#1umicore materials for a better life Investor presentation May 2023#2Introducing Umicore#3umicore Who we are We deliver sustainable solutions to address global megatrends Our products and services accelerate global mobility transformation, cater for the growing need for advanced materials and enable even greater circularity for critical metals We are the leading circular materials technology company fulfilling our mission to create sustainable value through materials for a better life umicore materials for a better life Mobility transformation Growing need for advanced materials Circularity for critical metals 3#4Your global supplier, locally umicore COLLEAGUES 00 Europe 00 11,565 North America ůů 6,645 Å 718 PRODUCTION По SITES 9 44 17 7 1 R&D | TECHNICAL CENTERS 15 Africa Asia/Pacific 00 Å 3,348 13 6 South America ůů 164 690 i1 4 1#5Our strongly rooted foundations Unique business model INTERNAL DRIVER application know-how metals Chemistry Material science Metallurgy material solutions Mobility transformation recycling Growing need for advanced materials Let's go for zero Circularity for critical metals Industry leader in sustainability umicore Supportive megatrends EXTERNAL DRIVER 5#6Accelerating megatrends driving all activities MOBILITY TRANSFORMATION Rechargeable Battery Materials Cobalt & Specialty Materials Electro-Optic Materials Metal Deposition Solutions Automotive Catalysts Fuel Cells Precious Metals Chemistry Battery Recycling Solutions Precious Metals Refining Jewelry & Industrial Metals Precious Metals Management Circularity for critical metals umicore ENERGY & SURFACE TECHNOLOGIES GROWING NEED FOR ADVANCED MATERIALS CATALYSIS RECYCLING 6#7Megatrends umicore Mobility Transformation Circularity for critical metals#8Mobility transformation radically accelerating Uniquely positioned to help the world transition to cleaner mobility umicore ICE equipped vehicles will remain the dominant clean mobility drive train for the Internal Combustion Engine Emission control Catalyst next 10+ years Full Electric Vehicle Battery active materials Prime electrification path for light transportation Plug-in Hybrid Electric Vehicle Battery active materials and emission control catalysts Fuel Cells Vehicle Electro-catalyst and battery active materials Prime electrification path for heavy transportation 8#910000 455 Automotive Catalysts Capture peak profitability and maximize value R - S Umicore catalyst technologies prevented E 2.8 million tons of NOx emissions from being emitted into the air in 2021 Using average lifetime of 200,000 km including NOx, HC, CO, excluding PM umicore Embarking the mobility transformation together with our customers Strong technology position in light of upcoming emission legislation Long-standing partner in delivering cleaner air with embedded sustainability value through sustainable operations Agility mindset and operational agility to manage the transformation 9#10Rechargeable Battery Materials Capture profitable growth and create sustainable value R - S umicore Value-creative strategic partnerships across the value chain Broad technology & IP portfolio covering design-to-performance and design-to-cost applications, incl. next-gen technologies Pioneering responsibly-sourced materials and becoming the driving force to decarbonize the battery value chain Umicore cathode materials prevented over 9.5 million tons of GHG emissions from being emitted in 2021 Considering recycling, production, processing into batteries and the use of batteries in full EVs E Step-change in process, operational and organizational excellence 10#11Battery Recycling Solutions Capture profitable growth in circular battery value chain R - umicore Supporting our customers with a circular offering from the start and ready to accelerate together Long-standing materials and process technology know-how S Embedded sustainability value through sustainable recycling operations FALK E Over 10 years of pilot scale experience gives a head start to scale to 150kt capacity units Recycled material up to 96% lower CO2 footprint vs. primary materials LCA-analyses performed according the ISO14040/44 Investor presentation - Septeber 2022 11#12Fuel Cell Catalysts Capturing the emerging growth Umicore PEM catalysts prevented 147,000 tons of GHG emissions from being emitted in 2021 PEM: Proton-exchange membrane Using average personal vehicle lifetime of 200,000 km umicore R - S Long-term global leader in PEM fuel cell catalysts at industrial scale Industry-leading materials in terms of durability, performance and PGM loading Embedded sustainability value delivering high performance solutions for zero emissions transport Scaling-up production footprint E in most cost-efficient way 12#13Megatrends Advanced Materials Circularity umicore critical metals 13#14Key enabling technology in various sectors. Attractive markets and differentiated technology Cobalt & Specialty Materials Serving demanding high-tech applications Synergies in R&D, metal management Plating, chemicals, automotive, construction Circularity efficient and sustainable business model Residues from tooling and chemical industries Co Ni Li W Metal Deposition Solutions Consumer electronics, decorative applications, automotive Cu Se Ta Sn Residues from electroplating baths Electro-Optic Materials V Mo Sb Cr Space, optics and electronics Ge bearing residues Mn Cd In Te Precious Metals Refining Metal recycling and refining industry Recycling 17 metals Re Pb Bi Zn Precious Metals Management Precious metal consumers (internal and external) Au Ag Pd Pt Traceability Rh Ru Ge As Jewelry & Jewelry, high-purity glass, chemicals Se Ir Ga Industrial Metals Precious Metals Chemistry Life science, fine chemicals umicore Key differentiator Flexible supply, market and application knowledge Application knowledge, technical support Superior performances through quality and purity, recycling Ability to process complex streams, customer service Market knowledge, security of supply Recycling Gold, Silver, Platinum from jewellery and industrial applications Closed-loop offering (with PMR) Application and market knowledge, closed-loop offering Chemical synthesis of complex metal based molecules 14#15umicore Precious Metals Refining Leadership in sustainable, complex and low carbon recycling 07502 sala 1.8 million tons of GHG emissions avoided in 2021 through material input mix & recycling R - S E Trusted partner for more than 20 years, recovering 17 different metals from more than 200 complex waste streams Offering superior metal yields touching the full metal value chain with leading CO₂ performance with next generation technology Responsibly sourced materials at the heart of our operations Enhance operational excellence through digitalization and automation and continuous debottlenecking 15#16umicore We Go for Zero Sustainability Champion 16#17Let's Go for Zero the ambitions behind being a Sustainability Champion Net Zero GHG emissions by 2035 Zero harm Let's go for zero Zero inequality umicore Net Zero GHG. Zero regrets. Endless possibilities. 17#18Net Zero GHG emissions by 2035 Scope 1+2 792 000 tons CO2e baseline 2019 Scope 3 7.1 tons CO2e/ton purchased materials intensity baseline Let's go for zero Net Zero GHG. Zero regrets. Endless possibilities. -50% -20% 2025 2030 -42% tons CO₂e/ton purchased materials TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES -100% Net Zero scope 1+2 GHG 2035 SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION committed Belgian Alliance for Climate Action umicore 18#19Zero inequality WHERE 11,565 WE WE ARE TODAY GO FOR Group employees umicore Gender parity in management as soon as possible, with 35% women in management by 2030 Let's go for zero 25% Women in management¹ 21.6% Non-Europeans in senior management¹ 75 Nationalities¹ Increased cultural diversity in management teams by 2025 Measuring and disclosing Pay Equality Net Zero GHG. Zero regrets. Endless possibilities. 1 Figures as at 31 December 2021, pending publication of 2022 Annual report 19#20Zero harm umicore Let's go for zero Minimizing impact on the environment -25% diffuse emissions by 2025 with continuous improvement of other types of metal emissions New water stewardship program Wellbeing @ work Zero work related injuries Zero excess exposure Mental, physical, occupational and social wellbeing at work for all Sustainable sourcing champion Driving positive impact in the value chain PLATINUM Top 1% 2022 ecovadis Sustainability Rating Net Zero GHG. Zero regrets. Endless possibilities. 20#21Umicore 2030 RISE 2030 RISE strategy Growth, returns and cashflows umicore#22Horizon 2020 strategy financial targets Delivered on financial targets horizon 2020 Accelerating profitable growth umicore 2015-2020 Targets 2020 Values 2021 Values CAGR revenues of 7 % 7 % 9% CAGR adj. EBITDA of 8 % 12 % 18 % Double adj. EBIT to € 0.5bn by 2020 Achieved in 2018 Tripled by 2021 Group ROCE > 15 % 12.1 % 22.2 % High investments & strong returns Delivered on top-line growth ambition Not at the detriment of margins Strong value creation notwithstanding ROCE headwinds due to delayed - double digit earnings growth capacity utilization in Rechargeable Battery Materials in China Record 2021 results with record precious metal prices as accelerator 22#23Horizon 2020 strategy drove step-change Doubled in size earnings, capital employed and value umicore 2015 - STEP CHANGE 2021 CAGR 2015-2021 adj EBITDA Workforce ('000) 8.8 + 26 % 11.1 +25% +21% +20% +18% Revenues (€ bn) 2.3 x 1.7 4.0 +15% adj EBITDA (€ bn) 0.47 x 2.7 1.25 +10% +5% Average Capital Employed (€ bn) 2.2 x 2.0 4.4 Im +15% +15% +0% Group CAT E&ST REC Enterprise Value (€ bn) 4.5 x 2.1 9.6 Market Cap (€ bn) 4.2 x 2.1 ~ 15 % 8.6 +13 % +12% +15 % +14 % 2021 at average 2020 precious metal prices Doubled size of the Group driven by strong underlying market growth and accelerated by metal prices Substantial growth investments, yet to generate full payback potential annual TSR Strong double digit shareholder returns (with increased volatility in recent years) Balanced earnings growth across different business groups Enterprise Value and Market Cap calculated end of calendar year TSR = Total Shareholder Return = Market Cap accretion (eoy) + dividend payout Workforce = fully consolidated entities 23#24Differentiated sources of value creation Balancing growth, returns and cash flows for the Group Value driver Low Earnings growth (adj EBITDA growth) Return-driver (adj ROCE > Cost of Capital) Free Operational CF generation Cost of Capital Contribution to Umicore's value creation High GROUP Trend vector from 2021-2026 to 2026-2030 umicore • Attractive earnings growth driven by Rechargeable Battery Materials & Battery Recycling Solutions Group growth rate depends on metal prices • • • Group returns above Cost of Capital across the plan despite sizeable growth investments Reinvest significant free cash flows of Catalysis & Recycling in E&ST Cash flow payback as from second half of decade 24#25Umicore Group earnings growth ambition Secular earnings growth while maintaining attractive historical margins 2,000 adj EBITDA 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 Double digit CAGR at 2020 rates appr. € 1.5 bn € 1.25 bn +18% CAGR +13% at 2020 rates 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 umicore Ambitious 2026 growth plan with Rechargeable Battery Materials as transformative factor and growth in Catalysis Growth expected to be non-linear and dependent on metal price trends Substantial growth beyond 2026 from battery materials, battery recycling and fuel cells Attractive Group margins in line with historic average (assuming normalized PGM prices) Revenues adj EBITDA margin 2021 actual reported adjusted EBITDA 2026 assuming a gradual PGM price normalization scenario at aver 2020 PGM prices 2021 2026 ambition 2030 vision € 4 bn +€ 2.5 bn to € 3 bn vs 2021 +€ 2.5 bn to € 3 bn vs 2026 35% 30% Adj EBITDA margin € 1.25 bn 31 % appr. € 1.5 bn 25% > 20% > 20% 20% Phased growth conditional upon value creative returns from contracts 15% Group margin profile 2021 31 % 24 % Average margins 2022-2030 10% Adj EBIT margin 5% 0% Group adj EBITDA includes Corporate adj EBITDA : from - € 52m in 2021 to appr - € 75m in 2026 and higher in 2030 All financial KPI's based on current Umicore reporting definitions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 25#26Growth investments to accelerate Over 3/4th of Group capex in battery materials, battery recycling & fuel cells umicore Capex 2015-2021 Catalysis Capex 2022-2026* E&ST € 2.8 bn > € 5 bn Recycling Corporate Phased capex and conditional upon value creative returns Bulk of Group capex oriented towards secular growth opportunities Rechargeable Battery Materials & Battery Recycling Solutions most significant growth projects in 2022-2026 Lower share of capex in Catalysis notwithstanding initial fuel cell growth investments Fuel cell capex as % of Catalysis < 20% Rechargeable Battery Materials capex as % of E&ST > 90 % Battery Recycling Solutions capex as % of Recycling appr. 50 % Total as % of Group total > 75 % * Net investments incl co-financing 26#27Capital allocation shift to accelerate Doubling of capital employed subject to value creative returns Average Capital Employed Catalysis E&ST Close to Recycling x 2 € 4.4 bn 0.3 2,2 x 2 € 2.2 bn 0,5 0,6 1,7 0,9 2015 2021 2026 Trend vector 2030 vs 2026 71 GROUP → 7 2030 2030 E&ST in % of average Group Cap Employed 2015 ~ 1/3rd 2021 ~ 50 % 2026 - 2/3rd > 2/3rd umicore Close to doubling of average capital employed by 2026 (vs 2021) driven by Rechargeable Battery Materials & Battery Recycling Solutions Catalysis stable base up to 2026 (incl. fuel cell investments); significantly lower base as from mid-decade; substantial working capital release anticipated E&ST grow to appr. 2/3rd of group capital base driven by Rechargeable Battery Materials expansion Recycling increase in capital base through large scale Battery Recycling plant & ESG investments in Hoboken Further growth beyond 2026 depending on growth pace in Rechargeable Battery Materials and Battery Recycling Solutions Group totals include Corporate. Capital Employed sensitive to prevailing metal prices through NWC. Projections assume gradual normalization of PGM prices and battery material metal prices in line with 2021 average price. 27#28Capital allocation shift to accelerate Group returns above cost of capital with some temporary dilution in E&ST umicore Catalysis ROCE 2015 - '20 average - ~14% Lower capital employed base drives higher returns E&ST ROCE 2015 '20 average - ~11% Near-term returns dampened by Rechargeable Battery Materials' growth costs and investments. Above cost of capital shortly after 2026 Recycling ROCE 2015 - '20 average - ~37 % Highly value-creative returns on higher capital base incl. Battery Recycling; assumes normalized PGM prices GROUP ROCE 2015 '20 average - ~14% Stay above cost of capital across the plan and create substantial value towards end of decade once mid- decade investments are ramped-up 2026 ambition 2030 vision - 20 % > 20 % Capital Employed sensitive to prevailing metal prices through NWC Current cost of capital slightly below 10% 2026 ambition > 8 % 2030 vision > 12.5 % 2026 ambition - 30 % 2030 vision - ~ 20 % 2026 ambition > 12.5 % 2030 vision 15 % 28#29Operational cash flow profile. Substantial free cash flows in Catalysis & Recycling reinvested into E&ST umicore Cumulative cash flows 2022-2026 Catalysis E&ST Recycling € 6 - 7 bn adj EBITDA Net capex + change in NWC Group free operational cash flow appr. break even Free oper CF Potential for substantial operational free cash flows after 2026 depending on level of growth investments to accommodate post-2030 growth Group total includes Corporate Free Operational CF defined as adj EBITDA - equity accounted contribution - Capex- change in NWC Net capex includes co-financing Substantial free cash flows in Catalysis and Recycling Accelerating further beyond 2026 Reinvested in Rechargeable Battery Materials expansion E&ST cash payback after capacity ramped-up (> 2026) 29#30Funding levers From full autonomous funding to co-funding partnership model Policy unchanged: Maintain Investment Grade status umicore Strong free operational cash flow generation Catalysis & Recycling as strong free cash flow generators Embedded in group strategy Optional ESG- focused Co-funding Joint Grants Capital debt funding appetite partnership model Venture and other Market investment funding funding sharing incentive Leverage on growing debt appetite & capacity in the market for ESG- and electrification-focused projects Customers open to participate in operational funding in return for capacity assurances & technology commitment Selective strategic JV set-ups allow to share the upfront investment burden in return for sharing the returns mechanisms Access substantial support funding for the electrification transformation as an established player with proven technology and industrialization skills To accelerate Rechargeable Battery Materials expansion, conditional upon business & return visibility. 30#312022 overview umicore#32Key milestones 2022 & Q1 2023 Strong progress in executing 2030 RISE Customers & Contracts umicore LT, strategic 46GWh supply agreement for next generation Hi-Ni CAM with ACC, demonstrating Umicore technology and execution strength JV with VW PowerCo for 164 GWh CAM in Europe, a value-creative partnership across the EU battery value chain and a strong signal of recognition of Umicore's product and process expertise MoU with VW PowerCo for 40 GWh in North America as recognition of Umicore's ability to offer a fully integrated battery materials supply chain also for the North American market Mercedes-Benz honors Umicore AC with Supplier Award 2022, no better acknowledgment of Umicore's excellence in performance than when received from its customers Technology & Innovation JDA with Idemitsu Kosan Co to jointly develop high-performance CAM for Solid State Batteries, potential game- changer for the battery industry JDA with Nano One on advanced CAM manufacturing, as additional building block of Umicore's strong innovation and technology ecosystem Strong IP creation with more than 70 patents filled in 2022, drivers of our technology leadership Start of industrialization of our leading HLM technology, distinctly competitive to other design-to-cost battery technologies 32#33Key milestones 2022 Strong progress in executing 2030 RISE Regional Value Chains & Manufacturing Footprint GRAND OPENING UMICORE NYSA SEPTEMBER 22 2022 ***** Start of production of the CAM Gigafactory in Nysa (Poland), making Umicore the only company with a complete circular and sustainable battery materials value chain in Europe Clean Mobility Ecosystem Building a Fuel Cell Catalyst plant in Changshu (China) to capture the fast- emerging growth in fuel cell technology. LT supply agreement with Terrafame for low carbon, high-grade Nickel from Finland, covering a substantial part of Umicore's future needs in Europe ESG Roadmap umicore MoU with Canadian Government, unlocking the North American battery materials market for Umicore compliant with the US Inflation Reduction Act (IRA) GBA PASSPORT BATTERY GLOBAL BATTERY ALLIANCE Let's go for zero The battery in this car tells a story- scan the code to find out more. globalbattery.org Net Zero GHG. Zero regrets. Endless possibilities. Partnership with ACC on Umicore's new generation Li-ion battery recycling technologies, leading the way towards a battery circular economy Proof of concept Battery Passport milestone towards creating traceability and accountability at each EV battery supply chain stage Diversified and extended funding base at attractive conditions with newly issued sustainability linked debt instruments for a total amount of €1,091 million, a strong validation of Umicore's "2030 RISE" strategy by institutional debt investors SBTI validation of Umicore's 2030 Scope 1/2/3 targets 33#34Key figures 2022 Resilient business performance in a volatile market umicore Revenue bridge (€ m) 4,155 -2 Revenues Adj. EBITDA 276 3,791 89 1.107 € 4.2 bn € 1.2 bn 1.108 +10% yoy -8% yoy Adj. Net profit, Group share € 593 m -11% yoy ROCE 19.2% Adj. EBITDA margin 27.3% Free operating cash-flow € 344 m = Revenue: all revenue elements less the value of the following purchased metals: Au, Ag, Pt, Pd, Rh, Co, Ni, Pb, Cu, Ge, incl. Li, Mn as of 2021. (Cost inflation = excluding pass-through to customers. 1,278 1,001 1,687 1,776 FY 21 restated Catalysis E&ST Recycling FY 22 Adjusted EBITDA bridge (€ m) 1,405 154 -184 1,251 +12% -70 1,151 FY 21 Business performance FY 22 Sub-total Cost inflation PM impact FY 22 34#35Revenues (Em) History of strong adj. EBITDA and margins umicore 4.500 4.000 3.271 3.361 3.239 3.500 3.000 2.500 2.000 1.500 1.000 500 0 2018 1.684 1.587 2019 1.634 1.726 2020 1.564 1.675 Adj. EBITDA (€m) & Adj. EBITDA margin 1.400 1.200 1.000 720 800 600 400 200 0 2018 364 356 21,9% 753 22,1% 805 2019 357 396 2020 376 429 24,6% 3.963 2021 2.150 1.814 4.155 3.791 2021 restated 2.054 1.737 1.251 1.251 31,1% 32,5% 1.151 2021 762 489 2021 restated 762 489 1 All revenue elements less the value of the following purchased metals: Au, Ag, Pt, Pd, Rh, Co, Ni, Pb, Cu, Ge, incl. Li, Mn as of 2021 ------ 2022 601 550 2022 2.063 2.093 27,3% Revenue (excl. metals) steadily increasing the last 5 years, stable on the first year of Covid EBITDA margin consistently above 20%, Peak of 32.5% in 2021, benefitting from Umicore good exposure to metal price 35#36= Continued operations only,€ Millions Free operating cash-flow remains strong Supporting future growth Operating cash-flow breakdown 1200 800 700 200 -300 92 -800 708 FY18 1405 1177 627 707 1238 603 549 -78 835 167 -104 umicore -342 Cash flow from operations after changes in working capital at € 835 million, driven by higher working capital requirements in E&ST on the back of increased battery metal prices Free cash flow from operations of € 344 million Capex and capitalized development expenses up yoy to € 491 million ▪ E&ST accounting for more than 60% of Group capex, driven by RBMS European expansion plan Continued capex discipline for expansion programs FY19 Cashflow generated from operations after net working capital cash flow Free cash-flow breakdown 1200 FY20 FY21 FY22 Cashflow from operations before net working capital cash flow Net working capital cash flows 405 603 989 835 549 700 344 168 92 200 -39 -406 -300 -800 -498 FY18 588 FY19 -435 -416 -491 FY20 FY21 FY22 Continued operations only,€ Millions Cashflow generated from operations after net working capital cash flow Free cash flow from operations Capex capitalized development expenses Free cashflow from operations = cashflow generated from operations - capex & capitalized development expenses 36#37Condensed consolidated P&L Solid net result € Million 2021 2022 Adjusted EBITDA 1,251 1,151 - Depr. & Amortization (280) (286) Adjusted EBIT 971 865 - Adj net finance cost (100) (125) - Adjusted Tax (196) (145) Adjusted net result 675 595 - Minorities (8) (2) Adjusted net result Group share 667 593 Adjusted EPS 2.77 2.47 Adjustments to EBIT(DA) (75) (32) Adjustments to net result Group share (49) (23) Net result Group share 619 570 umicore Increase in adj. net financial cost, reflecting higher net interest charges, in particular on short term loans, and somewhat higher FX-related costs Lower adj. tax charges from lower taxable profit and lower adj. effective group tax rate (20.0% vs 23.1%). Limited € -32 million adjustments to EBIT, mainly linked to environmental provisions 37#38Solid capital structure 1600 1.443 1.414 1400 1,92 1200 1,76 1.104 960 1000 861 800 1,19 600 400 0,96 0,77 35,2% 35,0% 24,4% 23,3% 23,6% 200 0 2018 2019 2020 2021 2022 Net debt, end of period Gearing ratio Net debt/adj. EBITDA umicore In 2022, Net financial debt of € 1.1 bn (€ +0.1 bn yoy) Leverage ratio of 0.96x LTM adj EBITDA 38#39Stable net financial debt versus end 2021 Leverage ratio of 0.96x LTM adj EBITDA Net cash-flow bridge (€ m) 1000 umicore 800 600 835 400 344 (491) 200 0 -200 -400 Cashflow generated from operations (after WC) Capex & capitalized development expenses (216) (66) 30 (192) (43) (144) Free operating cash-flow Taxes paid Net interest Dividends paid to Umicore shareholders Net purchase Other (FX, of own lease shares liabilities, ...) Change in reported net financial debt Free operating cashflow of € 344 million, despite € 342 million increase in working capital and € 491 million investments Funded a combined € 517 million cash outflow related to taxes, net interest charges, dividends & net purchase of own shares 39#40Q1 updated guidance for full year 2023 as published on 27 April, 2023 D. umicore CATALYSIS Adj. EBIT/EBITDA expected somewhat above 2022 record levels, slightly above current market expectations • Automotive Catalysts to continue to benefit from strong market position in gasoline catalyst applications and a further recovery of the supply chain and the Chinese HDD market. E&ST Adj. EBIT/EBITDA anticipated somewhat below 2022 level, slightly above current market expectations • Rechargeable Battery Materials' earnings expected in line with 2022 level Normalization of Cobalt & Specialty Materials performance in 2023 compared to exceptional 2022 profitability RECYCLING Adj. EBIT/EBITDA expected to be in the lower range of current market expectations • Impacted by lower PGM prices and • related, less supportive, supply environment for PGM-rich recyclables Taking into account the current outstanding strategic metal hedges Umicore updated on its Q1 trading conditions and outlook on 27 April 2023 Refer to Q1 press-release and webcast for a full overview Based on current metal price levels and assuming present market and macroeconomic conditions continue to prevail. 40#41umicore materials for a better life Appendices#42Thank you! umicore Investor Relations contacts: Subscribe to our press-release Caroline Kerremans HEAD OF INVESTOR RELATIONS [email protected] Eva Behaeghe SENIOR INVESTOR RELATIONS MANAGER [email protected] umicore Adrien Raicher INVESTOR RELATIONS MANAGER [email protected] Title 42#43Disclaimer umicore materials for a better life This presentation is provided solely for general information purposes about Umicore and its activities. This presentation is incomplete without reference to its oral introduction. This presentation contains forward-looking information that involves risks and uncertainties, including statements about Umicore's plans, objectives, expectations and intentions. Should one or more of these risks, uncertainties or contingencies materialize, or should any underlying assumptions prove incorrect, actual results could vary materially from those anticipated, expected, estimated or projected. Readers are cautioned that forward-looking statements include known and unknown risks and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Umicore. As a result, neither Umicore nor any other person assumes any responsibility for the accuracy of these forward-looking statements.#44Additional information umicore materials for a better life 01 Business Group Overview 01.a Catalysis 01.b E&ST 01.c Recycling Shareholder structure, financial calendar and leadership overview Financial KPIs ||8|= Glossary 44#45umicore materials for a better life 01. Business Group Overview#46Colleague working with robot at Umicore Catalysis Production Plant Chris umicore Catalysis MARMOR Catalysis umicore 46#47Catalysis overview Automotive Catalysts We are one of the leading producers of emission control catalysts for gasoline and diesel on-road and non-road applications, power generation and industrial processes to meet environmental standards around the world. Pt Pd Rh Ti V W umicore Precious Metals Chemistry We are experts in metals-based catalysis for life-enhancing applications. Emission treatment technologies, cancer treatments, the production of fine chemicals and advanced electronics - all are made possible by our organometallic technology know- how. Pt Pd Ru Rh AgCo Au Ir Ga Fuel Cell & Stationary Catalysts We are a leading player in emissions control catalysis for industrial plants and shipping, and supply state-of-the-art fuel cell catalysts for zero emission mobility and green hydrogen production. Pt Pd Rh Ti V W 47#48Catalysis Balancing growth, returns and cash flows Value driver Low Earnings growth (adj EBITDA growth) Return-driver (adj ROCE > Cost of Capital) Cost of Capital Free Operational CF generation Contribution to Umicore's value creation High Fuel Cells CATALYSIS Trend vector from 2021-2026 to 2026-2030 umicore • Capture unprecedented value peak in Automotive Catalysts in the decade Prepare growth acceleration in fuel cell catalysts after mid-decade Reduction in Cap Empl in Automotive • Catalysts to drive high(er) returns • Initial payback in fuel cells towards • end of decade (lower capital intensity) High free cash flows over the plan Transition from growth to free cash flow focused business model in Automotive Catalysts 48#49Catalysis Committed to capture medium-term growth while driving efficiency & cash Double digit CAGR at 2020 rates umicore adj EBITDA 550 500 450 400 350 300 250 200 150 100 50 Close to € 0.5 bn Mid single digit CAGR 2021-2026 € 0.4 bn +15% CAGR +12% at 2020 rates 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2021 actual reported adjusted EBITDA 2026 assuming a gradual PGM price normalization scenario at aver 2020 PGM prices comparable vs 2026 < 30% Substantial fuel cell acceleration after 2030 Attractive medium-term growth from car market recovery, final legislation cycle and HDD expansion Maintain margins above historical average through continued operational efficiency focus Substantial free cash flows accelerating as from mid-decade Strong position in fuel cells with meaningful growth contribution as from mid-decade and material contribution as from next decade 2021 2026 ambition 2030 vision Revenues € 1.69 bn adj EBITDA € 0.40 bn margin 24 % appr. € 2.0 bn close to € 0.5 bn > 20% > 2021 and < 2026 Fuel cell catalysts < 5% < 10 % in % of adj EBITDA 49#50= Source: IHS & Umicore D. Millions Catalysis 2022 | Market context Subdued global car market over 2022 Annual global passenger car production (all ICE powertrains) 100 87,6 90 80 73,0 72,5 73,6 70 43,2 60 34,9 37,9 50 43,3 40 30 20 44,4 37,6 35,7 29,7 10 0 2019 2020 2021 2022 H1 H2 umicore Continued global logistic disruptions, shortages of semi-conductors, COVID-19 resurgence (H1 in China) Manufacturers reduced production, despite strong global demand Lower y-o-y light-duty ICE production in China and EU, offset by strong growth in other regions Global light-duty ICE production remained in line with 2021 (+1.5%) Information as published in the framework of the 2022 FY results. 50#51Catalysis 2022 | Performance Revenues up 5%, adj. EBITDA margin at 23.6% → Record performance, margins well above historical levels Automotive Catalysts ⚫ Outperformed global car market, significant market share gains especially in China Strong operational performance, efficiency gains countering inflation Catalysis revenues (€ m) 1.750 umicore 1.687 1.776 1.460 1.500 1.360 1.364 1.250 780 879 1.000 652 743 794 750 500 908 897 709 717 250 571 0 2018 2019 2020 2021 2022 Adjusted EBITDA (€ m) & EBIT(DA) margin • Passing through inflation, supporting margins Precious Metals Chemistry 23,8% 23,6% Revenues increased vs 2021 500 Strong demand, especially for inorganic chemicals in automotive 400 17,4% 18,1% 19,3% 17,2% 19,2% • Operational excellence and favorable PGM prices 300 12,7% 12,4% 11,3% 213 160 Fuel Cell & Stationary Catalysts 200 117 139 173 • Revenues flat vs 2021, impacted by 241 100 206 H1 COVID-19 lockdowns in China Investing in fuel cell catalyst plant in China to capture future growth 120 124 61 0 2018 2019 2020 2021 2022 H1 ● H2 EBITDA margin EBIT margin Information as published in the framework of the 2022 FY results. 51#52Catalysis 2022 | AC revenue composition AC delivers strong free operating cash-flows in a challenging context Strong market position Leading position in LDG segment, with marketshare gains in most global markets in 2022 Favorable customer and platform mix in major regions in LDV and HDD Highly efficient manufacturing system and production footprint, with strong resillience to volume fluctuations umicore 2022 Automotive Catalysts revenues per segment HDD 14% LDD 18% LDG 68% • • Final Euro 7 norms for LDG support 2030 RISE ambitions for AC Expected Euro 7 value uplift for LDG supporting AC profitability ambitions and its potential to generate a free cash flow of €3 Bn between 2022 and 2030 Strong portfolio of next generation catalyst technologies, several Euro 7 platforms already acquired in 2022 Over 80% of AC generated in segments with highest combustion engine longevity (LDG and HDD) HDD - Heavy Duty Diesel LDD-Light Duty Diesel LDG - Light Duty Gasoline Information as published in the framework of the 2022 FY results. 52#53umicore materials for a better life Zoom in on Automotive Catalysts (AC) and Fuel Cell & Stationary Catalysts (FCS) 53#54Catalysis: capture peak in Automotive Catalysts and emerging growth in Fuel Cells Fuel Cells: prepare growth acceleration after mid-decade Automotive Catalysts: extending value capturing through presence in most attractive market segments with right technology umicore Strong position in light-duty gasoline; segment benefiting most from upcoming emissions legislation Growing share in HDD segment in China and Eurone Continued focus on maximizing business value ← Continued focus on high-capacity utilization (>85%) 2022-2027 2028-2030 → Continued focus on process efficiency Technology value pricing as core principle Keep capacity utilization high (>85%) and align operations with market evolution Annual fixed cost reduction of € 100 Mn in 2030 ~ € 3 billion cash delivered between 2022 and 2030 54#55Accelerating mobility transformation ICE remains dominant powertrain solution in 2030 Light-duty vehicles Proportion by powertrain in global production Source: Umicore market model - LDV Heavy-duty vehicles Proportion by powertrain in global production Source: Umicore market model - HDV (incl. medium-duty vehicles, on-road vehicles only) 95% in 2021 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 BEV FC PHEV ● ICE only 66% by 2030 98% in 2021 umicore 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 BEV: battery electric vehicle FC: fuel cell vehicle CNG/LGN: Compressed natural gas / Liquefied natural gas PHEV: plug-in (hybrid) vehicle ICE: internal combustion engine (gasoline/diesel) only BEV FC CNG/LNG PHEV ICE only 78% by 2030 55#56Attractive value to capture the next decade umicore Emission catalyst market moving towards unprecedented value peak -30% Light, Medium & Heavy-Duty Vehicles Global automotive catalyst volumes (liters) +14% CAGR -2% CAGR -4% CAGR 2021 level -40% Value growth driven by market rebound and tighter legislation for light-duty and heavy-duty vehicles Total addressable market in 2030 still exceeding addressable market in 2021 ~70% 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Light Duty Heavy Duty Total Catalyst Market -60% Source: Umicore market model - LDV and HDV (includes emissionized Heavy-Duty and Medium-Duty Vehicles; on-road only) Attractive market profile - Ability to capture peak profitability and afterwards generate significant amount of free cash flow 56#57Automotive Catalysts - RISE Capture peak profitability and maximize value Capture maximum value from market peak Maintain strong position in light- duty gasoline catalysts globally Continued growth in heavy-duty catalysts in China and Europe R Reliable Transformation Partner EMBARKING THE MOBILITY TRANSFORMATION Maximize business value throughout the TOGETHER WITH OUR CUSTOMERS plan umicore Sustainability Champion E Excellence in execution S Innovation & Technology Leader STRONG TECHNOLOGY POSITION IN LIGHT OF UPCOMING EMISSION LEGISLATION LONGSTANDING PARTNER IN DELIVERING CLEANER AIR ORGANIZATIONAL AGILITY THROUGH THE DIFFERENT TRANSFORMATION STAGES Throughout period: € ~3 Bn total cash delivered and critical talent pool, supporting Umicore growth ROCE -20% in 2030 and adj. EBITDA margin -20% 57#58PEM catalyst market to witness exponential growth towards 2040 Global PEM catalyst demand per application (t) - 300 400 tons 30% CAGR 90 tons 24 tons 7 tons 2021 2025 HDV catalyst demand tons Electrolysis catalyst demand tons Source: Umicore market model (HDV incl. MDV) umicore Strong regulatory support for hydrogen economy in Europe and APAC region PEM catalyst demand to grow exponentially as of 2025 driven by increasing penetration of fuel cell HDV as well as electrolysis 2030 2040 → LDV catalyst demand tons Global addressable market of 90t for Umicore by 2030 58#59Fuel Cells - RISE Capture emerging growth as leading fuel cell catalyst provider Capture near term growth in fuel cells for HDV/MDV and long range LDV R Reliable Transformation Partner Innovation & Technology Leader S Sustainability Champion E umicore Excellence in execution Adjacent opportunities BUILDING CUSTOMER COOPERATIONS ACROSS THE BENCHMARK MATERIALS - INNOVATION AND RESEARCH AT THE HEART OF THE FUEL CELL GROWTH STRATEGY KEY PARTNER FOR THE TRANSITION TO ZERO-EMISSIONS MOBILITY SCALING-UP PRODUCTION FOOTPRINT IN MOST COST- EFFICIENT WAY - market potential for green electrolysis VALUE CHAIN Head start, based on proven technology leadership Profitable today and value accretive throughout period 59#60Colleague working on the next generation of CAM in Umicore Process Competence Center, in Olen 101 الالا E&ST umicore 60#61Energy & Surface Technologies overview umicore Rechargeable Battery Materials Cobalt & Specialty Materials Metal Deposition Solutions Electro-Optic Materials We are a pioneer in battery materials and a leading cathode material supplier for rechargeable lithium-ion batteries, giving added range and performance to electric vehicles, and longer battery life for portable electronics. We are experts in sourcing, production and distribution of cobalt and nickel products. Our materials are at the heart of everyday products such as rechargeable batteries, tools, paints and tyres. Our recycling and refining processes, give new life to cobalt and other metals. We are one of the world's leading suppliers of products for (precious) metal-based electroplating and PVD coating of surfaces in the nano and micrometre range. Our solutions for the highest demands are used in many products of daily use or enable their production in the first place. We are a leading supplier of material solutions for the space, optics and electronics sectors, including products for thermal imaging, wafers for space solar cells, high brightness LEDs and chemicals for fiber optics. Ni Co Li Mn Co Ni W Ta Cu Au Ag Pd Pt Rh Ru Ge Pt Se Si Ti W 61#62E&ST Balancing growth, returns and cash flows Value driver Low Contribution to Umicore's value creation High Earnings growth (adj EBITDA growth) Return-driver (adj ROCE > Cost of Capital) Free Operational CF generation E & ST Cost of Capital Trend vector from 2021-2026 to 2026-2030 • umicore Unprecedented transformational growth in Rechargeable Battery Materials · Partial payback by 2026 from high growth investments in Rechargeable Battery Materials; becoming value creative shortly thereafter Significant upfront growth investments dampen free cash flows; strong free cash flows once new greenfield sites are ramped-up 62#63E&ST Rechargeable Battery Materials to drive transformative growth 900 adj EBITDA 800 700 600 500 400 300 200 100 0 € 0.6 to 0.8 bn +15% CAGR or x 2.3 € 0.26 bn 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 umicore Non-linear appr. 20% CAGR 2021-2026 or appr. x 2.5 Step-change in revenues & earnings as from mid-decade driven by Rechargeable Battery Materials Robust underlying EBITDA margins despite impact from substantial upfront growth & start-up costs. Margin increase after 2026 Material but phased investments conditional upon value creative returns Non-Rechargeable Battery Materials businesses target selective growth, maintaining + 20% adj EBITDA margins 2021 2026 ambition 2030 vision Revenues € 1.17 bn +€ 2.5 bn to € 3 bn vs 2021 +€ 2.5 bn to € 3.5 bn vs 2026 € 0.26 bn adj EBITDA € 0.6 to 0.8 bn < 20 % margin 22% higher vs 2026 Phased growth conditional upon value creative returns from contracts 63#64E&ST 2022 | Market context Lithium price blasts mid-2021 90 80 Li Lithium 70 60 50 40 30 20 10 0 Jan 2018 Jul 2018 Jan 2019 3 Jul 2019 Lithium carbonate (EUR/kg) Jan 2020 Jul 2020 Jan 2021 Jul 2021 Jan 2022 Jul 2022 Average 2021 14 €/kg Average 2022 68 €/kg 30/12/2022 spot price 75 €/kg Dec 2022 Weighting battery powder in Olen, Process competence center 4.9968 64 umicore#65E&ST 2022 | Market context EV sales reached 10% of global new vehicles sales in 2022 • Mobility transformation - rapid acceleration continues • • • . Regulatory push: EU zero-CO₂ target in 2035 and US Inflation Reduction Act Higher customer demand for EVS Car OEMs commit to significant investments to roll out new EV models Energy crisis - a strong catalyst for renewable energy investments in EU Shift to e-mobility to increase Umicore's addressable CAM market by x6-7 until 2030 Structural undersupply of CAM in Europe and North America expected until 2030, accelerated by push to regional supply chains = EV = Full Electric Vehicle umicore Information as publish in the framework of the FY 2022 results. 65#66CAM Capacity Development Structural CAM undersupply 2022 2030 NMC pCAM and CAM manufacturing capacity in EU & N-A insufficient to cover local demand Supply gap to be only temporarily bridged from Asia: Local content requirements and geopolitical independency for regional subsidy schemes. (US IRA, EU NZIA) OEM CO2 reduction targets (scope 3) Need for robust and reliable supply-chains close to customers European addressable CAM market supply & demand balance (GWh, excl. LFP) umicore 1049 648 -28% -73% 331 -38% 238 111 30 2022 2025 2030 North American addressable CAM market supply & demand balance (GWh, excl. LFP) In this undersupply context, Umicore's fully integrated supply chain and existing / planned CAM manufacturing footprint in EU and N-A America to play important role in supporting regional demand of battery and car OEMs 47 = CAM Cathode Active Material Source: Umicore and third-party consultant analysis 763 735 -43% -73% 235 -4% 134 13 2022 2025 2030 Expected NMC battery demand Announced supply capacity from CAM producers Information as published in the framework of the 2022 FY results. 66#67E&ST 2022 | Performance Revenues +28%, adj. EBITDA margin at 22.3% Higher revenues and earnings in RBM and CSM Rechargeable Battery Materials • • As anticipated, sales volumes of legacy CAM contracts subdued Revenues and earnings well up, incl. favorable exposure to increase in lithium price Preparations for 2024 ramp-up on track, with good customer traction in 2022 Intention to group RBM activities within one legal entity within Umicore Cobalt & Specialty Materials umicore Revenues (€ m) 1.289 1.225 1.278 1.174 1.250 1.045 1.001 1.000 639 618 646 580 488 750 504 500 650 607 250 557 594 631 498 0 2018 2019 2020 2021 2021 restated 2022 (1) Adjusted EBITDA (€ m) & EBIT(DA) margin • Revenues substantially higher • Exceptionally strong demand and a supportive cobalt and nickel environment and related distribution activities in H1 As anticipated, normalization of performance in H2 Metal Deposition Solutions & Electro-Optic Materials • Stable revenues with good operational performance = (1) Li and Mn pass through excluded from revenues as of 2021 25,0% 25,4% 350 21,7% 21,7% 22,3% 300 19,8% 17,3% 250 172 118 200 128 14,5% 125 125 150 11,20 12,6% 76 13,1% 100 6,7% 151 143 172 136 136 50 109 0 2018 2019 2020 2021 2021 restated 2022 (1) H2 EBITDA margin H1 EBIT margin Information as published in the framework of the 2022 FY results. 67#68umicore materials for a better life Zoom in on Rechargeable Battery Materials (RBM) 68#69Electrification increasing at fast pace, triggered umicore by regulatory push and OEM commitments. Light-duty vehicles Proportion by powertrain in global car production Source: Umicore market model Medium- and Heavy-duty vehicles Proportion by powertrain in global car production Source: Umicore market model 5% BEV 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 BEV FC PHEV ICE only 34% BEV 2% BEV 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 BEV: battery electric vehicle FC: fuel cell vehicle CNG/LGN: Compressed natural gas / Liquefied natural gas PHEV: plug-in (hybrid) vehicle ICE: internal combustion engine (gasoline/diesel) only BEV FC PHEV CNG/LNG ICE only 17% BEV 69#70Umicore chemistries addressing ~75% of total umicore Light-duty EV CAM demand Global CAM demand (GWh) LDV only - Chemistry split -25% CAGR 400 2,400 Umicore addressable market, covering design- to-performance 1,300 ~75% and design-to-cost applications Evolving technologies reflecting car OEMs' need for performance- and cost-focused solutions NM(C) chemistries (incl. Mn-rich) represent vast majority of EV CAM demand in 2030 -25% 2022 2026 2030 NMC/NCA, Manganese-rich L(M)FP Source: Umicore market model Solid-state batteries expected to gain traction based on NMC, with a single digit market share expected towards 2030 70#71>20% annual market growth across all regions umicore CAM demand (GWh) across regions LDV only EUROPE 1000 900 800 700 -25% CAGR 600 500 400 300 200 100 0 2022 2026 2030 1000 900 CHINA -25% CAGR 800 700 600 500 400 300 200 100 0 2022 2026 2030 Source: Umicore market model NORTH AMERICA 1000 900 800 700 600 -22% CAGR 500 400 300 200 100 0 2022 2026 2030 REST OF THE WORLD 1000 900 800 700 600 500 -32% CAGR 400 300 200 100 0 2022 2026 Europe, China and North America expected to represent ~90% of total LDV CAM demand 2030 Ongoing regionalization of supply chain: Geopolitical context OEMs' sustainability considerations Security of supply 71#72Rechargeable Battery Materials - the plan to 2030 umicore ✓ Battery chemistry Mid-Nickel Production at scale GWh 15 Korea China High-Nickel Mid-Nickel High-Nickel High-Nickel HLM Mid-Nickel HV Solid State CAM Solid State Catholyte Mid-Nickel HV GWh 230 Europe 1/2 Europe 2/2 North America GWh 65 GWh >400 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 1. Pioneering Battery Materials • Starting of CAM R&D in 1995 Early move into industrial scale CAM production Business-model: OEM Tier 2 / direct to cell makers • Technical interface: cell makers 2. Re-Shaping ⚫ Market shift to OEM Tier-1 involvement business models, next to cell makers Technical interface: OEM • Customer and platform diversification • Pioneering new OEM co-investment / partnership model to secure demand and share investments 3. Ramping-up Expanding global footprint to support customer SC needs "from mine to battery" ⚫ Accelerate implementation of advanced chemistries roadmap & SSB 4. Value creative growth . Significant growth in sweet-spot phase for returns • Visible impact of Umicore Scope 3 initiative to decarbonize BEV supply chain Full roll-out of advanced CAM technologies / SSB 72#73Cathode active materials crucial for the mobility transformation ... CAM critical component determining electrification success umicore || ~ || (€ ) 合 Key technological lever for battery performance Biggest single contributor to overall battery cost Critical driver of long-term cell technology strategy 73#74requiring critical competences and skills for CAM producers to succeed Product Process Supply umicore High performance and quality product with customized end specs Joint development with customers and partners Strong technology and IP portfolio and continuous innovation Mastering complexity and flexibility of production process Continuous industrialization and process innovation Extensive quality and purity control Strategic access to raw materials - low carbon intensity, highest ESG requirements Metal refining expertise enhancing supply flexibility Regionalized production footprint along value chain Ample opportunities for differentiation and gaining advantage over competitors 74#75Rechargeable Battery Materials - RISE Capture profitable growth and create sustainable value Extend leadership in Europe Enter North America with local production Reinforce market position in Asia R Reliable Transformation Partner VALUE CREATIVE STRATEGIC PARTNERSHIPS ACROSS THE VALUE CHAIN Innovation & Technology Leader S Sustainability Champion E umicore Excellence in execution TECHNOLOGY & IP PORTFOLIO KEY PARTNER IN TRANSITION TO LOW CARBON MOBILITY STEP-CHANGE IN PROCESS, OPERATIONAL AND ORGANIZATIONAL EXCELLENCE COVERING PERFORMANCE & COST 2 Sustainable EBITDA growth with margins 20% in 2030 Value accretive after 2026 75#76Hoboken, main central building umicore Recycling 76#77Recycling overview umicore Precious Metals Refining Precious Metals Management Jewelry & Industrial Metals Battery Recycling Solutions We operate the world's most sophisticated precious metals recycling facility and we are experts in treating the most complex materials. Our refining and recycling technology gives used metals a new lease of life. Our processes help bring value to the circular economy. We supply and handle all precious metals, ensuring physical delivery by using both the output of our precious metals refineries and our network of industrial partners and banks. We offer our customers tailor-made solutions for delivering, hedging and trading precious metals. We are experts in developing products and processes based on precious metals such as gold, silver and platinum. Our customers use these materials to make fine jewelry, coins, high-purity glass and industrial catalysts. We provide our customers with sustainable and responsible sourcing of these metals and closed-loop recycling. Our leading technology closes the loop for rechargeable batteries. We use proprietary high-quality recycling processes to recover all valuable metals in an environmentally sound manner. We offer a unique sustainable and circular approach. Ag Te Sb Ir Pt Bi Pb Au Sn In As Ni Se Ru Pd Rh Cu Ag Pt Au Ir Ru Pd Rh Ag Au Pt Pd Rh Ni Co Li Cu 77#78Recycling Balancing growth, returns and cash flows Value driver Low Earnings growth (adj EBITDA growth) Return-driver (adj ROCE > Cost of Capital) Free Operational CF generation Contribution to Umicore's value creation Normalizing PGM prices Cost of Capital Stable PGM prices High Battery Recycling RECYCLING + Trend vector from 2021-2026 to 2026-2030 • • umicore Earnings path to depend on prevailing metal prices Initial battery recycling payback second half of decade Highly value creative returns across the plan (even with lower metal prices) Battery recycling capital investment to somewhat dilute returns Significant free cash flows despite important mid-decade battery recycling investments 78#79Recycling umicore Strong margins, returns & cash flows and Battery Recycling kicking in mid-decade € 0.64 bn 700 adj EBITDA +21 % CAGR 600 +14 % at 2020 rates 500 400 300 200 100 High single digit CAGR at 2020 rates Close to € 0.5 bn |normalization well above historical levels Earnings dependent on assumed metal prices but continue to generating superior margins even at normalized PGM prices 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2021 actual reported adjusted EBITDA at aver 2020 PGM prices 2026 assuming a gradual PGM price normalization scenario 2021 2026 ambition 2030 vision Revenues € 1.11 bn > € 1.0 bn > € 1.0 bn adj EBITDA margin € 0.64 bn close to € 0.5 bn 58 % > 40 % Battery Recycling n.r. in % of adj EBITDA Includes substantial Battery Recycling Solutions related development costs up to 2025 Includes one initial large-scale battery recycling plant, operational by 2026 with full contribution by end of the decade. Potential for additional growth < 10 % < 40 % > 30 % Sizeable additional battery recycling growth potential Substantial free cash flow generation, accelerating as from battery recycling plant commissioning 79#80Recycling 2022 | Market context Volatile precious metal prices 45 900 Rh Rhodium 800 700 600 500 400 300 200 100 Rhodium (KEUR/kg) Hoboken plant 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Rh price 2021 Rh price 2022 Average 2021 544 K€/kg Average 2022 472 K€/kg 30/12/2022 spot price 369 K€/kg umicore on as published in the framework of the 2022 FY results. 80#81Recycling 2022 | Performance Stable revenues, adj. EBITDA margin at 48.1% Revenues (€ m) 1.250 Excellent operational performance, tempered by inflation headwinds and a less favorable precious metal price environment Precious Metals Refining • Revenues close to 2021 levels with solid volumes • Earnings affected by cost inflation, partially offset through efficiencies • Limited inflation pass-through options due to global market dynamics umicore 1.108 1.107 1.000 836 457 681 569 750 626 396 500 300 368 652 250 537 440 327 313 0 2018 2019 2020 2021 2022 Pb in blood and emission values end 2022 at lowest average level ever achieved Battery Recycling Solutions . . Successful implementation of high efficiency flow sheet and high recovery yields Good traction: > 5 additional agreements with battery and car OEMs Adjusted EBITDA (€ m) & EBIT(DA) margin 700 600 . Preparations for 150kt battery recycling plant in EU well on track Jewelry & Industrial Metals Revenues up, with strong performance across most product lines Precious Metals Management 57,7% 50,8% 48,1% 36,8% 500 43,3% 236 51,7% 41,8% 31,1% 400 27,6% 275 300 21,5% 202 200 83 143 404 100 222 257 112 107 0 2018 2019 2020 2021 2022 • Earnings slightly below exceptional 2021 level, reflecting less favorable trading conditions, in particular for rhodium H2 H1 ● EBITDA margin EBIT margin Information as published in the framework of the 2022 FY results. 81#82umicore materials for a better life Zoom in on Precious Metal Refining (PMR) and Battery Recycling Solutions (BRS) 82#83Recycling: Precious Metals Refining as solid platform to enable success in Battery Recycling EBITDA Precious Metals Refining Undisputed leader in complex precious metals recycling with minimized carbon footprint umicore >30% of Business Group EBITDA 2022 Battery Recycling 2030 Battery Recycling: 2026 Battery Recycling: Pioneer in Europe Scale-up in Europe and prepare entry in North America Leverage 10kt plant and recycling know- how to establish strong position Prepare high-volume plant in EU Launch 150kt plant in 2026 as pioneer in Europe Umicore Pyro/Hydro technology best in cost and sustainability Recycling Business Group maintaining superior returns despite normalizing PGM prices, investing in battery recycling and sustainability 83#84Precious Metal Refining Largest and most complex precious metals recycling operation in the world Processes more than 200 different types of raw materials 41 Cu 図 Ru Ir Rhi Pb umicore Leading refiner of 17 different metals World class environmental and quality standards 84#85The value chain of metals Mines Ores & concentrates Complex mining concentrates & residues Refined metals Smelters & refiners Industry New products Consumers umicore Smelting & refining residues Complex production scrap Complex end-of-life materials Industrial by-products umicore Precious Metals Refining End of life materials 85#86Revenue Drivers Main revenue drivers Treatment & refining charges Treatment charges are determined, among other criteria, by the complexity of the materials Metal yield Umicore assumes the risk of recovery above or under the contractually agreed recovery rate umicore 86#87Metal price exposure Direct: through metal yield Indirect: through raw material availability Managing the effects of metal price movements on earnings Systematic hedging of transactional exposure umicore Ag|Au Pt Ir Rh In Sb As Ru Pd Te Sn Pb Bi Cu Ni Se Depending on market conditions hedging of (part of) structural metal price exposure through contractual arrangements Impact on working capital is mitigated by toll-refining - metals remain property of the supplier during treatment 87#88Umicore has unique technology • · Umicore is unique due to its proprietary complex flowsheet that combines three metallurgical streams This enables Flexibility to treat Recovery & a broad range of input materials valorization of the most metals Pb Cu Ni Ability to optimize feed and therefore profitability Scope to broaden to new types of materials in future Umicore technology guarantees environmentally friendly processing, a high yield and a more competitive cost Umicore introduced its unique Ultra High Temperature technology for Battery Recycling more than 5 years ago umicore 88#89Production scrap primary source of supply towards 2030 End-of-life EV batteries and production scrap available for recycling (KMT, global) 2000 1500 1000 500 27.1% CAGR 0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 End-of-life batteries Production scrap Source: Umicore forecast data umicore Continuous startup of battery plants expected to produce significant pre-consumer scraps Diverse and complex input feed mix ' Diversified, flexible and robust recycling technology crucial 89#902021 230 2022 2023 Global recycling need accelerating significantly post 2030 Robust technology to cope with feed mix changes End-of-life EV batteries and production scrap available for recycling - per region (KMT, global) 6200 80% 70% From 2030 end-of-life umicore expected to become the vast majority of supply feed 2024 2025 Source: Umicore forecast data 2026 2027 2028 Share of EoL batteries vs total KMT available for recycling 60% 50% Regional markets expected to emerge with specific 40% 2000 30% 900 2029 RoW NAM Rest of Asia China 2030 2031 2032 Europe 2033 2034 2035 0% 20% 10% dynamics (differentiated applications and battery technologies, regulation,...) Importance of tuning offering for the different regional markets 90#91Recycling is crucial for the mobility transformation... Recycling as critical additional SECURING RAW source of supply MATERIALS MAJOR ESG ADVANTAGES umicore Multiple use of minerals versus single use of fossil fuels Upcoming recycled content targets for new battery production Proven and traceable sustainably sourced metals (battery passport) Enabling regional supply chains and critical material price visibility Mandatory End-of-Life battery recycling Reduces the need for primary natural resources Recycled material up to 96% lower CO2 footprint vs primary materials 91#92...requiring critical competences and skills for battery recyclers to succeed Process Product Services umicore Effective volume & mass reduction at massive scale (> 100kt/y) High metal extraction yields Capable to process complex feed mix Sustainable process: Safe elimination of hazardous compounds Manage occupational health exposure risk Low environmental impact Output of high-quality battery grade materials (no downcycling) Realize effective compatibility with existing primary CAM-flowsheet Products for high-volume addressable markets Capability to collect and treat a wide variety of materials (production scrap, off-spec components, end-of-life batteries, modules, cells, black mass) Closed-loop operating system offering our partners a user-friendly interface and compliancy information Competence center with integrated offering - "design for circularity" 92#93Battery Recycling Solutions - RISE Capture profitable growth in circular battery value chain Scale up as frontrunner in Europe and prepare industrial presence in North America Leverage the optimal pyro-hydro balance as differentiating technology Attract multiple sources for short- and long-term feed R Reliable Transformation Partner SUPPORTING OUR CUSTOMERS WITH A CIRCULAR OFFERING FROM THE START, READY TO ACCELERATE TOGETHER Innovation & Technology Leader SCIENCE MEETS BUSINESS: LONG-STANDING MATERIALS AND TECHNOLOGY KNOW-HOW S Sustainability Champion KEY ENABLER FOR THE CIRCULAR ECONOMY E umicore Excellence in execution SCALABLE TECHNOLOGY DELIVERING ON MARKET REQUIREMENTS Establishing Battery Recycling Solutions as key enabler for a circular and low-carbon battery value chain 93#94umicore materials for a better life 02. Shareholder Structure, Shareholder structure, financial calendar and leadership overview#95Shareholder structure Worldwide presence with mixed investor styles shareholders Share Geographical and investment style distribution (1) RoW; 14% Norway; 12% Netherlands; 7% France; 8% United Kingdom; 35% United States; 25% (1) Based on 31/12/2022 public data - GBL excluded Key shareholders (2) umicore Remainder; 7% GARP; 12% Firms % Groupe Bruxelles Lambert S.A. 15.98% Baillie Gifford & Co and Baillie Gifford Overseas Ltd. 9.91% Value; 19% Growth; 42% BlackRock Inc. 5.43% Norges Bank APG Asset Management 5.30% 3.00% Index; 21% 39.62% (2) Per transparency declaration received up to 28 February 2023 • 246,400,000 total shares issued (240,200,659 outstanding) • Component of Belgium's benchmark stock market index since 1991; listed on Euronext Brussels Stock Exchange • High free float with large international and diversified shareholder base • GBL largest shareholder with one representative on the Board of Directors 95#96Financial calendar 28 March 2023 Annual report 2022 27 April 2023 AGM 2022 02 May 2023 03 May 2023 04 May 2023 Ex-dividend trading date Record date for the dividend Payment date for the dividend 28 July 2023 Half-year results 2023 umicore Title 96#97Umicore Leadership overview Mathias Miedreich Chief Executive Officer umicore Wannes Peferoen Chief Financial Officer Frank Daufenbach Chief Strategy Officer Géraldine Nolens Executive Vice-President ESG & General Counsel Bart Sap Executive Vice-President Catalysis Ralph Kiessling Executive Vice-President Energy & Surface Technologies Denis Goffaux Executive Vice-President Recycling 97#98umicore materials for a better life 03. Financial KPIs 2022#99Financial KPIs (in million €) Turnover Revenues (excluding metal) (*) Adjusted EBITDA Adjusted EBIT of which associates EBIT adjustments Total EBIT Adjusted EBIT margin (*) Effective adjusted tax rate Adjusted net profit, Group share Net profit, Group share R&D expenditure Capital expenditure 2021 2022 24.054 25.436 3.791 4.155 1.251 1.151 971 865 21 16 (75) (32) 896 832 25.1% 20.4% 23.1% 20.0% 667 593 619 570 245 316 389 470 Net cash flow before financing 787 153 Total assets, end of period 9.045 9.942 Group shareholders' equity, end of period 3.113 3.516 Consolidated net financial debt, end of period 960 1.104 Gearing ratio, end of period 23.3% 23.6% Net debt / LTM adj. EBITDA 0,77x 0,96x Capital employed, end of period 4.377 4.716 Capital employed, average 4.384 4.511 Return on capital employed (ROCE) 22.2% 19.2% Workforce, end of period (fully consolidated) 11.050 11.565 Workforce, end of period (associates) 2.589 2.664 Accident frequency rate 3,70 4,87 Accident severity rate 0,12 0,16 (*) Revenues of 2021 and 2022 have been restated to exclude the pass-through value of the purchased lithium and manganese umicore 99#100Business Group key figures CATALYSIS ENERGY & SURFACE TECHNOLOGIES RECYCLING umicore FY (in million €) Total turnover Total revenues (excluding metal) Adjusted EBITDA Adjusted EBIT 2021 FY 2022 FY FY FY FY (in million €) 2021 2022 (in million €) 2021 2022 8.155 7.738 Total turnover 3.534 4.974 Total turnover 15.609 15.338 1.687 1.776 Revenues (excluding metal) (*) 1.001 1.278 Total revenues (excluding metal) 1.108 1.107 402 419 Adjusted EBITDA 262 290 Adjusted EBITDA 640 532 326 342 Adjusted EBIT 139 166 Total EBIT Adjusted EBIT margin R&D expenditure Capital expenditure 308 331 of which associates 8 5 Adjusted EBIT 573 463 19.3% 19.2% Total EBIT 141 169 Total EBIT 529 463 Adjusted EBIT margin (*) 13.1% 12.6% 142 139 Adjusted EBIT margin 51.7% 41.8% 70 67 R&D expenditure 64 107 R&D expenditure 13 24 Capital expenditure 219 296 Capital employed, end of period 1.551 1.564 Capital expenditure 83 81 Capital employed, average 1.743 1.522 Capital employed, end of period 2.275 2.751 Return on capital employed (ROCE) 18.7% 22.5% Capital employed, average 2.198 2.498 Capital employed, end of period 461 347 Return on capital employed (ROCE) 6.3% 6.7% Capital employed, average 345 415 Workforce, end of period (fully consolidated) 3.007 3.080 Return on capital employed (ROCE) 165.9% 111.6% Workforce, end of period (fully consolidated) 3.836 3.991 Workforce, end of period (associates) 792 821 Workforce, end of period (fully consolidated) 2.867 2.996 (*) Revenues of 2021 and 2022 have been restated to exclude the pass-through value of the purchased lithium and manganese 100#101umicore materials for a better life 04. Glossary 10 101#102Glossary The below definitions cover Umicore's main financial Alternative Performance Measures (non-IFRS definitions). Adjusted EBIT: EBIT - EBIT adjustments. Adjusted EBIT margin: Adjusted EBIT of fully consolidated companies / revenues excluding metals. Adjusted EBITDA: Adjusted EBIT + adjusted depreciation and amortization of fully consolidated companies. Adjusted EBITDA margin: Adjusted EBITDA of fully consolidated companies / revenues excluding metals. Adjusted EPS (Earnings per share): Adjusted net earnings, Group share / average number of (issued shares - treasury shares). Average capital employed: For half years: average of capital employed at start and end of the period. For full year: average of the half year averages. Capital employed: Fixed Assets + Working Capital (Inventories + adjusted Trade & Other Receivables - adjusted Trade & Other Payables) - Translation Reserves - Current & Non-Current provisions other than provisions for Employee Benefits. Capital expenditure: Capitalized investments in tangible and intangible assets, excluding capitalized R&D costs. EBIT: Operating profit (loss) of fully consolidated companies, including income from other financial investments + Group share in net profit (loss) of companies accounted for under equity method. EBIT adjustments: Includes adjusted items related to restructuring measures, impairment of assets, and other income or expenses arising from events or transactions that are clearly distinct from the ordinary activities of the company. This includes a.o. adjustments related to the sale of business activities or environmental provisions related to historic pollution and environmental remediation of closed sites. umicore Effective adjusted tax rate: Adjusted tax charge / adjusted profit (loss) before income tax of fully consolidated companies. Free cash flow from operations: cashflow generated from operations - capex & capitalized development expenses Gearing ratio: Net financial debt / (net financial debt + equity of the Group). Market capitalization: Closing price x total number of outstanding shares. Net cashflow before financing: Net operating cashflow - net cashflow generated by (used in) investing activities. Net financial debt: Non-current financial debt + current financial debt - cash and cash equivalents. Net debt / LTM adj. EBITDA: Net financial debt divided by adjusted EBITDA of the last 12 months. Return on capital employed (ROCE): Adjusted EBIT / average capital employed. Revenues (excluding metal): All revenue elements less the value of the following purchased metals: Au, Ag, Pt, Pd, Rh, Co, Ni, Pb, Cu, Ge and also incl. Li, Mn as of 2021. In order to neutralize distortions from fluctuating metal prices and precious metal prices in particular, Umicore uses revenues excluding the value of purchased metals rather than turnover (which include the value of the purchased metals) to track its performance. This is an industry practice followed by direct peers with similar activities. R&D expenditure: Gross research and development charges, including capitalized costs. The reported R&D figures exclude R&D of associates. 102#103Glossary The below definitions cover Umicore's main business & technical abbreviations Catalysis Glossary umicore Automotive platform: A shared set of common design, engineering and production efforts as well as major components over a number of outwardly distinct models of vehicles Catalysis/catalyst: Catalysis is a chemical process whereby one of the elements used in the reaction process, the catalyst, makes this chemical reaction possible, or speeds up this process. China / Euro 7: Chinese / European air pollution emissions standard for light-duty and heavy-duty vehicles, imposing stringent norms in particular for gasoline vehicles and heavy-duty diesel. Emission Control Catalyst: Emission control catalysts constitute an essential part of today's vehicles powered by internal combustion engines, mitigating the harmful effects of pollutants in the exhaust such as carbon monoxide, hydrocarbons, nitrogen oxides, and particulate matter. Emission control catalysts are made from Platinum Group Metals (Pd, Pt, Rh) which have specific properties (pollutants attach to the metals). Emission control catalysts are highly customized and tailormade to the specific car/truck engine characteristics as well as the applicable emission norms which can differ from one region to another. Umicore's Automotive Catalysts business unit produces catalysts for transportation, while the Stationary Catalysts activity produces this for power plants, industry. Emission norms: Emission standards are the legal requirements governing air pollutants released into the atmosphere. Emission standards set quantitative limits on the permissible amount of specific air pollutants that may be released from specific sources over specific timeframes. Many emissions standards focus on regulating pollutants released by automobiles and other powered vehicles. Others regulate emissions from industry, power plants, small equipment such as lawn mowers and diesel generators, and other sources of air pollution. There are largely three main sets of standards: United States, Japanese, and European, with various markets mostly using these as their base. India, China, and other newer markets have also begun enforcing vehicle emissions standards (derived from the European requirements) as growing vehicle fleets have given rise to severe air quality problems there, too. Fuel cell catalysts (FCC): a fuel cell is an electrochemical cell that converts the chemical energy of a fuel (hydrogen) and an oxidizing agent (oxygen) into electricity. Fuel cells can produce electricity continuously for as long as fuel and oxygen are supplied. A hydrogen fuel cell catalyst eases the reaction of oxygen and hydrogen. These catalysts are made with platinum. Umicore's Fuel Cell activity produces PEM fuel cell catalysts and it's a market leader in the transportation. Gasoline Particulate Filters (GPF): Gasoline particulate filters are used to remove particulate matter from the exhaust gas from a gasoline direct injection (GDI) engine. The implementation of Euro 6 and China 6 emission norms in 2018 / 2019 resulted in the introduction of GPF's in most gasoline direct injection engines in these regions. Heavy duty diesel (HDD): Large diesel vehicles - either on-road, such as trucks and buses, or non-road such as heavy plant and mining equipment or locomotives and agricultural equipment. Heavy duty vehicle (HDV): Primarily heavy-weight trucks (but also off-road heavy transportation). Mostly using diesel (heavy-duty diesel - HDD) but growing use of hydrogen. Light duty vehicle (LDV): Primarily passenger cars - using diesel, gasoline or other fuel. Original Equipment Manufacturer (OEM): In the automotive industry, refers to car manufacturers. Platinum-group metals (PGMs): The six platinum-group metals are ruthenium, rhodium, palladium, osmium, iridium, and platinum. In particular, palladium, platinum and rhodium are key components of emission control catalysts. PEM FCC: Proton-Exchange-Membrane fuel cell catalysts are a type of fuel cells (see fuel cell catalyst) 103#104Glossary The below definitions cover Umicore's main business & technical abbreviations umicore Rechargeable Battery Materials Glossary: Battery Electric Vehicle (BEV): full electric vehicle Cathode active materials (CAM): The cathode is the positive side in a (rechargeable) lithium-ion battery. In the charging phase ions are released from the cathode and migrate to the anode (negative side), thereby storing electricity. In the discharging phase, the ions move back to the cathode, thereby releasing electricity. Cathode active materials are composed of lithium and metals and are critical components in batteries, determining to a large extent the energy density, power, price, durability, cyclability, fast charging, thermal stability... of the battery and its end application. Cathode chemistries: cathode active materials have different characteristics depending on type and ratio of metals. For example, Ni(Nickel) has high capacity, Mn(Manganese) and Co(Cobalt) has high safety and Al(Aluminum) increases power of a battery. NMC (Lithium-Nickel-Manganese-Cobalt-Oxide): One of the most successful li-ion cathode formulas developed to date and which has become to go-to powder to develop batteries. It delivers strong overall performance and excellent energy which makes it the preferred option for automotive batteries. NMC powder can be made in a variety of blends (depending on the proportional content of the different metals). Umicore covers the full spectrum of NMC chemistries, and its production lines are entirely flexible between the different types. NMC HV ("high voltage" NMC): step in NMC innovation roadmap allowing high charge voltage HLM (High Lithium and Manganese cathode material): a variant within the NMC family, with high lithium and manganese content, which is attracting much attention as it is cost-effective while offering higher energy density than LFP. Not yet commercialized in the industry but in development. Umicore is also actively working on this with customers. LFP (Lithium Iron phosphate): is a popular, cost-effective cathode material that is known to deliver excellent safety and long-life span. On the other hand, LFP delivers a lower nominal voltage, which results in lower specific energy when compared to other cathode materials on the market. NCA (Lithium Nickel-Cobalt-Aluminum Oxide): within the NMC family, however, replacing the manganese with aluminum. This chemistry has a high nickel content, which contributes to a longer distance that can be covered with a single-time charging. It comes, however, also at a higher cost point which makes it a somewhat lesser preferred chemistry by the automotive industry. Electrified vehicle (EV): Vehicle (passenger car or other) that runs fully or partially on electricity, rather than on conventional fuel. New Energy Vehicle policy (NEV): policy to promote electric vehicle deployment in China Solid State Batteries (SSB): A solid-state battery is a battery technology that uses solid electrodes and a solid electrolyte, instead of the liquid electrolytes found in lithium-ion batteries. Solid-state batteries can provide potential solutions for many problems of lithium-ion batteries, such as flammability, limited voltage, limited cycling performance and strength. As such they are on the roadmap of most car manufacturers to be gradually introduced as of the second half of the decade. Umicore has developed specific NMC cathode materials for solid state as well as innovative, break-through "catholyte" material, which combines the solid electrolyte and cathode materials in one component, hereby offering a strong value proposition. 104#105Glossary The below definitions cover Umicore's main business & technical abbreviations umicore Recycling Glossary: Closed loop: For Umicore a "closed loop" involves taking back secondary materials from customers (e.g. production residues) or End-of-Life materials (e.g. used mobile phones, automotive catalysts). The recovered metals are then fed back into the economic cycle. Free metal yield: Surplus metal recovered within a refining and recycling process. This is a significant revenue stream of Umicore's refining and recycling processes, which is dependent on the metal price evolution. Hydrometallurgy: Hydrometallurgy involves the use of aqueous solutions for the recovery of metals from ores, concentrates, and recycled or residual materials. Umicore's Precious Metals Refining and Battery Recycling Solutions activities combine the advantages of both the pyrometallurgical and hydrometallurgical processes. Raw materials: Primary raw material: Material which has never before been subjected to use or processed into any form of end-use product (or part thereof) other than that required for its manufacture. In the absence of information from the supplier on the nature of the raw materials supplied, these raw materials are considered as primary. The collected data are expressed in terms of total tonnage of incoming material. Secondary raw material: Material which has been used and/or processed before and can be reused or processed again into any form of end-use product (or part thereof). Includes both pre- and post consumer materials. Secondary pre-consumer raw material: Material resulting from the industrial processes in the value chain before that material has been processed into a product. Please note that this includes waste materials originating from intermediate manufacturing steps in the value chain using primary raw materials as input. In all cases the material should not be suitable for consumption in the intermediate manufacturing steps from which it originates. Secondary post-consumer raw material: Material resulting from products ending at least one lifetime. Please note that this includes waste materials originating from intermediate manufacturing steps in the value chain using secondary raw materials (pre- and or post- consumer raw materials) as input. This also includes material recovered from waste generated by industrial facilities in their role as end-users of a finished product. In all cases the material should not be suitable for consumption in the intermediate manufacturing steps from which it originates. This also includes material recovered from waste generated by industrial facilities in their role as end-users of a finished product. Platinum-group metals (PGMs): The six platinum-group metals are ruthenium, rhodium, palladium, osmium, iridium, and platinum. Pyrometallurgy: Pyrometallurgical processing involves incineration and smelting in a furnace at high temperatures. Has a very high reaction rate which allows to have a quick recovery process, and a large robustness to impurities. Lower physical footprint compared to hydrometallurgy. Umicore's Precious Metals Refining and Battery Recycling Solutions activities combine the advantages of both the pyrometallurgical and hydrometallurgical processes. 105#106Glossary The below definitions cover ESG-related Performance Measures CO2 equivalent (CO2e): The universal unit of measurement to indicate the global warming potential (GWP) of each of the six greenhouse gases, expressed in terms of the GWP of one unit of carbon dioxide. It is used to evaluate releasing (or avoiding releasing) different greenhouse gases against a common basis. Energy consumption: the sum of indirect energy consumption (energy from purchased electricity, steam, compressed air and heat) and direct energy consumption (energy from fuel, gas oil, natural gas, LPG, coal, cokes, pet cokes etc.) at our sites. This includes also self-generated energy, for which only the consumption of fuels is taken into consideration to avoid double-counting. Energy that is sold to third parties is not included. Greenhouse gas (GHG): GHGs are the six gases listed in the Kyoto Protocol: carbon dioxide (CO2); methane (CH4); nitrous oxide (N2O); hydrofluorocarbons (HFCs); perfluorocarbons (PFCs); and sulphur hexafluoride (SF6). See 'Kyoto Protocol'. GHG emissions intensity: total scope 1+2 CO2e market-based emissions divided by the total revenues excluding metals Life Cycle Analysis (LCA): LCA measures the environmental impacts of each distinct part involved in creating and using products and services, such as energy used in production, fuel used in transport, and end-of-life ecological costs. Science-Based Targets Initiative (SBTI): Organization that validates greenhouse gas targets. Partnered with CDP, UN Global Compact, World Resources Institute, World Wildlife Fund. umicore Scope 1 CO2e emissions: A reporting organization's direct GHG emissions. Scope 2 CO2e emissions: A reporting organization's indirect GHG emissions from the generation of purchased electricity, heating/cooling, compresses air or steam. Scope 3 CO2e emissions: A reporting organization's indirect emissions that occur upstream and downstream in the value chain, including purchased goods and services, business travel, employee commuting, waste disposal, use of sold products, transportation and distribution (up- and downstream), investments and leased assets and franchises Scope 4 CO2e emissions: emission reductions which occur outside of a product's lifecycle or value chain, but as a result of the use of the product. Also referred to as "avoided emissions". Sustainable Development Goals (SDG): The 17 Sustainable Development Goals adopted by the United Nations on September 25 2015 build on the Millennium Development Goals and aim at ending poverty, protecting the planet, and ensuring prosperity for all as part of a new UN sustainable development agenda. Each goal has specific targets to be achieved by 2030. Task Force on Climate-related Financial Disclosure (TCFD): Recommendations launched in 2017 to improve and increase reporting of climate-related financial information. CDP's disclosure platform provides the mechanism for reporting in line with the TCFD recommendations. 106#107umicore materials for a better life