Slide 1: Q2 2026 Results
Q2 2026 Results August 6, 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-looki
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: Second Quarter and Recent Highlights
Second Quarter and Recent Highlights Materials Segment Magnetics Segment Delivered strong NdPr production and sales volumes Magnet commissioning and qualification advancing • Produced 840 MT, +41% YoY • Magnets delivered to GM for in-car qualification/regulatory testing • Sold 1,006 MT, +127% YoY •
Slide 5: Quarterly Financial Metrics – Consolidated
Quarterly Financial Metrics – Consolidated Comparable Sequential and YoY Financial Metrics1 Revenue and PPA Income Adjusted EBITDA2 Adjusted Diluted EPS2 $132.9 $126.1 $17.6 $42.3 $57.4 $108.5 $90.6 $57.4 $36.6 $28.5 $0.03 $(12.5) $(0.13) $(0.01) Q2 2025 Q1 2026 Q2 2026 Q2 2025 Q1 2026 Q2 2026 Q2 20
Slide 6: Quarterly Operating Metrics – Materials Segment
Quarterly Operating Metrics – Materials Segment Comparable Sequential and YoY Operational Metrics1 Upstream KPIs Midstream KPIs REO Production Volumes NdPr Production Volumes NdPr Sales Volumes2 13,145 12,983 11,072 1,006 1,006 917 840 597 443 Q2 2025 Q1 2026 Q2 2026 Q2 2025 Q1 2026 Q2 2026 Q2 2025
Slide 7: Quarterly Financial Metrics – Segments
Quarterly Financial Metrics – Segments Comparable Sequential and YoY Financial Metrics1 Materials Segment2 Magnetics Segment Segment Revenue Segment Segment Revenue Segment and PPA Income Adjusted EBITDA3 Adjusted EBITDA3 $114.5 $113.2 $17.6 $42.3 $95.6 $37.5 $72.2 $36.7 $32.5 $19.9 $21.1 $16.5 $37.
Slide 8: Appendix
Appendix
Slide 9: Consolidated Statements of Operations
P&L MP Materials Corp. and Subsidiaries For the three months Consolidated Statements of Operations For the three months ended June 30, ended March 31, (in thousands, except share and per share data, unaudited) 2026 2025 2026 Revenue $ 108,490 $ 57,393 $ 90,649 Price protection agreement income 17,58
Slide 10: Reconciliation: Net Loss to Adjusted EBITDA
Reconciliation: Net Loss to Adjusted EBITDA For the three months For the three months ended June 30, ended March 31, (in thousands, unaudited) 2026 2025 2026 Net loss $ (20,296) $ (30,872) $ (7,968) Adjusted for: Depreciation, depletion and amortization 35,379 20,777 32,137 Interest expense, net 9,7
Slide 11: Reconciliation: Net Loss to Adjusted Net Income (Loss)
Reconciliation: Net Loss to Adjusted Net Income (Loss) For the three months For the three months ended June 30, ended March 31, (in thousands, unaudited) 2026 2025 2026 Net loss $ (20,296) $ (30,872) $ (7,968) Adjusted for: Stock-based compensation expense(1) 11,287 5,427 12,867 Initial start-up cos
Slide 12: Reconciliation: Diluted Loss per Common Share to Adjusted Diluted EPS
Reconciliation: Diluted Loss per Common Share to Adjusted Diluted EPS For the three months For the three months ended June 30, ended March 31, (unaudited) 2026 2025 2026 Diluted loss per common share $ (0.11) $ (0.19) $ (0.04) Adjusted for: Stock-based compensation expense 0.06 0.04 0.07 Initial sta