Umicore, which supplies battery materials for automakers, reported an adjusted net profit of 255 million euros (USD 267 million) for 2024, while analysts were expecting it to reach 266 million euros, a poll compiled by Vara Research showed.

The European automotive market is undergoing a complicated transition amid slower than expected EV sales growth, as carmakers oppose measures meant to encourage consumers to abandon combustion engines, such as CO2 emission rules coming into force this year.

"2024 has been a sobering and intense year for Umicore, marked by significant headwinds including a slowdown in EV growth, multiple challenges for the European industrial sector, and rising geopolitical tensions," CEO Bart Sap said in a statement.

For 2025, Umicore sees adjusted earnings before interest, taxes, depreciation and amortization in a range of 720 million to 780 million euros, compared to 763 million euros last year.

The Belgium-based company said it would propose a gross dividend of 50 euro cents per share for 2024 at its annual general meeting on April 24.