Amg Critical Materials N.v. · EURONEXT:AMG
Amg Critical Materials — Investor Presentation (May 2026)
37 slides from Amg Critical Materials's investor presentation, May 2026
Slide 1: The Technology of Energy Transition
THE TECHNOLOGY OF ENERGY TRANSITION Investor Presentation | May 2026 AMG CRITICAL MATERIALS N.V. Lithium Hydroxide battery-grade refinery – Bitterfeld, Germany 1
Slide 2: Table of Contents
TABLE OF CONTENTS 1. Executive Summary 3 2. Businesses 13 3. Financials and Outlook 24 AMG Engineering – Hanau, Germany 2
Slide 3: Investment Case Highlights
INVESTMENT CASE HIGHLIGHTS 1 Unique Portfolio of Conflict Free Critical Materials and Technologies 2 11 Critical Materials for the Energy Transition and Aerospace in the EU and the US 3 Strategic Focus on Substitution of Imports and Recycling 4 Backward Integration into Refining Technology for Criti
Slide 4: 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 5: 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 9 EU critical Chromium He
Slide 6: Technology Breadth Offers Room for Expansion
ETECHNOLOGY BREADTH OFFERS ROOM FOR EXPANSION AMG Lithium AMG Vanadium AMG Technologies H Periodic Table He Li Be B C N O F Ne Na Mg Al Si P S Cl Ar K Ca Sc Ti Ti V Cr Mn Fe Co Ni Ni Cu Zn Ga Ge As Se Br Kr Rb Sr Y Zr Nb Mo Tc Ru Rh Pd Ag Cd In Sn Sb Te I Xe Cs Ba Hf Ta W Re Os Ir Pt Au Hg Tl Pb Bi
Slide 7: 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 and nuclear rods rejuvenation ovens Thermal Barrier Coater for turbine blades AMG Engineering offers individual vacuum melting and refining solutions for th
Slide 8: Advanced Pipeline of Investment Opportunities
ADVANCED PIPELINE OF INVESTMENT OPPORTUNITIES AMG Vanadium AMG Lithium • Vanadium recycling • Building low-grade lithium value chain via spent carbonate and recycled catalysts in Saudi black mass feedstock Arabia (ACMC)* Energy processing for lithium Aerospace cluster in Bitterfeld* Transition • Chr
Slide 9: Improved Resiliency and Significant Upside Potential
IMPROVED RESILIENCY AND SIGNIFICANT UPSIDE POTENTIAL 400 EBITDA potential from installed kit Vanadium of >=$500m price indexed Lithium price indexed Adjusted EBITDA ($M) 200 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 AMG Vanadium AMG Technologies AMG Lithium Diversified portfolio offers sup
Slide 10: Recent Capex Cycle Has Yet to Deliver
RECENT CAPEX CYCLE HAS YET TO DELIVER 200 4,5 AMG has invested >$650 million in capital expenditures 3,5 since 2020 for its 150 lithium and vanadium expansion projects 2,5 AMG enjoys the Capex ($M) benefit of a long- 100 dated, unsecured, 1,5 low-cost, covenant free municipal bond, which only requir
Slide 11: Experienced Management Team
EXPERIENCED MANAGEMENT TEAM 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 Sch
Slide 12: 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 13: Businesses
2. BUSINESSES AMG Titanium plant, Nürnberg, Germany 13
Slide 14: 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 15: End Use Markets for Vanadium
END USE MARKETS FOR VANADIUM Steel Vanadium End Uses 2025 • In 2024 it is estimated that 82% of vanadium was consumed in steel 13% • 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 16: 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 17: 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 18: 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 antimony (non-recurring Demand driven primarily by: EBITDA contribution of >$70m in 2025) • Increased demand
Slide 19: 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 20: 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 21: 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 22: 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 23: 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 24: Financials and Outlook
3. FINANCIALS AND OUTLOOK AMG Lithium GmbH: Lithium Hydroxide Battery-Grade Refinery – Bitterfeld, Germany 24
Slide 25: Financial Summary: 2021 – 2025
FINANCIAL SUMMARY: 2021 – 2025 REVENUE (in millions of US dollars) ADJUSTED EBITDA (in millions of US dollars) $342 $351 $1,643 $1,626 $1,708 $1,440 $1,205 $235 $168 $137 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 EBITDA 11% 21% 22% 12% 14% Margin: OPERATING CASH FLOW (in millions of US dolla
Slide 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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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