Albemarle — Feb 12, 2025 release

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