Umicore SA

Latest Results (05.01.2025):

Revenue and Profit

Umicore SA reported its full-year 2023 financial results, with group revenues amounting to €3.9 billion, a decrease from €4.2 billion in 2022. The adjusted EBIT for the group was €674 million, and the adjusted EBITDA stood at €972 million, both reflecting a decline compared to the previous year. Despite these challenges, Umicore maintained a strong adjusted EBITDA margin of 25%, aligning with its 2030 RISE target of above 20%.

Segment Performance

The Catalysis segment delivered record results for the third consecutive year, with an adjusted EBITDA of €436 million, up 4% from the previous year. This performance was primarily driven by the Automotive Catalysts unit, which saw increased sales volumes and revenues due to a rebound in Chinese heavy-duty diesel production and growth in global light-duty ICE production. The segment achieved an adjusted EBITDA margin of 24.2%.

Energy & Surface Technologies

Revenues for the Energy & Surface Technologies segment were below 2022 levels, mainly due to lower revenues from Rechargeable Battery Materials. The adjusted EBITDA for this segment was €259 million, with a slight increase in earnings for Rechargeable Battery Materials, supported by a one-off related to lower costs from mass production test runs. The segment's EBITDA margin was 24.6%.

Recycling Segment

The Recycling segment's performance in 2023 was resilient, with an adjusted EBITDA of €372 million, down 30% from the previous year. This decline was attributed to substantially declining PGM prices and cost inflation. However, the segment delivered a robust performance with an EBITDA margin of 36.7%, supported by the Precious Metals Management business unit and strategic metal hedges.

Dividend and Outlook

Umicore proposed a gross annual dividend of €0.80 per share for 2023, with €0.25 already paid in August 2023. The company is focusing on executing its 2030 RISE strategy, with significant milestones achieved, including securing government grants for expansions in Europe and North America. Umicore's outlook for 2024 includes continued efficiency improvements and strategic metal hedging to support its growth trajectory.