Unique business model in sync with global megatrends
Our circular business model is more relevant than ever and at the core of everything we do. Building on our deep knowledge in metals chemistry, metallurgy, materials science and metals management, it positions us as a key enabler of the transformative changes the world needs today.
Our advanced materials enable clean technologies, mobility transformation and global connectivity, while addressing the ever-growing scarcity of critical raw materials by closing the loop endlessly. Embracing megatrends as our business drivers, our mid-term plan leverages and builds on our core business model.
2028 Group ambitions
Harnessing our strengths
We have a clear role to play across industries and throughout society with unique assets and capabilities. Yet in today’s uncertain times, with the slowdown in electromobility growth, we need to adapt and evolve. Harnessing our strengths, our roadmap to 2028 focuses on four key imperatives:
- Capital: We will strictly contain investments, focus on a more balanced capital allocation across the Group and a rigorous capital deployment.
- Performance: We will further implement operational efficiencies across activities and target to offset inflation.
- People and culture: We will establish a culture of performance to drive change and unlock value through continuous improvement mindset.
- Partnerships: In Battery Materials Solutions, we are actively exploring partnerships.
Maximizing cash generation potential in our foundation businesses
Our foundation businesses - Catalysis, Recycling and Specialty Materials - are world leaders in their respective fields with industry leading returns.
Catalysis
We remain well positioned to maximize value throughout the mobility transformation. Automotive Catalysts will build on its global leadership position in light-duty gasoline and selective approach in heavy-duty diesel in China and Europe. Through its strong customer intimacy, flexible footprint and efficiency mindset it will drive cash and quality of earnings. At the same time, we are ready to capture the emerging growth in the fuel cell catalysts market building on our benchmark technology, diversified customer portfolio and footprint in key growth market China.
Catalysis 2028 ambitions
Deliver revenues of around €1.8 billion.
Recycling
We will continue to build on our solid performance and strong value creation. Our unique assets and capabilities consistently extract and refine the best mix of valuable metals. We will continue to uphold the highest standards of accuracy and integrity with our customers. We will also be investing for the future to strengthen our best-in-class environmental position while bringing more profitable supply with higher yields and improved throughput.
Recycling 2028 ambitions
Deliver revenues of around €800 million.
Specialty Materials
We are a technology and innovation leader in profitable and tech-driven niche markets in germanium applications and PGM-based electrochemical plating. We will valorize our strong position in these high-quality growth applications for Electro-Optic Materials and Metal Deposition Solutions. For Cobalt and Specialty Materials, we will improve performance and diversify further into attractive applications.
Speciality Materials 2028 ambitions
Generate revenues of around €600 million.
Battery Materials Solutions
Building on our core business model, we have established a solid position in the industry. From sourcing expertise and flexibility to deep know-how in cathode active materials and a leading NMC technology portfolio, we have a strategic, flexible asset base and strong industrial capabilities
Following an in-depth strategic review of our Battery Cathode Materials activity, we have outlined a robust standalone mid-term plan to recover maximum value of our investments with strict cost and cash discipline.
- We decrease Capex by €800 million between 2025 and 2028 versus the previous plan, by putting our assets to work and maximize plant utilization
- We will leverage strong customer contracts that include take-or-pay provisions while increasing focus on customer and platform diversification
Actively exploring partnership options in Battery Cathode Materials
We continue to seek ways to accelerate value recovery. To this end, we are actively exploring partnership options.
Maximizing cash generation and recovering value
through our circular business model
Building on our unique circular business model, we are committed to deliver long-term value to our stakeholders. Our solid plan has the ambition to maximize cash generation in our foundations businesses while recovering value in Battery Cathode Materials.
