Umicore's Sustainability and Financial Report

Recycling 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

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