Amsterdam, 26 February 2025 (Regulated Information) --- AMG Critical Materials N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) reports fourth quarter 2024 revenue of $361 million, in line with the fourth quarter 2023 revenue of $367 million. Full year 2024 revenue was $1,440 million, an 11% decrease versus 2023. AMG achieved an adjusted EBITDA of $168 million during 2024, with a remarkably strong performance by the AMG Technologies segment.
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, “We delivered a strong EBITDA of $168 million for the full year in 2024 despite exceptionally low lithium and vanadium prices. The lithium and vanadium prices dropped 65% and 23%, respectively. This is AMG’s highest EBITDA apart from the 2018 peak in vanadium pricing and the 2022 and 2023 peak in lithium pricing. AMG Technologies’ performance was exceptionally strong in 2024, with adjusted full year EBITDA of $68 million, more than double that of 2023. AMG Engineering secured a record-breaking $380 million in order intake during 2024 and an order backlog of $374 million at the end of 2024.
The results of the year 2024 illustrate the value of our portfolio where the downturn of key prices is partly compensated by strong performance by other portfolio constituents in this case, particularly AMG Technologies.”
Outlook
We anticipate maintaining a stable headcount as our expansion projects in Germany and Brazil near completion.
Capital expenditures for 2025 are projected to be approximately $75 to $100 million, primarily driven by the completion of the lithium hydroxide plant in Germany, increased tantalum capacity and mine investments in Brazil, as well as targeted growth investments in the Vanadium and Technologies segments.
Our current liquidity is $494 million and can fully fund all approved capital expansion projects and all other financial obligations. AMG has no significant near-term debt maturities. The $450 million term loan matures in November 2028 and the $307 million municipal bond matures in July 2049. Since AMG’s undrawn $200 million revolver matures in November 2026, we expect to execute a maturity extension on the revolver in 2025 to maintain our liquidity and reduce refinancing risk.
AMG continues to advance its two key lithium expansion initiatives. The lithium concentrate expansion project in Brazil has been completed, and commissioning of Module 1 at our lithium hydroxide refinery in Germany continues to progress as planned.
2025 is off to a strong start, with particularly strong performance across our portfolio including our Antimony, Chrome, Tantalum, Vanadium Aluminum, and Engineering businesses. Therefore, we increase our adjusted EBITDA outlook from “$130 million, or more, in 2025” to “$150 million, or more, in 2025.”
We are presently updating our 5-year forecast which we traditionally issue at the Annual General Meeting.