COMPANY PROFILE / HYDROGEN ENERGY
Umicore
A materials company that makes the platinum and iridium catalyst powders used in fuel cells and electrolysis, backed by metal refining and recycling
Umicore is a Belgian materials and recycling company. Its core businesses are vehicle emissions catalysts, the refining and recycling of precious-metal-bearing waste, and specialty materials for semiconductors and optics; hydrogen is a small part of the whole. Its direct link to hydrogen is, within the Catalysis business group, the Fuel Cell & Stationary Catalysts business unit: catalyst powders for polymer electrolyte fuel cells (PEFCs), and platinum- and iridium-based catalysts for water electrolysis. The company says it has about 30 years of experience making fuel cell catalysts, with production in Germany and Korea, and in its half-year results of 31 July 2026 it said that its new plant in Changshu, China, has started production. However, the unit's own sales and profit are not disclosed, and the company says demand for fuel cell catalysts is subdued because "hydrogen technology adoption in China is slower than expected." Drawing on the annual report, results releases, official press releases and product pages, this article sets out what could be confirmed and what could not, and explains from a materials engineer's view what matters in a catalyst powder.
- At a glance: Umicore and its place in hydrogen energy
- Logo and naming
- Where the company sits in hydrogen energy
- Company scale
- Resources committed to hydrogen
- Track record
- Plans
- What the company is aiming for in hydrogen
- Partnership map for hydrogen
- Technologies, products and services
- Risks
- Glossary
- References
- Claim-to-source audit
1. At a glance: Umicore and its place in hydrogen energy
Rue du Marais 31Registered office (annual report)
(catalysts for fuel cells and electrolysis)Catalyst powders: Pt/C, PtCo/C and iridium-based. It does not make equipment, membranes or MEAs
(product name Elyst)Carbon-supported platinum, platinum-cobalt alloy, and supported iridium oxide
Umicore is not a hydrogen company: hydrogen is a small activity inside the Catalysis group. The company reports only down to business-unit level, and fuel cell catalysts are reported together with "stationary catalysts" for exhaust-gas treatment (for example for data centers) Sourced. So sales, profit and headcount for hydrogen cannot be separated out from public documents Not yet confirmed. What can be confirmed is direction. The new plant in Changshu, China, which the company said would be the world's largest fuel cell catalyst production facility when complete, started production in 2026. In the first half of 2026, however, the company said demand in China was subdued and start-up costs weighed on earnings. The present picture is of a company that is putting production capacity in place ahead of demand.
2. Logo and naming
The logo is the one embedded in the header of the company's official website (umicore.com), the word "umicore" with its mark, extracted as it is. The shape is the official one; only the color was set to dark navy for this page (the site itself colors the logo to match its text). It has not been recreated with generated images.
Naming: the company is Umicore, and the legal entity is Umicore NV/SA. Its hydrogen-related unit is Fuel Cell & Stationary Catalysts (created in 2020, according to the company), part of the Catalysis business group. Elyst is the name of its fuel cell and electrolysis catalyst product range, not a company name. The Chinese production subsidiary is Umicore Fuel Cell Catalyst (China) Co., Ltd. (100% owned, per the subsidiary list in the annual report).
Official site: https://www.umicore.com/en/3. Where the company sits in hydrogen energy
Umicore's main type is materials & components. Two technologies are involved: the polymer electrolyte fuel cell (PEFC) and PEM water electrolysis catalysts. The company says its fuel cell catalyst powders are "ideally suited" to electrolyzer applications as well. Products for alkaline, AEM or solid oxide systems could not be confirmed as hydrogen products. The table sorts materials and uses by what company sources let us confirm.
| Material / use | Where it sits at Umicore | Primary sources found | Status |
|---|---|---|---|
| Catalyst powders for PEFCs (Pt/C, PtCo/C) | The core of its hydrogen activity. The product list shows Pt/C (20 to 50% platinum) and Pt-Co alloy/C (30 and 50%). Production is in Hanau (Germany), Korea and, newly, China | Product pages; annual report; official announcements | Sourced |
| Catalysts for water electrolysis (platinum, iridium) | The company says it develops platinum- and iridium-based catalysts for green hydrogen. The product list includes a supported iridium oxide (Ir75, 75% iridium). A 2024 feature says electrolysis catalysts continue to be made in Germany. Sales are not disclosed | Product pages; market page; official feature | Sourced (company description) |
| Recycling of used catalysts and production scrap | The company says it processes end-of-life fuel cell catalysts and production scrap to recover platinum and other metals. It also says the fuel cell and electrolyzer market is still small, so there is currently no separate treatment stream for hydrogen waste | Official feature on circularity | Sourced (company description) |
| Stationary exhaust-gas catalysts | In the same business unit, but for exhaust gas from generators, ships and industry, not a hydrogen product. The company says data center demand is growing | Results releases | Sourced |
| Automotive exhaust-gas catalysts | The largest business in Catalysis. Not hydrogen, so not covered here | Annual report | Sourced |
| Fuel cell systems, electrolyzers, membranes, MEAs; liquid organic hydrogen carriers (LOHC) | Making MEAs or membranes could not be confirmed. A product page links to an LOHC technology page, but its content could not be checked for this article | - | Not yet confirmed |
4. Company scale
Umicore is a listed company and its consolidated results are disclosed in its annual report. The table below gives the scale of the whole group briefly, and states how far disclosure goes for the hydrogen-related business unit Sourced. The financial year is the calendar year (January to December 2025).
| Item (consolidated, year to December 2025) | Detail |
|---|---|
| Revenues (excluding metal) | €3,562 million (prior year €3,461 million). "Turnover," which includes metal, was €19,374 million |
| Adjusted EBITDA / EBIT | €847 million (prior year €763 million) / €579 million (prior year €478 million). Net profit, Group share: €385 million (prior year: loss of €1,480 million) |
| R&D and capex | R&D €206 million (prior year €258 million); capex €310 million (prior year €555 million). The report says capex includes investment in "the PEM fuel cell plant in China" in the Fuel Cell & Stationary Catalysts unit |
| Employees | 11,230 fully consolidated at end of 2025 (prior year 11,581), plus 2,094 in associates and joint ventures |
| Businesses | Catalysis, Recycling, Specialty Materials and Battery Materials Solutions |
| Headquarters and listing | Brussels. Euronext Brussels |
| Catalysis business group | 2024 | 2025 |
|---|---|---|
| Revenues (excluding metal) | €1,666 million | €1,668 million (about 47% of the group; Our calculation 1,668 ÷ 3,562) |
| Adjusted EBITDA / EBIT | €431 million / €362 million | €450 million / €383 million |
| R&D / capex | €105 million / €78 million | €86 million / €65 million |
| Employees (end of period, consolidated) | 2,933 | 2,806 |
| Revenues by business unit | The amounts for Automotive Catalysts, Precious Metals Chemistry and Fuel Cell & Stationary Catalysts are not disclosed. The only statements are "flat year on year" (2025) and "lower year on year" (first half 2026) | |
In the first half of 2026 (January to June), Catalysis revenues were €883 million (up 1% year on year) and adjusted EBITDA was €250 million (up 8%), a good result. But the drivers the company names are Automotive Catalysts and Precious Metals Chemistry; Fuel Cell & Stationary Catalysts had "lower revenues and lower adjusted EBITDA" Sourced. The company cites subdued demand for PEM fuel cell catalysts because hydrogen technology adoption in China is "slower than expected," the start-up costs of the new Changshu plant, and the effect of legacy contracts in stationary catalysts. Stationary catalyst volumes rose on data center demand. So inside one business unit, the hydrogen part and the exhaust-gas part moved in opposite directions. The hydrogen side's figures are not disclosed Not yet confirmed.
5. Resources committed to hydrogen
Umicore does not disclose hydrogen-related headcount or investment as business-unit figures. The table covers four points (people, money, outside deals, universities and public funding) and shows what could and could not be confirmed.
| Item | What could be confirmed | Status |
|---|---|---|
| People (R&D sites, headcount) | Catalysis had 2,806 employees at the end of 2025. The Fuel Cell & Stationary Catalysts unit is headquartered in Shanghai, with manufacturing and testing facilities in China, the US, Germany, Denmark and Korea, according to the company. Fuel cell catalysts are produced in Hanau (Germany) and Incheon (Korea); R&D and application centers are in Incheon, Tokyo, Suzhou, Olen (Belgium), Copenhagen and Hanau (as of December 2023). Hydrogen-only headcount is not disclosed | Sourced / not disclosed |
| Money (R&D, capex) | Catalysis R&D was €86 million and capex €65 million in 2025 (including automotive catalysts). Group capex includes the PEM fuel cell plant in China. For the Korean plant, the company announced in 2018 a "low double-digit million euro" investment. The Changshu investment amount and hydrogen-only R&D could not be confirmed | Sourced / not confirmed (unit figures) |
| Outside deals (investments, acquisitions, joint ventures, divestments) | No hydrogen-related acquisition, joint venture, investment or divestment could be confirmed. The 2018 Korean expansion was announced to support the growth of Hyundai Motor Group and other automotive customers. "Close collaboration agreements" with leading car makers are mentioned without names. The Chinese production company is a wholly owned subsidiary | Not confirmed (stakes, JVs) / Sourced (expansion, subsidiary) |
| Universities, research institutes, public funding | Umicore took part, with Evonik, Heraeus, Fraunhofer IWKS and others, in H2anau, a hydrogen and fuel cell cooperation project in Hanau, Germany (about three years), funded by the state of Hesse and the EU's European Regional Development Fund (results presented January 2021). For Changshu, the company says it received incentives from local government and became a Suzhou "key project." The unit describes, in general terms, joint research with leading universities and strategic industrial partners. Named public funding such as NEDO, the Clean Hydrogen Partnership or an IPCEI could not be confirmed | Sourced / not confirmed (named projects) |
Status of main projects
Umicore does not build equipment, so its projects are mainly catalyst production facilities. Production volumes (tonnes a year) and investment amounts could not be confirmed from company sources.
| Project | Location | Scale | Stage | Date and source |
|---|---|---|---|---|
| New PEM fuel cell catalyst plant | Changshu (Suzhou), Jiangsu, China | Starts small and grows in steps. The company said it expects it to be the world's largest PEM catalyst production facility when complete. Capacity and investment not disclosed | Operating (production started). Announced July 2022 (then expected to operate by end-2024); groundbreaking December 2023 (operation expected early 2026); "near completion" in 2025; "initiated production" in July 2026 | 7 July 2022; 5 December 2023; April 2024; 20 February 2026 and 31 July 2026 |
| Korean fuel cell catalyst plant | Korea (near Seoul, Incheon) | A "low double-digit million euro" investment, announced | Expansion announced in 2018 (to be commissioned end-2019, fully ramped up by end-2020). Company materials from 2022 onward list production facilities in Incheon | 17 December 2018; July 2022 |
| Catalyst production in Hanau | Germany | Not disclosed | Operating. The company says it will keep making fuel cell catalysts, including electrolyzer catalysts, at Hanau until Changshu is running | Official feature, April 2024 |
6. Track record
| When | What happened | Why it matters |
|---|---|---|
| About 30 years ago onward | The company says it has made and developed fuel cell catalysts for about 30 years (2022, 2023 and 2024 materials; no start year is stated) | A long manufacturing record (the company's account) |
| December 2018 | Announced an expansion of fuel cell catalyst production in Korea, to support the growth of Hyundai Motor Group and other automotive customers. With existing capacity in Hanau, Germany, it aimed to serve automotive customers worldwide | The first large expansion (in Asia) |
| 2018 to 2021 | Took part in the H2anau project in Hanau, Germany. Seven fuel-cell delivery vehicles covered a total of 120,000 km; funded by Hesse and the EU | Cooperation in a regional hydrogen and fuel cell cluster |
| 2020 | Created the Fuel Cell & Stationary Catalysts business unit (headquartered in Shanghai). The unit's head says the effort to build a business in China began around late 2020 | China was positioned as the growth market |
| 7 July 2022 | Announced a large fuel cell catalyst plant in Changshu, China (expected to operate by end-2024), and mentioned recycling of used catalysts | Decision to produce at scale in China |
| 1 December 2023 | Groundbreaking at Changshu (announced 5 December). Operation expected in early 2026 | Construction began (start-up date moved later) |
| 2024 | Orders for fuel cell catalysts fell from the prior year, reflecting a slower market in Asia; volumes in China began to pick up in the second half. Construction at Changshu reported as going well | Demand showed signs of a bottom, but was weak |
| 2025 | Sales of Fuel Cell & Stationary Catalysts flat. Fuel cell catalyst demand improved in Korea and stayed subdued in China. Changshu near completion, with output due to ramp up in 2026. In March 2025 it launched its "CORE" strategy and said Catalysis is "ready to capture the emerging growth" in fuel cell catalysts | Demand lagged, but capacity was built as planned |
| 31 July 2026 | The PEM fuel cell plant in Changshu started production. The company said fuel cell catalyst demand was subdued because hydrogen technology adoption in China was slower than expected, and that start-up costs reduced adjusted EBITDA | Plant built; demand still to arrive |
7. Plans
add capacity in stepsFrom the April 2024 feature. Output due to ramp up during 2026 (2025 results release)
China: platinum firstThe two cannot be mixed on one line, so separate lines are used. China is to make both in the longer term
Adjusted EBITDA margin about 25%ROCE above 35%; more than €1.4 billion free cash flow over 2025-2028. No hydrogen-specific target
above €1 billionRaised on 31 July 2026. Assumes metal prices near June levels. No hydrogen-specific outlook
The annual report describes the Catalysis strategy as maximizing value in automotive catalysts in a mature market while being "ready to capture the emerging growth in the fuel cell catalysts market," building on its technology, diversified customers and footprint in China Not yet confirmed. Company sources contain no sales, volume or share targets for fuel cells, no capacity plan for Changshu, and no plan to expand electrolysis catalysts.
None of the following appears in primary sources Not yet confirmed.
Sales, profit and headcount of the Fuel Cell & Stationary Catalysts unit / hydrogen-specific sales or volume targets (GW, tonnes) / Changshu capacity and investment / customer names other than Hyundai Motor Group, and contract terms / stated platinum or iridium loadings (g/kW or g/MW) / sales of electrolysis catalysts / any plan to sell or exit hydrogen (the company has announced none).
8. What the company is aiming for in hydrogen
This section includes points the company does not state directly. It sets out inferences that the primary sources support, with the evidence.
| What can be read from the sources | Primary evidence | Status |
|---|---|---|
| It assumes China's hydrogen and fuel cell vehicle market will grow, and is building capacity ahead of demand | Announced in 2022, groundbreaking in 2023, production in 2026. The 2024 feature says the company believes the fuel cell market will take off in China first. The 2025 results and first-half 2026 results say demand in China is subdued | Sourced (company description) |
| It plans to start small and add capacity in steps, to hold down fixed costs while demand is weak | 2024 feature: "start on a small scale, building up capacity gradually." Capex is tightly managed (group capex fell from €555 million in 2024 to €310 million in 2025) | Inference |
| Because it cannot tell which technology will prevail, it keeps both alloy and platinum catalysts in its lineup | 2024 feature: "we can't say which technology will prevail." Korea focuses on alloy catalysts, China starts with platinum and in the longer term makes both | Sourced (company description) |
| Fuel cell catalysts are a growth option inside Catalysis; the main earnings source remains automotive exhaust catalysts and precious-metal chemistry | Catalysis' 2028 ambition is revenues of about €1.8 billion (not hydrogen-specific). The first-half 2026 earnings rise came from automotive catalysts and precious metals chemistry, while fuel cells fell | Inference |
| It wants to raise the value of its catalysts through metal recovery and reuse | Official feature: platinum and iridium are valuable, so use less and recover as much as possible. It already recovers platinum from used catalysts and production scrap, and mentions recycling fuel cell membranes | Sourced (company description) |
The reading that "it is building capacity ahead of demand" rests on the construction timeline set against what the company said about demand at the same time. The July 2022 announcement expected the fuel cell market to grow 12-fold toward 2030 (the company's expectation) and aimed to operate by the end of 2024. By the December 2023 groundbreaking, operation had moved to early 2026, and the April 2024 feature says the road will have "bumps." The 2025 results release says the Chinese market remains subdued and Changshu is "near completion," and production started in July 2026. Throughout, the company said it would "start on a small scale" and build up capacity gradually, which suggests it knows that sales after completion depend on demand. This is our reading of how company statements fit together. How the company sets expected utilization or payback cannot be confirmed from company sources Not yet confirmed.
9. Partnership map for hydrogen
A feature of Umicore's relationships is that few of its hydrogen customers are named. The only name is Hyundai Motor Group, in the 2018 announcement of the Korean expansion. Later materials speak only of "leading automotive makers," "global car manufacturers" and "fuel cell makers." The official pages call the catalysts "benchmark materials at leading fuel cell companies" without naming them. The company gives no reason for not naming customers, so this article does not guess. Individual joint-development or supply contracts in hydrogen and fuel cells, and tie-ups with other materials companies, could not be confirmed from company sources Not yet confirmed.
10. Technologies, products and services
What follows comes from the company's official product pages, features and annual report. The product list gives only composition (supported metal, support, theoretical metal content, metal purity); particle size, surface area, activity, durability and platinum or iridium loading are not on the public pages, so no performance values are given here Not yet confirmed.
| Product / service | What the company's pages say (company description) |
|---|---|
| Elyst Pt20 0390 / Pt50 0380 / Pt50 0550 (platinum on carbon black, Pt/C) | Pt/C. Theoretical metal content 20%, 50% and 50% respectively. Classed as cathode materials (Pt20 0390 and Pt50 0380 are also classed as anode materials). Black powder; metal purity listed as 99.95 (no unit or method given) |
| Elyst Pt30 0690 / Pt50 0690 (platinum-cobalt alloy on carbon black, PtCo/C) | Pt/Co alloy on carbon black. Theoretical metal content 30% and 50%. Classed as cathode materials. The company says Korea will focus on alloy catalysts, which can offer better fuel efficiency |
| Elyst Ir75 0480 / Ir75 0520 (iridium oxide on a support) | Ir75 0480 is iridium(IV) oxide (IrO₂) on an oxidic support, theoretical metal content 75% (iridium), metal purity 99.95. Classed as an anode material. No specification was found on the detail page for Ir75 0520 |
| Platinum and iridium chemicals for electrolysis | For green hydrogen production it offers platinum and iridium chemicals and catalysts, including PEM catalysts. It says its fuel cell catalyst powders suit electrolyzers. A 2024 feature says electrolysis catalyst production continues in Germany |
| Development and application support | It says it provides catalyst technology and application support through the customer's product development, with catalysts designed for each application, and synthesis processes that can be scaled to the customer's level of demand |
| Recycling | Material containing precious metals is sampled first, and its content analyzed before processing; a smelter then separates the precious metals. It says it is already processing end-of-life fuel cell catalysts and production scrap to recover platinum and other metals. It does not yet treat hydrogen waste as a separate stream because the market is small, but says it could |
(1) The design goal is to use precious metal "sparingly and for long." The company's official feature says platinum and iridium are valuable and carry high supply risk, so it is important to use less and to recover as much as possible at end of life. It says it develops electrocatalysts whose morphology and composition optimize the use of PGMs, in line with international roadmaps for PEM technology. Alloying platinum with cobalt for PEFC catalysts is generally understood as a way to raise activity per unit mass and so use less platinum, but the company's sources give no alloy ratio, particle size, mass activity or durability figures. The numbers in product names (such as 0690) are not explained, and this article does not interpret them Not yet confirmed. See our explainers on platinum group metals and catalysts and on fuel cell vehicles and polymer electrolyte fuel cells.
(2) The support affects both dispersion and durability. Most of its fuel cell catalysts are powders of platinum or platinum alloy on carbon black. A different support changes how the precious metal particles are spread and how easily the catalyst degrades under start-stop cycling. The iridium oxide catalyst is listed on an oxide support. Iridium is a particularly scarce metal, so spreading it on a support to reduce the amount would matter, but the company does not disclose the type of support, how it is loaded, or the amount used Inference.
(3) Alloy and platinum catalysts "cannot be mixed on the same line." In its 2024 feature the head of the unit explains that alloy and platinum catalysts cannot be mixed on one production line and need independent lines. Korea will focus on alloy catalysts, and the new plant in China starts with platinum catalysts, which are easier to manage operationally. It is an example where a difference in material composition translates directly into how equipment is divided, and so into how investment is structured. Since it cannot say which technology will prevail, it plans to have both.
(4) Iridium oxide answers the harsh conditions at the electrolysis anode. The anode of a water electrolyzer, where oxygen forms, sits at high potential in acidic water, so few catalyst materials can be used and iridium-based ones are generally chosen (a general summary; the company's product list also shows IrO₂ on a support as an anode material). Metal purity, support type and loading would bear directly on electrolyzer cost and supply constraints, but the company's sources give no figures Inference. See our explainer on PEM water electrolysis.
For the regulatory picture on fluorinated membranes, see our explainer on fluoropolymers and PFAS. The company's feature says fuel cells and electrolyzers contain fluorine, that policymakers are calling for fluorinated products to be phased out, and that fluorine must be captured and managed in recycling, and says it is already investigating fluorine acceptance and treatment. It names no specific regulation, date or method.
11. Risks
| Risk | Detail | Status |
|---|---|---|
| Hydrogen results are not visible | Sales, profit and headcount of Fuel Cell & Stationary Catalysts are not disclosed. The hydrogen part and the exhaust-gas part are reported together, so the hydrogen side's results cannot be separated from public data | Not yet confirmed |
| Slow demand build-up | In the first half of 2026 the company said PEM fuel cell catalyst demand was subdued because hydrogen technology adoption in China was "slower than expected." Orders also fell in 2024 on a slower market. Start-up costs at the new Changshu plant reduced profit | Sourced (company description) |
| Dependence on China and customer concentration | The new plant is in China, and the company expected China to take off first. Most customers are not named, and the number and share of fuel cell and car makers cannot be confirmed. Korean demand improved in 2025 | Sourced / not confirmed |
| Technology-choice uncertainty | The company itself says it cannot tell whether alloy or platinum catalysts will prevail. Because it invests in separate lines, utilization could be affected if one does not become mainstream | Inference |
| Platinum and iridium prices and supply | Platinum and iridium are the main catalyst materials, and their price and supply bear directly on cost. The company's own feature notes the high supply risk. Its sources give no loadings or procurement policy, so this is only a general point | Sourced (company description) / Inference |
| Competition and shifts at customers | Fuel cell makers might cut precious-metal use sharply or adopt other catalyst materials. Competitor activity is not covered in company sources, and this article does not assess it | Inference |
| Small recycling stream | Because the fuel cell and electrolyzer market is small, the flow of end-of-life material is limited and no dedicated treatment exists. The company says there is room to optimize once the market settles on a direction | Sourced (company description) |
| Group priorities | Most of Catalysis' earnings come from automotive exhaust catalysts. The group manages capital strictly (capex fell from €555 million in 2024 to €310 million in 2025), and no plan for further hydrogen investment could be confirmed | Sourced / Inference |
| Regulation and environment | The company says rules on fluorinated products could affect the design of recycling processes. No regulation or date is named, and this article does not assess it | Sourced (company description) |
12. Glossary
- Platinum group metals (PGMs)
- Platinum, palladium, rhodium, iridium, ruthenium and osmium. Valuable metals widely used as catalysts.
- PEFC
- Polymer electrolyte fuel cell. It makes electricity from hydrogen and oxygen and is used in fuel cell vehicles, among other uses.
- PEM water electrolysis
- Splitting water into hydrogen and oxygen using a proton exchange membrane (a solid polymer membrane).
- Catalyst powder (Pt/C)
- Platinum nanoparticles on carbon black particles. Made into an ink and coated on a membrane to form the reaction layer of an electrode.
- Alloy catalyst (PtCo/C)
- A platinum-cobalt alloy on carbon. Generally used to raise activity per unit mass and so use less platinum.
- Iridium oxide (IrO₂)
- A catalyst generally used at the anode (oxygen-evolving side) of water electrolysis. Iridium is a scarce metal.
- Support
- The base particle on which catalyst metal particles are placed. Carbon black or oxides are used.
- Anode / cathode
- In electrolysis, oxygen forms at the anode and hydrogen at the cathode. In a fuel cell, hydrogen reacts at the anode.
- Theoretical metal content
- The weight share of precious metal in a product (a calculated value). Not a measured or performance value.
- Adjusted EBITDA
- A profit measure Umicore reports excluding special items. Different from accounting EBITDA.
- ROCE
- Return on capital employed, the profit earned on the capital used. Umicore's targets follow its own definition.
- Company description / manufacturer's stated value
- A claim or performance value given by the maker itself. It cannot be compared with another product unless test conditions and versions match.
13. References
- Umicore Annual Report 2025 (official integrated report, on the company's reports site). Business overview, Catalysis results and strategy, key figures, subsidiary list. https://reports.umicore.com/2025
- Umicore Annual Report 2025 (PDF; a copy of the company's report filed in the German Bundestag lobby register, used to check the figures in this article). https://www.lobbyregister.bundestag.de/media/a5/78/760796/Umicore-Annual-Report-2025.pdf
- Umicore Full Year Results 2025 (press release, 20 February 2026). Results by business in 2025 and the status of Changshu. https://www.umicore.com/files/secure-documents/7893839e-71dc-414a-b5ec-1aa47454a114.pdf
- Umicore Full Year Results 2025 (presentation, 20 February 2026). https://www.umicore.com/files/secure-documents/9bad7334-d7d1-45fc-9684-04ca4c346bbf.pdf
- Umicore Half-Year Results 2026 (press release, 31 July 2026). Fuel cell catalyst demand, start of production at Changshu, raised guidance. https://www.umicore.com/files/secure-documents/7cfa416e-e500-4fbd-a040-2b45c0575430.pdf
- Umicore Half-Year Results 2026 (presentation, 31 July 2026). https://www.umicore.com/files/secure-documents/8b39d7eb-8694-4c9b-9dfc-5b12a2d2cf81.pdf
- Umicore Annual Report 2024 (English PDF). Fuel cell catalyst orders in 2024 and construction progress at Changshu. https://www.umicore.com/files/secure-documents/f80f2918-ed1f-4461-9f59-d6ef5aa9f7a5.pdf
- Umicore Umicore to build large-scale fuel cell catalyst plant in China to cater for accelerated hydrogen clean mobility growth (7 July 2022). https://www.umicore.com/en/media/newsroom/umicore-to-build-large-scale-fuel-cell-catalyst-plant-in-china-to-cater-for-accelerated-hydrogen-clean-mobility-growth/
- Umicore Umicore broke ground for its large-scale fuel cell catalyst plant in China (5 December 2023). https://www.umicore.com/en/media/newsroom/umicore-broke-ground-for-its-large-scale-fuel-cell-catalyst-plant-in-china/
- Umicore Gearing up for a fuel cell future (official feature, 4 April 2024). History of the Changshu plant, product split, production sites. https://www.umicore.com/en/media/newsroom/gearing-up-for-a-fuel-cell-future/
- Umicore Umicore expands production capacity for fuel cell catalysts (17 December 2018). The Korean expansion. https://www.umicore.com/en/media/newsroom/umicore-expands-production-capacity-for-fuel-cell-catalysts/
- Fraunhofer IWKS H2anau project completed - cooperation continues (21 January 2021). Participants and funding of H2anau. https://www.iwks.fraunhofer.de/en/press-and-media/pressreleases/press-and-media-releases-2021/h2anau-project-.html
- Umicore Fuel Cell & Stationary Catalysts (business unit site). Unit overview and locations. https://fcs.umicore.com/en/
- Umicore Fuel cell catalysts (business unit site). Overview of PEM fuel cell catalysts. https://fcs.umicore.com/en/fuel-cells/
- Umicore Fuel cell catalysts: Products (business unit site). The Elyst range. https://fcs.umicore.com/en/fuel-cells/products/
- Umicore Elyst Ir75 0480 (product data). https://fcs.umicore.com/en/fuel-cells/products/elyst-ir75-0480/
- Umicore Elyst Pt50 0690 (product data). https://fcs.umicore.com/en/fuel-cells/products/elyst-pt50-0690/
- Umicore Elyst Pt50 0550 (product data). https://fcs.umicore.com/en/fuel-cells/products/elyst-pt50-0550/
- Umicore Elyst Pt30 0690 (product data). https://fcs.umicore.com/en/fuel-cells/products/elyst-pt30-0690/
- Umicore Elyst Pt50 0380 (product data). https://fcs.umicore.com/en/fuel-cells/products/elyst-pt50-0380/
- Umicore Elyst Pt20 0390 (product data). https://fcs.umicore.com/en/fuel-cells/products/elyst-pt20-0390/
- Umicore Elyst Ir75 0520 (product data). https://fcs.umicore.com/en/fuel-cells/products/elyst-ir75-0520/
- Umicore Fuel cell catalysts (market page). 30 years of experience, anode and cathode, suitability for electrolyzers. https://www.umicore.com/en/markets-products/automotive-mobility/fuel-cell-catalysts/
- Umicore Green hydrogen (market page). Platinum- and iridium-based chemicals and catalysts. https://www.umicore.com/en/markets-products/energy-and-batteries/green-hydrogen/
- Umicore Towards circular fuel cells: overcoming 3 challenges (official feature). Recovery, recycling and fluorine. https://fcs.umicore.com/en/fuel-cells/why-fuel-cells/fuel-cells-challenges-for-circularity/
- Umicore Official website (source of the logo image). https://www.umicore.com/en/
14. Claim-to-source audit
| Claim in the text | Status | Source |
|---|---|---|
| Group revenues excluding metal of €3,562 million and turnover of €19,374 million, adjusted EBITDA of €847 million and EBIT of €579 million, net profit, R&D of €206 million, capex of €310 million (prior year €555 million), 11,230 employees and 2,094 in associates and joint ventures | Sourced | Reference 2 https://www.lobbyregister.bundestag.de/media/a5/78/760796/Umicore-Annual-Report-2025.pdf |
| Catalysis revenues of €1,668 million, adjusted EBITDA of €450 million and EBIT of €383 million, R&D of €86 million, capex of €65 million, 2,806 employees (with prior-year figures) | Sourced | Reference 2, 3 https://www.lobbyregister.bundestag.de/media/a5/78/760796/Umicore-Annual-Report-2025.pdf https://www.umicore.com/files/secure-documents/7893839e-71dc-414a-b5ec-1aa47454a114.pdf |
| Business structure, the description of Catalysis (automotive catalysts, fuel cell and stationary catalysts, precious metals chemistry; over 50 years of PGM experience), the registered office, Euronext Brussels, the subsidiary Umicore Fuel Cell Catalyst (China) Co., Ltd. (100%) | Sourced | Reference 2 https://www.lobbyregister.bundestag.de/media/a5/78/760796/Umicore-Annual-Report-2025.pdf |
| Fuel Cell & Stationary Catalysts in 2025 (sales flat, Korean demand improved, China subdued, data center stationary catalysts, Changshu near completion with output to ramp up in 2026), "ready to capture the emerging growth" in fuel cell catalysts | Sourced (company description) | Reference 1, 3 https://reports.umicore.com/2025 https://www.umicore.com/files/secure-documents/7893839e-71dc-414a-b5ec-1aa47454a114.pdf |
| Catalysis 2028 ambitions (revenues of about €1.8 billion, adjusted EBITDA margin of about 25%, ROCE above 35%, free cash flow above €1.4 billion) | Not yet confirmed | Reference 2 https://www.lobbyregister.bundestag.de/media/a5/78/760796/Umicore-Annual-Report-2025.pdf |
| First half of 2026 in Catalysis (revenues of €883 million, adjusted EBITDA of €250 million), lower revenues and adjusted EBITDA for Fuel Cell & Stationary Catalysts, slower hydrogen adoption in China, Changshu start-up costs, start of production at Changshu, raised group guidance (adjusted EBITDA slightly above €1 billion) | Sourced (company description) | Reference 5, 6 https://www.umicore.com/files/secure-documents/7cfa416e-e500-4fbd-a040-2b45c0575430.pdf https://www.umicore.com/files/secure-documents/8b39d7eb-8694-4c9b-9dfc-5b12a2d2cf81.pdf |
| The 2025 presentation (Changshu near completion, output to ramp up during 2026) | Sourced (company description) | Reference 4 https://www.umicore.com/files/secure-documents/9bad7334-d7d1-45fc-9684-04ca4c346bbf.pdf |
| 2024: lower fuel cell catalyst orders (slower Asian market), recovery in China in the second half, Changshu construction going well (operation expected early 2026) | Sourced (company description) | Reference 7 https://www.umicore.com/files/secure-documents/f80f2918-ed1f-4461-9f59-d6ef5aa9f7a5.pdf |
| Announcement of the Changshu plant (7 July 2022; expected operation by end-2024; existing sites in Hanau and Korea; recycling of used catalysts) | Sourced (2022 plan) | Reference 8 https://www.umicore.com/en/media/newsroom/umicore-to-build-large-scale-fuel-cell-catalyst-plant-in-china-to-cater-for-accelerated-hydrogen-clean-mobility-growth/ |
| Groundbreaking at Changshu (1 December 2023, announced 5 December), about 30 years of experience, expected to be the world's largest PEM catalyst facility, lists of production and R&D sites, operation expected early 2026 | Sourced (company description) | Reference 9 https://www.umicore.com/en/media/newsroom/umicore-broke-ground-for-its-large-scale-fuel-cell-catalyst-plant-in-china/ |
| The April 2024 feature (alloy catalysts in Korea and platinum catalysts first in China, lines that cannot be mixed, starting small and growing in steps, continued production including electrolysis catalysts at Hanau, Suzhou "key project" and incentives, start in China around late 2020, research on recycling fuel cell membranes) | Sourced (company description) | Reference 10 https://www.umicore.com/en/media/newsroom/gearing-up-for-a-fuel-cell-future/ |
| The December 2018 Korean expansion (to support Hyundai Motor Group's growth, a low double-digit million euro investment, commissioning at end-2019 and full ramp-up by end-2020, collaboration agreements with leading car makers) | Sourced (2018 plan) | Reference 11 https://www.umicore.com/en/media/newsroom/umicore-expands-production-capacity-for-fuel-cell-catalysts/ |
| The H2anau project (participants Umicore, Evonik, Fraunhofer IWKS, Heraeus and others; seven fuel-cell delivery vehicles and 120,000 km; funding from Hesse and the EU ERDF; results in January 2021) | Sourced | Reference 12 https://www.iwks.fraunhofer.de/en/press-and-media/pressreleases/press-and-media-releases-2021/h2anau-project-.html |
| Creation of the business unit (2020), headquarters in Shanghai, manufacturing and testing sites (China, US, Germany, Denmark, Korea), general statement on joint research with universities and industrial partners | Sourced (company description) | Reference 13 https://fcs.umicore.com/en/ |
| Overview of PEM fuel cell catalysts (about 30 years of experience, anode and cathode, suitable for electrolyzers, customer development support, scalable synthesis) | Sourced (company description) | Reference 14, 23 https://fcs.umicore.com/en/fuel-cells/ https://www.umicore.com/en/markets-products/automotive-mobility/fuel-cell-catalysts/ |
| The Elyst product list and each product's specification (Pt/C 20 and 50%, PtCo/C 30 and 50%, supported IrO₂ at 75% iridium, metal purity 99.95, anode and cathode classes) | Sourced (company description) | Reference 15, 16, 17, 18, 19, 20, 21 https://fcs.umicore.com/en/fuel-cells/products/ https://fcs.umicore.com/en/fuel-cells/products/elyst-ir75-0480/ https://fcs.umicore.com/en/fuel-cells/products/elyst-pt50-0690/ https://fcs.umicore.com/en/fuel-cells/products/elyst-pt50-0550/ https://fcs.umicore.com/en/fuel-cells/products/elyst-pt30-0690/ https://fcs.umicore.com/en/fuel-cells/products/elyst-pt50-0380/ https://fcs.umicore.com/en/fuel-cells/products/elyst-pt20-0390/ |
| No specification on the Elyst Ir75 0520 detail page | Sourced | Reference 22 https://fcs.umicore.com/en/fuel-cells/products/elyst-ir75-0520/ |
| Platinum- and iridium-based chemicals and catalysts for green hydrogen (including PEM catalysts) | Sourced (company description) | Reference 24 https://www.umicore.com/en/markets-products/energy-and-batteries/green-hydrogen/ |
| Scarcity of platinum and iridium, development of electrocatalysts that use less PGM, recovery of platinum from used catalysts and production scrap, no separate stream for hydrogen waste at present, three recycling challenges (including fluorine) | Sourced (company description) | Reference 25 https://fcs.umicore.com/en/fuel-cells/why-fuel-cells/fuel-cells-challenges-for-circularity/ |
| The logo image was extracted from the logo embedded in the official website header, with only the color set for this page | Sourced | Reference 26 https://www.umicore.com/en/ |
| Sales, profit and headcount of the Fuel Cell & Stationary Catalysts unit, hydrogen-specific targets, Changshu capacity and investment, platinum and iridium loadings, customer names and contracts, sales of electrolysis catalysts, hydrogen-related acquisitions, JVs and investments, named public funding (NEDO, Clean Hydrogen Partnership, IPCEI), the content of the LOHC page | Not yet confirmed | Not stated in company sources. This article does not claim they do not exist (this article) |
| The readings that "it is building capacity ahead of demand," that "starting small is meant to hold down fixed costs," and that "fuel cell catalysts are a growth option within Catalysis"; limits on supports and iridium loading; technology-choice uncertainty; customer and competitor shifts | Inference | Reference 1, 5, 8, 9, 10, 2 https://reports.umicore.com/2025 https://www.umicore.com/files/secure-documents/7cfa416e-e500-4fbd-a040-2b45c0575430.pdf https://www.umicore.com/en/media/newsroom/umicore-to-build-large-scale-fuel-cell-catalyst-plant-in-china-to-cater-for-accelerated-hydrogen-clean-mobility-growth/ https://www.umicore.com/en/media/newsroom/umicore-broke-ground-for-its-large-scale-fuel-cell-catalyst-plant-in-china/ https://www.umicore.com/en/media/newsroom/gearing-up-for-a-fuel-cell-future/ https://www.lobbyregister.bundestag.de/media/a5/78/760796/Umicore-Annual-Report-2025.pdf |
| The classification of Umicore as "Materials & components" and the four-type framework | Our calculation | Our own arrangement and calculation (technical explanations are general and are not values for the company's products; see the technical explainers in this series) |
| Catalysis' share of group revenues excluding metal (about 47%, 1,668 ÷ 3,562) | Our calculation | Our own arrangement and calculation (technical explanations are general and are not values for the company's products; see the technical explainers in this series) |
| Technical explanations of the aim of alloy catalysts, the role of supports and the conditions at the electrolysis anode | Our calculation | Our own arrangement and calculation (technical explanations are general and are not values for the company's products; see the technical explainers in this series) |
Last updated: 6 October 2026 / Troy Technical
This article is based on Umicore's annual reports, results releases, official press releases and features, official product pages and public materials from Fraunhofer IWKS. It uses no market-research estimates or press-based figures (the market growth expectation in the company's announcement is quoted only as the company's own expectation, and said to be so). Items marked "Inference" are our reading of the primary sources and are not company disclosures. Product features are the company's own descriptions, and no stated performance values are published. Company plans and targets are not yet confirmed and are not guaranteed. This article does not advise individual readers on handling or operating hydrogen, or on investment decisions.