Umicore reiterates outlook for 2024

(ABM FN) Based on the performance in the first quarter, Umicore has reiterated its outlook for the whole of 2024. This emerged from an update from the globally operating materials technology and recycling group on Friday before the market opened.

Umicore did not provide concrete figures for the first quarter on Friday.

Umicore assumes that adjusted EBITDA for the entire group in 2024 will be between 900 million and 950 million euros. The analyst consensus for this year is 905 million euros. For 2025, the analysts expect 932 million euros.

At Battery Materials, the execution of the order book has started. The underlying volumes are gradually built up according to the customers’ start-up journeys, with a more pronounced volume effect still expected in the second half of the year.

Excluding one-off effects, Umicore expects underlying performance in Battery Materials to increase significantly in 2024 compared to last year. Umicore expects revenues of 575 to 675 million euros and an adjusted EBITDA margin of approximately 22 percent.

In the Catalysis Business Group, Automotive Catalyst continued to make good progress with further efficiency improvements, working capital optimization and free cash flow generation in line with the strategy to continue generating maximum profitability.

According to Umicore, adjusted EBITDA at Catalysis will be slightly below the level of the previous record year.

In the Recycling Business Group, the planned and regular maintenance shutdown at Precious Metals Refining was completed in the first quarter and operations restarted. As previously announced, volumes and revenues will therefore be more weighted in the second half of 2024.

Recycling’s adjusted EBITDA will be below last year’s levels, but still well above pre-2020 levels and in line with current market prospects.

The Specialty Materials Business Group started the year in a continued difficult market environment. Together with the current lower market premiums, this had an impact on Cobalt & Specialty Materials, as expected. The performance of Metal Deposition Solutions is in line with expectations. Umicore expects that adjusted EBITDA in 2024 is expected to be slightly below the previous year’s level.

As expected, Electro-Optic Materials had a strong start to the year.

Source: ABM Financial News

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