ALB

EX-99.1

2 a2q26earningsreleaseex991.htm

EX-99.1

Document

Exhibit 99.1

Contact:

invest@albemarle.com1.980.308.6194

Albemarle Reports Second Quarter 2026 Results

CHARLOTTE, N.C. – August 5, 2026 - Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the second quarter ended June 30, 2026.

Second Quarter 2026 and Recent Highlights

(Unless otherwise stated, all percentage changes represent year-over-year comparisons and do not exclude the prior-period results of Ketjen’s refining catalyst solutions business in which the company sold a 51% stake on March 2, 2026)

•Net sales of $1.7 billion, up 31% due to higher pricing in Energy Storage (+73%) and higher pricing and volumes in Specialties (price +11%, volume +8%).

•Net income of $480 million, or $3.52 per diluted share attributable to common shareholders.

•Adjusted EBITDA(a) of $858 million; up 155% due primarily to higher pricing in Energy Storage, increased pricing and volumes in Specialties and ongoing cost and productivity improvements. Adjusted EBITDA expanded in both Energy Storage (+229%) and Specialties (+61%).

•Cash from operating activities of $710 million and free cash flow of $638 million(a). Operating cash flow conversion of 83%(a), primarily driven by timing of an increased dividend from the Talison joint venture and non-recurring working capital benefits.

•Delivered $100 million in year-to-date run-rate cost and productivity improvements, tracking towards the high end of our full-year target of $100 to $150 million.

•Improving full-year 2026 outlook considerations including:

◦Increasing full-year Specialties net sales outlook to $1.4 to $1.6 billion and adjusted EBITDA outlook to $275 to $325 million, due to stronger-than-expected pricing and volume performance year to date.

◦Expect minimal impact to Energy Storage sales volume related to the fire at Talison CGP3 which occurred on June 9, in part due to better-than-planned output from the Wodgina mine.

◦Reducing full-year capital expenditure forecast to approximately $500 million due to ongoing capital efficiency improvements.

(a)    See Non-GAAP Reconciliations for further details.

“Albemarle delivered another quarter of strong results, reflecting improved pricing, continued strength in Specialties, disciplined cost and productivity execution, and strong cash generation,” said Kent Masters, Chairman and CEO. “We continue to see resilient demand fundamentals across our core markets, including energy storage, electric vehicles, and semiconductors. We are advancing our highest value organic growth opportunities while maintaining a disciplined approach to capital allocation and execution.”

Second Quarter 2026 Results

In millions, except per share amountsQ2 2026Q2 2025$ Change% Change

Net sales$1,743.3 $1,330.0 $413.3 31.1 %

Net income attributable to Albemarle Corporation$480.0 $22.9 $457.1 1,996.2 %

Adjusted EBITDA(a) $858.1 $336.5 $521.6 155.0 %

Diluted income (loss) per share attributable to common shareholders$3.52 $(0.16)$3.68 NM

Non-recurring and other unusual items(a)

0.22 0.27

Adjusted diluted income per share attributable to common shareholders(a)(b)

$3.75 $0.11 $3.64 NM

(a)    See Non-GAAP Reconciliations for further details.

(b)    Totals may not add due to rounding.

1

Net sales for the second quarter of 2026 were $1.7 billion compared to $1.3 billion for the prior-year quarter, up 31%, driven primarily by higher prices in both Energy Storage and Specialties and volume growth in Specialties. Adjusted EBITDA of $858 million increased by $522 million from the prior-year quarter, primarily due to higher net sales and ongoing cost and productivity improvements.

Net income attributable to Albemarle of $480 million increased year over year by $457 million. The effective income tax rate for the second quarter of 2026 was 21.3% or 19.1% on an adjusted basis.

Energy Storage Results

In millionsQ2 2026Q2 2025$ Change% Change

Net Sales$1,276.7 $717.7 $559.0 77.9 %

Sales Volume (kT LCE)(a) 65 59 6 11.0 %

Avg. Realized Price ($/kg LCE)(a) $19.53 $12.17 $7.36 60.5 %

Adjusted EBITDA$723.5 $219.7 $503.7 229.3 %

(a) Includes aggregated salts and spodumene sales on a lithium carbonate equivalent (LCE) basis.

Energy Storage net sales for the second quarter of 2026 were $1.3 billion, an increase of $559 million, or 78%, due to higher pricing. Adjusted EBITDA of $723 million increased $504 million, or 229%, primarily due to higher lithium pricing partially offset by higher CORFO commissions.

Specialties Results

In millionsQ2 2026Q2 2025$ Change% Change

Net Sales$423.5 $351.6 $71.9 20.5 %

Adjusted EBITDA$117.7 $73.0 $44.7 61.3 %

Specialties net sales for the second quarter of 2026 were $423 million, an increase of $72 million, or 20%, primarily due to higher volumes (+8%) and pricing (+11%). Adjusted EBITDA of $118 million increased $45 million, or 61%, primari

EX-99.1

2 a1q26earningsreleaseex991.htm

EX-99.1

Document

Exhibit 99.1

Contact:

invest@albemarle.com1.980.308.6194

Albemarle Reports First Quarter 2026 Results

CHARLOTTE, N.C. – May 6, 2026 - Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the first quarter ended March 31, 2026.

First Quarter 2026 and Recent Highlights

(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

•Net sales of $1.4 billion, up 33% due to higher volumes and pricing in Energy Storage (volumes +14%, price +51%) and Specialties (volumes +7%, price +2%).

•Net income of $319 million, or $2.34 per diluted share attributable to common shareholders; Adjusted income of $2.95 per diluted share attributable to common shareholders(a).

•Adjusted EBITDA(a) of $664 million; up 148% due primarily to higher volumes and pricing in Energy Storage and Specialties and on-going cost and productivity improvements. Adjusted EBITDA expanded in both Energy Storage (+196%) and Specialties (+30%).

•Cash from operating activities of $346 million and free cash flow of $248 million(a). Capital expenditures of $99 million; maintaining full-year capital expenditure forecast of $550 million to $600 million.

•Delivered $40 million in cost and productivity improvements, on track to achieve full-year target of $100 million to $150 million.

•Closed sales of Eurecat joint venture and controlling stake in Ketjen for a combined $648 million net cash proceeds.

•Completed debt reduction actions that resulted in paying down $1.3 billion of outstanding debt and lowering the weighted average interest rate.

•Improved 2026 outlook considerations, including increased full-year Specialties outlook for both sales and adjusted EBITDA, primarily due to higher prices, and reduced interest expense following recent debt reduction actions. Maintaining enterprise outlook scenarios as these improvements are expected to offset higher costs related to supply chain disruptions in the Middle East.

(a)    See Non-GAAP Reconciliations for further details.

“Albemarle had a strong start to 2026, with net sales and adjusted EBITDA up year over year. Higher pricing and volumes in Energy Storage and Specialties, along with continued cost and productivity actions, were the key contributors to our results,” said Kent Masters, Chairman and CEO. “We also took advantage of our successful cash and portfolio management actions to pay down debt in the quarter, further strengthening our balance sheet and financial flexibility. As the global operating environment remains uncertain, we are focused on the things within our control, including operational excellence, cost and productivity discipline, and cash generation, to enable long-term volume and earnings growth.”

First Quarter 2026 Results

In millions, except per share amountsQ1 2026Q1 2025$ Change% Change

Net sales$1,428.7 $1,076.9 $351.9 32.7 %

Net income attributable to Albemarle Corporation$319.1 $41.3 $277.7 671.7 %

Adjusted EBITDA(a) $663.8 $267.1 $396.7 148.5 %

Diluted income (loss) per share attributable to common shareholders$2.34 $(0.00)$2.34 NM

Non-operating pension and OPEB items(a)

0.01 —

Non-recurring and other unusual items(a)

0.60 (0.18)

Adjusted diluted income (loss) per share attributable to common shareholders(a)(b)

$2.95 $(0.18)$3.13 NM

(a)    See Non-GAAP Reconciliations for further details.

(b)    Totals may not add due to rounding.

1

Net sales for the first quarter of 2026 were $1.4 billion compared to $1.1 billion for the prior-year quarter, up 33%, driven primarily by higher price and volume in both Energy Storage and Specialties. The divestiture of Ketjen reduced net sales by 4% versus prior year. Adjusted EBITDA of $664 million increased by $397 million from the prior-year quarter, primarily due to higher net sales and on-going cost and productivity improvements. Net income attributable to Albemarle of $319 million increased year over year by $278 million.

The effective income tax rate for the first quarter of 2026 was 8.5% compared to 21.0% in the same period of 2025. On an adjusted basis, the effective income tax rates were 5.2% and (42.8)% for the first quarters of 2026 and 2025, respectively, with the change primarily due to geographic income mix including higher income in jurisdictions with net operating losses or tax valuation allowances.

Energy Storage Results

In millionsQ1 2026Q1 2025$ Change% Change

Net Sales$891.2 $524.6 $366.6 69.9 %

Adjusted EBITDA$551.4 $186.4 $365.0 195.9 %

Energy Storage net sales for the first quarter of 2026 were $891 million, an increase of $367 million, or 70%, due to higher pricing (+51%) and volumes (+14%). Adjusted EBITDA of $551 million increased $365 million, or 196%, primarily due to higher lithium pricing, spodumene inventory timing, and cost and productivity improvements.

Specialties Results

In millionsQ1 20

EX-99.1

2 a4q25earningsreleaseex991.htm

EX-99.1

Document

Exhibit 99.1

Contact:

invest@albemarle.com1.980.308.6194

Albemarle Reports Fourth Quarter and Full Year 2025 Results

CHARLOTTE, N.C. – Feb. 11, 2026 - Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter and Full Year 2025 Results and Highlights

(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

•Fourth quarter net sales of $1.4 billion, up 16%; volume up 12%, including gains in all segments led by Energy Storage (up 17%) and Ketjen (up 13%).

•Fourth quarter net loss of ($414) million, or ($3.87) per diluted share, includes tax-related items and the write-down of assets in relation to the expected Ketjen transaction value; adjusted diluted loss per share of ($0.53)(a).

•Fourth quarter adjusted EBITDA(a) of $269 million, up 7%, led by Energy Storage (+25%) and Ketjen (+39%).

•Full year cash from operations of $1.3 billion, representing more than 100% operating cash flow conversion(b), driven primarily by cost and productivity improvements, working capital management, and a customer pre-payment received in January 2025.

•Free cash flow of $692 million(a) reflects strong operating cash flow conversion and significantly lower capital expenditures of $590 million (down 65% year-over-year).

•Achieved approximately $450 million of cost and productivity improvements, exceeding the initial target of $300 to $400 million.

•Closed sale of 50% stake in the Eurecat joint venture for $123 million cash in January 2026; on track to close sale of controlling stake in Ketjen in Q1 2026.

•Introducing full-year 2026 outlook considerations, including ranges based on updated lithium market price scenarios:

◦New scenarios highlight improved lithium market conditions and operational performance.

◦Full-year 2026 capital expenditures expected to be approximately flat year-over-year, reflecting consistent sustaining capital, Ketjen divestiture and targeted growth capital focused on productivity gains and resource development.

◦Meaningful free cash flow generation assuming recent higher lithium prices.

(a)    See Non-GAAP Reconciliations for further details.

(b)    Defined as Operating Cash Flow divided by Adj. EBITDA, which is a non-GAAP measure. See Non-GAAP Reconciliations for further details.

"Our results for the fourth quarter and full year 2025 are a testament to our team’s focus on execution amid dynamic market conditions. Albemarle achieved year-over-year sales growth of more than 15% in the fourth quarter, as well as strong full-year cash flow generation and significant cost and productivity improvements,” said Kent Masters, Chairman and CEO. “The steps we have taken to optimize our asset portfolio, reduce costs and strengthen our financial flexibility have improved our competitive position. Even as market conditions improve, we continue to drive cost reduction and productivity actions to enable long-term growth, powered by our world-class resources."

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Fourth Quarter 2025 Results

In millions, except per share amountsQ4 2025Q4 2024$ Change % Change(c)

Net sales$1,428.0 $1,231.7 $196.3 15.9 %

Net (loss) income attributable to Albemarle Corporation$(414.2)$75.3 $(489.5)NM

Adjusted EBITDA(a) $268.7 $250.7 $18.0 7.2 %

Diluted (loss) earnings per share attributable to common shareholders$(3.87)$0.29 $(4.16)NM

Non-operating pension and OPEB items(a)

0.15 (0.07)

Non-recurring and other unusual items(a)

3.19 (1.31)

Adjusted diluted loss per share attributable to common shareholders(a)(b) $(0.53)$(1.09)$0.56 51.4 %

(a)    See Non-GAAP Reconciliations for further details.

(b)    Totals may not add due to rounding.

(c)    Certain percentage changes are considered not meaningful (“NM”)

Net sales for the fourth quarter of 2025 were $1.4 billion compared to $1.2 billion for the prior-year quarter, an increase of 16%, driven primarily by higher volumes in Energy Storage (+17%) and Ketjen (+13%) and higher pricing in Energy Storage. Net loss attributable to Albemarle of $414 million increased year-over-year by $490 million primarily due to tax-related items and the write-down of assets in relation to the expected Ketjen transaction value. Excluding these one-time items, adjusted net loss improved year-over-year. Adjusted EBITDA of $269 million increased by $18 million from the prior-year quarter primarily due to higher pricing in Energy Storage and higher volumes in Ketjen.

The effective income tax rate for the fourth quarter of 2025 was (55.2)%, compared to 13.8% in the same period of 2024. On an adjusted basis, the effective income tax rates were 561.1% and 446.9% for the fourth quarters of 2025 and 2024, respectively, with the increase primarily due to recording a valuation allowance on the entirety of U.S. deferred tax assets in th

EX-99.1

2 a3q25earningsreleaseex991.htm

EX-99.1

Document

Exhibit 99.1

Contact:

invest@albemarle.com1.980.308.6194

Albemarle Reports Third Quarter 2025 Results

CHARLOTTE, N.C. – November 5, 2025 - Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the third quarter ended September 30, 2025.

Third Quarter 2025 and Recent Highlights

(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

•Net sales of $1.3 billion, including volume growth in Energy Storage (+8%) and Ketjen (+8%).

•Net loss of ($161) million, or ($1.72) per diluted share attributable to common shareholders; Adjusted loss of ($0.19) per diluted share attributable to common shareholders excludes a non-cash goodwill impairment charge associated with Ketjen.

•Adjusted EBITDA of $226 million; up 7% due to improved fixed cost absorption and on-going cost savings.

•On track to achieve full-year run-rate cost and productivity improvements of approximately $450 million, surpassing initial $300 to $400 million target.

•Third quarter cash from operations of $356 million was up 57%, or $128 million; year-to-date cash from operations of $894 million was also up 29%, or $202 million, due to cost and productivity improvements, cash management actions and a customer prepayment received in January.

•Reducing full-year 2025 capital expenditures outlook to approximately $600 million.

•Expect to achieve positive free cash flow(a) of $300 to $400 million for the full year 2025.

•Enhancing full-year outlook considerations; enterprise results are expected to be towards the higher end of the previously published $9/kg scenario ranges given year-to-date financial performance and lithium market pricing and better-than-expected Energy Storage volumes.

•On October 27, announced agreements to sell stakes in Ketjen and the Eurecat joint venture for combined pre-tax proceeds of approximately $660 million.

“Our team delivered strong third quarter results, with adjusted EBITDA up year-over-year despite lower lithium prices, demonstrating the strength of our business and disciplined execution,” said Kent Masters, Chairman and CEO. “Our successful implementation of cost and productivity improvements and reduced capital expenditures coupled with our recent portfolio management actions underscore our commitment to long-term value and enhanced financial flexibility. We remain confident in our full-year outlook and ability to navigate dynamic markets.”

Third Quarter 2025 Results

In millions, except per share amountsQ3 2025Q3 2024$ Change% Change

Net sales$1,307.8 $1,354.7 $(46.9)(3.5)%

Net loss attributable to Albemarle Corporation$(160.7)$(1,069.0)$908.3 85.0 %

Adjusted EBITDA(b) $225.6 $211.5 $14.1 6.7 %

Diluted loss per share attributable to common shareholders$(1.72)$(9.45)$7.73 81.8 %

Non-recurring and other unusual items(b)

1.53 7.90

Adjusted diluted loss per share attributable to common shareholders(b)(c) $(0.19)$(1.55)$1.36 87.7 %

(a)    A non-GAAP measure defined as operating cash flow minus capital expenditures. The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate non-recurring or unusual items or their probable significance without unreasonable effort. See “Additional Information Regarding Non-GAAP Measures” for more information.

(b)    See Non-GAAP Reconciliations for further details.

(c)    Totals may not add due to rounding.

1

Net sales for the third quarter of 2025 were $1.3 billion compared to $1.4 billion for the prior-year quarter, a decline of 3% driven primarily by lower pricing in Energy Storage, offset by higher volumes in Energy Storage and Ketjen. Adjusted EBITDA of $226 million increased by $14 million from the prior-year quarter as lower input costs and on-going cost reduction efforts offset reduced lithium pricing. Net loss attributable to Albemarle of ($161) million decreased year-over-year by $908 million, due primarily to restructuring charges recorded in the prior-year period.

The effective income tax rate for the third quarter of 2025 was 12.8% compared to (9.4)% in the same period of 2024. On an adjusted basis, the effective income tax rates were 50.9% and (12.9)% for the third quarters of 2025 and 2024, respectively, with the change primarily due to geographic income mix and the impact of tax valuation allowances in Australia and China.

Energy Storage Results

In millionsQ3 2025Q3 2024$ Change% Change

Net Sales$708.8 $767.3 $(58.5)(7.6)%

Adjusted EBITDA$124.1 $142.9 $(18.8)(13.2)%

Energy Storage net sales for the third quarter of 2025 were $709 million, a decrease of $59 million, or 8%, due to lower pricing (-16%). Volumes were up 8% due to higher spodumene sales, record production from our integrated

EX-99.1

2 a2q25earningsreleaseex991.htm

EX-99.1

Document

Exhibit 99.1

Contact:

invest@albemarle.com1.980.299.5700

Albemarle Reports Second Quarter 2025 Results

CHARLOTTE, N.C. – July 30, 2025 - Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the second quarter ended June 30, 2025.

Second-Quarter 2025 and Recent Highlights

(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

•Net sales of $1.3 billion, including volume growth in Energy Storage (+15%) and Specialties (+6%).

•Net income of $23 million, or ($0.16) per diluted share attributable to common shareholders; adjusted diluted earnings per share attributable to common shareholders of $0.11.

•Adjusted EBITDA of $336 million; up sequentially due to improved fixed cost absorption, on-going cost savings, and Energy Storage product mix.

•Cash from operations of $538 million in the first half of 2025 increased $73 million compared to the prior-year period. We now expect to achieve positive free cash flow for the full year 2025 assuming current lithium market pricing persists.

•On June 27, Albemarle and Standard Industries concluded the early redemption of preferred shares in a W.R. Grace subsidiary for an aggregate value of $307 million.

•Achieved a 100% run-rate against the high end of our cost and productivity improvement target, or $400 million.

•Reducing full-year 2025 capital expenditure outlook to between $650 and $700 million.

•Maintaining full-year outlook considerations; the previously published $9/kg scenario ranges are expected to apply assuming current lithium market pricing persists for the remainder of the year.

“We delivered strong second quarter results and are maintaining our previous outlook considerations assuming current lithium market pricing persists,” said Kent Masters, Chairman and CEO. “Due to recent cash management actions, we now expect to generate positive free cash flow for the year. Our team has established a track record of operational excellence and has successfully executed proactive measures to reduce operating and capital costs while preserving our long-term competitive position.”

Second Quarter 2025 Results

In millions, except per share amountsQ2 2025Q2 2024$ Change% Change

Net sales$1,330.0 $1,430.4 $(100.4)(7.0)%

Net income (loss) attributable to Albemarle Corporation$22.9 $(188.2)$211.1 112.2 %

Adjusted EBITDA(a) $336.5 $386.4 $(49.9)(12.9)%

Diluted loss per share attributable to common shareholders$(0.16)$(1.96)$1.80 91.8 %

Non-recurring and other unusual items(a)

0.27 1.99

Adjusted diluted earnings per share attributable to common shareholders(a)(b) $0.11 $0.04 $0.07 175.0 %

(a)    See Non-GAAP Reconciliations for further details.

(b)    Totals may not add due to rounding.

Net sales for the second quarter of 2025 were $1.3 billion compared to $1.4 billion for the prior-year quarter, a decline of 7% driven primarily by lower pricing in Energy Storage, offset by higher volumes in Energy Storage and Specialties. Adjusted EBITDA of $336 million declined by $50 million from the prior-year quarter as lower input

1

costs and on-going cost reduction efforts helped mostly offset lower lithium pricing. Net income attributable to Albemarle of $23 million increased year-over-year by $211 million, due primarily to a prior-year period after-tax charge of $215 million related to capital project asset write-offs and associated contract cancellation costs.

The effective income tax rate for the second quarter of 2025 was (380.0)% compared to 6.2% in the same period of 2024. On an adjusted basis, the effective income tax rates were 159.9% and (25.9)% for the second quarters of 2025 and 2024, respectively, with the increase primarily due to changes in geographic income mix and the impact of tax valuation allowances in Australia and China.

Energy Storage Results

In millionsQ2 2025Q2 2024$ Change% Change

Net Sales$717.7 $830.1 $(112.5)(13.5)%

Adjusted EBITDA$219.7 $283.0 $(63.3)(22.4)%

Energy Storage net sales for the second quarter of 2025 were $718 million, a decrease of $112 million, or 14%, due to lower pricing (-28%). Volumes were up 15% thanks to record production from our integrated conversion network partially offset by reduced tolling volumes. Adjusted EBITDA of $220 million decreased $63 million, as lower input costs and on-going cost reduction efforts mostly offset lower lithium pricing.

Specialties Results

In millionsQ2 2025Q2 2024$ Change% Change

Net Sales$351.6 $334.6 $17.0 5.1 %

Adjusted EBITDA$73.0 $54.2 $18.8 34.7 %

Specialties net sales for the second quarter of 2025 were $352 million, an increase of $17 million, or 5%, primarily due to higher volumes (+6%), which more than offset lower prices (-1%). Adjusted EBITDA of $73 million increased $19 million versus the prior-year quarter due to higher demand and decreased manufacturing costs r

EX-99.1

2 a1q25earningsreleaseex991.htm

EX-99.1

Document

Exhibit 99.1

Contact:

invest@albemarle.com1.980.299.5700

Albemarle Reports First Quarter 2025 Results

CHARLOTTE, N.C. – Apr. 30, 2025 - Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the first quarter ended March 31, 2025.

First-Quarter 2025 and Recent Highlights

(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

•Net sales of $1.1 billion, with double-digit volume growth in Specialties (+11%) and record Energy Storage lithium salt production from the company’s integrated conversion network

•Net income of $41 million, or ($0.00) per diluted share attributable to common shareholders; adjusted diluted loss per share attributable to common shareholders of ($0.18)

•Adjusted EBITDA of $267 million; year-over-year gains in Specialties (+30%) and Ketjen (+76%)

•Cash from operations of $545 million, which included a $350 million customer prepayment; excluding the prepayment, operating cash flow conversion(a) was 73%; line of sight to breakeven free cash flow assuming current lithium market pricing

•Through April, achieved approximately 90% run-rate against midpoint $350 million cost and productivity improvement target; identified opportunities to reach high-end of the $300 to $400 million range

•Maintaining full-year 2025 outlook considerations, including ranges based on recently observed lithium market price scenarios; ranges include the anticipated direct impact of tariffs announced as of April 29, 2025

(a) Defined as Operating Cash Flow divided by Adj. EBITDA, which is a non-GAAP measure. See Non-GAAP Reconciliations for further details.

"Our business continues to perform in line with our outlook considerations, including first-quarter adjusted EBITDA of $267 million with strong year-over-year improvements in Specialties and Ketjen,” said Kent Masters, Chairman and CEO. “We continue to focus on what we can control - taking decisive actions to reduce costs, optimize our lithium conversion network and increase efficiencies to preserve our long-term competitive position. While the full economic impact of the recently announced tariffs and other global trade actions is unclear, we benefit from our global footprint and the current exemptions for critical minerals; as a result, we are maintaining our full year 2025 outlook considerations.”

First Quarter 2025 Results

In millions, except per share amountsQ1 2025Q1 2024$ Change% Change

Net sales$1,076.9 $1,360.7 $(283.9)(20.9)%

Net income attributable to Albemarle Corporation$41.3 $2.4 $38.9 1,620.8 %

Adjusted EBITDA(a) $267.1 $291.2 $(24.1)(8.3)%

Diluted loss per share attributable to common shareholders$(0.00)$(0.08)$0.08 (100.0)%

Non-recurring and other unusual items(a)

(0.18)0.34

Adjusted diluted (loss) earnings per share attributable to common shareholders(a)(b) $(0.18)$0.26 $(0.44)(169.2)%

(a)    See Non-GAAP Reconciliations for further details.

(b)    Totals may not add due to rounding.

Net sales for the first quarter of 2025 were $1.1 billion compared to $1.4 billion for the prior-year quarter, a decline of 21% driven primarily by lower pricing in Energy Storage, partially offset by higher volumes in Specialties (+11%). Adjusted EBITDA of $267 million declined by $24 million from the prior-year quarter as lower net sales were mostly offset by lower average input costs and on-going cost reduction efforts. Net income attributable to Albemarle of $41 million increased year-over-year by $39 million.

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The effective income tax rate for the first quarter of 2025 was 21.0% compared to 2.2% in the same period of 2024. On an adjusted basis, the effective income tax rates were (42.8)% and (12.4)% for the first quarters of 2025 and 2024, respectively, with the decrease primarily due to changes in geographic income mix and the impact of tax valuation allowances in Australia and China.

Energy Storage Results

In millionsQ1 2025Q1 2024$ Change% Change

Net Sales$524.6 $800.9 $(276.3)(34.5)%

Adjusted EBITDA $186.4 $198.0 $(11.6)(5.9)%

Energy Storage net sales for the first quarter of 2025 were $525 million, a decrease of $276 million, or 35%, due to lower pricing (-34%). Volumes were flat as record production at our integrated conversion network offset reduced tolling volumes. Adjusted EBITDA of $186 million decreased $12 million, as lower net sales were mostly offset by lower average input costs and on-going cost reduction efforts.

Specialties Results

In millionsQ1 2025Q1 2024$ Change% Change

Net Sales$321.0 $316.1 $4.9 1.6 %

Adjusted EBITDA $58.7 $45.2 $13.5 29.8 %

Specialties net sales for the first quarter of 2025 were $321 million, an increase of $5 million, or 2%, primarily due to higher volumes (+11%), which more than offset lower prices (-8%). Adjusted EBITDA of $59 million increased $13 million versus the year-ago quarter due

EX-99.1

2 a4q24earningsreleaseex991.htm

EX-99.1

Document

Exhibit 99.1

Contact:

invest@albemarle.com1.980.299.5700

Albemarle Reports Fourth Quarter and Full Year 2024 Results

CHARLOTTE, N.C. – Feb. 12, 2025 - Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter and Full Year 2024 Results and Highlights

(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

•Fourth quarter net sales of $1.2 billion; net income of $75 million, or $0.29 per diluted share; adjusted diluted loss per share of ($1.09)

•Fourth quarter adjusted EBITDA of $251 million, with year-over-year increases in all business segments (Energy Storage up $290 million, Specialties up $43 million and Ketjen up $4 million)

•Full year net sales of $5.4 billion, with Energy Storage sales volumes up 26%; net loss of $1.2 billion, or ($11.20) per diluted share, which included previously announced restructuring charges and asset write-offs; adjusted diluted loss per share of ($2.34)

•Full year adjusted EBITDA of $1.1 billion, in-line with outlook considerations, due to enterprise-wide cost improvements, volume growth and contract performance

•Full year cash from operations of $702 million, representing more than 60% operating cash flow conversion(a), driven primarily by working capital management

•Introducing new full-year 2025 outlook considerations, including ranges based on updated lithium market price scenarios

◦Further reducing expected full-year 2025 capital expenditures by $100 million; now targeting capital expenditures in the range of $700 and $800 million, or down more than 50% year-over-year

◦Line of sight to breakeven free cash flow in 2025

(a)    Defined as Operating Cash Flow divided by Adj. EBITDA, which is a non-GAAP measure. See Non-GAAP Reconciliations for further details.

"We are taking decisive actions to reduce costs, optimize our conversion network and increase efficiencies to preserve our long-term competitive position,” said Kent Masters, chairman and CEO. “As we look ahead, we expect dynamic market conditions to persist but remain confident in our ability to deliver value to stakeholders by increasing our financial flexibility, strengthening our core capabilities and positioning Albemarle for future growth.”

Broad Actions Executed and Underway to Maintain Long-Term Competitiveness

In 2024 and continuing into 2025, Albemarle has rapidly adjusted to market realities with steps that enhance our resilience, including:

•Optimizing conversion network: achieved record production in the fourth quarter at La Negra and Meishan lithium conversion plants; announcing today plans to place Chengdu site into care and maintenance by mid-2025 and to shift a portion of Qinzhou production from hydroxide to carbonate

•Improving costs and efficiency: streamlined organizational structure; achieved at year-end over 50% run-rate relative to the $300-400 million cost and productivity improvement target

•Reducing capital expenditures: proactively re-phased growth investments; reduced 2024 capex by over $450 million year-over-year and plan to significantly reduce further in 2025

•Enhancing financial flexibility: pursued multiple cash generation steps and proactively amended credit agreement to fortify balance sheet and navigate near-term dynamics

1

Fourth Quarter 2024 Results

In millions, except per share amountsQ4 2024Q4 2023$ Change% Change

Net sales$1,231.7 $2,356.2 $(1,124.5)(47.7)%

Net income (loss) attributable to Albemarle Corporation$75.3 $(617.7)$693.0 (112.2)%

Adjusted EBITDA(a)(b) $250.7 $(134.9)$385.6 (285.8)%

Diluted earnings (loss) per share attributable to common shareholders$0.29 $(5.26)$5.55 (105.5)%

Non-operating pension and OPEB items(a)

(0.07)(0.07)

Non-recurring and other unusual items(a)

(1.31)0.14

Adjusted loss earnings per share attributable to common shareholders(a)(c) $(1.09)$(5.19)$4.10 (79.0)%

(a)    See Non-GAAP Reconciliations for further details.

(b)    For comparability, 2023 figures presented under adjusted EBITDA definition that the company adopted beginning in 2024.

(b)    Totals may not add due to rounding.

Net sales for the fourth quarter of 2024 were $1.2 billion compared to $2.4 billion for the prior-year quarter, a decline of 48% driven primarily by lower pricing and volumes in Energy Storage, partially offset by higher volumes in Specialties (+3%). Net income attributable to Albemarle of $75 million increased year-over-year by $693 million primarily due to a $604 million lower of cost or net realizable value (LCM) charge recorded in the prior-year quarter and discrete tax benefits of $111 million primarily related to a tax valuation allowance in Australia. Adjusted EBITDA of $251 million increased by $386 million from the prior-year quarter primarily due to favorable vol

EX-99.1

2 a3q24earningsreleaseex991.htm

EX-99.1

Document

Exhibit 99.1

Contact:

invest@albemarle.com1.980.299.5700

Albemarle Reports Third Quarter 2024 Results

CHARLOTTE, N.C. – November 6, 2024 - Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the third quarter ended September 30, 2024.

Third-Quarter 2024 and Recent Highlights

(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

•Net sales of $1.4 billion, with volumes in Energy Storage and Specialties up 16% and 4%, respectively

•Net loss of ($1.1) billion, or ($9.45) per diluted share attributable to common shareholders, which included pre-tax charges of $861 million primarily related to previously announced capital project asset write-offs

•Adjusted diluted loss per share attributable to common shareholders of ($1.55)

•Adjusted EBITDA of $211 million; Specialties adjusted EBITDA up 22% year-over-year and Ketjen adjusted EBITDA up 134% year-over-year

•Cash from operations of $241 million, representing >100% operating cash flow conversion(a), driven by favorable working capital management

•Maintaining full-year 2024 outlook considerations due to productivity and cost improvements, higher volumes, and the performance of long-term contracts

•Progressed comprehensive review of cost and operating structure; additional details include:

◦Implementing new operating structure to maintain long-term competitiveness, streamlining organization to an integrated functional model

◦Driving additional cost and productivity improvements of $300 million to $400 million expected per year encompassing broad-based actions that include workforce reductions and manufacturing improvements

◦Reducing global workforce by an expected 6-7%, representing approximately 15% of non-manufacturing workforce

◦Decreasing FY 2025 capital expenditures by approximately 50% versus FY 2024 to an anticipated range of $800 million to $900 million

(a) Defined as Operating Cash Flow divided by Adj. EBITDA

“Our steadfast focus on execution allowed us to deliver solid third-quarter results and maintain our full-year 2024 corporate outlook considerations as cost improvements, higher volumes, and the performance of our long-term contracts offset lower market pricing,” said Kent Masters, Albemarle’s chairman and CEO.

Masters continued, “Through our strategic review of Albemarle’s cost and operating structure, we have identified significant opportunities to reduce cost, improve productivity and decrease capital spending while ensuring we efficiently serve customers and our end-markets. These actions are designed to increase Albemarle’s financial flexibility, strengthen our core capabilities and position the company to maintain its leadership position long-term.”

1

Additional Actions in Connection with Comprehensive Review of Cost and Operating Structure

During the third quarter, Albemarle progressed the previously announced comprehensive review of its cost and operating structure, building on the actions announced with the company’s second quarter 2024 earnings release. Effective November 1, 2024, Albemarle implemented a new operating structure, which included transitioning to an integrated functional model designed to increase agility, deliver significant cost savings and maintain long-term competitiveness. The company is also announcing today a global workforce reduction expected to impact 6-7% of total headcount to drive significant cost-out and productivity actions.

The annual run-rate cost savings of actions in connection with the comprehensive review is expected to be in the range of $300 million to $400 million driven by elimination of redundancies, reduced management layers, productivity benefits and optimized manufacturing costs.

These savings are in addition to cost savings of over $100 million announced and executed this year. During the fourth quarter of 2024, the company expects to record a charge primarily related to severance and related benefit costs.

Full-year 2025 capital expenditures are expected to be in the range of $800 million to $900 million, with the majority of that spend aligned with sustaining existing assets and resources and the remainder allocated to select growth projects and high-return, quick payback improvements.

Total Corporate Outlook Considerations

The company is maintaining its prior full-year 2024 outlook considerations, which are based on observed lithium market price scenarios. The previously published $12-15/kg range is expected to apply even when assuming recent market pricing persists for the remainder of the year, due to enterprise-wide cost improvements, strong volume growth, and Energy Storage contract performance. Total company full-year 2024 net sales are expected to be at the lower-end of that range due to lower recent market pricing. Full-year adjusted EBITDA is expected to be tow

EX-99.1

2 a2q24earningsreleaseex991.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Meredith Bandy1.980.999.5168

Albemarle Reports Second Quarter 2024 Results

CHARLOTTE, N.C. – July 31, 2024 - Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the second quarter ended June 30, 2024.

Second-Quarter 2024 and Recent Highlights

(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

•Net sales of $1.4 billion, as lower pricing year-over-year was partly offset by Energy Storage volume growth of 37% as new capacity additions ramp

•Net loss of ($188) million, or ($1.96) per diluted share attributable to common shareholders, which included an after-tax charge of $215 million related to capital project asset write-offs and associated contract cancellation costs

•Adjusted diluted EPS attributable to common shareholders of $0.04

•Adjusted EBITDA of $386 million, up sequentially, driven by higher equity income from increased Talison JV sales volumes

•Cash from operations of $363 million, an increase of $289 million year-over-year, driven by higher Talison JV dividends and working capital improvements

•Delivered more than $150 million in productivity benefits; on track to exceed the company’s full-year restructuring and productivity target by 50%

•Maintaining full-year outlook considerations; notably, the previously published $15/kg scenario is expected to apply even assuming lower July market pricing persists for the remainder of the year

•Initiating comprehensive review of cost and operating structure to maintain competitive position, while addressing current end-market realities, including immediate footprint changes at the Kemerton, Australia site

“Our operational mindset continued to serve us well in the second quarter as Albemarle progressed important organic growth initiatives while taking actions to maintain our long-term competitive position,” said Kent Masters, Albemarle’s chairman and CEO. “We achieved the first commercial sales of product from our Meishan conversion plant and delivered more than $150 million in productivity benefits. We are also maintaining our full-year 2024 corporate outlook considerations.”

Masters continued, “Building on the progress already underway, we are announcing a comprehensive review of our cost and operating structure, beginning with immediate footprint actions at our Kemerton site in Australia. The review and steps underway will maintain Albemarle’s competitive position and ensure we execute with agility today and in the future.”

1

Announcement of Asset and Cost Actions and Initiation of Review to Optimize Cost and Operating Structure

Albemarle announced today asset and cost actions designed to enhance its long-term competitiveness as part of a comprehensive review of its cost and operating structure. The review will help ensure that Albemarle maintains its competitive position throughout the cycle and is positioned for long-term value creation as it navigates end-market challenges, primarily in the lithium value chain. The asset and cost actions announced today include placing Kemerton Train 2 in care and maintenance, stopping construction on Kemerton Train 3, and focusing on optimizing and ramping Kemerton Train 1. As a result, Albemarle expects to recognize a charge in the range of $0.9-$1.1 billion as an exceptional item in the company’s third-quarter 2024 results.

Today’s announcement builds on the proactive measures announced by Albemarle in January 2024 to re-phase its organic growth investments and optimize its cost structure. Regarding those measures, in the second quarter, Albemarle delivered more than $150 million in productivity and restructuring cost improvements and is on track to exceed the company’s initial target by approximately 50%. During the second quarter of 2024, the company recorded an after-tax charge of $215 million primarily related to stopping construction on Kemerton Train 4 and other capital project asset write-offs and associated contract cancellation costs.

Total Corporate Outlook Considerations

The company is maintaining its prior full-year outlook considerations, which are based on observed lithium market price scenarios. Notably, the previously published $15/kg range is expected to apply even when assuming that lower July market pricing persists for the remainder of the year, due to enterprise-wide cost improvements, strong volume growth, higher shipments from the Talison JV, and Energy Storage contract performance. These factors are expected to more than offset lower pricing and a reduced Specialties outlook.

Total Corporate FY 2024E Including Energy Storage Scenarios

Observed market price case(a) Recent pricingQ4 2023 averageH2 2023 average

Average lithium market price ($/kg LCE)(a) $12-15~$20~$25

Net sales$5.5 - $6.2 billion$6.1 - $6.8 billion$6.9 - $7.6 billion

Adjusted EBITDA

EX-99.1

2 a1q24earningsreleaseex991.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Meredith Bandy1.980.999.5168

Albemarle Reports First Quarter 2024 Results

CHARLOTTE, N.C. – May 1, 2024 - Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the first quarter ended March 31, 2024.

First-Quarter 2024 and Recent Highlights

(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

•Net sales of $1.4 billion, driven by Energy Storage volume growth as projects ramp

•Net income of $2 million, or ($0.08)(a) per diluted share attributable to common shareholders

•Adjusted diluted EPS attributable to common shareholders of $0.26

•Adjusted EBITDA(b) of $291 million

•On track to deliver more than $280 million target in productivity benefits in 2024; in Q1, delivered over $90 million in productivity and restructuring cost savings

•Conducted successful bidding events for spodumene concentrate and lithium carbonate, designed to promote price transparency and discovery

•Achieved 50% operating rate milestone at Kemerton I; commissioning at Meishan and ramp of the Salar Yield Improvement Project continue to progress well

•Reaffirmed FY 2024 corporate outlook considerations, including ranges based on lithium market price scenarios

(a)    After mandatory convertible preferred stock dividends

(b)    Beginning in 2024, Adjusted EBITDA definition includes Albemarle’s share of the pre-tax earnings of the Talison joint venture

“In the first quarter, our team demonstrated agility in dynamic market conditions by continuing to deliver solid volumetric growth, ramping new conversion facilities, and executing cost reduction and productivity improvements,” said Kent Masters, Albemarle’s chairman and CEO. “We have strengthened our competitive position, enhanced our financial flexibility, and started to increase lithium market price transparency. Our actions best position us to serve our core end-markets today and for the future.” Masters added, “We remain focused on disciplined capital allocation to deliver profitable organic growth and value for all stakeholders.”

1

2024 Total Corporate Outlook Considerations

The company maintains its prior full-year outlook, which is based on three lithium market price scenarios.

Total Corporate FY 2024E Including Energy Storage Scenarios

Observed market price case(a) YE 2023Q4 2023 averageH2 2023 average

Average lithium market price ($/kg LCE)(a) ~$15~$20~$25

Net sales$5.5 - $6.2 billion$6.1 - $6.8 billion$6.9 - $7.6 billion

Adjusted EBITDA(b)(c) $0.9 - $1.2 billion$1.6 - $1.8 billion$2.3 - $2.6 billion

(a)    Price represents blend of relevant Asia and China market indices for the periods referenced.

(b)    The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. See “Additional Information regarding Non-GAAP Measures” for more information.

(c)    Presented under updated adjusted EBITDA definition as of 2024. FY23 adjusted EBITDA under updated definition would be $3.5B. See Non-GAAP Reconciliations for further details.

2024 Other Corporate Outlook Considerations

Following the company’s public offering of depository shares representing an interest in its mandatory convertible preferred stock, interest and financing expenses are expected to be at the low end of the previous range of $180 to $220 million. The change in weighted-average common shares outstanding (diluted) reflects the recently issued shares of mandatory convertible preferred stock on an as-converted basis. The change to the adjusted effective tax rate range is related to geographic income mix and is dependent on the assumption of lithium market price. All other corporate outlook considerations are unchanged.

Other Corporate FY 2024E

Capital expenditures$1.6 - $1.8 billion

Depreciation and amortization$580 - $660 million

Adjusted effective tax rate(5%) - 27%

Corporate costs$120 - $150 million

Interest and financing expenses$180 - $210 million

Weighted-average common shares outstanding (diluted)(d)

135 - 139 million

(d)    Each quarter, Albemarle will report the more dilutive of either: 1) adding the underlying shares in the mandatory to the share count or 2) reducing Albemarle’s net income to common shareholders by the mandatory dividend. The 20-day volume-weighted average common share price will be used in determining the underlying shares to be added to the share count.

First Quarter 2024 Results

In millions, except per share amountsQ1 2024Q1 2023$ Change% Change

Net sales$1,360.7 $2,580.3 $(1,219.5)(47.3)%

Net income attributable to Albemarle Corporation$2.4 $1,238.6 $(1,236.1)(99.8)%

Adjusted EBITDA(a)(b) $291.2 $1,761.

EX-99.1

2 a4q23earningsreleaseex991.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Meredith Bandy1.980.999.5168

Albemarle Reports Fourth Quarter and Full Year 2023 Results

Full-Year Net Sales Increase of 31%, Driven by 21% Volume Growth

CHARLOTTE, N.C. – Feb. 14, 2024 - Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the fourth quarter and full year ended December 31, 2023.

Full Year 2023 Results

(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

•Net sales of $9.6 billion, the highest in company history, up 31%, of which 21% was total volume growth; Energy Storage sales volumes were up 35%

•Net income of $1.6 billion, or $13.36 per diluted share, the second highest in company history, which included a lower of cost or net realizable value (LCM) pre-tax charge and a tax valuation allowance expense in China, both recorded in the fourth quarter

•Adjusted EBITDA of $2.8 billion, or $3.4 billion excluding the $604 million LCM charge, which is in-line with previous outlook as higher volumes offset lower pricing

•Adjusted diluted EPS of $15.22 per share, or $22.25 excluding the LCM charge and the $223 million tax valuation allowance expense, which is in-line with previous outlook

Fourth Quarter 2023 Results and Recent Highlights

•Net sales of $2.4 billion, primarily driven by 35% volume growth in Energy Storage

•Net loss of $618 million, or ($5.26) per diluted share, including the LCM charge and tax valuation allowance expense

•Adjusted EBITDA of ($315) million, or $289 million excluding the LCM charge

•Adjusted diluted EPS of ($5.19), or $1.85 excluding the LCM charge and tax valuation allowance expense

•Announced proactive measures expected to unlock >$750 million of cash flow including reduced capital expenditures, costs and working capital

•Meishan lithium conversion plant achieved mechanical completion in December 2023

•Recognized by Newsweek as one of America’s greatest workplaces for diversity and one of America’s most responsible companies; featured in JUST Capital’s 2024 JUST 100

•Completed amendment to the company’s credit agreement to ensure on-going financial flexibility; amendment utilizes an updated adjusted EBITDA definition that more accurately reflects the value of Albemarle’s strategic ownership in the Windfield (Talison) joint venture

•Introduced full-year 2024 outlook considerations, including Energy Storage ranges based on lithium market price scenarios and utilizing an updated adjusted EBITDA definition similar to that in the company’s amended credit agreement

“Albemarle’s full-year 2023 result marks the second highest earnings year in company history, made possible by the disciplined focus of our global teams,” said Albemarle CEO Kent Masters. “Looking ahead, we are taking actions to enhance our financial flexibility, while advancing near-term growth and preserving future opportunities to create value. As a global leader for the end-markets we serve, we remain confident about the projects in our portfolio and our ability to leverage our world-class resources and industry-leading technologies."

1

Fourth Quarter 2023 Results

In millions, except per share amountsQ4 2023Q4 2022$ Change% Change

Net sales$2,356.2 $2,621.0 $(264.8)(10.1)%

Net (loss) income attributable to Albemarle Corporation$(617.7)$1,132.4 $(1,750.1)(154.5)%

Adjusted EBITDA(a) $(315.0)$1,243.8 $(1,558.8)(125.3)%

Diluted (loss) earnings per share$(5.26)$9.60 $(14.86)(154.8)%

Non-operating pension and OPEB items(a)

(0.07)(0.26)

Non-recurring and other unusual items(a)

0.14 (0.72)

Adjusted diluted (loss) earnings per share(a)(b) $(5.19)$8.62 $(13.81)(160.2)%

(a)    See Non-GAAP Reconciliations for further details.

(b)    Totals may not add due to rounding.

Net sales for the fourth quarter of 2023 were $2.4 billion compared to $2.6 billion for the prior-year quarter. The 10% decrease was driven by lower lithium market pricing, partially offset by increased volumes in Energy Storage and higher volumes and pricing in Ketjen. Net loss attributable to Albemarle of $617.7 million decreased by $1.8 billion and Adjusted EBITDA of ($315.0) million decreased by $1.6 billion from the prior year quarter due to lower lithium market pricing and a $604 million lower of cost or net realizable value (LCM) pre-tax charge driven by lower lithium market pricing and higher spodumene values in cost of goods sold, partially offset by higher equity income due to inventory timing.

The effective income tax rate for the fourth quarter of 2023 was (12.9)%, compared to 2.8% in the same period in 2022. The rate in 2023 was impacted by the recording of an income tax expense of $223 million related to a valuation allowance in China, while 2022 was impacted by the release of a significant valuation allowance in Australia. On an adjusted basis, the effective income tax rates were (12

EX-99.1

2 a3q23earningsreleaseex991.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Meredith Bandy1.980.999.5168

Albemarle Reports Net Sales Increase of 10% for Third Quarter 2023

CHARLOTTE, N.C. – Nov. 1, 2023 - Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the third quarter ended September 30, 2023.

Third-Quarter 2023 and Recent Highlights

(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

•Net sales of $2.3 billion, an increase of 10%

•Net income of $302.5 million, or $2.57 per diluted share

•Adjusted diluted EPS of $2.74

•Adjusted EBITDA of $453.3 million

•Signed agreements with Caterpillar Inc. to collaborate on solutions to support the full circular battery value chain and sustainable mining operations

•Received $90 million critical materials award from the U.S. Department of Defense to support restart of Kings Mountain, NC mine

•Completed the previously disclosed transaction to amend and simplify the MARBL joint venture with Mineral Resources Limited

•On track to achieve more than $170 million in productivity benefits in 2023

•2023 net sales are now expected to increase approximately 30% to 35% year-over-year and 2023 adjusted EBITDA is expected to be flat to slightly down year-over-year

“Albemarle grew net sales by 10%, driven by higher volumes in our Energy Storage business,” said Albemarle CEO Kent Masters. “In the third quarter, we formed new strategic partnerships and streamlined our existing MARBL joint venture to better position Albemarle for long-term growth. Our investments across the globe continue to progress, with the Meishan project ahead of schedule for completion in early 2024. Through our operating model, Albemarle Way of Excellence, we are on track to achieve more than $170 million in productivity benefits in 2023 and expect to achieve additional benefits in 2024 as we continue to operate with a disciplined approach.”

2023 Corporate Outlook

The company’s full-year 2023 outlook reflects expected financial performance assuming recent lithium market pricing continues for the remainder of the year, as consistent with our standard practice. Net sales are expected to increase 30% to 35% over the prior year, primarily driven by new mining and conversion capacity delivering 30% to 35% volumetric growth in Energy Storage. Adjusted EBITDA is expected to be flat to down 5% year over year, primarily due to lower Energy Storage pricing as well as the realization of higher spodumene pricing in costs of goods sold from our JV-owned mines. Net cash from operations is expected to be in the range of $600 million to $800 million for the full year 2023. The company’s capital expenditures are expected to be between $1.9 billion and $2.1 billion for 2023.

1

FY 2023 Outlook as of August 2, 2023FY 2023 Outlook as of November 1, 2023

Net sales$10.4 - $11.5 billion$9.5 - $9.8 billion

Adjusted EBITDA(a) $3.8 - $4.4 billion$3.2 - $3.4 billion

Adjusted EBITDA Margin(a) 37% - 38%34% - 35%

Adjusted Diluted EPS(a) $25.00 - $29.50$21.50 - $23.50

Net Cash from Operations$1.2 - $1.8 billion$600 - $800 million

Capital Expenditures$1.9 - $2.1 billion$1.9 - $2.1 billion

(a)    The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. See “Additional Information regarding Non-GAAP Measures” for more information.

Third Quarter 2023 Results

In millions, except per share amountsQ3 2023Q3 2022$ Change% Change

Net sales$2,310.6 $2,091.8 $218.8 10.5 %

Net income attributable to Albemarle Corporation$302.5 $897.2 $(594.7)(66.3)%

Adjusted EBITDA(a) $453.3 $1,190.0 $(736.7)(61.9)%

Diluted earnings per share$2.57 $7.61 $(5.04)(66.2)%

Non-operating pension and OPEB items(a)

— (0.03)

Non-recurring and other unusual items(a)

0.17 (0.08)

Adjusted diluted earnings per share(a)(b) $2.74 $7.50 $(4.76)(63.5)%

(a)    See Non-GAAP Reconciliations for further details.

(b)    Totals may not add due to rounding.

Net sales for the third quarter of 2023 were $2.3 billion compared to $2.1 billion for the prior-year quarter. The 10% increase was driven by increased volumes in Energy Storage and higher pricing in Ketjen. Net income attributable to Albemarle of $302.5 million decreased by $594.7 million and adjusted EBITDA of $453.3 million decreased by $736.7 million from the prior-year quarter primarily due to lower lithium market pricing and higher spodumene pricing in costs of goods sold being only partially offset by higher equity income due to inventory timing.

The effective income tax rate for the third quarter of 2023 was 5.4% compared to 22.7% in the same period of 2022. On an adjusted basis, the effective income ta

EX-99.1

2 a2q23earningsreleaseex991.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Brook Wootton1.980.299.5700

Albemarle Reports Net Sales Increase of 60% for Second Quarter 2023

CHARLOTTE, N.C. – Aug. 2, 2023 - Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the second quarter ended June 30, 2023.

Second-Quarter 2023 and Recent Highlights

(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

•Net sales of $2.4 billion, an increase of 60%

•Net income of $650.0 million, or $5.52 per diluted share, an increase of 60%

•Adjusted diluted EPS of $7.33, an increase of 112%

•Adjusted EBITDA of $1.0 billion, an increase of 69%

•Established strategic agreement with Ford Motor Company to supply over 100,000 metric tons of lithium hydroxide from 2026 to 2030

•Agreed to amend the terms of the transaction signed earlier this year with Mineral Resources Ltd. (“MinRes”) to significantly simplify operations and retain full control of downstream conversion assets

•Achieved IRMA 50 performance rating in the Salar de Atacama, becoming first lithium producer to complete independent audit and publish Initiative for Responsible Mining Assurance (“IRMA”) report

•Published 2022 Sustainability Report, highlighting progress on diversity and environmental goals, including a new air quality goal to reduce 90% of sulfur oxide emissions by 2027

•Named to Fortune 500 rankings and TIME100 Most Influential Companies list

•Improved 2023 Energy Storage guidance reflecting recent lithium market prices; Albemarle’s 2023 net sales are now expected to increase approximately 40% to 55% year-over-year and 2023 adjusted EBITDA is expected to increase 10% to 25% year-over-year

"We achieved $2.4 billion in net sales, up 60% from prior year, primarily driven by higher prices and volumes in our Energy Storage business,” commented Albemarle CEO Kent Masters. “We remain confident in the long-term outlook for our businesses and are increasing our full-year 2023 net sales and adjusted EBITDA outlook based on the recent increase in lithium market prices. Our investments in future capacity are on track, with the Salar Yield Improvement Project mechanically complete and the Meishan project on schedule for early 2024 mechanical completion.”

2023 Corporate Outlook

The company is updating its full-year 2023 outlook to reflect recent lithium market prices. Net sales are expected to increase 40% to 55% over the prior year, primarily driven by the continued global shift to electric vehicles. The year-over-year increase in Adjusted EBITDA is expected to be in the range of 10% to 25%, primarily due to higher Energy Storage pricing. Net cash from operations is expected to be in the range of $1.2 billion to $1.8 billion for the full year 2023, below previous outlook primarily driven by changes in working capital related to timing of Energy Storage shipments and agreements in principle to resolve the previously disclosed matter (“DOJ Matter”) with the U.S. Department of Justice (“DOJ”) and the Securities Exchange Commission (“SEC”). The company’s capital expenditures are expected to be between $1.9 billion and $2.1 billion for 2023, above previous outlook due to the retention of full ownership in lithium processing assets under the amended agreements with MinRes.

1

FY 2023 Guidance as of May 3, 2023FY 2023 Guidance as of August 2, 2023

Net sales$9.8 - $11.5 billion$10.4 - $11.5 billion

Adjusted EBITDA(a) $3.3 - $4.0 billion$3.8 - $4.4 billion

Adjusted EBITDA Margin(a) 34% - 35%37% - 38%

Adjusted Diluted EPS(a) $20.75 - $25.75$25.00 - $29.50

Net Cash from Operations$1.7 - $2.3 billion$1.2 - $1.8 billion

Capital Expenditures$1.7 - $1.9 billion$1.9 - $2.1 billion

(a)    The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. See “Additional Information regarding Non-GAAP Measures” for more information.

Second Quarter 2023 Results

In millions, except per share amountsQ2 2023Q2 2022$ Change% Change

Net sales$2,370.2 $1,479.6 $890.6 60.2 %

Net income attributable to Albemarle Corporation$650.0 $406.8 $243.3 59.8 %

Adjusted EBITDA(a) $1,032.3 $610.2 $422.1 69.2 %

Diluted earnings per share$5.52 $3.46 $2.06 59.5 %

Non-operating pension and OPEB items(a)

— (0.03)

Non-recurring and other unusual items(a)

1.81 0.02

Adjusted diluted earnings per share(a)(b) $7.33 $3.45 $3.88 112.5 %

(a)    See Non-GAAP Reconciliations for further details.

(b)    Totals may not add due to rounding.

Net sales for the second quarter of 2023 were $2.4 billion compared to $1.5 billion for the prior-year quarter. The 60% increase was driven by increased prices from the Energy Stora

EX-99.1

2 a1q23earningsreleaseex991.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Brook Wootton1.980.299.5700

Albemarle Reports Net Sales Increase of 129% for First Quarter 2023

CHARLOTTE, N.C. – May 3, 2023 - Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the first quarter ended March 31, 2023.

First-Quarter 2023 and Recent Highlights

(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

•Net sales of $2.6 billion, an increase of 129%

•Net income of $1.2 billion, or $10.51 per diluted share, an increase of 389%

•Adjusted diluted EPS of $10.32, an increase of 334%

•Adjusted EBITDA of $1.6 billion, an increase of 269%

•Selected U.S. lithium processing facility location in Richburg, South Carolina

•Signed definitive agreements with Mineral Resources Limited (“MinRes”) to restructure the MARBL Lithium Joint Venture in Australia and separately for MinRes to invest in Albemarle’s conversion assets in China

•Reached final investment decision to build Kemerton trains III & IV

•Adjusting 2023 guidance to reflect current lithium market pricing; Net sales are now expected to increase approximately 35% to 55% year-over-year and adjusted EBITDA now expected to range from (5%) to 15% year-over-year

"Compared to last year, first quarter net sales more than doubled, adjusted diluted earnings per share more than quadrupled providing a robust start to the year,” commented Albemarle CEO Kent Masters. “We see strong sales volume growth for the rest of the year but have modified our guidance to reflect softening lithium market pricing. We remain confident in the underlying market strength of our world-class asset base and our long-term growth strategy.”

2023 Corporate Outlook

The company is revising full-year 2023 outlook to reflect current lithium market pricing. Net sales are expected to increase 35% to 55% over prior year, primarily driven by a continued global shift to electric vehicles. The year-over-year change in Adjusted EBITDA is expected to be in the range of (5%) to 15% as higher net sales are partially offset by timing impacts of higher priced inventories. The company expects to maintain positive free cash flow. The company’s capital expenditures are expected to be between $1.7 billion and $1.9 billion for 2023.

FY 2023 Guidance as of Feb.15, 2023FY 2023 Guidance as of May 3, 2023

Net sales$11.3 - $12.9 billion$9.8 - $11.5 billion

Adjusted EBITDA(a) $4.2 - $5.1 billion$3.3 - $4.0 billion

Adjusted EBITDA Margin(a) 37% - 40%34% - 35%

Adjusted Diluted EPS(a) $26.00 - $33.00$20.75 - $25.75

Net Cash from Operations$2.1 - $2.4 billion$1.7 - $2.3 billion

Capital Expenditures$1.7 - $1.9 billion$1.7 - $1.9 billion

1

(a)    The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. See “Additional Information regarding Non-GAAP Measures” for more information.

First Quarter 2023 Results

In millions, except per share amountsQ1 2023Q1 2022$ Change% Change

Net sales$2,580.3 $1,127.7 $1,452.5 128.8 %

Net income attributable to Albemarle Corporation$1,238.6 $253.4 $985.2 388.8 %

Adjusted EBITDA(a) $1,595.7 $431.9 $1,163.8 269.4 %

Diluted earnings per share$10.51 $2.15 $8.36 388.8 %

Non-operating pension and OPEB items(a)

— (0.04)

Non-recurring and other unusual items(a)

(0.19)0.26

Adjusted diluted earnings per share(a)(b) $10.32 $2.38 $7.94 333.6 %

(a)    See Non-GAAP Reconciliations for further details.

(b)    Totals may not add due to rounding.

Net sales for the first quarter of 2023 were $2.6 billion compared to $1.1 billion for the prior-year quarter. The 129% increase was driven by higher lithium prices and volumes. Net income attributable to Albemarle of $1.2 billion increased by $1.0 billion from the prior year’s quarter. Adjusted EBITDA of $1.6 billion increased by $1.2 billion from the prior-year quarter primarily due to higher net sales.

The effective income tax rate for the first quarter of 2023 was 23.9% compared to 26.9% in the same period of 2022. On an adjusted basis, the effective income tax rates were 23.6% and 18.9% for the first quarter of 2023 and 2022, respectively, with the increase primarily due to changes in the geographic income mix.

Business Segment Results

Beginning January 1, 2023, the company re-segmented its operating segments. The results from 2022 are restated to align with the new structure.

Energy Storage Results

In millionsQ1 2023Q1 2022$ Change% Change

Net Sales$1,943.7 $463.7 $1,480.0 319.2 %

Adjusted EBITDA $1,406.2 $285.2 $1,120.9 393.0 %

Energy Storage net sales for the first quarter of 2023 were $1.9 billion, an increase of $1.5 billion (+319%) due to higher pr

EX-99.1

2 a4q22earningsreleaseex991.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Brook Wootton980.299.5700

Albemarle Reports Net Sales Increase ~3x for Fourth Quarter 2022; Full-Year Net Sales Over $7 Billion

CHARLOTTE, NC - Feb. 15, 2023 – Albemarle Corporation (NYSE: ALB), a global leader in transforming essential resources such as lithium and bromine into critical ingredients for mobility, energy, connectivity and health, today announced its results for the fourth quarter and full year ended Dec. 31, 2022.

Fourth Quarter 2022 and Recent Highlights

(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

•Net sales of $2.6 billion, an increase of 193%

•Net income of $1.1 billion, or $9.60 per diluted share; Adjusted diluted EPS of $8.62, an increase of 753%

•Adjusted EBITDA of $1.2 billion, an increase of 444%

•Full-year 2023 guidance includes net sales of $11.3 - $12.9 billion and adjusted EBITDA of $4.2 - $5.1 billion

•Location acquired for Albemarle Technology Park in Charlotte, North Carolina

•Launched MercLok™, a groundbreaking proprietary soil treatment for mercury remediation

“Albemarle’s full-year 2022 net sales of over $7 billion is more than double our results from 2021, and the adjusted EBITDA of approximately $3.5 billion is nearly four times that of the prior year. Our outstanding 2022 results demonstrate our durable advantages, particularly in the growing lithium market, and the relentless focus of our global teams in supporting our customers to enable better mobility, energy, connectivity and health,” said Albemarle CEO Kent Masters. “Our growth potential extends well beyond the current EV opportunity. Even as we expand capacity to respond to growing demand, we are maintaining a disciplined approach to capital allocation in order to drive long-term value.”

Albemarle’s unaudited full-year 2022 results and 2023 and long-term outlook are in-line with the strategic update webcast held on Jan. 24. The webcast outlined the company’s expectations for a transformational growth trajectory that could increase net sales to between $17.6 and $19.3 billion and adjusted EBITDA to between $7.2 and $8.4 billion by 2027. This growth builds on the company’s durable competitive advantages including world-class asset base, diversified product portfolio, technical know-how, and financial strength to maintain market leading positions in its core businesses, Energy Storage and Specialties. The webcast replay is available on Albemarle’s website at https://investors.albemarle.com.

2023 Corporate Outlook

Full-year 2023 guidance remains unchanged from the January update, and reflects strong growth with an increase in net sales of about 55% to 75% from 2022 primarily driven by market demand and continued favorable pricing for lithium. Adjusted EBITDA is expected to increase 20% - 45%, with adjusted diluted EPS up to 50% year-over-year. The company expects to maintain positive cash flow even while increasing capital expenditures to between $1.7 billion and $1.9 billion for 2023.

1

FY 2023 Guidance

Net sales$11.3 - $12.9 billion

Adjusted EBITDA(a) $4.2 - $5.1 billion

Adjusted EBITDA Margin(a) 37% - 40%

Adjusted Diluted EPS(a) $26.00 - $33.00

Net Cash from Operations$2.1 - $2.4 billion

Capital Expenditures$1.7 - $1.9 billion

(a)    The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. See “Additional Information regarding Non-GAAP Measures” for more information.

Fourth Quarter 2022 Results

In millions, except per share amountsQ4 2022Q4 2021$ Change% Change

Net sales$2,621.0 $894.2 $1,726.8 193.1 %

Net income (loss) attributable to Albemarle Corporation$1,132.4 $(3.8)$1,136.2

Adjusted EBITDA(a) $1,243.8 $228.7 $1,015.1 443.9 %

Diluted earnings (loss) earnings per share$9.60 $(0.03)$9.63

Non-operating pension and OPEB items(a)

(0.26)(0.41)

Non-recurring and other unusual items(a)

(0.72)1.45

Adjusted diluted earnings per share(a)(b) $8.62 $1.01 $7.61 753.5 %

(a)    See Non-GAAP Reconciliations for further details.

(b)    Totals may not add due to rounding.

Net sales for the fourth quarter nearly tripled, at $2.6 billion compared to $894.2 million for the prior-year quarter. The 193% increase was driven by higher lithium prices and increased volumes.

Net income attributable to Albemarle of $1.1 billion increased from a loss of $3.8 million in the prior year quarter. Fourth quarter 2021 results were impacted by a $132.4 million post-measurement period acquisition purchase price adjustment related to anticipated cost overruns from supply chain, labor and COVID-19 pandemic related issues at the Kemerton construction project.

Adjusted EBITDA of $1.2 billion significantly increased by $1.0 billion from the prior year

alb-20230123

false000091591300009159132023-01-232023-01-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) January 23, 2023

ALBEMARLE CORPORATION

(Exact name of Registrant as specified in charter)

Virginia001-1265854-1692118

(State or other jurisdiction of incorporation)(Commission file number)(IRS employer identification no.)

4250 Congress Street, Suite 900

Charlotte, North Carolina 28209

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code

(980) 299-5700

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a- 12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2)

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolName of each exchange on which registered

COMMON STOCK, $.01 Par ValueALBNew York Stock Exchange

Section 2 - Financial Information

Item 2.02.    Results of Operations and Financial Condition.

On January 23, 2023, Albemarle Corporation (the “Company”) issued a press release announcing a strategic update including a new five-year outlook and preliminary financial results for the fourth quarter and fiscal year ended December 31, 2022. A copy of this press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Section 9 - Financial Statements and Exhibits

Item 9.01.    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

NumberExhibit

99.1

Press release, dated January 23, 2023 issued by the Company.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 23, 2023

ALBEMARLE CORPORATION

By:/s/ Kristin M. Coleman

Kristin M. Coleman

Executive Vice President, General Counsel and Corporate Secretary

EX-99.1

2 a3q22earningsreleaseex991.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Brook Wootton980.299.5700

Albemarle Reports Net Sales Increase of 152% for Third Quarter 2022

CHARLOTTE, N.C. – Nov. 2, 2022 - Albemarle Corporation (NYSE: ALB) today announced its results for the third quarter ended Sept. 30, 2022.

Third-Quarter 2022 and Recent Highlights

(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

•Net sales of $2.1 billion, an increase of 152%

•Net income of $897.2 million, or $7.61 per diluted share; Adjusted diluted EPS of $7.50, an increase of 614%

•Adjusted EBITDA of $1.2 billion, an increase of 447%

•Completed the acquisition of the Qinzhou lithium conversion plant in Guangxi China for $200 million on Oct. 25, 2022

•Kemerton II lithium conversion plant achieved mechanical completion and transitioned to commissioning phase

•Awarded U.S. Department of Energy grant for US-based lithium concentrator facility to support domestic EV supply chain

•Concluded strategic review of the Catalysts business; to be retained as wholly owned subsidiary branded as Ketjen

•Realigning core Lithium and Bromine businesses into Energy Storage and Specialties segments expected to be effective Jan. 1, 2023

•Tightened full-year 2022 guidance including net sales of $7.1 - $7.4 billion (>2x 2021) and adjusted EBITDA of $3.3 - $3.5 billion (3.7x 2021)

"We had an outstanding quarter driven by strong demand for lithium-ion batteries,” said Albemarle CEO Kent Masters. “As one of the world’s largest producers of lithium, we are well positioned to enable the global energy transition. With our acquisition of the Qinzhou lithium conversion plant in China and mechanical completion of our Kemerton II expansion in Australia, we are on track to more than double our lithium conversion capacity compared to last year. Our new segment structure is designed to support our ability to deliver volumetric growth in the energy storage arena as well as enable long-term growth in the lithium and bromine specialties markets.”

Outlook

Full-year 2022 outlook remains strong, with net sales expected to be more than double and adjusted EBITDA expected to be nearly four times 2021 results. Ongoing strength in lithium pricing and end markets offsets slightly lower expectations due to bromine-related weakness in key end markets, including consumer and industrial electronics and building and construction. Adjusted EBITDA guidance has been tightened towards the higher end of previous expectations, and the company continues to expect to be free cash flow positive in 2022.

1

FY 2022 Guidance as of Aug. 3, 2022FY 2022 Guidance as of Nov. 2, 2022

Net sales$7.1 - $7.5 billion$7.1 - $7.4 billion

Adjusted EBITDA$3.2 - $3.5 billion$3.3 - $3.5 billion

Adjusted EBITDA Margin45% - 47%46% - 47%

Adjusted Diluted EPS$19.25 - $22.25$19.75 - $21.75

Net Cash from Operations$1.4 - $1.7 billion$1.45 - $1.65 billion

Capital Expenditures$1.3 - $1.5 billion$1.3 - $1.4 billion

Third-Quarter 2022 Results

In millions, except per share amountsQ3 2022Q3 2021$ Change% Change

Net sales$2,091.8 $830.6 $1,261.2 151.9 %

Net income (loss) attributable to Albemarle Corporation$897.2 $(392.8)$1,290.0

Adjusted EBITDA(a) $1,190.0 $217.6 $972.4 446.9 %

Diluted earnings per share$7.61 $(3.36)$10.97

Non-operating pension and OPEB items(a)

(0.03)(0.04)

Non-recurring and other unusual items(a)

(0.08)4.42

Adjusted diluted earnings per share(a)(b) $7.50 $1.05 $6.45 614.3 %

(a)    See Non-GAAP Reconciliations for further details.

(b)    Totals may not add due to rounding.

Net sales of $2.1 billion increased by $1.3 billion compared to the prior-year quarter primarily due to increased pricing driven by strong demand from diverse end markets.

Net income attributable to Albemarle of $897.2 million increased by $1.3 billion from the prior-year quarter. Note that prior-year net income attributable to Albemarle includes a $657.4 million ($504.5 million after income taxes, or $4.29 per share) expense related to the settlement of a prior legal matter.

Adjusted EBITDA of $1.2 billion increased by $972.4 million from the prior-year quarter primarily due to higher net sales, partially offset by inflationary cost pressures including natural gas prices in Europe and raw materials.

The effective income tax rate for the third quarter of 2022 was 22.7% compared to 22.2% in the same period of 2021. On an adjusted basis, the effective income tax rates were 23.2% and 19.2% for the third quarter of 2022 and 2021, respectively.

Business Segment Results

For stronger focus and better execution on its multiple growth opportunities, the company is realigning its core portfolio into Energy Storage and Specialties. Energy Storage will focus on the lithium-ion battery evolution and the transition to clean energy. Albemarle Specialties combines the existing Bromine business with the Lithium specialties business. These businesses share complementary compe

EX-99.1

2 a2q22earningsreleaseex991.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Brook Wootton980.299.5700

Albemarle Reports Strong Second-Quarter Sales Growth, Raising Guidance

CHARLOTTE, N.C. – Aug 3, 2022 - Albemarle Corporation (NYSE: ALB) today announced its results for the second quarter ended June 30, 2022.

Second Quarter 2022 and Recent Highlights

(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

•Net sales of $1.48 billion, an increase of 91%

•Net income of $406.8 million, or $3.46 per diluted share; Adjusted diluted EPS of $3.45, an increase of 288%

•Adjusted EBITDA of $610 million, an increase of 214%

•Kemerton I lithium conversion plant in Western Australia achieved first product in July 2022

•Announced plans to build integrated lithium operations in the United States, including the Kings Mountain, North Carolina, spodumene mine and a lithium conversion plant in the southeast

•Guidance for 2022 further revised upward on successful Lithium contract renegotiations and increased prices in the Lithium and Bromine businesses

•Expect significant growth in full-year 2022 results including net sales of $7.1 - $7.5 billion (>2x 2021) and adjusted EBITDA of $3.2 - $3.5 billion (>3x 2021)

•With revised guidance, expect to be free cash flow positive in 2022

"We delivered another strong quarter throughout the current turbulent market environment, thanks to strong demand and pricing trends, particularly for Lithium and Bromine. Over the past year, we have shifted our Lithium contracting strategy to realize greater benefits from these strong market dynamics," said Albemarle CEO Kent Masters. "At the same time, we remain disciplined in executing our long-term strategy as we advance our growth projects in China, Australia, and the Americas.”

Outlook

Albemarle’s outlook for 2022 has continued to improve based on expectations for ongoing demand strength and tightness in the markets it serves. Net sales guidance was revised upward primarily due to continued strength in pricing in its Lithium and Bromine businesses. Adjusted EBITDA guidance is also higher based on pricing expectations slightly offset by inflationary cost pressures, particularly for natural gas in Europe and raw materials. We now expect to be free cash flow positive in 2022.

FY 2022 Guidance as of May 23, 2022 FY 2022 Guidance Further Updated

Net sales$5.8 - $6.2 billion$7.1 - $7.5 billion

Adjusted EBITDA$2.2 - $2.5 billion$3.2 - $3.5 billion

Adjusted EBITDA Margin38% - 40%45% - 47%

Adjusted Diluted EPS$12.30 - $15.00$19.25 - $22.25

Net Cash from Operations$550 - $850 million$1.4 - $1.7 billion

Capital Expenditures$1.3 - $1.5 billion$1.3 - $1.5 billion

1

Second Quarter Results

In millions, except per share amountsQ2 2022Q2 2021$ Change% Change

Net sales$1,479.6 $773.9 $705.7 91.2 %

Net income attributable to Albemarle Corporation$406.8 $424.6 $(17.8)(4.2)%

Adjusted EBITDA(a) $610.2 $194.6 $415.6 213.5 %

Diluted earnings per share$3.46 $3.62 $(0.16)(4.4)%

Non-operating pension and OPEB items(a)

(0.03)(0.04)

Non-recurring and other unusual items(a)

0.02 (2.69)

Adjusted diluted earnings per share(a)(b) $3.45 $0.89 $2.56 287.6 %

(a)    See Non-GAAP Reconciliations for further details.

(b)    Totals may not add due to rounding.

Net sales of $1.48 billion increased by $705.7 million compared to the prior-year quarter primarily due to increased pricing driven by strong demand from diverse end markets.

Net income attributable to Albemarle of $406.8 million decreased by $17.8 million from the prior-year quarter. Note that prior-year net income attributable to Albemarle includes a $429.4 million ($331.6 million after discrete income taxes, or $2.87 per share) gain related to the sale of the FCS business which was sold on June 1, 2021.

Adjusted EBITDA of $610.2 million increased by $415.6 million from the prior-year quarter primarily due to higher net sales, partially offset by inflationary cost pressures including natural gas prices in Europe and raw materials.

The effective income tax rate for the second quarter of 2022 was 22.2% compared to 20.0% in the same period of 2021. The difference is largely due to global intangible low-taxed income and the geographic mix of earnings. On an adjusted basis, the effective income tax rates were 26.3% and 17.5% for the second quarter of 2022 and 2021, respectively.

Business Segment Results

Lithium Results

In millionsQ2 2022Q2 2021$ Change% Change

Net Sales$891.5 $320.3 $571.2 178.3 %

Adjusted EBITDA $495.2 $109.4 $385.8 352.5 %

Lithium net sales of $891.5 million increased $571.2 million (+178%) due to higher pricing net of FX (+160%) related to renegotiated contracts and increased market pricing. Volume was also higher (+18%) related to the La Negra III/IV expansion in Chile and higher tolling volumes to meet growing customer demand. Adjusted EBITDA of $495.2 million increased $385.8 million as higher pricing and volumes more than offset

EX-99.1

2 a1q22earningsreleaseex991.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Meredith Bandy980.999.5168

Albemarle Reports First Quarter Sales Growth of 36%, Raising Guidance

CHARLOTTE, N.C. – May 4, 2022 - Albemarle Corporation (NYSE: ALB) today announced its results for the first quarter ended March 31, 2022.

First Quarter 2022 and Recent Highlights

(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

•Net sales of $1.13 billion, an increase of 36%; Net sales increased 44% excluding Fine Chemistry Services (FCS) business sold in June 2021

•Net income of $253.4 million, or $2.15 per diluted share; Adjusted diluted EPS of $2.38, an increase of 116%

•Adjusted EBITDA of $432 million, an increase of 88%; Adjusted EBITDA increased 107% excluding FCS business sold in June 2021

•MARBL Lithium Joint Venture (MARBL) to start operation of the second train at Wodgina Lithium Mine with first spodumene concentrate production expected in July 2022

•2022 guidance revised upward on increased prices in Lithium and Bromine businesses; net sales are now expected to increase approximately 60-70% year-over-year and adjusted EBITDA is now expected to increase approximately 100-140% year-over-year

“We achieved a strong start to the year by focusing on execution and building on the momentum we created in the second half of 2021,” said Albemarle CEO Kent Masters. “Many of the end markets we serve are critical for transitioning to greener energy and advancing electrification and digitalization. Our ongoing investments capitalize on the rapid growth and strong pricing trends in these markets. We continue to explore sustainable options to expand our conversion capacity and resources, including opportunities in North America and Europe.”

Outlook

Albemarle’s outlook for 2022 has improved based on expectations of continued demand growth and tightness in the markets it serves. Net sales guidance was revised upward primarily due to continued strength in pricing in its Lithium and Bromine businesses. Adjusted EBITDA guidance is higher based on pricing expectations partially offset by inflationary cost pressures, particularly for natural gas in Europe.

FY 2022 Guidance

Net sales$5.2 - $5.6 billion

Adjusted EBITDA$1.7 - $2.0 billion

Adjusted EBITDA Margin33% - 36%

Adjusted Diluted EPS$9.25 - $12.25

Net Cash from Operations$500 - $800 million

Capital Expenditures$1.3 - $1.5 billion

1

First Quarter Results

In millions, except per share amountsQ1 2022Q1 2021$ Change% Change

Net sales$1,127.7 $829.3 $298.4 36.0 %

Net income attributable to Albemarle Corporation$253.4 $95.7 $157.7 164.8 %

Adjusted EBITDA(a) $431.9 $230.1 $201.9 87.8 %

Diluted earnings per share$2.15 $0.84 $1.31 156.0 %

Non-operating pension and OPEB items(a)

(0.04)(0.04)

Non-recurring and other unusual items(a)

0.26 0.29

Adjusted diluted earnings per share(a)(b) $2.38 $1.10 $1.28 116.4 %

(a)    See Non-GAAP Reconciliations for further details.

(b)    Totals may not add due to rounding.

Net sales of $1.13 billion increased by $298.4 million compared to the prior year quarter primarily due to increased pricing across Albemarle’s business segments driven by strong demand from diverse end markets.

Net income attributable to Albemarle of $253.4 million increased by $157.7 million from the prior year quarter primarily due to higher net sales, partially offset by inflationary cost pressures including natural gas prices in Europe.

Adjusted EBITDA of $431.9 million increased by $201.9 million from the prior year quarter primarily due to higher net sales, partially offset by inflationary cost pressures including natural gas prices in Europe.

The effective income tax rate for the first quarter of 2022 was 26.9% compared to 17.9% in the same period of 2021. The difference is largely due to global intangible low-taxed income and the geographic mix of earnings. On an adjusted basis, the effective income tax rates were 18.9% and 17.5% for the first quarter of 2022 and 2021, respectively.

Business Segment Results

Lithium Results

In millionsQ1 2022Q1 2021$ Change% Change

Net Sales$550.3 $279.0 $271.3 97.2 %

Adjusted EBITDA $308.6 $106.4 $202.2 190.0 %

Lithium net sales of $550.3 million increased $271.3 million (+97%) due to higher pricing net of FX (+66%) and a one-time sale of spodumene produced during the initial startup of Wodgina. Volume was higher (+31%) from tolling to help meet growing customer demand. Adjusted EBITDA of $308.6 million increased $202.2 million primarily due to increased pricing from renegotiated variable price contracts as well as the sale of lower cost inventory.

Lithium Outlook

Adjusted EBITDA for the full year 2022 is expected to grow approximately 200-225% year over year, up from the previous outlook. Average realized pricing is now expected to be up approximately 100% year over year resulting from the renegotiated index-referenced variable price contracts and increased market pricing. F

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Exhibit 99.1

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David Burke980.299.5533

Albemarle Corporation Finishes 2021 Strong; Raises 2022 Outlook

CHARLOTTE, NC - Feb. 16, 2022 – Albemarle Corporation (NYSE: ALB) today announced its results for the fourth quarter and full year ended December 31, 2021.

Fourth Quarter 2021 and Recent Highlights

(Unless otherwise stated, all percent changes represent year-over-year comparisons)

•Net sales of $894 million, an increase of 2%

•Net loss of ($3.8) million, or ($0.03) per diluted share; Adjusted diluted EPS of $1.01

•Adjusted EBITDA of $229 million, an increase of 3%

•Improved full year 2022 outlook based on anticipated ability to capitalize on favorable market conditions for lithium and bromine; adjusted EBITDA expected to be 35%-55% higher Y/Y excluding FCS

•La Negra III/IV conversion plant is in commercial qualification

•Kemerton I conversion plant is mechanically complete and in the commissioning phase; construction team now dedicated to Kemerton II

•Signed non-binding letter agreement to explore expanding the MARBL JV to increase optionality and reduce risk

“Our team delivered a strong year that exceeded expectations by executing our strategy and effectively responding to a number of challenges in 2021. We increased our net sales and adjusted EBITDA by 11% and 13%, respectively, excluding FCS,” said Albemarle CEO Kent Masters. “Our Lithium and Bromine businesses are performing well. With a firm focus on executing our growth strategy, we are well positioned for opportunities to deliver significant value to our shareholders. The strategic investments we’ve made in our Lithium business as well as the progress of several key projects will enable us to potentially double our nameplate capacity by the end of 2022 and accelerate our Wave 3 projects.”

Outlook

Albemarle expects that its full year 2022 results across all business units will improve relative to full year 2021. Capital expenditures are anticipated to be higher than previously planned as the company invests to accelerate conversion capacity additions and meet evolving industry standards, as well as continued inflationary pressures.

FY 2022 Guidance

Net sales$4.2 - $4.5 billion

Adjusted EBITDA$1.15 - $1.3 billion

Adjusted EBITDA Margin27% - 29%

Adjusted Diluted EPS$5.65 - $6.65

Net Cash from Operations$400 - $500 million

Capital Expenditures$1.3 - $1.5 billion

1

Fourth Quarter Results

In millions, except per share amountsQ4 2021Q4 2020$ Change% Change

Net sales$894.2 $879.1 $15.1 1.7 %

Net (loss) income attributable to Albemarle Corporation$(3.8)$84.6 $(88.4)(104.5)%

Adjusted EBITDA(a) $228.7 $221.1 $7.6 3.4 %

Diluted loss earnings per share$(0.03)$0.79 $(0.82)(103.8)%

Non-operating pension and OPEB items(a)

(0.41)0.35

Non-recurring and other unusual items(a)

1.45 0.03

Adjusted diluted earnings per share(a)(b) $1.01 $1.17 $(0.16)(13.7)%

(a)    See Non-GAAP Reconciliations for further details.

(b)    Totals may not add due to rounding.

Net sales of $894.2 million increased by $15.1 million compared to the prior year quarter, primarily driven by an increase in sales from the company’s Lithium and Bromine businesses, partially offset by the loss of revenue from its Fine Chemistry Services (FCS) business which was sold on June 1, 2021.

Adjusted EBITDA of $228.7 million increased by $7.6 million from the prior year quarter primarily due to Lithium results, offset by the impact of the sale of FCS.

Net loss attributable to Albemarle of ($3.8) million decreased by $88.4 million from the prior year quarter primarily due to a $132.4 million post-measurement period acquisition purchase price adjustment related to anticipated cost overruns from supply chain, labor and COVID-19 pandemic related issues at the Kemerton construction project. In addition, Net income attributable to Albemarle was impacted by after-tax actuarial gains of $43.6 million realized in the fourth quarter of 2021 compared to after-tax actuarial losses of $40.9 million in the fourth quarter of 2020.

The effective income tax rate for the fourth quarter of 2021 was (186.4)% compared to (20.9)% in the same period in 2020. The difference is largely due to the geographic mix of earnings, including the impact of certain charges in countries with valuation allowances, and discrete tax items impacting the fourth quarter of 2021. On an adjusted basis, the effective income tax rates were 27.0% and 12.8% for the fourth quarter of 2021 and 2020, respectively. The difference is primarily due to geographic mix of earnings.

Business Segment Results

Lithium Results

In millionsQ4 2021Q4 2020$ Change% Change

Net Sales$404.7 $358.6 $46.2 12.9 %

Adjusted EBITDA$138.2 $122.1 $16.1 13.2 %

Lithium net sales of $404.7 million increased $46.2 million (+12.9%) due to higher pricing (+18%), partially offset by lower volumes (-5%). Lower volumes were primarily related to the timing of shipments and a more even d