AMG Critical Materials (AMG) investor relations material

Executive summary

• Q1 2026 revenue rose 15% year-over-year to $446 million, driven by strong lithium and vanadium performance, and adjusted EBITDA was $44 million, up 2% sequentially but down 24% year-over-year due to prior year’s exceptional antimony profitability.

• Net income attributable to shareholders more than doubled year-over-year to $12 million, aided by a lithium inventory write-up.

• Strategic actions included the acquisition of AURA Technologie GmbH, expanding recycled tungsten and high-purity molybdenum, and the sale of Graphit Kropfmühl GmbH.

• A 10% capital increase raised $127 million (EUR 127 million), oversubscribed four times, to fund lithium, molybdenum, and vanadium expansions.

• The company is focusing on energy transition materials and expanding its global footprint, including projects in Saudi Arabia and the US.

Financial highlights

• Q1 2026 adjusted EBITDA was $44 million, down 24% year-over-year but up 2% sequentially; adjusted EBITDA margin was 9.9%, down from 14.9% in Q1 2025.

• Gross profit improved to $87 million from $68.7 million year-over-year; operating profit more than doubled to $37 million.

• Net finance cost increased to $15.4 million from $10.5 million year-over-year.

• Cash used in operating activities was $(31) million, compared to $9 million generated in Q1 2025.

• Liquidity at quarter-end was $403 million, with cash and equivalents at $203 million.

Outlook and guidance

• Q2 2026 adjusted EBITDA is expected to approach Q2 2025 levels, supported by strong tantalum prices and favorable lithium shipment phasing.

• Full-year 2026 adjusted EBITDA guidance reiterated at $210–$240 million (EUR 210–240 million), despite geopolitical headwinds.

• CapEx for 2026 projected at $70–$90 million, with higher levels expected in 2027 for lithium carbonate, high-purity molybdenum, and SARBV projects.