Amg Critical Materials N.v. · EURONEXT:AMG
Amg Critical Materials — Investor Presentation (September 2025)
36 slides from Amg Critical Materials's investor presentation, September 2025
Slide 1: The Technology of Energy Transition
THE TECHNOLOGY OF ENERGY TRANSITION Investor Presentation | September 2025 AMG CRITICAL MATERIALS N.V. Lithium Hydroxide battery-grade refinery - Bitterfeld, Germany 1
Slide 2: 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 3: Table of Contents
TABLE OF CONTENTS 1. Executive Summary 4 2. Businesses 13 3. Financials and Outlook 25 AMG Vanadium: Zanesville, Ohio, USA 3
Slide 4: 1. Executive Summary
1. EXECUTIVE SUMMARY AMG Engineering: ALD Vacuum Technologies’ Thermal Barrier Coating for turbine blades (Hanau, Germany) 4
Slide 5: Investment Case Highlights
INVESTMENT CASE HIGHLIGHTS 1 Unique Portfolio of Conflict Free Critical Materials and Technologies 2 10-11 Critical Materials for the Energy Transition in the EU and the US 3 Market Leader in Key Jet Engine and Nuclear Fuel Rejuvenation Technologies 4 Focus on Substitution of Imports and Recycling 5
Slide 6: Critical Materials and Technology for Energy Transition
CRITICAL MATERIALS AND TECHNOLOGY FOR ENERGY TRANSITION WHAT AMG DOES AMG CORE PRINCIPLES • Independently sources, upgrades and purifies critical, conflict • Leading producer in all our markets free materials for energy transition and CO2 reduction • Low-cost producer in all our markets • Produces m
Slide 7: Unique Portfolio of Conflict Free Critical Materials
UNIQUE PORTFOLIO OF CONFLICT FREE CRITICAL MATERIALS US Critical Materials EU Critical Materials Rhodium Bismuth PGMs AMG has a Zirconium Hafnium Beryllium Feldspar unique critical Ruthenium Niobium materials portfolio Fluorspar Cobalt Scandium comprised of Arsenic Antimony 10 EU critical Chromium H
Slide 8: The Technology of Energy Transition
THE TECHNOLOGY OF ENERGY TRANSITION AMG Engineering is a global leader in vacuum metallurgy incl. thermal barrier coaters for jet engine blades enabling CO2 emission reduction Thermal Barrier Coater for turbine blades AMG Engineering offers individual vacuum melting and refining solutions for the pu
Slide 9: End of Heavy Capital Expansion Phase
END OF HEAVY CAPITAL EXPANSION PHASE 200 4,5 AMG has invested 4,0 >$650 million in capital expenditures 3,5 since 2020 for its 150 lithium and vanadium 3,0 expansion projects 2,5 AMG enjoys the Capex ($M) 100 2,0 benefit of a long- dated, unsecured, 1,5 low-cost, covenant free municipal bond, 1,0 wh
Slide 10: Focus on Substitution of Imports and Recycling
FOCUS ON SUBSTITUTION OF IMPORTS AND RECYCLING Rotherham Cr U.K. New Castle East Windsor C Si Ti Cr Ti (PA), USA Eng (CT), USA HTS Limbach GERMANY U.K. GERMANY Bitterfeld Li GERMANY Eng Hanau GERMANY U.S.A. FRANCE Mo V Ni CHINA C Port Huron HTS (MI), USA Sb Suzhou CHINA Grenoble Mumbai Eng Eng HTS E
Slide 11: Resilient Performance Despite Reduced Prices
RESILIENT PERFORMANCE DESPITE REDUCED PRICES 400 Vanadium price indexed Adjusted EBITDA ($M) Lithium price indexed 200 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e AMG Vanadium AMG Technologies AMG Lithium Diversified portfolio offers support – tailwind from Antimony since H2 2024 11
Slide 12: Healthy Management Mix
HEALTHY MANAGEMENT MIX MANAGEMENT BOARD Heinz Schimmelbusch Jackson Dunckel Mike Connor (CEO) (CFO) (CCDO) EXECUTIVE VICE PRESIDENTS Ludo Mees Juri Abbatantuono Michele Fischer (Legal, Compliance & (Strategic projects & (Human Resources) Governance) Engineering) DIVISIONAL LEADERSHIP Stefan Scherer
Slide 13: 2. Businesses
2. BUSINESSES AMG Titanium plant, Nürnberg, Germany 13
Slide 14: AMG Business Segments
AMG BUSINESS SEGMENTS AMG VANADIUM AMG TECHNOLOGIES AMG LITHIUM Market leader in recycling Established world market leader in Value chain spanning the lithium vanadium from oil refining residues advanced metallurgy & engineering industry, from mining to solid-state • Vanadium • Vacuum furnaces lithi
Slide 15: AMG Vanadium – Creating #1 Vanadium Circular Company
AMG VANADIUM – CREATING #1 VANADIUM CIRCULAR COMPANY Overview and Recent Developments Demand Characteristics and End Markets • Spans the company’s vanadium, titanium and chrome businesses. • Demand driven by: All three materials are deemed critical in the USA, vanadium and • Global expansion in vana
Slide 16: End Use Markets for Vanadium
END USE MARKETS FOR VANADIUM Steel Vanadium End Uses 2024 • In 2024 it is estimated that 82% of vanadium was consumed in steel 9% • Vanadium has a high strength to weight ratio which increases strength and toughness of steel 4% • Vanadium containing steel is used in tool steels, construction steel (
Slide 17: Vanadium Production Routes
VANADIUM PRODUCTION ROUTES Vanadium Depending upon Oxide purity level: ▪ Commodity Grade * Vanadium ▪ Aerospace Oxide Grade ▪ Chemical Grade Vanadium Oxide ▪ VEL Grade Primary Co-Product Secondary • Primary production refers to the • Co-production refers to the mining • Refers to the recovery of van
Slide 18: AMG Vanadium's Contract Structure Underpins Its Global Low-Cost Position
AMG VANADIUM’S CONTRACT STRUCTURE UNDERPINS ITS GLOBAL LOW-COST POSITION Spent Catalyst Ferrovanadium Refinery Tipping Fee FeNiMoly % of sales price • Because of the income the refineries receive from the sale of finished products, utilizing AMG is the cheapest and most environmentally-sound way to
Slide 19: AMG Technologies – The Technological Backbone
AMG TECHNOLOGIES – THE TECHNOLOGICAL BACKBONE Overview and Recent Developments DemandCharacteristics Demand Characteristics and and EndDrivers Markets • Spans mineral processing operations in graphite, antimony and Demand driven primarily by: silicon metal • Increased demand for aerospace engines in
Slide 20: AMG Engineering – A Critical Materials Technology Leader
AMG ENGINEERING – A CRITICAL MATERIALS TECHNOLOGY LEADER INVESTMENT CASTING POWDER ATOMIZATION THERMAL BARRIER COATING VAR-SM VIGA EB/PVD VIM-IC EIGA Smart Coater LEICOMELT VACUUM INDUCTION MELTING REMELTING & REFINING VACUUM HEAT TREATMENT VIM EB-CHR ESR MonoTherm SyncroTherm VKP (Sintering-HIP) VI
Slide 21: The LIVA Battery Is a Key Piece of Technologies' Growth
THE LIVA BATTERY IS A KEY PIECE OF TECHNOLOGIES’ GROWTH Energy applications • Prosumer: Optimized self consumption and Shifting self-sufficiency with solar & wind • Efficient off-grid & island solutions Island off-grid • Reducing CO2 emission up to 80% vs. Diesel gensets. Reduce electricity costs up
Slide 22: AMG Lithium – Creating a Transatlantic Lithium Company
AMG LITHIUM – CREATING A TRANSATLANTIC LITHIUM COMPANY Overview Demand Characteristics and End Markets • Spans the lithium value chain, from lithium mining in Brazil to • Demand correlated to growth in demand for: refining to battery grade lithium hydroxide in Germany • Electric vehicles (lithium) •
Slide 23: Lithium Value Chain
LITHIUM VALUE CHAIN Brazil Germany Future Technical Grade Li Hydroxide 17k tons Solid Battery Mibra Spodumene Electrolytes Grade Li Mine Expansion Current & Hydroxide Precursors 90k tons 130k tons TOLLING IN CHINA 20k tons Since 2018 On its way First European Current kilo-scale to reach battery-grad
Slide 24: Lithium Hydroxide Commercial Plan
LITHIUM HYDROXIDE COMMERCIAL PLAN 20.000 20,000 Volume under long- term contract to deliver a binding 15.000 15,000 5,000 MT/yr plus an optional 5,000 MT/yr to EcoPro BM Hungary MT/year 10.000 10,000 Target to get qualified with every CAM and cell producer in Europe 5.000 5,000 including related OEM
Slide 25: 3. Financials and Outlook
3. FINANCIALS AND OUTLOOK AMG Lithium GmbH: Lithium Hydroxide Battery-Grade Refinery – Bitterfeld, Germany 25
Slide 26: Financial Summary: 2020 – 2024
FINANCIAL SUMMARY: 2020 – 2024 REVENUE (in millions of US dollars) ADJUSTED EBITDA (in millions of US dollars) $342 $351 $1,643 $1,626 $1,440 $1,205 $937 $168 $137 $67 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 EBITDA 7% 11% 21% 22% 12% Margin: OPERATING CASH FLOW (in millions of US dollars)
Slide 27: Growth Strategy Snapshot
GROWTH STRATEGY SNAPSHOT Chrome Expansion: AMG approved a capital investment of USD $15 million in April to establish an aluminothermic production facility to manufacture chrome metal in the United States. Chrome metal is deemed a Critical Material in the US due to lack of US production and its impo
Slide 28: Quarterly Financial Highlights
QUARTERLY FINANCIAL HIGHLIGHTS REVENUE (IN MILLIONS OF US DOLLARS) ADJUSTED EBITDA (IN MILLIONS OF US DOLLARS) $70,8 $439,0 $388,1 $57,5 $57,8 $364,3 $356,0 $361,4 $39,5 $40,3 20% 79% YoY YoY Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 NET (LOSS) INCOME ATTRIBUTABLE TO KEY
Slide 29: Quarterly Revenue Drivers
QUARTERLY REVENUE DRIVERS LITHIUM SEGMENT RESULTS KEY DRIVERS Q2 2025 Q2 2024 Price Volume Revenue $37.0 $38.3 Spodumene Adjusted Gross Profit $3.8 $3.7 Tantalum VANADIUM SEGMENT RESULTS KEY DRIVERS Price Volume Q2 2025 Q2 2024 Vanadium Revenue $161.0 $168.0 Titanium Alloys Adjusted Gross Profit $22
Slide 30: Financial Performance, Leverage & Valuation Dashboard
FINANCIAL PERFORMANCE, LEVERAGE & VALUATION DASHBOARD • AMG has invested METRIC Q2 2025 FY 2024 >$650 million in capital expenditures since 2020 Return on Assets 0.8% -1.3% for its lithium and vanadium expansion Return on Equity 2.9% -4.7% projects Return on Capital Employed 14.9% 9.1% • AMG is at t
Slide 31: 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 $48,6 $12,9 $38,3 $37,0 $32,0 Revenue $8,4 Adjusted decreased $7,1 gross profit 3% vs. increased $10,2 Q2 ‘24 2% vs. $6,4 $5,4 $3,7 $3,8 $2,8 Q2 ‘24 $1,7 26,
Slide 32: AMG Vanadium Financial Highlights
AMG VANADIUM FINANCIAL HIGHLIGHTS REVENUE & ADJUSTED EBITDA (IN MILLIONS OF US DOLLARS) ADJUSTED GROSS PROFIT (IN MILLIONS OF US DOLLARS) $168,0 $161,0 $36,7 $151,0 $153,8 $145,5 $31,2 $24,8 Revenue 25,2% $22,4 Adjusted $20,0 $19,4 decreased gross profit $15,4 4% vs. $15,9 decreased $10,8 $13,1 14,7
Slide 33: 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 $71,1 $202,3 $56,2 $158,0 $156,4 $162,8 $52,5 Adjusted Adjusted $39,4 EBITDA gross profit almost $34,9 $35,2 $32,2 more than tripled vs. 27,8% 29,5% do
Slide 34: 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 $50.2 $13,0 $13,2 $47.4 $46.5 $12,0 $45.0 $12,2 $10,5 $10,9 $11,9 $11,4 $20,4 SG&A $7,5 $7,8 Net finance $13,9 $15,1 increased $13,8 $14,4 cost 28% vs. increased Q2 ‘24 $
Slide 35: 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 $490,1 $502,3 $468,1 $476,4 $453,1 $49M $8,7 $3M YoY YoY ($1,8) ($9,3) ($6,3) Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 ANNUALIZED
Slide 36: 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 $200 million in 2025. W
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