Amsterdam, 6 May 2026 (Regulated Information) — AMG Critical Materials N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) reports first quarter 2026 adjusted EBITDA of $44 million. This was a 2% improvement compared to the $43 million in the fourth quarter of 2025 and exceeded our guidance that the first quarter 2026 would be down sequentially. This better-than-expected performance in the current quarter was mainly driven by AMG Vanadium which included the consolidation of AURA beginning January 1, 2026. Beyond circular molybdenum, AURA brought recycled tungsten into our critical materials portfolio, and the tungsten price performance helped their results. Despite anticipated lower cash generation at the beginning of the year, AMG ended the quarter with a strong balance sheet highlighted by our $403 million of total liquidity as of March 31, 2026. This figure does not include the $127 million of proceeds from the capital increase.
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, “AMG’s unique focus on a broad portfolio of critical materials and technologies for the energy transition is increasingly paying off. We remain optimistic about maintaining our attractive earnings level in 2026 despite falling antimony prices. Longer term, the recent geopolitical changes offer significant opportunities to continue to grow our critical materials footprint.
On April 9, 2026 we increased our capital by 10%, successfully placing 3,250,416 of shares at €34. The capital increase was oversubscribed four times. The proceeds of $127 million will be used to finance expansions into lithium carbonate, high-purity molybdenum, and vanadium, as detailed in our full year 2025 results published on February 25, 2026. These projects have low capital requirement, short implementation times, and quick payback. AMG is laying the groundwork to play a key role in achieving energy and critical material sovereignty in our home geographies in Europe and the USA.
Despite the significant geopolitical instability, we reiterate our 2026 adjusted EBITDA guidance range of $210 to $240 million. We expect adjusted EBITDA in the second quarter of 2026 to approach the level achieved in the second quarter 2025, supported by likely peak tantalum prices and favorable phasing of shipments in AMG Lithium.”
AMG Lithium B.V.
- The refinery in Bitterfeld has continued to ramp up its production, consistently producing in specification battery-grade lithium hydroxide and progressing customer qualifications as planned. We expect to begin commercial production around mid-year and to gradually load the plant with qualified sales.
- 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.
AMG Vanadium B.V.
- AMG is set to open its new state-of-the-art chrome metal production facility in New Castle, Pennsylvania on June 17, 2026. The facility, with an annual capacity of up to 6,500 tons of chrome metal, will be located next to AMG Titanium’s facility. Chrome metal is deemed a Critical Material in the United States due to its importance in aerospace and defense alloys and lack of US production.
- AMG acquired AURA Technologie GmbH in Germany for €10 million in a transaction consisting of 34% cash and 66% AMG shares. The acquisition represents a major strategic step in AMG’s expansion into high-purity molybdenum and strengthens its position in circular critical materials processing.
- SARBV’s development with Advanced Circular Materials Company (ACMC) “Supercenter” Phase 1 project in Saudi Arabia is under construction and, as of end of the first quarter 2026, is slightly ahead of schedule despite the regional conflict with Iran. Detailed engineering is completed and long-lead equipment deliveries are scheduled for the second half of the year as we remain cautious in light of the regional situation.
AMG Technologies
- AMG Engineering achieved a very strong result during the first three months of the year, driven by an ongoing high order backlog of $370 million.
- 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. German FDI is proceeding to a formal Phase II and we expect the official closing to take place in the second quarter this year.
Financial Highlights
- AMG’s gross profit of $87 million increased 26% compared to the same period last year, largely driven by the strong performance of AMG Vanadium and AMG Lithium, offset by lower performance in AMG Antimony during the current period.
- Adjusted EBITDA of $44 million decreased 24% compared to the same period last year, primarily due to the exceptionally strong profitability from AMG Antimony in the first quarter 2025.
- AMG delivered net income attributable to shareholders of $12 million during the first quarter of 2026, more than double the $5 million in the prior year, aided by a write-up of our lithium inventories.
- AMG ended the quarter with strong liquidity of $403 million as of March 31, 2026. The proceeds from the placement of 3,250,416 newly issued ordinary shares (representing up to 10% of AMG’s issued share capital as of December 31, 2024) on April 9, 2026 of $127 million will further strengthen AMG’s balance sheet.
- The Company will pay its final 2025 declared dividend of €0.20 per ordinary share on or around May 14, 2026, to shareholders of record on May 12, 2026.
Key Figures
| In 000’s US dollars | |||
| Q1 ‘26 | Q1 ‘25 | Change | |
| Revenue | $446,141 | $388,083 | 15% |
| Gross profit | 86,878 | 68,749 | 26% |
| Adjusted gross profit (1) | 68,661 | 82,649 | (17%) |
| Adjusted gross margin | 15.4% | 21.3% | |
| Operating profit | 37,450 | 18,666 | 101% |
| Operating margin | 8.4% | 4.8% | |
| Net income attributable to shareholders | 12,246 | 5,023 | 144% |
| EPS – Fully diluted | 0.36 | 0.15 | 140% |
| Adjusted EBIT (2) | 26,345 | 42,224 | (38%) |
| Adjusted EBITDA (3) | 44,198 | 57,823 | (24%) |
| Adjusted EBITDA margin | 9.9% | 14.9% | |
| Cash (used in) from operating activities | (31,260) | 8,721 | N/A |
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 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.
(3) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization.
Operational Review
AMG Lithium
| Q1 ‘26 | Q1 ‘25 | Change | |
| Revenue | $60,554 | $32,048 | 89% |
| Adjusted gross profit | 5,316 | 7,099 | (25%) |
| Operating profit (loss) | 15,436 | (13,945) | N/A |
| Adjusted EBITDA | 4,068 | 5,399 | (25%) |
AMG Lithium’s revenue increased 89% compared to the first quarter of 2025, primarily driven by start up of the Bitterfeld plant which sold unqualified battery-grade lithium hydroxide, as well as higher lithium and tantalum sales prices.
SG&A expenses of $9 million during the first quarter of 2026 were 25% lower than in the same period of 2025. The current period benefited from R&D tax credits related to development activities at our lithium research center in Germany, which support ongoing innovation in refining processes and battery-grade material production.
The first quarter 2026 adjusted EBITDA was $4 million, compared to $5 million in the first quarter of 2025. Despite strong production in the first quarter of 2026, sales were impacted by shipping vessel availability and will be realized in the second quarter. In addition, the first quarter of 2025 was impacted by non-recurring costs related to the start up of our spodumene capacity expansion which were added back to EBITDA.
During the first quarter of 2026, a total of 13,454 dry metric tons (“dmt”) of lithium concentrates were sold, 11% more than the 12,167 dmt in the first quarter of 2025. The average realized sales price was $916/dmt CIF China for the first quarter of 2026, 43% higher than the $640/dmt CIF China in the same period last year. The average production cost per ton decreased from $572/dmt in the first quarter of 2025 to $417/dmt CIF China in the first quarter of 2026 largely due to the higher volumes produced in the current quarter.
AMG Vanadium
| Q1 ‘26 | Q1 ‘25 | Change | |
| Revenue | $181,072 | $153,765 | 18% |
| Adjusted gross profit | 25,549 | 19,359 | 32% |
| Operating profit | 10,395 | 171 | N/A |
| Adjusted EBITDA | 20,892 | 13,063 | 60% |
AMG Vanadium’s revenue for the first quarter of 2026 increased by 18%, to $181 million, due primarily to increased volumes of chrome metal and ferrovanadium, as well as higher sales prices in ferrovanadium.
SG&A expenses of $17 million in the first quarter of 2026 were 13% higher than the same period in 2025, largely driven by additional personnel in the current period relating to the chrome expansion project as well as the acquisition of AURA during the current period.
The first quarter of 2026 adjusted EBITDA of $21 million was 60% higher than the same period in 2025, due mainly to the increased volumes and higher sales prices in ferrovanadium noted above.
AMG Technologies
| Q1 ‘26 | Q1 ‘25 | Change | |
| Revenue | $204,515 | $202,270 | 1% |
| Adjusted gross profit | 37,796 | 56,191 | (33%) |
| Operating profit | 11,619 | 32,440 | (64%) |
| Adjusted EBITDA | 19,238 | 39,361 | (51%) |
AMG Technologies’ first quarter 2026 revenue of $205 million was in line with the $202 million in the same period last year due to significantly higher sales at AMG Engineering, partially offset by lower sales at AMG Antimony.
SG&A expenses in the first quarter 2026 of $25 million were 9% higher than in the first quarter of 2025. This increase was due to higher professional fees and additional personnel at AMG LIVA and AMG Engineering corresponding to the increased business development within those units.
AMG Technologies’ adjusted EBITDA was $19 million during the first quarter, compared to $39 million in the first quarter of 2025. The segment’s adjusted EBITDA in the prior period was particularly strong due to exceptional profitability in AMG Antimony, but the …