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Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
AMG Critical Materials
AMG Critical Materials (AMG) investor relations material
AMG Critical Materials Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary6 Nov, 2026
Executive summary
Q3 2026 revenue was $471.5 million, up 8% YoY; adjusted EBITDA was $77.5 million, up 22%, and net income attributable to shareholders was $22.8 million.
Strong Brazilian lithium and tantalum performance drove results, partly offset by lower Antimony profitability and higher Vanadium and Chrome costs.
Financial highlights
Adjusted gross profit rose 13% to $99.4 million; adjusted EBIT increased 15% to $53.9 million.
Net income attributable to shareholders was $22.8 million versus $13.1 million; diluted EPS rose 56% to $0.61.
SG&A was $62 million, up 11% YoY; net finance cost was $19.6 million versus $14.4 million, and income tax expense was $18.3 million versus $7.1 million.
Cash used in operating activities was $6.2 million, reflecting usual adverse working-capital seasonality.
Net debt was $469.4 million at September 30, down $74 million YoY; liquidity was $550 million, including $350.2 million cash and $200 million available under the revolver.
Outlook and guidance
FY 2026 adjusted EBITDA guidance rose to ~$280 million from $230 million–$250 million, reflecting strong performance and improved Brazilian lithium run rates.
Positive free cash flow remains expected for FY 2026; Q4 working-capital seasonality is expected to reverse, with significant 45X tax-credit cash receipts expected subject to IRS timing.
FY 2026 CapEx guidance remains $70 million–$90 million, primarily for Lithium and Vanadium growth investments.
Brazilian lithium expansion is nearing forecast capacity of 130; quarterly sales are expected to move toward 30 kilotons.
Bitterfeld lithium hydroxide output and customer qualifications continue to ramp; the new US Chrome plant is ramping amid strong customer interest.
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Latest events from AMG Critical Materials
- Q2 2026 saw 19% revenue growth and 30% EBITDA increase, led by Vanadium and Lithium.AMG
Investor presentation - Q2 2026 adjusted EBITDA up 30% to $92M; guidance raised on strong lithium and vanadium growth.AMGQ2 2026
- Q1 2026 revenue rose 15% as lithium and vanadium projects fueled growth and expansion.AMGInvestor presentation
- Strong 2025 results driven by Technologies, lithium and vanadium growth, and strategic investments.AMGAGM 2026 presentation
- Q1 2026 saw 15% revenue growth, doubled net income, and strong vanadium and lithium results.AMGQ1 2026
- 2026 adjusted EBITDA is guided at $210–240 million, with Q4 2025 revenue up 24% YoY.AMGQ4 2025
- Q2 2024 saw lower metal prices but strong profitability, liquidity, and expansion progress.AMGQ2 2024
- Q3 EBITDA hit $40M, 2024 guidance raised, but lithium and vanadium prices remain weak.AMGQ3 2024
- 2025 EBITDA guidance raised to at least $150 million, driven by record Technologies results.AMGQ4 2024
Next AMG Critical Materials earnings date
Q4 202624 Feb, 2027
AMG Critical Materials
Next AMG Critical Materials earnings date
Q4 202624 Feb, 2027
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Frequently asked questions
AMG Critical Materials NV, formerly AMG Advanced Metallurgical Group NV is a Netherlands-based specialty metals company offering engineered metallurgical products and vacuum furnace systems to a range of industries. The Company is active in three reporting segments: AMG Clean Energy Materials (CEM), which combines recycling and mining operations, producing materials: the vanadium, lithium, and tantalum for infrastructure and energy storage solutions; AMG Critical Minerals (CMI), which consists of mineral processing operations in graphite, silicon metal and antimony; AMG Critical Materials Technologies segment (CMT) consist of vacuum furnace technology line with high-purity materials and produces titanium aluminides, titanium alloys, and chrome metal. The Company’s products are used for critical components in the aerospace, energy, electronics, optics, chemical, construction, and transportation industries.