Slides
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February 12, 2026 8:00am ET Q4 2025 Earnings
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2 Forward-Looking Statements This presentation, conference call and discussions that follow contain statements concerning our expectations, anticipations and beliefs regarding the future, which constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on assumptions that we have made as of the date hereof and are subject to known and unknown risksand uncertainties, often contain words such as “ambition,” “anticipate,” “believe,” “estimate,” “expect,” “goal,” “guidance,” “intend,” “may,” “outlook,” “scenario,” “should,” “would,” and “will.” Forward-looking statements may include statements regarding: our 2026 company and segment outlooks, including guidance related to impact on 2026 EBITDA, volumes, and cash flow; plans and expectations regarding customer demand and sales; production impacts; financial flexibility and optionality; expected or actual market pricing of lithium, spodumene, bromine, and lithium specialties (“Company Products”); supply and demand for Company Products; drivers of long-term demand and growth; other underlying assumptions and outlook considerations; planned sale of a controlling stake in Ketjenand the amount of the proceeds for the controlling stake in Ketjen; timing for completion of the transaction, including meeting closing conditions; expectations regarding use of proceeds from transactions; expected capital allocation and expenditure amounts and the corresponding impact on cash flow; plans and expectations regarding other mining interests, resources, reserves, projects andactivities, compound annual growth rate, cost reductions, conversion network optimization, margin improvement, accounting charges, and all other information relating to matters that are not historical facts. Factors that could cause Albemarle’s actual results to differ materially from the outlookexpressed or implied in any forward-looking statement include: changes in economic and business conditions; changes in trade policies and tariffs; and the financial and operating performance of customers; timing and magnitude of customer orders; fluctuations in market pricing of lithium carbonate equivalent and spodumene; potential production volume shortfalls; increased competition and pressure to renegotiate contract terms; changes in product or conversion demand; availability and cost of raw materials and energy; technological change and development; fluctuations in foreign currencies; changes in laws and government regulation; regulatory actions, proceedings, claims or litigation; cyber-security breaches, terrorist attacks, industrial accidents or natural disasters; political unrest affecting global trade, the global economy and clean energy initiatives; changes in inflation or interest rates; volatility in the debt and equity markets; acquisition and divestiture transactions; timing and success of projects; expected benefits and expenses from new operating structure and asset optimization activities; performance of Albemarle’s partners in joint ventures and other projects; changes in credit ratings; and the other factors detailed from time to time in the reports Albemarle files with the SEC, including those described under “Risk Factors” in Albemarle’s most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q, which are filed with the SEC and available on the investor section of Albemarle’s website (investors.albemarle.com) and on the SEC’s website at www.sec.gov. These forward-lookingstatements speak only as of the date of this presentation. Albemarle assumes no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.
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3 Non-GAAP Measures It should be noted that adjusted net income (loss) attributable to Albemarle Corporation, adjusted net income (loss) attributable to Albemarle Corporation common shareholders, adjusted diluted (loss) earnings per share attributable to common shareholders, non-operating pension and other post- employment benefit (“OPEB”) items per diluted share, non-recurring and other unusual items per diluted share, adjusted effectiveincome tax rates, EBITDA, adjusted EBITDA (on a consolidated basis), EBITDA margin and adjusted EBITDA margin, operating cash flow conversion, and free cash flow are financial measures that are not required by, or presented in accordance with, accounting principles generally accepted inthe United States, or GAAP . These non-GAAP measures should not be considered as alternatives to Net income (loss) attributable to Albemarle Corporation (“earnings”) or other comparable measures calculated and reported in accordance with GAAP . These measures are presented here to provide additional useful measurements to review the company’s operations, provide transparency to investors and enable period-to-period comparability of financial performance. The company’s chief operating decision maker uses these measures to assess the ongoing performance of the company and its segments, as well as for business and enterprise planning purposes. A description of other non-GAAP financial measures that Albemarle uses to evaluate its operations and financial performance, andreconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found on the following pages of this press release, which is also is available on Albemarle’s website at https://investors.albemarle.com. The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP , as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. The amounts and timing of these items are uncertain and could be material to the company's results calculated in accordance with GAAP .
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4 Driving cost reductions and productivity to position Albemarle for sustainable long-term growth 1 See appendix for non-GAAP reconciliations 2 As defined in amended credit agreement, dated October 2024, see Appendix 3 A non-GAAP measure defined as operating cash flow minus capital expenditures. See “Non-GAAP Measures” for more information. Actions to improve long-term competitive position and growth ▪ Achieved ~$450M run-rate cost and productivity improvements in 2025 ▪ Reduced 2025 capex spending by $1.1B (65%) Y/Y to $590M ▪ Closed Eurecat sale and received $123M cash in January; on track to close Ketjen sale in Q1 ▪ Idling Kemerton Train 1; preserves optionality and enhances financial flexibility Strong operational execution, demonstrated by Q4 2025 results: ▪ Net sales of $1.4B (+16% Y/Y); double-digit volume growth (+12%) with gains in all segments ▪ Adj. EBITDA1 of $269M (+7% Y/Y); strong growth in Energy Storage (+25%) and Ketjen (+39%) ▪ Q4 cash from ops. of $388M; Q4 free cash flow3 of $233M ▪ Net debt to adjusted EBITDA of 2.0x2; repaid $440M Eurobond in Nov 2025 Introducing FY 2026 outlook considerations: ▪ Upgraded outlook reflects recent lithium pricing trends, operational improvements ▪ T argeting $100-$150M in additional cost and productivity improvements in 2026 ▪ Maintaining 2025 capex levels in 2026; consistent sustaining capex, modest growth capex ▪ Meaningful free cash flow potential at current lithium pricing Improved global 2030 lithium demand outlook driven by increased ESS forecast: ▪ 2025 global lithium demand at the high end of forecasted range; expected to grow ~25% in 2026 ▪ Stationary storage battery production expected to grow 15-30% through 2030 ▪ Increasing 2030 global lithium demand forecast range by +10% vs. prior forecast (May 2025)
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5 Continued Steps to Optimize Conversion ▪ Idling production at Kemerton Train 1 and placing into care and maintenance effective immediately ▪ Follows actions in 2024 to place Train 2 into care and maintenance and cease expansion plans for Trains 3 and 4 ▪ Recent lithium price improvements alone are not enough to offset the challenges facing Western hard-rock lithium conversion operations ▪ Decision improves financial flexibility and preserves optionality ▪ Albemarle will meet customer demand for lithium hydroxide through other production channels Decision is expected to be accretive to adj. EBITDA beginning in Q2 2026 with no impact to volumes 5
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6 Q4 and FY 2025 Financial Summary (in millions, except per share amounts) Q4 2025 Q4 2024 Variance FY 2025 FY 2024 Variance Net Sales $1,428 $1,232 +16% $5,143 $5,378 -4% Net Income (Loss) Attributable to Albemarle Corporation ($414) $75 NM ($267) ($1,179) +77% Adjusted EBITDA1 $269 $251 +7% $1,098 $1,140 -4% Adjusted EBITDA Margin1 19% 20% -150 bps 21% 21% -20 bps Diluted EPS Attributable to Common Shareholders2 ($3.87) $0.29 NM ($5.76) ($11.20) +49% Non-Operating Pension and OPEB Items $0.15 ($0.07) $0.16 ($0.08) Non-Recurring and Other Unusual Items $3.19 ($1.31) $4.81 $8.92 Adjusted Diluted EPS Attributable to Common Shareholders1 ($0.53) ($1.09) +51% ($0.79) ($2.34) +66% 1 See appendix for non-GAAP reconciliations 2 After mandatory convertible preferred stock dividends
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7 $20 $39 ($3) ($24) ($17) $3 $251 $269 Q4 2024 Volume Price COGS Pre-tax Equity Income Net of FX FX Other (includes SG&A, R&D) Q4 2025 $0 $50 $100 $150 $200 $250 $300 $350 $33 ($4) $14 ($25)$251 $269 Q4 2024 Energy Storage Specialties Ketjen Corporate Q4 2025 $0 $50 $100 $150 $200 $250 $300 Q4 Y/Y Adjusted EBITDA1 Bridges ($ in millions) Y/Y – by DriverY/Y – by Segment Note: Numbers may not reconcile due to rounding. 1 See appendix for non-GAAP reconciliations. Q4 2025 vs 2024 ▪ Higher lithium pricing in Energy Storage and higher volumes in all segments ▪ Equity income impact reflects spodumene inventory timing ▪ Energy Storage Adj EBITDA up Y/Y (+25%) on improved lithium pricing ▪ Ketjen Adj. EBITDA up Y/Y (+39%) on higher volumes ▪ Corporate EBITDA change primarily reflects unfavorable FX impacts
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8 1 As of February 11, 2026 2 Price represents blend of relevant market pricing including spot and regional indices for the periods referenced. 3 Calculated as net sales divided by 2026E Energy Storage sales volumes of 235kt LCE (flat Y/Y), includes salts and spodumene sales 4 The company does not provide the GAAP measures of net income, gross margin, or diluted earnings per share on a forward-looking basis, or a reconciliation of adjusted EBITDA or adjusted diluted earnings per share to such measure, respectively, because it is unable to estimate significant non-recurring or unusual items without unreasonable effort. See “Non-GAAP Measures” for more information. 5 Equity in net income of unconsolidated investments (net of tax), included in adjusted EBITDA on a pre-tax basis. FY 2025A FY 2026E FY 2026E FY 2026E Net Sales $2.7B $2.5B - $2.6B $4.0B - $4.2B $5.9B - $6.1B Average Realized Price3 ($/kg LCE contained, salts and spodumene) $11.50 $10.5 - $11 $17 - $18 $25 - $26 Adj. EBITDA4 $0.7B $0.7B - $0.8B $2.1B - $2.3B $3.9B - $4.1B Equity Income (net of tax)5 $0.2B $0.2B - $0.3B $0.6B - $0.7B $1.0B - $1.1B Adj. EBITDA Margin4 25% Low-30% Mid-50% Mid-60% Energy Storage 2026E Outlook Considerations and Market Price Scenarios1 Observed Lithium Market Price Scenarios: (US$/kg LCE)2 2021-25 avg. $30 Jan. 2026 avg. $20 FY 2025 avg. $10 FY 2025 avg. $10 8 Albemarle does not provide forecasts of lithium price Scenarios based on observed lithium market pricing Average realized price below market price due to mix impact of spodumene sales FY 2026E Assumptions: Energy Storage sales volumes projected to be flat Y/Y Market price scenarios flowing through current Energy Storage contract book1; ~40% of salts volume on LTAs with floors Spodumene market price averages 10% of LCE price Assumes CGP3 produces ~50% of nameplate capacity in 2026 (ALB share of ~17kt LCE) Includes idling Kemerton Train 1, accretive to adj. EBITDA beginning in Q2 2026
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9 FY 2025A FY 2026E FY 2026E FY 2026E Net Sales $5.1B $4.1B - $4.3B $5.7B - $6.0B $7.5B - $7.8B Adj. EBITDA3 $1.1B $0.9B - $1.0B $2.4B - $2.6B $4.2B - $4.4B Adj. EBITDA Margin3 21% Low-20% Low-40% Mid-50% Total Company 2026E Outlook Considerations1 Observed Lithium Market Price Scenarios: (US$/kg LCE)2 2021-2025 avg. $30 Jan. 2026 avg. $20 FY 2025 avg. $10 FY 2025 avg. $10 9 Ranges driven by variation in sales volume and product mix Assumes Ketjen transaction closes Q1 2026 1 As of February 11, 2026 2 Price represents blend of relevant market pricing including spot and regional indices for the periods referenced. 3 The company does not provide the GAAP measures of net income, gross margin, or diluted earnings per share on a forward-looking basis, or a reconciliation of adjusted EBITDA or adjusted diluted earnings per share to such measure, respectively, because it is unable to estimate significant non-recurring or unusual items without unreasonable effort. See “Non-GAAP Measures” for more information.
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10 $131M $148M $138M $137M $150M 13% 14% 14% 13% 14% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Ketjen Overview Transaction Expected to Close in Q1 2026 • Eurecat JV transaction closed on January 23 • On track to close the sale of a controlling stake in Ketjen in Q1 2026 • Expect combined ~$660M in pre-tax proceeds in Q1 2026 Quarterly Performance Drivers • Q4 net sales up 14% Y/Y; adj. EBITDA up 39% • Strong Q4 results due to timing of CFT shipments and increased FCC volumes FY 2026 Outlook • Post Ketjen transaction close, refining catalyst business earnings will be classified as equity income and included in Corporate • Performance Catalyst Solutions (PCS) business results will be included in Corporate as well • Expect EBITDA and equity income contribution to be immaterial post transaction close Historical Trend (TTM) Adjusted EBITDA Adjusted EBITDA Margin Q4 2025 Performance (in millions) Q4 2025 Y/Y Net Sales 320 +14% Adj. EBITDA 50 +39% Adj. EBITDA Margin 16% +280bps FY 2025 Performance (in millions) FY 2025 Y/Y Net Sales 1,066 +3% Adj. EBITDA 150 +15% Adj. EBITDA Margin 14% +150bps
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11 $229M $242M $261M $280M $276M 17% 18% 19% 21% 20% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Specialties Overview Quarterly Performance Drivers • Q4 net sales up 5% Y/Y on higher prices in bromine specialties that more than offset a decline in lithium specialties; adj. EBITDA down -6%, primarily due to margin compression in lithium specialties, down from 2024 highs • Q1 2026 net sales and EBITDA expected to be lower sequentially due to production impacts at JBC following a major flooding event resulting in ~$10-$15M in lost revenue • JBC has returned to full operating rates FY 2026 Outlook • Bromine specialties volumes expected to be flat to slightly down Y/Ydue to JBC's major flooding event that impacted early-2026 operations • Lithium specialties pricing has adjusted lower from the previous peak • End market weakness in oil & gas and elastomers Drivers/Sensitivities • Supply / Demand balance in Asia driving Br price • Oil and Gas & process industries volatility impacting volumes • Growth focused on targeted segments such as pharmaceuticals and semiconductors, with high value products (IP protected) and high barriers to entry Historical Trend (TTM) Adjusted EBITDA Adjusted EBITDA Margin Q4 2025 Performance (in millions) Q4 2025 Y/Y Net Sales 349 +5% Adj. EBITDA 69 -6% Adj. EBITDA Margin 20% -230bps FY 2026 Outlook Considerations (in millions) FY 2026 Net Sales $1.2B – $1.4B Adj. EBITDA $170M – $230M Adj. EBITDA Margin Mid-teens %
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12 $758M $746M $683M $664M $697M 25% 27% 26% 26% 26% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Energy Storage Segment Overview Quarterly Performance Drivers • Q4 2025 sales volumes of 63kt LCE; FY 2025 sales volumes of 235kt LCE (+14% Y/Y), above outlook due to record integrated production, strong spodumene sales, and inventory drawdowns • Q4 net sales up 23% Y/Y; adj. EBITDA up 25% due to higher pricing and cost and productivity improvements • Q1 2026 net sales and EBITDA expected to be up y/y assuming higher pricing persists for remainder of quarter, Q1 volumes expected to be lower sequentially due to Lunar New Year FY 2026 Outlook • FY 2026 sales volumes are expected to be ~flat Y/Y , supported by production growth at Greenbushes and Salar and lower inventory levels following the FY 2025 drawdown • Outlook includes idling Kemerton Train 1; accretive to adj. EBITDA beginning in Q2 2026 and no impact to volumes Contract Portfolio • ~40% of 2026E salts volumes sold on long-term agreements (LTAs) • LTAs are index referenced, variable priced contracts; 2-5 years duration at inception, 3-month price lag, all with floors, some with ceilings, specifics vary by contract Historical Trend (TTM) Adjusted EBITDA Adjusted EBITDA Margin Q4 2025 Performance (in millions) Q4 2025 Y/Y Net Sales 759 +23% Adj. EBITDA 167 +25% Adj. EBITDA Margin 22% +30bps FY 2026 Outlook Scenarios (in millions) FY 2026 Li Market Price Scenario ~$10 ~$20 ~$30 Net Sales $2.5B - $2.6B $4.0B - $4.2B $5.9B - $6.1B Adj. EBITDA $0.7B - $0.8B $2.1B - $2.3B $3.9B - $4.1B Adj. EBITDA Margin Low-30% Mid-50% Mid-60%
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13 Energy Storage Quarterly Sales Metrics Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Average Lithium Market Price1 ($/kg LCE) $14.44 $14.51 $11.74 $10.24 $9.85 $8.82 $9.42 $11.19 Energy Storage Net Sales ($M) $801 $830 $767 $617 $525 $718 $709 $759 Energy Storage Sales Volume2,3 (kT LCE, consolidates salts & spod) 42 54 60 49 44 59 69 63 Average Realized Price4 ($/kg LCE contained) $19.07 $15.37 $12.78 $12.59 $11.93 $12.17 $10.28 $12.05 1 Represents blend of China (ex-VAT) and Asia, Hydroxide and Carbonate, spot market indices 2 Includes consolidated lithium salts and spodumene sales 3 Any variance with historically disclosed sales volumes is due to rounding and conversion from spodumene to LCE 4 Realized price calculated as Energy Storage net sales divided by Energy Storage sales volume
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14 Operating Cash Flow Conversion1 1 Defined as Operating Cash Flow divided by Adj. EBITDA, which is a non-GAAP measure. See Non-GAAP Reconciliations for further details; historical average represents the average operating cash flow conversion over 2021-2024; for comparability, 2023 figures presented under adjusted EBITDA definition adopted by the company beginning in 2024. Achieved Significant Positive Free Cash Flow in 2025 ▪ FY 2025 operating cash conversion of 117%, well above historical average1, driven by: 1. $350M customer prepayment in Energy Storage secured in January 2. Working capital improvements, including inventory management and AR factoring ▪ FY 2025 free cash flow of $692 million driven by improved operating cash flow conversion and reduced capital expenditures ▪ Long-term operating cash flow conversion target of 60-70% on an underlying basis ▪ 2026 operating cash flow considerations ‒ No additional prepayments planned for 2026 ‒ First year of recognizing $87.5M deferred revenue related to customer prepayment entered in 2025 ‒ ~$100M cash costs related to idling Kemerton Train 1 ▪ Meaningful positive free cash flow potential in FY 2026 assuming current lithium pricing Long-term target 60-70% 38% 50% 37% 60% 117% FY '21 FY '22 FY '23 FY '24 FY '25 14
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15 2030E lithium demand range of 2.8MMT-3.6MMT LCE depending on: - Stationary storage demand growth - Adoption of alternative stationary storage technologies - EV demand growth Lithium demand diversifying in both application and geography as stationary storage gains market share In 2025, demand growth (~30% y/y) outpaced supply growth (~20% y/y) leading to tight inventories and increased pricing by year end Supply and demand are expected to grow at similar rates in 2026 Diversified Lithium Demand Growth, Forecast Range Up +10% vs. Prior (Q1 2025) Market Penetration2 2025-2030 CAGR: 10-15% 1.6 by Application2 (MMT LCE) 3.6 2025-2030 CAGR: 10-20% EV Lithium Demand 1 ICCSino, LIRA and Albemarle Analysis, only includes lithium-ion battery chemistries 2 Albemarle analysis, EV includes Battery, Range Extended, and Plug-in Hybrid Electric Vehicles Long-term growth driven by stationary storage and EV; lithium demand expected +15-40% Y/Y in 2026 2025 2030E2025 2030E Stationary Storage Li-Ion Battery Production1 (GWh) 2025-2030 CAGR: 15-30% 2.8 Grid EV Consumer Electronics Other (Mobility, Industrial, Inventory) Forecast Range 640 2,000 1,200 26% 38% 52% 2026E 1.8 2.2 2026E 29% 34% 1,000 2025 2030E2026E 800
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16 2025 Global EV Sales of 22M (+21% y/y), Driven by Growth in China and Europe 1 Source: EV Volumes registrations data as of Jan 31, 2026 Global EV sales remain strong driven by growth in China, Europe, and emerging markets Global EV Sales1 (in millions) China remains the largest market, reaching ~50% EV penetration in 2025 North America EV Sales1Europe EV Sales1China EV Sales1 Resilient demand growth in Europe supported by policy and growing local supply chain 60% of Global 20% of Global 10% of Global Europe saw the highest growth rate in 2025 as emission targets spurred electrification US growth slowed after removal of 30D in Sept, shifting to PHEV/REEV 0 5 10 15 20 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0 5 10 15 20 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0 5 10 15 20 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0 5 10 15 20 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 +18% 2025 Y/Y +34% 2025 Y/Y -3% 2025 Y/Y +21% 2025 Y/Y
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17 2025 ESS Shipments by Region1 China 40% RoW 23% NAM 21% Europe 16% Global ESS Production1 (GWh) 0 200 400 600 800 1,000 2023 2024 2025 Global Stationary Storage Demand Up >80% in 2025 with Strong Growth in All Major Regions ESS demand driven by a mixture of economics and policy, expected to be a major driver for lithium demand 1 Source: ICCSino and LIRA ESS battery production data as of Jan 31, 2026 2 Albemarle analysis In China, support in the 15th 5-year plan and strong economics due to falling pack costs promote stationary storage buildout In the US, stationary storage provides grid stability and resilience as energy needs increase due to AI data centers In Europe, demand for renewables paired with storage to support climate goals and reduce dependency on energy imports Global ESS production forecasted to grow 25%-60% Y/Y in 2026 Regional Growth Y/Y China +60% Rest of World +120% North America +90% Europe +130% +84% 2025 Y/Y 17 FY 2026 Forecast2 800-1,000 GWh
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18 Disciplined Near-Term Capital Allocation Priorities ▪ Committed to Investment Grade credit profile ▪ Evaluating additional deleveraging and liability management opportunities ▪ Pursuing additional cost and productivity improvement opportunities ▪ Continue to support our common and preferred dividends ▪ Final preferred dividend payment in March 2027 ▪ Hold sustaining capex consistent with FY 2025 ▪ Leverage world-class resources ▪ Focus on high-return, quick payback projects focused on productivity ▪ Targeted growth investments in resources Disciplined Organic Investments Financial Flexibility Shareholder Remuneration $3.2B Available Liquidity $1.6B Cash & Cash Equivalents 2.0x Net Debt to Adjusted EBITDA(1) As of Dec 31, 2025 18 1 As defined in amended credit agreement, dated October 2024, see Appendix
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19 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 2024 2025A 2026E¹ Other Growth Conversion Growth Resources Sustaining and Productivity Focused CapEx Spending to Leverage Core, Industry-Leading Assets & Resources Lowering capital-intensity levels while maintaining long-term competitive position and optionality Preserving capital discipline with strategic resource investments $590M 1 As of Feb 11, 2026 $1.7B Reduced 65% Y/Y ▪ Consistent sustaining capex Y/Y to preserve assets − 2026 sustaining capital forecast assumes Ketjen transaction close in Q1 2026 ▪ Prioritizing HSE, continuity, and high-return, quick payback projects focused on productivity ▪ Preserving world class resources and future growth through early-stage development investments at Salar de Atacama (DLE) and Kings Mountain 19 $550-600M Roughly Flat Y/Y
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20 119 160 206 235 0 50 100 150 200 250 300 2022A 2023A 2024A 2025A 2026E 2027E On Track to Achieve 5-year (2022-27) CAGR of ~15% for Energy Storage Sales Volumes ~flat Y/Y 25% CAGR (2022-25) kT LCE Positioned for Growth 2026-27 growth requires minimal additional capex: ▪ Greenbushes CGP3 ramp up and mine optimization underway ▪ On-going productivity initiatives at Salar de Atacama ▪ Future potential to operate all 3 trains at Wodgina Longer-term growth opportunities at Kings Mountain, Salar de Atacama (DLE), Greenbushes, and Wodgina remain under study 20 Growth rate moderates in 2025-27 as large projects complete ramp-up 240-260
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21 World-Class Resources Support Future Growth 1 Resource inclusive of reserve 2 Numbers show Albemarle attributable portion, which is 49% for Greenbushes, 50% for Wodgina, 50% for JBC, and 100% for Kings Mountain, Atacama, Silver Peak, Antofalla and Magnolia. 30.7 2.1 0.9 0.0 33.7 2024 Greenbushes Salar de Atacama Other 2025 Bromine resources are long-lived assets with multi-decade reserves lives ▪ JBC: decrease driven by updated Dead Sea Model ▪ Magnolia: decrease due to lower pumping rates Lithium mineral resource up 10% Y/Y: ▪ Greenbushes: increase in reserves and resources due to optimized pit design, reduced cut off grade, and inclusion of underground resource ▪ Salar: Improved due to additional hydrogeological drilling; current estimates do not include potential gains from Salar Yield Improvement Project and DLE pre- feasibility study (currently underway) Br2 (MMT) Total Mineral Resource1 – Attributable2 LCE (MMT) Total Mineral Resource1 – Attributable2 176.9 (9.0) (0.3) 167.6 2024 JBC MAG 2025
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22 Continuing Proactive Actions to Support our Long-term Competitive Position Optimizing Conversion Network Improving Costs and Efficiency Reducing Capital Expenditures Enhancing Financial Flexibility Actions T aken Since Early 2024 • Significantly reduced footprint at Kemerton (Trains 2, 3, 4) • Placed Chengu facility into care and maintenance • Meishan ramp progressing ahead of schedule • Delivered proactive measures to re- phase growth investments, optimize cost structure, unlock cash flow • Streamlined org. structure, reducing management layers and non-manufacturing roles • Re-phased capex to maintain growth while preserving cash • Reduced sustaining capex • FY 2024 capex decreased 20% Y/Y • Delivered >$2.0B of fresh capital to fortify balance sheet • Proactively amended credit agreement and extended waiver to navigate near-term dynamics • Established A/R factoring program 2025 & Recent Actions ▪ FY 2025 Energy storage sales volume growth of 14% ▪ Record annual production from integrated conversion network ▪ Idling Kemerton Train 1 ▪ Delivered ~$450M cost and productivity improvements ▪ Delivered >100% Adj. EBITDA to operating cash flow conversion1 ▪ Reduced FY 2025 capex to $590M, down 65% Y/Y ▪ Progressed permitting and dewatering activities at Kings Mountain Mine and DLE pilot testing at Salar • Early redemption of Grace preferred shares ~$300M • Achieved positive FY 2025 FCF of $692M • Announced asset sales with expected combined pre-tax cash proceeds of ~$660M Future Actions (2026 and beyond) ▪ Maximize value of world-class resources ▪ Flexibly adjust product mix through conversion and tolling networks ▪ Target FY 2026E $100-150M cost and productivity improvements ▪ Simplify processes, enable better use of technology and AI ▪ Target FY 2026E capex of $550- 600M focused on resources and high-return, quick payback projects ▪ Disciplined investment through cycles ▪ Evaluate additional deleveraging and liability management opportunities ▪ Maintain and improve long-term operating cash conversion ▪ Preserve investment options for long-term growth 1 See appendix for non-GAAP reconciliations.
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23 1 See appendix for non-GAAP reconciliations Strong operational execution, demonstrated by FY 2025 results: net sales of $5.1B; volume growth (+7%) with gains in all segments; adj. EBITDA1 of $1.1B; cash from ops. of $1.3B; free cash flow of $692M Introduced FY 2026 total company outlook considerations: expect year over year margin improvement, independent of price changes, due to successful execution of cost and productivity savings in 2025 and additional improvements in 2026 Capitalizing on long-term secular growth opportunities across mobility, connectivity and health; supporting the energy transition and energy resilience A global leader with durable competitive strengths, including world-class assets, process chemistry expertise, customer-centric market approach, innovation capabilities and responsible stewardship Driving cost reductions and productivity to position Albemarle for sustainable long-term growth
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24 Feb 23 BMO Global Metals and Mining Conference Mar 3 New York City NDR Mar 17 West Coast NDR Meredith Bandy, CFA VP , Investor Relations & Sustainability meredith.bandy@albemarle.com +1 980.999.5168 Isaac Price Senior Manager, Investor Relations isaac.price@albemarle.com +1 980.308.6194 Q1 2026 Investor Relations Events
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Appendix
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27 Specialties, Ketjen, and Corporate FY 2025E Outlook Considerations Segments FY 2025A FY 2026E as of February 11, 2026 Specialties Net Sales $1.4B $1.2B – $1.4B Specialties Adj. EBITDA $276M $170M – $230M Other Corporate Capital Expenditures $590M $550M – $600M Depreciation and Amortization $659M $660M – $680M Adjusted Effective Tax Rate1 (130%) (50%) – 30% Corporate Included in Adj. EBITDA (Incl. FX, Ketjen & PCS)2 $125M ($20M) – $20M Interest and Financing Expenses3 $200M $150M – $170M Weighted-Average Common Shares Outstanding (Diluted) 118M 118M 1 Adjusted effective tax rate dependent on lithium market prices and geographic income mix 2 FY 2025A corporate costs includes $28M benefit related to FX; FY 2026E outlook assumes no FX impact 3 Excluding a one-time loss of $8M on early extinguishment of debt
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28 Illustrative Calculation of FY 2025E Adj. EPS at ~$10/kg and ~$30/kg Scenarios 2026 Outlook Market Price Scenario values represent midpoint of ranges (in millions, except per share amounts) ~$10 (2025 avg.) ~$30 (YE 2025) Adjusted EBITDA1 $900 $4,000 - Pre-T ax Equity Income $360 Assuming 30% AU tax rate $1,500 Assuming 30% AU tax rate - Interest Expenses $160 $160 - Depreciation and Amortization $670 $670 Pre-Tax Income (loss) Before Equity Income ($290) $1,670 - T ax $120 Assuming (40%) ETR $500 Assuming 30% ETR After-Tax Income Before Equity Income ($410) $1,170 + Equity Income $250 $1,050 Net (Loss) Income Attributable to ALB ($160) $2,220 - Preferred Stock Dividends $170 More dilutive to subtract preferred dividends — More dilutive to include converted preferred ÷ Weighted-Avg. Shares (Diluted) 118M Common shares 135M Common + converted preferred at minimum conversion Adj. Diluted EPS ~($2.80) ~$16.40 1 The company does not provide the GAAP measures of net income, gross margin, or diluted earnings per share on a forward-looking basis, or a reconciliation of adjusted EBITDA or adjusted diluted earnings per share to such measure, respectively, because it is unable to estimate significant non-recurring or unusual items without unreasonable effort. See “Non-GAAP Measures” for more information
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29 Our Actions Have Enhanced Financial Flexibility1 $1,500 Undrawn Revolver $105 Other Credit Lines $1,618 Cash & Cash Equivalents 1 All charts and data as of December 31, 2025 2 As defined in amended credit agreement, dated October 2024, see Appendix $650 $587 $172 $600 $350 $450 2026 2027 2028 2029 2032 2044 2052 3.5x 5.0x 5.5x 4.0x 0.9x 2.1x 3.5x 2.6x 2.4x 2.3x 2.1x 2.0x 4.75x 5.75x 5.5x 5.0x 4.75x 4.75x 3.5x 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26+ Covenent Limit Actual Results Leverage Tracking Well Below Covenant Limits2 Ample Flexibility to Repay or Extend Debt Maturities Long-term debt has weighted average interest rate of 3.9% (100% fixed) Strong Liquidity Position $3.2B Liquidity
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30 Definitions of Non-GAAP Measures NON-GAAP MEASURE DESCRIPTION Adjusted Net Income Attributable to Common Shareholders Net income after mandatory convertible preferred stock dividends before non-recurring, other unusual and non-operating pension and OPEB. Adjusted Diluted EPS Attributable to Common Shareholders Diluted EPS before non-recurring, other unusual and non-operating pension and OPEB. EBITDA Net income attributable to Albemarle Corporation before interest and financing expenses, income taxes, and depreciation and amortization. Adjusted EBITDA EBITDA before non-recurring, other unusual and non-operating pension and OPEB. Operating Cash Flow Conversion Operating Cash Flow divided by Adj. EBITDA. Adjusted Effective Income Tax Rate Reported effective income tax rate before the tax impact of non-recurring, other unusual and non-operating pension and OPEB items. Free Cash Flow Operating cash flow minus capital expenditures.
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31 See above for a reconciliation of adjusted net income, the non-GAAP financial measure, to Net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with GAAP. Adjusted Net Income (1,1 9, 9) (51 , ) 5, 9 ( 1 ,1 9)Net (loss) income attributable to Albemarle Corporation Add back: (9, 5)1 , ( , 1 )1 ,1 1Non operating pension and OPEB items (net of tax) 1, 9, 5 , (15 , 9 ) 5,55 Non recurring and other unusual items (net of tax) (1 , 1) ,1 ( , 11)( , )Adjusted net (loss) income attributable to Albemarle Corporation (1 , )(1 , 5 )( 1, )( 1, )Mandatory convertible preferred stock dividends ( 5, 1 ) (9 , ) (1 , 99) ( ,1 1)Adjusted net loss attributable to Albemarle Corporation common shareholders ( . ) ( . 9) (1. 9) ( .5 )Adjusted diluted loss per share attributable to common shareholders 11 ,51 11 , 11 , 11 , 1Adjusted weighted average common shares outstanding diluted
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32 (1,1 9, 9) (51 , ) 5, 9 ( 1 ,1 9)Net (loss) income attributable to Albemarle Corporation Add back: 1 5, 19 , 51 , 5 , nterest and financing expenses , 515 , 11 , 1 15 , ncome tax expense 5 , 5 , 1 ,1 1 , 1 epreciation and amortization ( ,1 )51 ,5 9 , 15( 5, ) 99,19 9 ,5 9 , 11 , 5 Proportionate share of indfield income tax expense (11, 5)1 , 1 (1 , )1 , Non operating pension and OPEB items 1,19 , ,15 ( , 9 ) 1, 5Non recurring and other unusual items 1,1 9, 1, 9 ,99 5 , , 5, ,5 5,1 , 1, 1, 1 1, , 1 ( . ) 1 . . ( .5) EB T A margin 1. 1. . 1 . Adjusted EB T A margin , 1, , ( , 9) , 5Net cash provided by operating activities (1, ,5 9)(5 9, 1)( , 1 )(155, 5)Less: Capital expenditures (99 , 5 ) 9 , ( ,1 9) ,1 (a) Operating cash flow conversion is defined as Net cash provided by operating activities divided by adjusted EBITDA. See above for a reconciliation of EBITDA and adjusted EBITDA, the non-GAAP financial measures, to Net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with GAAP. EBITDA and Adjusted EBITDA
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33 (9, )( , 9 )( , 5 )( , 9)( ,5 )E uity in net income of unconsolidated investments (net of tax) , , 95,11 , 91 , 9 ividends received from non indfield oldings unconsolidated investments 5, 9 indfield oldings debt 1 , Off balance sheet obligations and other 1, 1 , 1Less ALB Cash 9 ,9 9Less 9 indfield oldings cash 1 This supplemental is for net-debt-to-adjusted EBITDA ratio based on the bank covenant definition. Adjusted EBITDA supplemental1
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34 (11. ) (5. ) . 9 ( . ) iluted (loss) earnings per share Add back: ( . ) .1 ( . ) .15Non operating pension and OPEB items (net of tax) Non recurring and other unusual items (net of tax) 9. . ( . 1) . Restructuring charges and asset write offs . . . 1 . Ac uisition and integration related costs 1.5 . Goodwill impairment charges . 9 . 9Long lived asset impairment charges .5 ( . 9) . ( . )(Gain) loss in fair value of public e uity securities . . Loss on extinguishment of debt ( . ) . 5( .19) . Other (1. ) . 5( .95) . Tax related items .9 . 1(1. 1) .19Total non recurring and other unusual items ( . ) ( . 9) (1. 9) ( .5 )Adjusted diluted (loss) earnings per share1 1Totals may not add due to rounding. Diluted EPS
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35 (55. ) 15 , ( ,99 )As reported (9 , ) 95,5 Non recurring, other unusual and non operating pension and OPEB items 5 1.1 59,1 1 ,5 As adjusted 1 . 1 , 1 , As reported 11 , ( 9, ) Non recurring, other unusual and non operating pension and OPEB items .9 1 , 5 , 95As adjusted ( . ) 15 , 1 (55 , )As reported ( , 19) 9 , Non recurring, other unusual and non operating pension and OPEB items (1 1.1) , (5 , 1)As adjusted ( .9) , 5 (1, , 5)As reported 1 ,91 1,1 , 9 Non recurring, other unusual and non operating pension and OPEB items ( .5) ,999 (5 5,1 )As adjusted See above for a reconciliation of the adjusted effective income tax rate, the non-GAAP financial measure, to the effective income tax rate, the most directly comparable financial measure calculated and reporting in accordance with GAAP. Effective Tax Rate
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36 Note: Corporate equity income relates to foreign exchange gains or losses of our Windfield Holdings joint venture. Equity Income and Noncontrolling Interest 5, 1 , 9 5,1 , 5Energy Storage ( , 5 ) ( 5, 1 ) (9, 5) (1 , 19) Specialties , , 9 ,9 , 5 etjen ( 19)(1 , 1 ) , ( )( 1,1 ) 5, 1 Corporate ( ,9 ) 15, ( 5, 1 ) , (9, 1 ) 1 ,99 (1 , 19) ,5 Total Company
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37 www.albemarle.com