Slides
Page 1
November 5, 2026 8:00am ET Q3 2026 Earnings
Page 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 risks and uncertainties, often contain words such as “ambition,” “anticipate,” “believe,” “estimate,” “expect,” “goal,” “guidance,” “intend,” “may,” “out look,” “scenario,” “should,” “would,” and “will.” Forward-looking statements may include statements regarding: our 2026 company and segment outlooks, includi ng expected market pricing of lithium carbonate equivalent and spodumene and other underlying assumptions and outlook consideration; plans and e xpectations regarding customer demand and sales; production impacts; financial flexibility and optionality; expected or actual market pricing of lithi um, 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; expected capital allocation and expenditure amounts and the corresponding impact on c ash flow; expected impact of tariffs and other trade restrictions; long-term targets for operating cash flow conversion and other financial metrics; plans and expectations regarding other mining interests, resources, reserves, projects and activities, compound annual growth rate, cost reductions, conversion network optimization, margin improvement, accounting charges, and all other information relating to matters that are not historical fact s. Factors that could cause Albemarle’s actual results to differ materially from the outlook expressed 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 ener gy; technological change and development; fluctuations in foreign currencies; changes in laws and government regulation; regulatory actions, proceedin gs, claims or litigation; cyber- security breaches, terrorist attacks, industrial accidents or natural disasters; risks related to the integration of artificial intelligence technologies into our operations; geopolitical conflicts and political unrest affecting global trade, including conflict in the Middle East; the globa l economy and clean energy initiatives; our ability to retain key personnel and attract new skilled personnel; changes in inflation or interest rates; v olatility and uncertainties 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; impacts of the situations in the Middle East, the tensions between China and Taiwan and the military conflict between Russia and Ukraine, an d the related global responses; and the other factors detailed from time to time in the reports Albemarle files with the SEC, including those describ ed 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-looking statements speak only as of the date of this presentation. Albemarle assumes no obligation to provide any revisions to any fo rward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws. 2
Page 3
Non-GAAP Measures It should be noted that adjusted net income attributable to Albemarle Corporation, adjusted net income (loss) attributable to Albemarle Corporation common shareholders, adjusted diluted income (loss) 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 effective income tax rates, EBITDA, adjusted EBITDA (on a consolidated basis), EBITDA margin and adjusted EBITDA margin, net debt to adjusted EBITDA ratio 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 in the 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, and reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found in the appendix of this presentation, 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. 3
Page 4
Q3 2026: Solid Quarterly Results 1See appendix for non-GAAP reconciliations Disciplined Execution Enables Earnings & Cash Flow Growth STRONG Q3 RESULTS DEMONSTRATE FOCUSED OPERATIONAL EXECUTION: Net sales of $1.6B (+19% Y/Y); higher pricing in Energy Storage (+68%); higher pricing (+10%) and volumes (+3%) in Specialties Adj. EBITDA1 of $646M (+186% Y/Y); higher net sales plus cost and productivity improvements Cash from ops. of $406M; Free cash flow1 of $325M; Operating cash flow conversion1 of 63%, in-line with long-run target Delivered >$150M cost and productivity improvement run-rate YTD; achieved high end of FY target END MARKET FUNDAMENTALS REMAIN STRONG: Energy Storage Systems (ESS) GWh production up 97% Y/Y YTD through August, battery orderbooks remain solid in H1 2027 Electric Vehicle (EV) GWh sales up 11% Y/Y YTD through August; driven by strong growth in Europe, Japan/Korea, and SE Asia Global lithium consumption up 48% Y/Y through August, outpacing global lithium supply growth up 34% Y/Y IMPROVING FY 2026 OUTLOOK CONSIDERATIONS: Specialties adjusted EBITDA of $350-$375M supported by strong demand and ongoing cost and productivity improvements Reducing full-year capital expenditure forecast to $300-350M on continued benefits from focused capital efficiency improvements, as well as resequencing early-stage project spend 4 WORLD CLASS RESOURCES SUPPORT LONG-TERM GROWTH: Greenbushes CGP3 achieved 30 days of nameplate performance in September Progressing high-return brownfield growth projects at Greenbushes, Wodgina and Salar
Page 5
Q3 2026 Q3 2025 Variance Net Sales $1,553 $1,308 +19% Net Income (Loss) Attributable to Albemarle Corporation $297 ($161) NM3 Adjusted EBITDA1 $646 $226 +186% Adjusted EBITDA Margin1 42% 17% +2,430 bps Diluted Income (Loss) per Share Attributable to Common Shareholders2 $2.15 ($1.72) NM Non-recurring and Other Unusual Items4 $0.42 $1.53 Adjusted Diluted Income (Loss) per Share Attributable to Common Shareholders1, 2 $2.58 ($0.19) NM Q3 2026 Financial Summary 1See appendix for non-GAAP reconciliations 2Includes the dilutive impact of mandatory convertible preferred stock 3Not meaningful (NM) 4Includes OPEB adjustments 5 In millions, except per share amounts
Page 6
Q3 Adjusted EBITDA1 Bridges ($ in millions) Note: Numbers may not reconcile due to rounding. 1See appendix for non-GAAP reconciliations. 6 Q3 2026 vs 2025 Higher pricing in both segments; higher volumes in Specialties Y/Y – BY DRIVER Y/Y – BY SEGMENT $436 $23 ($39) $226 $646 Q3 2025 Energy Storage Specialties Corporate and All Other Q3 2026 $14 $513 ($292) $214 $17 ($47) $226 $646 Q3 2025 Volume Price COGS Pre-tax Equity Income SG&A and R&D Other Q3 2026 Higher COGS Y/Y primarily reflects processing of higher-priced spodumene inventory and increased Chilean commissions, offset by higher equity income and cost and productivity improvements Energy Storage Adj. EBITDA up Y/Y (+351%) on higher lithium pricing Specialties Adj. EBITDA up Y/Y (+31%) on higher pricing, volumes, and cost and productivity improvements Corporate and All Other reflects reduction in Adj. EBITDA due to the absence of Ketjen refining solutions (divested in Q1 2026), partially offset by favorable FX impacts
Page 7
Maintaining Total Company 2026E Outlook Considerations1 1As of November 4, 2026. 2Lithium Carbonate Equivalent (LCE) price represents a blend of relevant market pricing including spot and regional indices for the periods referenced. 3The company does not provide the GAAP measures of net income, gross margin, or diluted earnings per share on a forward-looking basis, or a reconciliation of adjusted EBITDA or adjusted diluted earnings per share to such measure, respectively, because it is unable to estimate significant non-recurring or unusual items without unreasonable effort. See “Non-GAAP Measures” for more information. 7 OBSERVED LITHIUM MARKET PRICE SCENARIOS: (US$/kg LCE)2 NET SALES ADJ. EBITDA3 ADJ. EBITDA MARGIN3 FY 2025A FY 2025 avg. $10 $5.1B $1.1B 21% FY 2025 avg. $10 FY 2026E $4.1B - $4.3B $0.9B - $1.0B Low-20% Q1 2026 avg. $20 FY 2026E $5.7B - $6.0B $2.4B - $2.6B Low-40% $7.5B - $7.8B $4.2B - $4.4B Mid-50% 2021-25 avg. $30 FY 2026E Increased Specialties outlook due to higher pricing and volume and cost and productivity improvements Productivity and other improvements offset higher raw material and supply chain costs (~$70M-90M unmitigated) related to the situation in the Middle East Increased Wodgina volumes partially offset impact of CGP3 outage Strong year-to-date performance has trended towards the higher end of the $20 scenario, driven by:
Page 8
Q3 2026 Y/Y Net Sales $389 +13% Adj. EBITDA $99 +31% Adj. EBITDA Margin 25% +350 bps Specialties Overview Adjusted EBITDA Adjusted EBITDA Margin Q3 2026 Performance In Millions FY 2026 Outlook Considerations FY 2026 Net Sales $1.4B – $1.6B Adj. EBITDA $350M – $375M Adj. EBITDA Margin Low-20% 8 QUARTERLY PERFORMANCE DRIVERS Q3 net sales up 13% Y/Y due to higher pricing and volume; adj. EBITDA up 31%, due to higher pricing and volumes and cost and productivity improvements Record quarterly production at Jordan Bromine Company (JBC) Q4 2026 net sales and EBITDA outlook assumes steady demand in core markets and the impact of the situation in the Middle East FY 2026 OUTLOOK Increasing adj. EBITDA outlook based on strong year-to-date performance and cost and productivity actions that more than offset supply chain related cost escalation Global demand and consumer confidence have remained resilient YTD, led by semiconductor and electronics and strong clear brine fluid demand DRIVERS/SENSITIVITIES Electronics & semiconductors, building & construction, oil & gas, and pharmaceuticals remain key market segments served by the platform Geographic diversity complements the platform’s end-market diversity and adds resilience to regional volatility Approximately 20% of segment sales track bromine market pricing in China Historical Trend (TTM) $280M $276M $293M $338M $361M 21% 20% 21% 23% 24% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Page 9
Energy Storage Overview QUARTERLY PERFORMANCE DRIVERS Q3 2026 sales volumes of 56kt LCE, at $20/kg LCE average realized price Q3 net sales up 58% Y/Y and adj. EBITDA up 351%, primarily due to higher pricing Q4 2026 net sales and adj. EBITDA expected to decrease sequentially due to lower market pricing with steady sales volumes Margins are expected to decrease sequentially due to consumption of higher-cost spodumene inventory purchased in prior periods FY 2026 OUTLOOK FY 2026 sales volumes are still expected to be in the range of 225 to 235 kT LCE, as a delay to the CGP3 ramp is partially offset by better-than-planned production at Wodgina Outlook ranges include the expected impact of supply chain related cost escalation due to the situation in the Middle East, including higher diesel and non-spodumene raw material costs CONTRACT PORTFOLIO ~40% of 2026E salts, or about 1/3 of total, 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 Adjusted EBITDA Adjusted EBITDA Margin Q3 2026 Performance In Millions Q3 2026 Y/Y Net Sales $1,119 +58% Adj. EBITDA $560 +351% Adj. EBITDA Margin 50% +3,250 bps FY 2026 Outlook Scenarios 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% Historical Trend (TTM) $0.7B $0.7B $1.1B $1.6B $2.0B 26% 26% 35% 43% 49% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 9
Page 10
Our Track Record of Cost Discipline, Productivity Gains, and Cash Flow Conversion Underpin Our Long-Term Competitiveness 10 % ~30% ~30% ~40% Incremental Volume / Yield Supply Chain & Back Office Achieved >$150M run-rate cost and productivity improvements in 2026 YTD Manufacturing Costs % *Excluding one-time $350M customer prepayment, 117% as reported Long-term target 60-70% 38% 50% 37% 60% 85%* 67% FY '21 FY '22 FY '23 FY '24 FY '25* YTD '26 YTD operating cash flow conversion1 at the high end of our long-term range Strong YTD free cash flow of $1.2B driven by continued focus on cost-out and cash conversion 1Defined as Operating Cash Flow divided by Adj. EBITDA, which is a non-GAAP measure. See Non-GAAP Reconciliations for further details
Page 11
Reducing FY26 Capex Guidance to $300M - $350M 11 Capital Efficiency Provides Lasting Savings and Optionality in Future Investment Project Resequencing Growth Capital Efficiency Improvements Sustaining Capital Efficiency Improvements Capital efficiency drives sustainable savings through optimizing project timing and scope Expecting <$300M sustaining capital in 2026 Resequencing spend on early-stage projects to better align with project timelines; future growth spending will vary as projects progress Focus on capital efficiency creates additional flexibility for growth opportunities 2026e Capex (2Q26 est.) 2026e Capex (3Q26 est.) Growth Sustaining and Productivity $300M - $350M ~$500M
Page 12
0 200 400 600 800 1,000 2024 2025 2026 Global ESS Battery Demand Doubled YTD 1ICCSino and LIRA ESS battery production data as of October 29, 2026 2Benchmark Minerals Intelligence 12 Driven by Electricity Demand, Grid Reliability and Energy Security Global Energy Storage Systems (ESS) Production1 (GWh) +97% YTD Y/Y ESS demand supported by project economics and policy in regions including China, Europe, and Australia ESS supported by robust end-use demand for grid resilience and power generation 49% 19% 7% 25% China Europe North America Rest of World 840GWh YTD Global ESS Production <5% of ESS demand is directly tied to data center installations Strong YTD production growth supported by >1,000 GWh of ESS installations in the pipeline for 20272 Renewables+ESS are one of the cheapest and fastest ways to add energy to the grid
Page 13
Resilient Outlook Drives Near and Long-term ESS Lithium Demand (25% CAGR’25-’30) 13 Global ESS projects deliver attractive 10-20% IRRs supported by multiple revenue streams: Capacity payments, offtake contracts, energy arbitrage, tax credits, etc. >1,000 GWh of ESS projects are in the pipeline for 20271; in-line with 2026 battery production and >1-year average lead time Battery producer orderbooks are solid in 1H 2027 Early stages of ESS adoption today. 30-40TWh of ESS needed by 2050; ~20x cumulative production to-date Driven by long-term secular trends including global electricity demand growth, energy security, and clean energy transition Attractive Returns Strong Project Pipeline Long-term Growth Continued strong ESS demand supported by multiple drivers, regions, and long-term outlook 1Benchmark Minerals Intelligence
Page 14
0 200 400 600 800 1,000 1,200 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2026 European EV sales remain strong, (+35% Y/Y YTD) supported by higher oil costs and policy. EU 2027+ import cap for Chinese hybrid vehicles expected to have minimal demand impact (<10GWh / year) Growing EV exports (+63% Y/Y YTD) and larger battery sizes (+18%) offset weaker domestic EV sales in China Rest of World is the fastest growing sector year-to-date (+90% Y/Y) Positive Inflection in Global EV Sales; +11% Y/Y YTD 1EV Volumes registrations data as of October 30, 2026; Albemarle Analysis 14 Global Electric Vehicle (EV) Sales1 (GWh) +11% YTD Y/Y 49% 27% 10% 14% China Europe North America Rest of World 829GWh YTD Global EV Sales
Page 15
EV Demand Continues to Diversify Geographically 1Rest of World (RoW) covers all regions outside of North America, Europe and China 2EV Volumes registrations data as of October 30, 2026; Albemarle Analysis 15 Rest of World1 Reaches 14% of Global EV Sales YTD 0 20 40 60 80 100 120 140 Aug YTD 2025 Aug YTD 2026 SE Asia JP/KR South America Other (Australia, India, etc.) ROW EV Sales by Sub-region, GWh2 +80% Y/Y +80% +190% +80% 62 GWh 8% of global 118 GWh 14% of global▲90% Rest of World EV sales nearly doubled Y/Y YTD with Chinese exports making up ~60% of sales Vietnam, Thailand, Indonesia, and Brazil have introduced policies supporting domestic manufacturing Energy security concerns and higher oil costs are increasingly driving EV demand and adoption 118GWh YTD ROW EV Sales 14% China Europe North America Rest of World 829GWh YTD Global EV Sales
Page 16
Progressing Growth Options at Our World-Class Resources 16 CGP3 restarted August 1, achieved 30 days of nameplate performance in September On-going optimization studies have identified opportunities to be incorporated into life-of-mine plans Productivity programs have helped offset current fuel price increases Greenbushes | 50%1 ALB Salar de Atacama | 100% ALB Operating well; continued utilization of three full trains Higher production and recoveries FY 2026E sales volumes 225-235 kT LCE; Salar and Wodgina outperformance offsets CGP3 outage Progressing expansion studies Wodgina | 50% ALB Production expected to be seasonally higher in Q4 2026 DLE advances into feasibility study; permitting proceeding on schedule Drilling campaign results highlight potential for more efficient lithium extraction and yield 1Albemarle has a 50% interest in the offtake and a 49% ownership stake in the Greenbushes mine
Page 17
A Stronger Albemarle for Long-Term Value Creation 1See appendix for non-GAAP reconciliations 2The company does not provide a reconciliation of forward-looking Adjusted EBITDA or free cash flow 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. 17 DELIVERED STRONG PERFORMANCE THROUGH THE CYCLE Acted decisively as conditions changed, resetting growth investments and cost and cash priorities Reshaped the portfolio, generating ~$1.2B from non-core asset sales since 2020 Delivered ~$600M of cost and productivity improvements since 2024 Optimized earnings capability, with adjusted EBITDA up ~180% from 2021 to 2026E2 Generated ~$2B of cumulative free cash flow in 2025–2026E2 POSITIONED ALBEMARLE FOR ITS NEXT CHAPTER OF GROWTH AND PERFORMANCE Created a simpler, more competitive cost structure with greater performance discipline Reestablished capital discipline and a pathway to higher-return, lower-capital intensity growth Expanded our world-class resource base to support long-term growth ESTABLISHED ALBEMARLE AS A GLOBAL LEADER IN LITHIUM & BROMINE Global scale: on track to deliver 2x LCE sales volume or +15% CAGR 2022 to 2027E One of the strongest balance sheets in the industry: reduced net leverage1 from 3.4x in Q4 2020 to ~0.3x in Q3 2026 A pioneer and leading advocate for more diversified and resilient critical-minerals supply chains A stronger, more disciplined Albemarle, positioned for its next chapter of growth and performance
Page 18
18 Q4 2026 Investor Relations Events 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 November 10 Morgan Stanley Global Chemicals & Agriculture Conference December 2 Goldman Sachs Industrials & Materials Conference November 12 Toronto NDR November 11 Baird Global Industrials Conference December 3 Deutsche Bank Virtual Lithium Battery Supply Chain Conference
Page 20
APPENDIX 20
Page 21
10-15% CAGR 10-20% CAGR Trending towards the higher end of 2026 lithium demand range (+48% Y/Y)2 through August due to YTD ESS demand strength and improving EV sales Maintaining 2026 and 2030 Stationary Storage Forecast Ranges Due to Continued Strong 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 21 Market Penetration2 EV 640 2,000 1,500 1,100 2025 2030E2026E 900 Stationary Storage Li-Ion Battery Production1 (GWh) by Application2 (MMT LCE) Lithium Demand 1.6 3.6 2.9 1.8 2.2 Lithium demand diversifying in both application and geography as stationary storage gains market share Supply growth (+34% YTD) has lagged demand growth Lithium demand exceeding expectations, growing faster than supply YTD 26% 38% 52% 29% 34% 20-30% CAGR 2025 2030E2026E 2025 2030E2026E Grid EV Consumer Electronics Other (Mobility, Industrial, Inventory) Forecast Range Long-term growth driven by stationary storage and EV; lithium demand expected +15-40% Y/Y in 2026
Page 22
Energy Storage Quarterly Sales Metrics 1Represents average of China (ex-VAT) and Asia, Hydroxide and Carbonate, spot market indices 2Includes consolidated lithium salts and spodumene sales 3Any variance with historically disclosed sales volumes is due to rounding and conversion from spodumene to LCE 4Realized price calculated as Energy Storage net sales divided by Energy Storage sales volume 22 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Average Lithium Market Price1 ($/kg LCE) $10.24 $9.85 $8.82 $9.42 $11.19 $20.24 $22.80 $19.73 Energy Storage Net Sales ($M) $617 $525 $718 $709 $759 $891 $1,277 $1,119 Energy Storage Sales Volume2,3 (kT LCE, consolidates salts & spod) 49 44 59 69 63 53 65 56 Average Realized Price4 ($/kg LCE contained) $12.59 $11.93 $12.17 $10.28 $12.05 $16.89 $19.53 $20.02
Page 23
Energy Storage 2026E Outlook Considerations and Market Price Scenarios1 1As of November 4, 2026 2Price represents blend of relevant market pricing including spot and regional indices for the periods referenced. 3Calculated as net sales divided by 2026E Energy Storage sales volumes of 225kt-235kt LCE, includes salts and spodumene sales 4The company does not provide the GAAP measures of net income, gross margin, or diluted earnings per share on a forward-looking basis, or a reconciliation of adjusted EBITDA or adjusted diluted earnings per share to such measure, respectively, because it is unable to estimate significant non-recurring or unusual items without unreasonable effort. See “Non-GAAP Measures” for more information. 5Equity in net income of unconsolidated investments (net of tax), included in adjusted EBITDA on a pre-tax basis. 23 Average realized price below market price due to mix impact of spodumene sales FY 2026E ASSUMPTIONS: Energy Storage sales volumes projected to be in the range of 225-235kt LCE Market price scenarios flowing through current Energy Storage contract book1; ~40% of salts (1/3 of total) volume on LTAs with floors Spodumene market price averages 10% of LCE price Includes idling Kemerton Train 1, accretive to adj. EBITDA beginning in Q2 2026 OBSERVED LITHIUM MARKET PRICE SCENARIOS: (US$/kg LCE)2 NET SALES AVERAGE REALIZED PRICE3 ($/kg LCE contained, salts & spodumene) ADJ. EBITDA4 EQUITY INCOME (net of tax)5 ADJ. EBITDA MARGIN4 FY 2025A FY 2025 avg. $10 $2.7B $11.50 $0.7B $0.2B 25% FY 2025 avg. $10 FY 2026E $2.5B - $2.6B $10.5 - $11 $0.7B - $0.8B $0.2B - $0.3B Low-30% Q1 2026 avg. $20 FY 2026E $4.0B - $4.2B $17 - $18 $2.1B - $2.3B $0.6B - $0.7B Mid-50% 2021-25 avg. $30 FY 2026E $5.9B - $6.1B $25 - $26 $3.9B - $4.1B $1.0B - $1.1B Mid-60%
Page 24
Specialties and Corporate FY 2026E Outlook Considerations 1Adjusted effective tax rate dependent on lithium market prices and geographic income mix, see slide 25 2FY 2025A corporate costs includes $28M benefit related to FX; FY 2026E outlook assumes no FX impact 3Excluding one-time gain or loss on early extinguishment of debt 4Diluted weighted-average common shares outstanding amount assumes the conversion of preferred stock and the net income attributable to common shareholders will not be reduced by mandatory convertible preferred stock dividends. If the reduction of mandatory convertible preferred stock dividends results in a more dilutive earnings per share, the diluted weighted- average common shares outstanding will not assume conversion of the preferred stock. 24 FY 2026E as of November 4, 2026 FY 2025A Segments Specialties Net Sales $1.4B $1.4B – $1.6B Specialties Adj. EBITDA $276M $350M – $375M Other Corporate Capital Expenditures $590M $300M – $350M Depreciation and Amortization $659M $660M – $680M Adjusted Effective Tax Rate1 (131%) (50%) – 30% Corporate Included in Adj. EBITDA (Incl. FX, Ketjen & PCS)2 $125M ($20M) – $20M Interest and Financing Expenses3 $200M $120M – $140M Weighted-Average Common Shares Outstanding (Diluted) 4 118M 136M
Page 25
2026 Outlook Market Price Scenario values represent midpoint of ranges (in millions, except per share amounts) ~$10 (2025 avg.) ~$30 (2021-25 avg.) Adjusted EBITDA1 $950 $4,300 - Pre-Tax Equity Income $360 Assuming 30% AU tax rate $1,500 Assuming 30% AU tax rate - Interest Expenses $130 $130 - Depreciation and Amortization $670 $670 Pre-Tax Income (loss) Before Equity Income ($210) $2,000 - Tax $120 Expect to pay taxes, even with net loss, due to geographic income mix $400 At higher net income, expect ETR closer to statutory rate, ~20% After-Tax Income Before Equity Income ($330) $1,600 + Equity Income $250 $1,050 Net (Loss) Income Attributable to ALB ($80) $2,650 - Preferred Stock Dividends $170 More dilutive to subtract preferred dividends — More dilutive to include converted preferred ÷ Weighted-Avg. Shares (Diluted) 119M Common shares 136M Common + converted preferred at minimum conversion Adj. Diluted EPS ~($2.00) ~$19.50 Illustrative Calculation of FY 2026E Adj. EPS at ~$10/kg and ~$30/kg Scenarios 1The 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 25
Page 26
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. 26
Page 27
Adjusted Net Income See above for a reconciliation of adjusted net income (loss) attributable to Albemarle Corporation common shareholders, the non-GAAP financial measure, to Net income (loss) attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with GAAP. (a) Calculation of adjusted diluted income per share attributable to common shareholders for the three months ended September 30, 2026 excludes the mandatory convertible preferred stock dividends and includes the assumed conversion of preferred stock into the diluted shares outstanding, as this results in the more dilutive per share result. 27 Three Months Ended September 30, 20252026($ in thousands) $ (160,694)$ 296,755Net income (loss) attributable to Albemarle Corporation Add back: 189782Non-operating pension and OPEB items (net of tax) 180,02556,075Non-recurring and other unusual items (net of tax) 19,520353,612Adjusted net income attributable to Albemarle Corporation (41,688)—Mandatory convertible preferred stock dividends(a) $ (22,168)$ 353,612 Adjusted net income (loss) attributable to Albemarle Corporation common shareholders $ (0.19)$ 2.58 Adjusted diluted income per share attributable to Albemarle Corporation common shareholders 117,685137,135Adjusted weighted-average common shares outstanding – diluted(a)
Page 28
Year EndedNine Months EndedThree Months Ended December 31,September 30,September 30, 20252025202620252026 % of net sales$ % of net sales$ % of net sales$ % of net sales$ % of net sales$($ in thousands) (9.9)%$ (510,628)(2.6)%$ (96,449)23.2 %$ 1,095,805(12.3)%$ (160,694)19.1 %$ 296,755Net income (loss) attributable to Albemarle Corporation Add back: 4.0 %207,6514.0 %149,8751.9 %91,8483.9 %50,9591.8 %27,803Interest and financing expenses 3.1 %156,881— %(449)2.9 %137,413(2.3)%(30,565)1.4 %21,900Income tax expense 12.8 %658,67813.3 %494,96810.2 %482,01012.6 %164,48310.8 %168,404Depreciation and amortization 10.0 %512,58214.8 %547,94538.2 %1,807,0761.8 %24,18333.2 %514,862EBITDA 1.8 %94,5492.1 %78,4994.2 %197,7031.5 %20,0235.5 %85,403 Proportionate share of Windfield Holdings income tax expense 0.3 %17,710— %9780.1 %3,279— %3670.1 %1,078Non-operating pension and OPEB items 9.2 %473,1525.4 %201,8273.4 %159,36313.8 %181,0572.8 %44,167Non-recurring and other unusual items 21.4 %$ 1,097,99322.3 %$ 829,24945.9 %$ 2,167,42117.3 %$ 225,63041.6 %$ 645,510Adjusted EBITDA $ 5,142,733$ 3,714,702$ 4,725,141$ 1,307,829$ 1,553,097Net sales $ 1,282,267$ 1,462,037$ 405,796Net cash provided by operating activities 350,000——Less: Customer prepayment $ 932,267$ 1,462,037$ 405,796 Net cash provided by operating activities excluding customer prepayment 84.9 %67.5 %62.9 %Operating cash flow conversion(a) (589,801)(250,781)(80,374)Less: Capital expenditures $ 692,466$ 1,211,256$ 325,422Free cash flow EBITDA and Adjusted EBITDA (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. 28
Page 29
Operating Cash Flow Conversion 29 (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.
Page 30
Twelve Months Ended Three Months Ended($ in thousands) Dec 31, 2025Mar 31, 2026Jun 30, 2026Sep 30, 2026Sep 30, 2026 $ 268,744$ 663,814$ 858,097$ 645,510$ 2,436,165Adjusted EBITDA (2,469)(3,001)14,2712,29811,099Equity in net income of non- Windfield Holdings unconsolidated investments (net of tax) 4,691———4,691Dividends received from non-Windfield Holdings unconsolidated investments $ 270,966$ 660,813$ 872,368$ 647,808$ 2,451,955Consolidated Windfield-Adjusted EBITDA $ 1,881,352Total ALB Long Term Debt (as reported) 41,954Unamortized discount and debt issuance costs 776,11149% Windfield Holdings debt 96,900Off balance sheet obligations and other $ 2,796,317Consolidated Windfield-Adjusted Funded Debt 1,845,999Less Cash 126,925Less 49% Windfield Holdings cash $ 823,393Consolidated Windfield-Adjusted Funded Net Debt 0.3Consolidated Leverage Ratio Adjusted EBITDA supplemental1 1This supplemental is for net-debt-to-adjusted EBITDA ratio based on the bank covenant definition. 30
Page 31
Three Months Ended September 30, 20252026 $ (1.72)$ 2.15Diluted income (loss) per share attributable to Albemarle Corporation common shareholders Add back: —0.01Non-operating pension and OPEB items (net of tax) Non-recurring and other unusual items (net of tax) 0.020.06Restructuring charges and asset write-offs —0.08Strategic cost savings initiative 1.49—Goodwill impairment charges 0.010.03Acquisition and integration related costs (0.05)0.06Loss (gain) in fair value of public equity securities 0.030.07Other 0.030.11Tax related items 1.530.41Total non-recurring and other unusual items $ (0.19)$ 2.58Adjusted diluted income (loss) per share attributable to common shareholders1 Add back: 117,685137,135Adjusted weighted-average common shares outstanding - diluted Diluted EPS 1Totals may not add due to rounding or difference in share count between Diluted income (loss) per share attributable to Albemarle Corporation common shareholders and Adjusted diluted income per share attributable to common shareholders. 31
Page 32
Effective income tax rate Income tax expense (benefit) Income (loss) before income taxes and equity in net income of unconsolidated investments($ in thousands) Three months ended September 30, 2026 16.4 %$ 21,900$ 133,218As reported (11,612)45,245Non-recurring, other unusual and non-operating pension and OPEB items 5.8 %$ 10,288$ 178,463As adjusted Three months ended September 30, 2025 12.8 %$ (30,565)$ (239,146)As reported 1,210181,424Non-recurring, other unusual and non-operating pension and OPEB items 50.9 %$ (29,355)$ (57,722)As adjusted Effective Tax Rate 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. 32
Page 33
Equity Income and Noncontrolling Interest Note: Corporate equity income relates to our ownership interest in the Ketjen joint venture and foreign exchange gains or losses of our Windfield Holdings joint venture. 33 Three Months Ended September 30, 20252026 Noncontrolling InterestEquity Income Noncontrolling InterestEquity Income($ in thousands) $ —$ 47,498$ —$ 204,762Energy Storage (12,753)—(19,913)—Specialties —13,142—588Corporate and All Other $ (12,753)$ 60,640$ (19,913)$ 205,350Total Company
Page 34
www.albemarle.com 34