Umicore stock: EUR 450 million Hoboken expansion and job risks

Umicore announced on Thursday, November 12, 2026, that it will invest 450 million euros in expanding its Precious Metals Refining flowsheet in Hoboken, Belgium. In the same release, the company proposed changes to its operating model that could affect up to 350 employees over the next two years. The announcement came from Umicore in a press release.

Hoboken project targets recycling growth

The project is designed to expand Umicore's hydrometallurgical processing capacity at the Hoboken site. Subject to regulatory approvals, spending is planned from 2027 through 2030, with commissioning expected in 2030. The European Commission has selected the expansion as a strategic project under the Critical Raw Materials Act.

Umicore says the redesigned flowsheet should provide more flexibility in feed materials, shorten throughput times for platinum group metals and other precious metals, and increase capacity for metals such as antimony and tin. It would also enable the refining and recycling of cobalt, adding an 18th metal to the flowsheet. The company expects a payback period of about six years, with a shorter period possible if current metal prices continue.

Cost savings bring workforce risk

Alongside the industrial investment, Umicore plans to simplify its operating model and standardize processes through automation, digital tools, artificial intelligence and selective outsourcing. The proposed changes mainly concern enterprise functions across different regions and are expected to be phased through the end of 2029.

The company is targeting 60 million euros in annualized savings by the fourth quarter of 2028. Up to 350 employees could face job losses, excluding external contractor positions also covered by the initiative. Consultations with trade unions and works council representatives have begun. For investors, the plan combines a long-term capacity expansion with near-term execution, workforce and implementation risks.

2026 outlook remains unchanged

Umicore said third-quarter trading was in line with expectations and reiterated its full-year 2026 adjusted EBITDA guidance at slightly above 1 billion euros. Management expects earnings to remain weighted toward the first half because exceptional results in Recycling and Specialty Materials are not expected to recur in the second half. Automotive Catalysts is expected to follow its usual seasonal pattern.

Umicore stock traded at 17.98 euros on Lang & Schwarz at 11:01 CET on Friday, November 13, 2026.

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