Umicore to invest €450 million for growth; intends to strengthen operating model and reiterates FY 2026 guidance

Umicore is taking further steps to strengthen its long-term competitiveness, combining investment in its Precious Metals Refining flowsheet in Hoboken, Belgium with proposed changes to strengthen its operating model. Together, these initiatives support performance and strengthen the Group’s ability to capture further growth opportunities and create sustainable long-term value.

• Investment of €450 million to expand the Precious Metals Refining flowsheet¹ in Hoboken, Belgium, enhancing its distinctive competitive advantage.
• Targeting a simpler, more agile operating model with clearer accountabilities and stronger collaboration to enhance customer focus and achieve annualized savings of ca. €60 million by Q4 2028.
• Q3 2026 trading in line with expectation and FY 2026 guidance reiterated.

Statement from Bart Sap, CEO

Flowsheet investment to drive growth across Recycling

Umicore has decided to invest €450 million in the expansion of the flowsheet in Precious Metals Refining² (Hoboken, Belgium), as envisioned at its Capital Markets Day in March 2025.

The European Commission recently selected the expansion as a strategic project under the Critical Raw Materials Act. Subject to required regulatory approvals, the new state-of-the-art hydro-metallurgical flowsheet will reinforce Umicore’s distinctive long-term competitive position in Recycling, built on decades of pioneering investments and innovation. 

The project, based on proprietary technology, will deliver value in three distinct ways: greater flowsheet performance, further environmental improvements and enhanced operational safety. Flowsheet performance will improve through increased feed flexibility, shorter throughput times for Platinum Group Metals and other precious metals, and greater capacity for minor and specialty metals like antimony and tin. It will also enable the refining and recycling of cobalt, adding an 18th metal to the flowsheet. The expansion will further strengthen best-in-class environmental performance by enabling compliance with the EU’s Ambient Air Quality Directive. It will also enhance operational safety through increased automation.

The investment will be deployed between 2027 and 2030 which is the expected commissioning year. As announced in March 2025, Umicore expects a payback period of about 6 years, which would be significantly shorter should current metal prices prevail.

Further strengthening organizational effectiveness

Alongside investment in its industrial capabilities, Umicore plans to simplify its operating model, create clearer accountabilities and strengthen collaboration, with greater focus on customers, innovation and growth. The initiative aims to reshape enterprise functions and standardize processes using automation, digital tools, AI and selective outsourcing. The future model is designed to improve effectiveness and responsiveness to market changes, strengthening Umicore’s ability to innovate, capture organic growth opportunities and create sustainable long-term value.

The proposed organizational changes could affect up to ca. 350 employees³ potentially facing job loss over the next two years. Recognizing the impact these changes could have on colleagues, Umicore will manage the process responsibly, transparently and with consideration for those affected. The Company has begun consultations with trade unions and works councils’ representatives and will provide appropriate support to those affected, in line with local practices and requirements. 

Implementation is anticipated to be phased through the end of 2029, mostly impacting enterprise functions across different regions. An estimated €60 million in annualized savings is expected to be delivered by the end of Q4 2028.

FY 2026 guidance reiterated

Following strong underlying performance in H1 2026 and Q3 trading in line with expectations, Umicore reiterates its FY 2026 guidance for adj. EBITDA slightly above €1 billion, as upgraded in July. As indicated earlier, performance will be weighted towards H1, as exceptional results in Recycling and Specialty Materials are not expected to recur in H2 and Automotive Catalysts follows its usual seasonal patterns.

Forward looking statements

This document contains forward-looking information that involves risks and uncertainties, including statements about Umicore’s plans, objectives, expectations and intentions. Readers are cautioned that forward-looking statements include known and unknown risks and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Umicore. Should one or more of these risks, uncertainties or contingencies materialize, or should any underlying assumptions prove incorrect, actual results could vary materially from those anticipated, expected, estimated or projected. As a result, neither Umicore nor any other person assumes any responsibility for the accuracy of these forward-looking statements.

Glossary

For used financial and technical terms please refer to our glossary.

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1 Subject to required regulatory approvals.
2 The Precious Metals Refining Business Unit is part of Umicore Recycling Business Group.
3 This excludes external contractor positions that are also in scope of the initiative.}