Investor Presentation June 2021

Umicore Investor Presentation

June 2021 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 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; technology China, Europe and India leader in cGPF platforms 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

6 Unique position in Rechargeable Battery Energy & Surface Materials for xEV Technologies

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

7 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

8 A focused Group structure

CATALYSIS ENERGY & SURFACE RECYCLING TECHNOLOGIES

Automotive Catalysts Rechargeable Battery Materials Precious Metals Refining Precious Metals Chemistry Cobalt & Specialty Materials Jewelry & Industrial Metals Fuel Cells & Stationary Catalysts Metal Deposition Solutions Precious Metals Management Electro-Optic Materials

Capital employed* Revenues* Adj. EBIT* (excluding metal) (average) 12% 26% 26% 37% 42%

61%

13% 51% 32%

* FY 2020 data; corporate not included 9 With a robust financial performance and a global presence

Key figures (FY 2020)

Adj. Revenues EBITDA € 3.2 bn € 804 m

Adj. EBIT ROCE € 536 m 12.1%

REVENUES BY GEOGRAPHY*

 Europe

Clean  North America mobility and R&D recycling 7% of  South America 77% of revenues revenues  Asia-Pacific

 Africa * 2020 data 10 Umicore’s strategy - Horizon 2020 Horizon 2020 as presented in 2015… successfully delivered

Clear leadership in Turned sustainability clean mobility into a greater materials and competitive edge recycling

Rebalanced the Doubled the size of portfolio & earnings the business in terms contributions of earnings

12 Clear leadership in clean mobility & recycling A leap forward over the Horizon 2020 timespan

CATALYSIS ENERGY & SURFACE RECYCLING TECHNOLOGIES

Strong market share gains in LDV Record €1.1bn investments in cathode Successful ramp-up of new capacity gasoline applications, in particular in materials expansion since 2016 in and enhanced capabilities in Hoboken China and Europe Korea, China and Poland Record performance in 2020 with a Leading light-duty catalyst supplier in Construction of first industrial-scale nearly doubling of adjusted EBIT YoY China since 2019 cathode materials production plant in Europe Optimization of supply feed to benefit Strongly growing HDD business in from structural growth in highly complex China and Europe Sizeable multi-year strategic supply PGM-containing materials agreements with LG Energy Solutions Growing traction for fuel cells and new and Samsung SDI for NMC cathode Acceleration of environmental production plant in Korea for fuel cells materials investments (€25m per annum) catalysts fully ramped up Integrated battery materials footprint enhanced through Kokkola acquisition

13 Double the earnings Objective achieved in 2018, 2 years ahead of target

ADJUSTED EBIT*

Million of Euros

600

500 Record adjusted EBIT in 2020

400 Adj. EBITDA* steadily growing from € 405m in 2014 to € 804m in 2020 300 514 536 200 Average ROCE 15%+ target: 255 Steady ROCE increase through 2018; 100 average capital employed nearly doubled over Horizon 2020 0 2014 2018 2020

*excluding discontinued operations 14 A focused and balanced portfolio Through simplification and targeted investments

Divestment of Complemented with selected acquisitions and investments, non-core activities to focus on clean mobility & recycling

2016: sale of Zinc CLEAN MOBILITY Chemicals • Haldor Topsoe and Ordeg acquisitions 2017: sale of Building Products and large area • Capacity expansions in automotive and fuel cell catalyst coating activities of Thin production Film Products

2018: sale of European • Significant production capacity activities of Technical RECYCLING expansions in cathode materials Materials • Capacity and capability expansion • Kokkola acquisition Production • Multi-year investments in safety and footprint environmental performance of from 66 to Hoboken plant 47 sites

15 Sustainability is in our DNA Value chain and society 77% 75% 72% Gold & silver certified conflict-free by LBMA 2020 67% 2019 Responsible custody/sourcing certified by 2018

RJC for platinum, palladium & rhodium 2017 Founder of Global Battery Alliance (GBA) 2016 REVENUES FROM Promotor of Battery Passport project of GBA CLEAN MOBILITY AND RECYCLING

First Platinum Medal by EcoVadis (rated since 2013) 4.1% of cobalt used from recycled origin

16 Sustainability is in our DNA Eco-efficiency

64% -59% -67% -17%

Metal Metal Energy emissions emissions consumption* 36% to air* to water* *vs 2015 benchmark

64% Secondary & end-of-life materials 38 energy efficiency projects at 36% Primary materials 26 sites accounting for 95% of our energy consumption

17 Sustainability is in our DNA Great place to work

Very high retention rate at 96% globally 2%

12% Increased focus on Diversity & Inclusion with: 56% • 30% of managers recruited being women in 2020 WORKFORCE • Increase of women in management roles and in senior management BY REGION positions (23% and 10.7% respectively in 2020) • 74 nationalities employed at Umicore 30% Colleagues remained connected through the digital workplace during the pandemic 56% Europe 30% Asia-Pacific 83% of sites without LTAs 12% North & South America 2% Africa 10,859 colleagues in 33 countries

Let’s go for zero

The new strategy builds Net Zero on 20 years of GHG emissions by 2035 achievements.

Our new ambitions are truly bold. We are raising the bar, both for ourselves and our industry.

Zero Zero harm inequality

Net Zero GHG. Zero regrets. Endless possibilities.

20 -20% GHG emissions by 2025 -50% GHG emissions by 2030 vs. 2019 Switch to renewable energy Full disclosure on environmental impact Continued process, materials & energy efficiency Net Zero 100% GHG emissions by 2035 sustainable supply Carbon neutral growth

-25% Sustainability-linked remuneration at diffuse emissions by 2025 all management levels vs. 2020

with continuous improvement on metal emissions to air & water Increased non-European representation in management teams by 2025 No work-related injuries Gender parity in management No occupational exposure excess rate Zero Zero harm inequality as soon as possible with 35% women in management by 2030 100% Safety induction for new hires

Safety leadership training Pay Equality

100% Process Safety Standards compliance Wellbeing for all employees Net Zero GHG. Zero regrets. Endless possibilities.

21 Our ambitious commitment: net zero GHG scope 1 & 2 emissions by 2035

Net Zero % -100 GHG -50% -20%

2019 2025 2030 2035

Baseline 792 kTon

CO2e Scope 3 GHG emissions reduction target in 2022

for SBT validation of our Net Zero GHG ambitions

22 Governance ESG Committee Supervisory Board

ESG on the agenda of both the Management Board Reporting & overview and the Supervisory Board

Internal advisory body convened by the Management Board to coordinate and support the ESG ambitions Management Board

Chaired by the ESG Communications Director brings experts and leads from across the Group Status updates & Project plans, general overview follow-up & STRATEGY to activate and report on Umicore’s ESG performance twice per year reporting and on progress against strategic ambitions & TARGETS

In addition to ongoing feedback, provides the Management Board with half- and full-year reports ESG Working Committee Groups (BUs & Corporate)

23 Governance

Supporting our ambitions and increasing disclosure

1 INCREASED 3 ESG TRANSPARENCY RISKS • ESG governance • Pursuing SBTi validation of our Net • Sustainability-linked remuneration Zero approach • Support TCFD and begin working on an alignment for Umicore • Defining ambitions and targets on water use and Scope 3 emissions reductions FULL DISCLOSURE 2 in 2022 ON IMPACT • Including on Scope 1, 2, 3 emissions and water use 4 SUSTAINABILITY-LINKED FUNDING • Materiality • Expanding use of frameworks • Favoring sustainable instruments in reporting beyond GRI, including EU taxonomy

24 Maximizing positive impact

Sustainability at Umicore is not only about minimizing Net Zero the impact of our industrial GHG emissions by 2035 operations, but first and foremost about creating a positive impact on society by harnessing all our capabilities and bringing solutions to address key societal challenges, today and tomorrow. Zero Zero

harm inequality

25 Business Group Overview Catalysis Catalysis

Automotive A world leader in emission control catalysts for light-duty and Catalysts heavy-duty vehicles and for all fuel types.

Precious Develops and produces metal-based catalysts used in chemistry, Metals life sciences and pharmaceutical applications. Chemistry

Fuel Cells & Combines Umicore’s fuel cell catalyst activities and smaller Stationary stationary catalyst activities (marine, power generation, …) building on a strong technology portfolio. Catalysts

27 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

28 Automotive Catalysts Production Footprint 17 plants in 14 countries, 9 R&D / tech. centers in 7 countries

Frederikssund Karlskoga Lyngby Nowa Ruda Songdo Denmark (closing end 2021) 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

29 Catalysis – major milestones in 2020

Sustained investments Ramp-up of new plant in product and for fuel cell catalysts process innovation in Korea

Capacity expansions Rationalization of to support growth of production footprint and Automotive Catalysts in savings in LDV and HDD in China manufacturing and SG&A costs

30 COVID-19 outbreak: significant impact on automotive industry

FY 2020 YoY evolution of passenger car production across all powertrains (source: IHS & Umicore - 31/12/2020)

China Europe North America Global market

21% 16% 20% 12% 9% 6% 5% 3% 3% 3% 5% 3% 1% 6% 3% 3% 1% 3%

-1% -2% -2% -2% -4% -6% -5% -7%-5% -9% -8% -10% -12% -16% -18% -20% -21% -22% -27% -31% -34% -39% -47% -51% -62% -64%

-84% -88% -93%

-5% YoY -22% YoY -99% -20% YoY -18% YoY

Jul

Jan

Jul

Jun

Jul

Oct

Apr

Feb Sep

Apr Oct

Dec

Jan Jun

Aug

Apr Oct

Nov Jan Jun

Feb Mar

Apr Oct

Mar Nov Dec

Aug Sep

Jan Jun

Mar

Feb

Aug Sep Nov Dec

May

Feb Mar

Nov Dec

Aug Sep

May May

H1: shut down of car OEM’s assembly lines and dealerships in key regions as a result of government imposed lock-downs H2: pick-up in global car demand, albeit with discrepancies between regions in terms of timing, speed and intensity of the recovery

31 Catalysis FY 2020 performance Revenues -7% and Adj. EBIT -17%; reflecting severe impact from the pandemic in H1

REVENUES

1,500 1,360 1,460 1,364 1,253 1,163 Automotive Catalysts 1,200 743 652 794 Revenue decline much lower than global car market 900 565 620 contraction 600 Disproportionate benefit from market recovery in H2 300 598 633 709 717 571  H1 Outperformed LDV market in China and Europe 0

 H2

2017 2018 2019 2020 Higher sales of catalysts for HDD applications 2016 Adjusted EBIT Cost savings (footprint adjustments + operational excellence initiatives) 200 185 166 168 152 154 150 82 99 75 85 Precious Metals Chemistry 100 Revenues down due to COVID-19 impact on 132 50 automotive industry 78 81 86 87

2017 2018 2019 2020 Continued strong demand for fuel cell catalysts 0 2016

million € 32 Impressions

Bad-Säckingen plant AC, Germany Catalyst elements Test bench

Nowa Ruda plant AC, Poland Canned catalyst Installation stationary DNox catalyst 33 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. Also Materials includes battery recycling.

Cobalt & Refines and recycles cobalt and nickel; produces cobalt and Specialty nickel specialty chemicals for a wide range of applications (incl. Materials tires, catalysts, surface treatment).

Metal Supplies precious metal electrolytes & processes for technical, Deposition functional and decorative applications. Solutions

Electro-Optic Supplier of products for thermal imaging as well as wafers for space solar cells and high brightness LEDs, chemicals for fiber Materials optics and thin film applications.

35 Rechargeable Battery Materials: business model

Product innovation Process innovation based on strong fuels productivity application know-how improvements while maintaining highest quality standards (stringent Established industrial automotive standards) footprint close to the customer Integrated process flows Strong industrialization with guaranteed access capabilities building on to critical raw materials historical Umicore key allows an agile market competences approach

36 It takes a lot to play in the automotive league

Car OEMs need :

High quality cathode materials excellent product quality on 20+ specs • … custom made for different types of xEVs wide spectrum of cathode material technologies • … in massive volumes industrial capabilities • … at the highest speed and flexibility ability to scale up fast • … at a competitive price cost-efficient processes • …without any sustainability image risk. ethically sourced materials

It takes product technology, process technology and supply

37 Product, process and supply Key success factors

3 Supply 1 Product Technology 2 Process Technology

Raw Industrial Lab scale Pilot scale materials scale

• Ability to scale up fast • Feed flexibility Wide spectrum of cathode • Cost-efficient processes • Battery recycling material technologies • Industrial capabilities

Best in class product quality on 20+ specs: continuous fine-tuning at lab, pilot and industrial scale

38 1 Cathode material specs to fulfil cell

Product technology performance specs

Cathode material Cathode material product specs performance specs

• Particle size • Packing • Capacity • Safety • Morphology density • Power • Charge • Composition • Porosity (charge/discharge) efficiency • Purity • Consistency • Cycle life • and more… • and more…

Tailoring cathode Fundamental chemistry know- Ability to further enhance the material characteristics how to design the right product product designs during the to the cell specs composition during lab phase qualification cycles in pilot phase requires:

39 2 Rechargeable Battery Materials

Process technology Expansion projects timeline 2016 2017 2018 2019 2020 2021 2022 2023 Year

EUR 160 million announced April 2016 Brownfield in China Greenfield in Korea Completed on accelerated schedule Significant scale effects that EUR 300 million benefitted 2018 margins announced May 2017

Greenfield in China and Poland Competence Center in Belgium

EUR 660 million Significant upfront costs in 2019-2021. announced Feb 2018 Commissioning of competence center in 2019. China greenfield: ramp up of new capacity adjusted to pace of demand. Poland greenfield plant under construction, commissioning end of H1 21 and start of commercial production in Q4 21. 40 3 Access to raw materials

Supply Unique integration in the value chain

Raw material Metal Product Application End use

Umicore Flexibility in supply feed, high speed to market and responsiveness to customer needs

41 3 Access to raw materials

Supply Battery recycling as critical additional source of supply

• Umicore is fully aligned with OECD Due Diligence for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas • Certified clean and ethical supply to our customers • Urban mining indispensable for global electrification of transportation • Proven industrial capabilities for all types and formats of Li-ion batteries • Patented recycling technology • High recovery rates for lithium, cobalt, nickel and copper • Highest environmental standards Umicore Flexibility in supply feed, high speed to market and responsiveness to customer needs

42 E&ST – major milestones in 2020

Push towards electrification Progress with strategic Step-up in R&D Capacity expansions stronger than ever expansion in Europe expenditures Ongoing construction greenfield EU: ambition of zero-emission Higher R&D expenditures plant in Poland Ongoing construction of greenfield mobility and commitment to plant in Poland, despite incurred reflecting the higher spend on new increasingly stringent CO2 delay of 6 month as a result of product and process technologies emission targets COVID-19 lock-down measures in battery materials China: extension of NEV subsidy imposed by governments plan extended and higher NEV penetration rate (20% by 2025, 50% by 2035)

43 EV battery demand evolution

Evolution global EV LDV battery demand (GWh)

Global market 140 120% Global EV battery market in 2020 up 17% to

137 137 GWh, driven by Europe

120 100%

100%

100 Regional differences in demand patterns: 79% 80%

80 Little year-on-year growth in China, well

60% 60%

60 below industry anticipations

40% 40 More than doubling of demand in 23% 20% Europe driven by CO2 Directive 20 17%

0 0% Contrasting evolution in China with demand 2015 2016 2017 2018 2019 2020

Global (LDV in Gwh) dropping in H1 2020 and some recovery Global YoY LDV GWh growth (%) starting at year-end 2020

Source: EV Volumes, Umicore 44 E&ST FY 2020 performance Revenues -15%; Adj. EBIT -59%; severe COVID-19 impact and significant negative operating leverage

REVENUES Rechargeable Battery Materials Lower cathode materials revenues: higher NMC volumes for 1,500 1,289 1,225 EVs; lower LCO and ESS volumes 1,250 1,045 1,000 894 Pricing pressure, underutilized capacity in China 639 618 750 610 488 Higher fixed costs related to expansions 495 500 322 250 650 607 557 288 398

Cobalt & Specialty Materials 0  H1

2017 2018 2019 2020 Lower revenues reflecting impact of COVID-19 2016  H2 Lower contribution from refining & recycling activities; reduced Adjusted EBIT demand for cobalt and nickel chemicals 300 257 250 recorded slightly higher revenues; revenues Electroplating 200 183 141 136 in Electro-Optic Materials decreased 150 81 100 82 79 75 50 45 121 102 21 37 61 54

2016 2017 2018 2019 2020

million €

45 Impressions

EV car battery pack

Packaging finished product RBM Cheonan production sites, Korea 46 Business Group Overview Recycling Recycling

Operates the world’s most sophisticated precious metals recycling facility Precious Metals and recovers 17 precious and other valuable metals from complex waste Refining streams.

Precious Metals Services for hedging, leasing, purchasing and sale of precious and Management platinum group metals to internal and external customers

Supplier of precious metals based products for jewelry and industrial Jewelry & applications, recycler of jewellery and production scrap and producer of Industrial Metals platinum-based equipment for the glass and chemical industries.

48 Precious Metal Refining

Largest and most complex precious metals recycling operation in the world Leading refiner of 17 different metals

Processes more than 200 different types of raw materials World class environmental and quality standards

49 The value chain of metals

Ores & Refined New concentrates metals products

Smelters Industry Consumers Mines & refiners

Complex mining Smelting Complex Complex concentrates & refining production end-of-life & residues residues scrap materials

Industrial by-products End-of life materials

5050 Revenue Drivers

Main revenue drivers

Treatment & refining Metal yield charges

Treatment charges are Umicore assumes the risk determined, among other of recovery above or criteria, by the complexity under the contractually of the materials agreed recovery rate

51 Metal price exposure

Managing the effects of metal price movements Direct: Indirect: on earnings

through metal through raw Systematic hedging of yield material availability transactional exposure

Depending on market conditions hedging of (part of) structural metal price exposure through contractual arrangements

Impact on working capital is mitigated by toll-refining – metals remain property of the supplier during treatment

52 Umicore has unique technology

Umicore is unique due to its proprietary complex flowsheet that combines three metallurgical streams

This enables

Ability to optimize Flexibility to treat Recovery & Scope to broaden feed and a broad range of valorization of the to new types of therefore input materials most metals materials in future profitability

• Umicore technology guarantees environmentally friendly processing, a high yield and a more competitive cost • Umicore introduced its unique Ultra High Temperature technology for Battery Recycling more than 5 years ago

5353 Recycling – major milestones in 2020

Leveraging unique Launch of multi-year Continued investments recycling technology investment plan to to sustain and improve to treat high complex, further improve the environmental PGM rich, materials robustness of the performance of the Hoboken operations plant

54 Recycling FY 2020 performance

An exceptional metal price environment, in particular for rhodium

Rhodium (EUR/kg) Palladium (EUR/kg) Gold (EUR/kg) 500,000 100,000 100,000 Historically high and volatile 450,000 +148% 90,000 +12% 90,000 +33% precious and PGM price levels in 400,000 Dec. 2019/2020* 80,000 Dec. 2019/2020* 80,000 Dec. 2019/2020* 2020, in particular for rhodium.

350,000 70,000 70,000 Rhodium price surged in H2 20 in a

300,000 60,000 60,000 context of tight supply and high

250,000 50,000 50,000 demand from the car industry as a result of increasingly stringent 200,000 40,000 40,000 emission norms. 150,000 30,000 30,000 Current prices for precious and 100,000 20,000 20,000 PGM metals already well above the 50,000 10,000 10,000 average received prices in 2020.

0 0 0

Jul Jul Jul Jul Jul Jul Jul Jul Jul

Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct

Jan Jan Jan Jan Jan Jan Jan Jan Jan 2018 2019 2020 2018 2019 2020 2018 2019 2020

Source: Umicore *Comparison of average metal rates December 2019 vs December 2020 55 Recycling FY 2020 performance Revenues +23%; Adj. EBIT +92%; higher metal prices and to a lesser extent favorable trading conditions and supply mix

REVENUES

1,000 836 Precious Metals Recycling 681 750 641 650 626 396 Higher metal prices, particularly for PGMs 500 318 311 300 368 Supportive supply environment 250 440 323 339 327 313 Supportive trading conditions 0  H1

Higher processed volumes (vs. extended maintenance

2017 2018 2019 2020 in ‘19) 2016  H2 Adjusted EBIT

Increased Jewelry & Industrial Metals revenues Substantial increase in earnings contribution from 400 362

Precious Metals Management 300 171 188 200 125 128 135 112 100 63 55 56 191 62 73 79 76

2016 2017 2018 2019 2020

million €

56 Impressions

PMR Hoboken recycling plant, Belgium 57 Financial review FY 2020 Key figures FY 2020

REVENUES Adjusted EBIT Free Operating Cash Flow € 167 m (- € 39 m in 2019) € 3.2 bn € 536 m Net debt at € 1,414 m -4% YoY +5% YoY Net debt / LTM Adj. EBITDA 1.76x

Adjusted NET PROFIT Adjusted EBITDA CAPEX € 403 m (Group share) € 322 m € 804 m Adjusted EPS € 1.34 Proposed gross annual dividend of +7% YoY € 0.75 per share ROCE 12.1%

Record earnings in unprecedented conditions

Note: All references to revenues in this document refer to revenues excluding metals (all revenue elements – value of purchased metals)

59 Record Adj. EBIT(DA) and margins

Adj. EBIT & Adj. EBIT margin Record adj. EBIT (€ 536 m) and record adj. EBIT margin 16.3% 800 15.5% Stellar adj. EBIT growth in Recycling more than offset 14.8% 16.0% 13.2% 12.6% 14.0% decreases in Catalysis and E&ST. 600 513 536 509 12.0%

398 10.0% Includes € 24 m higher D&A charges year on year from

400 293 8.0% 320 252 269 recent investments and acquisition. 203 6.0% 165 200 4.0% Strong rebound in Catalysis with 2H adj. EBIT, up 34 %

261 240 243 2.0% 155 195 year on year. 0 0.0%

Record adj. EBIT margin driven by higher metal margin

2017 2018 2019 2020 2016 in Recycling. Adj. EBITDA & Adj. EBITDA margin

1200 24.6% 25.0% Record adj. EBITDA (€ 804 m) and record adj. 21.9% 22.1% 19.9% 20.0% EBITDA margin 1000 20.0% 805 800 720 753 Strong operating cash flow with highest adjusted EBITDA 587 15.0% 600 496 356 396 429 contribution in history. 299 10.0% 400 258 Adj. EBITDA up 7 % year on year vs + 5 % for adj. EBIT. 5.0% 200 364 357 376 238 288 Adj EBITDA margins more resilient across business 0 0.0% 2016 2017 2018 2019 2020 groups than adj. EBIT.

Group, excluding discontinued activities, million € 60 Pronounced operating leverage effects 1H 2020 FY 2020

2H 2020

Group (YoY delta in %)

1H 2020 2H 2020 FY 2020 Revenues -4% -3% -4% Adj. EBITDA +5% +8% +7% Adj. EBIT +1% +9% +5%

61 Increase in free operating cash flows

million €, continued operations only

1000 800 627 707 Cash flow from operations before changes in 489 603 500 436 444 549 working capital up 13 % at € 707 m 431 213 323 13 92 0 Increase in cash working capital of € 104 m -113 -78 -104 mostly driven by higher PGM prices -276 -500 Cash working capital increase mostly in Catalysis -708 (Recycling to a lesser extent); decrease in E&ST -1000 FY15 FY16 FY17 FY18 FY19 FY20 Cashflow generated from operations after net working capital cash flow Cash flow from operations after working capital Net working capital cash flows up 10 % at € 603 m Cashflow from operations before net working capital cash flow

million €, continued operations only

800 549 603 600 444 Free cash flow from operations up from - € 39 323 400 213 156 92 168 m in 2019 to € 168 m 200 98 0 -164 -200 Highest amount in recent years -406 -39 -400 -225 -288 -600 -377 -435 -498 Selective capex spending in view of market -800 -588 FY15 FY16 FY17 FY18 FY19 FY20 context (€ 403 m vs € 553 m in 2019)

Cashflow generated from operations after net working capital cash flow Capex + capitalized development expenses Free cashflow from operations

62 *Free cashflow from operations = cashflow generated from operations – capex & capitalized development expenses Net cash flow bridge

million € 650 Free operating cashflow of 600 € 168 million resulting in a 550 € 29 million decrease in 500 reported net debt 450 400 350 435 603 € 44 million portion of 300 convertible bond accounted for 250 as equity 200 150 79 100 Dividend cash out of € 60 m 168 50 56 12 29 limited to interim dividend 0 60 44 payout in H2 20 -50

Cashflow Capex & Free Taxes Net interest Dividends Conversion Other (FX, Decrease in from capitalized Operating paid paid paid to right of own shares, reported net operations development Cashflow Umicore convertible lease financial debt expenses shareholders bond liability…) recognized in equity

63 Strong funding base

35.2% 35.0% 31.1% 24.4% 13.8% 1.92 1500 1.76 1400 1.9 1300 1.40

Stable net financial debt of € 1,414 m, 1200 1.19 1.4 1100 slightly below the level of end 2019 1000  Gearing ratio 900 0.9 800 0.56 1443 700 1414 600 0.4  Net debt 500 / Adj. EBITDA Corresponds to robust credit ratios : 400 840 861 300 -0.1 200 • Net debt / Adjusted EBITDA ratio of 296  Consolidated net 100 financial debt, end of 0 -0.6

1.76x period

2017 2018 2019 2020 • Net gearing ratio of 35% 2016

million € Long-Term Fixed Rate Debt Maturity Profile Further diversification of LT funding 500 base : 400 • € 125 m 8-year EIB loan 300 200 • € 500 m 5-year convertible bond 100 0 2023 2024 2025 2026 2027 2028 2029 2030 2031

Umicore FY 2020 performance 64 Outlook Q1 2021 Umicore off to a very strong start Benefiting from soaring precious metal prices, strong demand across businesses and robust operations

ENERGY & SURFACE CATALYSIS RECYCLING TECHNOLOGIES

Substantially outperformed global Strong growth of cathode Soaring precious metal prices, car market materials sales in particular rhodium • Market share gains in China and Strong demand in Europe, Volume growth and robust Europe LDV benefiting sales mix operations across BUs and • Favorable mix Continued overcapacity in regions Strong demand for China V cathode materials industry in Higher intake of complex PGM- catalyst technologies in HDD China, resulting in pricing containing materials Growth in PMC and FCSC pressure Sustained high demand for Higher PGM prices Higher demand in CSM and investment products and gold Impact of footprint optimization MDS recycling in JIM and cost improvements carried out Favorable trading conditions in in 2020 PMM

66 Umicore set for outstanding performance in 2021

Umicore expects adjusted EBIT for 2021 to approach € 1 billion based on soaring precious metal prices, strong demand across businesses and robust operations. Compared to 2020, this FY outlook incorporates on a like-for-like basis an exceptional additional contribution of roughly € 250m linked to higher precious metal prices. The guidance also assumes no degradation in demand patterns in the automotive industry or, more generally, in the macro-economic environment, due for instance to the evolution of the pandemic.

ENERGY & SURFACE CATALYSIS RECYCLING TECHNOLOGIES Adjusted EBIT expected to more than Adjusted EBIT meaningfully up1 YoY Adjusted EBIT very substantially double from € 154m in 2020: to slightly exceed the February above € 362m of 2020: • Market share gains in gasoline guidance of € 115m: • Exceptionally high metal prices applications for LDV in China and • Substantial growth in cathode • Strong growth across business Europe materials for EVs (especially in units and regions • Very favorable platform mix and benefit Europe) and improving mix, more • Excellent supply mix from continued decline of diesel cars in than compensating pricing Europe pressure in China and € 50m fixed • High contribution from trading • Savings from footprint adjustments and costs increase cost improvements carried out in 2020 • Strong demand in EOM, CSM, • Strong demand in PMC and FCS and MDS higher PGM prices

1 from € 75m adjusted EBIT in 2020 67 Key Investment Considerations Key investment considerations

• Record earnings in 2020 despite challenging market context due to COVID-19, demonstrating the merits of the strategy building on complementary activities

• Well positioned to take advantage of accelerating global megatrends : more stringent emission control, electrification of the automobile and resource scarcity

• Global presence and unique competences acquired over many years;

• A technology leader in most key product markets and particularly in automotive catalysts, cathode materials and complex polymetallic recycling;

• Strong organic growth prospects supported by legislation

• Well-diversified business profile with broad product, end-market and customer base driven by a common theme of sustainability

• Strong track record of and commitment to innovation to maintain competitive lead (R&D spending of ~7% of revenues in 2020)

• Robust financial performance across cycles; focus on margin and returns;

• Strong balance sheet with recent substantial growth investments

• Experienced board, management team, and clear governance principles Forward-looking statements

This presentation contains forward- Should one or more of these risks, looking information that involves risks uncertainties or contingencies materialize, and uncertainties, including statements or should any underlying assumptions about Umicore’s plans, objectives, prove incorrect, actual results could vary expectations and intentions. materially from those anticipated, expected, estimated or projected. Readers are cautioned that forward- looking statements include known and As a result, neither Umicore nor unknown risks and are subject to any other person assumes any significant business, economic and responsibility for the accuracy of these competitive uncertainties and forward-looking statements. contingencies, many of which are beyond the control of Umicore.