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Umicore Investor Presentation Umicore Investor Presentation September 2019 Introduction to Umicore We are a global materials technology and recycling group One of three global A leading supplier of key The world’s leading leaders in emission control materials for rechargeable recycler of complex waste catalysts for light-duty and batteries used in electrified streams containing heavy-duty vehicles and transportation and portable precious and other for all fuel types electronics valuable metals 3 With a unique position in clean mobility materials and recycling Internal Plug-In Hybrid Combustion Engine Electric Vehicle Umicore provides: Umicore provides: Emission control catalysts Battery cathode materials and emission control catalysts Full Electric Vehicle Fuel cells Umicore provides: Umicore provides: Battery cathode materials Electro-catalyst and battery cathode materials Present across all drive trains and offering sustainable closed- loop services 4 Built on sound foundations Supportive Unique business Industry leader in megatrends & model sustainability legislation resource scarcity more stringent emission control electrification recyclingrecycling of the automobile We help improve air quality, make electrified transport possible and tackle resource scarcity 5 5 With a robust financial performance and a global presence Key figures (H1 2019) Recurring Revenues EBITDA € 1.6 bn € 357 m Recurring ROCE EBIT 12.3% € 240 m Revenues* by geography * 2018 data 6 We deliver on our Horizon 2020 strategy Clear leadership Doubled the size in clean mobility of the business in materials and terms of earnings recycling Rebalanced the Turned portfolio sustainability into & earnings a greater contributions competitive edge 7 With a focused & balanced Group structure CATALYSIS ENERGY & SURFACE RECYCLING TECHNOLOGIES Automotive Catalysts Rechargeable Battery Materials Precious Metals Refining Precious Metals Chemistry Cobalt & Specialty Materials Jewelry & Industrial Metals Electroplating Precious Metals Management Electro-Optic Materials Capital employed* Revenues* Recurring EBIT* (excluding metal) (average) 14% 19% 29% 33% 35% 44% 51% 37% 38% * H1 2019 data; corporate not included 8 Unique position in Automotive Catalysts CATALYSIS Tightening emission norms for LDV and Total LDV and HDD catalyst market value HDD, in particular in China, Europe and India Significant value uplift especially in gasoline catalysts Increasing share of gasoline cars globally Umicore won largest share of cGPF platforms in China and Europe Increasing uptake of fuel cell drivetrains Technology and innovation play We are well positioned to capture unprecedented value growth in automotive catalyst markets 9 Unique position in Rechargeable Battery Energy & Surface Materials for xEV Technologies Electrificationconfirmed as main avenue to drastically reduce vehicle emissions in mid- and Umicore uniquely positioned to address long-term long-term requirements of this industry, while managing short-term fluctuations Strongly supported by legislation and evidenced with agility by massive roll-out of car OEM’s e-mobility strategies Full spectrum of highest quality cathode materials Increasing electrification drives strong market demand in mid and long-term Process technology and ability to scale up fast Technology roadmap offers ample room for Innovation pipeline spanning next innovation and differentiation 20 years Product Integrated supply chain and battery Process recycling Closed loop offering 10 Unique position in Recycling RECYCLING Metallurgical leadership and proprietary technologies for Increasing resource scarcity and need for closing the treating complex residues and by- loop products Growing complexity of materials to recycle Closing the loop Increased availability of complex materials, in particular in product businesses by end-of-life materials offering recycling services Eco-efficient recycling processes are becoming the norm Over 200 different input streams Umicore uniquely positioned to capture growth as the Recovery of more than 20 different metals world’s largest and most complex precious metal recycler with world class environmental and quality standards 11 We have a solid framework for value creation Focus on Strong Focus on cashflows and growth returns solid capital structure • Multiple growth drivers • Earnings growth objective • Prioritize cash for strategic • Secular trends • Group and segment organic growth projects • Supporting legislation returns > cost of capital • Currently in accelerated investment phase • Privilege organic growth • 15%+ ROCE target • Strong self-funding capacity • Complementary M&A, with • Value creation precedes ROCE maximization (normalized excl. current focus on value creation acceleration) R&D • Not overstretch balance sheet 6% of Capex • Cash return to shareholders revenues € 478 m* * 2018 data 12 And maintain a strong capital structure 31% 2000 29% 23% 24% 1.60 1800 1.35 15% 15% 14% 1600 14% 1.40 14% 1.15 Gearing 1400 1.20 ratio 0.91 1200 0.87 1.00 1,059 0.72 1000 840 861 0.80 0.65 0.60 Average net debt 800 0.59 0.55 556 0.60 / recurring EBITDA 600 429 0.40 400 314 321 298 296 200 0.20 Consolidated net 0 0.00 financial debt, end of period H1 2016 H1 2016 H2 2018 H2 2019 H1 H2 2015 H2 2017 H1 2017 H2 2018 H1 million € 2015 H1 Net financial debt € 1,059 m Corresponds to : Ample funding headroom to execute growth strategy, no 1.35 x average net debt to Modest impact from the adoption of need for additional capital recurring EBITDA ratio IFRS 16 due to limited use of injection operating leases (€ 37 m) 29% net gearing ratio 13 Business Group Overview Catalysis Catalysis A world leader in emission control catalysts for light-duty and Automotive heavy-duty vehicles and for all fuel types. Complemented by Catalysts smaller stationary catalyst applications (marine, power generation, …). Precious Develops and produces metal-based catalysts used in chemistry, Metals life sciences and pharmaceutical applications. Also has a Chemistry complete portfolio of catalyst technologies for fuel cells. 15 Automotive Catalysts: business model We develop technologies which allow our customers to meet automotive emission legislation at the lowest Total Cost of Ownership Complete catalyst systems Customer to reduce exhaust focus gas emissions People Operational engagement excellence Global manufacturing & technical footprint 16 Automotive Catalysts Production Footprint 19 plants in 14 countries, 10 R&D / tech. centers in 7 countries Frederikssund Karlskoga Lyngby Nowa Ruda Songdo Denmark Sweden Denmark Poland Korea Onsan Burlington Hanau Korea Canada Germany Tokoname Auburn Hills, MI Florange Japan USA France Kobe Japan Tulsa, OK Rheinfelden/ USA Bad Säckingen Himeji Germany Japan Houston, TX USA Tianjin China Americana Suzhou Brazil China (2) Production plant R&D/Tech. center Joinville Port Elizabeth Pune Rayong Production plant/R&D Tech. center Stationary Brazil South Africa India Thailand 17 Total LDV and HDD catalyst market set for unprecedented value growth MARKET VALUE EVOLUTION BY REGION Massive tightening of Europe emission norms in China, Europe and India drive Greater China massive value uplift in both Japan / Korea the LDV and HDD catalyst markets Middle East / Africa North America Value growth by far outpacing South America vehicle production South Asia (mainly India) Technology and Innovation play 20171 20202 20253 Source: IHS, KGP, Umicore estimates 18 Umicore well positioned to capture this growth Next to volume growth, unprecedented future system value step-up due to tightening emission norms in Europe, China and India in particular. Light-Duty Vehicles Heavy-Duty Diesel Stationary : ▪ Gaining significant share ▪ Growing from a distant # ▪ Growing niche in growing gasoline 3 position ▪ New legislation segment ▪ Strong position in China, ▪ Leverage global ▪ Disproportionate share of the largest HDD market presence gasoline GPF platforms ▪ Development partner of won in China and Europe most major HDD OEMs Through R&D, we continue to build a competitive technology portfolio and invest in additional flexible capacity using proprietary processes 19 Catalysis H1 2019 performance Revenues +1% and stable REBIT; in strong contrast with declining auto market REVENUES 800 700 Automotive Catalysts (~90% Catalysis revenues) 600 717 500 709 652 633 620 400 598 565 549 300 545 Market share gains in light duty gasoline 200 100 Growing penetration of cGPFs 0 Good customer and platform mix esp. in China H1 H1 2015 H2 2016 H1 2018 H1 2016 H1 2017 H2 2017 H2 2018 H1 2019 Higher revenues in heavy-duty diesel H2 2015 H2 REBIT 100 Precious Metals Chemistry 90 80 87 86 85 82 70 81 Strong demand from pharmaceutical and chemical 78 60 75 industries 63 50 61 Higher revenues from fuel cell catalysts 40 30 20 10 0 H2 2017 H2 2018 H1 2015 H2 2015 H1 2016 H2 2016 H1 2017 H1 2018 H1 2019 million € Umicore H1 2019 performance 20 Strong growth drivers in Catalysis Tightening emission norms for Umicore best positioned to LDV and HDD, in particular in capture growth in growing China, Europe and India gasoline segment Significant value uplift especially Largest share of cGPF platforms in gasoline catalysts won in China and Europe Increasing share of gasoline Umicore well positioned to platforms in the global mix capture growth in HDD segments Increasing uptake of fuel cell Umicore expanding capacity in drivetrains fuel cells Umicore H1 2019 performance 21 Impressions Bad-Säckingen plant AC, Germany Catalyst elements Test bench Nowa Ruda plant AC, Poland Canned catalyst Installation
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