Amsterdam, 25 February 2026 (Regulated Information) --- AMG Critical Materials N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reports full year adjusted EBITDA of $235 million in 2025, a 40% increase compared to the 2024 adjusted EBITDA of $168 million, driven primarily by our Antimony and Engineering businesses. We ended the year with a strong balance sheet highlighted by our $484 million of total liquidity as of December 31, 2025.

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "In 2025, we achieved the third highest adjusted EBITDA in the Company's history despite weakness in lithium and vanadium. This flexible response to a changing market environment highlights the quality and the breadth of our critical materials and technologies portfolio. Governments are pushing for onshoring of critical materials supply, creating significant opportunities to grow our business.

AMG is focused on capital light, high return projects that expand its geographic and critical material bases. For example, we are expanding our footprint in US critical materials with a high-purity chrome metal facility which is set to come online in the first half of 2026. Moreover, the Management Board plans to strengthen AMG's critical materials recycling franchise in three ways. First, it plans to develop a circular high-purity molybdenum processing facility for fresh refining catalysts by 2029. Second, we are strengthening our lithium cluster in Germany by accepting recycled lithium carbonate and converting it to technical-grade hydroxide for use in Bitterfeld's main upgrading facility. And third, Phase I of our "Supercenter" project in Saudi Arabia is currently under construction, and commissioning is targeted for the second half of 2028.

Looking ahead, our operational focus will be on compensating for the temporary benefit from selling low-priced inventories of more than $70 million in Antimony in 2025. Thanks to the recent tailwinds from pricing as well as volume increases in our vanadium and lithium businesses, we are optimistic about maintaining our attractive earnings level. Based on our detailed scenario planning, we expect 2026 adjusted EBITDA in the range of $210 to $240 million. The first quarter of 2026 will represent the trough of our earnings cycle as higher pricing begins to impact EBITDA in the second quarter and our volumes ramp in the second half of 2026."

AMG Lithium B.V.

   -- The refinery in Bitterfeld has continued to ramp up its production, 
      producing in specification battery-grade lithium hydroxide and 
      progressing with customer qualification as planned. We have dispatched 
      kilogram samples to all cathode active materials $(CAM)$ manufacturers with 
      a footprint in Europe at the end of 2025, initiating the first stage of 
      qualification. Based on customer feedback, we anticipate moving on to the 
      next stage of qualification involving the shipment of tons in the first 
      half of 2026, and expect to reach full production capacity in the second 
      half of 2026. 
 
   -- AMG Lithium is starting 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. 

AMG Vanadium B.V.

   -- SARBV's development with Advanced Circular Materials Company (ACMC) 
      "Supercenter" Phase 1 project in Saudi Arabia has begun construction and 
      is moving to final documentation on a non-recourse project financing. 
      AMG's equity commitment to the project will be $30 million, and AMG is 
      the sole offtaker of the planned 8 million pounds of V2O5 produced by the 
      plant. 

AMG Technologies

   -- As announced in January 2026, AMG LIVA will install its industrial 
      battery, the Hybrid Energy Storage System ("Hybrid ESS"), at Aramco's 
      existing solar plant in Tabuk, Saudi Arabia. AMG LIVA's Hybrid ESS can 
      help reduce the carbon emissions of the energy supply and potentially 
      support independence from the grid at any time of the day, thereby 
      advancing carbon emissions reduction goals, increasing the deployment of 
      renewable energy, and enhancing energy storage capabilities. 
 
   -- AMG and Asbury Carbons signed a definitive agreement in October 2025 to 
      sell Graphit Kropfmühl GmbH (AMG Graphite) to Asbury Carbons. The 
      transaction is subject to customary regulatory approvals. As such, German 
      FDI is proceeding to a formal Phase II and we now expect the official 
      closing to take place in the second quarter of 2026. 
 
   -- AMG Silicon closed its operations on December 31, 2025 following a 
      significant period of operational challenges and extensive economic 
      evaluation. 

Financial Highlights

   -- AMG's adjusted gross profit of $337 million in 2025 increased 31% 
      compared to 2024, largely driven by AMG Technologies' strong performance 
      during 2025, particularly by AMG Antimony. 
 
   -- AMG delivered a full year 2025 adjusted EBITDA of $235 million, 40% 
      higher than the $168 million in the prior year. This result was the third 
      highest adjusted EBITDA in the Company's history. 
 
   -- Fourth quarter gross profit of $58 million was 27% lower than the $79 
      million in the same period of 2024. This decrease was primarily due to 
      one-off restructuring costs for our Silicon business as well as the 45X 
      effect noted below. 
 
   -- Fourth quarter 2025 adjusted EBITDA of $43 million was 26% lower than the 
      $58 million in the same period of 2024. This decrease was primarily due 
      to the recognition of incremental 45X allowances in the fourth quarter of 
      2024. 
 
   -- AMG recorded an unusually high income tax expense of $43 million for the 
      fourth quarter of 2025, up from $8 million in the fourth quarter of 2024. 
      The increase is primarily attributable to a significant non-cash 
      derecognition of net operating loss carryforwards in the US and to a 
      lesser extent in Germany. Although the $41 million incremental charge is 
      consistent with IFRS accounting rules, AMG management believes we can 
      recover this operating loss carryforward. Therefore, we provided an 
      adjusted net income figure for comparison's sake. This adjusted net 
      income number also adds back the tax-adjusted Silicon restructuring cost. 
 
   -- Strong cash generation during the fourth quarter of 2025 resulted in $76 
      million in operating cash flow for full year 2025, double the $38 million 
      in 2024. Our cash generation would have been even stronger if we had 
      received the cash for the 45X allowances as planned. Due to the 
      government shutdown last year, we now expect to book this cash in 2026. 
 
   -- The total 2025 dividend proposal is EUR0.40 per ordinary share, including 
      the interim dividend of EUR0.20, which was paid on August 15, 2025. 

Key Figures

 
In 000's US 
dollars 
                     Q4 '25         Q4 '24         Change         FY '25         FY '24         Change 
Revenue                $446,557       $361,383            24%     $1,708,325     $1,439,856            19% 
Gross profit             58,226         79,269          (27%)        308,223        228,025            35% 
Adjusted gross 
 profit (1)              68,745         80,248          (14%)        336,695        257,655            31% 
Adjusted gross 
 margin                   15.4%          22.2%                         19.7%          17.9% 
 
Operating profit         11,230         32,469          (65%)         99,532         44,227           125% 
Operating margin           2.5%           9.0%                          5.8%           3.1% 
 
Net (loss) 
 income 
 attributable to 
 shareholders          (48,256)          7,264            N/A       (18,622)       (33,351)            44% 
 
EPS - Fully 
 diluted                 (1.49)           0.22            N/A         (0.58)         (1.03)          (44%) 
 
Adjusted net 
 income (loss) 
 attributable to 
 shareholders(2)          5,559          7,264          (23%)         35,193       (33,351)            N/A 
Adjusted EPS - 
 Fully diluted             0.16           0.22          (27%)           1.05         (1.03)            N/A 
 
Adjusted EBIT 
 (3)                     25,333         41,934          (40%)        168,929        109,525            54% 
Adjusted EBITDA 
 (4)                     42,869         57,508          (25%)        235,086        168,076            40% 
Adjusted EBITDA 
 margin                    9.6%          15.9%                         13.8%          11.7% 
 
Cash from 
 operating 
 activities              80,654         63,526            27%         76,126         37,515           103% 
 

(Notes:)

(1) Adjusted gross profit is defined as gross profit excluding restructuring, asset impairment, inventory cost adjustments, strategic project expenses and other exceptional items.

(2) Adjusted net income (loss) excludes the impact of non-cash deferred tax expense related to the derecognition of NOL's in the US and Germany, as well as Silicon severance and closure costs, net of taxes.

(3) Adjusted EBIT is defined as earnings before interest and income taxes. EBIT excludes restructuring, asset impairment, inventory cost adjustments, environmental provisions, exceptional legal expenses, equity-settled share-based payments, strategic project expenses, and other exceptional items.

(4) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization.

Operational Review

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