Slide 1: Q4 2025 Earnings
Q4 2025 Earnings February 12, 2026 8:00am ET
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation, conference call and discussions that follow contain statements concerning our expectations, anticipations and beliefs regarding the future, which constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act o
Slide 3: Non-GAAP Measures
Non-GAAP Measures It should be noted that adjusted net income (loss) attributable to Albemarle Corporation, adjusted net income (loss) attributable to Albemarle Corporation common shareholders, adjusted diluted (loss) earnings per share attributable to common shareholders, non-operating pension and
Slide 4: Driving cost reductions and productivity to position Albemarle for long-term growth
Strong operational execution, demonstrated by Q4 2025 results: ▪ Net sales of $1.4B (+16% Y/Y); double-digit volume growth (+12%) with gains in all segments ▪ Adj. EBITDA1 of $269M (+7% Y/Y); strong growth in Energy Storage (+25%) and Ketjen (+39%) ▪ Q4 cash from ops. of $388M; Q4 free cash flow3 of
Slide 5: Continued Steps to Optimize Conversion
Continued Steps to Optimize Conversion ▪ Idling production at Kemerton Train 1 and placing into care and maintenance effective immediately ▪ Follows actions in 2024 to place Train 2 into care and maintenance and cease expansion plans for Trains 3 and 4 ▪ Recent lithium price improvements alone are n
Slide 6: Q4 and FY 2025 Financial Summary
Q4 and FY 2025 Financial Summary (in millions, except per share amounts) Q4 2025 Q4 2024 Variance FY 2025 FY 2024 Variance Net Sales $1,428 $1,232 +16% $5,143 $5,378 -4% Net Income (Loss) ($414) $75 NM ($267) ($1,179) +77% Attributable to Albemarle Corporation Adjusted EBITDA1 $269 $251 +7% $1,098 $
Slide 7: Q4 Y/Y Adjusted EBITDA Bridges
Q4 Y/Y Adjusted EBITDA1 Bridges ($ in millions) $350 $39 Y/Y – by Driver $300 $20 ($3) $3 $250 ($24) ($17) $269 $251 $200 Q4 2025 vs 2024 $150 ▪ Higher lithium pricing in $100 Energy Storage and higher $50 volumes in all segments $0 Q4 2024 Volume Price COGS Pre-tax FX Other Q4 2025 ▪ Equity income
Slide 8: Energy Storage 2026E Outlook Considerations and Market Price Scenarios
Energy Storage Albemarle does not provide forecasts of lithium price 2026E Outlook Considerations and Market Price Scenarios1 Scenarios based on observed lithium market pricing Observed Lithium FY 2025 avg. FY 2025 avg. Jan. 2026 avg. 2021-25 avg. Average realized price below Market Price Scenarios:
Slide 9: Total Company 2026E Outlook Considerations
Total Company 2026E Outlook Considerations1 Observed Lithium FY 2025 avg. FY 2025 avg. Jan. 2026 avg. 2021-2025 avg. Market Price Scenarios: (US$/kg LCE)2 $10 $10 $20 $30 Ranges driven by variation in FY 2025A FY 2026E FY 2026E FY 2026E sales volume and product mix Assumes Ketjen transaction Net Sal
Slide 10: Ketjen Overview
Ketjen Overview Q4 2025 Performance (in millions) Q4 2025 Y/Y Net Sales 320 +14% Transaction Expected to Close in Q1 2026 Adj. EBITDA 50 +39% • Eurecat JV transaction closed on January 23 Adj. EBITDA Margin 16% +280bps • On track to close the sale of a controlling stake in Ketjen in Q1 2026 • Expect
Slide 11: Specialties Overview
Specialties Overview Q4 2025 Performance Q4 2025 Y/Y Quarterly Performance Drivers (in millions) Net Sales 349 +5% • Q4 net sales up 5% Y/Y on higher prices in bromine specialties that more Adj. EBITDA 69 -6% than offset a decline in lithium specialties; adj. EBITDA down -6%, primarily due to margin
Slide 12: Energy Storage Segment Overview
Energy Storage Segment Overview Q4 2025 Performance (in millions) Q4 2025 Y/Y Quarterly Performance Drivers Net Sales 759 +23% • Q4 2025 sales volumes of 63kt LCE; FY 2025 sales volumes of 235kt LCE Adj. EBITDA 167 +25% (+14% Y/Y), above outlook due to record integrated production, strong Adj. EBITD
Slide 13: Energy Storage Quarterly Sales Metrics
Energy Storage Quarterly Sales Metrics Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Average Lithium Market Price1 ($/kg LCE) $14.44 $14.51 $11.74 $10.24 $9.85 $8.82 $9.42 $11.19 Energy Storage Net Sales ($M) $801 $830 $767 $617 $525 $718 $709 $759 Energy Storage Sales Volume2,3 (k
Slide 14: Achieved Significant Positive Free Cash Flow in 2025
Achieved Significant Positive Free Cash Flow in 2025 Operating Cash Flow ▪ FY 2025 operating cash conversion of 117%, well above historical Conversion1 average1, driven by: 1. $350M customer prepayment in Energy Storage secured in January 117% 2. Working capital improvements, including inventory man
Slide 15: Diversified Lithium Demand Growth, Forecast Range Up +10% vs. Prior
Diversified Lithium Demand Growth, Forecast Range Up +10% vs. Prior (Q1 2025) Stationary Storage EV Lithium Demand 2030E lithium demand range of 2.8MMT-3.6MMT LCE depending on: Li-Ion Battery Production1 Market Penetration2 by Application2 (GWh) (MMT LCE) - Stationary storage demand growth 2025-2030
Slide 16: 2025 Global EV Sales of 22M (+21% y/y)
2025 Global EV Sales of 22M (+21% y/y), Driven by Growth in China and Europe Global EV Sales1 China EV Sales1 Europe EV Sales1 North America EV Sales1 25 (in millions) 25 25 25 60% 20% 10% 20 20 20 20 15 15 of Global 15 of Global 15 of Global +21% 10 2025 Y/Y 10 10 10 +18% 2025 Y/Y 5 5 5 +34% 5 -3%
Slide 17: Global Stationary Storage Demand Up >80% in 2025
Global Stationary Storage Demand Up >80% in 2025 with Strong Growth in All Major Regions Global ESS Production1 2025 ESS Shipments by Region1 (GWh) In China, support in the 15th 5-year plan 1,000 and strong economics due to falling pack FY 2026 Forecast2 costs promote stationary storage buildout 800
Slide 18: Disciplined Near-Term Capital Allocation Priorities
Disciplined Near-Term Capital Allocation Priorities $3.2B Financial Flexibility Shareholder Remuneration Disciplined Organic Investments Available Liquidity ▪ Committed to Investment ▪ Continue to support our ▪ Hold sustaining capex Grade credit profile common and preferred consistent with FY 2025 $
Slide 19: Focused CapEx Spending to Leverage Core Assets & Resources
Focused CapEx Spending to Leverage Core, Industry-Leading Assets & Resources Preserving capital discipline with strategic $2.5 resource investments ▪ Consistent sustaining capex Y/Y to preserve assets − 2026 sustaining capital forecast assumes $2.0 $1.7B Other Growth Ketjen transaction close in Q1 2
Slide 20: On Track to Achieve 5-year CAGR of ~15% for Energy Storage Sales Volumes
On Track to Achieve 5-year (2022-27) CAGR of ~15% for Energy Storage Sales Volumes kT LCE 300 Growth rate moderates in Positioned for Growth 2025-27 as large projects complete ramp-up 240-260 250 25% CAGR (2022-25) ~flat Y/Y 2026-27 growth requires minimal 235 additional capex: 206 ▪ Greenbushes CGP
Slide 21: World-Class Resources Support Future Growth
World-Class Resources Support Total Mineral Resource1 – Attributable2 Future Growth Br2 (MMT) 176.9 167.6 Bromine resources are long-lived assets with multi-decade reserves lives (9.0) (0.3) ▪ JBC: decrease driven by updated Dead Sea Model ▪ Magnolia: decrease due to lower pumping rates 2024 JBC MAG
Slide 22: Continuing Proactive Actions to Support our Long-term Competitive Position
Continuing Proactive Actions to Support our Long-term Competitive Position Optimizing Improving Reducing Enhancing Conversion Network Costs and Efficiency Capital Expenditures Financial Flexibility Actions • Significantly reduced footprint at • Delivered proactive measures to re- • Re-phased capex t
Slide 23: Driving cost reductions and productivity to position Albemarle for long-term growth
Strong operational execution, demonstrated by FY 2025 results: net sales of $5.1B; volume growth (+7%) with gains in all segments; adj. EBITDA1 of $1.1B; cash from ops. of $1.3B; free cash flow of $692M Driving cost Introduced FY 2026 total company outlook considerations: expect year over year reduc
Slide 24: Q1 2026 Investor Relations Events
Q1 2026 Investor Relations Events Meredith Bandy, CFA VP, Investor Relations & Sustainability meredith.bandy@albemarle.com Feb 23 BMO Global Metals and Mining Conference +1 980.999.5168 Isaac Price Mar 3 New York City NDR Senior Manager, Investor Relations isaac.price@albemarle.com +1 980.308.6194 M
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Slide 26: Appendix
\ Albemarle* Appendix
Slide 27: Specialties, Ketjen, and Corporate FY 2026E Outlook Considerations
Specialties, Ketjen, and Corporate FY 2025E Outlook Considerations FY 2026E Segments FY 2025A as of February 11, 2026 Specialties Net Sales $1.4B $1.2B – $1.4B Specialties Adj. EBITDA $276M $170M – $230M Other Corporate Capital Expenditures $590M $550M – $600M Depreciation and Amortization $659M $66
Slide 28: Illustrative Calculation of Adj. EPS at ~$10/kg and ~$30/kg Scenarios
Illustrative Calculation of FY 2025E Adj. EPS at ~$10/kg and ~$30/kg Scenarios 2026 Outlook Market Price Scenario values represent midpoint of ranges (in millions, except per share amounts) ~$10 (2025 avg.) ~$30 (YE 2025) Adjusted EBITDA1 $900 $4,300 - Pre-Tax Equity Income $360 Assuming 30% AU tax
Slide 29: Our Actions Have Enhanced Financial Flexibility
Our Actions Have Enhanced Financial Flexibility1 Strong Liquidity Position Ample Flexibility to Repay or Extend Debt Maturities Long-term debt has weighted average interest rate of 3.9% (100% fixed) $1,618 Cash & Cash $650 $600 Equivalents $587 $450 $350 $172 $3.2B 2026 2027 2028 2029 2032 2044 2052
Slide 30: Definitions of Non-GAAP Measures
Definitions of Non-GAAP Measures NON-GAAP MEASURE DESCRIPTION Adjusted Net Income Attributable to Net income after mandatory convertible preferred stock dividends before non-recurring, other unusual and non-operating pension and OPEB. Common Shareholders Adjusted Diluted EPS Attributable to Diluted
Slide 31: Adjusted Net Income
Adjusted Net Income Net (loss) income attributable to Albemarle Corporation ( 1 ,1 9) 5, 9 (51 , ) (1,1 9, 9) Add back: Non operating pension and OPEB items (net of tax) 1 ,1 1 ( , 1 ) 1 , (9, 5) Non recurring and other unusual items (net of tax) 5,55 (15 , 9 ) 5 , 1, 9, Adjusted net (loss) income a
Slide 32: EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA Net (loss) income attributable to Albemarle Corporation ( 1 ,1 9) 5, 9 (51 , ) (1,1 9, 9) Add back: nterest and financing expenses 5 , , , 51 1 5, 19 ncome tax expense 15 , 1 , 1 15 , 1 , 5 epreciation and amortization 1 , 1 1 ,1 5 , 5 , ( 5, ) 9 , 15 51 ,5 ( ,1 ) Proporti
Slide 33: Adjusted EBITDA supplemental
Adjusted EBITDA supplemental1 E uity in net income of unconsolidated investments (net of tax) ( ,5 ) ( , 9) ( , 5 ) ( , 9 ) (9, ) ividends received from non indfield oldings unconsolidated investments , 9 , 91 5,11 , 9 , 9 indfield oldings debt 5, Off balance sheet obligations and other 1 , Less ALB
Slide 34: Diluted EPS
Diluted EPS iluted (loss) earnings per share ( . ) . 9 (5. ) (11. ) Add back: Non operating pension and OPEB items (net of tax) .15 ( . ) .1 ( . ) Non recurring and other unusual items (net of tax) Restructuring charges and asset write offs . ( . 1) . 9. Ac uisition and integration related costs . .
Slide 35: Effective Tax Rate
Effective Tax Rate As reported ( ,99 ) 15 , (55. ) Non recurring, other unusual and non operating pension and OPEB items 95,5 (9 , ) As adjusted 1 ,5 59,1 5 1.1 As reported , 1 , 1 1 . Non recurring, other unusual and non operating pension and OPEB items ( 9, ) 11 , As adjusted , 95 1 , 5 .9 As repo
Slide 36: Equity Income and Noncontrolling Interest
Equity Income and Noncontrolling Interest Energy Storage , 5 5,1 1 , 9 5, Specialties (1 , 19) (9, 5) ( 5, 1 ) ( , 5 ) etjen , 5 ,9 , 9 , Corporate 5, 1 ( 1,1 ) ( ) , (1 , 1 ) ( 19) Total Company ,5 (1 , 19) 1 ,99 (9, 1 ) , ( 5, 1 ) 15, ( ,9 ) Note: Corporate equity income relates to foreign exchang
Slide 37: www.albemarle.com
NYSE www.albemarle.com \ Albemarle®