Amg Critical Materials N.v. · EURONEXT:AMG
Amg Critical Materials — Q3 2025 Earnings Presentation
27 slides from Amg Critical Materials's earnings presentation, Nov 6, 2025
Slide 1: The Technology of Energy Saving – Investor Presentation Third Quarter 2025
THE TECHNOLOGY OF ENERGY SAVING Investor Presentation | Third Quarter 2025 AMG CRITICAL MATERIALS N.V. AMG Chrome US LLC (New Castle, Pennsylvania, USA) 1
Slide 2: Table of Contents
TABLE OF CONTENTS Growth Strategy Snapshot 3 Financial Performance 4 Operational Highlights 13 Appendix 16 Appendix: Lithium Market Update 21 Lithium Hydroxide battery-grade refinery – Bitterfeld, 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: 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 $63.6 $388.1 $57.5 $57.8 $356.0 $361.4 $40.3 22% 58% YoY YoY Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 NET INCOME (LOSS) ATTRIBUTABLE TO KEY
Slide 5: Quarterly Revenue Drivers
QUARTERLY REVENUE DRIVERS LITHIUM SEGMENT RESULTS KEY DRIVERS Q3 2025 Q3 2024 Price Volume Revenue $32.7 $48.6 Spodumene Adjusted Gross Profit $3.9 $12.9 Tantalum VANADIUM SEGMENT RESULTS KEY DRIVERS Price Volume Q3 2025 Q3 2024 Vanadium Revenue $154.0 $151.0 Titanium Alloys Adjusted Gross Profit $2
Slide 6: Financial Performance, Leverage & Valuation Dashboard
FINANCIAL PERFORMANCE, LEVERAGE & VALUATION DASHBOARD • In July 2025, to preserve METRIC Q3 2025 FY 2024 liquidity and reduce refinancing risk, AMG Return on Assets 1.9% -1.3% executed a maturity extension on its $200 Return on Equity 7.1% -4.7% million revolving credit facility; the revolver Return
Slide 7: 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 $12.9 $48.6 $37.0 $32.0 $32.7 Revenue $8.4 Adjusted decreased $7.1 gross profit $10.2 33% vs. decreased $6.4 Q3 ‘24 $9 million $5.4 $3.8 $3.9 vs. Q3 ‘24 $2.8
Slide 8: 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 $151.0 $153.8 $154.0 $145.5 $31.2 $25.5 Adjusted $22.4 Adjusted $19.5 EBITDA $19.4 25.2% gross profit $15.4 increased $15.9 $10.8 $13.1 increased 81%
Slide 9: 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 $71.1 $202.3 $56.2 $58.6 $156.4 $162.8 $52.5 Adjusted Adjusted $39.4 $41.2 EBITDA gross profit more than $34.9 $35.2 increased doubled 27.8% 29.
Slide 10: 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 $50.2 $14.4 $47.4 $46.5 $12.0 $13.0 $13.2 $13.6 $12.2 $11.9 $11.4 $10.5 $20.4 SG&A Net finance $17.4 increased $13.9 $15.1 $7.8 cost $14.4 18% vs. increased Q3 ‘24
Slide 11: 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 $543.7 $490.1 $502.3 $468.1 $476.4 $54M $8.7 $5M YoY YoY ($1.8) ($6.3) ($6.9) Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 ANNUALIZED
Slide 12: 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 $220 million in 2025. A
Slide 13: Operational Highlights
OPERATIONAL HIGHLIGHTS Thermal Barrier Coating for aerospace turbine blades. ALD Vacuum Technologies GmbH (Hanau, Germany) 13
Slide 14: Operational Highlights
OPERATIONAL HIGHLIGHTS AMG is effectively progressing in its strategic expansions and joint ventures, maintaining strong momentum across its lithium and vanadium operations while advancing key projects aimed at enhancing global resource recovery and market reach. LITHIUM VANADIUM PROJECT STRATEGIC J
Slide 15: Health and Safety Focus
HEALTH AND SAFETY FOCUS Safety Indicators AMG compares itself to the industry average for Primary Metal Manufacturing (NAICS 331). The most recent data provided in 2023 by the United States Bureau of Labor Statistics reports that the Primary Metal Manufacturing industry’s total recordable case rate
Slide 16: Appendix
APPENDIX AMG Vanadium – Zanesville, Ohio, USA 16
Slide 17: AMG Provides Critical Materials and Related Process Technologies to Advance a Less Carbon-Intensive World
AMG PROVIDES CRITICAL MATERIALS AND RELATED PROCESS TECHNOLOGIES TO ADVANCE A LESS CARBON-INTENSIVE WORLD A GLOBAL IMPERATIVE AMG’S ENABLED CO2 EMISSION REDUCTIONS FOR THE 21ST CENTURY (Million MT) AMG: 2024 113.6 ENABLING TECHNOLOGIES 2023 110.3 Products and processes saving CO2 emissions during us
Slide 18: Critical Materials — Average Quarterly Market Prices
CRITICAL MATERIALS — AVERAGE QUARTERLY MARKET PRICES Q3 Q3 OCT 29, 2025 Q3 ‘25 VS. Q3 ‘24 SPOT VS. Q3 ‘25 MATERIALS 2024 2025 SPOT % CHANGE % CHANGE Ferrovanadium ($/lb) $12.88 $14.13 $13.45 10% (5%) CRU Molybdenum ($/lb) $21.74 $24.45 $24.50 12% – S&P Global Platts Nickel ($/MT) $16,255 $15,009 $15
Slide 19: Critical Materials — Full Year and Current Spot Prices
CRITICAL MATERIALS — FULL YEAR AND CURRENT SPOT PRICES AVG AVG OCT 29, 2025 AVG ‘24 VS. AVG SPOT VS. AVG MATERIALS 2023 2024 SPOT ‘23 % CHANGE ‘24 % CHANGE Ferrovanadium ($/lb) $17.05 $13.13 $13.45 (23%) 2% CRU Molybdenum ($/lb) $24.03 $21.30 $24.50 (11%) 15% S&P Global Platts Nickel ($/MT) $21,464
Slide 20: Profit (Loss) for the Period to Adjusted EBITDA Reconciliation
PROFIT (LOSS) FOR THE PERIOD TO ADJUSTED EBITDA RECONCILIATION (000’s USD) Q3 2025 Q3 2024 Profit (loss) for the period $13,747 ($11,708) Income tax expense 7,148 1,676 Net finance cost 14,365 7,813 Equity-settled share-based payment transactions 1,506 1,524 Restructuring expense 751 102 Inventory c
Slide 21: Appendix: Lithium Market Update
APPENDIX: LITHIUM MARKET UPDATE Lithium Hydroxide battery-grade refinery - Bitterfeld, Germany 21
Slide 22: Global EV Sales Above Million Cars in September
GLOBAL EV SALES ABOVE 2 MILLION CARS IN SEPTEMBER Quarterly electric car sales by region, 2021-2025 2.5 2.0 1.5 Millions 1.0 0.5 0.0 Jan Feb Mrz Apr Mai Jun Jul Aug Sep Okt Nov Dez Jan Feb Mrz Apr Mai Jun Jul Aug * Sep 2024 2025 China Europe North America Asia (ex China) RoW *preliminary September s
Slide 23: EV Market Development 2020–2025: China
EV MARKET DEVELOPMENT 2020–2025: CHINA New Electric Vehicle NEV / BEV / PHEV market New Electric Vehicle Sales in China (incl. Exports) penetration (incl. Exports) 10,000 NEV 50% 180 160 40% 140 30% 120 100 20% 80 60 10% 40 0% 20 Sep Sep Sep Sep Sep Nov Jan Mar Nov Nov Nov Mar May Jul Jan Mar May Ju
Slide 24: Battery Market Development 2022–2025: China
BATTERY MARKET DEVELOPMENT 2022–2025: CHINA Battery Production China per Quarter (GWh) Battery Sold + Exported China per Quarter (GWh) 450 39% 450 400 400 38% 350 350 300 300 250 250 200 200 150 150 100 100 50 50 - 0 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2022 2023 2024 2025 2022 2023 2024 2025 Sou
Slide 25: Prices in 2024 & 2025: Export Prices vs. Spot Indices
PRICES IN 2024 & 2025: EXPORT PRICES VS. SPOT INDICES Export Statistics Price US$/kg FOB China vs. Fastmarkets CIF Asia Spot Price 40 35 LiOH BG Export Price FOB (China) 30 to Korea US$/kg 25 20 LiOH BG Export Price FOB (China) 15 to Japan US$/kg 10 LiOH BG, Fastmarkets spot price 5 CIF China, Japan
Slide 26: 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 27: 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.
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