Umicore Group Reports €1.8 Billion in Half-Year Revenues
Umicore Group has reported half-year revenues amounting to €1.8 billion. The company's adjusted EBITDA reached €393 million, reflecting an adjusted EBITDA margin of 21.8%. Adjusted EBIT was €241 million, while adjusted net income (Group share) stood at €118 million, translating to adjusted earnings per share of €0.49. The return on capital employed (ROCE) was 11.3%.
The company's operating cash flow was €453 million, with free operating cash flow totaling €168 million. Net debt was reported at €1,434 million, corresponding to a net debt to adjusted EBITDA ratio over the last 12 months of 1.70x. An interim dividend of €0.25 per share is set to be paid on August 21.
Bart Sap, Group CEO, addressed the impact of revised growth projections for the electric vehicle market on Umicore's Battery Materials business. "The downward revisions in short- and medium-term growth projections for the electric vehicle market have significantly affected our Battery Materials business. Consequently, we are undertaking a significant write-down of our Battery Materials assets to reflect the current market conditions," Sap said.
Sap emphasized that the company is actively adapting to the new market reality. "We are continuously re-evaluating our Battery Materials activities with a dynamic and open approach, working closely with our customers and partners. We plan to present our revised strategy at a Capital Markets Day in the first quarter of 2025."
Despite these challenges, Sap highlighted the company's resilience and strong fundamentals. "Our core businesses continue to generate strong cash flows and returns, as demonstrated by their solid performance in the first half of this year. This solid foundation allows us to navigate the current headwinds and reposition ourselves for new opportunities."
