Umicore FY 2020 performance11 February 2021

Highlights 2020

2021 outlookMaintaining strategic course while responding effectively to COVID-19 crisis2020 business review

Wrap-up

Q&A

Overview

Umicore FY 2020 performance 2

Highlights 2020

Umicore FY 2020 performance 3

Record performance with a nearly doubling of adj. EBIT YoY, reflecting strong growth across all business units

Exceptional metal price environment

High activity levels despite COVID-19 crisis and favorable trading conditions

Impact of pandemic on several end-markets

Excluding impact of excess inventories, Umicore’s EV cathode materials volumes grew broadly in line with EV battery demand

Adj. EBIT reflecting underutilized capacity and pricing pressure in China, as well as costs related to recent and ongoing expansions

Significant impact of pandemicon automotive market in H1

Umicore disproportionatelyexposed to market recovery in H2 due to strong position in gasoline for LDV

Strict cost management and operational excellence initiatives

3

CATALYSISENERGY & SURFACE

TECHNOLOGIES RECYCLING

Record earnings in unprecedented conditions

2021 outlook

5

2021 outlookUmicore 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

Umicore FY 2020 performance

CATALYSIS RECYCLINGENERGY & SURFACE TECHNOLOGIES

Further benefit from leading edge technology offering in gasoline applications for LDV in China and EuropeInitial impact of China VI legislation for HDD applications Savings from footprint adjustments and cost improvements carried out in 2020

Favorable metal pricesSupportive supply mix and moderate volume growth in Precious Metals RefiningIf current elevated metal price levels were to prevail throughout the year, Adj. EBIT would increase very significantly vs 2020

Substantial growth in sales volumes of cathode materials for EVs Persisting Chinese overcapacity and pricing pressureSome € 50m increase in fixed costs in Rechargeable Battery MaterialsVolume growth to result in meaningful Adj. EBIT growth, in line with current market consensus1

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/

Maintaining the strategic course while responding effectively to the COVID-19 crisis

Maintaining the strategic course…

7Umicore FY 2020 performance

Strong regulatory drivers underpin Umicore’s growth

strategy

Umicore committed to strategic investments in clean mobility

and recyclingEU ambition : zero-emission mobilityChina :

NEV subsidy plan extended (2022)Higher NEV penetration rate (20% by 2025, 50% by 2035)

Green recovery measures and stimuli for cleaner mobilityStricter emission norms for ICE (China VI regulation for HDD in July 2021)Increased need for a more circular economy

Greenfield cathode materials plant in Poland :Commissioning by end of H1 20211st industrial-scale plant in Europe

Fuel cell catalyst production ramp-up in Korea Catalyst production capacity expansion in China for LDV and HDV Multi-year investment program to improve safety and environmental performance of Hoboken recycling plant

… while responding effectively to the COVID-19 crisis

8

Health & safety Strong capital and liquidity management

Umicore FY 2020 performance

Remain top priorityStrict hygiene and other precautionary measuresDedicated task force monitoring global operations

Strict cost managementOptimization of working capitalPostponement of certain investmentsFurther strengthening of liquidity

Production footprint reassessment

Consolidation of North American Automotive Catalysts productionStreamlining of Cobalt & Specialty Materials activitiesImpairment of certain assets

2020 business review

Free Operating Cash Flow€ 167 m (- € 39 m in 2019)

Net debt at € 1,414 mNet debt / LTM Adj. EBITDA 1.76x

Key figures FY 2020

1010

Record earnings in unprecedented conditions

€ 3.2 bn -4% YoY

REVENUES

Adjusted EPS € 1.34Proposed gross annual dividend of € 0.75 per share

Adjusted NET PROFIT (Group share) € 322 m

ROCE 12.1%

€ 536 m+5% YoY

Adjusted EBIT

€ 403 mCAPEX€ 804 m+7% YoY

Adjusted EBITDA

Umicore FY 2020 performance

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

-7%-5%

-39%

-93%

-64%

-22%

-10%-18%

3%

-4%

1% 3%

Jan

Feb

Mar Ap

r

May Jun

Jul

Aug

Sep

Oct

Nov

Dec

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

Umicore FY 2020 performance

-12%-21%

-34%

-62%-51%

-16%

-5%-8%

5% 3%

-2%

1%

Jan

Feb

Mar

Apr

May Jun Jul

Aug

Sep

Oct

Nov Dec

-27%

-88%

-47%

-1%

16%21% 20%

6%12% 9%

3%

-2%

Jan

Feb

Mar Ap

r

May Jun

Jul

Aug

Sep

Oct

Nov

Dec

-2%

3%

-31%

-99%

-84%

-20%

6%

-6%

3% 3%

-9%

5%

Jan

Feb

Mar Ap

r

May Jun

Jul

Aug

Sep

Oct

Nov

Dec

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

H1: shut down of car OEM’s assembly lines and dealerships in key regions as a result of government imposed lock-downsH2: pick-up in global car demand, albeit with discrepancies between regions in terms of timing, speed and intensity of the recovery

11

Automotive CatalystsRevenue decline much lower than global car marketcontractionDisproportionate benefit from market recovery in H2Outperformed LDV market in China and EuropeHigher sales of catalysts for HDD applicationsCost savings (footprint adjustments + operationalexcellence initiatives)

Precious Metals ChemistryRevenues down due to COVID-19 impact on automotive industryContinued strong demand for fuel cell catalysts

Catalysis FY 2020 performance

12

Revenues -7% and Adj. EBIT -17%; reflecting severe impact from the pandemic in H1

Umicore FY 2020 performance

REVENUES

H1

H2

598 633 709 717 571

565 620 652 743794

1.163 1.2531.360 1.460 1.364

0

300

600

900

1.200

1.500

2016

2017

2018

2019

2020

78 81 86 8721

75 85 82 99

132

152 166 168185

154

0

50

100

150

200

2016

2017

2018

2019

2020

Adjusted EBIT

million €

Evolution global EV LDV battery demand (GWh)

Umicore FY 2020 performance

Source: EV Volumes, Umicore

EV battery demand evolution

13

Global market

137

60%

79%

100%

23%

17%

0%

20 %

40 %

60 %

80 %

10 0%

12 0%

0

20

40

60

80

10 0

12 0

14 0

2015 2016 2017 2018 2019 2020

Global (LDV in Gwh)

Global YoY LDV GWh growth (%)

Global EV battery market up 17% to 137 GWh, driven by Europe

Regional differences in demand patterns:

Little year-on-year growth in China, well below industry anticipations

More than doubling of demand in Europe driven by CO2 Directive

Contrasting evolution in China with demanddropping in H1 and some recovery starting at year-end

14

Revenues -15%; Adj. EBIT -59%; severe COVID-19 impact and significant negative operating leverage

Umicore FY 2020 performance

Rechargeable Battery MaterialsLower cathode materials revenues: higher NMC volumes for EVs; lower LCO and ESS volumesUnderutilized capacity and unfavorable pricing in ChinaHigher fixed costs related to expansionsPositive contribution of Kokkola activities acquired in Dec. ’19

Cobalt & Specialty MaterialsLower revenues reflecting impact of COVID-19Lower contribution from refining & recycling activities; reduceddemand for cobalt and nickel chemicals

Electroplating recorded slightly higher revenues; revenues in Electro-Optic Materials decreased

H1

H2

REVENUES

million €

E&ST FY 2020 performance

288 398650 607 557

322495

639 618488610

894

1.289 1.2251.045

0250500750

1.0001.2501.500

2016

2017

2018

2019

2020

37 61121 102

5445

79

13681

2182

141

257

183

75

050

100150200250300

2016

2017

2018

2019

2020

Adjusted EBIT

Recycling FY 2020 performance

15Umicore FY 2020 performance

An exceptional metal price environment, in particular for rhodium

Historically high and volatileprecious and PGM price levels in2020, in particular for rhodium.Rhodium price surged in H2 20 in acontext of tight supply and highdemand from the car industry as aresult of increasingly stringentemission norms.Current prices for precious andPGM metals already well above theaverage received prices in 2020.

0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000

90.000

100.000

Jan

Apr

Jul

Oct

Jan

Apr

Jul

Oct

Jan

Apr

Jul

Oct

2018 2019 2020

Palladium (EUR/kg)

0

50.000

100.000

150.000

200.000

250.000

300.000

350.000

400.000

450.000

500.000

Jan

Apr

Jul

Oct

Jan

Apr

Jul

Oct

Jan

Apr

Jul

Oct

2018 2019 2020

Rhodium (EUR/kg)

0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000

90.000

100.000

Jan

Apr

Jul

Oct

Jan

Apr

Jul

Oct

Jan

Apr

Jul

Oct

2018 2019 2020

Gold (EUR/kg)

Source: Umicore*Comparison of average metal rates December 2019 vs December 2020

+148% Dec. 2019/2020*

+12% Dec. 2019/2020*

+33% Dec. 2019/2020*

62 73 79 7619163 55 56 112

171

125 128 135188

362

0

100

200

300

400

2016

2017

2018

2019

2020

H1

H2

Recycling FY 2020 performance

16

Revenues +23%; Adj. EBIT +92%; higher metal prices and to a lesser extent favorable trading conditions and supply mix

Umicore FY 2020 performance

Precious Metals Recycling Higher metal prices, particularly for PGMsSupportive supply environmentHigher processed volumes (vs. extended maintenance in ‘19)

Increased Jewelry & Industrial Metals revenuesSubstantial increase in earnings contribution fromPrecious Metals Management

REVENUES

323 339 327 313 440

318 311 300 368396

641 650 626 681836

0

250

500

750

1.000

2016

2017

2018

2019

2020

Adjusted EBIT

million €

Environmental focus on the Hoboken plant

Lead in blood

Multiple years of decreases with 2019 readings historically low, well below 5µg/dl norm

Unexpected increase in July 2020 readings, despite dust emissions well below the legal norm

Root cause analysis pointed to a combination of external factors

October 2020 test results show a clearreduction, again below 5µg/dl norm

Extra measures taken

Extra cleaning inside and outside plant

Redesigning raw materials storage

Enhancement of ventilation system

17

Creation of green zone

€ 50 m provision booked

Concertation ongoing

Umicore FY 2020 performance

Wrap-up

Wrap-up

19Umicore FY 2020 performance

Success of Horizon 2020 strategy, building on

complementarity of activities

Strongest financialperformance ever despiteunprecedented conditions

Long-term strategic drivers stronger than ever; furtherprogress in execution of growth strategy in 2021

Maintaining strategic course and commitment to growth investments in clean mobility and recycling while

responding effectively to the COVID-19 crisis

Umicore’s priority remainsto keep its employees

healthy and safe

Q&A

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