Umicore reported better-than-expected H1 results on Friday, notably thanks to higher raw material prices, although its cash flow worried analysts, causing its share price to fall by more than 3% on the Brussels Stock Exchange.

The Belgian group reported a solid H1, with profits up significantly on the previous year, driven by sustained demand and operational efficiency measures in a favorable metal price environment.

H1 revenues amounted to €1.8bn, in line with H1 2024 and with investor expectations, while adjusted EBITDA rose 10% to €433m, compared with the  consensus of €421m.

However, operating free cash flow was negative at -€54m.

Umicore reiterated its recently revised upward guidance for 2025, starting with adjusted EBITDA for FY 2025 expected between €790m and €840m, barring major disruptions in a context of ongoing geopolitical tensions.

Umicore shares were down 3.8% on Friday morning on the Brussels Stock Exchange, the worst performance on the BEL index, which was down 1.1% at the time.