{"slug":"umicore","name":"유미코아","name_en":"Umicore","ticker":"UMI.BR","updated_at":"2026-07-10T12:05:56.524+00:00","canonical":"https://valuechain.wiki/umicore","same_as":["https://finance.yahoo.com/quote/UMI.BR"],"citable":"밸류체인 그래프 기준 유미코아의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 7곳에 닿는다. 링크의 근거 출처는 10건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-10 기준).","citable_en":"Per the valuechain.wiki graph, Umicore is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 7 companies within two hops; the links are backed by 10 dated sources, 1 of them primary filings (as of 2026-07-10).","kicker":"촉매·배터리소재·리사이클링 소재그룹","kicker_en":"Catalysis, battery materials and recycling group","lead":"유미코아는 촉매, 배터리소재, 리사이클링, 스페셜티소재를 아우르는 벨기에 소재그룹이다. 2025년 그룹 revenues(금속 제외)는 36억 유로(+3%), 조정 EBITDA는 8억4,700만 유로였다. 배터리소재(Battery Materials Solutions)는 revenues 4억3,600만 유로(+11%)로 회복세지만 조정 EBIT -9,100만 유로 적자가 이어져, 2025년 3월 발표한 CORE 전략으로 촉매·리사이클링 중심 재편과 구조조정을 진행 중이다. 폭스바겐 PowerCo와의 합작사 IONWAY(목표 연 160GWh)가 유럽 양극재 사업의 성장축이다.","lead_en":"Umicore is a Belgian materials group spanning catalysis, battery materials, recycling and specialty materials. FY2025 group revenues (excluding metals) were EUR 3.6 billion (up 3%) with EUR 847 million of adjusted EBITDA. Battery Materials Solutions recovered to EUR 436 million of revenues (up 11%) but stayed loss-making at EUR -91 million adjusted EBIT, and the CORE strategy announced in March 2025 is refocusing the group on catalysis and recycling. IONWAY, its JV with Volkswagen's PowerCo targeting 160 GWh a year, is the growth axis of its European cathode business.","segments":{"parts":[{"name":"Catalysis (자동차 촉매)"},{"name":"Battery Materials Solutions (양극재·배터리 리사이클링)"},{"name":"Recycling (귀금속 리사이클링)"},{"name":"Specialty Materials"}],"total":"FY2025 revenues(금속 제외) €3.6bn","concentration":"Catalysis €1,668m·Recycling €947m 중심, 배터리소재 €436m (FY2025)"},"segments_en":{"parts":[{"name":"Catalysis (automotive catalysts)"},{"name":"Battery Materials Solutions (cathodes, battery recycling)"},{"name":"Recycling (precious metals)"},{"name":"Specialty Materials"}],"total":"FY2025 revenues (excl. metals) €3.6bn","concentration":"Led by Catalysis €1,668m and Recycling €947m; battery materials €436m (FY2025)"},"returns_yearly":{"2021":-27.5,"2022":5.9,"2023":-37.1,"2024":-51.4,"2025":111.6,"2026":2.4},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"mazda-motor","name":"마쓰다","name_en":"Mazda Motor","tier":3,"returns_yearly":{"2021":18.8,"2022":22.8,"2023":81.1,"2024":-39,"2025":17.3,"2026":-3.2}},{"slug":"honda-motor","name":"혼다","name_en":"Honda Motor","tier":2,"returns_yearly":{"2021":25.8,"2022":-0.8,"2023":62.2,"2024":-8,"2025":10,"2026":-1.2}},{"slug":"general-motors","name":"제너럴 모터스","name_en":"General Motors","tier":2,"returns_yearly":{"2021":40.8,"2022":-42.4,"2023":7.9,"2024":49.8,"2025":54.2,"2026":-3.8}},{"slug":"hyundai-motor-company","name":"현대차","name_en":"Hyundai Motor Company","tier":2,"returns_yearly":{"2021":-16.7,"2022":-4.7,"2023":16.2,"2024":12.3,"2025":158.8,"2026":-7.8}},{"slug":"tesla","name":"Tesla","name_en":"Tesla","tier":2,"returns_yearly":{"2021":49.8,"2022":-65,"2023":101.7,"2024":62.5,"2025":11.4,"2026":-9.3}},{"slug":"toyota","name":"Toyota Motor Corporation","name_en":"Toyota Motor Corporation","tier":2,"returns_yearly":{"2021":58.1,"2022":-13.4,"2023":63,"2024":1.8,"2025":21.8,"2026":-18.2}},{"slug":"samsung-sdi","name":"삼성SDI","name_en":"Samsung SDI","tier":1,"returns_yearly":{"2021":-19,"2022":15.8,"2023":-45.7,"2024":-40.2,"2025":75.7,"2026":11.3}},{"slug":"lg-energy-solution","name":"LG에너지솔루션","name_en":"LG Energy Solution","tier":1,"returns_yearly":{"2023":-26.9,"2024":-7.6,"2025":13.1,"2026":-18.1}}],"benefiting":[],"analysis":"촉매·배터리소재·리사이클링 소재그룹 기업. 2026년 +1.9%다. 본주(+1.9%)와 수요단(평균 -3.4%)이 같은 보폭으로 움직인다. 연결 노드 중 가장 앞선 곳은 삼성SDI(+11.3%), 가장 처진 곳은 LG에너지솔루션(-18.1%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다. Catalysis €1,668m·Recycling €947m 중심, 배터리소재 €436m (FY2025).","analysis_en":"Umicore operates across Catalysis, battery materials and recycling group. It is +1.9% in 2026. The stock (+1.9%) and its demand side (avg -3.4%) are moving in step. Among connected nodes the furthest ahead is Samsung SDI (+11.3%) and the furthest behind is LG Energy Solution (-18.1%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. IONWAY, its JV with Volkswagen's PowerCo targeting 160 GWh a year, is the growth axis of its European cathode business.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"LG에너지솔루션","counterparty_slug":"lg-energy-solution","confidence":"high","metric":{"type":"volume","unit":"tonnes","as_of":"2018-04-01","basis":"NMC 양극활물질 장기공급(LG화학 명의)","value":125000,"period":"2020~","basis_en":"NMC cathode long-term supply (signed by LG Chem)"},"note":"LG에너지솔루션(계약 당시 LG화학 배터리부문)에 NMC 양극활물질을 장기 공급한다. 2018년 LG화학 명의로 체결된 장기 공급계약 기준 약 12만5천톤 규모다.","note_en":"Umicore supplies NMC cathode active materials to LG Energy Solution under a long-term agreement concluded with LG Chem in 2018, covering around 125,000 tonnes.","sources":[{"stance":"confirms","publisher":"유미코어","publisher_en":"Umicore","kind":"ir","lang":"en","published_at":"2018-04-25","url":"https://www.umicore.com/en/newsroom/umicore-and-lg-chem-conclude-long-term-supply-agreement-for-nmc-cathode-materials/","title":"유미코어·LG화학, NMC 양극재 장기 공급계약 체결","title_en":"Umicore and LG Chem conclude long-term supply agreement for NMC cathode materials","excerpt":"long-term supply agreement for NMC cathode materials","excerpt_en":"long-term supply agreement for NMC cathode materials"}]},{"direction":"revenue","counterparty":"삼성SDI","counterparty_slug":"samsung-sdi","confidence":"high","metric":{"type":"supply_volume","unit":"tonnes","as_of":"2019-10-24","basis":"NMC 양극재 계약 물량(약 8만톤)","value":80000,"period":"multi-year from 2020","basis_en":"contracted NMC cathode volume (~80,000 t)"},"note":"유미코아는 2019년 10월 삼성SDI와 2020년부터 약 8만톤에 달하는 고성능 NMC(니켈망간코발트) 양극재를 공급하는 다년간 전략적 계약을 체결했다. 물량 대부분은 한국 공장에서 생산되며 자동차용이 주력이고 일부는 ESS용이다. 삼성SDI는 유미코아의 오랜 주요 양극재 고객으로, 이 계약은 유미코아 배터리소재 사업의 대표적 매출처다.","note_en":"In October 2019 Umicore signed a multi-year strategic agreement to supply Samsung SDI with close to 80,000 tonnes of high-performance NMC cathode materials from 2020, mostly produced in Korea, primarily for automotive with a smaller share for energy storage. Samsung SDI is one of Umicore's long-standing key cathode customers and a flagship revenue counterparty for its battery materials business.","sources":[{"stance":"confirms","publisher":"유미코어","publisher_en":"Umicore","kind":"ir","lang":"en","published_at":"2019-10-28","url":"https://www.umicore.com/en/media/newsroom/umicore-announces-strategic-supply-agreement-with-samsung-sdi-for-nmc-cathode-materials/","title":"유미코어, 삼성SDI와 NMC 양극재 전략 공급계약","title_en":"Umicore announces strategic supply agreement with Samsung SDI for NMC cathode materials","excerpt":"multi-year strategic agreement with Samsung SDI for the supply of close to 80,000 metric tonnes ... starting in 2020 ... with the majority of volumes initially produced in Korea","excerpt_en":"multi-year strategic agreement with Samsung SDI for the supply of close to 80,000 metric tonnes ... starting in 2020 ... with the majority of volumes initially produced in Korea"},{"stance":"confirms","publisher":"유미코아 코리아","publisher_en":"Umicore South Korea","kind":"ir","lang":"ko","published_at":"2019-10-24","url":"https://www.umicore.kr/ko/news/sdi-nmc-/","title":"유미코아, 삼성SDI와의 NMC 양극재 공급 계약 체결","title_en":"Umicore signs NMC cathode material supply agreement with Samsung SDI","excerpt":"2020년부터 약 8만톤에 달하는 고성능 NMC(니켈망간코발트) 양극재 공급을 위한 다년간의 전략적인 계약","excerpt_en":"a multi-year strategic agreement to supply approximately 80,000 tonnes of high-performance NMC (nickel-manganese-cobalt) cathode materials from 2020"}]},{"direction":"cost","counterparty":"Glencore","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"유미코아는 2019년 5월 Glencore와 코발트 수산화물(cobalt hydroxide)을 장기·순환(revolving) 공급받는 계약을 체결했다. 코발트는 Glencore의 콩고(DRC) KCC·Mutanda 광산에서 조달돼 핀란드 코콜라(Kokkola) 등 유미코아 정련소로 공급되며, 이는 배터리소재 밸류체인의 장기 코발트 원료 조달을 담보하는 대표적 비용처다.","note_en":"In May 2019 Umicore signed a long-term revolving agreement with Glencore for the supply of cobalt hydroxide sourced from Glencore's KCC and Mutanda mines in the DRC, shipped to Umicore's cobalt refineries including Kokkola in Finland, a flagship raw-material cost relationship securing long-term cobalt feed for its battery materials value chain.","sources":[{"stance":"confirms","publisher":"GlobeNewswire (Umicore/Glencore joint release)","publisher_en":"GlobeNewswire (Umicore/Glencore joint release)","kind":"ir","lang":"en","published_at":"2019-05-29","url":"https://www.globenewswire.com/news-release/2019/05/29/1854608/0/en/Joint-press-release-Umicore-and-Glencore-develop-partnership-for-sustainable-cobalt-supply-in-battery-materials.html","title":"Umicore and Glencore develop partnership for sustainable cobalt supply in battery materials","title_en":"Umicore and Glencore develop partnership for sustainable cobalt supply in battery materials","excerpt":"long-term revolving agreement for the supply of cobalt hydroxide ... from ... KCC and Mutanda, located in the DRC ... shipped to Umicore's cobalt refineries globally, including the Kokkola refinery in Finland","excerpt_en":"long-term revolving agreement for the supply of cobalt hydroxide ... from ... KCC and Mutanda, located in the DRC ... shipped to Umicore's cobalt refineries globally, including the Kokkola refinery in Finland"},{"stance":"mentions","publisher":"Chemical Engineering","publisher_en":"Chemical Engineering","kind":"news","lang":"en","published_at":"2019-05-29","url":"https://www.chemengonline.com/umicore-and-glencore-develop-partnership-for-sustainable-cobalt-supply-in-battery-materials/","title":"Umicore and Glencore develop partnership for sustainable cobalt supply in battery materials","title_en":"Umicore and Glencore develop partnership for sustainable cobalt supply in battery materials","excerpt":"long-term revolving agreement for the supply of cobalt hydroxide to Umicore's battery materials value chain ... guarantees Umicore's security of supply for a substantial part of its longer-term cobalt needs","excerpt_en":"long-term revolving agreement for the supply of cobalt hydroxide to Umicore's battery materials value chain ... guarantees Umicore's security of supply for a substantial part of its longer-term cobalt needs"}]},{"direction":"revenue","counterparty":"PowerCo (Volkswagen, IONWAY JV)","counterparty_slug":null,"confidence":"mid","metric":{"type":"jv_capacity_target","unit":"GWh/year","as_of":"2023-10-06","basis":"IONWAY 목표 연 생산능력(양극재)","value":160,"period":"target by end of decade","basis_en":"IONWAY targeted annual CAM production capacity"},"note":"유미코아는 2023년 10월 폭스바겐 배터리 자회사 PowerCo와 브뤼셀 본사의 50:50 합작사 IONWAY를 설립해 유럽에서 양극활물질(CAM)·전구체(pCAM)를 대량 생산한다. 목표 생산능력은 연 160GWh(전기차 약 220만대분)로, PowerCo의 유럽 셀 공장 수요 상당 부분을 공급하는 구조여서 유미코아에는 유럽 EV 양극재 수요를 확보하는 핵심 매출·판매 채널이다. 다만 폭스바겐의 EV 수요 부진으로 PowerCo 투자·용량이 축소되며 불확실성이 있다.","note_en":"In October 2023 Umicore and Volkswagen's battery unit PowerCo set up the Brussels-headquartered 50:50 JV IONWAY to mass-produce cathode active materials (CAM) and precursors (pCAM) in Europe, targeting 160 GWh/year (~2.2 million EVs). IONWAY supplies a large part of PowerCo's European cell plants, giving Umicore secured access to European EV cathode demand, though slowing VW EV demand has trimmed PowerCo's investment and capacity.","sources":[{"stance":"confirms","publisher":"Umicore","publisher_en":"Umicore","kind":"filing","lang":"en","published_at":"2026-03-27","url":"https://www.umicore.com/storage/umicore/umicore-esef-package-20251231-en.zip","title":"Umicore Annual Financial Report 2025 (ESEF package)","title_en":"Umicore Annual Financial Report 2025 (ESEF package)","excerpt":"Limiting total investments over the 2025-2028 period to € 2.1 billion: € 1.6 billion in CAPEX, of which less than € 500 million in Battery Cathode Materials; equity contribution of around € 500 million to IONWAY.","excerpt_en":"Limiting total investments over the 2025-2028 period to € 2.1 billion: € 1.6 billion in CAPEX, of which less than € 500 million in Battery Cathode Materials; equity contribution of around € 500 million to IONWAY."},{"stance":"confirms","publisher":"글로벌오토뉴스","publisher_en":"Global Auto News","kind":"news","lang":"ko","published_at":"2023-10-10","url":"http://dpg.danawa.com/news/view?boardSeq=60&listSeq=5450257","title":"폭스바겐 파워코, 유미코어와 배터리 재료 관련 합작회사 설립","title_en":"Volkswagen PowerCo forms battery materials joint venture with Umicore","excerpt":"폭스바겐의 배터리 자회사 파워코가 벨기에 소재기업 유미코아와 전구체와 양극활물질(CAM)을 생산하는 합작회사 IONWAY를 설립 ... 연간 생산능력 160GWh ... 약 220만대의 전기차","excerpt_en":"Volkswagen's battery unit PowerCo established IONWAY, a JV with Belgian materials firm Umicore to produce precursors and cathode active materials (CAM) ... annual capacity of 160 GWh ... about 2.2 million EVs"},{"stance":"confirms","publisher":"Umicore","publisher_en":"Umicore","kind":"ir","lang":"en","published_at":"2023-10-06","url":"https://www.umicore.com/en/media/newsroom/umicore-and-powerco-proudly-present-ionway/","title":"Umicore and PowerCo proudly present IONWAY","title_en":"Umicore and PowerCo proudly present IONWAY","excerpt":"grow IONWAY's annual production capacity to 160 GWh per year by the end of the decade, corresponding to 2.2 million battery-electric vehicles ... supply PowerCo's European battery cell factories","excerpt_en":"grow IONWAY's annual production capacity to 160 GWh per year by the end of the decade, corresponding to 2.2 million battery-electric vehicles ... supply PowerCo's European battery cell factories"}]},{"direction":"cost","counterparty":"CNGR · 에코앤드림 (EcoDream)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"유미코아는 2025년 3월 공급망 다변화 전략의 일환으로 중국 CNGR, 한국 에코앤드림과 양극재용 전구체(pCAM) 중장기 공급 계약을 체결했다. 이는 유미코아가 핀란드(연 2만톤)·중국(연 8만톤)에서 자체 생산하는 전구체를 외부 조달로 보완하는 구조로, 2026년 초부터 물량을 공급받는다. 즉 유미코아가 이들로부터 전구체를 사들이는 비용처 관계다.","note_en":"In March 2025 Umicore signed mid-to-long-term precursor (pCAM) supply contracts with China's CNGR and Korea's EcoDream as part of a supply-chain diversification strategy, supplementing its own precursor output in Finland (20,000 t/yr) and China (80,000 t/yr), with deliveries from early 2026. Umicore is the buyer of precursor here, making this an inbound cost relationship.","sources":[{"stance":"confirms","publisher":"지디넷코리아","publisher_en":"ZDNet Korea","kind":"news","lang":"ko","published_at":"2025-03-28","url":"https://zdnet.co.kr/view/?no=20250328093132","title":"유미코아, 한·중 기업과 전구체 계약…\"공급망 다변화\"","title_en":"Umicore signs precursor deals with Korean and Chinese firms — 'supply-chain diversification'","excerpt":"유미코아 그룹이 핀란드(연 2만톤)와 중국(연 8만톤)에서 자체 생산하는 양극재용 전구체 공급을 보완한다 ... 유미코아는 2026년 초부터 물량 공급을 받을 예정이다","excerpt_en":"It supplements Umicore's own cathode precursor output in Finland (20,000 t/yr) and China (80,000 t/yr) ... Umicore will receive supply from early 2026"},{"stance":"confirms","publisher":"인더스트리뉴스","publisher_en":"Industry News","kind":"news","lang":"ko","published_at":"2025-03-28","url":"https://www.industrynews.co.kr/news/articleView.html?idxno=61837","title":"유미코아, 에코앤드림·CNGR과 양극재용 전구체 공급계약 체결","title_en":"Umicore signs cathode-precursor supply contracts with EcoDream and CNGR","excerpt":"유미코아가 한국 에코앤드림, 중국 CNGR과 양극재용 전구체(pCAM) 중장기 공급 계약을 체결 ... 공급망 다변화 ... 2026년 초부터 공급","excerpt_en":"Umicore signed mid-to-long-term precursor (pCAM) supply contracts with Korea's EcoDream and China's CNGR ... supply-chain diversification ... supply from early 2026"}]}]}