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1 THE TECHNOLOGY OF ENERGY SAVING Investor Presentation | September 2026 AMG CRITICAL MATERIALS N.V. Lithium Hydroxide battery-grade refinery – Bitterfeld, Germany
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TABLE OF CONTENTS 2 1. Executive Summary 3 2. Businesses 13 3. Financials and Outlook 24 AMG Engineering – Hanau, Germany
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INVESTMENT CASE HIGHLIGHTS 1 3 2 5 10 Critical Materials for the Energy Transition and Aerospace in the EU and the US Unique Portfolio of Conflict Free Critical Materials and Technologies Strategic Focus on Substitution of Imports and Recycling Established High Quality Platform Offers Significant Room for Expansion 4 Backward Integration into Refining Technology for Critical Metals incl. Rare Earths 3
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FY 2025 REVENUE OF ~$1.7 BILLION GLOBAL TRENDS DRIVING CRITICAL MATERIALS DEMAND DEMAND Science-based, conflict free and geopolitically autarchic materials and solutions for energy transformation SUPPLY Critical materials supply is dominated by China and Russia; AMG is focused on import substitution GLOBAL TRENDS Need to contain CO2 emissions; improve supply security and preserve technological supremacy AMG CORE PRINCIPLES • Leading producer in all our markets • Low-cost producer in all our markets • Innovation driven • Intensive risk management system and control structure WHAT AMG DOES • Independently sources, upgrades and purifies critical, conflict free materials for energy transition and CO2 reduction • Produces market leading vacuum furnaces for specialized alloying applications incl. aerospace engines, nuclear fuel rejuvenation Market leading producer of specialty metals and vacuum furnace systems 54% AMG Technologies 37% AMG Vanadium BY SEGMENT BY END MARKET 9% AMG Lithium 30% Infrastructure 18% Specialty Metals & Chemicals 39% Transportation 13% Energy 35% Europe 37% North America 22% Asia 6% ROW BY REGION CRITICAL MATERIALS AND TECHNOLOGY FOR ENERGY TRANSITION 4
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5 US Critical Materials EU Critical Materials AMG has a unique critical materials portfolio comprised of 9 EU critical materials and 11 US critical materials The EU identifies 34 total critical raw materials, the US 50* Sources: The European Commission’s “Study on the Critical Raw Materials for the EU 2023,” published March 2023; and the U.S. list of Critical Materials per the February 2022 notice by the Secretary of the Interior, acting through the Director of the U.S. Geological S urvey *US list includes the rare earth elements except for Promethium Germanium Gallium Beryllium PGMs Phosphate Rock Borate Antimony Silicon Metal Light REE* Heavy REE Niobium Natural Graphite Tungsten Vanadium Baryte Bismuth CobaltFluorspar Hafnium Indium Phosphorus Aluminum Tin Cesium Manganese Strontium Rubidium Tellurium Zirconium Coking Coal Chromium Metal Tantalum Titanium Lithium Scandium Arsenic Nickel Palladium Platinum Rhodium Ruthenium Zinc Feldspar Helium Copper UNIQUE PORTFOLIO OF CONFLICT FREE CRITICAL MATERIALS
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La Ce Pr Nd Pm Sm Eu Gd Dy E Tb Ho Er Tm Yb Lu Rare Earths Light Heavy H He Li Be B C N O F Ne Na Mg Si P S Cl Ar K Ca Sc Ti V Mn Fe Co Ni Cu Zn Ga Ge As Se Br Kr Rb Sr Y Zr Mo Tc Ru Rh Pd Ag Cd In Te I Xe Cs Ba Hf W Re Os Ir Pt Au Hg Tl Pb Bi Po At Rn Fr Ra Rf Db Sg Bh Hs Mt Ds Rg Cn Nh Fl Mc Lv Ts Og AMG Lithium AMG Vanadium AMG Technologies Nb Ta Ti V Cr Mo Pu Ni Al Periodic Table 6 TECHNOLOGY BREADTH OFFERS ROOM FOR EXPANSION Engineering Sn SbRh Pb U Ca W
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THE TECHNOLOGY OF ENERGY TRANSITION 7 AMG Engineering is a global leader in vacuum metallurgy incl. thermal barrier coaters for jet engine blades and nuclear rods rejuvenation ovens AMG Engineering offers individual vacuum melting and refining solutions for the purification of critical metals such as titanium, superalloys and rare earth metals enhancing AMG‘s critical materials strategy Thermal Barrier Coater for turbine blades Sintering Oven for Nuclear Rods Rejuve Sintering Oven for nuclear rods rejuvenation
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ADVANCED PIPELINE OF INVESTMENT OPPORTUNITIES 8 AMG is actively evaluating all available financing options including state-backed loans and grants as well as prepayments, while preserving its balance sheet. Energy Transition RecyclingOnshoring Aerospace AMG Lithium • Building low-grade lithium carbonate and recycled black mass feedstock processing for lithium cluster in Bitterfeld* • Technical lithium hydroxide plants in Brazil and/or Portugal • Battery-grade lithium hydroxide (expansion) • Developing lithium sulfide and solid state electrolyte AMG Vanadium • Vanadium recycling value chain via spent catalysts in Saudi Arabia (ACMC)* • Chrome value chain in the US • High-purity molybdenum from recycled catalysts* • Vanadium oxide in the US * approved
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IMPROVED RESILIENCY AND SIGNIFICANT UPSIDE POTENTIAL 9 Diversified portfolio offers support – tailwind from Antimony H2 2024 - 2025 0 200 400 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Adjusted EBITDA ($M) AMG Vanadium AMG Technologies AMG Lithium Vanadium price indexed Lithium price indexed EBITDA potential from installed kit of >=$500m
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RECENT CAPEX CYCLE HAS YET TO DELIVER 10 AMG has invested >$650 million in capital expenditures since 2020 for its lithium and vanadium expansion projects AMG enjoys the benefit of a long- dated, unsecured, low-cost, covenant free municipal bond, which only requires $15 million per year of interest to maintain through 2049 Capex guidance of $70-90m in 2026 Target max net debt/adj. EBITDA of <2.5x -0.5 0.5 1.5 2.5 3.5 4.5 - 50 100 150 200 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Capex ($M) Growth (lhs) Maintenance & Enviromental (lhs) Net debt/adj. EBITDA (rhs) Net debt excl. municipal bond/adj. EBITDA (rhs)
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Jackson Dunckel (CFO) Heinz Schimmelbusch (CEO) MANAGEMENT BOARD EXPERIENCED MANAGEMENT TEAM Mike Connor (CCDO) 11 Ludo Mees (Legal, Compliance & Governance) Michele Fischer (Human Resources) EXECUTIVE VICE PRESIDENTS Juri Abbatantuono (Strategic projects & Engineering) Tom Centa (AMG Vanadium) Michael Hohmann (AMG Technologies) Fabiano Costa (AMG Lithium) Stefan Scherer (AMG Lithium) DIVISIONAL LEADERSHIP
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AMG BUSINESS SEGMENTS 12 AMG LITHIUMAMG VANADIUM Value chain spanning the lithium industry, from mining to solid-state lithium batteries Market leader in recycling vanadium from oil refining residues • Vanadium • Titanium • Chrome • Shell & AMG Recycling B.V. • Brazil (Tantalum & Lithium) • Lithium GmbH in Germany • Savannah • Zinnwald AMG TECHNOLOGIES Established world market leader in advanced metallurgy & engineering • Vacuum furnaces • Heat treatment services • LIVA batteries • Antimony 14% Infrastructure 18% Specialty Metals & Chemicals 29% Energy 2025 REVENUE 39% Transportation 24% Infrastructure 20% Specialty Metals & Chemicals 36% Transportation 20% Energy 2025 REVENUE 37% Infrastructure 41% Transportation 5% Energy 2025 REVENUE 17% Specialty Metals & Chemicals
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2. BUSINESSES 1313 AMG Titanium plant, Nürnberg, Germany
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AMG VANADIUM – CREATING #1 VANADIUM CIRCULAR COMPANY 14 • Demand driven by: • Global expansion in vanadium recycling from refinery residues • Global steel infrastructure demand • Increased demand from vanadium redox flow batteries • Increased demand for high value titanium and chrome alloys 24% Infrastructure 20% Specialty Metals & Chemicals 36% Transportation 20% Energy $62 $76 $81 $76 $59 2021 2022 2023 2024 2025 Assets AMG Vanadium – Zanesville, OH AMG Titanium – Nürnberg, Germany AMG Chrome – United Kingdom Overview and Recent Developments Demand Characteristics and End Markets Assets Financial Profile End Market Breakdown Segment adj. EBITDA ($M) • Spans the company’s vanadium, titanium and chrome businesses. All three materials are deemed critical in the USA, vanadium and titanium in the EU as well. • World’s market leader in recycling vanadium from oil refining residues and it is a low-cost producer. • Manages the sole ferrovanadium production operation in the United States • Expanding into the Middle East via its Shell & AMG Recycling JV. Start-up of phase one (V2O5) targeted for 2H 2028. • Investing to become the only chrome metal producer in the USA from early 2026. 2025 Revenue AMG Vanadium – Cambridge, OH
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END USE MARKETS FOR VANADIUM 15 78% 5% 4% 13% Vanadium End Uses 2025 Steel Aerospace Chemicals & Catalysts Energy Storage Steel • In 2024 it is estimated that 82% of vanadium was consumed in steel • Vanadium has a high strength to weight ratio which increases strength and toughness of steel • Vanadium containing steel is used in tool steels, construction steel (rebar, beams, HSLA, etc.), and automotive steels and components Energy Storage • Vanadium readily forms several stable oxidation states, where it can be indefinitely reused as both the anode and cathode in vanadium flow batteries (called Vanadium Electrolyte, or VEL) • These batteries are forecast to play a key role in the grid storage sector which is necessary for the transition to renewable energy sources Aerospace • Titanium master alloys (V-Al) are used in jet engine components, airframes, and landing gear components as these alloys have a high strength to weight ratio and can withstand sustained high temperatures Chemical • Vanadium based compounds are used throughout the chemical industry, particularly in the production of sulfuric acid, maleic anhydride, rubber synthesis, pigments and ceramics
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VANADIUM PRODUCTION ROUTES 16 Primary Co-Product Secondary • Primary production refers to the mining operation in which vanadium is the key economic driver; this includes vanadium produced through stone coal production. • Most of the project pipeline is dominated by primary vanadium projects located in Australia. • Co-production refers to the mining operation which has high iron content with a low vanadium grade. • Upon smelting of iron ore, a vanadium bearing slag is produced in conjunction with the iron. This production method is dominated by China and Russia – which accounted for an estimated 67% and 12%, respectively, of global vanadium production in 2024. • Refers to the recovery of vanadium from other sources such as spent catalysts, fly ash, petroleum slag, and alumina slag. Primary 18% Secondary 12% Co-Product 70% Depending upon purity level: ▪ Commodity Grade ▪ Aerospace Grade ▪ Chemical Grade ▪ VEL Grade *Note: “VTM” stands for Vanadium-titanium magnetite * Vanadium Oxide Vanadium Oxide Vanadium Oxide
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• Because of the income the refineries receive from the sale of finished products, utilizing AMG is the cheapest and most environmentally-sound way to dispose of their hazardous spent catalyst waste • The tipping fee AMG Vanadium receives makes its operation significantly lower cost than primary mining • AMG Vanadium at Cambridge and Zanesville are profitable at all ferrovanadium prices % of sales price Ferrovanadium FeNiMoly Spent Catalyst Tipping FeeRefinery AMG Vanadium business model ensures long-term profitability AMG VANADIUM’S CONTRACT STRUCTURE UNDERPINS ITS GLOBAL LOW-COST POSITION 17
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AMG TECHNOLOGIES – THE TECHNOLOGICAL BACKBONE 18 Demand driven primarily by: • Increased demand for aerospace engines in civil and military sectors • Increased onshoring of advanced alloy manufacturing • Demand for internal and external Project Engineering and Procurement $57 $60 $33 $68 $164 2021 2022 2023 2024 2025 Demand Characteristics and Drivers Financial Profile AMG Engineering Hanau, Germany AMG LIVA Frankfurt, Germany AMG Antimony Chauny, France Overview and Recent Developments Demand Characteristics and End Markets Assets Financial Profile • Spans mineral processing operations in antimony (non-recurring EBITDA contribution of >$70m in 2025) • Global leader in advanced metallurgy engineering and equipment; provides critical technologies, equipment and services to the aerospace engine sector, the nuclear and critical materials/rare earths industries • Houses engineering for fast-growing LIVA redox flow batteries and its nuclear fuel recycling service development company NewMOX Segment adj. EBITDA ($M) 37% Infrastructure 17% Specialty Metals & Chemicals 41% Transportation 5% Energy 2025 Revenue End Market Breakdown
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19 VIM VID VIDP VAR-SM VIM-IC LEICOMELT EB/PVD Smart Coater VIGA EIGA EB-CHR PAM ESR VAR VACUUM INDUCTION MELTING REMELTING & REFINING VACUUM HEAT TREATMENT MonoTherm DualTherm VKP (Sintering-HIP) Special Furnaces SyncroTherm ModulTherm INVESTMENT CASTING POWDER ATOMIZATION THERMAL BARRIER COATING AMG ENGINEERING – A CRITICAL MATERIALS TECHNOLOGY LEADER
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THE LIVA BATTERY IS A KEY PIECE OF TECHNOLOGIES’ GROWTH 20 Energy applications • Prosumer: Optimized self consumption and self-sufficiency with solar & wind • Efficient off-grid & island solutions • Reducing CO2 emission up to 80% vs. Diesel gensets. Reduce electricity costs up to 55%* Power applications • Reduce power peaks (peak shaving) and power grid cost up to 80%** • Grid stabilization & power quality improvement: frequency containment reserve, grid peak load management • Emergency/uninterrupted power supply with black starting capabilities New applications • Electric vehicle infrastructure: Integrate renewable energies & high-power charging • Opportunity charging & discharging: Arbitrage spot market of electricity *Island grid with diesel driven gensets **avg. Central European market Shifting Island off-grid Peak shaving Grid service HP charging energy storage VRFB power unit AI software energy control HESS
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Overview AMG LITHIUM – CREATING A TRANSATLANTIC LITHIUM COMPANY 21 • Spans the lithium value chain, from lithium mining in Brazil to refining to battery grade lithium hydroxide in Germany • Strategic holdings in junior lithium miners in Portugal (Savannah Plc., 16%) and Germany (Zinnwald Plc., 29%) to secure input for existing and planned downstream plants • Strategic partnership with Grupo Lagoa in Portugal to build a sizable lithium concentrate pilot plant (8.000-9.000 tons) at Lagoa’s existing feldspar mine by 2027. Right to develop a commercial size spodumene plant at a later stage • Advanced plans for lithium carbonate plants in Brazil and Europe Demand Characteristics and End Markets • Demand correlated to growth in demand for: • Electric vehicles (lithium) • Grid stabilization batteries (lithium) • Semi-conductor capacitors (tantalum) • Provides solutions for a broad variety of end markets, including infrastructure, specialty metals & chemicals, energy and transportation $18 $206 $237 $24 $12 2021 2022 2023 2024 2025 Lithium Concentrate Realized Price ($M/t) 2021 2022 2023 2024 2025 $573 $2,805 $3,160 $854 $632 Assets Financial Profile AMG Critical Materials • Spodumene Concentrate • Tantalum Concentrate • Feldspar AMG Brazil AMG Germany AMG Germany • Lithium Hydroxide • Lithium Sulfide • Development Products End Market Breakdown 14% Infrastructure 18% Specialty Metals & Chemicals 29% Energy 39% Transportation 2025 Revenue Segment Adj. EBITDA ($M) AMG Specialty Materials • Tantalum and Niobium Oxides • Specialty Aluminum Alloys
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LITHIUM VALUE CHAIN 22 Mibra Mine Spodumene Expansion Battery Grade Li Hydroxide Solid Electrolytes & Precursors Since 2018 On its way to reach design capacity Current kilo-scale production & sampling Brazil Germany First European battery-grade hydroxide plant in start up From mining through to next generation lithium products 90k tons 130k tons Technical Grade Li Hydroxide incl. from recycled Li carbonate 17k + 5k tons Future TOLLING IN CHINA Current 20k tons
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LITHIUM HYDROXIDE COMMERCIAL PLAN 23 Volume under long- term contract to deliver a binding 5,000 MT/yr plus an optional 5,000 MT/yr to EcoPro BM Hungary Target to get qualified with every CAM and cell producer in Europe including related OEMs Up to 2,000 MT/year reserved to spot customers to allow for operating flexibility and testing markets 0 5,000 10,000 15,000 20,000 MT/year Contracted Vol. - Fix Contracted Vol. - Variable Qualified customers Spot/Flexible 20,000 15,000 10,000 5,000
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3. FINANCIALS AND OUTLOOK 2424 AMG Lithium GmbH: Lithium Hydroxide Battery-Grade Refinery – Bitterfeld, Germany
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CAPITAL EXPENDITURES (in millions of US dollars) REVENUE (in millions of US dollars) FINANCIAL SUMMARY: 2021 – 2025 EBITDA Margin: OPERATING CASH FLOW (in millions of US dollars) ADJUSTED EBITDA (in millions of US dollars) $137 $342 $351 $168 $235 2021 2022 2023 2024 2025 11% 21% 22% 12% 14% * Includes capitalized borrowing costs $1,205 $1,643 $1,626 $1,440 2021 2022 2023 2024 2025 $1,708 $91 $168 $223 $38 $76 2021 2022 2023 2024 2025 25 $15 $17 $27 $36 $32 $163 $174 $141 $88 $63 $178 $191 $169 $123 $95 2021 2022 2023 2024 2025 Core Discretionary Core: Maintenance & Environmental, Growth: Vanadium, SP1+, and Lithium Module 1
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26 GROWTH STRATEGY SNAPSHOT Proactive Portfolio Management: • The transaction initially announced on October 10, 2025 to sell Graphit Kropfmühl GmbH to Asbury Advanced Materials has been successfully completed as of July 28, 2026 in accordance with the announced terms. AMG received total proceeds of $64 million. • AMG reached an agreement in May 2026 on a recommended acquisition of the remaining approximately 71% in Zinnwald Lithium Plc it did not already own for approximately $56 million, funded 50/50 in cash and new AMG shares. The closing of the transaction took place on July 27, 2026. Strategic Developments: • AMG Lithium has started engineering on a 5,000-ton lithium carbonate to lithium hydroxide conversion plant at its Bitterfeld site. This plant will be designed to accept recycled lithium carbonate and convert it to technical-grade hydroxide for use in Bitterfeld’s main upgrading facility. The plant’s capital cost is expected to be $50 million, and as announced in December 2025, 20% of the costs of the plant will be supported by a funding grant from the German Federal Ministry for Economic Affairs and Energy. • SARBV’s development with ACMC “Supercenter” Phase 1 project in Saudi Arabia is under construction and, as of end of H1 2026, has achieved over 500,000 man hours without a lost time incident, demonstrating the strong commitment to safety. Overall project progress stands at over 37% completion and remains slightly ahead of schedule despite the regional conflict. Procurement and delivery of equipment packages remains challenging due to the regional situation.
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QUARTERLY FINANCIAL HIGHLIGHTS 27 $70.8 $63.6 $42.9 $44.2 $91.7 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 $439.0 $434.7 $446.6 $446.1 $522.7 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 30% YoY $11.5 $13.1 ($48.3) $12.2 $28.5 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 REVENUE (IN MILLIONS OF US DOLLARS) NET INCOME (LOSS) ATTRIBUTABLE TO SHAREHOLDERS (IN MILLIONS OF US DOLLARS) ADJUSTED EBITDA (IN MILLIONS OF US DOLLARS) 19% YoY $17M YoY KEY HIGHLIGHTS • Revenue of $523 million in Q2 ‘26 increased 19% compared to the Q2 ‘25 revenue of $439 million • Q2 ‘26 adjusted EBITDA of $92 million increased 30% compared to Q2 ’25 and more than doubled compared to Q1 ‘26, primarily due to the increasingly strong profitability from AMG Vanadium and AMG Lithium; in both segments, AMG benefited from significant phasing effects • AMG delivered net income attributable to shareholders of $28 million during Q2 ’26, more than double the $12 million in the prior year, aided by a write-up of our lithium inventories Adjusted net income attributable to shareholders $5.6
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QUARTERLY REVENUE DRIVERS 28* AMG Engineering variance arrow represents total change in book to bill, not volume or price * LITHIUM Revenue Gross Profit Q2 2026 $114.3 VANADIUM TECHNOLOGIES Price Volume Price Volume Price Volume Revenue Gross Profit Revenue Gross Profit SEGMENT RESULTS KEY DRIVERS SEGMENT RESULTS KEY DRIVERS SEGMENT RESULTS KEY DRIVERS Vanadium Lithium Tantalum Graphite Antimony Chrome Titanium Alloys Engineering Book to Bill $37.6 $37.0 ($1.7) Q2 2025 Q2 2026 $218.3 $39.6 $161.0 $21.9 Q2 2025 Q2 2026 $190.1 $47.4 $241.0 $71.1 Q2 2025
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FINANCIAL PERFORMANCE, LEVERAGE & VALUATION DASHBOARD • In July 2026, AMG refinanced its 5-year $200 million revolving credit facility and issued a new 7-year $500 million Term Loan B to refinance the existing Term Loan B which was maturing in 2028, generating $53 million in net proceeds • The New Credit Facilities extend AMG’s term loan maturity from 2028 to 2033 and its revolving credit facility’s maturity from 2028 to 2031 29 Notes: Quarterly net income and Adjusted EBITDA figures reflect LTM figures for comparison purposes. ‘Return on Assets’ defined as ‘Net Income’ / ‘Total Assets’; ‘Return on Equity’ is defined as ‘Net Income’ / ‘Shareholder’s Equity’; ‘Return on Capital Employed is defined as ‘Adjusted EBIT’ / ‘Average Operating Capital Employed’; ‘EV’ is defined as ‘Market Capitalization’ + ‘Total Debt’ – ‘Cash & Cash Equivalents’ using share prices of €32.74 and €28.40 for Q2 2026 and FY 2025, respectively, and fx rates of 1.14069 and 1.17394, respectively, per oanda.com; EV / Adjusted EBITDA excludes pensions; the remaining debt in ‘Net Senior Debt’ is a 30-year bond. The cash total includes $13 million at AMG Graphite, classified as assets held for sale on the consolidated statement of financial position as of June 30, 2026. METRIC Q2 2026 FY 2025 Return on Assets 0.4% -0.6% Return on Capital Employed 14.1% 13.2% EV / Adjusted EBITDA 7.3x 6.8x Total Net Debt / Adjusted EBITDA 1.8x 2.2x Liquidity (USD millions) $508 $484
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AMG LITHIUM FINANCIAL HIGHLIGHTS 30 $37.0 $32.7 $61.4 $60.6 $114.3 $2.8 $2.9 $0.8 $4.1 $31.4 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Revenue EBITDA $12.5 $11.9 $11.5 $5.4 $6.6 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 KEY HIGHLIGHTS • Revenue more than tripled vs. Q2 2025, primarily driven by increased sales volumes of lithium concentrate and the start up of the Bitterfeld plant which sold unqualified battery-grade lithium hydroxide, as well as higher lithium and tantalum sales prices • Q2 2026 adjusted EBITDA increased to $31 million, largely due to strong production of lithium concentrate, shipments shifting from Q1 to Q2, and the much lower production cost • During Q2 2026, 35,020 dmt of lithium concentrate were sold vs. 13,278 dmt in Q2 2025; the avg realized sales price was $1,285/dmt CIF China for Q2 2026, more than double the sales price in Q2 2025; the avg production cost per ton decreased from $489/dmt in Q2 2025 to $183/dmt CIF China in Q2 2026 mainly due to the higher sales price of tantalum in the current period REVENUE & ADJUSTED EBITDA (IN MILLIONS OF US DOLLARS) CAPITAL EXPENDITURES (IN MILLIONS OF US DOLLARS) ADJUSTED GROSS PROFIT (IN MILLIONS OF US DOLLARS) 47% YoY Revenue more than tripled vs. Q2 ‘25 Adjusted gross profit increased $26 million vs. Q2 ‘25 $3.8 $3.9 $2.9 $5.3 $30.0 10.2% 11.8% 4.7% 8.8% 26.2% Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Adj Gross Profit Adj Gross Margin
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AMG VANADIUM FINANCIAL HIGHLIGHTS 31 $161.0 $154.0 $156.5 $181.1 $218.3 $15.4 $19.5 $11.4 $20.9 $32.8 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Revenue EBITDA REVENUE & ADJUSTED EBITDA (IN MILLIONS OF US DOLLARS) $6.1 $5.5 $17.7 $9.0 $8.0 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 KEY HIGHLIGHTS • Revenue increased by 36% in Q2 2026, to $218 million, due primarily to increased volumes of ferrovanadium driven by significantly improved availability of spent catalysts as well as higher sales prices in ferrovanadium • Q2 2026 adjusted EBITDA of $33 million was more than double Q2 2025, due mainly to increased volumes driven by AMG Vanadium’s global sourcing strategy and the purchase of domestic volumes from a bankrupt competitor, as well as higher sales prices in ferrovanadium • Q2 2026 CapEx increased compared to Q2 2025 due to expenditures for our high-purity chrome metal plant in the US $22.4 $25.5 $15.4 $25.5 $40.2 13.9% 16.6% 9.8% 14.1% 18.4% Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Adj Gross Profit Adj Gross Margin ADJUSTED GROSS PROFIT (IN MILLIONS OF US DOLLARS) CAPITAL EXPENDITURES (IN MILLIONS OF US DOLLARS) Adjusted gross profit increased 79% vs. Q2 ‘25 Adjusted EBITDA more than doubled vs. Q2 ‘25 31% YoY
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AMG TECHNOLOGIES FINANCIAL HIGHLIGHTS 32 $241.0 $248.0 $228.6 $204.5 $190.1 $52.5 $41.2 $30.7 $19.2 $27.4 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Revenue EBITDA $51.0 $86.6 $72.4 $77.3 $106.7 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 $71.1 $58.6 $50.5 $37.8 $46.0 29.5% 23.6% 22.1% 18.5% 24.2% Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Adj Gross Profit Adj Gross Margin KEY HIGHLIGHTS • Q2 2026 revenue of $190 million was 21% lower than the $241 in Q2 2025 due to lower sales at AMG Antimony in the current period • Adjusted EBITDA was $27 million in Q2 2026, compared to $53 million in Q2 2025; the prior period was particularly strong due to exceptional profitability in AMG Antimony • The Company signed $107 million in new orders during Q2 2026, driven by strong orders of turbine blade coating and induction furnaces; this represents a 1.27x book to bill ratio; order backlog was $391 million as of June 30, 2026 ORDER INTAKE (IN MILLIONS OF US DOLLARS) REVENUE & ADJUSTED EBITDA (IN MILLIONS OF US DOLLARS) ADJUSTED GROSS PROFIT (IN MILLIONS OF US DOLLARS) Revenue was 21% lower than in Q2 ‘25 Book to bill ratio of 1.27x for Q2 ‘26 Q2 ’26 sustained strong profitability
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KEY CORPORATE INCOME STATEMENT ITEMS 33 $13.2 $14.4 $14.8 $15.4 $13.5 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 $25.4 $24.8 $27.7 $25.4 $25.6 $20.4 $17.4 $17.8 $17.1 $19.3 $12.0 $13.6 $13.3 $8.7 $12.7 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Technologies Vanadium Lithium $11.9 $4.1 $0.3 $1.4 $30.3 $6.9 $7.1 $42.7 $4.1 $19.0 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Taxes Paid Income Tax Expense $51.2 $57.6$55.8 $58.8 KEY HIGHLIGHTS • SG&A expenses in Q2 2026 of $58 million were in line with the $58 million in the same period last year; the increased professional fees in Lithium related to the Zinnwald Lithium Plc acquisition were offset by Vanadium’s lower SG&A expenses compared to the prior period • Net finance cost in Q2 2026 was in line with Q2 2025 • AMG recorded an income tax expense of $19 million in Q2 2026 compared to $7 million in Q2 2025, with the increase primarily attributable to an improvement in operating results, partially offset by losses with no benefit in Germany TAXES (IN MILLIONS OF US DOLLARS) SG&A EXPENSES (IN MILLIONS OF US DOLLARS) NET FINANCE COST (IN MILLIONS OF US DOLLARS) $57.8 SG&A expenses were in line with Q2 ‘25 Cash tax increase primarily related to 2025 Antimony profitability Net finance cost was in line with Q2 ‘25
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CASH FLOW AND WORKING CAPITAL 34 14.9% 14.4% 13.2% 7.7% 14.1% Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 $502.3 $543.7 $509.1 $580.8 $440.2 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 ($6.3) ($6.9) $80.7 ($31.3) $54.6 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 19 26 17 30 19 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 CASH (USED IN) FROM OPERATING ACTIVITIES (IN MILLIONS OF US DOLLARS) NET DEBT (IN MILLIONS OF US DOLLARS) WORKING CAPITAL DAYSANNUALIZED ROCE $62M YoY $61M YoY Q2 ‘26 sustained strong profitability No change YoY
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OUTLOOK CAPITAL EXPENDITURES • AMG projects capital expenditures to be approximately $70 to $90 million for full year 2026, primarily driven by the targeted growth investments in the Vanadium and Lithium segments. ADJUSTED EBITDA • Prices for many of our materials strengthened in H1 2026 and the backlog in our Engineering business continues at historically high levels. • Our detailed scenario planning results in an adjusted EBITDA range for 2026 of between $230 and $250 million, up from our previous guidance of between $210 and $240 million. • We expect Q3 to be significantly down sequentially, driven by the favorable phasing effects in Q2. The fundamental positions of our businesses are sound, and AMG remains focused on disciplined, sustainable growth 35
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CAUTIONARY NOTE This document contains proprietary information and is being provided solely for information purposes by AMG Critical Materials N.V. (The “Company”) and may not be reproduced in any form or further distributed to any other person or published, in whole or in part, for any purpose, except with the prior written consent of the company. Failure to comply with this restriction may constitute a violation of applicable securities laws. This presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solic itation of an offer to buy or acquire securities of the Company or any of its subsidiaries nor should it or any part of it, nor the fact of its distribution, form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation has been prepared by, and is the sole responsibility of, the Company. This document, any presentation made in conjunction herewith and any accompanying materials are for information only and are not a prospectus, offering circular or admission document. This presentation does not form a part of, and should not be construed as, an offer, invitation or solicitation to subscribe for or purchase, or dispose of any of the securities of the companies mentioned in this presentation. These materials do not constitute an offer of securities for sale in the United States or an invitation or an offer to the public or form of application to subscribe for securities. Neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever. The information contained in this presentation has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information or the opinions contained herein. The Company and its advisors are under no obligation to update or keep current the information contained in this presentation. To the extent allowed by law, none of the Company or its affiliates, advisors or representatives accept any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. Certain statements in this presentation constitute forward-looking statements, including statements regarding the Company's financial position, business strategy, plans and objectives of management for future operations. These statements, which contain the words "believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “will,” “may,” “should” and similar expressions, reflect the beliefs and expectations of the management board of directors of the Company and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, the achievement of the anticipated levels of profitability, growth, cost and synergy of the Company’s recent acquisitions, the timely development and acceptance of new products, the impact of competitive pricing, the ability to obtain necessary regulatory approvals, and the impact of general business and global economic conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Neither the Company, nor any of its respective agents, employees or advisors intend or have any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this presentation. The information and opinions contained in this document are provided as at the date of this presentation and are subject to c hange without notice. This document has not been approved by any competent regulatory or supervisory authority. 36
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VANADIUM, MOLYBDENUM AND NICKEL ZANESVILLE, OHIO LIVA BATTERY LITHIUM LAB VANADIUM, MOLYBDENUM AND NICKEL – CAMBRIDGE, OHIO ENGINEERING – HANAU, GERMANY MELTSHOP – ZANESVILLE, OHIO MINAS GERAIS – BRAZIL LITHIUM TAILINGSThis announcement appears as a matter of record. AMG Critical Materials N.V. amg-nv.com AMG’s LAW: “Everything that can be recycled will be recycled.” LITHIUM HYDROXIDE – BITTERFELD, GERMANY