Albemarle — Nov 6, 2024 release

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