Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Reportable Segments Summarized Financial Information

See below for a reconciliation of segment Net sales to adjusted EBITDA by segment showing significant segment expenses regularly reviewed by the CODM for the three-month and nine-month periods ended September 30, 2025 and 2024 (in thousands):


	Energy Storage		Specialties		Ketjen		Total Segments
Three Months Ended September 30, 2025
Net sales(a)	$	708,755	$	344,960	$	254,114	$	1,307,829
Cost of goods sold(b)	(603,873)		(233,884)		(197,679)		(1,035,436)
Selling, general and administrative expenses(b)	(44,624)		(20,797)		(23,823)		(89,244)
Other segment items(c)	(1,607)		(1,982)		(7,104)		(10,693)
Equity in net income of unconsolidated investments(d)	65,426		—		8,058		73,484
Net income attributable to noncontrolling interests	—		(12,753)		—		(12,753)
Adjusted EBITDA by segment	$	124,077	$	75,544	$	33,566	$	233,187
Three Months Ended September 30, 2024
Net sales(a)	$	767,291	$	342,376	$	245,025	$	1,354,692
Cost of goods sold(b)	(858,842)		(247,958)		(180,442)		(1,287,242)
Selling, general and administrative expenses(b)	(64,963)		(22,828)		(24,211)		(112,002)
Other segment items(c)	(6,550)		(6,845)		(6,691)		(20,086)
Equity in net income of unconsolidated investments(d)	305,951		—		1,792		307,743
Net income attributable to noncontrolling interests	—		(8,472)		—		(8,472)
Adjusted EBITDA by segment	$	142,887	$	56,273	$	35,473	$	234,633
Nine Months Ended September 30, 2025
Net sales(a)	$	1,950,976	$	1,017,534	$	746,192	$	3,714,702
Cost of goods sold(b)	(1,496,278)		(705,542)		(578,890)		(2,780,710)
Selling, general and administrative expenses(b)	(137,871)		(65,006)		(70,065)		(272,942)
Other segment items(c)	(5,816)		(6,800)		(20,370)		(32,986)
Equity in net income of unconsolidated investments(d)	219,146		—		23,854		243,000
Net income attributable to noncontrolling interests	—		(32,999)		—		(32,999)
Adjusted EBITDA by segment	$	530,157	$	207,187	$	100,721	$	838,065
Nine Months Ended September 30, 2024
Net sales(a)	$	2,398,299	$	993,041	$	754,473	$	4,145,813
Cost of goods sold(b)	(2,503,146)		(709,360)		(589,273)		(3,801,779)
Selling, general and administrative expenses(b)	(196,991)		(74,530)		(66,827)		(338,348)
Other segment items(c)	(19,531)		(20,043)		(20,581)		(60,155)
Equity in net income of unconsolidated investments(d)	945,231		—		17,496		962,727
Net income attributable to noncontrolling interests	—		(33,479)		—		(33,479)
Adjusted EBITDA by segment	$	623,862	$	155,629	$	95,288	$	874,779

(a)Intersegment sales are not considered material.

(b)The significant expense categories and amounts align with the segment information that is regularly provided to the CODM. Excludes depreciation and amortization, and non-operating, non-recurring or unusual items as described in the reconciliation of total segment adjusted EBITDA to consolidated Net loss attributable to Albemarle Corporation below.

(c)Other segment items are comprised of Research and development expenses excluding depreciation and amortization.

(d)Excludes Albemarle’s 49% ownership interest in the income tax expense of the Windfield joint venture.

The Company reconciles the total segment adjusted EBITDA to the consolidated Net loss attributable to Albemarle Corporation given the impact of equity in net income from unconsolidated investments, the majority of which relates to the Windfield joint venture. This reconciliation reflects the strategic and operational significance of the Company’s joint ventures and aligns with our allocation of equity in net income from unconsolidated investments at the segment level, representing each

segment's contribution to the Company's overall financial performance. See below for a reconciliation of total segment adjusted EBITDA to consolidated Net loss attributable to Albemarle Corporation (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Total segment adjusted EBITDA	$	233,187	$	234,633	$	838,065	$	874,779
Corporate expenses, net	(7,557)		(23,135)		(8,816)		14,315
Depreciation and amortization	(164,483)		(163,502)		(494,968)		(425,532)
Interest and financing expenses	(50,959)		(47,760)		(149,875)		(120,916)
Income tax benefit (expense)	30,565		(110,853)		449		(76,472)
Proportionate share of Windfield income tax expense(a)	(20,023)		(99,523)		(78,499)		(292,992)


Acquisition and integration related costs(b)	(1,883)		(439)		(5,091)		(3,927)
Restructuring charges and asset write-offs(c)	(2,321)		(860,864)		(5,772)		(1,194,614)

Goodwill impairment charges(d)	(181,070)		—		(181,070)		—
Non-operating pension and OPEB items	(367)		331		(978)		993

Gain (loss) in fair value of public equity securities(e)	7,980		(4,983)		3,144		(65,922)



Other(f)	(3,763)		7,103		(13,038)		35,546
Net loss attributable to Albemarle Corporation	$	(160,694)	$	(1,068,992)	$	(96,449)	$	(1,254,742)

(a)Albemarle’s 49% ownership interest in the reported income tax expense of the Windfield joint venture.

(b)Costs related to the acquisition, integration and potential divestitures for various significant projects, recorded in Selling, general and administrative expenses (“SG&A”).

(c)See Note 9, “Restructuring Charges and Asset Write-offs,” for further details.

(d)See Note 4, “Goodwill and Other Intangibles,” for further details.

(e)Represents the net change in fair value of investments in public equity securities for the three-month and nine-month periods ended September 30, 2025, recorded in Other income (expenses), net. The three-month and nine-month periods ended September 30, 2024 included losses of $5.0 million and $32.2 million, respectively, recorded in Other income (expenses), net, resulting from the net change in fair value of investments in public equity securities and a loss of $33.7 million recorded in Other income (expenses), net, for the nine months ended September 30, 2024 resulting from the sale of investments in public equity securities.

(f)Included amounts for the three months ended September 30, 2025 recorded in:

•SG&A - $2.0 million of severance expenses not related to a restructuring plan, $1.4 million of expenses related to the redemption of preferred equity in a Grace subsidiary, $1.4 million related to the write-off of certain fixed assets and $1.3 million of expenses related to certain historical legal matters, partially offset by $1.9 million of gains from the sale of assets not part of our production operations.

•Other income (expenses), net - $0.5 million gain resulting from the adjustment of indemnification related to a previously disposed business.

Included amounts for the three months ended September 30, 2024 recorded in:

•SG&A - $0.1 million of expenses related to certain historical legal matters.

•Other income (expenses), net - $9.2 million of income from PIK dividends of preferred equity in a Grace subsidiary, partially offset by a $2.0 million loss resulting from the adjustment of indemnification related to a previously disposed business.

Included amounts for the nine months ended September 30, 2025 recorded in:

•SG&A - $13.3 million of gains from the sale of assets not part of our production operations, partially offset by $3.8 million of severance expenses not related to a restructuring plan, $1.9 million of expenses related to certain historical legal matters, $1.4 million of expenses related to the redemption of preferred equity in a Grace subsidiary and $1.4 million related to the write-off of certain fixed assets.

•Other income (expenses), net - $38.0 million loss resulting from the redemption of preferred equity in a Grace subsidiary and $1.9 million of charges for asset retirement obligations at a site not part of our operations, partially offset by $19.8 million of income from PIK dividends of the preferred equity in a Grace subsidiary prior to redemption and a $2.4 million gain primarily resulting from the adjustment of indemnification related to previously disposed businesses.

Included amounts for the nine months ended September 30, 2024 recorded in:

•Cost of goods sold - $1.4 million of expenses related to non-routine labor and compensation related costs that are outside normal compensation arrangements.

•SG&A - $5.3 million of expenses related to certain historical legal and environmental matters.

•Other income (expenses), net - $26.8 million of income from PIK dividends of preferred equity in a Grace subsidiary, a $17.3 million gain primarily from the sale of assets at a site not part of our operations, a $0.6 million gain from an updated cost estimate of an environmental reserve at a site not part of our operations and a $0.4 million net gain primarily resulting from the

adjustment of indemnification related to previously disposed businesses, partially offset by $2.9 million of charges for asset retirement obligations at a site not part of our operations.

Total assets and investments in equity method investees by segment at September 30, 2025 and December 31, 2024 were as follows (in thousands):


	September 30,		December 31,
	2025		2024
Assets:
Energy Storage	$	11,183,308	$	11,285,847
Specialties	2,044,798		1,843,564
Ketjen	1,358,908		1,426,189
Total segment assets	14,587,014		14,555,600

Corporate	2,561,271		2,054,049
Total assets	$	17,148,285	$	16,609,649
Investments in equity method investees:
Energy Storage	$	676,840	$	585,569

Ketjen	161,885		140,915
Total investments in equity method investees	$	838,725	$	726,484

Additional segment information for the three-month and nine-month periods ended September 30, 2025 and 2024 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Depreciation and amortization:
Energy Storage	$	122,100	$	124,346	$	369,623	$	312,053
Specialties	27,007		24,474		78,408		70,081
Ketjen	13,292		12,988		40,050		38,282
Total segment depreciation and amortization	162,399		161,808		488,081		420,416


Corporate	2,084		1,694		6,887		5,116
Total depreciation and amortization	$	164,483	$	163,502	$	494,968	$	425,532
Equity in net income of unconsolidated investments (net of tax):
Energy Storage	$	47,498	$	212,679	$	152,194	$	660,250

Ketjen	8,058		1,792		23,854		17,496
Total segment equity in net income of unconsolidated investments (net of tax)	55,556		214,471		176,048		677,746


Corporate(a)	5,084		14,587		27,136		18,690
Total equity in net income of unconsolidated investments (net of tax)	$	60,640	$	229,058	$	203,184	$	696,436
Capital expenditures:
Energy Storage(b)	$	57,685	$	223,407	$	210,641	$	998,841
Specialties	34,034		47,513		119,993		214,827
Ketjen	36,139		21,910		94,444		91,375
Total segment capital expenditures	127,858		292,830		425,078		1,305,043


Corporate	4,306		10,296		9,338		32,676
Total capital expenditures	$	132,164	$	303,126	$	434,416	$	1,337,719

(a)Corporate equity in net income of unconsolidated investments (net of tax) relates to foreign exchange gains or losses from the Windfield joint venture.

(b)Energy Storage capital expenditures for the three-month and nine-month periods ended September 30, 2024 include adjustments to correct previously identified immaterial errors. See Note 1, “Basis of Presentation,” for further details.