Slide 1: The Technology of Energy Saving – Investor Presentation Q2 2025
THE TECHNOLOGY OF ENERGY SAVING Investor Presentation | Second Quarter 2025 AMG CRITICAL MATERIALS N.V. Thermal Barrier Coating for aerospace turbine blades. ALD Vacuum Technologies GmbH (Hanau, Germany) 1
Slide 2: Cautionary Note
CAUTIONARY NOTE This document contains proprietary information and is being provided solely for information purposes by AMG Critical Materials N.V. (The “Company”) and may not be reproduced in any form or further distributed to any other person or published, in whole or in part, for any purpose, exc
Slide 3: Table of Contents
TABLE OF CONTENTS Growth Strategy Snapshot 4 Financial Performance 5 Operational Highlights 14 Appendix 17 Appendix: Lithium Market Update 22 Lithium Hydroxide battery-grade refinery - Bitterfeld, Germany 3
Slide 4: Growth Strategy Snapshot
GROWTH STRATEGY SNAPSHOT Chrome Expansion: AMG approved a capital investment of USD $15 million in April to establish an aluminothermic production facility to manufacture chrome metal in the United States. Chrome metal is deemed a Critical Material in the US due to lack of US production and its impo
Slide 5: Quarterly Financial Highlights
QUARTERLY FINANCIAL HIGHLIGHTS REVENUE (IN MILLIONS OF US DOLLARS) ADJUSTED EBITDA (IN MILLIONS OF US DOLLARS) $70.8 $439.0 $388.1 $57.5 $57.8 $364.3 $356.0 $361.4 $39.5 $40.3 20% 79% YoY YoY Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 NET (LOSS) INCOME ATTRIBUTABLE TO KEY
Slide 6: Quarterly Revenue Drivers
QUARTERLY REVENUE DRIVERS LITHIUM SEGMENT RESULTS KEY DRIVERS Q2 2025 Q2 2024 Price Volume Revenue $37.0 $38.3 Spodumene Adjusted Gross Profit $3.8 $3.7 Tantalum VANADIUM SEGMENT RESULTS KEY DRIVERS Price Volume Q2 2025 Q2 2024 Vanadium Revenue $161.0 $168.0 Titanium Alloys Adjusted Gross Profit $22
Slide 7: Financial Performance, Leverage & Valuation Dashboard
FINANCIAL PERFORMANCE, LEVERAGE & VALUATION DASHBOARD • AMG has invested METRIC Q2 2025 FY 2024 >$650 million in capital expenditures since 2020 Return on Assets 0.8% -1.3% for its lithium and vanadium expansion Return on Equity 2.9% -4.7% projects Return on Capital Employed 14.9% 9.1% • AMG is at t
Slide 8: AMG Lithium Financial Highlights
AMG LITHIUM FINANCIAL HIGHLIGHTS REVENUE & ADJUSTED EBITDA (IN MILLIONS OF US DOLLARS) ADJUSTED GROSS PROFIT (IN MILLIONS OF US DOLLARS) $53.1 $48.6 $12.9 $38.3 $37.0 $32.0 Revenue $8.4 Adjusted decreased $7.1 gross profit 3% vs. increased $10.2 Q2 ‘24 2% vs. $6.4 $5.4 $3.7 $3.8 $2.8 Q2 ‘24 $1.7 26.
Slide 9: AMG Vanadium Financial Highlights
AMG VANADIUM FINANCIAL HIGHLIGHTS REVENUE & ADJUSTED EBITDA (IN MILLIONS OF US DOLLARS) ADJUSTED GROSS PROFIT (IN MILLIONS OF US DOLLARS) $168.0 $161.0 $36.7 $151.0 $153.8 $145.5 $31.2 $24.8 Revenue 25.2% $22.4 Adjusted $20.0 $19.4 decreased gross profit $15.4 4% vs. $15.9 decreased $10.8 $13.1 14.7
Slide 10: AMG Technologies Financial Highlights
AMG TECHNOLOGIES FINANCIAL HIGHLIGHTS REVENUE & ADJUSTED EBITDA (IN MILLIONS OF US DOLLARS) ADJUSTED GROSS PROFIT (IN MILLIONS OF US DOLLARS) $241.0 $71.1 $202.3 $56.2 $158.0 $156.4 $162.8 $52.5 Adjusted Adjusted $39.4 EBITDA gross profit almost $34.9 $35.2 $32.2 more than tripled vs. 27.8% 29.5% do
Slide 11: Key Corporate Income Statement Items
KEY CORPORATE INCOME STATEMENT ITEMS SG&A EXPENSES (IN MILLIONS OF US DOLLARS) NET FINANCE COST (IN MILLIONS OF US DOLLARS) $57.8 $50.2 $13.0 $13.2 $47.4 $46.5 $12.0 $45.0 $12.2 $10.5 $10.9 $11.9 $11.4 $20.4 SG&A $7.5 $7.8 Net finance $13.9 $15.1 increased $13.8 $14.4 cost 28% vs. increased Q2 ‘24 $
Slide 12: Cash Flow and Working Capital
CASH FLOW AND WORKING CAPITAL CASH (USED IN) FROM OPERATING ACTIVITIES NET DEBT (IN MILLIONS OF US DOLLARS) (IN MILLIONS OF US DOLLARS) $63.5 $490.1 $502.3 $468.1 $476.4 $453.1 $49M $8.7 $3M YoY YoY ($1.8) ($9.3) ($6.3) Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 ANNUALIZED
Slide 13: Outlook
OUTLOOK • AMG is targeting $75 to $100 million of capital expenditures in 2025. CAPITAL • AMG is at the end of a period of significant capital intensity EXPENDITURES that positions us for strong profitability as market prices improve. • We expect our adjusted EBITDA to exceed $200 million in 2025. A
Slide 14: Operational Highlights
OPERATIONAL HIGHLIGHTS Thermal Barrier Coating for aerospace turbine blades. ALD Vacuum Technologies GmbH (Hanau, Germany) 14
Slide 15: Operational Highlights
OPERATIONAL HIGHLIGHTS AMG is effectively progressing in its strategic expansions and joint ventures, maintaining strong momentum across its lithium and vanadium operations while advancing key projects aimed at enhancing global resource recovery and market reach. LITHIUM VANADIUM PROJECT STRATEGIC J
Slide 16: Health and Safety Focus
HEALTH AND SAFETY FOCUS Safety Indicators AMG compares itself to the industry average for Primary Metal Manufacturing (NAICS 331). The most recent data provided in 2023 by the United States Bureau of Labor Statistics reports that the Primary Metal Manufacturing industry’s total recordable case rate
Slide 17: Appendix
APPENDIX AMG Vanadium – Zanesville, Ohio, USA 17
Slide 18: AMG Provides Critical Materials and Related Process Technologies to Advance a Less Carbon-Intensive World
AMG PROVIDES CRITICAL MATERIALS AND RELATED PROCESS TECHNOLOGIES TO ADVANCE A LESS CARBON-INTENSIVE WORLD A GLOBAL IMPERATIVE AMG’S ENABLED CO2 EMISSION REDUCTIONS FOR THE 21ST CENTURY (Million MT) AMG: 2024 113.6 ENABLING TECHNOLOGIES 2023 110.3 Products and processes saving CO2 emissions during us
Slide 19: Critical Materials — Average Quarterly Market Prices
CRITICAL MATERIALS — AVERAGE QUARTERLY MARKET PRICES Q2 Q2 JUL 23, 2025 Q2 ‘25 VS. Q2 ‘24 SPOT VS. Q2 ‘25 MATERIALS 2024 2025 SPOT % CHANGE % CHANGE Ferrovanadium ($/lb) $12.98 $14.86 $14.63 14% (2%) CRU Molybdenum ($/lb) $21.86 $20.72 $23.03 (5%) 11% S&P Global Platts Nickel ($/MT) $18,410 $15,165
Slide 20: Critical Materials — Full Year and Current Spot Prices
CRITICAL MATERIALS — FULL YEAR AND CURRENT SPOT PRICES AVG AVG JUL 23, 2025 AVG ‘24 VS. AVG SPOT VS. AVG MATERIALS 2023 2024 SPOT ‘23 % CHANGE ‘24 % CHANGE Ferrovanadium ($/lb) $17.05 $13.13 $14.63 (23%) 11% CRU Molybdenum ($/lb) $24.03 $21.30 $23.03 (11%) 8% S&P Global Platts Nickel ($/MT) $21,464
Slide 21: Profit (Loss) for the Period to Adjusted EBITDA Reconciliation
PROFIT (LOSS) FOR THE PERIOD TO ADJUSTED EBITDA RECONCILIATION (000’s USD) Q2 2025 Q2 2024 Profit (loss) for the period $12,455 ($9,332) Income tax expense 6,866 11,080 Net finance cost 13,201 7,522 Equity-settled share-based payment transactions 2,692 1,586 Restructuring expense 482 2,073 Brazil's
Slide 22: Appendix: Lithium Market Update
APPENDIX: LITHIUM MARKET UPDATE Lithium Hydroxide battery-grade refinery - Bitterfeld, Germany 22
Slide 23: Global EV Sales Over Million in H1 2025, +28%
GLOBAL EV SALES OVER 9 MILLION IN H1 2025, +28% Quarterly electric car sales by region, 2021-2025 7 6 5 * 4 Millions 3 2 1 - Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 2021 2022 2023 2024 2025 China Europe North America Asia (ex China) RoW *preliminary
Slide 24: EV Market Development 2020–2025: China
EV MARKET DEVELOPMENT 2020–2025: CHINA New Electric Vehicle NEV / BEV / PHEV market New Electric Vehicle Sales in China penetration (incl. exports) (incl. exports) 10,000 NEV 50% 180 160 40% 140 30% 120 100 20% 80 60 10% 40 0% 20 Sep Sep Sep Sep Jan Mar May Nov Nov Nov Jul Jan Mar May Jul Jan Mar Ma
Slide 25: Battery Market Development 2022–2025: China
BATTERY MARKET DEVELOPMENT 2022–2025: CHINA Battery Production China per Quarter (GWh) Battery Sold + Exported China per Quarter (GWh) 400 400 51% 350 350 50% 300 300 250 250 200 200 150 150 100 100 50 50 - 0 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2022 2023 2024 2025 2022 2023 2024 2025 Source: CAA
Slide 26: Prices in 2024 & 2025: Export Prices vs. Spot Indices
PRICES IN 2024 & 2025: EXPORT PRICES VS. SPOT INDICES Export Statistics Price US$/kg FOB China vs. Fastmarkets CIF Asia Spot Price 40 35 LiOH BG Export Price FOB 30 (China) to Korea US$/kg 25 20 LiOH BG Export Price FOB (China) to Japan US$/kg 15 10 LiOH BG, Fastmarkets spot price 5 CIF China, Japan
Slide 27: Supply View: Number of Projects Needed to Come Online to Fulfill Demand
SUPPLY VIEW: NUMBER OF PROJECTS NEEDED TO COME ONLINE TO FULFILL DEMAND Number of projects to fulfill demand (1 project = 20 kt LCE) 160 • By 2030, 30 to 40 140 new projects need to come online (not 120 supported by current prices). 100 Number of projects • By 2030, 30 to 40 80 Operational projects
Slide 28: Everything that can be recycled will be recycled.
LITHIUM HYDROXIDE – BITTERFELD, GERMANY LIVA BATTERY LITHIUM LAB MINAS GERAIS – BRAZIL LITHIUM TAILINGS This announcement appears as a matter of record. ENGINEERING – HANAU, GERMANY AMG’s LAW: “Everything that can be recycled will be recycled.” MELTSHOP – ZANESVILLE, OHIO AMG Critical Materials N.V.