Companies Umicore SA FollowVolkswagen AG FollowOct 17 (Reuters) - Belgium's Umicore (UMI.BR) said on Tuesday it had lowered its net capital expenditure target for 2026 after expanding its battery materials production facilities to North America, with plans to build a new plant in Canada.
Umicore expects total net capital expenditure between 2022 and 2026 to reach 3.8 billion euros ($4.01 billion).
The group had previously said it planned to carry out phased investments of around 5 billion euros between 2022-2026.
Analysts at brokerage Jefferies said that the difference between both figures does not necessarily mean a drop in overall gross capex spending.
Umicore also announced a new target for earnings before interest, taxes, depreciation and amortisation (EBITDA) margins, which they expect to be above 25% from 2026.
Persons:
Umicore, Jefferies, Victor Goury, Louise Heavens
Organizations:
Volkswagen, Thomson
Locations:
North America, Canada