Umicore: reduces 2024 forecasts

(CercleFinance.com) - The Group said this morning that the slowdown in EV growth is having a significant impact on the 2024 outlook for Umicore's Battery Materials business.


With the sharp slowdown in demand growth for electric vehicles affecting the entire supply chain, customer demand forecasts for Umicore's battery materials have fallen sharply in recent weeks.

Volumes for battery materials in 2024 could be equivalent to or slightly lower than last year.

Umicore is therefore reducing its FY 2024 guidance for the Battery Materials Business Group and now expects adjusted EBITDA for this business to be around break-even, including a positive non-recurring item of around E50 million. This compares with the adjusted EBITDA initially forecast for the Business Group of around E135m.

Umicore now expects FY 2024 adjusted EBITDA of E760m to E800m.


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