2024-07-26 16:10:28 ET
Umicore SA (UMICF)
Q2 2024 Results Conference Call
July 26, 2024 1:30 AM ET
Company Participants
Caroline Kerremans - IR
Bart Sap - CEO
Wannes Peferoen - CFO
Conference Call Participants
Chetan Udeshi - JPMorgan
Ranulf Orr - Citi
Riya Kotecha - Bank of America
Charles Bentley - Jefferies
Presentation
Caroline Kerremans
Hello. Welcome to the Umicore Half Year 2021 Results Call. My name is Caroline, and I will be your coordinator for today's event. Today's call is being recorded. [Operator Instructions]
I will now hand over to your host, Bart Sap, the CEO, to begin today's conference.
Please go ahead, sir.
Bart Sap
Yes. Thank you. So good morning, everyone, and welcome to the Umicore H1 results update. Today, I think we have a pretty packed and interesting agenda for you. We'll first start off with the strategic review on the Battery Materials where we stand.
Let's then have a look at the key figures and the highlights of the first half 2024. Then we'll go over the business review for the different business groups. Wannes will talk to you about the financials. I'll be coming back with the outlook for 2024, then we'll do a wrap-up, and then it's open for Q&A.
So let me start off by the strategic review for Battery Materials. Now there's a new market reality out there, and we have to adjust to it. The market context is challenging, and we have seen a slowdown in the growth of EV sales in the short and midterm. The OEMs are revising the speed but also the regional setup of their electrification plans, and this results in a more limited visibility in the short and midterm.
Now of course, we cannot stand still, and we're taking, therefore, immediate actions and we have been taking those actions already. Now we launched already the strategic review to assess our growth projections beyond 2024 for the Battery Materials business. We talked about strict capital discipline. And this year, we will be spending less than €650 million. Additionally, we have launched a further efficiency and cost measure program on top of our efficiency for growth program, which we announced earlier.
Now if we look in the broader picture then despite the current slowdown in the growth, we do see that policy mix continue to support this clean mobility trends. And this is also reconfirmed by the green deal as published recently....
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Umicore SA (UMICF) Q2 2024 Earnings Call Transcript