Umicore (UMI) AGM 2025 summary

Opening remarks and agenda

• Convening notices and meeting materials were distributed to shareholders and board members in March 2025, ensuring transparency and compliance with regulations.

• The meeting opened with reflections on a challenging year, highlighting both resilience in core businesses and underperformance in certain divisions.

• Covered annual and consolidated reports, remuneration, statutory accounts, board discharges, board composition, remuneration, sustainability assurance, and change of control provisions.

Financial performance review

• 2024 revenue was EUR 3.5 billion, down from EUR 3.9 billion in 2023, with an EBITDA of EUR 763 million and a margin of 22%.

• Significant write-downs of EUR 1.6 billion were recorded, mainly in battery activities, impacting net results.

• Strong cash position with EUR 2 billion on balance and net financial debt of EUR 1.4 billion; leverage ratio at 1.87.

• Foundation businesses like Catalysis and Recycling showed robust margins and cash flow, while Battery Materials faced slow growth and break-even EBITDA.

• Efficiency measures exceeded targets, achieving EUR 100 million in savings versus a EUR 70 million goal.

Board and executive committee updates

• The board convened 13 times in 2024, with high attendance rates and active engagement on strategic and ESG topics.

• Changes included the appointment of a new CEO and the addition of experienced board members, Michael Bredael and Martina Merz.

• Remuneration policies reflected the challenging year, with some awards not met and leadership making personal sacrifices.

• Mandate renewals for Françoise Chombar (1 year) and Alison Henwood (3 years); Mark Garrett and Laurent Raets stepping down.