AMG Posts Strong 2025 Results, Bets on Recycling and Onshoring

AMSTERDAM, NL – February 25, 2026 – AMG Critical Materials N.V. announced a robust set of full-year 2025 financial results, posting a 40% increase in adjusted EBITDA to $235 million, its third-highest performance in company history. The achievement stands in stark contrast to significant market headwinds that plagued the lithium and vanadium sectors, highlighting the success of the company's diversified strategy and a decisive pivot toward high-growth, specialized technologies.

The Amsterdam-based firm's performance was largely driven by its AMG Technologies segment, which saw its adjusted EBITDA more than double to $164 million. This surge, fueled by strong pricing in the antimony business and a healthy order book in its engineering division, effectively shielded the company from the volatility that impacted its more commodity-exposed segments.

"In 2025, we achieved the third highest adjusted EBITDA in the Company’s history despite weakness in lithium and vanadium," said Dr. Heinz Schimmelbusch, Chairman and CEO. "This flexible response to a changing market environment highlights the quality and the breadth of our critical materials and technologies portfolio."

A Portfolio Built for Volatility

The story of AMG's 2025 is one of strategic balance. While the global lithium market grappled with an oversupply and slower-than-expected EV demand that saw prices plummet in the first half of the year, AMG's other divisions picked up the slack. The AMG Lithium segment saw its full-year adjusted EBITDA halve to $12 million, impacted by lower average prices and reduced sales volumes stemming from an equipment failure and challenging ore quality. Similarly, the AMG Vanadium segment's adjusted EBITDA decreased 22% to $59 million, primarily due to reduced availability of spent catalysts from refinery shutdowns in the US.

In sharp contrast, the Technologies segment flourished. The division, which includes advanced metallurgy, engineering for the aerospace sector, and mineral processing for materials like antimony, saw its revenue climb 46% to $920 million for the year. This performance underscores a successful strategy of not being overly reliant on any single critical material, allowing the company to navigate market cycles that can severely impact more specialized producers. The engineering division alone secured $317 million in new orders, ending the year with a substantial order backlog of $370 million.

Streamlining for a Sharper Focus

Alongside its strong financial performance, 2025 was a year of significant operational transformation for AMG. The company took decisive steps to streamline its portfolio, shedding non-core assets to sharpen its focus on high-return, strategic growth areas.

A key move was the closure of its AMG Silicon operations on December 31, 2025. The company cited a "significant period of operational challenges and extensive economic evaluation" for the decision. The silicon metal market has faced a difficult environment marked by supply-demand imbalances and price volatility, making the exit a logical step in optimizing the company's portfolio and cutting losses. The closure resulted in a one-time charge of $18.3 million in the fourth quarter.

Furthermore, AMG is finalizing its exit from the natural graphite business with the pending sale of Graphit Kropfmühl GmbH to Asbury Carbons. The transaction, expected to close in the second quarter of 2026 pending regulatory approval, will inject capital back into the company and allow management to concentrate on its core mission. These moves signal a clear strategic discipline, prioritizing investment in businesses where AMG can establish a leading market position and generate higher returns.

Betting Big on Circularity and Secure Supply Chains

Looking forward, AMG is channeling its resources into a series of ambitious projects aligned with two powerful global trends: the circular economy and the onshoring of critical material supply chains. The company is making significant investments to build out regional processing and recycling capabilities, positioning itself as a key partner in the global energy transition.

"Governments are pushing for onshoring of critical materials supply, creating significant opportunities to grow our business," Schimmelbusch noted in the company's release.

In Germany, the company's lithium strategy is taking shape. Its new battery-grade lithium hydroxide refinery in Bitterfeld is ramping up, having dispatched kilogram-scale samples to all major European cathode manufacturers. The company anticipates moving to ton-scale shipments in the first half of 2026. Crucially, AMG is also launching engineering for a new $50 million plant at the same site designed to convert recycled lithium carbonate into technical-grade hydroxide. The project, partially funded by the German government, directly supports the EU’s Critical Raw Materials Act, which aims to bolster the region's domestic processing and recycling capacity to 40% and 25% of annual consumption, respectively, by 2030.

Meanwhile, in Saudi Arabia, AMG is a key partner in the "Supercenter" project, a massive facility being built to recycle vanadium and other metals from spent refinery catalysts. AMG has committed $30 million in equity and will be the sole offtaker for the 8 million pounds of vanadium pentoxide produced annually. This project is a cornerstone of Saudi Arabia's Vision 2030, which seeks to diversify its economy and build a "made-in-KSA" value chain for critical minerals. In a separate Saudi project, the company's AMG LIVA subsidiary will install its advanced Hybrid Energy Storage System at an Aramco solar plant, demonstrating its technological capabilities in the heart of the world's energy hub.

The onshoring strategy also extends to the United States, where AMG is set to commission a new high-purity chrome metal facility in the first half of 2026, further expanding its geographic and critical material footprint in a key strategic market.

Navigating the Path Ahead

Despite a weaker fourth quarter impacted by the Silicon restructuring costs and accounting effects from prior-year tax credits, AMG maintains a strong financial footing with $484 million in total liquidity and no significant near-term debt maturities.

For 2026, the company projects an adjusted EBITDA in the range of $210 million to $240 million. Management expects the first quarter to represent an earnings trough, as the impact of strengthening prices for many of its materials will only begin to flow through to the bottom line in the second quarter. With a strong engineering backlog and a portfolio of strategic projects moving toward commissioning, the company appears well-capitalized to execute its growth plans. Capital expenditures for 2026 are projected to be approximately $70 million to $90 million, primarily driven by the targeted growth investments in the Vanadium and Lithium segments.