Umicore Reshapes Board, Touts Green Wins Amid Strategic Shift

BRUSSELS, Belgium – March 27, 2026 – Global advanced materials and recycling group Umicore is navigating a period of significant transformation, marked by a major overhaul of its Supervisory Board, a new remuneration policy, and the release of a robust 2025 Annual Report highlighting impressive gains in sustainability. The changes come as the company prepares for its annual shareholders' meetings on April 30, following the complete divestment by major shareholder Groupe Bruxelles Lambert (GBL) earlier this year.

Governance in Transition: A New-Look Supervisory Board

The most immediate change facing Umicore is the significant reshuffle at the board level. The upcoming ordinary shareholders' meeting will see the departure of Françoise Chombar, who is not seeking a mandate renewal after a decade of service. More consequentially, the board will also see the resignations of Frédéric Oudéa and Michael Bredael. These resignations are a direct result of GBL's full exit from Umicore's shareholding in February 2026, a move that saw the investment group sell its remaining 8% stake.

To fill these vacancies and bolster its expertise, Umicore’s board has proposed several key appointments. Anna Bertona, CEO of specialty chemicals distributor Azelis, and Benjamin Loh, former CEO of semiconductor equipment firm ASM International, are nominated as new independent members. Ms. Bertona brings deep knowledge of the chemical industry and global supply chains, while Mr. Loh offers over 30 years of leadership experience in the high-tech electronics and semiconductor sectors across Asia, Europe, and the US.

In a move signaling a desire for continuity, the board is also proposing the re-election of Marc Grynberg for a three-year term. Notably, Frédéric Oudéa, who resigned due to the GBL exit, has been proposed for re-election for a one-year term, but now as an independent member. This suggests the board values his extensive financial experience, which includes his former role as CEO of Société Générale and current chairmanship of Sanofi, independent of his prior affiliation with GBL.

“On behalf of the Supervisory Board, I wish to thank Françoise Chombar for her years of dedicated service, sharing her extensive knowledge and insightful perspectives,” stated Thomas Leysen, Chair of Umicore’s Supervisory Board. “We are pleased to propose the appointment of two seasoned executives to our Supervisory Board as independent directors... I am confident both would enrich the Supervisory Board’s capabilities and complement its existing strengths. Finally, I am happy that Frédéric Oudéa has agreed to being proposed for renomination so that we can continue to benefit from his insights, now as an independent director.”

Aligning Strategy with Compensation

Coinciding with the leadership changes is a strategic realignment of how the company incentivizes its executives. A revised Remuneration Policy 2026, approved by the board in February, will be put to a shareholder vote. The new policy is a product of a comprehensive review and consultation with shareholders and institutional investors. It aims to more closely tie executive pay to the company's long-term strategic objectives, particularly its “CORE” mid-term plan and its “Let’s Go for Zero” sustainability ambitions.

The CORE strategy, launched in March 2025, focuses on strengthening Umicore's foundation businesses, maximizing their cash generation, and improving value in its battery materials activities. The 2025 financial results indicate this disciplined approach is yielding positive outcomes. Group revenues grew to €3.6 billion, while adjusted EBITDA climbed 11% to €847 million. Crucially, the company's Return on Capital Employed (ROCE), a key performance metric, improved significantly to 15.7% from 12.3% in the prior year, demonstrating greater capital efficiency.

The revised remuneration framework is expected to build on these principles, further embedding financial and ESG metrics into both short-term and long-term incentive plans to ensure leadership is rewarded for delivering sustainable, profitable growth.

Surpassing Sustainability Milestones

While governance and strategy are in flux, Umicore’s commitment to sustainability has delivered concrete and impressive results, as detailed in its 2025 Annual Report. The company announced it has exceeded its first major decarbonization milestone, achieving a 31% reduction in its Scope 1 and 2 greenhouse gas emissions compared to a 2019 baseline. This performance surpasses its 2025 target of a 20% reduction and puts it on a strong footing to reach its science-based target of net-zero Scope 1 and 2 emissions by 2035.

Progress was also notable in its energy consumption, with the company reaching its goal of sourcing 60% of its global electricity from renewable sources. This is part of a broader push that includes a commitment to use 100% renewable electricity for its European operations by 2025.

Beyond environmental metrics, Umicore reported significant improvements in social and governance areas. Workplace safety has improved dramatically, with the total recordable injury rate for employees falling by 54.6% since 2022. The company also advanced its diversity goals, with women now representing 28.1% of management positions, up from 25% in 2021, moving it closer to its 2030 target of 35%.

Embracing Digital Transparency

In a nod to modern investor relations, Umicore has broken new ground in its corporate reporting. For the first time, the public online version of its 2025 Annual Report is presented in an interactive, AI-powered format. This innovative feature allows stakeholders to engage directly with the document by posing questions and receiving instant answers generated exclusively from the report's content, enhancing both accessibility and transparency.

This commitment to open communication will continue on April 30, when, immediately following the shareholder meetings, Umicore will publish an update on its first-quarter trading conditions and provide an outlook for the remainder of 2026. This will give investors and the market a timely view of the company's performance as it navigates its strategic and leadership evolution.