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Umicore | Company Profile

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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.

Basis: Annual Report 2025 (published 2026); full-year 2025 results release and presentation (20 February 2026); half-year 2026 results release and presentation (31 July 2026); Annual Report 2024; official announcements on the Changshu plant (July 2022 and December 2023) and an official feature (2024); the 2018 announcement of the Korean expansion; a Fraunhofer IWKS release; official product pages / Last updated October 2026

In this article
  1. At a glance: Umicore and its place in hydrogen energy
  2. Logo and naming
  3. Where the company sits in hydrogen energy
  4. Company scale
  5. Resources committed to hydrogen
  6. Track record
  7. Plans
  8. What the company is aiming for in hydrogen
  9. Partnership map for hydrogen
  10. Technologies, products and services
  11. Risks
  12. Glossary
  13. References
  14. Claim-to-source audit

1. At a glance: Umicore and its place in hydrogen energy

LEGAL NAMEUmicore NV/SAGrew out of the former Union Minière, according to the annual report
HEADQUARTERSBrussels, Belgium
Rue du Marais 31
Registered office (annual report)
LISTINGEuronext BrusselsThe annual report refers to the share price on Euronext Brussels
TYPE IN THIS FIELDMaterials & components
(catalysts for fuel cells and electrolysis)
Catalyst powders: Pt/C, PtCo/C and iridium-based. It does not make equipment, membranes or MEAs
CORE TECHNOLOGY AND TARGETPEFC catalyst powders
(product name Elyst)
Carbon-supported platinum, platinum-cobalt alloy, and supported iridium oxide
CONSOLIDATED REVENUES (EXCL. METAL)€3,562 millionYear to December 2025. Catalysis: €1,668 million (about 47%)
FUEL CELL & STATIONARY CATALYSTS SALESNot disclosedOnly "flat" (2025) and "lower year on year" (first half 2026)
CONSOLIDATED EMPLOYEES11,230End of 2025, of which Catalysis 2,806. Hydrogen alone is not disclosed
The one point to grasp first

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

Four types of companies in hydrogen energy Making, using, moving or supplying materials: each type has different strengths and customers Electrolyzers Fuel cells & end use Gases & large projects Materials & components Split water into hydrogen Turn hydrogen into power Make and move hydrogen Supply key materials nucera / ITM Power Plug Power / Nel Ballard / Bloom Energy Toyota / Kawasaki HI Air Products / Linde Air Liquide / ACWA Chemours / AGC Johnson Matthey and others Track record, scale-up Products fit to each use Gas network and capital Material quality, QA Tied to projects, policy Tied to end-use uptake Tied to capex payback Tied to customer demand Umicore is the right-hand type, Materials & components: it makes platinum and iridium catalyst powders Hydrogen sales are not disclosed. Changshu (China) started production in 2026; demand is subdued
Fig. 1 Four types of companies in hydrogen energy, and where Umicore sits. The classification is ours, and the company names are examples from companies covered in this series Our calculation. That Umicore makes catalysts for fuel cells and electrolysis is based on its annual report and official product pages.

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 / useWhere it sits at UmicorePrimary sources foundStatus
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, ChinaProduct pages; annual report; official announcementsSourced
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 disclosedProduct pages; market page; official featureSourced (company description)
Recycling of used catalysts and production scrapThe 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 wasteOfficial feature on circularitySourced (company description)
Stationary exhaust-gas catalystsIn the same business unit, but for exhaust gas from generators, ships and industry, not a hydrogen product. The company says data center demand is growingResults releasesSourced
Automotive exhaust-gas catalystsThe largest business in Catalysis. Not hydrogen, so not covered hereAnnual reportSourced
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 capexR&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
Employees11,230 fully consolidated at end of 2025 (prior year 11,581), plus 2,094 in associates and joint ventures
BusinessesCatalysis, Recycling, Specialty Materials and Battery Materials Solutions
Headquarters and listingBrussels. Euronext Brussels
Catalysis business group20242025
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)2,9332,806
Revenues by business unitThe 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)
A caution

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.

ItemWhat could be confirmedStatus
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 disclosedSourced / 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 confirmedSourced / 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 subsidiaryNot confirmed (stakes, JVs) / Sourced (expansion, subsidiary)
Universities, research institutes, public fundingUmicore 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 confirmedSourced / 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.

ProjectLocationScaleStageDate and source
New PEM fuel cell catalyst plantChangshu (Suzhou), Jiangsu, ChinaStarts 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 disclosedOperating (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 20267 July 2022; 5 December 2023; April 2024; 20 February 2026 and 31 July 2026
Korean fuel cell catalyst plantKorea (near Seoul, Incheon)A "low double-digit million euro" investment, announcedExpansion announced in 2018 (to be commissioned end-2019, fully ramped up by end-2020). Company materials from 2022 onward list production facilities in Incheon17 December 2018; July 2022
Catalyst production in HanauGermanyNot disclosedOperating. The company says it will keep making fuel cell catalysts, including electrolyzer catalysts, at Hanau until Changshu is runningOfficial feature, April 2024

6. Track record

WhenWhat happenedWhy it matters
About 30 years ago onwardThe 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 2018Announced 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 worldwideThe first large expansion (in Asia)
2018 to 2021Took 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 EUCooperation in a regional hydrogen and fuel cell cluster
2020Created 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 2020China was positioned as the growth market
7 July 2022Announced a large fuel cell catalyst plant in Changshu, China (expected to operate by end-2024), and mentioned recycling of used catalystsDecision to produce at scale in China
1 December 2023Groundbreaking at Changshu (announced 5 December). Operation expected in early 2026Construction began (start-up date moved later)
2024Orders 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 wellDemand showed signs of a bottom, but was weak
2025Sales 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 catalystsDemand lagged, but capacity was built as planned
31 July 2026The 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 EBITDAPlant built; demand still to arrive

7. Plans

CHANGSHU PLANTStart small,
add capacity in steps
From the April 2024 feature. Output due to ramp up during 2026 (2025 results release)
PRODUCT SPLITKorea: alloy catalysts
China: platinum first
The two cannot be mixed on one line, so separate lines are used. China is to make both in the longer term
CATALYSIS 2028 AMBITIONSRevenues about €1.8 billion
Adjusted EBITDA margin about 25%
ROCE above 35%; more than €1.4 billion free cash flow over 2025-2028. No hydrogen-specific target
GROUP 2026 OUTLOOKAdjusted EBITDA slightly
above €1 billion
Raised 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.

What could not be confirmed

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 sourcesPrimary evidenceStatus
It assumes China's hydrogen and fuel cell vehicle market will grow, and is building capacity ahead of demandAnnounced 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 subduedSourced (company description)
It plans to start small and add capacity in steps, to hold down fixed costs while demand is weak2024 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 lineup2024 feature: "we can't say which technology will prevail." Korea focuses on alloy catalysts, China starts with platinum and in the longer term makes bothSourced (company description)
Fuel cell catalysts are a growth option inside Catalysis; the main earnings source remains automotive exhaust catalysts and precious-metal chemistryCatalysis' 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 fellInference
It wants to raise the value of its catalysts through metal recovery and reuseOfficial 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 membranesSourced (company description)
One inference in more detail

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

Supply, cooperation, subsidiaries and public support around Umicore Only relationships stated in company sources. Customers the company does not name are shown as such Joint development / cooperation Supply Subsidiary / public support Umicore Fuel cell catalysts Hyundai Motor Group 2018: Korean plant to support growth Leading car makers Collaboration agreements (not named) H2anau (Hanau, Germany) Evonik / Heraeus / IWKS and others Universities, institutes Joint research (no named cases) Umicore Fuel Cell Catalyst (China) 100% subsidiary; runs Changshu Changshu / Suzhou government Incentives; "key project" status Own refining and recycling Recovers platinum from used catalysts Fuel cell makers (not named) 2025: Korea up, China subdued
Fig. 2 Supply, cooperation, subsidiaries and public support around Umicore. Sources: the company's official announcements (December 2018, July 2022, December 2023), a 2024 official feature, the annual report and Fraunhofer IWKS public materials. Only relationships the company states in official sources are shown. The Hyundai Motor Group link comes from the 2018 announcement, which said the expansion would support that group's growth; the current content of the relationship cannot be confirmed. H2anau ran from 2018 to 2021 and is complete.

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 / serviceWhat 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 electrolysisFor 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 supportIt 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
RecyclingMaterial 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
A materials engineer's view: where catalyst powders are won or lost

(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

RiskDetailStatus
Hydrogen results are not visibleSales, 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 dataNot yet confirmed
Slow demand build-upIn 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 profitSourced (company description)
Dependence on China and customer concentrationThe 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 2025Sourced / not confirmed
Technology-choice uncertaintyThe 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 mainstreamInference
Platinum and iridium prices and supplyPlatinum 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 pointSourced (company description) / Inference
Competition and shifts at customersFuel 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 itInference
Small recycling streamBecause 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 directionSourced (company description)
Group prioritiesMost 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 confirmedSourced / Inference
Regulation and environmentThe 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 itSourced (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.
Conceptual hero image for Umicore
Fig. 3 A concept image of making the catalyst powders Umicore supplies for fuel cells and electrolysis: black powder, in which platinum or iridium particles sit on a carbon or oxide support, is synthesized, filtered, dried and weighed out (AI-generated concept; it does not show actual equipment or products).

13. References

  1. 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
  2. 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
  3. 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
  4. Umicore Full Year Results 2025 (presentation, 20 February 2026). https://www.umicore.com/files/secure-documents/9bad7334-d7d1-45fc-9684-04ca4c346bbf.pdf
  5. 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
  6. Umicore Half-Year Results 2026 (presentation, 31 July 2026). https://www.umicore.com/files/secure-documents/8b39d7eb-8694-4c9b-9dfc-5b12a2d2cf81.pdf
  7. 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
  8. 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/
  9. 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/
  10. 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/
  11. 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/
  12. 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
  13. Umicore Fuel Cell & Stationary Catalysts (business unit site). Unit overview and locations. https://fcs.umicore.com/en/
  14. Umicore Fuel cell catalysts (business unit site). Overview of PEM fuel cell catalysts. https://fcs.umicore.com/en/fuel-cells/
  15. Umicore Fuel cell catalysts: Products (business unit site). The Elyst range. https://fcs.umicore.com/en/fuel-cells/products/
  16. Umicore Elyst Ir75 0480 (product data). https://fcs.umicore.com/en/fuel-cells/products/elyst-ir75-0480/
  17. Umicore Elyst Pt50 0690 (product data). https://fcs.umicore.com/en/fuel-cells/products/elyst-pt50-0690/
  18. Umicore Elyst Pt50 0550 (product data). https://fcs.umicore.com/en/fuel-cells/products/elyst-pt50-0550/
  19. Umicore Elyst Pt30 0690 (product data). https://fcs.umicore.com/en/fuel-cells/products/elyst-pt30-0690/
  20. Umicore Elyst Pt50 0380 (product data). https://fcs.umicore.com/en/fuel-cells/products/elyst-pt50-0380/
  21. Umicore Elyst Pt20 0390 (product data). https://fcs.umicore.com/en/fuel-cells/products/elyst-pt20-0390/
  22. Umicore Elyst Ir75 0520 (product data). https://fcs.umicore.com/en/fuel-cells/products/elyst-ir75-0520/
  23. 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/
  24. Umicore Green hydrogen (market page). Platinum- and iridium-based chemicals and catalysts. https://www.umicore.com/en/markets-products/energy-and-batteries/green-hydrogen/
  25. 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/
  26. Umicore Official website (source of the logo image). https://www.umicore.com/en/

14. Claim-to-source audit

Claim in the textStatusSource
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 venturesSourcedReference 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)SourcedReference 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%)SourcedReference 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 catalystsSourced (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 confirmedReference 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 2026Sourced (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)SourcedReference 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 partnersSourced (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 pageSourcedReference 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 pageSourcedReference 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 pageNot yet confirmedNot 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 shiftsInferenceReference 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 frameworkOur calculationOur 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 calculationOur 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 anodeOur calculationOur 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.

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