Umicore NV published a transcript of its Full Year Results 2025 conference call, attended by CEO Bart Sap and CFO Wannes Peferoen, with analysts joining for a Q&A session. Management said 2025 marked a strategic pivot under its “Core strategy,” emphasizing value recovery in Battery Materials and stronger value extraction in its foundation businesses amid geopolitical and market volatility. “Volatility is for the time being the new normal,” Sap said, adding that Umicore’s circular, multi-metal model is “more relevant than ever.” Umicore reported adjusted EBITDA up 11% to €847 million (24% margin), supported by volume growth and €100 million in efficiency benefits, while CAPEX came in at €310 million versus an initial ~€400 million expectation. CFO Wannes Peferoen said the efficiency benefits “more than offset inflation,” and noted free cash flow from operations of €524 million, helped by €525 million proceeds from the sale and lease-back of permanent gold inventory. Sap called the transaction a move that “has unlocked significant value” and helped deleverage, with net debt at €1.4 billion and leverage at 1.6x EBITDA. Business updates included Battery Cathode Materials adjusted EBITDA around breakeven (improving year-on-year), Battery Recycling Solutions at -€21 million, strong performance in Catalysis (27% EBITDA margin), stable Recycling EBITDA with benefits from higher metal prices partly offset by hedges rolling off, and Specialty Materials EBITDA up 16% with strength in germanium-related Electro-Optic Materials. On hedging, Peferoen said Umicore has “70% on average of the exposure…locked in” for 2026 and 2027, while longer-dated hedging is constrained by “heavy backwardation…[and] limited market interest from counterparts.” For 2026, Umicore did not provide a precise EBITDA target due to a “very dynamic” market, but expects adjusted EBITDA “to further progress into 2026,” Sap said. CAPEX is expected to rise versus 2025, driven by selective growth initiatives in Recycling (including engineering work ahead of a 2026 decision on Hoboken expansion) and Specialty Materials, with a range “between €300 million and €400 million” excluding IONWAY contributions. Sap also highlighted the increasing importance of customer take-or-pay protections as European EV ramp-ups remain uneven: “The rates of take-or-pay…is increasing.” The full transcript can be accessed through the link below.

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