metal prices, especially cobalt. He said EBITDA margin rose from 24% to 30%, cash from operations reached EUR 565 million, and free operating cash flow was EUR 295 million after EUR 130 million of CapEx and capitalized development costs. He also noted cash of EUR 1.8 billion, EUR 1.1 billion of undrawn facilities and commercial paper, gross debt of EUR 3.2 billion, and net gearing of 38.1%.

Analysts pressed on the apparent steep drop from strong H1 EBITDA to consensus H2 expectations, and management explained that H1 benefited from exceptional cobalt, recycling and precious-metals conditions that should not repeat. They also asked whether stronger European EV activity would translate into Battery Materials demand, but management said ramp-ups for qualified platforms have been slower than expected and that take-or-pay remains important. Other questions focused on tungsten, germanium, stationary catalysts and hedging; management said tungsten opportunities are currently more Europe-oriented, germanium demand is supported by export controls and long-term customer interest, and Recycling’s precious-metals hedge impact into 2027 should be neutral.