# ALBEMARLE CORP (ALB)

Informational only - not investment advice.

CIK: 0000915913
SIC: 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers
SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers](/industry/2821/)
Latest 10-K filed: 2026-02-11
SEC page: https://www.sec.gov/edgar/browse/?CIK=915913
Filing source: https://www.sec.gov/Archives/edgar/data/915913/000091591326000018/alb-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-11 · accession 0000915913-26-000018 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000915913.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 5,142,733,000 USD | 2025 | verified |
| Net income | -510,628,000 USD | 2025 | verified |
| Assets | 16,374,211,000 USD | 2025 | verified |
| Free cash flow | 692,466,000 USD | 2025 | computed |
| Net margin | -9.93% | 2025 | computed |
| Operating margin | -7.14% | 2025 | computed |
| Revenue YoY | -4.37% | 2025 | computed |
| ROE | -5.36% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | ALB | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -9.9% | -6.1% | 25 | 9 |
| Revenue growth | -4.4% | -2.3% | 38 | 9 |
| FCF margin | 13.5% | 4.1% | 100 | 10 |
| ROE | -5.4% | -5.2% | 38 | 9 |
| ROA | -3.1% | -3.4% | 56 | 10 |
| Liabilities / equity | 0.72 | 1.16 | 25 | 9 |
| Current ratio | 2.23 | 2.10 | 56 | 10 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 5142733000 | USD | 2025 | 2026-02-11 |
| Net income | -510628000 | USD | 2025 | 2026-02-11 |
| Assets | 16374211000 | USD | 2025 | 2026-02-11 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000915913.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 2,677,203,000 | 3,071,976,000 | 3,374,950,000 | 3,589,427,000 | 3,128,909,000 | 3,327,957,000 | 7,320,104,000 | 9,617,203,000 | 5,377,526,000 | 5,142,733,000 |
| Net income | 643,675,000 | 54,850,000 | 693,562,000 | 533,228,000 | 375,764,000 | 123,672,000 | 2,689,816,000 | 1,573,476,000 | -1,179,449,000 | -510,628,000 |
| Operating income | 600,980,000 | 571,660,000 | 911,540,000 | 666,123,000 | 505,812,000 | 798,434,000 | 2,470,061,000 | 251,881,000 | -1,776,545,000 | -367,084,000 |
| Gross profit | 970,306,000 | 1,106,276,000 | 1,217,256,000 | 1,257,778,000 | 994,853,000 | 997,971,000 | 3,074,587,000 | 1,185,909,000 | 62,539,000 | 668,719,000 |
| Diluted EPS | 5.68 | 0.49 | 6.34 | 5.02 | 3.52 | 1.06 | 22.84 | 13.36 | -11.20 | -5.76 |
| Operating cash flow | 735,524,000 | 303,979,000 | 546,165,000 | 719,374,000 | 798,914,000 | 344,257,000 | 1,907,849,000 | 1,326,583,000 | 687,876,000 | 1,282,267,000 |
| Capital expenditures | 196,654,000 | 317,703,000 | 699,991,000 | 851,796,000 | 850,477,000 | 953,667,000 | 1,261,646,000 | 2,154,542,000 | 1,680,529,000 | 589,801,000 |
| Dividends paid | 135,353,000 | 140,557,000 | 144,596,000 | 152,204,000 | 161,818,000 | 177,853,000 | 184,429,000 | 187,188,000 | 188,530,000 | 190,530,000 |
| Assets | 8,161,207,000 | 7,750,772,000 | 7,581,674,000 | 9,860,863,000 | 10,450,946,000 | 10,974,118,000 | 15,456,522,000 | 18,270,652,000 | 16,609,649,000 | 16,374,211,000 |
| Stockholders' equity | 3,795,062,000 | 3,674,549,000 | 3,585,321,000 | 3,932,250,000 | 4,268,227,000 | 5,625,266,000 | 7,982,627,000 | 9,412,180,000 | 9,961,517,000 | 9,533,365,000 |
| Free cash flow | 538,870,000 | -13,724,000 | -153,826,000 | -132,422,000 | -51,563,000 | -609,410,000 | 646,203,000 | -827,959,000 | -992,653,000 | 692,466,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 24.04% | 1.79% | 20.55% | 14.86% | 12.01% | 3.72% | 36.75% | 16.36% | -21.93% | -9.93% |
| Operating margin | 22.45% | 18.61% | 27.01% | 18.56% | 16.17% | 23.99% | 33.74% | 2.62% | -33.04% | -7.14% |
| Return on equity | 16.96% | 1.49% | 19.34% | 13.56% | 8.80% | 2.20% | 33.70% | 16.72% | -11.84% | -5.36% |
| Return on assets | 7.89% | 0.71% | 9.15% | 5.41% | 3.60% | 1.13% | 17.40% | 8.61% | -7.10% | -3.12% |
| Liabilities / equity | 1.15 | 1.11 | 1.11 | 1.51 | 1.45 | 0.95 | 0.94 | 0.94 | 0.67 | 0.72 |
| Current ratio | 2.90 | 2.06 | 1.69 | 1.58 | 1.22 | 1.06 | 1.89 | 1.47 | 1.95 | 2.23 |

## As-reported value updates

3 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/ALB/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000915913.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 7.61 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 10.51 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 5.52 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 2,310,596,000 | 302,533,000 | 2.57 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 2,356,165,000 | -617,680,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 1,360,736,000 | 2,448,000 | -0.08 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 1,430,385,000 | -188,198,000 | -1.96 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 1,354,692,000 | -1,068,992,000 | -9.45 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,231,713,000 | 75,293,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 1,076,881,000 | 41,348,000 | 0.00 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 1,329,992,000 | 22,897,000 | -0.16 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 1,307,829,000 | -160,694,000 | -1.72 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,428,031,000 | -414,179,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 1,428,731,000 | 319,091,000 | 2.34 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 1,743,313,000 | 479,959,000 | 3.52 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from ALB's latest 10-K: [/company/ALB/business/](/company/ALB/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from ALB's latest 10-K: [/company/ALB/risk-factors/](/company/ALB/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/915913/000091591326000102/alb-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion should be read together with the consolidated financial statements and related notes included in Albemarle Corporation’s (“Albemarle,” “we,” “us,” “our” or the “Company”) Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and the condensed consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q. The following discussion contains forward-looking statements. For a discussion of limitations inherent in such statements, please see “Forward-Looking Statements.”

Overview

We are a world leader in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. Our purpose is to enable a more resilient world. We partner to pioneer new ways to move, power, connect, and protect. The end markets we serve include grid storage, automotive, aerospace, conventional energy, electronics, construction, agriculture and food, pharmaceuticals and medical devices. We believe that our world-class resources with reliable and consistent supply, our leading process chemistry, high-impact innovation, customer centricity and focus on people and planet will enable us to maintain a leading position in the industries in which we operate. Additional information regarding our products, markets and financial performance is provided at our website, www.albemarle.com. Our website is not a part of this document nor is it incorporated herein by reference.

Secular trends favorably impacting demand within the end markets that we serve combined with our diverse product portfolio, cost discipline, broad geographic presence and customer-focused solutions will continue to be key drivers of our future earnings. We continue to build upon our existing portfolio and our ongoing mission to provide innovative, yet commercially viable, energy products and services to the marketplace to contribute to our sustainability-based revenue.

In the first quarter of 2026, we completed the sale of our controlling ownership in the Refining Solutions business, as well as the sale of our 50% ownership interest in the Eurecat S.A. joint venture for combined pre-tax cash proceeds of approximately $648 million, net of cash sold, while initially owning a 49% interest in a newly formed refining solutions joint venture and retaining 100% ownership interest in the Performance Catalysts Solutions (“PCS”) business. The proceeds from these divestitures were used to make payments on certain of our senior notes as part of our deleveraging efforts. As part of continual efforts to optimize our cost structure and strengthen our financial flexibility, we have taken proactive actions, including certain restructuring activities and reducing planned capital expenditures. We believe our disciplined cost reduction efforts and ongoing productivity improvements, among other factors, position us well to take advantage of strengthening economic conditions as they occur, while softening the negative impact of challenging global economic environments.

Our net sales for the second quarter of 2026 were $1.7 billion, an increase of 31% year-over-year that was primarily driven by a 42% year-over-year increase in pricing. Adjusted EBITDA improved 155% year-over-year, driven by strong results in both Energy Storage and Specialties. Both net sales and adjusted EBITDA increased despite the sale of the Refining Solutions business, which provided $215.3 million and $32.9 million, respectively, in the second quarter of 2025. Cash flows from operations during the first six months of 2026 were $1.1 billion, an increase of 96% year-over-year, driven by results in both Energy Storage and Specialties and successful execution of cost reduction efforts.

Outlook

The current global business environment presents a diverse set of opportunities and challenges in the markets we serve. In particular, we believe that global demand for lithium battery and energy storage, particularly for electric vehicles (“EV”) and energy storage systems (“ESS”), will continue to grow, providing the opportunity to continue to develop high quality and innovative products while managing the high cost of expanding capacity. This demand for lithium is supported by a favorable backdrop of steadily declining lithium-ion battery costs, increasing battery performance, continuing significant investments in the battery and EV supply chain by cathode and battery producers and automotive OEMs and favorable global public policy toward e-mobility/renewable energy usage. In addition, we expect strong demand in the ESS market driven by competitive economics and desire for energy reliability. ESS technology supports peak-demand, regulates grid frequency and voltage, and provides back-up power as global data center growth and other factors drive increased electricity demand globally. Our outlook is also partly bolstered by long-term supply agreements with key strategic customers, reflecting our standing as a preferred global lithium partner, highlighted by our scale, access to geographically diverse, low-cost resources and long-term track record of reliability of supply and operating execution. Amidst these dynamics, and despite ongoing price volatility, we believe our long-term business fundamentals are sound and that we are strategically well-positioned as we remain focused on increasing sales volumes, optimizing and improving the value of our portfolio through pricing and product development, managing costs and delivering value to our customers and shareholders.

The other markets we serve continue to present various opportunities for value and growth as we have positioned ourselves to manage the impact on our business of changing global conditions, such as trade policies and tariffs, slow and

34

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uneven global growth, currency exchange volatility, crude oil price fluctuation, a dynamic pricing environment and increasingly stringent environmental standards. We continue to believe that improving global standards of living, widespread digitization, increasing demand for data management capacity and the potential for increasingly stringent fire safety regulations in developing markets are likely to drive continued demand for lithium, fire safety, bromine and lithium specialties products. We believe that our businesses remain well-positioned to capitalize on new business opportunities and long-term trends driving growth within our end markets and to respond quickly to changes in economic conditions in these markets.

As part of continual efforts to optimize our cost structure and strengthen our financial flexibility, we have taken proactive actions, including certain restructuring activities, reducing planned capital expenditures and repurchasing debt. Although lithium index pricing has begun to rebound from low levels, it remains critical that we ensure an efficient operating model so we can compete and invest at every point of the cycle. To ensure we remain competitive, we will continue considering on an ongoing basis additional measures to support operating efficiencies, financial flexibility and growth.

The Company continues to monitor the current situation in the Middle East, where our business operations have generally continued as normal with some shipping and raw material delays. However, we may experience increased shipping and fuel costs amid rising prices that could negatively impact our results. We will continue to make efforts to protect both the business and the safety of our employees. In addition, at this time, we do not expect a material, direct impact to our financial statements from the tariffs proposed or imposed by the U.S. and internationally to date. The potential direct exposure of the Energy Storage segment to proposed or imposed tariffs is expected to be minimal as most of our China production is sold into China or other Asian countries, and some critical materials are fully or partially exempt from applicable tariffs in their currently proposed form. While there may be an impact to the Specialties business, we do not expect it to be material due to our global footprint and planned mitigation actions.

Following the completion of the sale of our Refining Solutions business in the first quarter of 2026, we report results across two operating segments: Energy Storage and Specialties.

Energy Storage: Energy Storage net sales and profitability are strongly dependent on lithium market prices, which are volatile. If the average lithium pricing for 2026 is in line with current prices, we expect Energy Storage net sales and profitability to increase year-over-year. Because many of our contracts are index-referenced and variable-priced, our business is generally aligned with changes in market and index pricing. As a result, increases or decreases in lithium market pricing could have a material impact on our results. We expect sales volume to be relatively flat to slightly down compared to prior year as a result of a fire at our Talison joint venture’s third chemical grade plant in Greenbushes (“CGP3”), offset by strong integrated production, stronger than expected spodumene sales from our Wodgina joint venture and our ability to operate with lower inventory levels. Remediation from the impact of the CGP3 fire, with ramp up to normal production levels, is expected to be completed in the second half of 2026. Global EV and ESS sales are expected to increase over the prior year, driving sustained demand for lithium batteries. We are also focused on continued cost reduction efforts to drive additional profitability in 2026.

As part of the above-mentioned actions to optimize our cost structure and strengthen our financial flexibility, over the past two years we stopped construction of Kemerton Trains 3 and 4, and have put, or are in the process of putting, Kemerton Trains 1 and 2 and the Chengdu, China conversion facilities into care and maintenance. Production from the sites placed into care and maintenance has been transferred to other processing facilities.

Specialties: We expect both net sales and profitability for 2026 to be slightly above 2025 results due to an improved outlook of bromine pricing and modest volume growth. We expect continued strong demand in certain end-markets, such as semiconductors and pharmaceuticals, partially offset by reduced customer demand in other markets, including automotive, building and construction, and oil and gas.

Results of Operations

The following is a discussion and analysis of our results of operations for the three-month and six-month periods ended June 30, 2026 and 2025. A discussion of our consolidated financial condition and sources of additional capital is included under a separate heading, “Financial Condition and Liquidity.” Certain percentage changes are considered not meaningful (“NM”).

35

Table of Contents

Second Quarter 2026 Compared to Second Quarter 2025

Net Sales

[[GREPCENT_TABLE]]
[["In thousands","Q2 2026","","Q2 2025","","$ Change","","% Change"],["Net sales","$","1,743,313","","","$","1,329,992","","","$","413,321","","","31","%"],["\u2022$561.8 million increase primarily attributable to higher pricing in Energy Storage and Specialties\u2022$28.4 million increase primarily attributable to higher sales volume in Specialties\u2022$215.3 million decrease attributable to the absence of Refining Solutions net sales as a result of its divestiture on March 2, 2026\u2022$38.5 million of favorable currency translation resulting from the weaker U.S. Dollar against various currencies"]]
[[/GREPCENT_TABLE]]

Gross Profit

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/915913/000091591326000018/alb-20251231.htm
Complete FY 2025 MD&A: /company/ALB/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-11
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-looking Statements

Some of the information presented in this Annual Report on Form 10-K, including the documents incorporated by reference herein, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on our current expectations, which are in turn based on assumptions that we believe are reasonable based on our current knowledge of our business and operations. We have used words such as “ambition,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “may,” “should,” “would,” “will” and variations of such words and similar expressions to identify such forward-looking statements.

These forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond our control. There can be no assurance that our actual results will not differ materially from the results and expectations expressed or implied in the forward-looking statements. Factors that could cause actual results to differ materially from the outlook expressed or implied in any forward-looking statement include, without limitation, information related to:

•the closing and timing of closing of our divestiture of the Refining Solutions business;

•changes in economic and business conditions;

•product development;

•changes in financial and operating performance of our major customers and industries and markets served by us;

•the timing of orders received from customers;

•the gain or loss of significant customers;

•fluctuations in lithium market pricing, which could impact our revenues and profitability particularly due to our increased exposure to index-referenced and variable-priced contracts for battery grade lithium sales;

•inflationary trends in our input costs, such as raw materials, transportation and energy, and their effects on our business and financial results;

•changes with respect to contract renegotiations;

•potential production volume shortfalls;

•competition from other manufacturers;

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Albemarle Corporation and Subsidiaries

•changes in the demand for our products or the end-user markets in which our products are sold;

•limitations or prohibitions on the manufacture and sale of our products;

•availability of raw materials;

•increases in the cost of raw materials and energy, and our ability to pass through such increases to our customers;

•our rights to use water and our usage of water, particularly with respect to our early warning plan at our facilities in Chile;

•technological change and development;

•changes in our markets in general;

•fluctuations in foreign currencies;

•changes in laws and government regulation impacting our operations or our products;

•changes in trade policies and tariffs;

•the occurrence of regulatory actions, proceedings, claims or litigation (including with respect to the U.S. Foreign Corrupt Practices Act and foreign anti-corruption laws);

•the occurrence of cyber-security breaches, terrorist attacks, industrial accidents or natural disasters;

•the effects of climate change, including any regulatory changes to which we might be subject;

•hazards associated with chemicals manufacturing;

•the inability to maintain current levels of insurance, including product or premises liability insurance, or the denial of such coverage;

•political unrest affecting the global economy, including adverse effects from terrorism or hostilities;

•political instability affecting our manufacturing operations or joint ventures;

•changes in accounting standards;

•the inability to achieve results from our global manufacturing cost reduction initiatives as well as our ongoing continuous improvement and rationalization programs;

•risks related to any divestiture or discontinuations of operating units or plants;

•changes in the jurisdictional mix of our earnings and changes in tax laws and rates or interpretation;

•changes in monetary policies, inflation or interest rates that may impact our ability to raise capital or increase our cost of funds, impact the performance of our pension fund investments and increase our pension expense and funding obligations;

•the ability to apply for and obtain government funding to support new operations;

•volatility and uncertainties in the debt and equity markets;

•technology or intellectual property infringement, including cyber-security breaches, and other innovation risks;

•the integration of AI technologies into our operations;

•decisions we may make in the future;

•future acquisition transactions, including the ability to successfully execute, operate and integrate acquisitions and incurring additional indebtedness;

•expected benefits and expenses related to our ongoing and any future operating structure and asset optimization activities;

•timing of active and proposed restructuring and cost optimization projects;

•impact of any future pandemics;

•impacts of the situations in the Middle East, the tensions between China and Taiwan and the military conflict between Russia and Ukraine, and the related global responses;

•performance of our partners in joint ventures and other projects;

•changes in credit ratings; and

•the other factors detailed from time to time in the reports we file with the SEC.

We assume no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws. The following discussion should be read together with our consolidated financial statements and related notes included in this Annual Report on Form 10-K.

58

Albemarle Corporation and Subsidiaries

The following is a discussion and analysis of our results of operations for the years ended December 31, 2025, 2024 and 2023. A discussion of our consolidated financial condition and sources of additional capital is included under a separate heading “Financial Condition and Liquidity.”

Overview

We are a world leader in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. Our purpose is to enable a more resilient world. We partner to pioneer new ways to move, power, connect, and protect. The end markets we serve include grid storage, automotive, aerospace, conventional energy, electronics, construction, agriculture and food, pharmaceuticals and medical devices. We believe that our world-class resources with reliable and consistent supply, our leading process chemistry, high-impact innovation, customer centricity and focus on people and planet will enable us to maintain a leading position in the industries in which we operate.

Secular trends favorably impacting demand within the end markets that we serve combined with our diverse product portfolio, cost discipline, broad geographic presence and customer-focused solutions will continue to be key drivers of our future earnings. We continue to build upon our existing portfolio and our ongoing mission to provide innovative, yet commercially viable, energy products and services to the marketplace to contribute to our sustainability-based revenue. For example, our Energy Storage business contributes to the growth of clean miles driven with electric vehicles and more efficient use of renewable energy through grid storage; Specialties enables the prevention of fires starting in electronic equipment, greater fuel efficiency from rubber tires and the reduction of emissions from coal fired power plants; and our Ketjen business enhances the efficiency of natural resources through more usable products from a single barrel of oil, enables safer, greener production of alkylates used to produce more environmentally-friendly fuels, and reduced emissions through cleaner transportation fuels. We believe our disciplined cost reduction efforts and ongoing productivity improvements, among other factors, position us well to take advantage of strengthening economic conditions as they occur, while softening the negative impact of challenging global economic environments.

2025 Highlights

•In January 2025, the Company received $350 million from a customer for the delivery of specified amounts of spodumene and lithium salts through 2029.

•In June 2025, the Company agreed to redeem the preferred equity of a W.R. Grace & Co. (“Grace”) subsidiary (originally issued as part of the proceeds from the sale of the fine chemistry services (“FCS”) business in 2021) for an aggregate value of $307.4 million, comprised of $288.0 million in cash received in June 2025 for the redemption and $19.4 million in cash previously received for tax liabilities.

•On October 25, 2025, the Company signed a definitive agreement to divest the controlling ownership interest of its Refining Solutions business and will initially retain a 49% ownership interest upon completion of the transaction. The Refining Solutions business being divested is defined as the Company’s Ketjen reportable segment, excluding its PCS business and the Company’s 50% ownership interest in Eurecat S.A. In a separate transaction, on January 23, 2026, the Company completed the sale its 50% ownership interest in Eurecat S.A. (originally agreed to on October 23, 2025). The Company expects the Refining Solutions business transaction to be completed in the first quarter of 2026, subject to customary closing conditions. The PCS business will continue to be operated by the Company following these transactions.

•We recorded net sales of $5.1 billion during 2025; driven by 9% year-over-year increase in Energy Storage volume.

•Cash flows from operations in 2025 were $1.3 billion, an increase of 86% from prior year.

•We published our 2024 Sustainability Report, Values-Led, Purpose-Driven, providing an update on our achievements in line with the Company’s sustainability goals.

Outlook

The current global business environment presents a diverse set of opportunities and challenges in the markets we serve. In particular, we believe that the global market for lithium battery and energy storage, particularly for EVs and energy storage systems (“ESS”), remains strong, providing the opportunity to continue to develop high quality and innovative products while managing the high cost of expanding capacity. The other markets we serve continue to present various opportunities for value and growth as we have positioned ourselves to manage the impact on our business of changing global conditions, such as trade policies and tariffs, slow and uneven global growth, currency exchange volatility, crude oil price fluctuation, a dynamic pricing environment, an ever-changing landscape in electronics, the continuous need for cutting edge catalysts and technology by our refinery customers and increasingly stringent environmental standards. Over the last three years, lithium index pricing dropped

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Albemarle Corporation and Subsidiaries

significantly from its previous peak. Amidst these dynamics, and despite ongoing price volatility, we believe our long-term business fundamentals are sound and that we are strategically well-positioned as we remain focused on increasing sales volumes, optimizing and improving the value of our portfolio through pricing and product development, managing costs and delivering value to our customers and shareholders. We believe that our businesses remain well-positioned to capitalize on new business opportunities and long-term trends driving growth within our end markets and to respond quickly to changes in economic conditions in these markets.

As part of continual efforts to optimize our cost structure and strengthen our financial flexibility, we have taken proactive actions, including certain restructuring activities and reducing planned capital expenditures. In 2024, we transitione

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/ALB/mda/fy2025/
All MD&A years: /company/ALB/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/ALB/mda/fy2024/): filed 2025-02-12; accession 0000915913-25-000026 (https://www.sec.gov/Archives/edgar/data/915913/000091591325000026/alb-20241231.htm)
- [FY 2023 MD&A](/company/ALB/mda/fy2023/): filed 2024-02-15; accession 0000915913-24-000016 (https://www.sec.gov/Archives/edgar/data/915913/000091591324000016/alb-20231231.htm)
- [FY 2022 MD&A](/company/ALB/mda/fy2022/): filed 2023-02-15; accession 0000915913-23-000039 (https://www.sec.gov/Archives/edgar/data/915913/000091591323000039/alb-20221231.htm)
- [FY 2021 MD&A](/company/ALB/mda/fy2021/): filed 2022-02-22; accession 0000915913-22-000027 (https://www.sec.gov/Archives/edgar/data/915913/000091591322000027/alb-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/ALB.md · JSON record: /company/ALB.json · verified financials: /company/ALB/financials.json / /company/ALB/financials.csv · machine TOC for the whole site: /llms.txt