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Umicore 2020 FY Presentation

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Umicore 2020 FY Presentation 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.
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