Financial Data and Key Metrics Changes - For Q4 2024, the company reported net sales of $1.2 billion and adjusted EBITDA of $251 million, with year-over-year EBITDA improvements across all business segments [6][11][12] - Full year 2024 adjusted EBITDA reached $1.1 billion, aligned with outlook considerations, driven by productivity and cost improvements, higher volumes, and strong contract performance [7][13] - The company generated $702 million in cash from operations with an operating cash conversion rate exceeding 60%, surpassing the target of 50% [7][28] Business Line Data and Key Metrics Changes - The Energy Storage segment saw a 26% year-over-year increase in sales volumes, exceeding initial guidance of 10% to 20% growth, attributed to successful project ramps and increased spodumene sales [7][12] - Adjusted EBITDA improved year-over-year in all three business segments, with notable contributions from higher volumes in specialties and reduced corporate costs [15][19] Market Data and Key Metrics Changes - The company provided outlook scenarios for lithium market prices, including a new $9 per kilogram scenario and updated ranges of $12 to $15 and $20 per kilogram, reflecting improved outlooks due to ongoing productivity enhancements [9][16] - Global electric vehicle registrations increased by 25% year-over-year in 2024, with significant growth in grid storage demand, which rose nearly 50% year-over-year [32][34] Company Strategy and Development Direction - The company is focusing on optimizing its conversion network, improving cost and efficiency, reducing capital expenditures, and enhancing financial flexibility [8][40] - Strategic initiatives include placing the Chengdu lithium conversion facility into care and maintenance and shifting capacity at the Qinzhou facility from hydroxide to carbonate to meet market demand [8][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving breakeven free cash flow in 2025, contingent on executing their plans effectively [10][31] - The company anticipates a modest volume-led recovery in specialties driven by strength in pharma, autos, and oilfield applications, while also expecting improvements in Ketjen results [25][32] Other Important Information - The company concluded Q4 with available liquidity of $2.8 billion, comprising $1.2 billion in cash and cash equivalents and $1.5 billion available under its revolver [26] - The company has reduced its full year 2025 CapEx outlook by an additional $100 million, now expecting to spend between $700 million and $800 million [9][20] Q&A Session Summary Question: Contract mix and renegotiation - The remaining 50% of contracts not on long-term agreements are primarily indexed to spot prices, with no significant recent renegotiations [61][62] Question: CapEx reduction and resource investments - The CapEx reduction primarily focused on conversion investments, with a shift towards high-quality, low-cost resources [63][64] Question: Market influence of Chengdu facility actions - The actions at Chengdu are not expected to significantly influence the broader market due to its relatively small capacity [67][68] Question: Tax guidance for 2025 - The wide range in tax guidance is driven by various scenarios influenced by lithium prices and tax evaluation allowances in certain jurisdictions [70][72] Question: Free cash flow breakeven in 2025 - Achieving breakeven free cash flow depends on executing the company's plans effectively, with pricing being a significant factor [75][76] Question: Lithium pricing and supply dynamics - Approximately 25% of the global lithium supply is underwater, with about half of that curtailed or shut down [84][86] Question: Energy Storage capacity under long-term contracts - About 50% of the Energy Storage capacity is under long-term contracts with floors [138][139] Question: Grid storage market outlook - The grid storage market is expected to continue growing, with a strong demand for lithium-based solutions [126][127]

Financial Data and Key Metrics Changes - For Q4 2024, the company reported net sales of $1.2 billion and adjusted EBITDA of $251 million, with year-over-year EBITDA improvements across all business segments [5][9] - Full year 2024 adjusted EBITDA reached $1.1 billion, consistent with outlook considerations due to productivity and cost improvements, higher volumes, and strong contract performance [5][10] - The company generated $700 million in cash from operations with an operating cash conversion rate exceeding 60%, above the target of 50% [5][20] Business Line Data and Key Metrics Changes - The Energy Storage segment experienced a 26% year-over-year increase in sales volumes, surpassing initial guidance of 10% to 20% growth [5][10] - Adjusted EBITDA improved year-over-year in all three business segments, driven by higher volumes and productivity [11][10] - Specialties 2025 net sales are projected to be between $1.3 billion and $1.5 billion, with adjusted EBITDA of $210 million to $280 million [14] Market Data and Key Metrics Changes - The lithium market pricing scenarios for 2025 include a new $9 per kilogram scenario, updated $12 to $15 per kilogram, and $20 per kilogram scenarios, with improved outlooks across these ranges [7][12] - Electric vehicle registrations increased by 25% year-over-year in 2024, with significant growth in grid storage demand, which rose nearly 50% year-over-year [23][25] - China remains the key driver of global demand, with a 37% year-over-year increase, representing about 65% of market demand [26] Company Strategy and Development Direction - The company is focused on optimizing its conversion network, improving cost and efficiency, reducing capital expenditure, and enhancing financial flexibility [6][29] - Strategic initiatives include placing the Chengdu Lithium Conversion Facility into care and maintenance and shifting capacity at the Zhengzhou facility from hydroxide to carbonate [7][30] - The company aims to achieve breakeven free cash flow in 2025 through cost and productivity improvements [8][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term drivers of the lithium market, emphasizing the importance of lithium in the energy transition [22] - The company anticipates a modest volume-led recovery in specialties, driven by strength in pharmaceuticals, automotive, and oilfield applications [18] - Management highlighted the need for a globally diversified conversion network to adapt to market conditions and maintain competitive advantages [30][34] Other Important Information - The company concluded Q4 with available liquidity of $2.8 billion, including $1.2 billion in cash and cash equivalents [18][19] - The company expects operating cash flow conversion to exceed 80% in 2025, driven by working capital improvements and a $350 million customer prepayment [20][21] Q&A Session Summary Question: Contract mix and long-term agreements - The remaining 50% of sales not on long-term agreements primarily follows spot mechanisms, with no significant recent renegotiations of long-term contracts [42][44] Question: CapEx reduction and resource investments - The CapEx reduction primarily focused on conversion investments, with a more targeted approach on high-quality, low-cost resources [45][46] Question: Market influence of CapEx cuts and maintenance actions - The company does not expect its actions at Chengdu to significantly influence the broader market, as it is a smaller facility [48] Question: Tax guidance for 2025 - The wide range in tax guidance is driven by various scenarios influenced by lithium prices and pre-tax income [49][51] Question: Free cash flow breakeven in 2025 - Achieving breakeven free cash flow depends on executing the plan, with pricing being a potential risk factor [53][54] Question: Realized lithium prices and market conditions - The company does not disclose exact pricing spreads between spot and contract sales [57] Question: Supply curtailments and market dynamics - Approximately 25% of global lithium supply is believed to be underwater, with about half of that curtailed [59] Question: Energy storage capacity under long-term contracts - About 50% of energy storage capacity is under long-term contracts, with the other half being spot contracts [97][98] Question: Grid storage market outlook - The grid storage market is expected to continue growing, with lithium-based solutions becoming more prevalent [90][92]

Acquisitions and Investments - Albemarle acquired the remaining 40% ownership of the Kemerton lithium hydroxide processing facility for approximately $380 million, with the transaction effective retroactively to April 1, 2022[60]. - The acquisition of Guangxi Tianyuan New Energy Materials Co., Ltd. was completed for approximately $200 million, with a lithium processing plant capable of producing up to 25,000 metric tons of lithium carbonate equivalent annually[61]. - The restructuring of the MARBL Lithium Joint Venture reduced Albemarle's ownership interest from 60% to 50% as of October 18, 2023, impacting future revenue recognition from this joint venture[548]. - The company completed the acquisition of Guangxi Tianyuan New Energy Materials Co., Ltd. for approximately $200 million in cash, which included a deferral of about $29 million[601]. - The fair value of the assets acquired in the Guangxi Tianyuan acquisition included property, plant, and equipment valued at $106.6 million and other intangibles valued at $16.3 million[602]. - The restructuring of the MARBL joint venture allowed the company to acquire 100% ownership of the Kemerton lithium hydroxide processing facility, with a cash payment of approximately $380 million[626]. Financial Performance - The company’s net sales for the year ended December 31, 2024, were $5,377.5 million, a decrease of 44.5% compared to $9,617.2 million in 2023[538]. - The gross profit for 2024 was $62.5 million, significantly down from $1,185.9 million in 2023, indicating a gross margin decline[538]. - The company reported a net loss of $1,135.5 million for 2024, compared to a net income of $1,670.5 million in 2023, reflecting a substantial downturn in profitability[538]. - Comprehensive loss income for 2024 was $1,348.9 million, contrasting with comprehensive income of $1,702.8 million in 2023[541]. - The company reported a net loss of $1,179,449,000 for the year ended December 31, 2023, compared to a net income of $1,573,476,000 in 2022[545]. - The company reported accumulated other comprehensive loss of $(742,062,000) as of December 31, 2024[545]. - For the year ended December 31, 2024, Albemarle Corporation reported a net loss of $1,135.5 million compared to a net income of $1,670.5 million in 2023, representing a significant decline in profitability[547]. Cash Flow and Liquidity - Cash flows from operating activities for 2024 were $702.1 million, down from $1,325.3 million in 2023, indicating a decrease of approximately 47%[547]. - The company’s cash and cash equivalents at the end of 2024 were $1,192.2 million, an increase of $302.3 million from $889.9 million at the end of 2023[547]. - The company issued 2,300 shares of mandatory convertible preferred stock in 2024, with a stated value of $1,000 each, totaling $2,235,105 thousand[543]. - The company received $2,236.8 million from the issuance of mandatory convertible preferred stock in 2024, which was a new financing activity not present in the previous year[547]. - The company repaid a net amount of $620.0 million of commercial paper notes during the year ended December 31, 2024, using proceeds from the issuance of mandatory convertible preferred stock[658]. Debt and Liabilities - As of December 31, 2024, Albemarle had variable interest rate borrowings of $27.5 million, representing 1% of total outstanding debt, with an average interest rate of 0.33%[514]. - Long-term debt decreased from $3,541,002 thousand in 2023 to $3,118,142 thousand in 2024, a decline of approximately 12.0%[543]. - The total long-term debt maturities for 2025 are projected at $398.5 million, with significant amounts due in subsequent years[647]. - The net pension liability decreased to $7.674 billion in 2024 from $8.771 billion in 2023, reflecting a reduction of approximately 12.5%[665]. - Total noncurrent liabilities increased from $769.100 million in 2023 to $819.204 million in 2024[688]. Environmental and Sustainability Goals - Albemarle aims to achieve net-zero carbon emissions by 2050, with a target to reduce scope 1 and 2 carbon intensity by 35% by 2030 from a 2019 baseline[55]. - The company plans to reduce freshwater usage intensity by 25% by 2030 in areas of high water risk, such as Chile and Jordan[56]. - The company is committed to responsible management of natural resources and aims to maximize the recovery of extracted minerals while preserving local environments[58]. Research and Development - Research and development expenses increased slightly to $86.7 million in 2024 from $85.7 million in 2023, showing continued investment in innovation[538]. - Research and development expenses are primarily personnel-related and are expensed as incurred, supporting contract research and custom manufacturing businesses[571]. Inventory and Assets - Total assets decreased from $18,270,652 thousand in 2023 to $16,609,649 thousand in 2024, a decline of approximately 9.1%[543]. - Current assets fell from $5,216,919 thousand in 2023 to $3,842,262 thousand in 2024, representing a decrease of about 26.4%[543]. - Inventories decreased from $2,161,287 thousand in 2023 to $1,502,531 thousand in 2024, a reduction of about 30.5%[543]. - Finished goods inventory decreased from $1,624.9 million in 2023 to $912.7 million in 2024, a reduction of approximately 44%[611]. - Total inventory value dropped from $2,161.3 million in 2023 to $1,502.5 million in 2024, reflecting a decline of about 30%[611]. Compliance and Legal Matters - The company finalized agreements to resolve matters with the DOJ and SEC in September 2023[696]. - A total of $218.5 million was paid in aggregate fines, disgorgement, and prejudgment interest to the DOJ and SEC[696]. - The resolution does not include a compliance monitorship, but the company has agreed to ongoing compliance reporting obligations[697]. - The conduct related to the resolution occurred prior to 2018[696]. - The company voluntarily self-reported potential violations of the U.S. Foreign Corrupt Practices Act[695].

Financial Performance - Fourth quarter net sales were $1.2 billion, a decline of 47.7% year-over-year, primarily due to lower pricing and volumes in Energy Storage[4] - Full year net sales totaled $5.4 billion, with Energy Storage sales volumes increasing by 26%; however, the company reported a net loss of $1.2 billion for the year[4] - Net sales for Q4 2024 were $1,231.7 million, a decrease from $2,356.2 million in Q4 2023, representing a decline of 47.8% year-over-year[30] - Total net sales for the year ended December 31, 2024, were $5,377,526, a decrease from $9,617,203 in 2023, representing a decline of approximately 44%[34] - Energy Storage segment net sales for the year ended December 31, 2024, were $7,078,998, compared to $3,015,121 in 2023, reflecting an increase of approximately 134%[34] - Specialties segment net sales decreased to $1,325,983 in 2024 from $1,482,425 in 2023, a decline of about 11%[34] - Ketjen segment net sales slightly decreased to $1,036,422 in 2024 from $1,055,780 in 2023, a decrease of approximately 2%[34] Profitability and Loss - Adjusted EBITDA for the fourth quarter was $251 million, reflecting year-over-year increases across all business segments, with Energy Storage up $290 million[4] - Adjusted EBITDA for the year ended December 31, 2024, was $1,139,778, down from $3,545,988 in 2023, indicating a decrease of about 68%[34] - Gross profit for Q4 2024 was $138.2 million, compared to a loss of $704.1 million in Q4 2023, indicating a significant recovery[30] - The company reported a net income attributable to Albemarle Corporation of $75.3 million for Q4 2024, a recovery from a loss of $617.7 million in Q4 2023[30] - Basic earnings per share attributable to common shareholders for Q4 2024 was $0.29, compared to a loss of $5.26 in Q4 2023[30] - Adjusted net loss attributable to common shareholders for the three months ended December 31, 2024, was $(127,899) thousand, compared to $(609,525) thousand in 2023[39] Cash Flow and Liquidity - As of December 31, 2024, Albemarle had estimated liquidity of approximately $2.8 billion, including $1.2 billion in cash and equivalents[24] - Cash and cash equivalents increased to $1.2 billion in 2024, up from $889.9 million in 2023, showing a growth of 34.2%[31] - Net cash provided by operating activities for the year was $702,068, down from $1,325,321 in 2023, a decline of about 47%[33] - Net cash used in investing activities was $1,574,438 for the year, compared to $2,781,160 in 2023, a decrease of approximately 43%[33] - Cash and cash equivalents at the end of the period were $889,900, compared to $1,192,230 in 2023, a decrease of about 25%[33] Expenses and Liabilities - Research and development expenses for the year ended December 31, 2024, were $86.7 million, slightly up from $85.7 million in 2023[30] - Total current liabilities decreased to $1.97 billion in 2024, down from $3.56 billion in 2023, a reduction of 44.5%[31] - The company’s long-term debt decreased to $3.12 billion in 2024 from $3.54 billion in 2023, a decline of 11.9%[31] - Selling, general and administrative expenses included $2.3 million for facility closure expenses in Germany and $1.9 million for environmental reserves[49] Taxation - The effective income tax rate for Q4 2024 was 13.8%, compared to (12.9)% in the same period of 2023, influenced by changes in geographic income mix[10] - For the year ended December 31, 2024, the company reported a net loss before income taxes of $1,763.8 million, with an effective income tax rate of (4.9)%[49] - Discrete net tax benefits for the year ended December 31, 2024 amounted to $117.5 million, or $1.00 per share[47] - The company experienced a significant increase in net tax benefits from $1.3 million in 2023 to $111.4 million in 2024[47] Future Outlook - The company expects 2025 capital expenditures to be reduced by over 50% to a range of $700 million to $800 million, down from $1.7 billion in 2024[21] - The company anticipates Energy Storage volumes to increase by 0% to 10% in 2025 compared to 2024, depending on market conditions[14] - The company anticipates continued fluctuations in lithium market prices and plans to adjust capital expenditures accordingly for future projects[29]

Financial Data and Key Metrics Changes - Albemarle reported net sales of $1.4 billion for Q3 2024, a decline of 41% compared to $2.3 billion in the prior year quarter, primarily due to lower lithium pricing [9] - The company recorded a loss attributable to Albemarle of $1.1 billion, with a diluted loss per share of $9.45, and an adjusted diluted loss per share of $1.55 [9] - Adjusted EBITDA for Q3 was $211 million, lower than the prior year period, mainly due to reduced lithium pricing, although partially offset by lower cost of goods sold [10] Business Line Data and Key Metrics Changes - Year-over-year profitability improved in the Specialties segment due to productivity improvements and better end market demand [10] - Ketjen EBITDA also showed improvement year-over-year as the company executed its turnaround plan [10] Market Data and Key Metrics Changes - The demand for grid storage increased by 36% year-to-date, driven by installations in the US and China, while global electric vehicle registrations rose by 23% year-to-date, led by China [16] - China accounted for 60% of the overall EV market, with demand growth exceeding 30% year-to-date, while European EV sales growth declined slightly due to reduced subsidies and weaker economic conditions [17] Company Strategy and Development Direction - Albemarle is implementing a new operating structure aimed at delivering significant cost savings and maintaining long-term competitiveness, targeting $300 million to $400 million in cost improvements [6][19] - The company plans to reduce capital expenditures for 2025 by at least $800 million, approximately 50% lower than 2024, focusing on critical health, safety, and environmental projects [7][21] - The strategic framework remains unchanged, emphasizing the transformation of essential resources into critical ingredients, with a focus on long-term growth potential in the lithium market [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the actions taken to adapt to market conditions while pursuing long-term value creation [7] - The company expects full-year 2024 net sales to be near the lower end of the $12 to $15 per kilogram scenario, primarily due to weaker second-half pricing for lithium [12] - Management highlighted the importance of maintaining financial flexibility and proactive measures taken regarding covenant waivers [13][14] Other Important Information - Albemarle ended Q3 with available liquidity of $3.4 billion, including $1.7 billion in cash and cash equivalents [13] - The company has proactively extended its covenant waiver through Q3 2026 to ensure financial flexibility [14] Q&A Session Summary Question: Can you keep your EBITDA at least flat if prices don't change? - Management indicated it is premature to provide a 2025 outlook but acknowledged that fixed costs are expected to decrease, which could help maintain EBITDA levels [28][29] Question: How is the CapEx cut affecting volumes next year? - Management clarified that the CapEx cuts would not impact the volume forecast for next year, maintaining a 20% growth outlook through 2027 [30][31] Question: What are the assumptions for Talison equity income in Q4? - Management suggested that equity income for the next quarter should be similar to Q3 levels, with ongoing discussions about the Talison budget [33][34] Question: What is the outlook for cash conversion in the next several quarters? - Management emphasized a strong focus on cash generation and conversion, with expectations for lower cash conversion in Q4 due to reduced dividends from the Talison joint venture [38][40] Question: What is Albemarle's strategy if lithium prices recover? - Management stated that the strategy remains unchanged, but execution will adapt to market conditions, with a cautious approach to ensure price stability before shifting plans [50]

اد Q3 2024 Earnings November 7, 2024 8:00am ET Forward-Looking Statements 2 This presentation, conference call and discussions that follow contain statements concerning our expectations, anticipations and beliefs regarding the future, which constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and unc ...

Table of Contents Title of each classTrading SymbolName of each exchange on which registered COMMON STOCK, $.01 Par Value ALB New York Stock Exchange DEPOSITARY SHARES, each representing a 1/20th interest in a share of 7.25% Series A Mandatory Convertible Preferred Stock ALB PR A New York Stock Exchange Emerging growth company ☐ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________________________________ FORM 10-Q _________________________________________________ ...

Contact: invest@albemarle.com 1.980.299.5700 Exhibit 99.1 Albemarle® 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 ...

Albemarle Corporation (NYSE:ALB) Q2 2024 Earnings Conference Call August 1, 2024 8:00 AM ET Company Participants Meredith Bandy - VP, IR and Sustainability Jerry Kent Masters, Jr. - Chairman, President, and CEO Neal R. Sheorey - EVP and CFO Netha N. Johnson, Jr. - President, Specialties Global Business Unit Eric W. Norris - President, Energy Storage Global Business Unit Conference Call Participants Unidentified Analyst - Stephen Byrne - Bank of America Patrick Cunningham - Citigroup Vincent Andrews - Morga ...

اد Q2 2024 Earnings August 1, 2024 8:00am ET Forward-Looking Statements 2 This presentation, conference call and discussions that follow contain statements concerning our expectations, anticipations and beliefs regarding the future, which constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncer ...