olivLaw · European equity research
Umicore UMI.BR
Belgium · Euronext Brussels · ISIN BE0974320526 · Vertical: Listed companies from Belgium
Umicore is a Belgian advanced materials group active in automotive catalysts, battery materials, metal recycling and specialty materials. For 2025 management guided adjusted EBITDA between 720 and 780 million EUR, in a context where demand visibility remains limited by geopolitical tensions.
At the close of 05 Nov 2026, Umicore (UMI.BR) stock was 18.64 EUR (−1.22% on the day), with dividend yield 4.29%, beta 1.22, 52-week range 14.25–26.50 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 44.0
- weak (30–45)
- Bollinger (20, 2)
- 16.60 – 21.48
- in the lower half of the band · %B 0.42 · band width 25.6%
- SMA 50 / 200
- 20.81 / 20.51
- mixed trend
- MACD (12, 26, 9)
- -0.75 / -0.84
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −11.7% | −0.6% | −11.0 pp | — |
| 3 months | −20.9% | −4.2% | −16.8 pp | — |
| 6 months | −11.6% | +4.3% | −15.9 pp | — |
| Year to date | +4.1% | +7.5% | −3.4 pp | — |
| 1 year | +15.3% | +9.9% | +5.4 pp | +6.3% |
| 3 years | −21.1% | +49.8% | −70.9 pp | −6.5% |
| 5 years | −62.7% | +42.8% | −105.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 18.3 bn | 14.9 bn |
| Revenue YoY | unavailable | −18.7% |
| Net income | 385.1 m | -1.5 bn |
| Net income YoY | unavailable | −484.3% |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | 2.1% | -10.0% |
| Free cash flow | 235.2 m | 342.6 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 2.0 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.9 bn EUR
- Total assets
- 9.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -52.7%
- ROA
- -15.3%
- FCF margin
- 2.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 18.3 bn | 14.9 bn | esef· 15 Apr 2025verified |
| Operating income | 590.7 m | -1.3 bn | esef· 15 Apr 2025verified |
| Interest expense | 135.4 m | 140.0 m | esef· 15 Apr 2025verified |
| Pre-tax income | 482.0 m | -1.4 bn | esef· 15 Apr 2025verified |
| Income tax | 104.9 m | 107.0 m | esef· 15 Apr 2025verified |
| Net income | 385.1 m | -1.5 bn | esef· 15 Apr 2025verified |
| Dividend per share | 0.80 | 0.80 | esef· 15 Apr 2025verified |
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 1.5 bn | 2.0 bn | esef· 15 Apr 2025verified |
| Receivables | 1.4 bn | 1.2 bn | esef· 15 Apr 2025verified |
| Inventories | 2.9 bn | 2.3 bn | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 3.0 bn | 2.4 bn | esef· 15 Apr 2025verified |
| Total assets | 10.0 bn | 9.4 bn | esef· 15 Apr 2025verified |
| Accounts payable | 2.6 bn | 2.9 bn | esef· 15 Apr 2025verified |
| Equity | 3.7 bn | 1.9 bn | esef· 15 Apr 2025verified |
Cash flow · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 1.0 bn | 868.7 m | esef· 15 Apr 2025verified |
| Capex | 807.5 m | 526.1 m | esef· 15 Apr 2025verified |
| Free cash flow | 235.2 m ≈ | 342.6 m ≈ | esef· 15 Apr 2025derived |
| Investing cash flow | -948.7 m | -775.7 m | esef· 15 Apr 2025verified |
| Financing cash flow | 129.3 m | 413.5 m | esef· 15 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 12.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
13% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.88 – 14.84 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)10.88 – 14.84 (Mid 12.55)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -10.0% | 13 (vs peers) | 50% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -9.0x | 0 (on a fixed band) | 50% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial13/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
UMICORE (UMI.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 14.9 bn EUR in 2024; YoY growth -18.7%; net margin -10.0%; ROE -52.9%.
The estimated value range is 10.88–14.84 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 12.55 EUR, the price of 18.64 EUR leaves a potential of -32.7% (value / price − 1) and a margin of safety of -48.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -10.0%
- Interest coverage: -9.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
| HYL.BRHyloris Pharmaceuticals | 96.4 m | — | -21.6% | -87.9% | −14.8% | −42% / −69% |
1- and 3-year price returns: for UMI.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Umicore is a Belgian advanced materials group active in automotive catalysts, battery materials, metal recycling and specialty materials. For 2025 management guided adjusted EBITDA between 720 and 780 million EUR, in a context where demand visibility remains limited by geopolitical tensions 1.
SWOT
Strengths
- Solid market position in automotive catalysts, described by management as a basis for EBITDA close to the prior level.
- An efficiency programme with an additional impact announced for 2025, which can support margins.
- Governance with specialised committees for audit, remuneration, sustainability and investments.
Weaknesses
- Limited visibility on demand in end markets, which makes results harder to predict.
- A lower dividend than the prior year, which may disappoint investors who rely on distributions.
- Frequent leadership changes, including the CEO and several ELT members in 2024-2025.
Opportunities
- A recovery in volumes under battery materials contracts could support growth in Battery Materials.
- Additional efficiencies could exceed announced targets if the programme is executed as planned.
- Precious metal recycling may benefit from new material flows if markets stabilise.
Threats
- Geopolitical tensions can affect demand and supply chains in end industries.
- Possible tariffs are not included in the 2025 outlook and could substantially change results.
- Metal price volatility, including the gradual run-off of hedges, can reduce Recycling profitability.
Risks
- Demand visibilityhigh
Management states that visibility on end-market demand is limited. If this worsens, results could fall short of guidance.
- Metal prices and hedgeshigh
The gradual run-off of precious metal hedges could reduce Recycling EBITDA if prices decline.
- Trade tariffsmedium
The outlook does not include the effects of possible tariffs. Their introduction could change costs and demand.
- Delays in battery contractsmedium
Delayed volume growth in customer contracts can limit the recovery of the Battery Materials segment.
- Leadership changeslow
Departures and replacements in the ELT may affect continuity of strategy and execution of efficiency programmes.
Investment thesis
What would need to be true (bull case)
- If additional efficiencies are achieved and demand for catalysts remains solid, results could be supported even amid geopolitical tensions.
- Lower capital expenditure could improve cash generation if battery volumes grow after the period of delay.
- Management's commitment to financial discipline and the stable-to-rising dividend policy may offer medium-term predictability.
What would break the thesis
- If demand in end industries weakens, guidance could be lowered, particularly in the Battery Materials and Recycling segments.
- The run-off of precious metal hedges could significantly reduce Recycling profit if prices fall.
- Frequent leadership changes and the dividend reduction could weigh on investor confidence in the short term.
What to watch
- Delivery of adjusted EBITDA guidance between 720 and 780 million EUR2025
- Development of volumes under Battery Materials contracts2025
- Approval of the 0.50 EUR gross dividend per share at the general meeting24 April 2025
- Impact of trade tariffs on the outlook, which is not modelled in guidancenext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the 2024 annual report 1, Umicore is organised into several business groups: Catalysis, Battery Materials, Recycling, Specialty Materials and Energy & Surface Technologies. The governance structure is dual, with an Executive Leadership Team running operations and a supervisory board overseeing strategy and ESG. The company is listed on Euronext Brussels and reports its results in EUR.
Operational leadership was provided by an Executive Leadership Team of eight members at 31 December 2024, and the CEO was replaced in May 2024. Financial reporting centres on adjusted EBITDA, which the company also uses in its 2025 guidance 1.
The dividend was reduced: the company intends to propose an annual gross dividend of 0.50 EUR per share for 2024 as the new base for future payments, and the practice of interim dividends will be discontinued 1.
Segments
Catalysis
Catalysis includes automotive catalysts, where the annual report states that the market position of Automotive Catalysts remains strong. For 2025 adjusted EBITDA of the segment is expected to stay close to the excellent level of the prior year 1.
Battery Materials
Battery Materials is the segment most exposed to uncertainty. Because of limited market visibility and delayed volume ramp-up in customer contracts, adjusted EBITDA of this segment could remain roughly at the 2024 level, while capital expenditure is strictly limited 1.
Recycling
Recycling could report lower adjusted EBITDA in 2025 than in 2024 if metal prices hold, because favourable precious metal price hedges are expected to gradually run off, partly offset by efficiency measures 1.
Market context
Umicore operates in markets linked to the automotive industry, electrification and metal recycling. The annual report stresses that geopolitical tensions and low visibility on end-market demand limit predictability, and the 2025 outlook does not include the potential effects of tariffs 1.
Precious metal and other raw material prices are a major driver of results, since price hedges influence the Recycling and Catalysis segments. According to the report, price developments in 2025 are an element that could substantially change results 1.
Trends
- Geopolitical tensions and limited visibilityheadwind
Management describes an economic environment disrupted by persistent geopolitical tensions, which limits demand visibility. If this uncertainty persists, guidance could be affected by lower volumes than anticipated.
- Electrification and battery materialsmixed
The Battery Materials segment depends on the pace of volume growth in customer contracts. Delays could postpone the recovery of results, although reduced capital expenditure limits exposure.
- Operational efficienciestailwind
The company expects an additional EBITDA contribution from efficiencies, which could offset the gradual run-off of precious metal hedges. The efficiency programme is an important factor for sustaining margins.
- Dividend reduction and distribution policymixed
The cut in the dividend from 0.80 EUR to 0.50 EUR per share changes expectations of investors who rely on distributions. If the stable-to-rising policy applies on the new base, the impact could be limited over time 1.
Competitive position
The supplied source texts do not identify specific competitors. Umicore describes its market positions in catalysts and recycling, but the sources do not include an analysis of direct competition, so no competitor names can be cited from these documents.
The assessment of competitive position rests on what management states about the market position of Automotive Catalysts and about efficiency. A full analysis would require additional sources, including competitor reports.
- Competitors not named in the supplied sources
The supplied sources do not name competitors. No statements about Umicore's competitors can be made on the basis of this text.
- Automotive catalyst suppliers
General category referred to indirectly through the Catalysis segment; specific firms are not identified in the sources.
- Battery materials producers
General category linked to Battery Materials; specific firms are not identified in the sources.
- Metal recycling operators
General category linked to the Recycling segment; specific firms are not identified in the sources.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Umicore · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.