Amg Critical Materials N.v. · EURONEXT:AMG
Amg Critical Materials — Q1 2026 Earnings Presentation
27 slides from Amg Critical Materials's earnings presentation, May 7, 2026
Slide 1: Investor Presentation | First Quarter 2026
THE TECHNOLOGY OF ENERGY SAVING Investor Presentation | First Quarter 2026 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 4 Operational Highlights 13 Appendix 16 Appendix: Lithium Market Update 21 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: 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 $446.1 $63.6 $388.1 $57.8 $42.9 $44.2 15% 24% YoY YoY Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 NET INCOME (LOSS) ATTRIBUTABLE TO KEY
Slide 5: Quarterly Revenue Drivers
QUARTERLY REVENUE DRIVERS LITHIUM SEGMENT RESULTS KEY DRIVERS Q1 2026 Q1 2025 Price Volume Revenue $60.6 $32.0 Lithium Adjusted Gross Profit $5.3 $7.1 Tantalum VANADIUM SEGMENT RESULTS KEY DRIVERS Price Volume Q1 2026 Q1 2025 Vanadium Revenue $181.1 $153.8 Titanium Alloys Adjusted Gross Profit $25.5
Slide 6: Financial Performance, Leverage & Valuation Dashboard
FINANCIAL PERFORMANCE, LEVERAGE & VALUATION DASHBOARD • In July 2025, to preserve METRIC Q1 2026 FY 2025 liquidity and reduce refinancing risk, AMG executed a maturity Return on Assets -0.3% -0.6% extension on its $200 million revolving credit Return on Capital Employed 7.7% 13.2% facility; the revo
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) $7.1 $61.4 $60.6 $5.3 $37.0 Revenue Adjusted $32.0 $32.7 $3.8 $3.9 increased gross profit 89% vs. 22.2% $2.9 decreased $5.4 Q1 ‘25 $2 million $4.1 11.8% $2.8 $2.9
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) $181.1 $25.5 $25.5 $153.8 $161.0 $154.0 $156.5 $22.4 $19.4 Adj $15.4 EBITDA Adjusted $19.5 $20.9 increased gross profit $15.4 60% vs. 16.6% increased $13.1 $11.4
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 $228.6 $202.3 $204.5 $56.2 $58.6 $50.5 $52.5 Revenue $37.8 Q1 ’26 $39.4 $41.2 was in line sustained $30.7 with 27.8% 29.5% 23.6% 22.1% str
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 $58.8 $55.8 $15.4 $50.2 $51.2 $14.4 $14.8 $12.0 $13.3 $13.2 $13.6 $8.7 $12.2 SG&A $10.5 $20.4 $17.8 expenses Net finance $17.4 $17.1 cost $15.1 were in line with increase
Slide 11: 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 $580.8 $543.7 $502.3 $509.1 $476.4 $8.7 $104M $40M YoY YoY ($6.3) ($6.9) ($31.3) Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 ANNUALI
Slide 12: 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. • Our detailed scenario planning results in an adjusted EBITDA range of $210 million t
Slide 13: Operational Highlights
OPERATIONAL HIGHLIGHTS Thermal Barrier Coating for aerospace turbine blades. ALD Vacuum Technologies GmbH (Hanau, Germany) 13
Slide 14: Operational Highlights
OPERATIONAL HIGHLIGHTS AMG is effectively progressing in its strategic expansions and joint ventures, maintaining strong momentum across its lithium and vanadium operations while advancing key projects aimed at enhancing global resource recovery and market reach. LITHIUM EXPANSION NEW CHROME METAL S
Slide 15: Health and Safety Focus
HEALTH AND SAFETY FOCUS Safety Indicators AMG compares itself to the industry average for Primary Metal Manufacturing (NAICS 331). The most recent data provided in 2024 by the United States Bureau of Labor Statistics reports that the Primary Metal Manufacturing industry’s total recordable case rate
Slide 16: Appendix
APPENDIX AMG Vanadium – Zanesville, Ohio, USA 16
Slide 17: AMG Provides Critical Materials and Related Process Technologies for a Less Carbon-Intensive World
AMG PROVIDES CRITICAL MATERIALS AND RELATED PROCESS TECHNOLOGIES TO ADVANCE A LESS CARBON-INTENSIVE WORLD A GLOBAL IMPERATIVE AMG’S ENABLED CO2 EMISSION REDUCTIONS FOR THE 21ST CENTURY (Million MT) AMG: 2025 128.2 ENABLING TECHNOLOGIES 2024 113.6 Products and processes saving 2023 110.3 CO2 emission
Slide 18: Critical Materials — Average Quarterly Market Prices
CRITICAL MATERIALS — AVERAGE QUARTERLY MARKET PRICES Q1 Q1 APR 29, 2026 Q1 ‘26 VS. Q1 SPOT VS. Q1 MATERIALS 2026 2025 SPOT ‘25 % CHANGE ‘26 % CHANGE Ferrovanadium ($/lb) $18.83 $14.16 $24.50 33% 30% CRU Molybdenum ($/lb) $25.42 $20.54 $28.13 24% 11% S&P Global Platts Nickel ($/MT) $17,351 $15,566 $1
Slide 19: Critical Materials — Full Year and Current Spot Prices
CRITICAL MATERIALS — FULL YEAR AND CURRENT SPOT PRICES AVG AVG APR 29, 2026 AVG ‘25 VS. AVG SPOT VS. AVG MATERIALS 2025 2024 SPOT ‘24 % CHANGE ‘25 % CHANGE Ferrovanadium ($/lb) $14.15 $13.13 $24.50 8% 73% CRU Molybdenum ($/lb) $22.14 $21.30 $28.13 4% 27% S&P Global Platts Nickel ($/MT) $15,155 $16,8
Slide 20: Profit for the Period to Adjusted EBITDA Reconciliation
PROFIT FOR THE PERIOD TO ADJUSTED EBITDA RECONCILIATION (000’s USD) Q1 2026 Q1 2025 Profit for the period $13,011 $5,880 Income tax expense 4,084 850 Net finance cost 15,401 10,543 Equity-settled share-based payment transactions 1,750 1,736 Restructuring expense 1,162 2,563 Brazil's SP1+ expansion —
Slide 21: Appendix: Lithium Market Update
APPENDIX: LITHIUM MARKET UPDATE Lithium Hydroxide battery-grade refinery - Bitterfeld, Germany 21
Slide 22: Global Q1 2026 EV Sales at -3% YoY: China Weak, Europe Keeps Momentum
GLOBAL Q1 2026 EV SALES AT -3% YOY: CHINA WEAK, EUROPE KEEPS MOMENTUM Quarterly electric car sales by region, 2021-2026 7.0 6.0 5.0 4.0 * Millions 3.0 2.0 1.0 0.0 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 2021 2022 2023 2024 2025 2026 Ch
Slide 23: EV Market Development 2021-2026: China
EV MARKET DEVELOPMENT 2021-2026: 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 40% 140 120 30% 100 80 20% 60 10% 40 20 0% - Nov Nov Nov Nov Nov Sep Sep Sep Sep Sep Jan Mar May Jul Jan
Slide 24: Battery Market Development 2022-2026 – China
BATTERY MARKET DEVELOPMENT 2022-2026 – CHINA Battery Production China per Quarter (GWh) Battery Sold + Exported China per Quarter (GWh) 600 600 49% 36% 500 500 400 400 300 300 200 200 100 100 - 0 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 Source: CAAM,
Slide 25: BESS with Another Strong Year – 2026 Installations Expected to Grow Again 30-45%
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 25
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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