Heraeus Holding GmbH Business Model Canvas
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Unlock the full strategic blueprint with a complete Business Model Canvas - editable Word/Excel
Unlock the full strategic blueprint behind Heraeus Holding GmbH with our complete Business Model Canvas—detailing value propositions, revenue streams, key partners and competitive advantages. Ideal for investors, consultants and founders, this downloadable Word/Excel file turns insights into actionable strategy—purchase now to access the full, editable analysis.
Partnerships
Metals supply alliances
Heraeus, founded in 1851 and present in over 40 countries, partners with responsible miners, recyclers and traders to secure precious and specialty metal feedstock, leveraging its global refining and recycling network. Long-term supply contracts stabilize availability and quality, while advanced traceability programs align with responsible sourcing standards. Collaborative sourcing and hedging arrangements mitigate price-volatility risks for production and customers.
OEM co-development
Heraeus, founded in 1851, co-develops materials and components with leading electronics, automotive, and medical OEMs to tailor specs to platform roadmaps. Joint development roadmaps synchronize timelines and reduce time-to-qualification through early engagement, shortening validation cycles. Close collaboration raises switching costs and strengthens customer loyalty by embedding Heraeus materials into OEM platforms.
Research and academia
Heraeus leverages its 173-year heritage to collaborate with universities and institutes on advanced materials science, focusing joint projects in catalysts, sensors and optics. Shared labs and targeted grants accelerate breakthroughs and de-risk scale-up, supporting commercial pilots within 12–24 months. Access to academic talent strengthens recruitment into R&D teams of over 15,000 employees, while robust IP frameworks secure commercialization paths.
Equipment and process vendors
Aligning with furnace, deposition, and metrology vendors enables optimized manufacturing flows and coordinated equipment roadmaps; targeted process enhancements drive higher yield and material purity while joint trials cut scale-up risk and time-to-production. Preferred access to next-generation tools secures technological differentiation and sustained competitiveness.
- Vendor-aligned tool roadmaps
- Process upgrades raise yield and purity
- Joint trials reduce scale-up risk
- Preferred access to next-gen equipment
Regulatory and certification bodies
Heraeus engages notified bodies, standards groups, and independent auditors to secure medical and industrial compliance, aligning early to shorten approval cycles and reduce time-to-market for regulated products. Continuous audits and surveillance sustain quality credentials and supplier trust, while active participation in standards committees helps shape evolving regulatory requirements. This approach supports predictable approvals and risk-managed production.
- Engage notified bodies and auditors
- Early alignment reduces approval time
- Continuous audits sustain credentials
- Participation shapes standards
Global materials partner secures feedstock and co-develops tech across 40+ countries
Heraeus partners with responsible miners, recyclers and traders to secure feedstock across its global refining and recycling network; the group operates in 40+ countries and was founded in 1851. Long-term OEM co-development embeds Heraeus materials into electronics, automotive and medical platforms, supported by an R&D workforce of ~15,000. Strategic alliances with equipment vendors, universities and regulators accelerate scale-up, ensure compliance and protect IP.
| Partner type | Purpose | Key fact (2024) |
|---|---|---|
| Miners/Recyclers | Secure feedstock | Presence in 40+ countries |
| OEMs | Co-development | ~15,000 R&D employees |
| Academia/Vendors/Regulators | Scale-up, compliance | Founded 1851 |
What is included in the product
Detailed Word Document
A comprehensive, pre-written Business Model Canvas for Heraeus Holding GmbH that maps all nine BMC blocks—customer segments, value propositions, channels, customer relationships, key activities, resources, partners, cost structure and revenue streams—reflecting real-world operations and strategic priorities; includes linked SWOT analysis and competitive advantages, ideal for presentations, investor discussions and strategic decision-making.
Customizable Excel Spreadsheet
High-level, editable Business Model Canvas for Heraeus condenses its metals, materials, and technology value drivers into a single page—saving hours on structuring strategy, enabling quick comparisons, and streamlining boardroom discussions and team collaboration.
Activities
Advanced materials R&D
Develop new alloys, catalysts, quartz formulations and sensing elements, leveraging Heraeus' strong industrial portfolio and 2023 sales of €29.4 billion to fund materials R&D. Rapid prototyping and iterative pilots with customer feedback shrink time-to-market and de-risk scale-up. Outcomes are secured via patent filings and advanced IP management, then transitioned to pilot lines for commercialization.
Precision manufacturing
Produce high-purity metals, quartz components, sensors and specialty light sources at industrial scale using ISO class 5–7 cleanrooms and high-temperature furnaces up to 1,200°C. Tight SPC process control and automation ensure repeatability across global sites, supporting Heraeus’s ~17,000 employees (2024). Continuous improvement programs deliver multi-percentage-point yield gains year-on-year.
Recycling and refining
Heraeus recovers valuable metals from industrial scrap and end-of-life products, recycling thousands of tonnes annually to feed its refining operations. Refining closes the materials loop, lowering raw-material costs and supporting Heraeus Group revenue of about €31.6 billion in 2023. Independent assay and settlement services provide transparent pricing and build customer trust. Stringent environmental controls and investments reduce emissions and minimize the operational footprint.
Application engineering
Application engineering tailors Heraeus solutions to customer processes and equipment, providing design-in support, testing, and qualification. On-site trials de-risk adoption and accelerate ramp-up across facilities in over 40 countries. Detailed documentation enables smooth system integration and transfer to volume production.
- design-in support
- testing & qualification
- on-site trials
- integration documentation
Quality and compliance
Heraeus maintains ISO and GMP certifications across its regulated units, with medical-device compliant sites supporting product traceability and purity; in 2024 the group reported operations in over 40 countries, underpinning global regulatory submissions and post-market vigilance to keep markets open.
Continuous training programs—delivered to thousands of employees annually—sustain a compliance culture and reduce audit nonconformities year-over-year.
- ISO/GMP/MedDev: certified sites across 40+ countries
- Traceability: batch-level purity controls in regulated lines
- Regulatory: ongoing submissions and vigilance to retain market access
- Training: annual programs for thousands of staff to lower audit findings
Commercializing alloys, catalysts & sensors with €29.4bn 2023 sales
Develop alloys, catalysts, quartz and sensors funded by Heraeus' 2023 sales of €29.4bn, moving IP to pilot lines for commercialization. Industrial-scale production uses ISO class 5–7 cleanrooms and furnaces to 1,200°C with SPC and automation across ~17,000 employees (2024). Recycling/refining recovers thousands of tonnes annually, supporting €31.6bn group revenue (2023) and operations in 40+ countries.
| Metric | Value |
|---|---|
| 2023 sales | €29.4bn |
| Group revenue 2023 | €31.6bn |
| Employees 2024 | ~17,000 |
| Recycled tonnes p.a. | Thousands |
| Countries | 40+ |
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Resources
Materials expertise
Deep know-how in precious metals, quartz glass, catalysts, sensors and photonics at Heraeus traces to its founding in 1851, giving 173 years of accumulated expertise. Cross-disciplinary teams translate physics, chemistry and engineering into solutions for high-spec markets. Tacit process recipes and proprietary know-how are embedded in production workflows. This expertise underpins differentiation in premium segments.
Manufacturing assets
Heraeus maintains refining facilities, smelters, furnaces, cleanrooms and precision machining centers to serve electronics, medical and catalyst markets. Its global footprint of over 100 production sites in more than 40 countries enables regional supply and fast lead times. Modular lines and flexible capacity allow rapid scaling to absorb demand swings. Continuous capital and technology investment keep equipment state-of-the-art.
Intellectual property
Heraeus' IP portfolio—comprising thousands of patents, trade secrets, and proprietary process controls—shields margins from commoditization and sustains premium pricing. Licensing and joint‑development agreements create optionality and non‑linear revenue pathways. The portfolio directs R&D focus toward high‑margin materials and critical process improvements. As of 2024, Heraeus maintains a broad global IP estate across multiple technology fields.
Secure metal inventory
Secure metal inventory maintains working stocks of precious and specialty metals to ensure uninterrupted production; integrated hedging policies and forward contracts manage price risk; insured vaulting and strong physical security protect stored value; tight inventory turnover metrics optimize capital efficiency and reduce holding costs.
- working-stocks
- hedging-policies
- vaulting-insurance
- efficient-turnover
Customer relationships
Heraeus secures key accounts via long-term framework agreements and approved-vendor status, embedding products and services into customer roadmaps and procurement flows. Historical delivery performance and compliance across regulated industries build trust and enable multi-year collaborations. Continuous data and customer feedback loops drive incremental product innovation and joint roadmap planning.
- Key accounts: framework agreements
- Approved vendor status: supplier integration
- Deep integration: roadmap alignment
- Feedback loops: product innovation
173 years of materials expertise, >100 sites in 40+ countries
Heraeus' key resources combine 173 years of materials expertise, a global network of over 100 production sites in 40+ countries, and a broad IP estate (thousands of patents and trade secrets as of 2024). Large secured precious-metal inventories, hedging programs and long-term customer contracts sustain margin resilience and supply continuity.
| Resource | Metric | 2024 |
|---|---|---|
| Production sites | Global footprint | >100 |
| Countries | Regional reach | 40+ |
| IP | Patents/trade secrets | Thousands |
Value Propositions
High-performance materials
Heraeus high-performance materials deliver exceptional purity—up to 99.99%—and chemical/thermal stability for critical applications. Products comply with stringent industrial and medical standards such as ISO 13485 and relevant ASTM specifications. Enhanced consistency and reliability reduce downtime and defects, enabling customers to achieve superior end-product quality and higher manufacturing yields.
Customization at scale
Tailor compositions, geometries, and packaging to exact needs while application engineering ensures fit-for-purpose solutions. Scalable manufacturing supports lifecycle volumes across about 15,000 employees worldwide (2024) and a global production footprint, enabling faster time-to-qualification and creating measurable commercial advantage.
Circular metal solutions
Heraeus offers precision refining and recycling to reclaim valuable metals from industrial and electronic waste, feeding materials back into production. Closed-loop programs demonstrably lower total cost of ownership through material recovery and reuse. Sustainability metrics reported in 2024 support clients’ ESG targets, and transparent settlement processes build customer confidence. As of 2024 Heraeus employs ~15,000 worldwide.
Regulatory confidence
Regulatory confidence at Heraeus rests on compliant processes, documentation, and certifications (ISO 9001 across business units) that simplify audits and lower approval risk; the group, founded in 1851, leverages a proven track record and post-market support to ensure continuity and help customers navigate complex regulations efficiently.
- Compliant processes
- Audit-ready documentation
- ISO 9001 certified
- Proven approval track record
- Post-market continuity
Total cost and risk reduction
Stable supply, hedging programs and stringent quality controls reduce operational risk and support predictable procurement and production cycles. High yields and product lifetimes exceeding 25 years (industry 2024 benchmark) lower levelized costs of ownership, while technical support shortens integration timelines. Data-backed reliability and ISO 9001-aligned quality systems improve planning accuracy.
- Stable supply
- Hedging
- High yields
- Long lifetimes (25+ yrs)
- Technical support
- Data-backed reliability
99.99% pure, ISO-certified materials with scalable production and closed-loop recycling
Heraeus supplies high-performance materials with purity up to 99.99% and compliance to ISO 13485/ASTM, improving yields and reducing downtime. Tailored compositions, scalable production and application engineering shorten qualification and time-to-market; global workforce ~15,000 (2024). Closed-loop refining/recycling and 2024 sustainability reporting support ESG targets and lower total cost of ownership. ISO 9001-certified processes and 170+ years of history (founded 1851) ease regulatory risk.
| Metric | Value (2024) |
|---|---|
| Material purity | up to 99.99% |
| Employees | ~15,000 |
| Certifications | ISO 9001, ISO 13485 |
| Product lifetime | 25+ years |
| Founded | 1851 |
Customer Relationships
Key account management
Dedicated key-account teams support strategic customers across Heraeus operations in over 40 countries, aligning resources to clients and market-specific needs. Regular business reviews, typically quarterly, align targets and KPIs and feed into multi-year frameworks of 3–5 years that reinforce commitment. Clear escalation paths ensure issues are resolved within agreed SLAs to protect supply and margin.
Co-innovation programs
Co-innovation programs use joint development agreements with shared milestones to align R&D and commercial timelines. Partners gain access to Heraeus labs and pilot lines, accelerating scale-up and reducing time-to-market. IP arrangements clarify ownership and licensing so outcomes are embedded into customer platforms, leveraging Heraeus’s 173-year history (founded 1851) and global network.
Technical support
Application engineers deliver design-in guidance and troubleshooting, leveraging Heraeus’ global footprint in over 40 countries and ~17,000 employees (2024) to support complex integrations. On-site and remote assistance shortens ramp-up times for customers, often reducing deployment cycles in high-tech segments. Structured training programs measurably raise user proficiency and reduce support tickets. Comprehensive documentation streamlines qualification and auditability for regulated industries.
After-sales service
Heraeus after-sales service provides calibration, repair and maintenance for sensors and light sources, backed by SLAs targeting 99.9% uptime. Preventive maintenance schedules reduce failure rates and can extend component lifetimes by 20–40%, while predictive programs cut downtime up to 50% (industry benchmarks). Field feedback from service cases directly informs product and firmware updates.
- Calibration, repair, maintenance
- SLA uptime: 99.9%
- Preventive schedules: +20–40% lifetime
- Predictive downtime reduction: up to 50%
- Service feedback → product updates
Digital self-service
Digital self-service at Heraeus centers on portals for ordering, documentation and order tracking, with portals handling over 50% of B2B orders in 2024, reducing lead-time variance by ~12%. Technical libraries and FAQs deliver rapid answers; data-sharing via secure feeds improves forecasting accuracy, and API integrations streamline workflows across ERP and SCM systems.
- Portals: ordering, tracking, docs
- Knowledge: technical libraries, FAQs
- Data: shared for planning
- Integration: APIs for workflow automation
Customer teams; digital portals > 50% orders; SLA 99.9% uptime
Heraeus manages customer relationships via dedicated key-account teams and quarterly reviews feeding 3–5 year frameworks, supported by application engineers and co-innovation programs. Digital portals handled over 50% of B2B orders in 2024, shortening lead-time variance ~12%. After-sales SLAs target 99.9% uptime; preventive maintenance extends lifetimes 20–40% and predictive programs cut downtime up to 50%.
| Metric | Value (2024) |
|---|---|
| Employees | ~17,000 |
| Countries | >40 |
| Portals share | >50% B2B orders |
| SLA uptime | 99.9% |
| Preventive lifetime | +20–40% |
| Predictive downtime | up to 50% |
Channels
Direct sales force
Industry-focused direct sales teams at Heraeus cover strategic accounts, leveraging expertise across more than 40 countries and ~16,000 employees (2024). Relationship selling supports complex specifications and long technical cycles. Regular on-site visits deepen product and process understanding. Skilled negotiation manages multi-million-euro, long-cycle deals.
Digital portals
Digital portals enable e-commerce for standard items and reorders, shortening procurement cycles and supporting high-frequency B2B sales; self-service quote and configuration tools speed response and reduce manual touchpoints. Secure document access ensures audit trails and GDPR-compliant sharing for regulated customers. Embedded analytics personalize recommendations and have been shown to increase repeat purchase rates by double digits in B2B pilots.
Distributors and agents
Regional distributors and agents extend Heraeus reach into niche markets across over 40 countries, tapping local demand and sector-specific channels. Stocking at partner depots reduces lead times for clients, improving service for small-volume orders and supporting Heraeus global network of roughly 16,000 employees. Local service teams for distributors support smaller customers, while performance-based incentives align partner and corporate goals.
Technical workshops
Technical workshops (seminars, webinars, labs) demonstrate Heraeus applications, with hands-on trials de-risking adoption and shortening pilot-to-deployment cycles; collaborative sessions capture detailed requirements while content positions Heraeus as thought leader in materials and process solutions.
- Seminars/webinars: demonstrate applications
- Labs: hands-on trials to de-risk adoption
- Collaborative sessions: capture requirements
- Content: positions thought leadership
Trade shows and conferences
Presence at industry events boosts Heraeus visibility, with trade-show attendees showing 81% buying authority (CEIR 2024). Live demos let Heraeus showcase materials and electronics innovations and shorten sales cycles. On-site meetings accelerate pipeline creation while competitive intel gathered informs product and M&A strategy.
- Visibility: industry events
- Live demos: showcase innovations
- Meetings: accelerate pipeline
- Competitive intel: informs strategy
Direct sales in >40 countries, ~16,000 staff; events show 81% buyer authority
Industry sales cover strategic accounts in >40 countries with ~16,000 employees (2024). Direct teams and distributors manage long-cycle, multi-million-euro deals while digital portals drive double-digit repeat lifts in B2B pilots. Events show 81% attendee buying authority (CEIR 2024); workshops de-risk adoption and shorten pilots.
| Metric | Value |
|---|---|
| Countries | >40 |
| Employees (2024) | ~16,000 |
| Event buyer authority | 81% (CEIR 2024) |
| Repeat lift (pilots) | Double-digit |
Customer Segments
Electronics manufacturers
Producers of semiconductors, PCBs and components require high-purity metals, sold as ingots, pastes and quartz, to meet tight electrical and contamination specs; the global semiconductor market was roughly 600 billion USD in 2024 and PCB market about 65 billion USD. Tight tolerances and yield sensitivity make reliability critical, with supplier qualification cycles often 12–24 months. Long qualification times drive preference for stable, long-term suppliers and multi-year purchase agreements.
Automotive and e-mobility
OEMs and Tier-1s for ICE, EV and fuel-cell systems require Heraeus sensors, catalysts and specialty materials to meet high-volume production and strict safety standards. Global EV sales exceeded 10 million in 2024, increasing demand for battery sensors and catalysts for powertrain electrification. Selection is driven by cost competitiveness and durability targets tied to warranties and lifecycle expectations.
Chemical and pharmaceutical
Process industries in chemicals and pharmaceuticals rely on Heraeus for catalysts and corrosion-resistant materials that meet strict compliance and batch-to-batch consistency; the global catalyst market was about $28.6 billion in 2024, underscoring demand. Lifecycle support and on-site services maximize uptime and reduce unplanned shutdowns. Sustainability initiatives cut energy use and emissions, improving yield and operating margins.
Medical technology
Medical technology customers span device makers and healthcare providers who demand biocompatible materials and certified components; global medical device market reached about $610 billion in 2024. Robust documentation (ISO 10993, ISO 13485) eases regulatory reviews and shortens approval timelines. Component reliability directly affects patient outcomes, driving lower adverse events and recall exposure.
- Device makers
- Healthcare providers
- Biocompatible materials
- ISO 10993, ISO 13485
- Global market ~$610B (2024)
Telecom and photonics
Heraeus supplies high-purity quartz and specialty light sources to optics and fiber players, addressing a global optical fiber market valued at about 6.8 billion USD in 2024. Components are engineered for extreme temperatures and radiation; close integration with equipment vendors shortens qualification cycles. Long-term stability cuts service and replacement costs, improving total cost of ownership for carriers and OEMs.
- Market 2024 ~6.8B USD
- Performance under extremes: thermal, radiation, vibration
- Integration with OEMs shortens time-to-market
- Stability lowers service costs and MTTR
High-purity materials for semiconductors, EV powertrain and medical devices
Heraeus serves high-purity semiconductor/PCB producers (semiconductor market ~$600B, PCB ~$65B in 2024) where reliability and 12–24 month qualifications drive multi-year contracts. OEMs/Tier-1 ICE, EV and fuel-cell customers (EV sales >10M in 2024) prioritize cost, durability and warranty-driven specs. Medical device and healthcare buyers (medical device market ~$610B in 2024) require biocompatible, ISO-certified materials.
| Segment | 2024 size | Key need |
|---|---|---|
| Semiconductor/PCB | $600B / $65B | Purity, qualification |
| OEMs/EV | EV sales >10M | Durability, cost |
| Medical | $610B | Biocompatibility, ISO |
Cost Structure
Raw materials
Precious and specialty metals form the bulk of Heraeus’s raw-material costs, driving high procurement spend across its metals and catalyst businesses. Price volatility necessitates active hedging strategies and commodity risk management to protect margins. Ethical sourcing and upstream due diligence raise compliance and audit expenses. Large metal inventories translate into significant carrying costs and working-capital exposure.
Energy and utilities
High-temperature furnaces and cleanrooms drive Heraeus energy intensity, with German industrial electricity averaging ~0.14 EUR/kWh in 2024. Power reliability directly affects yield and scrap rates, increasing operational risk and downtime costs. Efficiency investments (often reducing energy use by 15–25%) mitigate variable costs but require upfront capex. Emissions management and EU ETS exposure (~€80/tCO2 in 2024) add recurring overhead.
R&D and engineering
Sustained research spending underpins Heraeus innovation, with ongoing R&D investments funded from group revenues. Pilot lines and testing equipment are capital heavy, often requiring capex in the tens of millions per facility. Talent costs skew high due to specialization in materials science and engineering. IP protection is material: Heraeus holds over 3,000 patents worldwide, driving ongoing legal and filing spend.
Quality and compliance
Certifications, audits and regulatory submissions create continuous operating costs; ISO 9001 recertification occurs every 3 years with annual surveillance audits, driving recurring fees and consultancy spend. Metrology and validated documentation systems demand traceable calibration and IT maintenance. Training is continuous and documented per compliance regimes. Nonconformance risks incentivize prevention to avoid costly recalls and rework.
- Certifications: ISO 9001 recertify every 3 years, annual surveillance
- Audits/submissions: ongoing budget line for external fees
- Metrology: traceable calibration and system validation
- Training: continuous, compliance-logged
- Nonconformance: prevention reduces recall/rework exposure
Logistics and security
- Global reach: >40 countries
- Insurance: 0.1–0.5% of insured value/year
- Key costs: armored transport, vaulting, GPS/IoT tracking
Precious metals, energy & EU ETS raise costs; €80/tCO2
Precious metals and specialty inputs drive primary procurement spend; metals inventory and insurance (0.1–0.5% insured value) create working-capital and carrying costs. Energy intensity is material (DE electricity ~0.14 EUR/kWh in 2024) and EU ETS exposure ~€80/tCO2 adds recurring costs. R&D and IP (3,000+ patents) and global logistics (>40 countries) are steady capex/Opex drivers.
| Item | 2024 |
|---|---|
| DE electricity | ~0.14 EUR/kWh |
| EU ETS price | ~€80/tCO2 |
| Patents | 3,000+ |
| Countries | >40 |
Revenue Streams
Product sales
Product sales include metals, quartz components, sensors and light sources, with 2024 group sales of EUR 26.6bn and metals representing roughly 40% of revenue; pricing reflects performance and purity premiums, framework agreements secure baseline volumes, and active product-mix management (premium sensors and light-source offerings) drives margin expansion.
Recycling and refining fees
Earnings from toll refining and closed-loop programs generate steady service revenues for Heraeus, with settlements strictly based on assay results to ensure transparent payable metal yields. These services cut customer total cost of ownership by reducing scrap losses and logistics, supporting long-term contracts; Heraeus Precious Metals processed about 1,000 tonnes of secondary material in 2024, linking volumes to industrial cycles and metal demand.
Engineering and services
Engineering and services deliver design-in support, calibration and maintenance contracts that position Heraeus for long-term customer integration; in 2024 recurring service agreements accounted for about 25% of consumables and services revenue, smoothing quarterly cycles. Tiered service levels align with small to enterprise needs, boosting attach rates and retention. Performance-based options—warranty-linked SLAs and uptime bonuses—create measurable upside tied to customer outcomes.
Licensing and royalties
Heraeus monetizes protected processes and formulations through licensing and royalties, turning IP into recurring revenue while retaining core manufacturing. Licensing agreements expand market reach without heavy capex, using minimum guarantees and milestone payments to de-risk cash flow and improve predictability. Cross-licensing deals foster collaboration, accelerating technology diffusion and joint product development.
- Monetize IP via licenses
- Extend reach without capex
- Minimums and milestones reduce risk
- Cross-licensing enables collaboration
Metal trading and hedging
Metal trading and hedging generate spreads and financial results from inventory and derivative positions, with programs designed to stabilize margins against raw material and price volatility. Structured supply and offtake contracts tailor risk transfer and service for industrial customers. Robust governance and risk committees enforce position limits, collateral rules and stress-testing to control market and credit exposures.
- Spreads and inventory P&L
- Hedging programs stabilize margins
- Structured customer contracts
- Governance: limits, collateral, stress tests
Metals-driven revenue (40%) and premium mix power margins; services deliver recurring income
Product sales (metals ~40% of group sales, ~EUR 10.64bn of EUR 26.6bn in 2024) and premium product-mix drive core revenue and margins. Toll refining/closed-loop services (≈1,000 t processed in 2024) and engineering services (recurring services ~25% of consumables/services revenue) provide steady, contract-linked income. Licensing, trading/hedging and structured offtakes add recurring and financial P&L streams.
| Revenue stream | 2024 metric |
|---|---|
| Metals (product sales) | ~40% = EUR 10.64bn |
| Toll refining/closed-loop | ~1,000 t processed |
| Engineering/services | Recurring ≈25% of consumables/services |
| Licensing / trading | Recurring/financial P&L |