Belgian materials technology group Umicore reported higher revenue and profit for 2025, calling it “a pivotal year for Umicore.” The company said the launch of its CORE strategy reinforced leadership in its foundation businesses while it took steps to restore value in battery materials.
Group revenue rose 3% to €3.6 billion ($4.25 billion), with adjusted EBITDA up 11% to €847 million ($999 million), corresponding to a 24.0% margin.
Umicore attributed the earnings growth to improved underlying performance in its foundation businesses, supported by favorable metal prices and an efficiency program that delivered about €100 million in savings, largely offsetting headwinds from foreign exchange and inflation.
Catalysis remained the main earnings engine, generating adjusted EBITDA of €450 million, up 4%, on revenues of €1.67 billion in 2025. Recycling also delivered strong, high-margin results, with executives citing a favorable metal price environment among the supporting factors.
By contrast, the Battery Materials Solutions business continued to drag on profitability despite revenue growth. Revenues in the segment rose 11% to €436 million, driven by higher battery cathode materials revenues and take-or-pay compensation for contractual volume shortfalls, partly offset by lower refining income.
The business group posted adjusted EBITDA of minus €21 million and adjusted EBIT of minus €91 million, though Battery Cathode Materials itself reached break-even adjusted EBITDA.
CEO Bart Sap said 2025 was a pivotal year for Umicore, linking the financial results to the rollout of the CORE strategy in the battery segment. He added that the company strengthened its leadership in core businesses while taking “necessary steps to restore value within the battery materials activities.”
Analysis
The full-year figures underscore a widening gap between Umicore’s legacy activities and its EV-facing unit. Catalysis and recycling are positioned by the company as cash-generating foundation businesses under the CORE strategy, while Battery Materials Solutions remains under strict capital discipline as Umicore targets gradual value recovery.
Umicore’s 2025 performance offers a compelling case study in how established recovery models can provide a buffer during periods of technological transition. While these results shouldn’t be seen as a definitive trend for the entire sector, they do highlight how Umicore successfully leveraged its “foundation” businesses, consisting of processing printed circuit boards, automotive catalysts, and industrial residues, to maintain profitability while its battery unit faced headwinds.
For the recycling community, this performance suggests that despite the heavy industry focus on the “green” transition, the technical expertise required for traditional urban mining remains a vital pillar of financial stability for diversified materials groups.
As Umicore adopts “rigorous capital discipline” in its EV-facing segments, its reliance on its recycling core – based in Hoboken, Belgium – serves as a reminder of the enduring role that complex metal recovery plays in the circular economy landscape.
