Slide 1: Fourth Quarter 2025 Results
Rahim Suleman CEO & President & Director Jonathan Baksh EVP & CFO Fourth Quarter 2025 Results TSX: NEO.TO | Earnings call | March 19, 2026 1
Slide 2: Disclaimer
Disclaimer Forward-Looking Information Non-IFRS Financial Measures This presentation contains “forward-looking information”, within the meaning of applicable securities laws in Canada. This presentation refers to certain specified financial measures, including non-IFRS financial measures Forward-loo
Slide 3: Introduction
neo Introduction Rahim Suleman ee | » «maul
Slide 4: 2025 Performance Overview
2025 Performance Overview 2025 Adjusted EBITDA(1) beats expectations $479M $75.6M TOTAL REVENUE (US$) Adj. EBITDA(1) (US$) ~$76 million 2025 Adjusted EBITDA(1) 2024 (~17% YoY increase) beating guidance of $476M $64.4M $67-$71 million. TOTAL REVENUE (US$) Adj. EBITDA(1) (US$) Adj EBITDA(1,2) by Busin
Slide 5: Advanced Facilities Supporting Operational Excellence
Advanced Facilities Supporting Operational Excellence New Emission Catalyst Control Room Rare Earth Magnetics Control Area 5
Slide 6: 2025 Accomplishments
2025 Accomplishments First Full Year of Emission Catalyst Facility with Volume and Margins Exceeding Targets Sold Two China SX Facilities in Q1-25 Navigated Shockwaves of US Existing LRE SX line in Europe Aerial of Silmet Rare Earth Facility Tariffs and China Export Controls Settled all IP Litigatio
Slide 7: 2025 Accomplishments
2025 Accomplishments January 2025 Completed core construction and equipment installation April 2025 Produced first in-house EV traction motor magnet sample July 2025 Announced additional award for another EV Traction Motor for new Tier 1 customer and additional OEM September 2025 Grand opening of Eu
Slide 8: Neo's site
“Just last year, I was in Narva announcing the first award decision by the European Union’s Just Transition Fund to Neo. And today, we already celebrate the ground-breaking of this project. Neo Performance Materials, a Canadian company, is constructing a rare earth magnet plant right here.“ Ursula v
Slide 9: Financials
neo Financials Jonathan Baksh
Slide 10: Q4 2025 Financial Results
Q4 2025 Financial Results $75-80M Strong Performance Supported By Resilient 2026 ADJ. EBITDA (1) GUIDANCE Demand, Cost Discipline and Strategic Execution Trending Adj. EBITDA(1) ($m) $120M $20.4M $0.01 $63M Q4’25 NET SALES ADJUSTED EBITDA(1) ADJUSTED EPS(1) NET DEBT $21 $20 $19 $19 $20 $17 Q4’24 $13
Slide 11: Magnequench
Magnequench Volume (t) Revenue (US$000) Operating Income (US$000) Adjusted EBITDA (US$000) 1,800 1,554 60,000 54,956 3,000 2,018 8,000 6,824 1,600 55,000 6,017 2,000 7,000 1,400 1,295 50,000 1,000 6,000 1,200 43,500 - 45,000 5,000 1,000 (1,0 00) 40,000 4,000 800 (2,0 00) 35,000 600 3,000 (3,0 00) 30
Slide 12: Chemical & Oxides
Chemical & Oxides Volume (t) Revenue (US$000) Operating Income (US$000) Adjusted EBITDA (US$000) 2,000 1,780 50,000 6,000 5,330 10,000 45,000 43,606 9,000 1,800 5,000 8,000 7,093 1,600 40,000 7,000 1,388 4,000 6,000 1,400 35,000 29,252 3,000 5,000 1,200 30,000 4,000 2,000 1,000 25,000 3,000 1,000 2,
Slide 13: Rare Metals
Rare Metals Volume (t) Revenue (US$000) Operating Income (US$000) Adjusted EBITDA (US$000) 92 18,000 16,910 20,000 100 86 60,000 17,383 16,000 18,000 90 50,000 48,441 80 16,000 14,000 70 39,686 11,622 14,000 12,288 40,000 12,000 60 12,000 10,000 50 30,000 10,000 8,000 40 8,000 20,000 6,000 30 6,000
Slide 14: Strong Balance Sheet
Strong Balance Sheet Liquidity(1) ($M) $6 Q4 2024 Q4 2025 Total: $85M Cash $38M $38 $32 $76m $72M Gross debt $102M Cash On Hand Undrawn Credit Facilities Grant $14M Net cash $(63M) $139M Inventory $205M Cash On Hand $38M $179M Property, Plant & $198M Revolving and Other Loan Capacity $32M Equipment
Slide 15: Closing Remarks
Closing Remarks Rahim Suleman
Slide 16: 2026 Priorities
2026 Priorities Commission Heavy Rare Earth SX Line in Europe Launch 2-3 programs for magnets in Europe Win additional awards to match launch windows in Europe Planning around 5,000mt of magnets in Europe Additional strategic projects around robust, parallel and globally diverse supply chains in cri
Slide 17: Strong Fundamentals Driving the Neo Investment Thesis
Strong Fundamentals Driving the Neo Investment Thesis Macro Trends Driving Strong Growth in Neo’s Unique Asset Base & Technical Neo’s Products Expertise • 30+ years of Rare Earth • Existing Customer Base Electric AI / Semi- Magnets experience for both Permanent Vehicles conductors inside and outside
Slide 18: Q&A
Q&A
Slide 19: For further investor information and company updates
Performance Materials Corporate Headquarters Suite 1740, 121 King Street West Toronto, Ontario, Canada, M5H 3T9 Phone: (416) 367 8588 For further investor Follow us on: information and company A black and white logo Description automatically generated updates: Jim Fitzpatrick SVP, Investor Relations