Umicore Detailed Consensus >> Group
Consensus as of: 2026-08-14
Please note that current consensus reflects the updated financial reporting structure, as first introduced in the HY25 Results publication.
Under this reporting structure:
• The Battery Materials Solutions Business Group is composed of the business units Battery Cathode Materials and Battery Recycling Solutions.
• The Recycling Business Group no longer includes the Battery Recycling Solutions business unit and is composed of the business units Precious Metals Refining, Jewelry & Industrial Metals and Precious Metals Management.
The Business Group revenues and earnings for 2024 have been restated to take this change into account.

KPI[EUR m]H2 2025FY 2025H2 2026 EFY 2026 EFY 2027 EFY 2028 EFY 2029 E
Revenues (excluding metals)Number of Estimates131313139
Revenues (excluding metals)Highest2,140.04,057.74,173.04,492.24,691.9
Revenues (excluding metals)Consensus1,772.03,562.51,879.63,797.33,956.84,143.04,264.3
Revenues (excluding metals)Median1,884.83,802.54,004.94,196.44,375.4
Revenues (excluding metals)Lowest1,715.53,633.23,702.03,710.03,723.0
Adjusted EBITDA (including associates)Number of Estimates141414148
Adjusted EBITDA (including associates)Highest490.81,068.81,137.61,238.01,269.7
Adjusted EBITDA (including associates)Consensus414.3846.8442.31,019.71,042.41,111.71,168.1
Adjusted EBITDA (including associates)Median447.41,024.71,040.71,105.11,189.7
Adjusted EBITDA (including associates)Lowest375.0952.3959.1995.01,044.3
Adjusted EBIT (including associates)Number of Estimates131313139
Adjusted EBIT (including associates)Highest348.6791.0880.0931.4984.3
Adjusted EBIT (including associates)Consensus277.5579.3300.0742.5755.8814.1849.8
Adjusted EBIT (including associates)Median309.7752.1761.4808.0788.0
Adjusted EBIT (including associates)Lowest241.7684.1673.9696.0741.6
EBIT reported (including associates, including non-recurring elements)Number of Estimates101010108
EBIT reported (including associates, including non-recurring elements)Highest352.4761.1880.0906.7984.3
EBIT reported (including associates, including non-recurring elements)Consensus644.7944.6310.1718.8742.2808.4840.4
EBIT reported (including associates, including non-recurring elements)Median308.1716.9728.3800.7830.3
EBIT reported (including associates, including non-recurring elements)Lowest275.4684.1628.8735.1727.4
Adjusted net profit (Group share)Number of Estimates131313137
Adjusted net profit (Group share)Highest207.6481.0533.4575.1606.2
Adjusted net profit (Group share)Consensus153.1288.0152.4425.8439.6482.0505.8
Adjusted net profit (Group share)Median162.6436.0444.0485.0494.1
Adjusted net profit (Group share)Lowest79.5352.9360.1392.7395.2
Net profit reported (Group share)Number of Estimates141414148
Net profit reported (Group share)Highest227.3467.1533.4605.1616.9
Net profit reported (Group share)Consensus247.8384.5174.5414.3438.2486.0515.0
Net profit reported (Group share)Median173.1412.9449.5479.5507.1
Net profit reported (Group share)Lowest113.1352.9315.2392.7396.8
Capital expenditure (Capex)Number of Estimates131313138
Capital expenditure (Capex)Highest378.1508.4500.0512.5525.3
Capital expenditure (Capex)Consensus200.7309.7221.1351.4393.3400.8416.0
Capital expenditure (Capex)Median215.9346.2382.4398.0419.6
Capital expenditure (Capex)Lowest158.3288.6295.7301.9321.6
Cash-flow from operations (after NWC)Number of Estimates99997
Cash-flow from operations (after NWC)Highest815.61,248.2997.81,086.11,128.9
Cash-flow from operations (after NWC)Consensus786.4848.8378.3810.9776.2878.8906.5
Cash-flow from operations (after NWC)Median473.4906.0863.0972.51,003.6
Cash-flow from operations (after NWC)Lowest-312.9119.7225.3335.1337.1
Change in Net Working CapitalNumber of Estimates111111116
Change in Net Working CapitalHighest233.1101.0323.0233.511.6
Change in Net Working CapitalConsensus-100.8-298.343.9-88.2-29.6-19.1-58.4
Change in Net Working CapitalMedian46.1-86.0-29.4-26.4-55.0
Change in Net Working CapitalLowest-290.1-422.2-257.0-216.0-139.2
Net financial debt (+)/cash (-)Number of Estimates131313138
Net financial debt (+)/cash (-)Highest1,507.11,507.11,651.61,500.11,300.0
Net financial debt (+)/cash (-)Consensus1,357.31,357.31,350.31,350.31,268.31,097.9853.1
Net financial debt (+)/cash (-)Median1,350.01,350.01,202.91,112.9915.7
Net financial debt (+)/cash (-)Lowest963.6963.61,067.1660.0261.1
Capital employed (average)Number of Estimates46666
Capital employed (average)Highest4,523.64,188.34,510.94,780.04,899.0
Capital employed (average)Consensus3,721.93,695.94,250.73,850.84,101.94,300.54,421.1
Capital employed (average)Median4,235.63,971.54,129.04,262.64,387.4
Capital employed (average)Lowest4,008.13,079.13,486.93,802.33,805.3
Adjusted EPS (basic)Number of Estimates121313137
Adjusted EPS (basic)Highest0.821.962.222.382.51
Adjusted EPS (basic)Consensus0.641.200.621.761.822.002.10
Adjusted EPS (basic)Median0.631.791.842.022.05
Adjusted EPS (basic)Lowest0.331.471.491.631.64
EPS reported (basic)Number of Estimates131313138
EPS reported (basic)Highest0.941.942.222.512.56
EPS reported (basic)Consensus1.031.600.721.721.802.002.13
EPS reported (basic)Median0.721.721.841.982.10
EPS reported (basic)Lowest0.471.471.311.631.65
Disclaimer

This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.