Amsterdam, 29 July 2026 (Regulated Information) --- AMG Critical Materials N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reports second quarter 2026 adjusted EBITDA of $92 million, a 30% improvement compared to the $71 million in the second quarter of 2025. As noted last quarter, the price increases from earlier this year have begun to support our adjusted EBITDA, moreover significant lithium volumes shifted from the first to second quarter as expected. AMG ended the quarter with a strong balance sheet highlighted by our $508 million of total liquidity as of June 30, 2026. This figure does not include the incremental proceeds from our recent debt raise and sale of Graphit Kropfmühl, which increased cash on hand by over $100 million.
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "We remain optimistic about our ability to benefit from our recent investments, and improved lithium market dynamics despite the adverse geopolitics. Although the second quarter has clearly benefited from very favorable phasing effects, it shows the earnings and cash generation potential of our platform.
We continue to grow our critical materials footprint. On July 27, 2026, we closed our purchase of Zinnwald Lithium, one of the major lithium reserves in Europe. This acquisition represents a major strategic step in consolidating the continent's critical minerals industry while significantly increasing our resource base. By applying our long-standing experience in mining, refining and certifying critical materials, we are highly convinced that we will be able to significantly reduce the project's capital requirement and improve its operating cost position while significantly improving its environmental footprint.
We are particularly pleased by the increased financial strength AMG has gained in the first half of 2026. Despite completing multiple strategic projects, as of July 28, 2026 we have over $400 million of cash on hand. This figure represents the effect of the 10% share sale in April, the sale of Graphit Kropfmühl, the refinancing of our term loan, our strong operating cash flow in the second quarter, and includes the purchase of Zinnwald. This financial flexibility paves the way for an acceleration of growth going forward.
Despite the significant geopolitical instability, we increase our 2026 adjusted EBITDA guidance range to between $230 and $250 million. We expect the third quarter to be significantly down sequentially, driven by the favorable phasing effects in the second quarter."
AMG Lithium B.V.
-- AMG reached an agreement in May 2026 on a recommended acquisition of the
remaining approximately 71% in Zinnwald Lithium Plc it did not already
own for approximately $56 million, funded 50/50 in cash and new AMG
shares. The closing of the transaction took place on July 27, 2026.
-- 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. Bitterfeld had
significant sales of lithium hydroxide in the second quarter, and expects
to continue ramping up the plant to full capacity in the second half of
2026.
-- 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 opened 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, is 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.
-- For the second consecutive year, AMG Vanadium has been named Spent
Catalyst Recycling Company of the Year by Metals & Mining Review (MMR), a
respected metals and mining industry global organization serving mining
companies, metal producers, engineering firms, equipment manufacturers,
and technology providers. After receiving the inaugural award in 2025,
AMG Vanadium was once again selected for the 2026 award by an expert
panel of C-suite executives, industry thought leaders, and the
publication's editorial board, after having received multiple nominations
from subscribers.
-- 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 half of 2026, has achieved over 500,000 man hours
without a lost time incident, demonstrating the strong commitment to
safety. Overall project progress stands at over 37% completion and
remains slightly ahead of schedule despite the regional conflict.
Procurement and delivery of equipment packages remains challenging due to
the regional situation.
AMG Technologies
-- AMG Engineering achieved a very strong result during the first half of
the year, driven by an ongoing high order backlog of $391 million.
-- The transaction initially announced on October 10, 2025 to sell Graphit
Kropfmühl GmbH to Asbury Advanced Materials has been successfully
completed as of July 28, 2026 in accordance with the announced terms. AMG
received total proceeds of $64 million.
Financial Highlights
-- AMG's gross profit of $125 million increased 36% 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 $92 million increased 30% compared to the same period
last year, and more than doubled compared to the first quarter of 2026,
primarily due to the increasingly strong profitability from AMG Vanadium
and AMG Lithium. In both segments, AMG benefited from significant phasing
effects. In AMG Lithium, it was from the shipment of 12,000 tons of
lithium concentrate shifting from the first to second quarter. In AMG
Vanadium, it was from significantly improved input material availability
due to the purchase of domestic volumes from a bankrupt competitor.
-- AMG delivered net income attributable to shareholders of $28 million
during the second quarter of 2026, more than double the $12 million in
the prior year, aided by a write-up of our lithium inventories.
-- AMG increased its capital by 10%. The Offer Shares were sold at a price
of EUR34.00 per share, generating proceeds in excess of EUR108 million.
The net proceeds of the Offering will be utilized to fund and expedite
AMG's growth opportunities detailed in the fourth quarter 2025 results
presentation. These growth projects include a 5,000-ton plant to convert
technical-grade recycled lithium carbonate into lithium hydroxide at its
Bitterfeld, Germany facility; expanding the recycling of spent refinery
catalyst into high-purity molybdenum in Helbra, Germany; and funding the
equity portion of the Shell & AMG Recycling B.V. ("SARBV") vanadium
recycling facility in Saudi Arabia.
-- AMG ended the quarter with strong liquidity of $508 million as of June
30, 2026.
-- AMG refinanced its 5-year $200 million revolving credit facility and
issued a new 7-year $500 million Term Loan B to refinance the existing
Term Loan B which was maturing in 2028, generating $53 million in net
proceeds. The interest rate of the Term Loan B is SOFR + 3.25%, a
reduction in spread due to strong investor demand. AMG hedged its
interest rate by capping it at an all-in rate of 6.8%.
-- AMG declares an interim dividend of EUR0.20 per ordinary share, to be
paid in the third quarter of 2026.
Key Figures
In 000's US dollars
Q2 '26 Q2 '25 Change
Revenue $522,725 $438,993 19%
Gross profit 124,523 91,272 36%
Gross margin 23.8% 20.8%
Operating profit 63,493 33,622 89%
Operating margin 12.1% 7.7%
Net income attributable to
shareholders 28,466 11,537 147%
EPS - Fully diluted 0.78 0.34 129%
Adjusted EBIT (1) 70,929 54,490 30%
Adjusted EBITDA (2) 91,653 70,772 30%
Adjusted EBITDA margin 17.5% 16.1%
Cash from (used in) operating
activities 54,624 (6,341) N/A
(Notes:)
(1) Adjusted EBIT is defined as earnings before interest and income taxes. Adjusted 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.
(2) Adjusted EBITDA is defined as adjusted EBIT adjusted for depreciation and amortization.
Operational Review
AMG Lithium
Q2 '26 Q2 '25 Change
Revenue $114,328 $36,997 209%
Gross profit (loss) 37,588 (1,746) N/A
Adjusted gross profit 29,960 3,770 695%
Operating profit (loss) 21,532 (13,784) N/A
Adjusted EBITDA 31,414 2,822 N/A
AMG Lithium's revenue more than tripled compared to the second quarter of 2025, primarily driven by increased sales volumes of lithium concentrate and the 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 $13 million during the second quarter of 2026 were 6% higher than in the same period of 2025, due mainly to higher professional fees in the current period related to the Zinnwald Lithium Plc acquisition.
The second quarter 2026 adjusted EBITDA was $31 million, compared to $3 million in the second quarter of 2025. This variance was largely due to strong production of lithium concentrate in the current period, shipments shifting from the first quarter to the second, and the much lower production cost in the current period.
During the second quarter of 2026, a total of 35,020 dry metric tons ("dmt") of lithium concentrates were sold, compared to the 13,278 dmt in the second quarter of 2025. This increase was supported by improved production volumes and a shift of 12,000 dry metric tons from the first quarter due to delayed shipping schedules. In June we achieved a production rate of 11,000 metric tons in line with our target of 130,000 tons per annum. Although there will likely still be fluctuations on a monthly basis in the short-term, we feel comfortable achieving this target on a sustained basis towards year end. The average realized sales price was $1,285/dmt CIF China for the second quarter of 2026, more than double the $621/dmt CIF China in the same period last year. The average production cost per ton decreased from $489/dmt CIF China in the second quarter of 2025 to $183/dmt CIF China in the second quarter of 2026 largely due to the higher volumes produced and the higher sales price of tantalum in the current quarter.
AMG Vanadium
Q2 '26 Q2 '25 Change
Revenue $218,313 $160,962 36%
Gross profit 39,552 21,882 81%
Adjusted gross profit 40,205 22,404 79%
Operating profit 20,002 1,562 N/A
Adjusted EBITDA 32,791 15,407 113%
AMG Vanadium's revenue for the second quarter of 2026 increased by 36%, to $218 million, due primarily to increased volumes of ferrovanadium driven by significantly improved availability of spent catalysts as well as higher sales prices in ferrovanadium.
SG&A expenses of $19 million in the second quarter of 2026 were 5% lower than the same period in 2025, which was negatively impacted by a non-recurring executive retirement benefit expense.
The second quarter of 2026 adjusted EBITDA of $33 million was more than double the same period last year, due mainly to increased volumes driven by AMG Vanadium's global sourcing strategy and the purchase of domestic volumes from a bankrupt competitor, as well as higher sales prices in ferrovanadium noted above.
AMG Technologies
Q2 '26 Q2 '25 Change
Revenue $190,084 $241,034 (21%)
Gross profit 47,383 71,136 (33%)
Adjusted gross profit 45,991 71,130 (35%)
Operating profit 21,959 45,844 (52%)
Adjusted EBITDA 27,448 52,543 (48%)
AMG Technologies' second quarter 2026 revenue of $190 million was 21% lower than the $241 million in the same period last year due to lower sales at AMG Antimony in the current period.
SG&A expenses in the second quarter 2026 of $26 million were in line with the second quarter of 2025.
AMG Technologies' adjusted EBITDA was $27 million during the second quarter, compared to $53 million in the second quarter of 2025. The segment's adjusted EBITDA in the prior period was particularly strong due to exceptional profitability in AMG Antimony.
AMG Engineering signed $107 million in new orders during the second quarter of 2026, driven largely by strong orders of turbine blade coating and induction furnaces. This represents a 1.27x book to bill ratio, more than double the 0.63x in the second quarter of 2025. AMG Engineering achieved an order backlog of $391 million as of June 30, 2026.
Financial Review
Tax
AMG recorded an income tax expense of $19 million for the second quarter of 2026, up from $7 million in the second quarter of 2025. The increase is primarily attributable to an improvement in operating results, which was partially offset by losses with no benefit in Germany.
Cash tax payments totaled $30 million in the second quarter of 2026, compared to $12 million in the same period in 2025, with the increase largely due to higher antimony profitability in 2025 versus 2024.
Exceptional Items - Adjusted Gross Profit
AMG's second quarter 2026 and 2025 adjusted gross profit includes exceptional items, which are included in the calculation of adjusted EBITDA as shown in the following summary.
Exceptional items included in adjusted gross profit
Q2 '26 Q2 '25 Change
Gross profit $124,523 $91,272 36%
Inventory cost adjustment (9,565) 3,338 N/A
Restructuring (benefit) expense (1,019) 482 N/A
Brazil's SP1+ expansion -- 1,613 N/A
Strategic project expense 2,566 1,443 78%
Other (349) (844) 59%
Adjusted gross profit 116,156 97,304 19%
The inventory cost adjustment of $10 million in the second quarter of 2026 was driven by the lithium price recovery impacting the value of the inventories related to the ramp-up of production in Bitterfeld. The restructuring benefit relates to a reversal of a provision for Antimony's business which was originally expensed in the first quarter of this year, and the strategic project expense during the current period was driven by AMG Lithium.
SG&A
AMG's second quarter 2026 SG&A expenses of $58 million were in line with the $58 million in the same period last year. The increased professional fees in Lithium related to the Zinnwald Lithium Plc acquisition were offset by Vanadium's lower SG&A expenses compared to the prior period.
December 31,
June 30, 2026 2025 Change
Senior secured debt $428,516 $434,630 (1%)
Cash & cash equivalents 343,445 289,322 19%
Senior secured net debt 85,071 145,308 (41%)
----------------------------- ------------- --------------- -------------
Other debt 44,008 49,456 (11%)
----------------------------- ------------- --------------- -------------
Net debt excluding municipal
bond 129,079 194,764 (34%)
----------------------------- ------------- --------------- -------------
Municipal bond debt 318,344 318,482 --%
Restricted cash 7,192 4,172 72%
Net debt 440,231 509,074 (14%)
AMG continued to maintain a strong balance sheet and adequate sources of liquidity during the second quarter. As of June 30, 2026, the Company had $343 million in cash and cash equivalents. This cash total includes $13 million at AMG Graphite, classified as assets held for sale on the consolidated statement of financial position as of June 30, 2026. This amount has since been transferred to AMG upon the sale of AMG Graphite to Asbury Advanced Materials, which was completed on July 28, 2026. With the $165 million available on its revolving credit facility, AMG had $508 million of total liquidity as of June 30, 2026.
Net Finance Costs
AMG's second quarter 2026 net finance cost was $14 million, in line with the $13 million in the second quarter of 2025.
Outlook
Prices for many of our materials strengthened in the first half of 2026 and the backlog in our Engineering business continues at historically high levels. Our detailed scenario planning results in an adjusted EBITDA range of between $230 and $250 million, up from our previous guidance of between $210 and $240 million for 2026.
Profit for the period to adjusted EBITDA reconciliation
Q2 '26 Q2 '25
Profit for the period $30,126 $12,455
Income tax expense 18,965 6,866
Net finance cost 13,519 13,201
Equity-settled share-based payment transactions 2,052 2,692
Restructuring (benefit) expense (1,019) 482
Brazil's SP1+ expansion -- 1,613
Silicon severance and closure costs -- 473
Inventory cost adjustment (9,565) 3,338
Environmental expense 3,663 --
Strategic project expense (1) 12,333 9,205
Share of loss of associates 883 1,100
Post-retirement benefits -- 3,133
Others (28) (68)
Adjusted EBIT 70,929 54,490
Depreciation and amortization 20,724 16,282 Adjusted EBITDA 91,653 70,772
(Notes:)
(1) The Company is in the initial development and ramp-up phases for several strategic expansion projects, including the joint venture with Shell, the LIVA Battery System, and the lithium expansion in Germany, which incurred project expenses during the quarter but are not yet operational. AMG is adjusting EBITDA for these exceptional charges.
AMG Critical Materials N.V.
Consolidated Income Statement
For the quarter ended June 30
In thousands of US dollars 2026 2025
Unaudited Unaudited
Continuing operations
Revenue 522,725 438,993
Cost of sales (398,202) (347,721)
Gross profit 124,523 91,272
Selling, general and administrative
expenses (57,614) (57,791)
Environmental expense (3,663) --
Other expenses (21) --
Other income 268 141
Net other operating (expense) income (3,416) 141
Operating profit 63,493 33,622
Finance income 2,594 3,482
Finance cost (16,113) (16,683)
Net finance cost (13,519) (13,201)
Share of loss of associates and joint
ventures (883) (1,100)
Profit before income tax 49,091 19,321
Income tax expense (18,965) (6,866)
Profit for the period 30,126 12,455
Profit attributable to:
Shareholders of the Company 28,466 11,537
Non-controlling interests 1,660 918
Profit for the period 30,126 12,455
Earnings per share
Basic earnings per share 0.81 0.36
Diluted earnings per share 0.78 0.34
AMG Critical Materials N.V.
Consolidated Income Statement
For the six months ended June 30
In thousands of US dollars 2026 2025
Unaudited Unaudited
Continuing operations
Revenue 968,866 827,076
Cost of sales (757,466) (667,055)
Gross profit 211,400 160,021
Selling, general and administrative
expenses (108,820) (107,977)
Environmental expense (3,663)
Other expenses (28) --
Other income 2,054 244
Net other operating (expense) income (1,637) 244
Operating profit 100,943 52,288
Finance income 4,491 6,874
Finance cost (33,411) (30,618)
Net finance cost (28,920) (23,744)
Share of loss of associates and joint
ventures (5,837) (2,493)
Profit before income tax 66,186 26,051
Income tax expense (23,049) (7,716)
Profit for the period 43,137 18,335
Profit attributable to:
Shareholders of the Company 40,712 16,560
Non-controlling interests 2,425 1,775
Profit for the period 43,137 18,335
Earnings per share
Basic earnings per share 1.21 0.51
Diluted earnings per share 1.17 0.50
AMG Critical Materials N.V.
Consolidated Statement of Financial Position
June 30, 2026 December 31,
In thousands of US dollars Unaudited 2025
Assets
Property, plant and equipment 1,003,655 1,009,169
Goodwill and other intangible
assets 65,145 55,775
Derivative financial instruments 8,205 7,511
Equity-accounted investees 64,804 48,918
Other investments 77,554 53,828
Deferred tax assets 16,764 13,596
Other assets 20,081 16,497
Total non-current assets 1,256,208 1,205,294
Inventories 396,420 392,613
Derivative financial instruments 5,607 4,430
Trade and other receivables 187,329 143,621
Other assets 170,418 154,181
Current tax assets 4,819 6,106
Cash and cash equivalents 330,262 278,718
Assets held for sale 71,735 70,113
Total current assets 1,166,590 1,049,782
Total assets 2,422,798 2,255,076
AMG Critical Materials N.V.
Consolidated Statement of Financial Position
(continued)
June 30, 2026 December 31,
In thousands of US dollars Unaudited 2025
Equity
Issued capital 930 853
Share premium 681,380 553,715
Treasury shares (4,780) (5,883)
Other reserves 1,424 (11,563)
Retained earnings 47,789 5,744
Equity attributable to shareholders
of the Company 726,743 542,866
Non-controlling interests 14,697 12,389
Total equity 741,440 555,255
Liabilities
Loans and borrowings 743,443 748,031
Lease liabilities 49,093 52,413
Employee benefits 121,728 124,058
Provisions 17,355 15,418
Deferred revenue 7,417 9,097
Other liabilities 42,646 42,151
Derivative financial instruments 534 2
Deferred tax liabilities 19,771 17,702
Total non-current liabilities 1,001,987 1,008,872
Loans and borrowings 5,231 5,210
Lease liabilities 6,877 7,283
Short-term bank debt 42,193 47,352
Deferred revenue 24,417 16,959
Other liabilities 118,021 114,650
Trade and other payables 281,539 283,736
Derivative financial instruments 2,672 1,575
Advance payments from customers 128,670 117,050
Current tax liability 22,700 37,543
Provisions 20,185 33,496
Liabilities associated with assets
held for sale 26,866 26,095
Total current liabilities 679,371 690,949
Total liabilities 1,681,358 1,699,821
Total equity and liabilities 2,422,798 2,255,076
AMG Critical Materials N.V.
Consolidated Statement of Cash Flows
For the six months ended June 30
In thousands of US dollars 2026 2025
Unaudited Unaudited
Cash from operating activities
Profit for the period 43,137 18,335
Adjustments to reconcile net profit to
net cash flows:
Non-cash:
Income tax expense 23,049 7,716
Depreciation and amortization 38,577 31,881
Asset impairment expense 14 1,784
Net finance cost 28,920 23,744
Share of loss of associates and joint
ventures 5,837 2,493
Loss on sale or disposal of property,
plant and equipment 781 16
Equity-settled share-based payment
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