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AMG Critical Materials NV
XMUN:ADG

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AMG Critical Materials NV
XMUN:ADG
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Price: 31 EUR -7.3% Market Closed
Market Cap: €1.6B

AMG Critical Materials NV
Investor Relations

AMG Critical Materials NV engages in the manufacture and market of specialty metals and metallurgical vacuum furnace systems and provision of engineering services. The company is headquartered in Amsterdam, Noord-Holland and currently employs 3,600 full-time employees. The company went IPO on 2007-07-11. The firm is active in three reporting segments: AMG Clean Energy Materials (CEM), which combines recycling and mining operations, producing materials: the vanadium, lithium, and tantalum for infrastructure and energy storage solutions; AMG Critical Minerals (CMI), which consists of mineral processing operations in graphite, silicon metal and antimony; AMG Critical Materials Technologies segment (CMT) consist of vacuum furnace technology line with high-purity materials and produces titanium aluminides, titanium alloys, and chrome metal. The Company’s products are used for critical components in the aerospace, energy, electronics, optics, chemical, construction, and transportation industries.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Feb 26, 2026
AI Summary
Q4 2025

EBITDA Performance: AMG delivered the third highest adjusted EBITDA in its history for 2025, despite weakness in lithium and vanadium markets.

Earnings Guidance: Management expects 2026 adjusted EBITDA between EUR 210 million and EUR 240 million, with Q1 representing the trough and improvement expected from Q2 onward due to higher pricing.

Segment Trends: Lithium and vanadium businesses are seeing recent tailwinds from pricing and volume increases, though price effects will only be visible in results starting Q2 2026.

Operational Updates: The Brazilian lithium plant is currently running at 110,000 tonnes annualized, with expectations to reach 130,000 tonnes by year-end.

Growth Initiatives: Investments are focused on expanding critical materials processing and recycling platforms, including new projects in the US, Germany, Saudi Arabia, and with the AURA acquisition.

Liquidity & Balance Sheet: AMG ended 2025 with $509 million net debt and $484 million in total liquidity, with no significant near-term debt maturities.

Cash Flow: Q4 2025 operating cash flow was strong at $81 million, up from $64 million the prior year, and positive free cash flow is expected in 2026.

Portfolio Reshaping: Sale of AMG Graphite and closure of AMG Silicon are reducing headcount and focusing the business on core strategic platforms.

Key Financials
Adjusted EBITDA
Third highest in company history for 2025
Brazilian Lithium Plant Production Rate
110,000 tonnes (annualized)
Adjusted EBITDA (Q4 2025)
25% increase versus Q4 2024
Adjusted Net Income (Q4 2025)
$5.6 million
Revenue (Q4 2025)
16% increase versus Q4 2024
Vanadium Segment Revenue (Q4 2025)
8% increase versus Q4 2024
Vanadium Segment Adjusted EBITDA (Q4 2025)
$11 million
Technologies Segment Revenue (Q4 2025)
$66 million increase versus Q4 2024 (40%)
Technologies Segment EBITDA (Q4 2025)
$31 million
Tax Expense (Q4 2025)
$43 million
Operating Cash Flow (Q4 2025)
$81 million
Return on Capital Employed (Q4 2025)
13.2%
Net Debt (End 2025)
$509 million
Cash and Cash Equivalents (End 2025)
$289 million
Total Liquidity (End 2025)
$484 million
CapEx (2026 projection)
$70–90 million
Antimony Inventory Benefit (2025)
More than EUR 70 million
Headcount (End 2025)
3,600
Earnings Call Recording
Other Earnings Calls

Management

Contacts

Address
NOORD-HOLLAND
Amsterdam
WTC Amsterdam, 13th Floor, 13th Floor, Strawinskylaan 1343
Contacts
+31207147140
www.amg-nv.com
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