Umicore FY 2020 performance

11 February 2021 Overview

Highlights 2020 2021 outlook Maintaining strategic course while responding effectively to COVID-19 crisis 2020 business review 2020 financial review Wrap-up Q&A

Umicore FY 2020 performance 2 Highlights 2020

Record earnings in unprecedented conditions

ENERGY & SURFACE CATALYSIS TECHNOLOGIES RECYCLING

Significant impact of pandemic Impact of pandemic on several end-markets Record performance with a on automotive market in H1 nearly doubling of adj. EBIT Umicore disproportionately Excluding impact of excess YoY, reflecting strong growth exposed to market recovery in inventories, Umicore’s EV across all business units H2 due to strong position in cathode materials volumes grew gasoline for LDV broadly in line with EV battery Exceptional metal price demand environment Strict cost management and operational excellence Adj. EBIT reflecting underutilized High activity levels despite initiatives capacity and pricing pressure in COVID-19 crisis and favorable China, as well as costs related to trading conditions recent and ongoing expansions

Umicore FY 2020 performance 3 2021 outlook 2021 outlook

Umicore expects to achieve substantial growth in earnings in 2021, with growth in all business Groups

Given the current limited visibility, this outlook statement is made under the assumption that the ongoing COVID-19 outbreak would not result in additional material or protracted disruptions to the economy or Umicore’s operations

CATALYSIS ENERGY & SURFACE RECYCLING TECHNOLOGIES

Substantial growth in sales volumes of Favorable metal prices Further benefit from leading edge cathode materials for EVs technology offering in gasoline Supportive supply mix and applications for LDV in China and Persisting Chinese overcapacity and moderate volume growth in Europe pricing pressure Precious Metals Refining Initial impact of China VI legislation Some € 50m increase in fixed costs in If current elevated metal price for HDD applications Rechargeable Battery Materials levels were to prevail throughout the year, Adj. EBIT would increase Savings from footprint adjustments Volume growth to result in meaningful very significantly vs 2020 and cost improvements carried out Adj. EBIT growth, in line with current 1 in 2020 market consensus

1 Umicore has engaged Vara Research GmbH to survey brokerage analysts to provide analysts' consensus estimates to the market. The most recent consensus is available on https://vara-services.com/umicore/ Umicore FY 2020 performance 5 Maintaining the strategic course while responding effectively to the COVID-19 crisis Maintaining the strategic course…

Strong regulatory drivers Umicore committed to strategic underpin Umicore’s growth investments in clean mobility strategy and recycling

EU ambition : zero-emission mobility Greenfield cathode materials plant in Poland : China : Commissioning by end of H1 2021 NEV subsidy plan extended (2022) 1st industrial-scale plant in Europe Higher NEV penetration rate (20% by 2025, 50% by 2035) Fuel cell catalyst production ramp-up in Korea Green recovery measures and stimuli for Catalyst production capacity expansion in China cleaner mobility for LDV and HDV Stricter emission norms for ICE (China VI Multi-year investment program to improve safety regulation for HDD in July 2021) and environmental performance of Hoboken Increased need for a more circular recycling plant economy

Umicore FY 2020 performance 7 … while responding effectively to the COVID-19 crisis

Health & safety Strong capital Production and liquidity footprint management reassessment

Remain top priority Strict cost Consolidation of Strict hygiene and management North American other precautionary Optimization of Automotive Catalysts measures working capital production Dedicated task force Postponement of Streamlining of monitoring global certain investments Cobalt & Specialty operations Materials activities Further strengthening of liquidity Impairment of certain assets

Umicore FY 2020 performance 8 2020 business review 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)

Umicore FY 2020 performance 10 COVID-19 outbreak: significant impact on auto-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

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

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

Umicore FY 2020 performance 11 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

21

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

million € Umicore FY 2020 performance 12 EV battery demand evolution

Evolution global EV LDV battery demand (GWh)

Global market 140 120% Global EV battery market 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 and some recovery starting at Global YoY LDV GWh growth (%) year-end

Source: EV Volumes, Umicore Umicore FY 2020 performance 13 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

0

2016 2017 2018 2019 2020

million €

Umicore FY 2020 performance 14 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 Umicore FY 2020 performance 15 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

0

2016 2017 2018 2019 2020

million €

Umicore FY 2020 performance 16 2020 financial review Record Adj. EBIT(DA) and margins driven by Recycling

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 contribution in history. 496 356 396 429 299 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 € Umicore FY 2020 performance 18 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%

Umicore FY 2020 performance Full P&L

Million € FY 2019 FY 2020

Adjusted EBIT 508.9 536.4 Slight increase in Adj. net Group - Net finance cost (83.2) (104.2) result and Adj. EPS - Adjusted Tax (102.5) (102.7) 323.1 329.4 Adjusted net result Higher interest charges mainly - Minorities (11.4) (7.0) due to higher financial debt Adjusted net result Group share 311.7 322.4 Adjusted EPS 1.30 1.34 Stable adjusted tax charge and stable effective adjusted group tax rate (24.2%) Adjustments to net result Group (23.9) (191.9) share Substantial adjustments in Net result Group share 287.8 130.5 response to COVID-19

Umicore FY 2020 performance 20 Substantial adjustments to EBIT

- € 237 m EBIT € 1H 2020 2H 2020 FY 2020 Million adjustments :

Restructuring-related (31) (97) (128) • 1H : concentrated in Catalysis Selected asset-impairments (31) (14)Million €(45) • 2H : concentrated in E&ST and Recycling Environmental (1) (55) (56) • >50% restructuring-related Other (9) 1 (8) • Hoboken green zone provision of Total EBIT adjustments (72) (165) (237) € 50 m Adjusted tax result 14 30 44 • - € 147 m non-cash charges vs - € Adjusted minority result (1) 3 2 90 m (future) cash out Net adjustments (Group Share) (58) (134) (192) • Net result impact : - € 192 m

• Full year adjustments to EBIT per business group :

• Catalysis : - € 57 m • Recycling : - € 51 m • E&ST : - € 112 m • Corporate : - € 17 m

(of which Element 6 : - € 14 m) Umicore FY 2020 performance 21 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

Umicore FY 2020 performance 22 *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 Net interest Dividends Conversion Other (FX, Decrease in from capitalized Operating paid paid to right of own shares, reported net operations development Cashflow Umicore convertible lease financial debt expenses shareholders bond liability…) recognized in equity

Umicore FY 2020 performance 23 Further strengthening and diversification of funding base

35.2% 35.0% Harmonize million to m 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 24 Wrap-up Wrap-up

Maintaining strategic course and commitment to growth investments in clean mobility and recycling while responding effectively to the COVID-19 crisis

Strongest financial Success of Horizon 2020 performance ever despite strategy, building on unprecedented conditions complementarity of activities

Umicore’s priority remains Long-term strategic drivers to keep its employees stronger than ever; further healthy and safe progress in execution of growth strategy in 2021

Umicore FY 2020 performance 26 Financial calendar

26 March 2021 Publication of 2020 annual report

29 April 2021 Annual General Meeting of Shareholders

3 May 2021 Ex-dividend date

4 May 2021 Record date for the dividend

5 May 2021 Dividend payment date

30 July 2020 Half Year Results 2021 `

Link to all documents related to Umicore’s 2020 FY results

For a glossary of used financial and technical terms please refer to https://www.umicore.com/en/investors/glossary/

Umicore FY 2020 performance 27