Umicore SA (UMICF) Q4 2024 Earnings Call Transcript

2025-02-14 08:12:42 ET

Umicore SA (UMICF)

Q4 2024 Earnings Conference Call

February 14, 2025, 2:30 am ET

Company Participants

Bart Sap - CEO

Wannes Peferoen - CFO

Conference Call Participants

Ranulf Orr - Citi

Chetan Udeshi - JPMorgan

Geoff Haire - UBS

Tristan Lamotte - Deutsche Bank

Charles Bentley - Jefferies

Presentation

Operator

Hello, and welcome to the Umicore Full Year 2024 Results. My name is Sadip, and I will be your coordinator for today's event. Please note, this call is being recorded and for the duration of the call, your lines will be on listen-only mode. However, you will have the opportunity to ask questions at the end of the call. [Operator Instructions].

Today, we have Bart Sap, CEO; and Wannes Peferoen, CFO, as your presenters. I will now hand you over to your host, Bart Sap, to begin today's conference. Thank you.

Bart Sap

Hello, good morning, everyone, and welcome to our full year results 2024 call.

So today, we have the following agenda for you available. First of all, we're going to look at some of the key figures and full year highlights, then I'll go in a bit more of a business review. Wannes will come back with the financial review, then I'll return with the outlook 2025, we'll wrap it up, and then I look forward on the Q&A together with you.

So let's have a look at the highlights of 2024. So revenues for the Group came in at €3.5 billion. We had still an EBITDA of €763 million for the year. EBITDA margin 22% stood a strong operational cash flow of €384 million. CapEx came in at €555 million, well below the new target we set of €650 million at the mid of the year. There, we said we were going to come in below at €650 million. We came in at €555 million. We have return on capital of 12.3% and a leverage ratio of 1.9 roughly.

Now if I have a first glance at our foundation businesses, and that I really, really would like to highlight that we have here a strong and robust performance of the foundation business. In Catalysis, we are publishing EBITDA margins close to 26%, return on capital more than 40% despite a slower internal combustion engine market. For Recycling, return on capital close to 80%, EBITDA margin -- sorry. Is there anything on the line? Okay. EBITDA margins of 36%. And here, we have seen lower revenues in the Recycling segment, but I will come to that later on. Specialty Materials, EBITDA margin came in below 20% and return on capital of 9%. This is not where we want to be, and this is mainly related to Cobalt & Specialty Materials, on which I will give a bit more color also later on....

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