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Umicore Investor Presentation May 2019 Introduction to Umicore Who 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 Our foundations Supportive Unique business Industry leader in megatrends & model sustainability legislation resource scarcity more stringent emission control electrification recyclingrecycling of the automobile 4 5 Unique position in clean mobility materials and recycling Present across all drive trains and offering sustainable closed-loop services 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 5 Unique position in clean mobility materials Full service offering vs competitors Automotive Battery Fuel cell Refining & catalysts materials catalysts recycling ✔✔✔ Incumbent services ✔ Early stage Umicore ✔✔✔ ✔✔✔ ✔ ✔✔✔ Automotive ✔✔✔ ✔ ✔ ✔ catalyst competitors (incumbent in spent automotive catalysts) Battery material competitors ✔✔✔ ✔ Fuel cell catalyst competitors ✔✔✔ ✔ ✔ 6 6 Unique position in recycling Metallurgical leadership and closed loop offering Unique technologies in Hoboken for treating LONG complex residues and LOOP by-products Unique technologies Closing the loop for treating in product businesses complex residues & by offering recycling by-products services Over 200 input streams SHORT Recovery LOOP of 20 metals Recycling services for customer production scrap & residues 7 Where we come from Two centuries’ transformation away from mining & base metals 1800 1850 1900 1950 2000 2019 1805 1853 1873-1887-1901 1906 1908-1919 1989 2003 2005-2007 2015-2018 Vieille Asturienne des Degussa - Union Minière du Métallurgique Union Minière Acquisition Spin-off Streamlined portfolio Montagne Mines Usine de Haut Katanga Hoboken & Group of PMG Zinc – Focus on and acceleration in désargentation - Société de Copper clean mobility and recycling ACEC Minerais refining growth drivers Where it all began Crossing borders Pieces of the puzzle A defining decade Today • Several mining and smelting • Acquisition of Union Minière du • Merger in 1989 of UMHK with • Acquisition of PMG in 2003 • Since 2015, increased focus on accelerating companies coming together Haut Katanga (UMHK), mining and smelting subsidiaries adding presence in automotive clean mobility and recycling (“Horizon 2020”) producer of copper and other resulting in an integrated catalyst sector metals industrial group “Union Minière” • Divested four non-strategic units and acquired • In 2005, spin-off of copper Haldor Topsoe’s heavy duty diesel and • Gradual sale of mining activities; business to Cumerio, later stationary catalyst business in 2017. focus on precious metals, zinc Aurubis products and advanced materials • Ongoing €1.1bn capacity expansion in battery • In 2007, spin-off of zinc refining illustrated by name change to materials in China, Korea and Poland Umicore in 2001 and alloy business, resulting in Nyrstar • Today Umicore is a global materials technology and recycling group, with more than 10,000 employees and revenues (excl. metals) of € 3.3 billion 8 Global presence COLLEAGUES PRODUCTION SITES R&D / TECHNOLOGY CENTERS 10,419 48 14 838 11 5,723 2 17 2,992 5 14 6 678 259 5 1 1 9 Our Group structure : focused and balanced 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 Revenues EBIT Capital employed (excluding metal) (recurring) (average) RE RE RE CA 15% 19% 24% 30% CA CA 38% 42% E&ST E&ST E&ST 39% 47% 46% 1011 CA = Catalysis, E&ST = Energy & Surface Technologies, RE = Recycling; Corporate not included 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 11 In 2018, we made significant progress towards the 2020 ambitions Clear leadership Doubled the size Turned sustainability Rebalanced in clean mobility of the business in into a greater portfolio & earnings materials and recycling terms of earnings competitive edge contributions REVENUES ROCE Capex Record results in 2018 €3.3bn +17%* 15.4% €478m REBIT Strategic choices and REC NET PROFIT R&D recent investments €514m +29%* paying off REBITDA €326m +22% €196m €720m +23%* *Excluding discontinued operations 12 Consistent execution of the strategy Main investment projects • Capacity expansion in Europe, China and India following major business wins • Initial investment in fuel cell catalyst Catalysis capacity expansion in Korea TIANJIN, CHINA • Completion of € 460 million investment program in China and Korea on an accelerated schedule Energy & Surface • € 660 million greenfield investments in China Technologies and Poland ongoing INCHEON, KOREA • Completion of environmental investments in Hoboken resulting in significant reduction in emissions. Recycling HOBOKEN, BELGIUM 13 Consistent execution of the strategy Technology innovation drives our business R&D • Up 12% to € 196 million ENERGY & SURFACE • 6% of Umicore’s revenues TECHNOLOGIES • Innovation roadmap spanning the CATALYSIS next 20 years for rechargeable battery materials • New product developments for upcoming emission • Developing new process regulations in Europe technologies and China; fuel cell technology • Battery recycling • State of the art process technologies 14 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. 16 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 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 Value growth North America by far outpacing South America vehicle production South Asia (mainly India) Technology and Innovation play 20171 20202 20253 Source: IHS, KGP, Umicore estimates 18 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 19 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 20 Catalysis financials 2018: Revenues +9%, REBIT +2%, REBITDA + 6% REVENUES Automotive Catalysts 1500 1.360 1.094 1.163 1.253 917 1000 651 • Increased contribution of HDD activity 620 H1 545 565 450 • Growth driven by higher gasoline volumes, 500 H2 708 despite slowing market (incl. diesel) 467 549 598 633 0 • Significant gasoline platform wins million € 2014 2015 2016 2017 2018 • Late 2017 acquisition synergies not yet included REBIT & REBIT margin 300 13,2% Precious Metals Chemistry 250 12,3% 12,4% 10,6% H1 200 8,2% 152 166 168 • Higher sales of APIs and chemical metal 150 124 H2 83 75 85 82 deposition applications 100 63 REBIT 41 Margin • Increased revenues from fuel cell catalysts 50 78 81 86 41 61 0 million € 2014 2015 2016 2017 2018 21 Impressions Bad-Säckingen plant AC, Germany Catalyst elements Test bench Nowa Ruda plant AC, Poland Canned catalyst Installation stationary DNox catalyst 22 Business Group Overview Energy &
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