AMG Critical Materials (AMG) Investor presentation summary

Investment highlights and strategic positioning

• Maintains a unique portfolio of conflict-free critical materials, including 9 EU and 11 US critical materials, supporting energy transition and aerospace sectors.

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

• Holds a leading market position in vanadium recycling, lithium value chain, and advanced metallurgy engineering.

• Ongoing expansion in lithium and vanadium, with significant investments in new plants and recycling projects in Europe, the US, and the Middle East.

• Proactive portfolio management, including divestment of non-core assets and strategic acquisitions to strengthen core business areas.

Business segments and operations

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

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

• Lithium segment spans mining in Brazil to refining in Germany, with strategic stakes in junior miners and partnerships for pilot and commercial plants in Europe.

• Technologies segment provides critical equipment and services for aerospace, nuclear, and rare earth industries, and develops LIVA redox flow batteries.

Financial performance and outlook

• FY 2025 revenue reached $1.7 billion, with adjusted EBITDA of $235 million and an EBITDA margin of 14%.

• Q1 2026 revenue grew 15% year-over-year to $446 million; net income more than doubled to $12 million, aided by a lithium inventory write-up.

• Segment highlights: Lithium revenue up 89% in Q1 2026, Vanadium revenue up 18%, and Technologies revenue stable with strong order backlog.

• Over $650 million invested in capex since 2020, mainly for lithium and vanadium expansion; capex guidance for 2026 is $70–90 million.

• Liquidity remains strong at $403 million in Q1 2026, with net debt/EBITDA at 2.6x and a recent extension of the revolving credit facility to 2028.