Umicore S.A.

Umicore reported H1 2026 revenue of EUR 1.9 billion, up 7% year on year, and adjusted EBITDA of EUR 577 million, up 33%. Adjusted EBITDA margin improved by about 600 basis points to 30.2%, adjusted EBIT rose 47% to EUR 442 million, adjusted net result group share was EUR 273 million versus EUR 135 million last year, and adjusted EPS doubled to EUR 1.14. Free operating cash flow was EUR 295 million versus an outflow of EUR 54 million in H1 2025, while leverage improved to 1.52x. For the full year, management raised guidance to slightly above EUR 1 billion adjusted EBITDA, assuming stable metal prices versus June 2026 and no major deterioration in the macro environment. They also said CapEx is expected to be in line with 2025.

Bart Sap framed the half as proof that Umicore’s transformation is translating into stronger margins, cash generation and returns, driven by execution and efficiency rather than only metal prices. He repeatedly pointed to the company’s “circular multi-metal platform” and said the business is well positioned in critical raw materials, data centers and other geopolitically important end markets. His tone was upbeat but cautious on the macro backdrop, with H2 expected to be lower than H1 because exceptional conditions in Recycling and some other areas should not persist.

Wannes Peferoen emphasized three drivers behind the 33% EBITDA increase: higher volumes/activity, ongoing top-line and efficiency measures, and favorable precious and minor metal prices, with inflation more than offset. He highlighted cash flow from operations of EUR 565 million, CapEx of EUR 130 million, free operating cash flow of EUR 295 million, net debt of EUR 1.5 billion, cash of EUR 1.8 billion, gross debt of EUR 3.2 billion, and a cost of debt of 3.5%. He also noted the balance sheet remains robust, with EUR 1.1 billion of undrawn facilities and hedges in place on precious metals and energy; in Q&A he said Recycling’s 2027 hedge impact should be neutral.

Analysts focused on tungsten, Battery Materials, recycling hedges, Catalysis market share, and the outlook for germanium and stationary catalysts. Management said tungsten is currently being valorized from existing streams and further investigated in Europe; Battery Materials is still constrained by slower-than-expected ramp-up and more important take-or-pay, but partnerships in Europe are warming up. On recycling, management said 2026 still benefited from exceptional price and trading conditions, H2 will be lower than H1, and 2027 hedge impact should be neutral; they also said customers are increasingly willing to secure supply and even finance capacity in critical materials. On Catalysis and specialty businesses, they pointed to continued market-share gains, strong Euro 7 platform wins, supportive demand for germanium, and growth potential in stationary catalysts over time.