| KPI | [USD m] | Q3 2025 | FY 2025 | Q3 2026 E | Q4 2026 E | FY 2026 E | FY 2027 E | FY 2028 E |
|---|---|---|---|---|---|---|---|---|
| Revenue | Number of Estimates | 7 | 7 | 7 | 7 | 7 | ||
| Revenue | Highest | 496.9 | 527.7 | 1,945.8 | 2,070.7 | 2,427.0 | ||
| Revenue | Consensus (Mean) | 434.7 | 1,708.3 | 453.1 | 446.5 | 1,868.4 | 1,895.6 | 2,051.4 |
| Revenue | Median | 450.0 | 431.9 | 1,850.9 | 1,875.0 | 2,009.6 | ||
| Revenue | Lowest | 433.1 | 406.1 | 1,808.1 | 1,713.3 | 1,721.9 | ||
| Adjusted EBITDA | Number of Estimates | 7 | 7 | 7 | 7 | 7 | ||
| Adjusted EBITDA | Highest | 87.3 | 66.9 | 288.4 | 328.8 | 432.3 | ||
| Adjusted EBITDA | Consensus (Mean) | 63.6 | 235.1 | 72.9 | 60.2 | 269.0 | 305.1 | 347.5 |
| Adjusted EBITDA | Median | 72.6 | 60.5 | 269.8 | 300.0 | 340.3 | ||
| Adjusted EBITDA | Lowest | 59.9 | 53.5 | 249.2 | 278.0 | 310.0 | ||
| Exeptional items | Number of Estimates | 4 | 4 | 5 | 5 | 5 | ||
| Exeptional items | Highest | 0.0 | 0.0 | -18.5 | 0.0 | 0.0 | ||
| Exeptional items | Consensus (Mean) | -10.9 | -69.4 | -4.8 | -9.5 | -26.1 | -12.3 | -11.3 |
| Exeptional items | Median | -3.5 | -6.4 | -22.7 | -2.7 | -2.7 | ||
| Exeptional items | Lowest | -12.0 | -25.2 | -43.2 | -33.0 | -28.0 | ||
| EBIT | Number of Estimates | 6 | 6 | 7 | 7 | 7 | ||
| EBIT | Highest | 66.3 | 46.9 | 214.0 | 259.1 | 362.6 | ||
| EBIT | Consensus (Mean) | 36.0 | 99.5 | 48.5 | 35.6 | 182.0 | 214.3 | 255.5 |
| EBIT | Median | 53.9 | 36.4 | 181.7 | 212.6 | 242.4 | ||
| EBIT | Lowest | 29.4 | 22.3 | 152.6 | 164.0 | 192.0 | ||
| Net income | Number of Estimates | 6 | 6 | 7 | 7 | 7 | ||
| Net income | Highest | 32.2 | 22.1 | 97.1 | 152.0 | 225.2 | ||
| Net income | Consensus (Mean) | 13.7 | -14.3 | 24.7 | 16.8 | 82.4 | 112.7 | 145.8 |
| Net income | Median | 26.1 | 18.2 | 86.7 | 106.0 | 134.4 | ||
| Net income | Lowest | 12.6 | 4.3 | 60.0 | 82.8 | 109.0 | ||
| EPS (in USD) - Fully diluted | Number of Estimates | 5 | 5 | 6 | 6 | 6 | ||
| EPS (in USD) - Fully diluted | Highest | 0.85 | 0.62 | 2.69 | 4.18 | 6.19 | ||
| EPS (in USD) - Fully diluted | Consensus (Mean) | 0.39 | -0.58 | 0.70 | 0.46 | 2.25 | 3.16 | 4.11 |
| EPS (in USD) - Fully diluted | Median | 0.77 | 0.48 | 2.40 | 3.15 | 3.93 | ||
| EPS (in USD) - Fully diluted | Lowest | 0.35 | 0.12 | 1.65 | 2.04 | 3.08 | ||
| Capex | Number of Estimates | 5 | 5 | 7 | 7 | 7 | ||
| Capex | Highest | -17.4 | -17.4 | -69.5 | -70.0 | -60.0 | ||
| Capex | Consensus (Mean) | -16.8 | -81.6 | -19.2 | -23.0 | -78.4 | -86.8 | -85.8 |
| Capex | Median | -19.5 | -22.4 | -79.7 | -85.0 | -85.3 | ||
| Capex | Lowest | -21.0 | -27.5 | -85.0 | -105.3 | -105.0 | ||
| Net debt | Number of Estimates | 5 | 6 | 7 | 7 | 7 | ||
| Net debt | Highest | 456.2 | 420.4 | 420.4 | 350.0 | 287.7 | ||
| Net debt | Consensus (Mean) | 543.7 | 509.1 | 441.1 | 386.6 | 388.2 | 313.3 | 220.6 |
| Net debt | Median | 436.4 | 384.7 | 388.1 | 316.0 | 218.7 | ||
| Net debt | Lowest | 425.0 | 351.1 | 351.1 | 255.4 | 119.0 | ||
| AMG Lithium, Revenue | Number of Estimates | 6 | 6 | 6 | 6 | 6 | ||
| AMG Lithium, Revenue | Highest | 125.7 | 110.8 | 411.4 | 489.4 | 614.7 | ||
| AMG Lithium, Revenue | Consensus (Mean) | 32.7 | 163.1 | 91.8 | 90.3 | 357.1 | 418.3 | 513.0 |
| AMG Lithium, Revenue | Median | 91.8 | 89.5 | 356.3 | 441.8 | 519.1 | ||
| AMG Lithium, Revenue | Lowest | 64.6 | 68.3 | 307.8 | 287.9 | 317.2 | ||
| AMG Lithium, adjusted EBITDA | Number of Estimates | 7 | 7 | 7 | 7 | 7 | ||
| AMG Lithium, adjusted EBITDA | Highest | 41.9 | 40.3 | 104.7 | 140.0 | 184.9 | ||
| AMG Lithium, adjusted EBITDA | Consensus (Mean) | 2.9 | 11.9 | 29.5 | 27.5 | 92.4 | 124.2 | 152.5 |
| AMG Lithium, adjusted EBITDA | Median | 28.8 | 27.3 | 95.2 | 123.4 | 143.3 | ||
| AMG Lithium, adjusted EBITDA | Lowest | 18.0 | 16.8 | 70.2 | 108.5 | 138.0 | ||
| Lithium average realized sales price $/dmt CIF China | Number of Estimates | 4 | 4 | 4 | 4 | 4 | ||
| Lithium average realized sales price $/dmt CIF China | Highest | 1,577.0 | 1,462.5 | 1,310.1 | 1,641.4 | 1,440.0 | ||
| Lithium average realized sales price $/dmt CIF China | Consensus (Mean) | 530.0 | 632.0 | 1,499.4 | 1,332.5 | 1,258.2 | 1,218.3 | 1,162.7 |
| Lithium average realized sales price $/dmt CIF China | Median | 1,503.4 | 1,304.7 | 1,252.3 | 1,110.5 | 1,105.3 | ||
| Lithium average realized sales price $/dmt CIF China | Lowest | 1,414.0 | 1,258.0 | 1,218.3 | 1,010.6 | 1,000.0 | ||
| AMG Vanadium, Revenue | Number of Estimates | 6 | 6 | 6 | 6 | 6 | ||
| AMG Vanadium, Revenue | Highest | 206.7 | 241.6 | 847.7 | 1,089.2 | 1,294.7 | ||
| AMG Vanadium, Revenue | Consensus (Mean) | 154.0 | 625.3 | 186.8 | 180.0 | 766.2 | 816.0 | 880.7 |
| AMG Vanadium, Revenue | Median | 189.1 | 172.7 | 759.0 | 752.8 | 799.8 | ||
| AMG Vanadium, Revenue | Lowest | 160.0 | 153.7 | 713.1 | 716.6 | 725.0 | ||
| AMG Vanadium, adjusted EBITDA | Number of Estimates | 7 | 7 | 7 | 7 | 7 | ||
| AMG Vanadium, adjusted EBITDA | Highest | 39.3 | 21.9 | 99.5 | 130.9 | 169.0 | ||
| AMG Vanadium, adjusted EBITDA | Consensus (Mean) | 19.5 | 59.3 | 22.8 | 15.7 | 92.1 | 109.3 | 121.9 |
| AMG Vanadium, adjusted EBITDA | Median | 23.5 | 17.8 | 95.3 | 108.9 | 123.9 | ||
| AMG Vanadium, adjusted EBITDA | Lowest | 14.6 | 2.3 | 78.2 | 79.8 | 95.4 | ||
| Ferrovanadium average market price $/lb | Number of Estimates | 4 | 4 | 4 | 4 | 4 | ||
| Ferrovanadium average market price $/lb | Highest | 19.9 | 19.1 | 19.7 | 19.5 | 19.5 | ||
| Ferrovanadium average market price $/lb | Consensus (Mean) | 14.1 | 14.2 | 18.1 | 16.5 | 17.4 | 16.6 | 16.1 |
| Ferrovanadium average market price $/lb | Median | 18.6 | 16.4 | 17.8 | 16.4 | 15.4 | ||
| Ferrovanadium average market price $/lb | Lowest | 15.4 | 14.2 | 14.2 | 14.2 | 14.2 | ||
| AMG Technologies, Revenue | Number of Estimates | 6 | 6 | 6 | 6 | 6 | ||
| AMG Technologies, Revenue | Highest | 192.5 | 194.1 | 778.8 | 757.6 | 786.1 | ||
| AMG Technologies, Revenue | Consensus (Mean) | 248.0 | 919.9 | 175.0 | 178.6 | 748.1 | 671.7 | 676.8 |
| AMG Technologies, Revenue | Median | 178.4 | 178.1 | 744.8 | 684.9 | 678.0 | ||
| AMG Technologies, Revenue | Lowest | 143.5 | 167.5 | 723.0 | 580.9 | 599.6 | ||
| AMG Technologies, adjusted EBITDA | Number of Estimates | 7 | 7 | 7 | 7 | 7 | ||
| AMG Technologies, adjusted EBITDA | Highest | 26.4 | 23.1 | 93.2 | 89.2 | 92.3 | ||
| AMG Technologies, adjusted EBITDA | Consensus (Mean) | 41.2 | 163.8 | 20.7 | 17.1 | 84.5 | 71.7 | 73.1 |
| AMG Technologies, adjusted EBITDA | Median | 22.5 | 17.3 | 86.5 | 74.5 | 75.1 | ||
| AMG Technologies, adjusted EBITDA | Lowest | 14.2 | 10.3 | 74.3 | 43.8 | 45.2 |
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.
