Catalysis, battery materials and recycling group
Umicore
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.
UMI.BR Updated Jul 10, 2026 2 AI consumers
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).
Financials & Segments
- Total revenue · FY2025 revenues (excl. metals) €3.6bn
- Customer concentration · Led by Catalysis €1,668m and Recycling €947m; battery materials €436m (FY2025)
- Segments · Catalysis (automotive catalysts) · Battery Materials Solutions (cathodes, battery recycling) · Recycling (precious metals) · Specialty Materials
Revenue from
- LG Energy Solution High confidence· volume 125,000 tonnes · 2020~ · NMC cathode long-term supply (signed by LG Chem)
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.Confirms EN Umicore Published Apr 25, 2018: Umicore and LG Chem conclude long-term supply agreement for NMC cathode materials - Samsung SDI High confidence· supply volume 80,000 tonnes · multi-year from 2020 · contracted NMC cathode volume (~80,000 t)
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.Confirms EN Umicore Published Oct 28, 2019: Umicore announces strategic supply agreement with Samsung SDI for NMC cathode materialsConfirms KO Umicore South Korea Published Oct 24, 2019: Umicore signs NMC cathode material supply agreement with Samsung SDI - PowerCo (Volkswagen, IONWAY JV) Medium confidence· jv capacity target 160 GWh/year · target by end of decade · IONWAY targeted annual CAM production capacity
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.Confirms KO Global Auto News Published Oct 10, 2023: Volkswagen PowerCo forms battery materials joint venture with Umicore
Pays to
- Glencore High confidence
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.Confirms EN GlobeNewswire (Umicore/Glencore joint release) Published May 29, 2019: Umicore and Glencore develop partnership for sustainable cobalt supply in battery materialsMentions EN Chemical Engineering Published May 29, 2019: Umicore and Glencore develop partnership for sustainable cobalt supply in battery materials - CNGR · EcoDream Medium confidence
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.Confirms KO ZDNet Korea Published Mar 28, 2025: Umicore signs precursor deals with Korean and Chinese firms — 'supply-chain diversification'Confirms KO Industry News Published Mar 28, 2025: Umicore signs cathode-precursor supply contracts with EcoDream and CNGR
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Honda Motor | lead2 | +25.8 | -0.8 | +62.2 | -8 | +10 | -1.2 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | -3.8 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -18.2 |
| Samsung SDI | lead1 | -19 | +15.8 | -45.7 | -40.2 | +75.7 | +11.3 |
| LG Energy Solution | lead1 | · | · | -26.9 | -7.6 | +13.1 | -18.1 |
| Umicore | node | -27.5 | +5.9 | -37.1 | -51.4 | +111.6 | +2.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 1 · Hold 1 · Sell 0 · Avg. target €29 · Price €20.06 (07-10) · Upside +45%