umicore investor presentation 2022

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Full Year Results 2022

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• Full year results 2022 webcast

Key figures

Resilient business performance in a volatile market.

Umicore posted a strong performance in 2022 in a context of severe market disruptions, cost inflation and a volatile precious metal price environment. Group revenues [1] for the full year amounted to € 4.2 billion, up 10% compared to the previous year, driven by a strong operational performance, higher volumes and prices. Adjusted EBITDA amounted to € 1,151 million, a decrease of 8% compared to the record level achieved in 2021, reflecting increased spending for innovation and growth preparation, cost inflation [2] and less favorable precious metal price levels [3] . Operational free cash flow remained strong at € 344 million, despite higher working capital requirements mainly driven by a record level lithium price, as well as higher capital expenditures. Net financial debt slightly increased to € 1.1 billion, resulting in a leverage ratio of 0.96x LTM adjusted EBITDA. 

Revenues and earnings in Catalysis reached record levels. Automotive Catalysts outperformed the global car market, driven by a favorable platform and customer mix in light-duty applications as well as market share gains. Operational excellence and the ability to pass-through cost inflation resulted in record adjusted EBITDA of € 419 million.

Revenues and earnings in Energy & Surface Technologies increased substantially, achieving adjusted EBITDA of € 290 million. Cobalt & Specialty Materials benefited from an exceptionally strong demand and a supportive cobalt and nickel price environment in the first half of the year, before an expected normalization in the second half. The increased performance of Rechargeable Battery Materials included a favorable exposure to the increase of the lithium price. As anticipated and previously announced, sales volumes of cathode active materials remained subdued.

Recycling delivered another excellent operational performance with revenues in line with the level achieved in 2021. The Precious Metals Refining business unit benefited from solid volumes and an overall supportive supply environment. A slightly lower contribution of the trading activity in Precious Metals Management was offset by higher revenues in the Jewelry & Industrial Metals business unit. Adjusted EBITDA amounted to € 532 million, below the level of 2021 due to cost inflation and less favorable precious metal price levels compared to 2021.

Revenues [1] of € 4.2 billion (+10%)

Adjusted EBITDA of € 1,151 million (-8%) and adjusted EBITDA margin of 27.3% (compared to 32.5% in 2021)

Adjusted EBIT of € 865 million (-11%)

EBIT adjustments of - € 32  million

ROCE of 19.2% (compared to 22.2% in 2021)

Adjusted net profit (Group share) of € 593 million and adjusted EPS of € 2.47

Cashflow from operations of € 835 million (vs € 1,405 million in 2021); free cashflow from operations of € 344 million (vs € 989 million in 2021)

Capital expenditures amounted to € 470 million (vs € 389 million in 2021)

Net debt at € 1,104 million, compared to € 960 million at the end of 2021. This corresponds to a net debt/ LTM adj. EBITDA ratio of 0.96.

Proposed gross annual dividend for 2022 of € 0.80 of which € 0.55 to be paid in May 2023, with an interim dividend of € 0.25 already paid out in August 2022.

2022 also marks the introduction of Umicore’s “2030 RISE” strategy, designed to deliver significant, value creative growth . The Rechargeable Battery Materials business unit made significant progress by closing multiple long-term value creative customer contracts and supplier partnerships, as well as by achieving major milestones in executing its value chain presence in Europe and North America. The Catalysis and Recycling business groups again demonstrated their resilience, operational excellence and ability to generate strong free cash flows in a very challenging market context. These achievements reconfirm the ability of Umicore to balance growth, returns and cash flows over the time-frame of its 2030 RISE strategy and are proof points of its execution. The Group also diversified and extended its funding base at attractive conditions with newly issued sustainability linked debt instruments for a total amount of € 1,091 million. In addition, the Science Based Target initiative (SBTi) has validated Umicore’s intermediate greenhouse gas reduction targets for 2030, an important milestone in its Let’s go for Zero ambitions to achieve net zero greenhouse gases by 2035, an integral part of the 2030 RISE growth strategy.

“The year 2022 marks a successful start for our “2030 RISE” strategy, which is designed to accelerate value creative growth. We have delivered a strong business performance in a context of significant macroeconomic headwinds and have already demonstrated very tangible progress against key strategic and financial objectives. I am tremendously proud of the Umicore team that have made this performance possible and I remain very confident that we are best positioned to capture the significant growth opportunities provided by the accelerating mobility transformation.” Mathias Miedreich , CEO of Umicore

2023 Outlook

Automotive Catalysts is expected to benefit from its strong market position in gasoline catalyst applications, a supply chain recovery and an anticipated rebound of the Chinese heavy-duty diesel market. Therefore, adjusted EBITDA of the Catalysis business group is expected to show a further good uplift in 2023 versus 2022.

In Energy & Surface Technologies , it is expected that the earnings of the Rechargeable Battery Materials business unit will be in line with the 2022 level. Considering that in 2023 the Cobalt & Specialty Materials business unit will no longer benefit from the exceptional profitability that occurred in the first half of 2022, adjusted EBITDA of the Energy & Surface Technologies business group in 2023 is anticipated to be somewhat below the level of 2022.

In Recycling , the Precious Metals Refining business unit is expected to continue to benefit from an overall supportive supply environment. Assuming current precious metal prices are to prevail throughout the year, adjusted EBITDA in the Recycling business group in 2023 is expected to be below the level of 2022 due to full year effect of cost inflation.

Overall, adjusted EBIT and EBITDA for the Group are expected to be below the levels of 2022, in line with current market expectations.

Adapted revenue definition for Energy & Surface Technologies to enhance comparability

As lithium and manganese are increasingly valuable and volatile components in rechargeable battery materials, it was decided to no longer treat them as consumables but as hedged metals in order to make the accounting approach consistent with the revenue [4] performance indicator used in Umicore’s other business units. This will allow neutralizing distortions in revenues resulting from the volatility in the value of the purchased metals and enhance comparability of the underlying performance of the Rechargeable Battery Material business unit. Henceforth the pass-through value of the purchased lithium and manganese will therefore be excluded from the revenue calculation, as is currently already the case for cobalt and nickel. The Energy & Surface Technologies 2021 and 2022 revenues have been restated accordingly.

Rechargeable Battery Materials activities to be grouped within one legal entity

The business unit Rechargeable Battery Materials is at the core of Umicore’s 2030 RISE strategy. As a next step in the execution of its strategy, Umicore intends to group the Rechargeable Battery Materials activities within one legal entity. This set-up will provide the best foundation for the business unit to scale within Umicore and maximize its financing options, while delivering on its ambitious 2030 RISE objectives. 

---  [1] All references to revenues in this document refer to revenues excluding metals (i.e. all revenue elements less the value of the following purchased metals: Au, Ag, Pt, Pd, Rh, Co, Ni, Pb, Cu, Ge, Li, Mn). Regarding the exclusion of lithium and manganese; please refer to page 3 (in the press release) and the Energy & Surface Technologies section for more information.  [2] The cost inflation headwind amounted to € 184 million over 2022. [3] In 2022, the impact from precious metal prices was € 70 million below the 2021 levels. [4] Please refer to the glossary for the revenue definition.

Media Relations

Marjolein Scheers

Caroline Jacobs

Britta Werner

• Electro-Optic Materials
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Umicore publishes Integrated Annual Report 2022

Rising today to transform tomorrow.

Umicore published it’s 2022 Integrated Annual Report today, offering a comprehensive and integrated overview of the Group’s economic, financial, environmental, operational, social and value chain performance over the past year. Umicore is committed to fully disclosing its value to - and impact on - society with increased transparency and additional reporting frameworks. Next to the report being published in accordance with the GRI [1] Standards, Umicore’s extra-financial reporting is also aligned with the EU Taxonomy [2] , SASB [3] and TCFD [4] .

Eventful year reflecting strong progress in the execution of its 2030 RISE Strategy

“In a disruptive and volatile context, Umicore demonstrated strong resilience in its 2022 financial performance and at the same time, we articulated an ambitious growth strategy - Umicore 2030 RISE . Our role in supporting the pressing need for a more circular economy and mobility transformation worldwide has come clearly to the fore.” Mathias Miedreich, CEO of Umicore 

The year stood out with the introduction of Umicore’s 2030 RISE growth strategy, leveraging its unique position to capture the significant growth opportunity of the mobility transformation. The Rechargeable Battery Materials activity made important progress in its growth trajectory. It secured multiple long-term value-creative customer contracts and supplier partnerships, achieved major operational milestones in having completed the roll-out of a full battery materials value chain in Europe and announced similar plans for North America. The Catalysis and Recycling business groups again demonstrated their resilience, operational excellence and ability to generate strong free cash flows in a challenging market context. The Group also diversified and extended its funding base at attractive conditions with newly issued sustainability-linked debt instruments . These achievements are proof points for its execution over the time-frame of its 2030 RISE Strategy and beyond.

Umicore also made strong progress on its ESG roadmap, building on its Let’s Go for Zero ambitions. Umicore continues to act decisively towards its objective of reaching net-zero Scope 1 and 2 Greenhouse Gas emissions (GHG) by 2035. In 2022, the Group reduced Scope 1 and 2 GHGs by 13% compared to 2019 and increased its share of renewable electricity to 35% from 17% in 2021. In addition, Umicore announced its ambitious Scope 3 target to reduce the carbon intensity of purchased materials by 42% by 2030 (vs. 2019 baseline). Furthermore, the Science Based Target initiative (SBTi) validated Umicore’s intermediate GHG reduction targets for 2030 as science-based and aligned with the Paris Agreement.

“This solid 2022 performance was only achievable thanks to our amazing and talented Umicore team. I want to thank you for your hard work and dedication. My gratitude also goes to all our stakeholders for your continued contributions and commitment. We look forward to continuing our journey and embarking on this new chapter together with you all in 2023 and beyond,” said Mathias Miedreich.

Read more about our 2022 performance on our annual report website here or in the English and Dutch versions of the report which are available here .

Visit the Annual Report website 

--- [1] https://www.globalreporting.org/   [2] https://eu-taxonomy.info/   [3] https://www.sasb.org/   [4] https://www.fsb-tcfd.org/

Umicore a publié aujourd'hui son rapport annuel intégré 2022 , offrant une vue d'ensemble complète et intégrée de ses performances économiques, financières, environnementales, opérationnelles, sociales et de la chaîne de valeur du Groupe au cours de l'année écoulée. Umicore est engagée à divulguer pleinement sa valeur et son impact sur la société par une transparence accrue et des cadres de reporting supplémentaires. Outre la publication du rapport conformément aux normes GRI [1] , le reporting extra-financier d'Umicore est également aligné sur la taxonomie européenne [2] , la SASB [3] et la TCFD [4] . 

Une année riche en événements qui reflète les progrès importants réalisés dans la mise en œuvre de la stratégie RISE 2030

« Dans un contexte perturbateur et volatil, Umicore a fait preuve d’une résilience forte dans ses performances financières 2022 tout en articulant une stratégie de croissance ambitieuse - Umicore 2030 RISE . Notre rôle dans le soutien au besoin pressant d'une économie plus circulaire et d'une transformation à l'échelle mondiale de la mobilité a clairement été mis en évidence. » Mathias Miedreich, CEO d'Umicore. 

L'année a été marquée par l'introduction de la stratégie de croissance 2030 RISE d'Umicore, qui tire parti de sa position unique pour saisir l'opportunité de croissance significative que représente la transformation de la mobilité. L'activité Rechargeable Battery Materials a réalisé d'importants progrès dans sa trajectoire de croissance. La business-unit a conclu à long-terme plusieurs contrats clients créateurs de valeur et des partenariats avec des fournisseurs. Elle a également franchi des étapes opérationnelles importantes en achevant le déploiement d'une chaîne de valeur complète pour les matériaux de batteries en Europe, tout en annonçant des plans similaires pour l'Amérique du Nord. Dans un contexte de marché difficile, les business groups Catalysis et Recycling ont à nouveau démontré leur résilience, leur excellence opérationnelle et leur capacité à générer d'importants cash-flows libres. Enfin, le Groupe a diversifié et élargi sa base de financement à des conditions attrayantes par l'émission de nouveaux instruments de dette liés au développement durable . Ces réalisations sont des preuves de son exécution dans le cadre de sa stratégie RISE 2030.

Umicore a également réalisé d'importants progrès dans le cadre de sa feuille de route ESG, s'appuyant sur ses ambitions Let's Go for Zero. Umicore continue d'agir de manière résolue pour atteindre son objectif de réduire à zéro les émissions de gaz à effet de serre (GES) de Scope 1 et 2 d'ici 2035. En 2022, le Groupe a diminué ses émissions de GES de Scope 1 et 2 de 13 % par rapport à 2019 et a augmenté sa part d'électricité renouvelable à 35 %, contre 17 % en 2021. Umicore a également annoncé son ambitieux objectif Scope 3 visant à réduire de 42 % l'intensité carbone des matériaux achetés d'ici à 2030 (par rapport à la référence 2019). Enfin, la Science Based Target initiative (SBTi) a validé les objectifs intermédiaires de réduction des GES d'Umicore pour 2030 comme étant fondés sur la science et alignés sur l'Accord de Paris .

« Cette performance solide de 2022 n'a pu être réalisée que grâce aux incroyables et talentueuses équipes d'Umicore. Je tiens à vous remercier pour votre travail acharné et votre dévouement. Ma gratitude va également à toutes nos parties prenantes pour leur contribution et leur engagement continus. Nous sommes impatients de poursuivre notre parcours et d'entamer ce nouveau chapitre avec vous tous en 2023 et au-delà » a déclaré Mathias Miedreich.

Pour en savoir plus sur nos performances en 2022, consultez notre rapport annuel 2022 – disponible en Anglais ou Néerlandais – ou son site web dédié .

Visitez le site web du rapport annuel

---  [1] https://www.globalreporting.org/   [2] https://eu-taxonomy.info/   [3] https://www.sasb.org/   [4] https://www.fsb-tcfd.org/

We zijn klaar vandaag voor de transformatie van morgen

Umicore heeft vandaag haar geïntegreerd jaarverslag 2022 gepubliceerd. Het rapport biedt een allesomvattend en geïntegreerd overzicht van de Groep’s economische, financiële, milieu, operationele, sociale en waardeketenprestaties over het voorbije jaar. Umicore verbindt zich ertoe een volledig overzicht te geven van haar waarde voor - en impact op - de samenleving, met meer transparantie en aanvullende rapporteringskaders. Naast de publicatie van het verslag in overeenstemming met de GRI [1] -normen, is de niet-financiële verslaggeving van Umicore ook afgestemd op de EU Taxonomie [2] , SASB [3] en TCFD [4] .

Bewogen jaar met sterke vooruitgang in de uitvoering van de 2030 RISE Strategie

"In een uitdagende en volatiele context toonde Umicore sterke veerkracht met haar financiële prestaties in 2022 , tezelfdertijd hebben we een ambitieuze groeistrategie - Umicore 2030 RISE geformuleerd. Onze rol in het ondersteunen van de dringende behoefte aan een meer circulaire economie en de wereldwijde mobiliteitstransformatie is duidelijk naar voren gekomen." Mathias Miedreich, CEO van Umicore. 

Het jaar werd gekenmerkt door de lancering van Umicore’s 2030 RISE Strategie. 2030 RISE is gestoeld op de unieke positie van Umicore om de aanzienlijke groeikansen binnen de mobiliteitstransformatie te grijpen. De business unit Rechargeable Battery Materials boekte aanzienlijke operationele vooruitgang in haar groeitraject. Ze sloot meerdere waardecreërende langetermijncontracten met klanten en leveranciers en bereikte belangrijke mijlpalen door de uitrol van een volledige waardeketen voor batterijmaterialen in Europa te voltooien en gelijkaardige plannen aan te kondigen voor Noord-Amerika. De business groups Catalysis en Recycling toonden opnieuw hun veerkracht, operationele uitmuntendheid en vermogen om sterke vrije kasstromen te genereren in een uitdagende marktcontext. De Groep heeft ook haar financieringsbasis gediversifieerd en uitgebreid aan aantrekkelijke voorwaarden met nieuw uitgegeven duurzaamheid gerelateerde schuldinstrumenten . Deze verwezenlijkingen zijn een bewijs voor de uitvoering van de 2030 RISE Strategie.

Umicore boekte ook sterke vooruitgang met haar duurzaamheidstraject (ESG) voortbouwend op haar Let's Go for Zero-ambities. De Groep blijft resoluut werk maken van haar doelstelling om tegen 2035 een netto-nuluitstoot van broeikasgassen (Scope 1 en 2) te bereiken. In 2022 verminderde de Groep haar Scope 1 en 2 broeikasgassen met 13% ten opzichte van 2019 en verhoogde ze haar aandeel hernieuwbare elektriciteit tot 35% tegenover 17% in 2021. Daarnaast kondigde Umicore een ambitieuze Scope 3-doelstelling aan om de koolstofintensiteit van aangekochte materialen tegen 2030 met 42% te verminderen (ten opzichte van de uitgangssituatie in 2019). Bovendien heeft het Science Based Target initiatief (SBTi) de tussentijdse broeikasgasreductiedoelstellingen van Umicore voor 2030 gevalideerd als wetenschappelijk onderbouwd en in lijn met de Overeenkomst van Parijs.

"Deze sterke prestatie in 2022 was enkel haalbaar dankzij ons geweldig en getalenteerd Umicore-team. Ik wil jullie bedanken voor jullie harde werk en toewijding. Mijn dank gaat ook uit naar al onze stakeholders voor hun voortdurende bijdragen en inzet. We kijken ernaar uit om onze reis voort te zetten en samen met jullie dit nieuwe hoofdstuk aan te vatten in 2023 en daarna." zei Mathias Miedreich.

Lees meer over onze prestaties in 2022 op onze jaarverslagwebsite hier of in de Engelse en Nederlandse versies van het verslag die hier beschikbaar zijn.

Bezoek de website van het jaarverslag

---  [1] https://www.globalreporting.org/   [2] https://eu-taxonomy.info/   [3] https://www.sasb.org/   [4] https://www.fsb-tcfd.org/  

Media Relations

Marjolein Scheers

Caroline Jacobs

Investor relations.

Caroline Kerremans

Adrien Raicher

Integrated Annual Report 2023

Full year results 2023, umicore concludes € 350 million eib loan to support its european research and innovation in ev battery materials.

Circularity for critical metals

Mobility transformation

Growing need for advanced materials

Materials for a better life.

Umicore is a leading circular materials technology company with an extensive expertise in the fields of material science, chemistry and metallurgy. Our overriding goal of sustainable value creation is based on the ambition to develop, produce and recycle materials in a way that fulfils our mission: "materials for a better life". Which is why we are now more than ever determined to leverage our unique position and mutually reinforcing portfolio of activities to accelerate the global transformation of mobility, respond to the growing need for advanced materials, and contribute to the pursuit of a global circular economy.

We RISE today to transform tomorrow. 

Between now and 2030, our ambition is to be a true transformation partner for our customers, guiding them on their journey towards sustainability and circularity..

Our strategy

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Umicore’s vast experience and know-how give you the peace of mind that comes with being expertly guided to meet quality, compliance and sustainability demands.

Together we can implement sustainable solutions that ensure you are at the forefront of rapidly changing landscapes and continuously improving environmental performance.

Engage in a long-term strategic partnership with Umicore today, so together we can start planning for a better tomorrow.

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Have you heard of King Midas’ touch? Midas was the main character of a Greek myth with a particular power we’d all like to have, turning anything into gold by touching it. Gold has been around for centuries, and it has always been considered valuable. This shiny metal that has given its color a name is the oldest metal known to mankind. In fact it is everywhere: studies show gold can be found in all continents on earth, maybe in outer space and even in our bodies. The average human body contains 0.2 mg of gold.

• Victor Mukhin

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