Umicore SA reported net debt of €1.36 billion at year-end 2025, beating analyst forecasts of €1.52 billion, as the Belgian materials group generated stronger-than-expected cash flows despite deepening losses in its electric vehicle battery unit. The company posted free operating cash flow of €524 million while capping capital expenditure at €310 million.

Battery Materials Solutions recorded an adjusted EBIT loss of €91 million for the full year, up from €40 million in 2024, as the EV slowdown continued to pressure the unit. Revenues rose 11% to €436 million, partly driven by take-or-pay compensation payments from customers who failed to purchase contracted volumes. The Catalysis division remained the group’s primary earnings engine, generating adjusted EBITDA of €450 million on revenues of €1.67 billion.

Chief executive Bart Sap acknowledged “increasing challenges in the EV industry” while emphasizing the company would remain “focused on the levers within our control.” For 2026, Umicore plans to increase capital expenditure to fund selective growth in established businesses while maintaining strict discipline in its Battery Cathode Materials unit. The company expects a final investment decision on expanding hydrometallurgical capacity in Precious Metals Refining in the second half of 2026.