2025 was a pivotal year for the materials technology group Umicore, with the company making positive progress in profit growth, capital control, and the recovery of value in its battery business. The CORE strategy, launched in March, aims to consolidate the leadership position of its foundational businesses and unlock cash potential, while setting value recovery targets for its battery cathode materials business. Thanks to the strong performance of its foundational businesses and the effective implementation of the CORE strategy, Umicore delivered solid full-year results.
Group revenue grew by 3% to €3.6 billion, adjusted EBITDA surged by 11% to €847 million, with a profit margin reaching 24.0%. Adjusted EBIT increased by 21% year-on-year to €579 million. Capital expenditure was strictly controlled at €310 million. The profit improvement primarily stemmed from enhanced foundational business performance and efficiency measures under favorable metal price conditions, offsetting the impact of foreign exchange fluctuations and inflationary pressures. The group's balance sheet remained robust, with year-end net debt at €1.4 billion and ROCE at 15.7%.
Revenue for the Battery Materials Solutions business grew by 11% to €436 million, driven by new customer projects and contract protections. The battery cathode materials business achieved breakeven, marking a stabilization of this segment which had long been affected by market volatility. The Catalysis business revenue was €1.668 billion, flat compared to the previous year, with adjusted EBITDA at €450 million (+4%) and adjusted EBIT at €383 million (+6%), continuing to play a stabilizing role in profitability.
Under favorable metal price conditions, the Recycling business revenue grew by 5% to €947 million, with adjusted EBITDA at €371 million, flat year-on-year, and adjusted EBIT at €296 million (+1%). The Precious Metals Refining business revenue was stable but profitability was lower; the Jewelry & Industrial Metals business benefited from high demand driven by elevated precious metal prices, and the Precious Metals Management business leveraged favorable trading conditions. Revenue for the Specialty Materials business grew by 4% to €558 million, with adjusted EBITDA at €108 million (+11%) and adjusted EBIT at €76 million (+16%), driven by strong demand in electro-optic materials and premiums for cobalt products.
Through its CORE strategy, Umicore achieved significant profit growth in 2025, with all business segments performing robustly. The recovery of value in battery materials and strengthened capital discipline lay a solid foundation for the company's future development.
