Slide 1: The Technology of Energy Saving
THE TECHNOLOGY OF ENERGY SAVING Investor Presentation | Fourth Quarter 2025 AMG CRITICAL MATERIALS N.V. Lithium Hydroxide battery-grade refinery – Bitterfeld, Germany 1
Slide 2: Table of Contents
TABLE OF CONTENTS Strategic Update 3 Financial Performance 10 Operational Highlights 19 Appendix 22 Appendix: Lithium Market Update 27 AMG Engineering – Hanau, Germany 2
Slide 3: Growth Strategy Snapshot
GROWTH STRATEGY SNAPSHOT Proactive Portfolio Management: AMG and Asbury Carbons signed a definitive agreement in October 2025 for AMG to sell Graphit Kropfmühl GmbH to Asbury Carbons. The transaction reflects an enterprise value of $65 million, and AMG will use the proceeds from this transaction to
Slide 4: Mega Trends Offer Growth Opportunities
MEGA TRENDS OFFER GROWTH OPPORTUNITIES AMG Vanadium AMG Lithium • Vanadium recycling • Recycled feedstock value chain via spent alternatives for lithium catalysts in Saudi Energy cluster in Bitterfeld, Aerospace including low-grade lithium Arabia (ACMC) Transition carbonate and black mass • Chrome v
Slide 5: Introducing Low-Grade Lithium Carbonate Feedstock
INTRODUCING LOW-GRADE LITHIUM CARBONATE FEEDSTOCK Capex of $50 million, Existing offset by $10 million in government grants Tolling China Mibra Mine (temporary) Module 1 5,000/tons Converter 1 Lithium per annum Lithium Lithium Carbonate Starting Non battery- Lithium Hydroxide 2029 Hydroxide grade Hy
Slide 6: Abundance of Low-Grade Lithium Carbonate
ABUNDANCE OF LOW-GRADE LITHIUM CARBONATE • EU regulations require 6% of recycled lithium content already from 2030. More than 80% of the recycled lithium yields a low-grade lithium carbonate. There is also abundance of low-grade lithium carbonate from primary mining. • By building lithium carbonate
Slide 7: Introducing High-Purity Molybdenum Circular Economy
INTRODUCING HIGH-PURITY MOLYBDENUM CIRCULAR ECONOMY Resid Fresh Catalyst Resid AMG Vanadium Spent Catalyst Ohio FeV Proprietary Fresh Technology Catalyst Producers Refineries Aura HDS HDS Technologies Fresh Catalyst Spent Catalyst Aerospace (NiMo, CoMo) Fresh catalyst and aerospace purity High-purit
Slide 8: Game Changer for Fresh Catalyst Production
GAME CHANGER FOR FRESH CATALYST PRODUCTION Investment of $50 million • Molybdenum accounts for 30-50% Molybdenum Oxide Market Pricing of fresh catalyst costs, resulting in $42 extreme cost volatility. $36 • AMG’s recently developed proprietary technology turns $30 recycled molybdenum into fresh $ pe
Slide 9: Closing the Loop on Refinery Waste in the KSA
CLOSING THE LOOP ON REFINERY WASTE IN THE KSA ACMC: A world-class vanadium recycling facility in Jubail Industrial City in Saudi Arabia (“the Kingdom”) producing 8 million pounds of high-purity AMG equity V2O5. Planned start-up in the first investment of half of 2028. AMG Critical $30 million Materi
Slide 10: Quarterly Financial Highlights
QUARTERLY FINANCIAL HIGHLIGHTS REVENUE (IN MILLIONS OF US DOLLARS) ADJUSTED EBITDA (IN MILLIONS OF US DOLLARS) $70.8 $439.0 $434.7 $446.6 $63.6 $388.1 $57.5 $57.8 $361.4 $42.9 24% 25% YoY YoY Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 ADJUSTED NET INCOME (LOSS) ATTRIBUTABL
Slide 11: Quarterly Revenue Drivers
QUARTERLY REVENUE DRIVERS LITHIUM SEGMENT RESULTS KEY DRIVERS Q4 2025 Q4 2024 Price Volume Revenue $61.4 $53.1 Spodumene Adjusted Gross Profit $2.9 $8.4 Tantalum VANADIUM SEGMENT RESULTS KEY DRIVERS Price Volume Q4 2025 Q4 2024 Vanadium Revenue $156.5 $145.5 Titanium Alloys Adjusted Gross Profit $15
Slide 12: Financial Performance, Leverage & Valuation Dashboard
FINANCIAL PERFORMANCE, LEVERAGE & VALUATION DASHBOARD • In July 2025, to preserve METRIC FY 2025 FY 2024 liquidity and reduce refinancing risk, AMG executed a maturity Return on Assets -0.6% -1.3% extension on its $200 million revolving credit Return on Capital Employed 13.2% 9.1% facility; the revo
Slide 13: AMG Lithium Financial Highlights
AMG LITHIUM FINANCIAL HIGHLIGHTS REVENUE & ADJUSTED EBITDA (IN MILLIONS OF US DOLLARS) ADJUSTED GROSS PROFIT (IN MILLIONS OF US DOLLARS) $61.4 $8.4 $53.1 $7.1 $37.0 Revenue Adjusted $32.0 $32.7 increased gross profit 16% vs. $3.8 $3.9 decreased Q4 ‘24 22.2% $6 million $6.4 $5.4 $2.9 15.9% vs. Q4 ‘24
Slide 14: AMG Vanadium Financial Highlights
AMG VANADIUM FINANCIAL HIGHLIGHTS REVENUE & ADJUSTED EBITDA (IN MILLIONS OF US DOLLARS) ADJUSTED GROSS PROFIT (IN MILLIONS OF US DOLLARS) $161.0 $36.7 $153.8 $154.0 $156.5 $145.5 $31.2 $25.5 Revenue $22.4 Adjusted $19.5 increased $19.4 25.2% gross profit $15.4 8% vs. $15.4 $13.1 $11.4 decreased Q4 ‘
Slide 15: 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 $248.0 $228.6 $71.1 $202.3 $56.2 $58.6 $162.8 $50.5 $52.5 Adjusted Adjusted $39.4 $41.2 EBITDA gross profit increased $35.2 $30.7 increased 54% vs. 27.
Slide 16: 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 $55.8 $58.8 $14.4 $14.8 $50.2 $46.5 $12.0 $13.3 $13.0 $13.2 $13.6 $12.2 $10.5 $11.4 SG&A $20.4 $17.8 Net finance $17.4 increased cost $14.4 $15.1 26% vs. increased Q4 ‘24
Slide 17: Cash Flow and Working Capital
CASH FLOW AND WORKING CAPITAL CASH FROM (USED IN) OPERATING ACTIVITIES NET DEBT (IN MILLIONS OF US DOLLARS) (IN MILLIONS OF US DOLLARS) $80.7 $543.7 $502.3 $509.1 $468.1 $476.4 $63.5 $41M $17M YoY $8.7 YoY ($6.3) ($6.9) Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 ANNUALIZED
Slide 18: Outlook
OUTLOOK • AMG projects capital expenditures to be approximately $70 to CAPITAL $90 million for full year 2026, primarily driven by the targeted EXPENDITURES growth investments in the Vanadium and Lithium segments. • We expect our adjusted EBITDA to be in the range of $210 to $240 million in 2026. •
Slide 19: Operational Highlights
OPERATIONAL HIGHLIGHTS Thermal Barrier Coating for aerospace turbine blades. ALD Vacuum Technologies GmbH (Hanau, Germany) 19
Slide 20: Operational Highlights
OPERATIONAL HIGHLIGHTS AMG is effectively progressing in its strategic expansions and joint ventures, maintaining strong momentum across its lithium and vanadium operations while advancing key projects aimed at enhancing global resource recovery and market reach. LITHIUM VANADIUM PROJECT STRATEGIC J
Slide 21: Health and Safety Focus
HEALTH AND SAFETY FOCUS Safety Indicators AMG compares itself to the industry average for Primary Metal Manufacturing (NAICS 331). The most recent data provided in 2024 by the United States Bureau of Labor Statistics reports that the Primary Metal Manufacturing industry’s total recordable case rate
Slide 22: Appendix
APPENDIX AMG Vanadium – Zanesville, Ohio, USA 22
Slide 23: AMG Provides Critical Materials to Advance a Less Carbon-Intensive World
AMG PROVIDES CRITICAL MATERIALS AND RELATED PROCESS TECHNOLOGIES TO ADVANCE A LESS CARBON-INTENSIVE WORLD A GLOBAL IMPERATIVE AMG’S ENABLED CO2 EMISSION REDUCTIONS FOR THE 21ST CENTURY (Million MT) AMG: 2025 128.2 ENABLING TECHNOLOGIES 2024 113.6 Products and processes saving 2023 110.3 CO2 emission
Slide 24: Critical Materials — Average Quarterly Market Prices
CRITICAL MATERIALS — AVERAGE QUARTERLY MARKET PRICES Q4 Q4 FEB 18, 2026 Q4 ‘25 VS. Q4 ‘24 SPOT VS. Q4 ‘25 MATERIALS 2024 2025 SPOT % CHANGE % CHANGE Ferrovanadium ($/lb) $13.75 $13.45 $21.25 (2%) 58% CRU Molybdenum ($/lb) $21.69 $22.85 $28.75 5% 26% S&P Global Platts Nickel ($/MT) $16,034 $14,888 $1
Slide 25: Critical Materials — Full Year and Current Spot Prices
CRITICAL MATERIALS — FULL YEAR AND CURRENT SPOT PRICES AVG AVG FEB 18, 2026 AVG ‘25 VS. AVG SPOT VS. AVG MATERIALS 2024 2025 SPOT ‘24 % CHANGE ‘25 % CHANGE Ferrovanadium ($/lb) $13.13 $14.15 $21.25 8% 50% CRU Molybdenum ($/lb) $21.30 $22.14 $28.75 4% 30% S&P Global Platts Nickel ($/MT) $16,807 $15,1
Slide 26: (Loss) Profit for the Period to Adjusted EBITDA Reconciliation
(LOSS) PROFIT FOR THE PERIOD TO ADJUSTED EBITDA RECONCILIATION (000’s USD) Q4 2025 Q4 2024 FY 2025 FY 2024 (Loss) profit for the period ($46,402) $10,549 ($14,320) ($25,786) Income tax expense 42,706 7,905 57,570 23,409 Net finance cost 14,770 12,952 52,879 42,835 Equity-settled share-based payment
Slide 27: Appendix: Lithium Market Update
APPENDIX: LITHIUM MARKET UPDATE Lithium Hydroxide battery-grade refinery - Bitterfeld, Germany 27
Slide 28: Global 2025 EV Sales Total 20.7 Million Cars – 20% Growth
GLOBAL 2025 EV SALES TOTAL 20.7 MILLION CARS – 20% GROWTH Quarterly electric car sales by region in GWh, 2021-2025 350 300 250 200 150 100 50 0 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2021 2022 2023 2024 2025 China, GWh North America, GWh E
Slide 29: EV Market Development 2020-2025 – China
EV MARKET DEVELOPMENT 2020-2025 – CHINA New Electric Vehicle NEV / BEV / PHEV market penetration New Electric Vehicle Sales in China (incl. (incl. Exports) Exports) 10,000 NEV 60% 200 180 50% 160 140 40% 120 30% 100 80 20% 60 10% 40 20 0% - Sep Nov Nov Nov Nov Nov Sep Sep Sep Sep Jan Mar May Mar Jul
Slide 30: 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) 600 600 54% 43% 500 500 400 400 300 300 200 200 100 100 0 - Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2022 2023 2024 2025 2022 2023 2024 2025 Source: CAAM, CABIA – Ch
Slide 31: BESS With Another Strong Year – 2026 Installations Expected to Grow
BESS WITH ANOTHER STRONG YEAR – 2026 INSTALLATIONS EXPECTED TO GROW AGAIN 30-45% BESS cell shipments and installations in GWh 600 +76% 500 400 +53% +44% 300 200 +55% 100 0 2023 2024 2025 cell shipments installations 20% 2020 10% 2022 2025 7% Source: Benchmark Minerals/RhoMotion 31
Slide 32: 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 33: 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.