Umicore Detailed Consensus >> Segments
Consensus as of: 2026-05-26
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]H1 2025FY 2025H1 2026 EFY 2026 EFY 2027 EFY 2028 EFY 2029 E
Battery Materials Solutions, Revenues (excluding metals)Number of Estimates89995
Battery Materials Solutions, Revenues (excluding metals)Highest247.5540.0675.0877.51,101.6
Battery Materials Solutions, Revenues (excluding metals)Consensus211.6436.3223.7465.7552.8679.3827.8
Battery Materials Solutions, Revenues (excluding metals)Median220.1453.8524.0785.0968.4
Battery Materials Solutions, Revenues (excluding metals)Lowest208.5436.0453.9463.0472.3
Battery Materials Solutions, Adjusted EBITDA (including associates)Number of Estimates81112105
Battery Materials Solutions, Adjusted EBITDA (including associates)Highest13.736.394.9216.7276.0
Battery Materials Solutions, Adjusted EBITDA (including associates)Consensus-21.2-20.75.117.260.6123.2195.4
Battery Materials Solutions, Adjusted EBITDA (including associates)Median8.718.064.2126.3193.1
Battery Materials Solutions, Adjusted EBITDA (including associates)Lowest-13.0-9.14.79.895.9
Battery Materials Solutions, Adjusted EBIT (including associates)Number of Estimates78885
Battery Materials Solutions, Adjusted EBIT (including associates)Highest-19.6-40.334.1138.2195.1
Battery Materials Solutions, Adjusted EBIT (including associates)Consensus-53.7-91.3-32.2-60.5-25.033.2105.0
Battery Materials Solutions, Adjusted EBIT (including associates)Median-29.0-57.4-28.627.592.0
Battery Materials Solutions, Adjusted EBIT (including associates)Lowest-45.0-84.1-73.3-70.215.9
Catalysis, Revenues (excluding metals)Number of Estimates89995
Catalysis, Revenues (excluding metals)Highest1,055.71,922.61,836.11,866.01,775.7
Catalysis, Revenues (excluding metals)Consensus871.71,668.1899.71,718.61,726.61,737.61,679.9
Catalysis, Revenues (excluding metals)Median880.01,678.41,699.71,718.21,662.7
Catalysis, Revenues (excluding metals)Lowest854.91,651.51,646.11,629.61,597.0
Catalysis, Adjusted EBITDA (including associates)Number of Estimates81112105
Catalysis, Adjusted EBITDA (including associates)Highest274.5494.7481.9471.4479.4
Catalysis, Adjusted EBITDA (including associates)Consensus232.2450.2238.0450.3451.2449.8418.2
Catalysis, Adjusted EBITDA (including associates)Median235.5447.1454.0457.8403.3
Catalysis, Adjusted EBITDA (including associates)Lowest217.4416.4421.1412.4375.4
Catalysis, Adjusted EBIT (including associates)Number of Estimates78885
Catalysis, Adjusted EBIT (including associates)Highest207.2395.0402.0402.1405.8
Catalysis, Adjusted EBIT (including associates)Consensus198.5383.4198.7378.6376.2375.7350.0
Catalysis, Adjusted EBIT (including associates)Median200.2381.9369.0375.2333.8
Catalysis, Adjusted EBIT (including associates)Lowest182.4346.4358.8348.8315.0
Recycling, Revenues (excluding metals)Number of Estimates89995
Recycling, Revenues (excluding metals)Highest542.11,086.51,180.01,192.51,121.0
Recycling, Revenues (excluding metals)Consensus460.5947.1503.81,036.71,054.91,074.41,051.4
Recycling, Revenues (excluding metals)Median507.21,062.11,040.81,047.81,035.0
Recycling, Revenues (excluding metals)Lowest467.4961.2994.8991.71,001.6
Recycling, Adjusted EBITDA (including associates)Number of Estimates81112105
Recycling, Adjusted EBITDA (including associates)Highest239.5492.5491.7522.0482.0
Recycling, Adjusted EBITDA (including associates)Consensus189.6371.5214.1430.3433.5444.8409.6
Recycling, Adjusted EBITDA (including associates)Median216.2433.2431.1433.3399.3
Recycling, Adjusted EBITDA (including associates)Lowest186.0375.3375.0377.4377.4
Recycling, Adjusted EBIT (including associates)Number of Estimates78885
Recycling, Adjusted EBIT (including associates)Highest201.0415.5413.7442.0393.5
Recycling, Adjusted EBIT (including associates)Consensus152.1295.6174.6354.4349.0356.3322.5
Recycling, Adjusted EBIT (including associates)Median176.7351.2348.0346.8307.6
Recycling, Adjusted EBIT (including associates)Lowest148.5299.3306.3291.7290.0
Specialty Materials, Revenues (excluding metals)Number of Estimates89995
Specialty Materials, Revenues (excluding metals)Highest386.3704.3774.8813.5854.2
Specialty Materials, Revenues (excluding metals)Consensus270.6557.5309.0619.2648.2676.7698.5
Specialty Materials, Revenues (excluding metals)Median291.2599.7614.6650.6670.1
Specialty Materials, Revenues (excluding metals)Lowest276.0568.3580.0591.6603.5
Specialty Materials, Adjusted EBITDA (including associates)Number of Estimates81112105
Specialty Materials, Adjusted EBITDA (including associates)Highest135.2218.3201.4211.5222.1
Specialty Materials, Adjusted EBITDA (including associates)Consensus59.2108.377.1138.6140.4146.3159.1
Specialty Materials, Adjusted EBITDA (including associates)Median72.4136.7142.5142.6140.7
Specialty Materials, Adjusted EBITDA (including associates)Lowest45.593.7104.5116.2123.9
Specialty Materials, Adjusted EBIT (including associatesNumber of Estimates78885
Specialty Materials, Adjusted EBIT (including associatesHighest108.2169.0147.2154.6162.3
Specialty Materials, Adjusted EBIT (including associatesConsensus42.976.061.4108.0103.6108.5118.6
Specialty Materials, Adjusted EBIT (including associatesMedian59.0105.7104.3101.2101.9
Specialty Materials, Adjusted EBIT (including associatesLowest29.060.769.580.288.9
Corporate & Group items, Adjusted EBITDANumber of Estimates81112105
Corporate & Group items, Adjusted EBITDAHighest-26.2-63.0-63.0-63.0-63.0
Corporate & Group items, Adjusted EBITDAConsensus-27.3-62.4-33.7-70.7-72.1-72.8-68.4
Corporate & Group items, Adjusted EBITDAMedian-32.3-69.9-70.0-69.2-65.7
Corporate & Group items, Adjusted EBITDALowest-50.0-100.0-105.0-110.0-80.0
Corporate & Group items, Adjusted EBITNumber of Estimates78885
Corporate & Group items, Adjusted EBITHighest-37.2-81.8-81.8-81.8-81.8
Corporate & Group items, Adjusted EBITConsensus-38.0-84.4-46.2-93.9-95.1-96.3-90.7
Corporate & Group items, Adjusted EBITMedian-43.0-89.0-91.5-92.7-89.4
Corporate & Group items, Adjusted EBITLowest-62.0-124.0-130.0-136.0-103.0
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.