News From Europe!
SEE OTHER BRANDS

Your daily news update on Europe

AMG Reports Strong Third Quarter 2025 Results

Amsterdam, 5 November 2025 (Regulated Information) --- AMG Critical Materials N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) reports third quarter 2025 revenue of $435 million, a 22% increase compared to the third quarter 2024 revenue of $356 million. AMG achieved an adjusted EBITDA of $64 million, a 58% increase compared to the third quarter of 2024 adjusted EBITDA of $40 million, driven primarily by the AMG Technologies segment.

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, “Our third quarter performance remained strong, driven by continued momentum in AMG Technologies with AMG Engineering’s order backlog, as well as high profitability in AMG Antimony. Additionally, we benefited from a $5 million compensation settlement at AMG Vanadium for an equipment failure related to our growth investment in Zanesville. While the indirect effects of increased tariffs and trade barriers on our business remain difficult to assess, we remain focused on the elements within our control—executing operationally, strengthening our balance sheet, and streamlining our portfolio. The divestment of our natural graphite business represents a key step in this strategy, and we expect the transaction to close later this year.

The current low-price environment in our two main products, lithium and vanadium, continues to constrain profitability and cash generation. However, we remain actively engaged in developing new business opportunities driven by the accelerating trend toward onshoring critical materials production. Combined with the inevitable recovery of the lithium and vanadium markets, these initiatives position AMG well for sustained long-term value creation. We look forward to sharing further updates in the coming quarters.

We are currently processing high-purity chrome metal in our New Castle, PA plant, and starting in the second quarter of 2026 we will expand production, backwards integrate and become the only chrome metal producer in the United States. We will continue to establish critical material processing facilities in the US, and are targeting niobium metal and antimony oxide. We will also expand our US titanium alloys capacity to keep up with our customer’s increasing demand for aerospace applications. And it bears noting that in addition to these expansions, our Ohio spent catalyst recycling facility is the only ferrovanadium producer in the US.”

AMG Lithium B.V.

  • After successfully commissioning the lithium hydroxide refinery in Bitterfeld in May and having produced material in specification, we are making progress on the ramp-up of the plant and the qualification process with customers as planned. We are now producing multi-ton batches from raw materials of mixed origin according to specification. This marks a significant step on our way to commercial production.

  • Last month, AMG Lithium GmbH signed a memorandum of understanding with Beijing Easpring Material Technology Co., Ltd. (“Easpring”) for the supply and offtake of battery-grade lithium hydroxide monohydrate. AMG Lithium’s and Easpring’s investments in Europe underline the joint commitment to a localized battery supply chain. As a first step, both companies are collaborating closely to ensure a successful qualification of AMG Lithium’s plant while negotiating a binding offtake agreement.

AMG Vanadium B.V.

  • SARBV’s development with Advanced Circular Materials Company (ACMC) “Supercenter” phase 1 project in Saudi Arabia remains on schedule in the detailed engineering phase. The EPC contract has been awarded on a full notice to proceed basis and pre-construction works are expected to begin very soon. In addition, ACMC has established an office in Jubail and has begun hiring permanent staff members.

AMG Technologies

  • AMG Technologies achieved a very strong result, driven by an ongoing high order backlog at AMG Engineering and strong profitability from AMG Antimony. Adjusted EBITDA of $41 million in the third quarter of 2025 was more than double the $19 million for the segment in the same period last year.

  • Last month, AMG and Asbury Carbons announced the signing of a definitive agreement for AMG to sell Graphit Kropfmühl GmbH to Asbury Carbons, a portfolio company of Mill Rock Capital. The transaction reflects an enterprise value of $65 million, and AMG will use the proceeds from this transaction to strengthen its balance sheet and focus on its core growth businesses. The transaction is subject to customary regulatory approvals, and AMG and Asbury Carbons expect the sale to close by year-end 2025.

Financial Highlights

  • AMG’s liquidity as of September 30, 2025 was $419 million, with $220 million of unrestricted cash and $199 million of revolving credit availability.

  • AMG’s adjusted gross profit of $88 million in the third quarter of 2025 was 38% higher than the same period in 2024. This significant improvement was largely driven by AMG Technologies’ strong performance compared to the prior quarter.

  • Net income attributable to shareholders for the third quarter of 2025 was $13 million, the highest since the second quarter of 2023, yielding $0.39 diluted earnings per share.

  • AMG delivered an adjusted EBITDA of $64 million in the third quarter, 58% higher than in the same period last year despite the continued weakness in lithium and lack of a notable recovery in vanadium prices.

Key Figures

In 000’s US dollars      
  Q3 ‘25 Q3 ‘24 Change
Revenue $434,692 $356,003         22%
Gross profit 89,976 46,098         95%
Adjusted gross profit (1) 87,997 63,675         38%
Adjusted gross margin         20.2%         17.9%  
       
Operating profit (loss) 36,014 (1,252) N/A
Operating margin         8.3%         (0.4%)  
       
Net income (loss) attributable to shareholders 13,074 (13,353) N/A
       
EPS - Fully diluted 0.39 (0.41) N/A
       
EBIT (2) 46,882 25,408         85%
Adjusted EBITDA (3) 63,622 40,266         58%
Adjusted EBITDA margin         14.6%         11.3%  
       
Cash used in operating activities (6,908) (1,822)         (279%)

Notes:

(1)   Adjusted gross profit is defined as gross profit excluding restructuring, asset impairment, inventory cost adjustments, strategic project expenses and other exceptional items.
(2)  EBIT is defined as earnings before interest and income taxes. 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.
(3)   Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization.

Operational Review

AMG Lithium

  Q3 ‘25 Q3 ‘24 Change
Revenue $32,705 $48,600         (33%)
Adjusted gross profit 3,868 12,906         (70%)
Operating loss (8,352) (12,647)         34%
Adjusted EBITDA 2,916 10,249         (72%)

AMG Lithium’s revenue decreased 33% compared to the third quarter of 2024. The decline was primarily driven by an 8% reduction in lithium market prices, a 32% decrease in lithium concentrate sales volumes, and a 64% decrease in tantalum sales volumes due to shipping delays that will be reversed in the fourth quarter. These impacts were partially offset by higher average tantalum sales prices versus the third quarter of 2024.

The decrease in lithium concentrate volumes was mainly driven by the continued effect of the failure during the second quarter of 2025 of one piece of equipment associated with our expansion project. We are addressing the issue and are currently operating at 110 thousand tons of production per year.

SG&A expenses of $14 million during the third quarter of 2025 were 15% higher than in the same period of 2024, mainly driven by the increase in personnel costs related to the commissioning and ramp-up of the lithium hydroxide refinery and higher professional fees.

The third quarter 2025 adjusted EBITDA decreased 72% compared to the third quarter of 2024, primarily due to the lower volumes in the current quarter and the decline in lithium prices as noted above, partially offset by higher average tantalum sales prices.

During the third quarter of 2025, a total of 15,409 dry metric tons (“dmt”) of lithium concentrates were sold, 16% more than the 13,278 dmt in the second quarter of 2025, but 32% less than the 22,731 dmt in the third quarter of 2024. Volumes were negatively impacted in the current quarter by the technical issues noted above.

The average realized sales price was $530/dmt CIF China for the quarter, and the average cost per ton was $420/dmt CIF China. The average cost per ton decreased from $450/dmt in the third quarter 2024 due to the lower cost of mining activities in the current quarter.

AMG Vanadium

  Q3 ‘25 Q3 ‘24 Change
Revenue $153,995 $150,972         2%
Adjusted gross profit 25,514 15,858         61%
Operating profit (loss) 8,114 (2,573) N/A
Adjusted EBITDA 19,471 10,762         81%

AMG Vanadium’s revenue for the third quarter of 2025 increased by 2%, to $154 million, due primarily to increased sales prices in ferrovanadium and chrome metal. These increased sales prices were partially offset by lower volumes of ferrovanadium driven by production issues from our refinery suppliers.

Adjusted gross profit of $26 million in the third quarter of 2025 was 61% higher than the same period in 2024. This was largely due to the lower inventory cost adjustments in the current quarter, as well as a compensation payment of $5 million for an equipment failure related to our growth investment in Zanesville.

SG&A expenses of $17 million in the third quarter of 2025 were 25% higher than in the third quarter of 2024, largely driven by higher professional fees and additional personnel in the current period relating to the chrome expansion project.

The third quarter of 2025 adjusted EBITDA of $19 million was 81% higher than the same period in 2024. This increase was primarily due to the higher sales prices noted above as well as the Zanesville compensation payment of $5 million.

AMG Technologies

  Q3 ‘25 Q3 ‘24 Change
Revenue $247,992 $156,431         59%
Adjusted gross profit 58,615 34,911         68%
Operating profit 36,252 13,968         160%
Adjusted EBITDA 41,235 19,255         114%

AMG Technologies' third quarter 2025 revenue increased by $92 million, or 59%, compared to the same period in 2024. This improvement was driven largely by higher antimony sales prices in the current quarter as well as by strong sales in Engineering of turbine blade coating furnaces.

SG&A expenses in the third quarter of 2025 of $25 million were 14% higher than in the third quarter of 2024. This was due to additional personnel at AMG LIVA and AMG Engineering corresponding to the increased business development within those units, as well as higher personnel costs at AMG Antimony related to that unit’s increased sales activity.

AMG Technologies’ adjusted EBITDA was $41 million during the third quarter, more than double the $19 million in the third quarter of 2024. The increase was due to higher profitability in AMG Antimony and AMG Engineering.

AMG Engineering signed $87 million in new orders during the third quarter of 2025, representing a 0.92x book to bill ratio, mainly driven by strong orders of induction furnaces. AMG Engineering achieved an order backlog of $402 million as of September 30, 2025.

AMG Silicon’s operations continue to be halted due to high energy prices in Germany and unfavorable markets. Due to this situation, the profitability of the business is immaterial and excluded from adjusted EBITDA during this period of abnormal operations.

Financial Review

Tax

AMG recorded an income tax expense of $7 million in the third quarter of 2025, compared to $2 million in the same period in 2024. The tax expense in the third quarter of 2025 was primarily driven by strong profitability in the quarter as well as tax expense from unabsorbed losses, partially offset by a Brazilian deferred tax benefit related to the appreciation of the Brazilian Real.

Cash tax payments totaled $4 million in the third quarter of 2025, compared to $5 million in the third quarter or 2024. The decrease reflects a timing difference in tax settlements, with 2025 payments primarily attributable to the continued strong performance of AMG Antimony in France.

Exceptional Items - Adjusted Gross Profit

AMG’s third quarter 2025 and 2024 adjusted gross profit includes exceptional items, which are included in the calculation of adjusted EBITDA as shown in the summary below:

Exceptional items included in adjusted gross profit

  Q3 ‘25 Q3 ‘24 Change
Gross profit $89,976 $46,098         95%
Inventory cost adjustment         414         18,258         (98%)
Restructuring expense 751 102         636%
Silicon’s partial closure         (2,684)         (1,224)         119%
Other         (460)         441 N/A
Adjusted gross profit 87,997 63,675         38%

AMG had a $3 million expense during the third quarter of 2025 related to AMG Silicon’s partial closure, which has been excluded from the calculation of adjusted gross profit.

SG&A

AMG’s third quarter 2025 SG&A expenses of $56 million were 18% higher than in the third quarter of 2024. This variance was primarily driven by the increase in headcount in our Lithium, Chrome, Engineering, and LIVA businesses associated with our strategic expansion projects, higher personnel costs at AMG Antimony related to that unit’s increased sales activity, and higher professional fees.

Liquidity

  September 30, 2025 December 31, 2024 Change
Senior secured debt $430,201 $431,960         —%
Cash & cash equivalents 219,701 294,254         (25%)
Senior secured net debt 210,500         137,706         53%
Other debt 16,287 13,124         24%
Net debt excluding municipal bond 226,787 150,830         50%
Municipal bond debt 318,549 318,747         —%
Restricted cash 1,591 1,523         4%
Net debt 543,745 468,054         16%

AMG continued to maintain a strong balance sheet and adequate sources of liquidity during the third quarter. As of September 30, 2025, the Company had $220 million in unrestricted cash and cash equivalents and $199 million available on its revolving credit facility. As such, AMG had $419 million of total liquidity as of September 30, 2025. In July, to preserve our liquidity and reduce refinancing risk, AMG executed a maturity extension on our $200 million revolving credit facility. The revolver maturity date was extended from November 2026 to August 2028 with terms similar to the original agreement. Our term loan maturity date of November 2028 remains unchanged.

Net Finance Costs

AMG’s third quarter 2025 net finance cost was $14 million, compared to $8 million in the third quarter of 2024, due to a decrease in interest income as well as increased quarter over quarter non-cash intercompany foreign exchange losses from a weaker EUR/USD exchange rate.

Outlook

The AMG Technologies segment continues to perform particularly well, driven by a very high order backlog in AMG Engineering and by high profitability in AMG Antimony. We update our estimate for the temporary tailwind from selling low-priced antimony inventories from more than $50 million to more than $70 million for the full year 2025. Based on that, we increase our adjusted EBITDA outlook from “200 million, or more” to “$220 million, or more, in 2025.”
Profit (loss) for the period to adjusted EBITDA reconciliation

  Q3 ‘25 Q3 ‘24
Profit (loss) for the period $13,747 ($11,708)
Income tax expense 7,148 1,676
Net finance cost 14,365 7,813
Equity-settled share-based payment transactions 1,506 1,524
Restructuring expense 751 102
Inventory cost adjustment 414 18,258
Strategic project expense (1) 11,351 7,127
Others (2,400) 616
EBIT 46,882 25,408
Depreciation and amortization 16,740 14,858
Adjusted EBITDA 63,622 40,266

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.    
Condensed Interim Consolidated Income Statement    
For the quarter ended September 30    
In thousands of US dollars 2025 2024
  Unaudited Unaudited
     
Continuing operations    
Revenue         434,692         356,003
Cost of sales         (344,716)         (309,905)
Gross profit         89,976         46,098
     
Selling, general and administrative expenses         (55,801)         (47,446)
     
Net other operating income         1,839         96
     
Operating profit (loss)         36,014         (1,252)
     
Finance income         3,521         5,160
Finance cost         (17,886)         (12,973)
Net finance cost         (14,365)         (7,813)
     
Share of loss of associates and joint ventures         (754)         (967)
     
Profit (loss) before income tax         20,895         (10,032)
     
Income tax expense         (7,148)         (1,676)
     
Profit (loss) for the period         13,747         (11,708)
     
Profit (loss) attributable to:    
Shareholders of the Company         13,074         (13,353)
Non-controlling interests         673         1,645
Profit (loss) for the period         13,747         (11,708)
     
Earnings (loss) per share    
Basic earnings per share         0.40 (0.41)
Diluted earnings per share         0.39 (0.41)


 


AMG Critical Materials N.V.    
Condensed Interim Consolidated Income Statement    
For the nine months ended September 30    
In thousands of US dollars 2025 2024
  Unaudited Unaudited
     
Continuing operations    
Revenue         1,261,768         1,078,473
Cost of sales         (1,011,771)         (929,717)
Gross profit         249,997         148,756
     
Selling, general and administrative expenses         (163,778)         (137,234)
     
Net other operating income         2,083         236
     
Operating profit         88,302         11,758
     
Finance income         10,395         15,127
Finance cost         (48,504)         (45,010)
Net finance cost         (38,109)         (29,883)
     
Share of loss of associates and joint ventures         (3,247)         (2,706)
     
Profit (loss) before income tax         46,946         (20,831)
     
Income tax expense         (14,864)         (15,504)
     
Profit (loss) for the period         32,082         (36,335)
     
Profit (loss) attributable to:    
Shareholders of the Company         29,634         (40,615)
Non-controlling interests         2,448         4,280
Profit (loss) for the period         32,082         (36,335)
     
Earnings (loss) per share    
Basic earnings (loss) per share 0.92 (1.26)
Diluted earnings (loss) per share 0.88 (1.26)


AMG Critical Materials N.V.    
Condensed Interim Consolidated Statement of Financial Position  
     
In thousands of US dollars September 30, 2025 Unaudited December 31, 2024
Assets    
Property, plant and equipment 1,026,648 961,820
Goodwill and other intangible assets 55,313 53,406
Derivative financial instruments 9,001 15,521
Equity-accounted investees 40,973         38,110
Other investments 48,498 46,646
Deferred tax assets 40,501 37,500
Other assets 15,032 13,950
Total non-current assets         1,235,966         1,166,953
Inventories         437,384         304,108
Derivative financial instruments         3,833         4,577
Trade and other receivables         176,038         169,908
Other assets         156,631         91,364
Current tax assets         8,643         6,925
Cash and cash equivalents         219,701         294,254
Assets held for sale         1,695         1,500
Total current assets         1,003,925         872,636
Total assets         2,239,891         2,039,589


AMG Critical Materials N.V.    
Condensed Interim Consolidated Statement of Financial Position  
(continued)    
     
In thousands of US dollars September 30, 2025 Unaudited December 31, 2024
Equity    
Issued capital         853         853
Share premium         553,715         553,715
Treasury shares         (6,537)         (9,084)
Other reserves         (14,779)         (67,978)
Retained earnings         53,399         28,575
Equity attributable to shareholders of the Company         586,651         506,081
     
Non-controlling interests         17,359         44,070
Total equity         604,010         550,151
     
Liabilities    
Loans and borrowings         745,957         748,202
Lease liabilities         52,879         44,580
Employee benefits         131,504         124,586
Provisions         21,446         18,309
Deferred revenue         9,679         8,672
Other liabilities         38,884         7,384
Derivative financial instruments         25         660
Deferred tax liabilities         8,600         20,961
Total non-current liabilities         1,008,974         973,354
Loans and borrowings         5,136         5,194
Lease liabilities         6,798         6,212
Short-term bank debt         13,944         10,435
Deferred revenue         18,266         17,323
Other liabilities         104,279         82,711
Trade and other payables         313,937         234,234
Derivative financial instruments         1,620         3,781
Advance payments from customers         113,992         124,079
Current tax liability         36,547         21,277
Provisions         12,388         10,838
Total current liabilities         626,907         516,084
Total liabilities         1,635,881         1,489,438
Total equity and liabilities         2,239,891         2,039,589


AMG Critical Materials N.V.    
Condensed Interim Consolidated Statement of Cash Flows    
For the nine months ended September 30    
In thousands of US dollars 2025 2024
  Unaudited Unaudited
Cash used in operating activities    
Profit (loss) for the period         32,082         (36,335)
Adjustments to reconcile net profit (loss) to net cash flows:    
Non-cash:    
Income tax expense         14,864         15,504
Depreciation and amortization         48,621         42,977
Asset impairment expense         1,684         —
Net finance cost         38,109         29,883
Share of loss of associates and joint ventures         3,247         2,706
Loss on sale or disposal of property, plant and equipment         (2,088)         158
Equity-settled share-based payment transactions         5,934         4,563
Movement in provisions, pensions, and government grants         4,639         (8,776)
Working capital, deferred revenue adjustments, and other         (99,780)         (32,731)
Cash generated from operating activities         47,312         17,949
Finance costs paid, net         (31,719)         (27,291)
Income tax paid         (20,121)         (16,669)
Net cash used in operating activities         (4,528)         (26,011)
     
Cash used in investing activities    
Proceeds from sale of property, plant and equipment         2,100         28
Acquisition of property, plant and equipment and intangibles         (48,898)         (85,448)
Investments in associates and joint ventures         (6,110)         (22,613)
Capitalized borrowing cost paid         (11,159)         (11,584)
Other         (92)         (8)
Net cash used in investing activities         (64,159)         (119,625)


AMG Critical Materials N.V.    
Condensed Interim Consolidated Statement of Cash Flows    
(continued)    
For the nine months ended September 30    
In thousands of US dollars 2025 2024
  Unaudited Unaudited
Cash (used in) from financing activities    
Proceeds from issuance of debt         2,820         100,000
Payment of transaction costs related to debt         (1,984)         (2,483)
Repayment of loans and borrowings         (3,840)         (4,381)
Net repurchase of common shares         (120)         (688)
Dividends paid         (14,780)         (14,034)
Dividends paid to non-controlling interest         (707)         (1,038)
Payment of lease liabilities         (5,042)         (4,835)
Purchase of non-controlling interest         (1,281)         —
Net cash (used in) from financing activities         (24,934)         72,541
     
Net decrease in cash and cash equivalents         (93,621)         (73,095)
     
Cash and cash equivalents at January 1         294,254         345,308
Effect of exchange rate fluctuations on cash held         19,068         (614)
Cash and cash equivalents at September 30         219,701         271,599

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

This press release contains regulated information as defined in the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).

About AMG

AMG's mission is to provide critical materials and related process technologies to advance a less carbon-intensive world. To this end, AMG is focused on the production and development of energy storage materials such as lithium, vanadium, and tantalum. In addition, AMG's products include highly engineered systems to reduce CO2 in aerospace engines, as well as critical materials addressing CO2 reduction in a variety of other end use markets.

AMG’s Lithium segment spans the lithium value chain, reducing the CO2 footprint of both suppliers and customers. AMG’s Vanadium segment is the world’s market leader in recycling vanadium from oil refining residues, spanning the Company’s vanadium, titanium, and chrome businesses. AMG’s Technologies segment is the established world market leader in advanced metallurgy and provides equipment engineering to the aerospace engine sector globally. It serves as the engineering home for the Company’s fast-growing LIVA batteries, NewMOX SAS formed to service the nuclear fuel market, and spans AMG’s mineral processing operations in graphite, antimony, and silicon metal.

With approximately 3,600 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, and Sri Lanka, and has sales and customer service offices in Japan (www.amg-nv.com).

For further information, please contact:
AMG Critical Materials N.V.      +49 176 1000 73 14
Thomas Swoboda
tswoboda@amg-nv.com

Disclaimer

Certain statements in this press release are not historical facts and are “forward looking.” Forward looking statements include statements concerning AMG’s plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG’s competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG’s business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “should,” and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. These forward-looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in AMG's expectations with regard thereto or any change in events, conditions, or circumstances on which any forward-looking statement is based.

Attachment


Primary Logo

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.

Share us

on your social networks:
AGPs

Get the latest news on this topic.

SIGN UP FOR FREE TODAY

No Thanks

By signing to this email alert, you
agree to our Terms & Conditions