Slide 1: Q1 2026 Results
low MP materiaALcs Q1 2026 Results May 7, 2026
Slide 2: Safe Harbor
Safe Harbor This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. MP Materials Corp. (the “Company,” “we,” “us” and “our”) intend such forward- looking statements to be covered by the safe harbor provisions for forward-looki
Slide 3: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures This presentation references certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income (Loss), and Adjusted Diluted EPS, which have not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”)
Slide 4: First Quarter and Recent Highlights
First Quarter and Recent Highlights Materials Segment Magnetics Segment Delivered record quarterly NdPr production and sales volumes Magnet commissioning and qualification advancing • Produced 917 MT, +63% YoY • Sold 1,006 MT 1, +117% YoY Broke ground on 10X • Delivered initial shipments under strat
Slide 5: Quarterly Financial Metrics – Consolidated
Quarterly Financial Metrics – Consolidated Comparable Sequential and YoY Financial Metrics1 Revenue and PPA Income Adjusted EBITDA2 Adjusted Diluted EPS2 $42.3 $51.0 $90.6 $60.8 $52.7 $39.2 $36.6 $0.09 $0.03 $(2.7) $(0.12) Q1 2025 Q4 2025 Q1 2026 Q1 2025 Q4 2025 Q1 2026 Q1 2025 Q4 2025 Q1 2026 2025
Slide 6: Quarterly Operating Metrics – Materials Segment
Quarterly Operating Metrics – Materials Segment Comparable Sequential and YoY Operational Metrics1 Upstream KPIs Midstream KPIs REO Production Volumes NdPr Production Volumes NdPr Sales Volumes2 12,983 12,213 12,080 1,006 917 718 563 562 464 Q1 2025 Q4 2025 Q1 2026 Q1 2025 Q4 2025 Q1 2026 Q1 2025 Q4
Slide 7: Quarterly Financial Metrics – Segments
Quarterly Financial Metrics – Segments Comparable Sequential and YoY Financial Metrics1 Materials Segment2 Magnetics Segment Segment Revenue Segment Segment Revenue Segment and PPA Income Adjusted EBITDA3 Adjusted EBITDA3 $42.3 $51.0 $72.2 $55.6 $19.9 $21.1 $35.6 $40.3 $36.7 $8.4 $9.6 $3.8 $5.2 $0.5
Slide 8: Appendix
Appendix
Slide 9: Consolidated Statements of Operations
P&L MP Materials Corp. and Subsidiaries For the three months Consolidated Statements of Operations For the three months ended March 31, ended December 31, (in thousands, except share and per share data, unaudited) 2026 2025 2025 Revenue $ 90,649 $ 60,810 $ 52,685 Price protection agreement income 42
Slide 10: Reconciliation: Net Income (Loss) to Adjusted EBITDA
Reconciliation: Net Income (Loss) to Adjusted EBITDA For the three months For the three months ended March 31, ended December 31, (in thousands, unaudited) 2026 2025 2025 Net income (loss) $ (7,968) $ (22,648) $ 9,426 Adjusted for: Depreciation, depletion and amortization 32,137 21,384 24,609 Intere
Slide 11: Reconciliation: Net Income (Loss) to Adjusted Net Income (Loss)
Reconciliation: Net Income (Loss) to Adjusted Net Income (Loss) For the three months For the three months ended March 31, ended December 31, (in thousands, unaudited) 2026 2025 2025 Net income (loss) $ (7,968) $ (22,648) $ 9,426 Adjusted for: Stock-based compensation expense(1) 12,867 7,353 9,573 In
Slide 12: Reconciliation: Diluted Earnings (Loss) per Common Share to Adjusted Diluted EPS
Reconciliation: Diluted Earnings (Loss) per Common Share to Adjusted Diluted EPS For the three months For the three months ended March 31, ended December 31, (unaudited) 2026 2025 2025 Diluted earnings (loss) per common share $ (0.04) $ (0.14) $ 0.05 Adjusted for: Stock-based compensation expense 0.