In Catalysis, revenues were well up (+12%) driven by positive volume and product mix effects in Automotive Catalysts, states Umicore. Revenues for Energy & Surface Technologies were down 4% due to the impact of lower cobalt and nickel prices on the revenues of Cobalt & Specialty Materials, according to the release. This impact was largely offset by revenue growth in Rechargeable Battery Materials. Revenues in Recycling were 8% lower reflecting lower metal prices and subdued demand in several product businesses, states Umicore.
Investments in Umicore’s growth platforms of clean mobility and recycling are on or ahead of schedule and additional capacity expansion investments for Rechargeable Battery Materials are currently being reviewed. Net debt increased over the quarter as a result of increasing working capital requirements, states the company.
Based on the first quarter performance and assuming current market conditions continue to prevail, Umicore expects full year recurring EBIT to be in the range of € 335 million – € 360 million. This reflects strong year-on-year growth in Automotive Catalysts and Rechargeable Battery Materials more than offsetting the impact of lower metal prices on the recycling activities.