Slide 1: Q4 & Full Year 2025 Results
Q4 & Full Year 2025 Results February 26, 2026
Slide 2: Safe Harbor
Safe Harbor This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. MP Materials Corp. (the “Company,” “we,” “us” and “our”) intend such forward-looking statements to be covered by the safe harbor provisions for forward-lookin
Slide 3: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures This presentation references certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income (Loss), and Adjusted Diluted EPS, which have not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”)
Slide 4: Highlights
Materials Magnetics Highlights • Record annual NdPr Production Volumes • Met year-end targets at Independence – Exited year at nearly 4,000 MT/yr run-rate – Produced first magnets on commercial – FY25 volume of 2,599 MT, +101% YoY equipment – Q4 volume of 718 MT, +74% YoY – Continue to expect magnet
Slide 5: Full Year Financial Metrics - Consolidated
Full Year Financial Metrics - Consolidated Higher NdPr sales and the commencement Adjusted EBITDA improvements in 2025 Earnings comparisons primarily impacted by of magnetic precursor product deliveries driven by commencement of magnetic the change in Adjusted EBITDA, as well as and the PPA drove Yo
Slide 6: Full Year Operating Metrics - Materials Segment
Full Year Operating Metrics - Materials Segment Record concentrate Concentrate sales volumes Realized pricing reflects NdPr production volumes Sales volumes driven by production volumes in 2024 driven by higher consumption a recovery in rare earth increased with further increasing production and 202
Slide 7: Full Year Financial Metrics - Segments
Full Year Financial Metrics - Segments Record NdPr oxide revenue in Segment Adjusted EBITDA positively Revenue growth in 2025 Segment Adjusted EBITDA 2025 offset by the cessation of impacted in 2025 by PPA Income and lower driven by commencement improvement in 2025 driven concentrate sales in mid-20
Slide 8: Quarterly Financial Metrics - Consolidated
Quarterly Financial Metrics - Consolidated Year-over-year improvement driven by Adjusted EBITDA improvements Adjusted Diluted EPS comparisons primarily PPA Income and greater NdPr and driven by PPA income, impacted by the change in Adjusted EBITDA magnetic precursor product sales commencement of mag
Slide 9: Quarterly Operating Metrics - Materials Segment
Quarterly Operating Metrics - Materials Segment Strong production driven by Concentrate sales discontinued in Q2; NdPr production volumes NdPr sales volumes continued high recoveries excess concentrate to be stockpiled increased with progress on driven by increasing and plant uptime; sequential for
Slide 10: Quarterly Financial Metrics - Segments
Quarterly Financial Metrics - Segments Record NdPr oxide revenue Segment Adjusted EBITDA Revenue driven by initial Segment Adjusted EBITDA in Q4; lower total revenue improved due to PPA income production and sales of improvement driven by from cessation of concentrate and lower per unit costs, magne
Slide 11: A Vertically-Integrated National Champion
A Vertically-Integrated National Champion World-Class Deposit High-Grade Concentrate Refined NdPr Oxide Materials Segment Magnetics Segment NdPr Metal NdFeB Alloy Flake NdFeB Magnets 11
Slide 12: Appendix
Appendix
Slide 13: Consolidated Statements of Operations
P&L MP Materials Corp. and Subsidiaries For the three months ended For the three months ended Consolidated Statements of Operations December 31, September 30, For the year ended December 31, (in thousands, except share and per share data, unaudited) 2025 2024 2025 2025 2024 2023 Revenue $ 52,685 $ 6
Slide 14: Reconciliation: Net Income (Loss) to Adjusted EBITDA
Reconciliation: Net Income (Loss) to Adjusted EBITDA For the three For the three months ended months ended December 31, September 30, For the year ended December 31, (in thousands, unaudited) 2025 2024 2025 2025 2024 2023 Net income (loss) $ 9,426 $ (22,342) $ (41,780) $ (85,874) $ (65,424) $ 24,307
Slide 15: Reconciliation: Net Income (Loss) to Adjusted Net Income (Loss)
Reconciliation: Net Income (Loss) to Adjusted Net Income (Loss) For the three For the three months ended months ended December 31, September 30, For the year ended December 31, (in thousands, unaudited) 2025 2024 2025 2025 2024 2023 Net income (loss) $ 9,426 $ (22,342) $ (41,780) $ (85,874) $ (65,42
Slide 16: Reconciliation: Diluted EPS to Adjusted Diluted EPS
Reconciliation: Diluted Earnings (Loss) per Common Share to Adjusted Diluted EPS For the three For the three months ended months ended December 31, September 30, For the year ended December 31, (unaudited) 2025 2024 2025 2025 2024 2023 Diluted earnings (loss) per common share $ 0.05 $ (0.14) $ (0.24