Umicore publishes its 2023 Integrated Annual Report

Driving transformation for the future

Umicore publishes its 2023 Integrated Annual Report: Driving transformation for the future

Umicore has published its Integrated Annual Report: Driving transformation for the future, providing a comprehensive overview of the Group’s strategic, financial, operational and ESG (environmental, social and governance) performance over the year 2023.

“Umicore’s 2023 results demonstrated our ability to deliver strong cash flows and margins in the face of challenging market conditions. 2023 marked also the year of driving the transformation for the future, having established the right foundations for the success of our 2030 RISE Strategy.  Battery Materials made strong progress on its growth trajectory with firm supply contracts serving our global car and battery customers from our ‘local-for-local’ supply chains and with a broad battery technology roadmap. Progress in the decarbonizing of our activities translated into renewable electricity covering more than 40% of our electricity needs, and we strengthened our Management Board with two new roles focused on Technology and on People – core elements of our 2030 RISE Strategy. Those and many more milestones we achieved thanks to the committed involvement of our colleagues worldwide and mean we’re confidently embarking on the next stage of our journey,” said Mathias Miedreich, CEO of Umicore.

 

Strategic milestones towards 2030 RISE

In Battery Materials for electric vehicles, construction started on its greenfield plant in Canada. This marked the last step in establishing a global battery materials production presence, which is backed by firm long-term supply contracts with car and battery customers worldwide and significant government grants. Umicore’s IONWAY joint venture with Volkswagen’s PowerCo decided to build its first battery materials plant in Nysa, Poland, next to Umicore’s existing plant. Just one-and-a-half years into its 2030 RISE Strategy, Umicore announced in October an order book for battery materials of 190 gigawatt hours (GWh) contracted cathode materials volumes for 2027 and 270 GWh for 2030, while at the same it could lower its expected 2022-26 investment needs to execute the order book. In Catalysis, the groundbreaking of Umicore’s large-scale fuel cell catalyst plant in China marked another milestone, addressing growing demand for green hydrogen. Umicore launched an “Efficiency for Growth” program Group-wide to adapt to an increased challenging global context, while reinforcing its mindset of continuous improvement and delivering on excellence in the execution of its growth trajectory.