AMG Critical Materials (AMG) AGM 2026 presentation summary

Financial performance highlights

• Adjusted EBITDA reached $235M in 2025, driven by strong Technologies segment performance, despite lithium and vanadium weakness.

• Revenue grew to $1,708M in 2025, up from $1,440M in 2024, with adjusted gross margin improving to 19.7%.

• Cash from operating activities doubled to $76M in 2025, and return on capital employed rose to 13.2%.

• Q1 2026 gross profit was $87M, up 26% year-over-year, and adjusted EBITDA was $44M, exceeding guidance.

• Capital increase in April 2026 raised $127M to fund lithium, molybdenum, and vanadium expansions.

Segment performance and operational updates

• AMG Lithium's Q1 2026 revenue rose 89% year-over-year, driven by Bitterfeld plant ramp-up and higher sales prices.

• AMG Vanadium's Q1 2026 revenue increased 18% due to higher chrome and ferrovanadium volumes and prices.

• AMG Technologies' Q1 2026 revenue was stable, with higher AMG Engineering sales offsetting lower AMG Antimony sales.

• Bitterfeld refinery in Germany is ramping up battery-grade lithium hydroxide production, with commercial output expected mid-2026.

• Exclusive agreement signed in Portugal for lithium concentrate production, and MOU signed in China for lithium hydroxide offtake.

Strategic investments and portfolio actions

• $15M invested in a new US chrome metal facility, opening June 2026, to address critical material needs.

• Acquisition of AURA Technologie in Germany expands into high-purity molybdenum and strengthens circular materials processing.

• Saudi Arabia "Supercenter" project for vanadium is ahead of schedule, with AMG as sole offtaker.

• AMG LIVA's Hybrid ESS battery to be installed at Aramco's solar plant in Saudi Arabia, supporting renewable energy goals.

• Sale of AMG Graphite to Asbury Carbons for $65M to focus on core growth businesses; AMG Silicon operations closed at end of 2025.