AMG Critical Materials (AMG) Investor presentation summary

Investment case highlights

• Unique portfolio of conflict-free critical materials and technologies, with 10 materials essential for energy transition and aerospace in the EU and US.

• Strategic focus on import substitution, recycling, and backward integration into refining technology for critical metals, including rare earths.

• Established high-quality platform with significant expansion potential.

Business segments and operations

• Three main segments: Vanadium (recycling and alloys), Technologies (advanced metallurgy, engineering, LIVA batteries), and Lithium (mining to battery-grade products).

• Vanadium segment is a global leader in recycling from oil refining residues and is expanding into chrome production in the US and the Middle East.

• Technologies segment provides critical equipment and services for aerospace, nuclear, and rare earths, with strong order intake and a growing LIVA battery business.

• Lithium segment spans mining in Brazil to refining in Germany, with strategic holdings in Portugal and Germany, and new plant developments.

Financial performance and outlook

• Q2 2026 revenue rose 19% year-over-year to $523 million, with adjusted EBITDA up 30% to $92 million, driven by strong Vanadium and Lithium results.

• Net income attributable to shareholders more than doubled to $28 million in Q2 2026, aided by a lithium inventory write-up.

• FY 2025 revenue was $1.7 billion, with an adjusted EBITDA margin of 14%.

• Capex guidance for 2026 is $70–90 million, focused on Vanadium and Lithium growth investments.

• Adjusted EBITDA guidance for 2026 raised to $230–250 million.