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September 2020 Introduction to Umicore We Are a Global Materials Technology and Recycling Group

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September 2020 Introduction to Umicore We Are a Global Materials Technology and Recycling Group Umicore Investor Presentation September 2020 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 (FY 2019) Adj. Revenues EBITDA € 3.4 bn € 753 m Adj. EBIT ROCE € 509 m 12.6% 40% - Europe Revenues* by Clean geography 14% - North America mobility and R&D Recycling 6% of 4% - South America 75% of revenues revenues 39% - Asia-Pacific * 2019 data 3% - Africa 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* Adj. EBIT* (excluding metal) (average) 13% 20% 33% 35% 34% 43% 37% 52% 33% * FY 2019 data; corporate not included 8 Unique position in Automotive Catalysts CATALYSIS Strong growth drivers: Umicore best positioned to Tightening emission norms for capture growth in growing LDV and HDD, in particular in gasoline segment; largest share China, Europe and India of cGPF platforms won in China and Europe Significant value uplift especially in gasoline catalysts Umicore well positioned to Increasing share of gasoline capture growth in HDD segments platforms in the global mix Umicore expanding capacity in Increasing uptake of fuel cell fuel cells drivetrains 9 Unique position in Rechargeable Battery Energy & Surface TechnologiesMaterials for xEV Electrification confirmed 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 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) • Cash return to shareholders 12 Maintaining a healthy capital structure 35.2% 33.6% 31.1% 28.6% 23.2% 24.4% 14.3% 13.8% 14.1% H1 20 net financial debt of € 1,349 m, million € 1.92 1.75 slightly below the level of end 2019 1400 1.48 1.40 1.60 1.19 Gearing 1200 0.99 1443 1.10 ratio Corresponds to robust credit ratios : 1000 0.56 0.64 1349 0.39 0.60 800 1059 Net debt • Net debt / LTM Adjusted EBITDA 0.10 861 600 840 / LTM Adj. EBITDA ratio of 1.75x 400 -0.40 556 Consolidated net -0.90 • Net gearing ratio of 34 % 200 429 financial debt, end of 298 296 0 -1.40 period H1 H2 H1 H2 H1 H2 H1 H2 H1 2016 2017 2017 2018 2018 2019 2019 2020 Further extended and diversified 2016 strong liquidity base in June 2020: Long-Term Fixed Rate Debt Maturity Profile • € 125 m 8-year EIB loan million € 500 • € 500 m 5-year convertible bond 400 • € 1.2 bn cash on balance sheet at 30 300 June in addition to appr. € 1 bn of 200 committed undrawn credit lines 100 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 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 17 plants in 14 countries, 9 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 Rheinfelden/ 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 Catalysis – major milestones in 2019 Capacity expansions Sustained investments Opening of new plant to support growth of in product and for fuel cell catalysts Automotive Catalysts in process innovation in Korea China, Poland and India 18 COVID-19 outbreak: impact on auto-industry H1 2020 YoY evolution of passenger car production across all powertrains (source: IHS & Umicore - 20/07/2020) China Europe North America Global market 2,500,000 2,500,000 2,500,000 9,000,000 -47% -34% -27% 8,000,000 -12% -54% -39% -67% -62% 2,000,000 2,000,000 2,000,000 -26% 7,000,000 -21% -93% -34% 6,000,000 -31% -85% 1,500,000 1,500,000 1,500,000 -30% -99% 5,000,000 -88% 4,000,000 1,000,000 1,000,000 1,000,000 3,000,000 2,000,000 500,000 500,000 500,000 1,000,000 0 0 0 0 January February March April May June January February March April May June January February March April May June January February March April May June 2019 2020 2019 2020 2019 2020 2019 2020 H1 2020 global car production down 35% YoY Catalysis H1 2020 performance Revenues -20% and Adj. EBIT -75%; severe impact from COVID-19 and related car OEM production shutdowns REVENUES 800 600 743 717 709 652 633 620 Automotive Catalysts 400 598 571 565 Widespread car OEM production shutdowns and car 200 sales plunging 0 Severe impact on revenues and volumes H1 H2 2016 H2 2017 H1 2017 H2 2018 H1 2018 H2 2019 H1 2019 H2 2020 H1 Further outperformance of LDV market in China 2016 H1 H2 HDD less down than market given higher demand for Adjusted EBIT China V technologies 120 100 80 99 87 86 85 82 Precious Metals Chemistry 81 60 78 75 Revenues down due to COVID-19 impact on 40 automotive industry 20 Continued strong demand for pharmaceutical 0 21 ingredients and fuel cell catalysts H1 2016 H1 2016 H2 2017 H1 2017 H2 2018 H1 2018 H2 2019 H1 2019 H2 2020 H1 million € 20 Impressions Bad-Säckingen plant AC, Germany Catalyst elements Test bench Nowa Ruda plant AC, Poland Canned catalyst Installation stationary DNox catalyst 21 Business Group Overview Energy & Surface Technologies Energy & Surface Technologies Rechargeable A leading cathode material supplier for lithium-ion rechargeable Battery batteries used in electrified vehicles and portable electronics. Materials Cobalt & Refines and recycles cobalt and nickel; produces cobalt and Specialty nickel specialty
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