AMG Critical Materials Posts 40% EBITDA Jump on Antimony and Engineering Growth
Event summary
- AMG Critical Materials reported a 40% increase in adjusted EBITDA to $235 million in 2025, driven by strong performance in Antimony and Engineering businesses.
- The company ended 2025 with $484 million in total liquidity and plans to invest in high-purity chrome metal facility in the US, set to come online in H1 2026.
- AMG Lithium's Bitterfeld refinery is ramping up production, with full capacity expected in H2 2026, and the company is developing a circular high-purity molybdenum processing facility by 2029.
- AMG expects 2026 adjusted EBITDA to range between $210 million and $240 million, with Q1 2026 anticipated to be the trough of the earnings cycle.
The big picture
AMG Critical Materials' strong 2025 results reflect the growing demand for critical materials in the energy transition, particularly in lithium and vanadium. The company's strategic focus on capital-light, high-return projects aligns with broader industry trends toward onshoring and circular economies. However, the volatility in commodity prices and operational challenges in lithium production pose risks to its near-term outlook.
What we're watching
- Execution Risk
- Whether AMG can sustain its earnings momentum amid volatility in lithium and vanadium markets.
- Geopolitical Shifts
- How onshoring of critical materials supply will impact AMG's expansion plans in the US and Saudi Arabia.
- Operational Efficiency
- The pace at which AMG can ramp up production at its new facilities and integrate recycled materials into its supply chain.
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