Umicore reports higher revenue and profit in 'pivotal year'
Belgian materials technology group Umicore delivered stronger results in 2025, with both revenue and profit rising in what it described as a “pivotal year” for the company.
“2025 was a pivotal year for Umicore,” said CEO Bart Sap in a press release. “With the launch of our CORE strategy, we further strengthened our leadership position in our core businesses, while taking the necessary steps to restore value within the battery materials activities.”
Revenue and profit growth
Turnover reached almost 3.6 billion euros, up 3 per cent on 2024. The catalysis division accounted for 46 per cent of revenue, recycling activities contributed roughly a quarter, while speciality materials and battery materials made up the balance. The battery materials division, however, remains loss-making and continues to weigh on the group’s overall performance.
Adjusted EBITDA rose by 11 per cent to 847 million euros, slightly exceeding the company’s upgraded guidance of 790 million to 840 million euros. Adjusted operating profit (EBIT) increased by more than 20 per cent to 579 million euros, while net profit came in at 385 million euros.
Performance driven by core activities
“The positive year-on-year profit development was primarily driven by improved underlying performance in a favourable metals price environment, boosted by efficiency measures that almost fully offset the negative effects of unfavourable exchange rate fluctuations and inflation,” the company stated.
According to De Tijd, the strong performance in Umicore’s core activities, particularly catalysis and recycling, helped compensate for ongoing challenges in battery materials, where growth prospects remain promising but volatile.
Green transition remains a challenge
Investors may welcome the solid figures, but the newspaper notes a structural tension: a company that positioned itself 25 years ago as a transition player focused on new materials and circularity is currently generating most of its profits in more traditional activities. In other words, it is earning strongly in parts of the “old” economy, while the green transition (once central to its growth narrative) remains a vulnerable point.
Although revenue in the battery materials division rose by 11 per cent year-on-year, this increase was largely driven by new customer programmes and contractual compensation linked to lower-than-agreed purchase volumes. The division as a whole remains loss-making.
Umicore itself describes the electric vehicle market as “volatile and competitive”, with expansion progressing more slowly than anticipated a few years ago. The group has already scaled back certain investment plans in this segment in order to safeguard profitability amid weaker-than-expected EV demand.
Umicore said it enters 2026 from a stronger position and expects to “make further progress in achieving its strategic objectives”. The company is proposing a gross dividend of 0.50 euros per share.
Listed on the Euronext Brussels, Umicore is part of the BEL 20 index of leading Belgian shares.
#FlandersNewsService | © BELGA PHOTO YORICK JANSENS
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