AMG Critical Materials:
It’s in the Name
Annual Report 2025
Keyfigures
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1,708
Revenue $M
337
Adjusted Gross Profit $M
235
Adjusted EBITDA $M
76
Cash from Operating Activities $M
17
Working Capital Days
509
Net Debt $M
0.66
Lost Time Incident Rate
1.46
Total Incident Rate
(0.58)
Diluted Loss per Share $
“2025 was another year that demonstrated the ways in which AMG’s diversified portfolio of critical materials and technologies enhance earnings resilience.”
Dear fellow Shareholders
While both of our key markets, lithium and vanadium, continued with depressed price levels, AMG’s strategic positioning, both across critical materials and within each respective value chain, once again allowed us to deliver a strong adjusted EBITDA performance, exceeding 2024 by 40%. Our performance validates a central thesis of critical materials markets, namely that enduring value creation is anchored in process technology
leadership and portfolio diversification — structural strengths that distinguish AMG from its peers, and which form the core of AMG’s strategic objectives.
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Sustainability
AMG is a global leader in critical materials which are essential building blocks for containing and eventually reversing the growth of atmospheric CO2 levels. AMG understands our obligation to minimizing our impact on climate change and are committed to achieving the following goal: By 2030, AMG commits to reduce its direct scope 1 and scope 2 CO2 emissions by 20% from a baseline of 2019 (i.e., pre-COVID-19) adjusted for the startup of our Zanesville facility. This is a total reduction of 125,000 tons of CO2.
Learn more about our approach