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 segments, with adjusted EBITDA at $44 million, up 2% sequentially but down 24% year-over-year due to prior antimony strength.

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

• Strategic actions included a 10% capital increase raising EUR 127 million, the acquisition of AURA Technologie GmbH, and the sale of Graphit Kropfmühl GmbH.

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

• Basic earnings per share increased to $0.38 from $0.16 in the prior year quarter.

Financial highlights

• Q1 2026 adjusted EBITDA margin was 9.9%, down from 14.9% in Q1 2025, with operating profit more than doubling to $37 million and gross profit up 26% to $87 million.

• Cash used in operating activities was $(31) million, compared to $9 million generated in Q1 2025; net debt at quarter-end was $581 million.

• Liquidity stood at $403 million, with $200 million available on the revolving credit facility and no significant near-term debt maturities.

• SG&A expenses were stable at $51 million; net finance cost increased to $15 million.

• Working capital investment increased by EUR 68 million in Q1 due to higher volumes and prices; cash generation expected to improve in Q2–Q4.

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, despite geopolitical headwinds.

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

• Scenario planning reflects strong order backlog and material price tailwinds, with benefits expected from Q2 onward.