10q10k10q10k.net

What changed in Albemarle Corporation's 10-K — 2024 vs 2025

vs

Paragraph-level year-over-year comparison of Albemarle Corporation's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+621 added−615 removedSource: 10-K (2026-02-11) vs 10-K (2025-02-12)

Top changes in Albemarle Corporation's 2025 10-K

621 paragraphs added · 615 removed · 469 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

42 edited+17 added−13 removed55 unchanged
Biggest changeWe attempt to maximize the recovery of our extracted minerals and recycle or reuse by-products where possible. In addition, we work with local communities, regulatory agencies and wildlife organizations to preserve and restore land and biodiversity before, during and after all operations commence.
Biggest changeIn addition, we work with local communities, regulatory agencies and wildlife organizations to preserve and restore land and biodiversity before, during and after all operations commence. 8 Albemarle Corporation and Subsidiaries Recent Acquisitions, Joint Ventures and Divestitures The following is a summary of our significant acquisitions and joint venture agreement restructurings over the last three years.
This enables us to efficiently and effectively ensure that we have the right talent pipeline to drive Albemarle’s success into the future. We also provide leadership development through performance coaching, comprehensive feedback, plant training including health, safety and environmental topics, and experiential development and mentoring. Our leadership development is a cornerstone to our talent management strategy.
This enables us to efficiently and effectively ensure that we have the right talent pipeline to drive Albemarle’s success into the future. We provide leadership development through performance coaching, comprehensive feedback, plant training including health, safety and environmental topics, and experiential development and mentoring. Our leadership development is a cornerstone to our talent management strategy.
We believe employees should be fairly compensated through wages and benefits, based on experience, expertise, performance, and the criticality of their roles in the Company. We also perform an annual review of our pay practices to ensure that they are fair and equitable.
We believe employees should be fairly compensated through wages and benefits, based on experience, expertise, performance, and the criticality of their roles in the Company. We perform an annual review of our pay practices to ensure that they are fair and equitable.
Human Rights Albemarle is guided by its Code of Conduct, which sets forth the high ethical standards we have for all employees and encourages a ‘Speak Up’ culture. We understand our responsibility to uphold the human rights of our employees, workers in our supply chain, members of our communities and other stakeholders.
Human Rights and Labor Practice Albemarle is guided by its Code of Conduct, which sets forth the high ethical standards we have for all employees and encourages a ‘Speak Up’ culture. We understand our responsibility to uphold the human rights of our employees, workers in our supply chain, members of our communities and other stakeholders.
We and our joint ventures currently operate more than 25 production and research and development (“R&D”) facilities, as well as a number of administrative and sales offices, around the world. As of December 31, 2024, we served approximately 1,900 customers in approximately 70 countries.
We and our joint ventures currently operate more than 25 production and research and development (“R&D”) facilities, as well as a number of administrative and sales offices, around the world. As of December 31, 2025, we served approximately 1,900 customers in approximately 70 countries.
R&D, product and process improvements, specialized customer services, the ability to attract and retain skilled personnel and maintenance of a good safety record have also been important factors to compete effectively in the marketplace. Our most significant competitors are Lanxess AG, Israel Chemicals Ltd and Arcadium Lithium, as well as producers in India and China.
R&D, product and process improvements, specialized customer services, the ability to attract and retain skilled personnel and maintenance of a good safety record have also been important factors to compete effectively in the marketplace. Our most significant competitors are Lanxess AG, Israel Chemicals Ltd and Rio Tinto, as well as producers in India and China.
Ketjen Segment Our three main product lines in this segment are (i) Clean Fuels Technologies (“CFT”), which is primarily composed of hydroprocessing catalysts (“HPC”) together with isomerization and alkylation catalysts; (ii) fluidized catalytic cracking (“FCC”) catalysts and additives; and (iii) performance catalyst solutions (“PCS”), which is primarily composed of organometallics and curatives.
Ketjen Segment Our three main product lines in this segment are (i) Clean Fuels Technologies (“CFT”), which is primarily composed of hydroprocessing catalysts (“HPC”) together with isomerization and alkylation catalysts; (ii) fluidized catalytic cracking (“FCC”) catalysts and additives; and (iii) performance catalyst solutions (“PCS”), which is primarily composed of 4 Albemarle Corporation and Subsidiaries organometallics and curatives.
We manage our natural resources to operate efficiently and preserve the environment for our local communities and the world. Our natural 8 Albemarle Corporation and Subsidiaries resource management includes mineral resource transparency with local communities, governments, regulators and other key stakeholders, as well as leveraging industry best practices in lithium production for the assurance of responsible mining.
We manage our natural resources to operate efficiently and preserve the environment for our local communities and the world. Our natural resource management includes mineral resource transparency with local communities, governments, regulators and other key stakeholders, as well as leveraging industry best practices in lithium production for the assurance of responsible mining.
We also include health and safety metrics in our annual incentive plan to further incentivize our employees’ commitment to safety. In 2024, we maintained 5 Albemarle Corporation and Subsidiaries our Occupational Safety and Health Act (“OSHA”) occupational injury and illness incident rate of 0.13 for our employees and nested contractors, compared to 0.14 in 2023.
We include health and safety metrics in our annual incentive 5 Albemarle Corporation and Subsidiaries plan to further incentivize our employees’ commitment to safety. In 2025, we maintained our Occupational Safety and Health Act (“OSHA”) occupational injury and illness incident rate of 0.16 for our employees and nested contractors, compared to 0.13 in 2024.
In addition, we are committed to empowering and supporting the next generation of talent in their career development by engaging in various initiatives to attract people from all backgrounds to our internship, co-op and rotational development programs. Our incentive program is designed to provide incentives and rewards for achieving Albemarle’s annual goals and objectives.
In addition, we are committed to empowering and supporting the next generation of talent in their career development by engaging in various initiatives to attract qualified candidates to our internship, co-op and rotational development programs. Our incentive program is designed to provide incentives and rewards for achieving Albemarle’s annual goals and objectives.
Approximately 28% of these employees are represented by unions or works councils. We strive to foster positive relationships with our employees and their representatives. Health and Safety The health and safety of our employees is a part of our core values at Albemarle and is integral to how we conduct business.
Approximately 26% of these employees are represented by unions or works councils. We strive to foster positive relationships with our employees and their representatives. Health and Safety The health and safety of our employees is a core value at Albemarle and is integral to how we conduct business.
The Executive Compensation and Talent Development Committee of the Board has the overall responsibility of evaluating the performance of the CEO and approving the compensation structure for senior management and other key employees.
The Executive Compensation and Talent Development Committee of the Board has the overall responsibility of evaluating the performance of the CEO and approving the compensation structure for senior management.
We continue to pursue strategies and partnerships to attract highly qualified applicants from all backgrounds, offer cross-cultural learning sessions for our employees, and assess promotion, retention, and turnover data to identify potential opportunities for greater inclusion efforts. We seek to provide employees with a desirable workplace that will enable us to attract and retain top talent.
We continue to pursue strategies and partnerships to attract highly qualified applicants from all backgrounds and assess promotion, retention, and turnover data to identify potential opportunities for greater inclusion efforts. We seek to provide employees with a desirable workplace that will enable us to attract and retain top talent.
As demand for, and legislation mandating or incentivizing the use of, alternative fuel technologies that limit or eliminate greenhouse gas emissions increase, we continue to monitor the market and offer solutions where we have appropriate technology and believe we are well positioned to take advantage of opportunities that may arise from such demand or legislation.
In connection with the demand for, and legislation mandating or incentivizing the use of, alternative technologies that limit or eliminate greenhouse gas emissions, we continue to monitor the market and offer solutions where we have appropriate technology and believe we are well positioned to take advantage of opportunities that may arise from such demand or legislation.
As of December 31, 2024, we owned more than 1,650 active patents and more than 400 pending patent applications in key strategic markets worldwide. We also have acquired rights under patents and inventions of others through licenses, and we license certain patents and inventions to third parties.
As of December 31, 2025, we owned more than 1,500 active patents and more than 750 pending patent applications in key strategic markets worldwide. We also have acquired rights under patents and inventions of others through licenses, and we license certain patents and inventions to third parties.
Human Capital Our main human capital management objectives are to attract, retain and develop the highest quality talent and ensure they feel safe, supported and empowered to do the best work they can do. We believe providing an inclusive workplace facilitates opportunities for innovation, fosters good decision-making practices, and promotes employee engagement and high productivity across our organization.
Human Capital Our main human capital management objectives are to attract, retain and develop the highest quality talent and ensure they feel safe, supported and empowered to do the best work they can do. We endeavor to provide a workplace that facilitates opportunities for innovation, fosters good decision-making practices, and promotes employee engagement and high productivity across our organization.
The Company believes the duration of its intellectual property rights is adequate relative to the expected lives of its products and services. Regulation Our business is subject to a broad array of employee health and safety laws and regulations, including those under the OSHA.
The Company believes the duration of its intellectual property rights is adequate relative to the expected lives of its products and services. Regulation Our business is subject to a broad array of employee health and safety laws and regulations, including those under the OSHA (see OSHA occupational injury and illness incident rate above).
In addition to developing and supplying lithium compounds, we provide technical services, including the handling and use of reactive lithium products. We also offer our customers recycling services for lithium-containing by-products resulting from synthesis with organolithium products, lithium metal and other reagents. We plan to continue to focus on the development of new products and applications.
Our lithium specialties business also provides technical services, including the handling and use of reactive lithium products. We also offer our customers recycling services for lithium-containing by-products resulting from synthesis with organolithium products, lithium metal and other reagents. We plan to continue to focus on the development of new products and applications.
As of December 31, 2024, we had approximately 8,300 employees, including employees of our consolidated joint ventures, of whom 3,300, or 39%, are employed in the U.S. and the Americas; 2,900, or 35%, are employed in Asia Pacific; 1,500, or 19%, are employed in Europe; and 600, or 7%, are employed in the Middle East or other areas.
As of December 31, 2025, we had approximately 7,800 employees, including employees of our consolidated joint ventures, of whom 3,100, or 40%, are employed in the U.S. and the Americas; 2,600, or 33%, are employed in Asia Pacific; 1,500, or 19%, are employed in Europe; and 600, or 8%, are employed in the Middle East or other areas.
Sales, Marketing and Distribution We have an international strategic account program that uses cross-functional teams to serve large global customers. This program emphasizes creative strategies to improve and strengthen strategic customer relationships with emphasis on creating 6 Albemarle Corporation and Subsidiaries value for customers and promoting post-sale service.
Sales, Marketing and Distribution We have an international strategic account program that uses cross-functional teams to serve large global customers. This program emphasizes creative strategies to improve and strengthen strategic customer relationships with emphasis on creating value for customers and promoting post-sale service. Complementing this program are regional Albemarle sales and technical personnel who serve our global customer base.
Within our PCS product line, we manufacture organometallic co-catalysts (e.g., aluminum, magnesium, and zinc alkyls) used in the manufacture of alpha-olefins (e.g., hexene, octene, decene), polyolefins (e.g., polyethylene and polypropylene), and electronics. Our curatives include a range of curing agents used in polyurethanes, epoxies and other engineered resins. There were more than 700 refineries world-wide as of December 31, 2024.
Within our PCS product line, we manufacture organometallic co-catalysts (e.g., aluminum, magnesium, and zinc alkyls) used in the manufacture of alpha-olefins (e.g., hexene, octene, decene), polyolefins (e.g., polyethylene and polypropylene), and electronics. Our curatives include a range of curing agents used in polyurethanes, epoxies and other engineered resins.
During the fourth quarter of 2023, Albemarle paid MRL approximately $380 million in cash, which includes $180 million of consideration for the remaining ownership of Kemerton as well as a payment for the economic effective date of the transaction being retroactive to April 1, 2022.
During the fourth quarter of 2023, Albemarle paid MRL approximately $380 million in cash, which includes $180 million of consideration for the remaining ownership of Kemerton as well as a payment for the economic effective date of the transaction being retroactive to April 1, 2022. These transactions reflect our commitment to investing in future growth of our high priority businesses.
Major competitors in lithium compounds include Sociedad Quimica y Minera de Chile S.A., Sichuan Tianqi Lithium, Jiangxi Ganfeng Lithium, Rio Tinto plc, Pilbara Minerals, Arcadium Lithium, Tesla and a large number of additional Chinese companies.
Producers are primarily located in the Americas, Africa, Asia and Australia. Major competitors in lithium compounds include Sociedad Quimica y Minera de Chile S.A., Sichuan Tianqi Lithium, Jiangxi Ganfeng Lithium, Rio Tinto plc, Pilbara Minerals, Tesla and a large number of additional Chinese companies.
Our ambition is to achieve net-zero carbon emissions by 2050. We have established greenhouse gas emission targets for each of our businesses, including reducing the scope 1 and 2 carbon-intensity of our Specialties and Ketjen businesses by 35% by 2030 (from a 2019 baseline), and growing our Energy Storage business in a carbon-intensity neutral manner through 2030.
We have established greenhouse gas emission targets for each of our businesses, including reducing the scope 1 and 2 carbon-intensity of our Specialties and Ketjen segments by 35% by 2030 (from a 2019 baseline), and growing our Energy Storage segment in a carbon-intensity neutral manner through 2030. Water is a critical input to Albemarle’s production operations.
Lithium is a key component in products and processes used in a variety of applications and industries, which include lithium batteries used in consumer electronics and electric vehicles, power grids and solar panels, high performance greases, specialty glass used in consumer appliances and electronics, organic synthesis processes in the areas of steroid chemistry and vitamins, various life science applications, as well as intermediates in the pharmaceutical industry, among other applications.
Lithium is a key component in products and processes used in a variety of applications and industries, which include lithium batteries used in consumer electronics and electric vehicles, power grids and solar panels, high performance greases and specialty glass used in consumer appliances and electronics, among other applications.
Concern about the impact of some of our products on human health or the environment may lead to regulation or reaction in our markets independent of regulation. 7 Albemarle Corporation and Subsidiaries Environmental Regulation We are subject to numerous foreign, federal, state and local environmental laws and regulations, including those governing the discharge of pollutants into the air and water, the management and disposal of hazardous substances and wastes and the cleanup of contaminated properties.
Environmental Regulation We are subject to numerous foreign, federal, state and local environmental laws and regulations, including those governing the discharge of pollutants into the air and water, the management and disposal of hazardous substances and wastes 7 Albemarle Corporation and Subsidiaries and the cleanup of contaminated properties.
Management’s Discussion and Analysis of Financial Condition and Results of Operations for further details. Climate Change and Natural Resources The growing concerns about climate change and the related increasingly stringent regulations may provide us with new or expanded business opportunities.
Management’s Discussion and Analysis of Financial Condition and Results of Operations for further details. Climate Change and Natural Resources Concerns about climate change and the related regulations may provide us with new or expanded business opportunities. We provide solutions to companies pursuing alternative transportation vehicles and energy storage technologies and other similar solutions.
Competition The global lithium market is highly competitive and growing very rapidly. It is characterized by aggressive expansion and entry from existing and new players, including automotive OEMs, commodity traders, junior miners, and large, well-capitalized diversified miners. Producers are primarily located in the Americas, Africa, Asia and Australia.
We plan to continue to focus on the development of new products and applications. Competition The global lithium market is highly competitive and growing very rapidly. It is characterized by aggressive expansion and entry from existing and new players, including automotive OEMs, commodity traders, junior miners, and large, well-capitalized diversified miners.
The Executive Compensation and Talent Development Committee determines performance goals under our incentive program annually to ensure our executive officers execute on short-term financial and strategic initiatives that drive our business strategy and long-term shareholder value.
The Executive Compensation and Talent Development Committee determines performance goals under our incentive program annually to ensure our executive officers execute on short-term financial and strategic initiatives that drive our business strategy and long-term shareholder value. We develop holistic initiatives to foster a values-driven workplace where all individuals feel a sense of belonging as they grow in their professions.
The objective of our research and development efforts is to develop innovative chemistries and technologies with applications relevant within targeted key markets through both process and new product development. Through research and development, we continue to seek increased margins by introducing value-added products and proprietary processes and innovative green chemistry technologies.
Our research and development efforts support each of our business segments. The objective of our research and development efforts is to develop innovative chemistries and technologies with applications relevant within targeted key markets through both process and new product development.
We continuously seek to add more value to refinery operations by offering HPC products that meet our customers’ requirements for profitability and performance in the very demanding refining market. 4 Albemarle Corporation and Subsidiaries We provide our customers with customized FCC catalyst systems, which assist in the high yield cracking of refinery petroleum streams into derivative, higher-value products such as transportation fuels and petrochemical feedstocks like propylene.
We provide our customers with customized FCC catalyst systems, which assist in the high yield cracking of refinery petroleum streams into derivative, higher-value products such as transportation fuels and petrochemical feedstocks like propylene.
We also invest in our people through enhanced training and development opportunities and by seeking to foster an equitable workplace and an inclusive culture that enables employees to feel a sense of belonging and reach their full potential.
We invest in our people through enhanced training and development opportunities and by seeking to foster a culture that enables employees to feel a sense of belonging and reach their full potential. It is important for us to have a workforce of highly engaged employees who understand how their work connects to Albemarle’s purpose and values.
Water is a critical input to Albemarle’s production operations. As water is a scarce resource, we understand the need to responsibly manage our water consumption not only for the preservation of the environment, but also for the viability of our local communities.
As water is a scarce resource, we understand the need to responsibly manage our water consumption not only for the preservation of the environment, but also for the viability of our local communities. We are investing in new process technologies to reduce our water footprint and expand capacity sustainably in locations with high water risk.
It is important for us to have a workforce of highly engaged employees who understand how their work connects to Albemarle’s purpose and values. We have measured employee engagement through an empowerment survey, which tracks job satisfaction and how likely an employee is to recommend Albemarle to people they know.
We have measured strong employee engagement through an empowerment survey, which tracks job satisfaction and how likely an employee is to recommend Albemarle to people they know.
In addition to potential business opportunities, we acknowledge our responsibility to address the impact of our operations on the environment. We are investing in technology and people to reduce energy consumption, greenhouse gas emissions and air emissions. Albemarle supports the goals of the Paris Agreement to avoid climate change by limiting global warming.
We acknowledge our responsibility to address the impact of our operations on the environment. We invest in technology and people to reduce energy consumption, greenhouse gas emissions and air emissions.
Energy Storage Segment Our Energy Storage business enables better lithium use through reliable supply and consistent quality. We develop and manufacture a broad range of basic lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride.
We develop and manufacture a broad range of basic lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride.
Under the amended agreements, Albemarle acquired the remaining 40% ownership of the Kemerton lithium hydroxide processing facility in Australia that was jointly owned with MRL through the MARBL joint venture. Following this restructuring, Albemarle and MRL each own 50% of Wodgina, and MRL operates the Wodgina mine on behalf of the joint venture.
On October 18, 2023, the Company closed on the restructuring of the MARBL joint venture with Mineral Resources Limited (“MRL”), whereby Albemarle acquired the remaining 40% ownership of the Kemerton lithium hydroxide processing facility in Australia that was jointly owned with MRL through the MARBL joint venture.
Financial results and discussion about our segments included in this report are organized according to these categories except where noted. For financial information regarding our reportable segments and geographic area information, see Note 25, “Segment and Geographic Area Information,” to our consolidated financial statements included in Part II, Item 8 of this report.
For financial information regarding our reportable segments and geographic area information, see Note 25, “Segment and Geographic Area Information,” to our consolidated financial statements included in Part II, Item 8 of this report. Energy Storage Segment Our Energy Storage business enables better lithium use through reliable supply and consistent quality.
Research and Development We believe that in order to generate revenue growth, maintain our margins and remain competitive, we must continually invest in research and development, product and process improvements and specialized customer services. Our research and development efforts support each of our business segments.
We also utilize sales representatives and specialists in specific market areas when necessary or required by law. 6 Albemarle Corporation and Subsidiaries Research and Development We believe that in order to generate revenue growth, maintain our margins and remain competitive, we must continually invest in research and development, product and process improvements and specialized customer services.
We will continue to report results across three existing operating segments: Energy Storage, Specialties and Ketjen. Business Segments During 2024, we managed and reported our operations under three reportable segments: Energy Storage, Specialties and Ketjen. The segments are organized based on their similar markets, customers, economic characteristics and production processes.
For information regarding our unconsolidated joint ventures, see Note 8, “Investments,” to our consolidated financial statements included in Part II, Item 8 of this report. Business Segments During 2025, we managed and reported our operations under three reportable segments: Energy Storage, Specialties and Ketjen. The segments are organized based on their similar markets, customers, economic characteristics and production processes.
We finished 2024 with an OSHA occupational injury and illness incident rate of 0.13 for Albemarle employees and nested contractors, compared to 0.14 in 2023. Our business and our customers are subject to significant requirements under the European Community Regulation for the Registration, Evaluation, Authorization and Restriction of Chemicals (“REACH”).
Our business and our customers are subject to significant requirements under the European Community Regulation for the Registration, Evaluation, Authorization and Restriction of Chemicals (“REACH”).
In addition, they improve product properties by adding hydrogen and in some cases improve the performance of downstream catalysts and processes.
Their application enables the upgrading of oil fractions to clean fuels and other usable oil feedstocks and products by removing sulfur, nitrogen and other impurities from the feedstock. In addition, they improve product properties by adding hydrogen and in some cases improve the performance of downstream catalysts and processes.
Removed
For information regarding our unconsolidated joint ventures, see Note 8, “Investments,” to our consolidated financial statements included in Part II, Item 8 of this report.
Added
Financial results and discussion about our segments included in this report are organized according to these categories except where noted.
Removed
Effective November 1, 2024, we transitioned our operating structure from two core global business units - Energy Storage and Specialties - to a fully integrated functional model designed to increase agility, deliver significant cost savings and maintain long-term competitiveness. In addition, our Ketjen business continues to be operated under a separate, wholly-owned subsidiary.
Added
On October 25, 2025, the Company signed a definitive agreement to divest the controlling ownership interest of Ketjen’s Refining Solutions business to ChemCat AcquisitionCo, LLC and contribute the remaining ownership interest to ChemCat Holdings, LP, a newly formed limited partnership (“Holdco”).
Removed
We offer a wide range of HPC products, which are applied throughout the oil refining industry. Their application enables the upgrading of oil fractions to clean fuels and other usable oil feedstocks and products by removing sulfur, nitrogen and other impurities from the feedstock.
Added
The Refining Solutions business being divested and contributed is defined as the Company’s Ketjen reportable segment, excluding its PCS business and the Company’s 50% ownership interest in Eurecat S.A.
Removed
We expect to continue to see some less profitable, typically smaller, refineries shutting down and, over the long-term, being replaced by larger scale and more complex refineries, with growth concentrated in the Middle East, India and South-East Asia. Advances in sustainable aviation fuels, petroleum products and renewable diesel are expected to continue.
Added
In a separate transaction, on January 23, 2026, the Company completed the sale of its 50% ownership interest in Eurecat S.A., a joint venture included in the Ketjen segment, to Axens SA. Following the completion of these transactions, the Company will retain the PCS business and common units of Holdco initially representing a 49% interest.
Removed
We estimate that there are currently approximately 600 FCC units being operated globally, each of which requires a constant supply of FCC catalysts. In addition, we estimate that there are approximately 4,000 HPC units being operated globally, each of which typically requires replacement HPC catalysts once every one to four years.
Added
We expect the Refining Solutions transaction to be completed in the first quarter of 2026, subject to customary closing conditions. Upon completion of this transaction, we do not expect the retained business activity within the Ketjen segment to meet the criteria for a separate reportable segment.
Removed
We develop holistic inclusion and belonging initiatives to foster a values-driven workplace where all individuals feel a sense of belonging as they grow in their professions.
Added
Our lithium specialties business are used in a variety of applications and industries including organic synthesis processes in the areas of steroid chemistry and vitamins, various life science applications, as well as intermediates in the pharmaceutical industry, among other applications.
Removed
In addition, we have established employee resource groups, known as Connect groups, to promote an atmosphere of inclusion and encouragement in which every employee’s voice can be heard. These Connect groups provide opportunities for employees to share their backgrounds and experiences, and to use them to benefit others through mentoring and volunteering in the local community, among other activities.
Added
Following completion of the divestiture transactions noted previously, the Company will retain the PCS business and a 49% ownership interest in Holdco, a refining solutions joint venture. We offer a wide range of HPC products, which are applied throughout the oil refining industry.
Removed
Complementing this program are regional Albemarle sales and technical personnel who serve our global customer base. We also utilize sales representatives and specialists in specific market areas when necessary or required by law.
Added
We continuously seek to add more value to refinery operations by offering HPC products that meet our customers’ requirements for profitability and performance in the very demanding refining market.
Removed
We provide solutions to companies pursuing alternative fuel products and technologies (such as renewable fuels), pollution control technologies (including mercury emissions), alternative transportation vehicles and energy storage technologies and other similar solutions.
Added
Through research and development, we continue to seek increased margins by introducing value-added products and proprietary processes and innovative green chemistry technologies.
Removed
We are investing in new process technologies to reduce our water footprint and expand capacity sustainably in locations with high water risk.
Added
Concern about the impact of some of our products on human health or the environment may lead to regulation or reaction in our markets independent of regulation.
Removed
Recent Acquisitions, Joint Ventures and Divestitures The following is a summary of our significant acquisitions and joint venture agreement restructurings over the last three years. On October 18, 2023, the Company closed on the restructuring of the MARBL joint venture with Mineral Resources Limited (“MRL”).
Added
We attempt to maximize the recovery of our extracted minerals and recycle or reuse co-products where possible.
Removed
On October 25, 2022, the Company completed the acquisition of all of the outstanding equity of Guangxi Tianyuan New Energy Materials Co., Ltd. (“Qinzhou”), for approximately $200 million in cash. Qinzhou’s operations include a recently constructed lithium processing plant strategically positioned near the Port of Qinzhou in Guangxi, which began commercial production in the first half of 2022.
Added
On October 25, 2025, the Company signed a definitive agreement to divest the controlling ownership interest of Ketjen’s Refining Solutions business to ChemCat AcquisitionCo, LLC. 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.
Removed
The plant has a designed annual conversion capacity of up to 25,000 metric tons of lithium carbonate equivalent (“LCE”) and produces battery-grade lithium carbonate and lithium hydroxide. These transactions reflect our commitment to investing in future growth of our high priority businesses. Available Information Our website address is www.albemarle.com .
Added
(which the Company divested in a separate transaction as described below). Following the completion of the transactions contemplated in the definitive agreement (collectively, the “Refining Solutions Business Transaction”), the Company will receive an estimated $536 million in cash and will own 49% of the common units of Holdco.
Added
The Company expects the Refining Solutions Business Transaction to be completed in the first quarter of 2026, subject to customary closing conditions.
Added
In a separate transaction, on January 23, 2026, the Company completed the sale of its 50% ownership interest in Eurecat S.A., a joint venture included in the Refining Solutions reporting unit, for €105 million (approximately $123 million using foreign exchange rates on the closing date) in cash, to Axens SA.
Added
Following this restructuring, Albemarle and MRL each own 50% of Wodgina, and MRL operates the Wodgina mine on behalf of the joint venture.
Added
Available Information Our website address is www.albemarle.com .

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

111 edited+50 added−32 removed184 unchanged
Biggest changeRisks Related to Our Financial Condition • Our required capital expenditures can be complex, may experience delays or other difficulties, and the costs may exceed our estimates. • We will need a significant amount of cash to service our indebtedness and our ability to generate cash depends on many factors beyond our control. • Because a significant portion of our operations is conducted through our subsidiaries and joint ventures, our ability to service our debt may be dependent on our receipt of distributions or other payments from our subsidiaries and joint ventures. • Restrictive covenants in our debt instruments may adversely affect our business. • Changes in credit ratings issued by nationally recognized statistical rating organizations could adversely affect our cost of financing, the market price of our securities and our debt service obligations. • Write-offs or impairment of our goodwill, intangible assets or long-lived assets can result in significant charges to earnings. 10 Albemarle Corporation and Subsidiaries • Our business could suffer if we are not successful in executing our strategy and initiatives in connection with our comprehensive review of our cost and operating structure. • We are exposed to fluctuations in currency exchange rates, which may adversely affect our operating results and net income. • Significant or prolonged periods of higher interest rates may have an adverse effect on our results of operations, financial condition and cash flows. • Inflationary trends in the price of our input costs, such as raw materials, transportation and energy, could adversely affect our business and financial results. • Changes in, or the interpretation of, tax legislation or rates throughout the world could materially impact our results. • Future events may impact our deferred tax asset position and U.S. deferred federal income taxes on undistributed earnings of international affiliates that are considered to be indefinitely reinvested. • Our business and financial results may be adversely affected by various legal and regulatory proceedings. • Although our pension plans currently meet minimum funding requirements, events could occur that would require us to make significant contributions to the plans and reduce the cash available for our business. • We may not be able to consummate future acquisitions or integrate acquisitions into our business, which could result in unanticipated expenses and losses. • We may continue to expand our business through acquisitions and we may incur additional indebtedness, including indebtedness related to acquisitions.
Biggest changeRisks Related to Our Financial Condition • Our required capital expenditures can be complex, may experience delays or other difficulties, and the costs may exceed our estimates. • We will need a significant amount of cash to service our indebtedness and our ability to generate cash depends on many factors beyond our control. • Because a significant portion of our operations is conducted through our subsidiaries and joint ventures, our ability to service our debt may be dependent on our receipt of distributions or other payments from our subsidiaries and joint ventures. • Changes in credit ratings issued by nationally recognized statistical rating organizations could adversely affect our cost of financing, the market price of our securities and our debt service obligations. 10 Albemarle Corporation and Subsidiaries • Write-offs or impairment of our goodwill, intangible assets or long-lived assets can result in significant charges to earnings. • Our business could suffer if we are not successful in executing our strategy and initiatives in connection with our comprehensive review of our cost and operating structure. • We are exposed to fluctuations in currency exchange rates, which may adversely affect our operating results and net income. • Significant or prolonged periods of higher interest rates may have an adverse effect on our results of operations, financial condition and cash flows. • Inflationary trends in the price of our input costs, such as raw materials, transportation and energy, could adversely affect our business and financial results. • Changes in, or the interpretation of, tax legislation or rates throughout the world could materially impact our results. • Future events may impact our deferred tax asset position and U.S. deferred federal income taxes on undistributed earnings of international affiliates that are considered to be indefinitely reinvested. • Our business and financial results may be adversely affected by various legal and regulatory proceedings. • Although our pension plans currently meet minimum funding requirements, events could occur that would require us to make significant contributions to the plans and reduce the cash available for our business. • We may discontinue or divest all or part of a particular business or plant as we periodically assess our business structure.
These competitors may also be able to maintain significantly greater operating and financial flexibility. As a result, these competitors may be better able to withstand changes in 13 Albemarle Corporation and Subsidiaries conditions within our industry. Competitors’ pricing decisions could compel us to decrease our prices, which could negatively affect our margins and profitability.
These competitors may also be able to maintain significantly greater operating and financial flexibility. As a result, these competitors may be better able to withstand changes in conditions within our industry. Competitors’ pricing decisions could compel us to decrease our prices, which could negatively 13 Albemarle Corporation and Subsidiaries affect our margins and profitability.
Our indebtedness could have important consequences including: 21 Albemarle Corporation and Subsidiaries • making it more difficult for us to satisfy our obligations with respect to our debt, and any failure to comply with the obligations under our debt instruments, including restrictive covenants, could result in an event of default under the indenture governing our senior notes, the 2022 Credit Agreement or agreements governing future indebtedness; • increasing the risk of a credit ratings downgrade of our debt, which could increase future debt costs and limit the future availability of debt financing; • increasing our vulnerability to adverse general economic and industry conditions; • reducing the cash flow available to fund capital expenditures and other corporate purposes and to grow our business; • limiting our flexibility in planning for, or reacting to, changes in our business, the economy and our industry; • placing us at a competitive disadvantage compared to our competitors with less indebtedness; • making it more difficult to borrow additional funds in the future to fund growth, acquisitions, working capital, capital expenditures and other purposes; and • potentially requiring us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of our cash flow to fund our other business needs.
Our indebtedness could have important consequences including: • making it more difficult for us to satisfy our obligations with respect to our debt, and any failure to comply with the obligations under our debt instruments, including restrictive covenants, could result in an event of default under the indenture governing our senior notes, the 2022 Credit Agreement or agreements governing future indebtedness; 21 Albemarle Corporation and Subsidiaries • increasing the risk of a credit ratings downgrade of our debt, which could increase future debt costs and limit the future availability of debt financing; • increasing our vulnerability to adverse general economic and industry conditions; • reducing the cash flow available to fund capital expenditures and other corporate purposes and to grow our business; • limiting our flexibility in planning for, or reacting to, changes in our business, the economy and our industry; • placing us at a competitive disadvantage compared to our competitors with less indebtedness; • making it more difficult to borrow additional funds in the future to fund growth, acquisitions, working capital, capital expenditures and other purposes; and • potentially requiring us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of our cash flow to fund our other business needs.
Risks inherent in international operations include the following: • fluctuations in foreign currency exchange rates may affect product demand and may adversely affect the profitability in U.S. dollars of products and services we provide in international markets where payment for our products and services is made in the local currency; 11 Albemarle Corporation and Subsidiaries • transportation and other shipping costs may increase, or transportation may be inhibited; • increased cost or decreased availability of raw materials; • increased regulations on, or reduced access to, scarce resources, such as freshwater; • changes in foreign laws and tax rates or U.S. laws and tax rates with respect to foreign income may unexpectedly increase the rate at which our income is taxed, impose new and additional taxes on remittances, repatriation or other payments by subsidiaries, or cause the loss of previously recorded tax benefits; • delays in obtaining or renewing, or the inability to obtain, maintain or renew, or the renegotiation, cancellation, revocation or forced modification of existing contracts, leases, licenses, permits or other agreements and/or approvals; • trade sanctions by or against foreign countries in which we do business could result in our losing access to customers and suppliers in those countries; • unexpected adverse changes in foreign laws or regulatory requirements may occur; • our agreements with counterparties in foreign countries may be difficult for us to enforce and related receivables may be difficult for us to collect; • compliance with the variety of foreign laws and regulations may be unduly burdensome; • compliance with anti-bribery and anti-corruption laws (such as the Foreign Corrupt Practices Act) as well as anti-money-laundering laws may be costly; • compliance with changing cybersecurity rules and evolving data privacy rules and regulation, such as the European Union’s General Data Protection Regulation, could increase our cost of doing business; • unexpected adverse changes in export regulations, duties, quotas and tariffs and difficulties in obtaining export licenses may occur; • general economic conditions in the countries in which we operate could have an adverse effect on our earnings from operations in those countries; • changes in the strength of our relationships with local communities and indigenous populations in the areas in which we operate may impact our community support; • our foreign operations may experience staffing difficulties and labor disputes; • termination or substantial modification of international trade agreements may adversely affect our access to raw materials and to markets for our products outside the U.S.; • foreign governments may nationalize or expropriate private enterprises; • increased sovereign risk (such as default by or deterioration in the economies and credit worthiness of local governments) may occur; and • political or economic repercussions from terrorist activities, including the possibility of hyperinflationary conditions and political instability, may occur in certain countries in which we do business.
Risks inherent in international operations include the following: • fluctuations in foreign currency exchange rates may affect product demand and may adversely affect the profitability in U.S. dollars of products and services we provide in international markets where payment for our products and services is made in the local currency; • transportation and other shipping costs may increase, or transportation may be inhibited; • increased cost or decreased availability of raw materials; • increased regulations on, or reduced access to, scarce resources, such as freshwater; • changes in foreign laws and tax rates or U.S. laws and tax rates with respect to foreign income may unexpectedly increase the rate at which our income is taxed, impose new and additional taxes on remittances, repatriation or other payments by subsidiaries, or cause the loss of previously recorded tax benefits; • delays in obtaining or renewing, or the inability to obtain, maintain or renew, or the renegotiation, cancellation, revocation or forced modification of existing contracts, leases, licenses, permits or other agreements and/or approvals; • trade sanctions by or against foreign countries in which we do business could result in our losing access to customers and suppliers in those countries; • unexpected adverse changes in foreign laws or regulatory requirements may occur; • our agreements with counterparties in foreign countries may be difficult for us to enforce and related receivables may be difficult for us to collect; • compliance with the variety of foreign laws and regulations may be unduly burdensome; • compliance with anti-bribery and anti-corruption laws (such as the Foreign Corrupt Practices Act) as well as anti-money-laundering laws may be costly; • compliance with changing cybersecurity rules and evolving data privacy rules and regulation, such as the European Union’s General Data Protection Regulation, could increase our cost of doing business; • unexpected adverse changes in export regulations, duties, quotas and tariffs and difficulties in obtaining export licenses may occur; • general economic conditions in the countries in which we operate could have an adverse effect on our earnings from operations in those countries; • changes in the strength of our relationships with local communities and indigenous populations in the areas in which we operate may impact our community support; • staffing difficulties and labor disputes may impact our operations in certain countries in which we operate; • termination or substantial modification of international trade agreements may adversely affect our access to raw materials and to markets for our products outside the U.S.; • foreign governments may nationalize or expropriate private enterprises; • increased sovereign risk (such as default by or deterioration in the economies and credit worthiness of local governments) may occur; and • political or economic repercussions from terrorist activities, including the possibility of hyperinflationary conditions and political instability, may occur in certain countries in which we do business.
Our equity method investees are governed by their own board of directors, whose members have fiduciary duties to the investees’' shareholders. While we have certain rights to appoint representatives to the investees’ boards of directors, the interests of the investees’ shareholders may not align with our interests or the interests of our shareholders and strategic and contractual disputes may arise.
Our equity method investees are governed by their own board of directors, whose members have fiduciary duties to the investees’ shareholders. While we have certain rights to appoint representatives to the investees’ boards of directors, the interests of the investees’ shareholders may not align with our interests or the interests of our shareholders and strategic and contractual disputes may arise.
Competition within our industry may place downward pressure on the prices and margins of our products and may adversely affect our businesses and results of operations. We compete against a number of highly competitive global specialty chemical producers.
Competition within our industry may place downward pressure on the prices and margins of our products and may adversely affect our businesses and results of operations. We compete against a number of highly competitive global chemical producers.
During 2024, we made the decision to stop construction of Kemerton conversion plant Trains 3 and 4, and put Kemerton Train 2 into care and maintenance. We determined these actions to be a triggering event for a review of impairment of our Energy Storage reporting unit goodwill and associated long-lived asset groups.
During 2024, we made the decision to stop construction of Kemerton Trains 3 and 4, and put Kemerton Train 2 into care and maintenance. We determined these actions to be a triggering event for a review of impairment of our Energy Storage reporting unit goodwill and associated long-lived asset groups.
We work with numerous independent suppliers to mitigate lack of availability from a single supplier, however in some cases products with limited numbers of suppliers may become difficult to obtain. Potential transition risks related to climate change include increased battery regulation, potential loss of customers due to climate-related performance, and increased costs related to carbon pricing.
We work with numerous independent suppliers to mitigate lack of availability from a single supplier, however in some cases products with limited numbers of suppliers may become difficult to obtain. Potential transition risks related to climate change include potential loss of customers due to climate-related performance and increased costs related to carbon pricing.
In addition, the threat of additional regulation or concern about the impact of brominated fire safety solutions on human health or the environment could lead to a negative reaction in our markets that could reduce or eliminate our markets for these products, which could have an adverse effect on our sales and profitability.
In addition, the threat of additional regulation or concern about the impact of brominated fire safety solutions on human health or the environment could lead to a negative reaction in our markets that could reduce or alter our markets for these products, which could have an adverse effect on our sales and profitability.
In addition, our trade secrets and know-how may be improperly obtained by other means, such as a breach of our information technologies security systems or direct theft. Our inability to acquire or develop additional lithium reserves that are economically viable could have a material adverse effect on our future profitability.
In addition, our trade secrets and know-how may be improperly obtained by other means, such as a breach of our information technologies security systems or direct theft. Our inability to develop lithium or bromine reserves that are economically viable could have a material adverse effect on our future profitability.
Toxic Substances Control Act (TSCA) requires chemicals to be assessed against a risk-based safety standard and calls for the elimination of unreasonable risks identified during risk evaluation.
Toxic Substances Control Act (“TSCA”) requires chemicals to be assessed against a risk-based safety standard and calls for the elimination of unreasonable risks identified during risk evaluation.
Any future changes in OECD guidance or interpretations, including local country tax legislative changes thereof could impact our initial assessment; therefore, we will continue to monitor and refine our assessment as further guidance is made available. We are subject to the regular examination of our income tax returns by various tax authorities.
Any future changes in OECD guidance or interpretations, including local country 24 Albemarle Corporation and Subsidiaries tax legislative changes thereof could impact our initial assessment; therefore, we will continue to monitor and refine our assessment as further guidance is made available. We are subject to the regular examination of our income tax returns by various tax authorities.
In addition, certain of our operations and ongoing capital projects are in regions of the world such as Asia, the Middle East and South America that are of high risk due to significant civil, political and security instability.
In addition, certain of our operations, including joint ventures, and ongoing capital projects are in regions of the world such as Asia, the Middle East and South America that are of high risk due to significant civil, political and security instability.
Accordingly, these hazards and their consequences could adversely affect our reputation and have a material adverse effect on our operations as a whole, including our results of operations and cash flows, both during and after the period of operational difficulties. 16 Albemarle Corporation and Subsidiaries Our business could be adversely affected by environmental, health and safety laws and regulations.
Accordingly, these hazards and their consequences could adversely affect our reputation and have a material adverse effect on our operations as a whole, including our results of operations and cash flows, both during and after the period of operational difficulties. Our business could be adversely affected by environmental, health and safety laws and regulations.
In previous years, we have made voluntary contributions to our U.S. qualified defined benefit pension plans. We anticipate approximately $9 million of required cash contributions during 2025 for our defined benefit pension plans. Additional voluntary pension contributions in and after 2025 may vary depending on factors such as asset returns, interest rates, and legislative changes.
In previous years, we have made voluntary contributions to our U.S. qualified defined benefit pension plans. We anticipate approximately $6 million of required cash contributions during 2026 for our defined benefit pension plans. Additional voluntary pension contributions in and after 2026 may vary depending on factors such as asset returns, interest rates, and legislative changes.
We believe we have met these requirements but additional federal and local regulations that limit the distribution of hazardous materials are being considered. We ship and receive materials that are classified as hazardous. Bans on movement of hazardous materials through cities, like Washington, D.C., could affect the efficiency of our logistical 27 Albemarle Corporation and Subsidiaries operations.
We believe we have met these requirements but additional federal and local regulations that limit the distribution of hazardous materials are being considered. We ship and receive materials that are classified as hazardous. Bans on movement of hazardous materials through cities, like Washington, D.C., could affect the efficiency of our logistical operations.
A decline in our customers’ industries may have a material adverse effect on our sales and profitability. Our results are subject to fluctuation because of irregularities in the demand for our HPC catalysts and certain of our agrichemicals.
A decline in our customers’ industries may have a material adverse effect on our sales and profitability. The results of the Refining Solutions business are subject to fluctuation because of irregularities in the demand for our HPC catalysts and certain of our agrichemicals.
Our operating results and net income may be affected by any volatility in currency exchange rates and our ability to manage effectively our currency transaction and translation risks. Significant or prolonged periods of higher interest rates may have an adverse effect on our results of operations, financial condition and cash flows.
Our operating results and net income may be affected by any volatility in currency exchange rates and our ability to manage effectively our currency transaction and translation risks. 23 Albemarle Corporation and Subsidiaries Significant or prolonged periods of higher interest rates may have an adverse effect on our results of operations, financial condition and cash flows.
There are numerous uncertainties inherent in estimating quantities and qualities of lithium and costs to extract recoverable 19 Albemarle Corporation and Subsidiaries reserves, including many factors beyond our control, that could cause results to differ materially from expected financial and operating results or result in future impairment charges.
There are numerous uncertainties inherent in estimating quantities and qualities of lithium and costs to extract recoverable reserves, including many factors beyond our control, that could cause results to differ materially from expected financial and operating results or result in future impairment charges.
We continue to monitor the effects of the Inflation Reduction Act and other regulatory developments on our financial condition, operating results, and income tax rate. Currently, the majority of our net sales are generated from customers located outside the U.S., and a substantial portion of our assets and employees are located outside of the U.S.
We continue to monitor the effects of the OBBBA and other regulatory developments on our financial condition, operating results, and income tax rate. Currently, the majority of our net sales are generated from customers located outside the U.S., and a substantial portion of our assets and employees are located outside of the U.S.
Foreign Corrupt Practices Act and similar foreign anti-corruption laws, and in the past have paid fines in order to resolve self-reported potential violations of such laws. • We are subject to extensive foreign government regulation that can negatively impact our business. • Our inability to protect our intellectual property rights, or being accused of infringing on intellectual property rights of third parties, could have a material adverse effect on our business, financial condition and results of operations. • Our inability to acquire or develop additional lithium reserves that are economically viable could have a material adverse effect on our future profitability. • There is risk to the growth of lithium markets. • Demand and market prices for lithium will greatly affect the value of our investment in our lithium resources and conversion plants and our revenues and profitability generally. • If we are unable to retain key personnel or attract new skilled personnel, it could have an adverse effect on our business. • Some of our employees are unionized, represented by works councils or are employed subject to local laws that are less favorable to employers than the laws of the U.S. • Our joint ventures may not operate according to their business plans if our partners fail to fulfill their obligations, which may adversely affect our results of operations and may force us to dedicate additional resources to these joint ventures.
Foreign Corrupt Practices Act and similar foreign anti-corruption laws, and in the past have paid fines in order to resolve self-reported potential violations of such laws. • Our inability to protect our intellectual property rights, or being accused of infringing on intellectual property rights of third parties, could have a material adverse effect on our business, financial condition and results of operations. • Our inability to acquire or develop lithium or bromine reserves that are economically viable could have a material adverse effect on our future profitability. • Demand and market prices for lithium will greatly affect the value of our investment in our lithium resources and conversion facilities, and conversion plants and our revenues and profitability generally. • If we are unable to retain key personnel or attract new skilled personnel, it could have an adverse effect on our business. • Some of our employees are unionized, represented by works councils or are employed subject to local laws that are less favorable to employers than the laws of the U.S. • Our joint ventures may not operate according to their business plans if our partners fail to fulfill their obligations, which may adversely affect our results of operations and may force us to dedicate additional resources to these joint ventures.
Any failure to comply with such specifications could result in claims or legal action against us. A successful claim or series of claims against us could have a material adverse effect on our financial condition and results of operations and could result in our loss of one or more customers.
Any failure to comply with such specifications could result in claims or legal action against us. 16 Albemarle Corporation and Subsidiaries A successful claim or series of claims against us could have a material adverse effect on our financial condition and results of operations and could result in our loss of one or more customers.
Our inability to secure key raw materials, or to pass through increases in costs and expenses for other raw materials and energy, on a timely basis or at all, including due to climate change, could have an adverse effect on the margins of our products and our results of operations.
Our inability to secure key raw materials, or to pass through increases in costs and expenses for other raw materials and energy, on a timely basis or at all could have an adverse effect on the margins of our products and our results of operations.
The sales of our HPC catalysts, therefore, are largely dependent on the useful life cycle of the HPC catalysts in the processing units and may vary materially by quarter. In addition, the timing and profitability of HPC catalysts sales can have a significant impact on revenue and profit in any one quarter.
The sales of our HPC catalysts, therefore, are largely dependent on the useful life cycle of the HPC catalysts in the processing units and may vary materially by quarter. In addition, the timing and 15 Albemarle Corporation and Subsidiaries profitability of HPC catalysts sales can have a significant impact on revenue and profit in any one quarter.
Agencies in the European Union (“E.U.”) continue to evaluate the risks to human health and the environment associated with certain brominated fire safety solutions such as tetrabromobisphenol A and decabromodiphenyl ethane, both of which we 15 Albemarle Corporation and Subsidiaries manufacture.
Agencies in the European Union (“E.U.”) continue to evaluate the risks to human health and the environment associated with certain brominated fire safety solutions such as tetrabromobisphenol A and decabromodiphenyl ethane, both of which we manufacture.
If similar or other weather events, natural disasters, or other catastrophic events occur in the future, they could negatively affect the results of operations at our sites in the affected regions as well as have adverse impacts on the global economy. 28 Albemarle Corporation and Subsidiaries Our insurance may not fully cover all potential exposures.
If similar or other weather events, natural disasters, or other catastrophic events occur in the future, they could negatively affect the results of operations at our sites in the affected regions as well as have adverse impacts on the global economy. Our insurance may not fully cover all potential exposures.
Our significant manufacturing presence and sales activities in the E.U. require significant compliance costs and may result in increases in the costs of raw materials we purchase and the products we sell.
Our significant manufacturing presence and sales activities in the E.U. and other global regions require significant compliance costs and may result in increases in the costs of raw materials we purchase and the products we sell.
Risks Related to Our Business • Our substantial international operations subject us to risks of doing business in foreign countries, which could adversely affect our business, financial condition and results of operations. • Our inability to secure key raw materials, or to pass through increases in costs and expenses for other raw materials and energy, on a timely basis or at all, including due to climate change, could have an adverse effect on the margins of our products and our results of operations. • Competition within our industry may place downward pressure on the prices and margins of our products and may adversely affect our businesses and results of operations. 9 Albemarle Corporation and Subsidiaries • Our research and development efforts may not succeed in addressing changes in our customers’ needs, and our competitors may develop more effective or successful products. • The development of non-lithium battery technologies could adversely affect us. • Development projects are inherently risky and may require more capital than anticipated, which could adversely affect our business.
Risks Related to Our Business • Our substantial international operations subject us to risks of doing business in foreign countries, which could adversely affect our business, financial condition and results of operations. • Our inability to secure key raw materials, or to pass through increases in costs and expenses for other raw materials and energy, on a timely basis or at all could have an adverse effect on the margins of our products and our results of operations. 9 Albemarle Corporation and Subsidiaries • Competition within our industry may place downward pressure on the prices and margins of our products and may adversely affect our businesses and results of operations. • Our research and development efforts may not succeed in addressing changes in our customers’ needs, and our competitors may develop more effective or successful products. • The development of non-lithium battery technologies could adversely affect us. • Development projects are inherently risky and may require more capital than anticipated or not prove to be economically viable based on ultimate costs and returns of a project, which could adversely affect our business.
Certain of these communities or other stakeholders may have or may develop interests or objectives which are different from, or even in conflict with, our objectives, including the use of our lands and waterways near our operations.
Certain of these communities or other stakeholders may have or may develop interests or objectives which are different from, or even in conflict with, our objectives, including the use of our lands and waterways near our 17 Albemarle Corporation and Subsidiaries operations.
High volatility or further declines in the lithium prices could have a material and adverse effect on the revenues and profitability of our Energy Storage business and on our company generally. In addition, a further decrease in lithium prices may lead to additional inventory valuation charges in the valuation period prior to when the goods are sold.
High volatility or additional declines in the lithium prices could have a material and adverse effect on the revenues and profitability on our company. In addition, a further decrease in lithium prices may lead to additional inventory valuation charges in the valuation period prior to when the goods are sold.
The downgrading of any of our ratings or an increase in any of the benchmark interest rates would result in an increase of the interest expense on our variable rate borrowings. Write-offs or impairment of our goodwill, intangible assets or long-lived assets can result in significant charges to earnings. Under U.S.
The downgrading of any of our ratings or an increase in any of the benchmark interest rates would result in an increase of the interest expense on our variable rate borrowings. 22 Albemarle Corporation and Subsidiaries Write-offs or impairment of our goodwill, intangible assets or long-lived assets can result in significant charges to earnings. Under U.S.
Depending on market conditions and the Company’s cost structure, the Company may take additional actions in the future to idle production or halt construction activities at its mines or processing facilities due to lack of market demand or for other reasons.
Depending on market conditions and the Company’s cost structure, the Company may take additional actions in the future to idle production, halt construction, or cease operations activities at its mines or processing facilities due to lack of market demand, pricing economics, production costs, or for other reasons.
These measures have included an ongoing comprehensive review of our cost and operating structure, in connection with which we placed Kemerton Train 2 in care and maintenance and stopped construction on Kemerton Trains 3 and 4, and initiated a global workforce reduction that impacted 6-7% of total headcount.
These measures included an ongoing comprehensive review of our cost and operating structure, in connection with which we placed Kemerton Train 2 and the Chengdu, China conversion plant in care and maintenance, stopped construction on Kemerton Trains 3 and 4, and initiated a global workforce reduction that impacted 6-7% of total headcount.
For example, over the past several years the U.S. and China have applied tariffs to certain of each other’s exports, including tariffs on Chinese electric vehicles and lithium-ion batteries announced by the U.S. presidential administration in 2024, which have resulted in, and may continue to cause, shifting trade flows and restrictions on certain sales of goods into China and domestic demand for products manufactured in China.
For example, over the past several years the U.S. and China have applied tariffs to certain of each other’s exports, including tariffs on Chinese electric vehicles and lithium-ion batteries initiated in 2025, which have resulted in, and may continue to cause, shifting trade flows and restrictions on certain sales of goods into China and domestic demand for products manufactured in China.
As of December 31, 2024, our aggregate long-term debt was $3.5 billion, primarily related to senior notes. We expect to maintain significant levels of indebtedness going forward.
As of December 31, 2025, our aggregate long-term debt was $3.2 billion, primarily related to senior notes. We expect to maintain significant levels of indebtedness going forward.
Our business could suffer if we are not successful in executing our strategy and initiatives in connection with our comprehensive review of our cost and operating structure. In January 2024, we announced that we were undertaking proactive measures to optimize our cost structure in response to changing end-market conditions, particularly in the lithium value chain.
Our business could suffer if we are not successful in executing our strategy and initiatives in connection with our comprehensive review of our cost and operating structure. In 2024, we announced that we were undertaking proactive measures to optimize our cost structure in response to changing end-market conditions.
Although we have established formal policies or procedures for prohibiting or monitoring this conduct, we cannot assure you that our employees or other agents will not engage in such conduct for which we might be held responsible.
Although we have established formal policies or procedures for prohibiting or monitoring this conduct, we cannot provide total certainty that our employees or other agents will not engage in such conduct for which we might be held responsible.
The development of our mines and operations are also subject to other project specific risks. • Downturns in our customers’ industries, which may be cyclical or affected by changes in governing administrations, could adversely affect our sales and profitability. • Our results are subject to fluctuation because of irregularities in the demand for our HPC catalysts and certain of our agrichemicals. • Regulation, or the threat of regulation, of some of our products could have an adverse effect on our sales and profitability. • We could be subject to damages based on claims brought against us by our customers or lose customers as a result of the failure of our products to meet certain quality specifications. • Our business is subject to hazards common to chemical and natural resource extraction businesses, any of which could injure our employees or other persons, damage our facilities or other properties, interrupt our production and adversely affect our reputation and results of operations. • Our business could be adversely affected by environmental, health and safety laws and regulations. • Our operations could be adversely affected by local communities and/or other stakeholders. • We may be subject to indemnity claims and liable for other payments relating to properties or businesses we have divested. • We could be adversely affected by violations of the U.S.
The development of our mines and operations are also subject to other project specific risks. • We are subject to risks related to brine extraction limits, particularly with respect to our early warning plan at our facilities in Chile. • Downturns in our customers’ industries, which may be cyclical or affected by changes in governing administrations, could adversely affect our sales and profitability. • The results of the Refining Solutions business are subject to fluctuation because of irregularities in the demand for our HPC catalysts and certain of our agrichemicals. • Regulation, or the threat of regulation, of some of our products could have an adverse effect on our sales and profitability. • We could be subject to damages based on claims brought against us by our customers or lose customers as a result of the failure of our products to meet certain quality specifications. • Our business is subject to hazards common to chemical and natural resource extraction businesses, any of which could injure our employees or other persons, damage our facilities or other properties, interrupt our production and adversely affect our reputation and results of operations. • Our business could be adversely affected by environmental, health and safety laws and regulations. • Our operations could be adversely affected by local communities and/or other stakeholders. • We may be subject to indemnity claims and liable for other payments relating to properties or businesses we have divested, including in connection with the divestiture of the controlling interest in our Refining Solutions business. • We could be adversely affected by violations of the U.S.
Our relationships with the communities near our sites and other stakeholders are critical to the future success of our sites, as well as at any future development. There is an increasing level of public concern relating to the perceived effect of mining activities on the environment and on communities impacted by such activities.
Our relationships with the communities near our sites and other stakeholders are critical to the future success of our sites, as well as at any future development. There is ongoing public attention relating to the perceived effect of mining activities on the environment and on communities impacted by such activities.
The occurrence or threat of extraordinary events, including domestic and international terrorist attacks, may disrupt our operations and decrease demand for our products. Chemical-related assets may be at greater risk of future terrorist attacks than other possible targets in the U.S. and around the world.
The occurrence or threat of extraordinary events, including domestic and international terrorist attacks, may disrupt our operations and increase costs. Chemical-related assets may be at greater risk of future terrorist attacks than other possible targets in the U.S. and around the world.
Any failure, or perceived failure, to meet evolving stakeholder expectations, additional regulations and industry standards or achieve our sustainability goals, commitments, and targets could have an adverse effect on our business, results of operations, financial condition, or stock price. Item 1B. Unresolved Staff Comments. NONE
Any failure, or perceived failure, to meet evolving stakeholder expectations, additional regulations and industry standards or achieve our sustainability goals, commitments, and targets could have an adverse effect on our business, results of operations, financial condition, or stock price.
The actual project profitability or economic feasibility may differ from such estimates as a result of factors such as, but not limited to, changes in volumes, grades and characteristics of resources to be mined and processed; changes in labor costs or availability of adequate and skilled labor force; the quality of the data on which engineering assumptions were made; adverse geotechnical conditions; availability, supply and cost of water and power; fluctuations in inflation and currency exchange rates; delays in obtaining environmental or other government permits or approvals or changes in the laws and regulations related to our operations or project development; changes in royalty agreements, laws and/or regulations around royalties and other taxes; and weather or severe climate impacts.
The actual project profitability or economic feasibility may differ from such estimates as a result of factors such as, but not limited to, changes in volumes, grades and characteristics of resources to be mined and processed; changes in labor costs or availability of adequate and skilled labor force; the quality of the data on which engineering assumptions were made; adverse geotechnical conditions; availability, supply and cost of water and power; fluctuations in inflation and currency exchange rates; delays in obtaining environmental or other government permits or approvals or changes in the laws and regulations related to our operations or project development; changes in royalty agreements, laws and/or regulations around royalties and other taxes; and weather or severe climate impacts. 19 Albemarle Corporation and Subsidiaries For our existing operations, we utilize geological, hydrogeological and metallurgical assumptions, financial projections and price estimates.
Unanticipated events, such as geopolitical changes, could result in a write-down of our investment in the affected joint venture or a delay or cause cancellation of those capital projects, which could negatively impact our future growth and profitability.
Unanticipated events, such as geopolitical changes, could result in disruption of operations, a write-down of our investment in the affected joint venture or a delay or cause cancellation of those capital projects, which could negatively impact our future 12 Albemarle Corporation and Subsidiaries growth and profitability.
Many of our customers are in industries, including the electronics, building and construction, oilfield and automotive industries, that are cyclical in nature, or which are subject to secular market downturns or may face adverse effects of evolving regulatory regimes.
Downturns in the businesses that use our chemicals may adversely affect our sales. Many of our customers are in industries, including the electronics, building and construction, oilfield and automotive industries, that are cyclical in nature, or which are subject to secular market downturns or may face adverse effects of evolving regulatory regimes.
Furthermore, the Chinese government has, from time to time, curtailed manufacturing operations, with little or no notice, in industrial regions out of growing concern over air quality and in response to COVID-19 outbreaks.
Furthermore, the Chinese government has, from time to time, curtailed manufacturing operations, with little or no notice, in industrial regions out of growing concern over air quality.
In addition, it cannot be assumed that any part or all of the inferred mineral resources will ever be converted into mineral reserves, as defined by the SEC. See Item 2. Properties, for a discussion and quantification of our current mineral resources and reserves. There is risk to the growth of lithium markets.
In addition, it cannot be assumed that any part or all of the inferred mineral resources will ever be converted into mineral reserves, as defined by the SEC. See Item 2. Properties, for a discussion and quantification of our current mineral resources and reserves.
General Risk Factors • Adverse conditions in the economy, and volatility and disruption of financial markets can negatively impact our customers, suppliers and other business partners and therefore have a material adverse effect on our business and results of operations. • Our business and operations could suffer in the event of cybersecurity breaches, information technology system failures, or network disruptions. • The occurrence or threat of extraordinary events, including domestic and international terrorist attacks, may disrupt our operations and decrease demand for our products. • National or international disputes, political instability, terrorism war or armed hostilities, could impact our results of operations. • Natural disasters or other unanticipated catastrophes could impact our operations and could have a material adverse effect on our results of operations, financial position, and cash flows. • Our insurance may not fully cover all potential exposures. • We may be exposed to certain regulatory and financial risks related to climate change. • Failure to meet sustainability expectations or standards or achieve our sustainability goals could adversely affect our business, results of operations, financial condition, or stock price.
General Risk Factors • Adverse conditions in the economy, and volatility and disruption of financial markets can negatively impact our customers, suppliers and other business partners and therefore have a material adverse effect on our business and results of operations. • Our business and operations could suffer in the event of cybersecurity breaches, information technology system failures, or network disruptions. • Integration of AI technologies into our operations may introduce new risks, require significant additional investment, and materially impact our competitive position if unsuccessful. • The occurrence or threat of extraordinary events, including domestic and international terrorist attacks, may disrupt our operations and increase costs. • National or international disputes, political instability, terrorism war or armed hostilities, could impact our results of operations. • Natural disasters or other unanticipated catastrophes could impact our operations and could have a material adverse effect on our results of operations, financial position, and cash flows. • Our insurance may not fully cover all potential exposures. • We may be exposed to certain regulatory and financial risks related to climate change. • Failure to meet sustainability expectations or standards or achieve our sustainability goals could adversely affect our business, results of operations, financial condition, or stock price.
While certain climate change initiatives may result in new business opportunities for us in the area of alternative fuel technologies and emissions control, compliance with these initiatives may also result in additional costs to us, including, among other things, increased production costs, additional taxes, reduced emission allowances or additional restrictions on production or operations.
While certain climate change initiatives may result in new business opportunities for us in the area of energy storage and electrification, compliance with these initiatives may also result in additional costs to us, including, among other things, increased production costs, additional taxes, reduced emission allowances or additional restrictions on production or operations.
Any such integration failure could disrupt our business and have a material adverse effect on our consolidated financial condition and results of operations. Moreover, from time to time, we may enter into negotiations for a proposed acquisition, but be unable or unwilling to consummate the acquisition under consideration. This could cause significant diversion of management’s attention and out-of-pocket expenses.
Any such integration failure could disrupt our business and have a material adverse effect on our consolidated financial condition and results of operations. Moreover, from time to time, we may enter into negotiations for a proposed acquisition, but be unable or unwilling to consummate the acquisition under consideration.
Meeting the sustainability goals we have set and publicly disclosed will require significant resources and expenditures, and we may face pressure to make commitments, establish additional goals, and take actions to meet them beyond our current plans.
Meeting these sustainability goals will require significant resources and expenditures, and we may face pressure to make commitments, establish additional goals, and take actions to meet them beyond our current plans.
Our future effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates, expirations of tax holidays or rulings, changes in the assessment regarding the realization of the valuation of deferred tax assets, or changes in tax laws and regulations or their interpretation.
Our future effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates, rules governing transfer pricing for transactions between our affiliates, expirations of tax holidays or rulings, changes in the assessment regarding the realization of the valuation of deferred tax assets, or changes in tax laws and regulations or their interpretation.
Although we believe that we have a good working relationship with our employees, a strike, work stoppage, slowdown or significant dispute with our employees could result in a significant disruption of our operations or higher labor costs.
Although we believe that we have a good working relationship with our employees and their representatives in the jurisdictions where we operate, a strike, work stoppage, slowdown or significant dispute with our employees could result in a significant disruption of our operations or higher labor costs.
Any deterioration of the capital markets or returns available in such markets may negatively impact our pension plan assets and increase our funding obligations for one or more of these plans and negatively impact our liquidity. We cannot predict the impact of this or any further market disruption on our pension funding obligations.
Any deterioration of the capital markets or returns available in such markets may negatively impact our pension plan assets and increase our funding obligations for one or more of these plans and negatively impact our liquidity.
Additional government regulations, including limitations or bans on the use of brominated flame retardants, could result in a decline in our net sales of brominated fire safety solutions and have an adverse effect on our sales and profitability.
Additional government regulations, including limitations or bans on the use of brominated flame retardants, could result in a decline in our net sales of brominated fire safety solutions and have an adverse effect on our sales and profitability and make it necessary for us to develop alternative products.
DHS has enacted rules under the CFATS Program that impose comprehensive federal security regulations for high-risk chemical facilities in possession of specified quantities of chemicals of interest. These rules establish risk-based performance standards for the security of the U.S.’s chemical facilities.
DHS has enacted rules under the CFATS Program that impose comprehensive federal security regulations for high-risk chemical facilities in possession of specified quantities of chemicals of interest.
Our future growth depends on our ability to gauge the direction of the commercial and technological progress in all key end markets in which we sell our products and upon our ability to fund and successfully develop, manufacture and market products in such changing end markets. As a result, we must commit substantial resources each year to research and development.
Our future growth depends on our ability to gauge the direction of commercial and technological progress in all key end markets in which we sell our products and upon our ability to fund and successfully develop, manufacture and market products in such changing end markets.
We generally rely on patent, trade secret, trademark and copyright laws of the U.S. and certain other countries in which our 18 Albemarle Corporation and Subsidiaries products are produced or sold, as well as licenses and nondisclosure and confidentiality agreements, to protect our intellectual property rights.
Protection of our proprietary processes, methods and compounds and other technology is important to our business. We generally rely on patent, trade secret, trademark and copyright laws of the U.S. and certain other countries in which our products are produced or sold, as well as licenses and nondisclosure and confidentiality agreements, to protect our intellectual property rights.
As we continue our review of our cost and operating structure, we may be required to record additional charges in our financial statements during the period in which any impairment of our goodwill, intangible assets or long-lived assets is determined, negatively impacting our results of operations and financial condition.
As we continue our review of, and make changes to, our cost and operating structure, including the February 2026 announcement of the decision to place Kemerton Train 1 into care and maintenance, we may be required to record additional charges in our financial statements during the period in which any impairment of our goodwill, intangible assets or long-lived assets is determined, negatively impacting our results of operations and financial condition.
Dollar in recent years have fluctuated significantly and may do so in the future. With respect to our potential exposure to foreign currency fluctuations and devaluations, for the year ended December 31, 2024, approximately 39% of our net sales were denominated in currencies other than the U.S. Dollar. Significant changes in these foreign currencies relative to the U.S.
With respect to our potential exposure to foreign currency fluctuations and devaluations, for the year ended December 31, 2025, approximately 38% of our net sales were denominated in currencies other than the U.S. Dollar. Significant changes in these foreign currencies relative to the U.S.
In May 2013, we entered into agreements to initiate a commercial paper program under which we may issue unsecured commercial paper notes from time-to-time in a maximum aggregate principal amount outstanding at any time of up to $1.5 billion (up from $750 million prior to the May 2023 increase). 23 Albemarle Corporation and Subsidiaries In a rising interest rate environment, debt financing will become more expensive and may have higher transactional and servicing costs.
We are part of a commercial paper program under which we may issue unsecured commercial paper notes from time-to-time in a maximum aggregate principal amount outstanding at any time of up to $1.5 billion. In a rising interest rate environment, debt financing will become more expensive and may have higher transactional and servicing costs.
Our lithium reserves will, without acquiring or developing additional reserves, decline as we continue to extract these raw materials. Accordingly, our future profitability depends upon our ability to operate in a way that optimizes extraction of raw materials from the reserves we have and acquire additional lithium reserves that are economically viable to replace the reserves we will extract.
Our mineral property reserves will, without acquiring or developing additional reserves, decline as we continue to extract these raw materials. Accordingly, our future profitability depends upon our ability to operate in a way that optimizes extraction of raw materials from our reserves. Exploration and development of lithium resources are highly speculative in nature.
We and our third-party service providers have been and will continue to be subject to advanced and persistent threats in the areas of information and operational technology security and fraud, which may become more sophisticated over time.
We and our third-party service providers have been and will continue to be subject to advanced and persistent threats in the areas of information and operational technology security and fraud. Cybersecurity attacks, especially in light of the advancement and proliferation of artificial intelligence (“AI”) and machine learning technologies, may become more sophisticated over time.
Growing concerns about climate change may result in the imposition of additional regulations or restrictions to which we may become subject. A number of governments or governmental bodies have introduced or are contemplating regulatory changes in response to climate change, including regulating greenhouse gas emissions.
Growing concerns about climate change may result in the imposition of additional regulations or restrictions to which we may become subject. A number of governments or governmental bodies have introduced or are contemplating regulatory changes in response to climate change, including installing external carbon pricing mechanisms, such as emissions trading schemes and carbon taxes.
We evaluate our ability to utilize deferred tax assets and our need for valuation allowances based on available evidence. This process involves significant management judgment about assumptions that are subject to change from period to period based on changes in tax laws or variances between future projected operating performance and actual results.
This process involves significant management judgment about assumptions that are subject to change from period to period based on changes in tax laws or variances between future projected operating performance and actual results.
Additionally, in 2024, the Company announced that it was placing portions of its Kemerton project into care and maintenance and stopping construction on other portions, in an effort to optimize its cost structure in light of the depressed levels of lithium prices.
In 2024, the Company stopped construction of Kemerton Trains 3 and 4, and announced that it was placing Kemerton Train 2 into care and maintenance in an effort to optimize its cost structure in light of the depressed levels of lithium prices.
Although we have implemented certain processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, these measures, as well as our increased awareness of the nature and extent of a risk of a cyber incident, do not guarantee that our financial results, operations or confidential information will not be negatively impacted by such an incident.
Although we have implemented certain processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, these measures, as well as our increased awareness of the nature and extent of a risk of a cyber incident, do not guarantee that our financial results, operations or confidential information will not be negatively impacted by such an incident. 27 Albemarle Corporation and Subsidiaries Integration of AI technologies into our operations may introduce new risks, require significant additional investment, and materially impact our competitive position if unsuccessful.
For example, the new U.S. presidential administration has indicated that it may halt government infrastructure spending to establish charging points for EV users, eliminate certain tax cuts available in connection with EV purchases, and rescind requirements pertaining to reducing greenhouse gas emissions, all or any of which measures may have a detrimental affect on the U.S. EV industry.
For example, although the current U.S. presidential administration has reduced or suspended government infrastructure spending for EV projects, eliminated certain tax cuts available in connection with EV purchases, and rescinded requirements pertaining to reducing greenhouse gas emissions, all or any of which measures may have a detrimental affect on the U.S. EV industry.
The occurrence of natural disasters, such as hurricanes, floods, droughts, extreme heat, storms or earthquakes; pandemics, such as the COVID-19 pandemic; or other unanticipated catastrophes at any of the locations in which we or our key partners, suppliers, or customers do business could cause interruptions in our operations.
The occurrence of natural disasters, such as hurricanes, floods, droughts, heat and extreme temperatures, thunderstorms or earthquakes; pandemics; or other unanticipated catastrophes at any of the locations in which we or our key partners, suppliers, or customers do business could cause interruptions in our operations. Historically, major hurricanes have caused significant disruption to the operations on the U.S.
Downgrading the credit rating of our debt securities or placing us on a watch list for possible future downgrades would likely increase our cost of future financing, including under our 2022 Credit Agreement and our commercial paper program, limits our access to the capital markets and has an adverse effect on the market price of our securities. 22 Albemarle Corporation and Subsidiaries Borrowings under a portion of our debt facilities bear interest at floating rates, and are subject to adjustment based on the ratings of our senior unsecured long-term debt.
Downgrading the credit rating of our debt securities or placing us on a watch list for possible future downgrades would likely increase our cost of future financing, including under our 2022 Credit Agreement and our commercial paper program, limits our access to the capital markets and has an adverse effect on the market price of our securities.
Examinations in material jurisdictions or changes in laws, rules, regulations or interpretations by local taxing authorities could result in impacts to tax years open under statute or to foreign operating structures currently in place.
Examinations in material jurisdictions, including challenges to our transfer pricing policies or the allocation of income and expenses among our subsidiaries, or changes in laws, rules, regulations or interpretations by local taxing authorities could result in impacts to tax years open under statute or to foreign operating structures currently in place.
Climate changes and unprecedented weather events may pose a risk to business operations in vulnerable areas. In some regions including China, extreme heat and drought conditions could also impact the availability of hydropower resulting in decreased production and/or increased costs. Storms could cause business interruptions, incur additional restoration costs, and impact product availability and pricing.
In some regions including China, extreme heat and drought conditions could also impact the availability of hydropower resulting 29 Albemarle Corporation and Subsidiaries in decreased production and/or increased costs. Storms could cause business interruptions, incur additional restoration costs, and impact product availability and pricing.
We regularly assess the likelihood of adverse outcomes resulting from these examinations or changes in laws, rules, regulations or interpretations to determine the adequacy of our provision for taxes.
We regularly assess the likelihood of adverse outcomes resulting from these examinations or changes in laws, rules, regulations or interpretations to determine the adequacy of our provision for taxes. It is possible the outcomes from these examinations will have a material adverse effect on our financial condition and operating results.
Restrictive covenants in our debt instruments may adversely affect our business. Our senior credit facilities and the indentures governing our senior notes contain select restrictive covenants. These covenants provide constraints on our financial flexibility.
Additionally, our senior credit facilities and the indentures governing our senior notes contain select restrictive covenants, which provide constraints on our financial flexibility.
Any such events may also have the effect of heightening many of the other risks described herein, such as those relating to capital markets, raw materials, energy and freight costs, our supply chain, information security and market conditions, any of which could negatively affect our businesses, financial condition, results of operations and cash flows.
Any such events may also have the effect of heightening many of the other risks described herein, such as those relating to capital markets, raw materials, energy and freight costs, our supply chain, information security and market conditions, any of which could negatively affect our businesses, financial condition, results of operations and cash flows. 28 Albemarle Corporation and Subsidiaries The U.S. government and other nations have imposed significant restrictions on most companies’ ability to do business in Russia as a result of the military conflict between Russia and Ukraine.
Commercialized battery technologies that use no, or significantly less, lithium could materially and adversely impact our prospects and future revenues. Development projects are inherently risky and may require more capital than anticipated, which could adversely affect our business. The development of our mines and operations are also subject to other unique risks.
Commercialized battery technologies that use no, or significantly less, lithium could materially and adversely impact our prospects and future revenues. Development projects are inherently risky and may require more capital than anticipated or not prove to be economically viable based on ultimate costs and returns of a project, which could adversely affect our business.
Demand and market prices for lithium will greatly affect the value of our investment in our lithium resources and our revenues and profitability generally. Our ability to successfully develop our lithium resources and generate a return on investment will be affected by changes in the demand for and market price of lithium-based end products, such as lithium hydroxide.
Our ability to successfully develop our lithium resources and generate a return on investment will be affected by changes in the demand for and market price of lithium-based end products, such as lithium hydroxide. The market price of these products can fluctuate and is affected by numerous factors beyond our control, primarily world supply and demand.
Mine development projects typically require a number of years and significant expenditures during the development phase before production is possible.
The development of our mines and operations are also subject to other unique risks. Development projects typically require a number of years and significant expenditures during the development phase before production is possible.
While we are committed to operating in a socially responsible manner, there can be no assurance that our efforts in this respect will mitigate this potential risk.
While we are committed to operating in a socially responsible manner, there can be no assurance that our efforts in this respect will mitigate this potential risk. All the foregoing could have a material adverse effect on our business, financial condition and results of operations.
We may be subject to indemnity claims and liable for other payments relating to properties or businesses we have divested. In connection with the sale of certain properties and businesses, we have agreed to indemnify the purchasers of such properties for certain types of matters, such as certain breaches of representations and warranties, taxes and certain environmental matters.
In connection with the sale of certain properties and businesses, such as the divestiture of the controlling interest in our Refining Solutions business, we have agreed to indemnify the purchasers of such properties for certain types of matters, such as certain breaches of representations and warranties, taxes and certain environmental matters.
The current U.S. presidential administration has indicated that it may impose additional tariffs on China and other countries. Additionally, geopolitical disputes (including as a result of China-Taiwan and U.S.-Taiwan relations) between the U.S. and China may lead to further restrictions on trade and/or obstacles to conducting business in China. Recently, Australia and China have improved relations and resolved trade disputes.
Additionally, geopolitical or trade disputes (including as a result of China-Taiwan and U.S.-Taiwan relations) between the U.S. and China, or China and any other nation in which we conduct operations may lead to further restrictions on trade and/or obstacles to conducting business in China.

… 113 more changes not shown on this page.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

7 edited+0 added−0 removed14 unchanged
Biggest changeWe engage a third-party global firm to conduct an annual cyber assessment using the CSF, and we engage external vendors to validate our security controls and procedures through periodic penetration tests. 30 Albemarle Corporation and Subsidiaries We follow a zero-trust architecture approach and enforce the use of multi-factor authentication and virtual private network technologies for all external access to provide secure support for our remote workers.
Biggest changeWe follow a zero-trust architecture approach and enforce the use of multi-factor authentication and virtual private network technologies for all external access to provide secure support for our remote workers. We have implemented a global AI policy to govern AI development, deployment, and monitoring, which is aligned with both NIST AI risk management and applicable legal standards.
Item 1C. Cybersecurity. Albemarle recognizes the importance of maintaining the security and integrity of our information systems and the data we collect, process, and store. We have implemented a comprehensive cybersecurity program based on the National Institute of Standards and Technology Cybersecurity Framework (“CSF”).
Item 1C. Cybersecurity. Albemarle recognizes the importance of maintaining the security and integrity of our information systems and the data we collect, process, and store. We have implemented a comprehensive cybersecurity program based on the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework (“CSF”).
These individuals would participate in a special event management plan activation meeting to gain an understanding as to how the incident was detected and analysis of the incident. Each member of management involved would be responsible for assessing the risks, impact, and necessary response as determined by their role.
These individuals would participate in a 31 Albemarle Corporation and Subsidiaries special event management plan activation meeting to gain an understanding as to how the incident was detected and analysis of the incident. Each member of management involved would be responsible for assessing the risks, impact, and necessary response as determined by their role.
To date we have not had a cybersecurity incident that has had, or is reasonably likely to have, a material effect on our financial results or business operations; however, we monitor and work to continuously improve our cybersecurity program as threats become more frequent and sophisticated.
To date we have not had a cybersecurity incident that has had, or is reasonably likely to have, a material effect on our financial results or business operations; however, we monitor and work to continuously improve our cybersecurity program as threats become more frequent and sophisticated. We also maintain cybersecurity insurance consistent with industry practice.
Our team of cybersecurity professionals are responsible for maintaining a global information systems environment that focuses on least privilege, least functionality, and network segmentation throughout the landscape using a layered approach (i.e. a defense-in-depth strategy). This includes a security operations center and cybersecurity analysts who provide 24/7 network monitoring. As further discussed in Item 1A.
Our team of cybersecurity professionals are responsible for maintaining a global information systems environment that focuses on least privilege, least functionality, and network segmentation throughout the landscape using a layered approach (i.e. a defense-in-depth strategy). This includes a security operations center and cybersecurity analysts who provide 24/7 network monitoring supported by an in-house incident response team.
Risk Factors, a material cybersecurity incident could significantly increase the cost of doing business or otherwise adversely impact our financial results and condition.
As further discussed in Item 1A. Risk Factors, a material cybersecurity incident could significantly increase the cost of doing business or otherwise adversely impact our financial results and condition.
Cybersecurity risks and potential costs are evaluated as a part of business operations, and the respective business impacts are continuously assessed to address evolving threats and vulnerabilities.
Cybersecurity risks and potential costs are evaluated as a part of business operations, and the respective business impacts are continuously assessed to address evolving threats and vulnerabilities. We engage a third-party global firm to conduct an annual cyber assessment using the CSF, and we engage external vendors to validate our security controls and procedures through periodic penetration tests.

Item 2. Properties

Properties — owned and leased real estate

121 edited+17 added−13 removed118 unchanged
Biggest changeMineral resources are not mineral reserves and do not have demonstrated economic viability. 39 Albemarle Corporation and Subsidiaries • Mineral resources have been reported as in situ (hard rock within an optimized pit shell and above the effective cut-off grade), with reasonable prospects for eventual economic extraction remaining available. • Classification of the Mineral Resource has taken into account varying confidence levels and assessment, and whether the appropriate account has been taken for all relevant factors, i.e., relative confidence in tonnage/grade, computations, confidence in the continuity of geology and grade, quantity and distribution of the data and the results reflect the view of the QP. • The cut-off grade of 0.55% Li2O is based on estimated mining and processing costs and recovery factors. • The long-term price of $1,500/metric tonne of product over a timeline of 7 to 10 years is above the current spot price and was selected based on the reasonable long-term prospect rather than the short-term viability (0.5 to 2 years). • Mineral resources tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
Biggest changeMineral resources are not mineral reserves and do not have demonstrated economic viability. • Mineral resources have been reported as in situ (hard rock within an optimized pit shell and above the effective cut-off grade), without applying mining dilution, mining losses, or process losses. • Classification of the Mineral Resource has taken into account varying confidence levels and assessment, and whether the appropriate account has been taken for all relevant factors, i.e., relative confidence in tonnage/grade, computations, confidence in the continuity of geology and grade, quantity and distribution of the data and the results reflect the view of the QP. • The cut-off grade of 0.5% Li2O is based on estimated mining and processing costs and recovery factors.
A copy of the QP’s most recent technical report summary with respect to the lithium mineral resource and reserve estimates at the Silver Peak facility, dated February 8, 2025, with an effective date of June 30, 2024, is filed as Exhibit 96.4 to this report. The mineral resource economic assumptions remain unchanged from June 30, 2024.
A copy of the QP’s most recent technical report summary with respect to the lithium mineral resource and reserve estimates at the Silver Peak facility, dated February 8, 2025, with an effective date of June 30, 2024, is filed as Exhibit 96.4 to this report. Economic assumptions remain unchanged from June 30, 2024.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. • Given the dynamic reserve versus the static resource, a direct measurement of resources post-reserve extraction is not practical.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. • Given the dynamic reserve versus the static resource, a direct measurement of resources post-reserve extraction is not practical.
Therefore, as a simplification, to calculate mineral resources exclusive of reserves, the quantity of lithium pumped in the life of mine plan was subtracted from the overall resource without modification to lithium concentration.
Therefore, as a simplification, to calculate mineral resources exclusive of reserves, the quantity of lithium pumped in the life of mine plan was subtracted from the overall resource without modification to lithium concentration.
As only approximately one percent of the available resource is consumed from the Dead Sea, as noted above, the reserve estimate is based on the amount the JBC plant can produce over until the end of 2058, when the APC concession agreement ends.
As only approximately one percent of the available resource is consumed from the Dead Sea, as noted above, the reserve estimate is based on the amount the JBC plant can produce over until the end of 2058, when the APC concession agreement ends.
There are no mineral resource estimates at the Magnolia, AR bromine extraction site. All bromine mineral accumulations of economic interest and with reasonable prospects for eventual economic extraction within the Magnolia production lease area are either currently on production or subject to an economically viable future development plan and are classified as mineral reserves.
There are no mineral resource estimates at the Magnolia, AR bromine extraction site. All bromine mineral accumulations of economic interest and with reasonable prospects for eventual economic extraction within the Magnolia production lease area are either currently on production or subject to an economically viable future development plan and are classified as mineral reserves.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. • Mineral resources have been reported as in situ (hard rock within an optimized pit shell and above the effective cut-off grade), with reasonable prospects for eventual economic extraction remaining available. • Classification of the Mineral Resource has taken into account varying confidence levels and assessment, and whether the appropriate account has been taken for all relevant factors, i.e., relative confidence in tonnage/grade, computations, confidence in the continuity of geology and grade, quantity and distribution of the data and the results reflect the view of the QP. • The cut-off grade of 0.5% Li2O is based on estimated mining and processing costs and recovery factors. • The long-term price of $1,500/metric tonne of product over a timeline of 7 to 10 years is above the current spot price and was selected based on the reasonable long-term prospect rather than the short-term viability (0.5 to 2 years). • Mineral resources tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. • Mineral resources have been reported as in situ (hard rock within an optimized pit shell and above the effective cut-off grade), with reasonable prospects for eventual economic extraction remaining available. • Classification of the Mineral Resource has taken into account varying confidence levels and assessment, and whether the appropriate account has been taken for all relevant factors, i.e., relative confidence in tonnage/grade, computations, confidence in the continuity of geology and grade, quantity and distribution of the data and the results reflect the view of the QP. • The cut-off grade of 0.3% Li2O is based on estimated mining and processing costs and recovery factors. • The long-term price of $1,500/metric tonne of product over a timeline of 7 to 10 years is above the current spot price and was selected based on the reasonable long-term prospect rather than the short-term viability (0.5 to 2 years). • Mineral resources tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
Item 2. Properties. We operate globally, with our principal executive offices located in Charlotte, North Carolina and regional shared services offices located in Budapest, Hungary and Dalian, China. Each of these properties are leased. We and our affiliates also operate regional sales and administrative offices in various locations throughout the world, which are generally leased.
Item 2. Properties. We operate globally, with our principal executive offices located in Charlotte, North Carolina and regional shared services offices located in Budapest, Hungary and Dalian, China. Each of these properties are leased. We and our affiliates also operate regional sales, technology and administrative offices in various locations throughout the world, which are generally leased.
Production amounts presented from Wodgina represent 60% of production of the Wodgina mine which is attributable to the Company’s interest in the MARBL joint venture until October 18, 2023, when we reduced our ownership percentage to 50% following the restructuring of the MARBL joint venture with MRL.
(c) Production amounts presented from Wodgina represent 60% of production of the Wodgina mine which is attributable to the Company’s interest in the MARBL joint venture until October 18, 2023, when we reduced our ownership percentage to 50% following the restructuring of the MARBL joint venture with MRL.
The Silver Peak mineral resources, exclusive of reserves, estimates with depletion from production from the effective date of the report through December 31, 2024 are summarized in the following table: Amount (‘000s metric tonnes) Concentration (mg/L) Measured mineral resources 7 169 Indicated mineral resources 11 155 Measured and Indicated mineral resources 17 160 Inferred mineral resources 102 130 • Mineral resources are reported exclusive of mineral reserves on a 100% ownership basis.
The Silver Peak mineral resources, exclusive of reserves, estimates with depletion from production from the effective date of the report through December 31, 2025 are summarized in the following table: Amount (‘000s metric tonnes) Concentration (mg/L) Measured mineral resources 7 169 Indicated mineral resources 11 155 Measured and Indicated mineral resources 17 160 Inferred mineral resources 102 130 • Mineral resources are reported exclusive of mineral reserves on a 100% ownership basis.
The mineral reserve estimate attributable to Albemarle’s 50% interest in its JBC joint venture is approximately 2.0 million metric tonnes of bromine from the Dead Sea. This estimate is based on the time available under the concession agreement with the Hashemite Kingdom of Jordan and the processing capability of the JBC plant.
The mineral reserve estimate attributable to Albemarle’s 50% interest in its JBC joint venture is approximately 2.1 million metric tonnes of bromine from the Dead Sea. This estimate is based on the time available under the concession agreement with the Hashemite Kingdom of Jordan and the processing capability of the JBC plant.
All bromine reserves reported by Albemarle for the JBC project are classified as proven mineral reserves. The mineral reserve estimate for the Safi, Jordan bromine site attributable to Albemarle’s 50% interest in its JBC joint venture is approximately 2.0 million metric tonnes of bromine from the Dead Sea.
All bromine reserves reported by Albemarle for the JBC project are classified as proven mineral reserves. The mineral reserve estimate for the Safi, Jordan bromine site attributable to Albemarle’s 50% interest in its JBC joint venture is approximately 2.1 million metric tonnes of bromine from the Dead Sea.
Bromide ion concentration of concentrated bromide-enriched brine from the APC evaporation pond used to estimate the reserve from the Dead Sea was approximately 8,742 ppm based on historical pumping. The cut-off grade of the Albemarle bromine operations has been estimated to be at 1,000 ppm.
Bromide ion concentration of concentrated bromide-enriched brine from the APC evaporation pond used to estimate the reserve from the Dead Sea was approximately 8,775 ppm based on historical pumping. The cut-off grade of the Albemarle bromine operations has been estimated to be at 1,000 ppm.
The following table provides a summary of our mineral resources, exclusive of reserves, at December 31, 2024. The below mineral resource amounts are rounded and shown in thousands of metric tonnes. Where applicable, the amounts represent Albemarle’s attributable portion based on ownership percentages noted.
The following table provides a summary of our mineral resources, exclusive of reserves, at December 31, 2025. The below mineral resource amounts are rounded and shown in thousands of metric tonnes. Where applicable, the amounts represent Albemarle’s attributable portion based on ownership percentages noted.
Measured and Indicated resources were deducted proportionate to their contribution to the overall mineral resource. • Resources are reported on an in situ basis. • Resources are reported as lithium metal. • The resources have been calculated from the block model above 740 meters above sea level. • Resources have been categorized subject to the opinion of a QP based on the amount/robustness of informing data for the estimate, consistency of geological/grade distribution, survey information. • Resources have been calculated using drainable porosity estimated from bibliographical values based on the lithology and QP’s experience in similar deposits. • The following assumptions were used in developing the 2024 resource model: ◦ The estimated economic cut-off grade utilized for resource reporting purposes is 63 mg/L lithium, based on the assumptions discussed below. ◦ A technical grade lithium carbonate price of $20,000/metric tonne CIF Asia.
Measured and Indicated resources were deducted proportionate to their contribution to the overall mineral resource. • Resources are reported on an in situ basis. • Resources are reported as lithium metal. • The resources have been calculated from the block model above 740 meters above sea level. • Resources have been categorized subject to the opinion of a QP based on the amount/robustness of informing data for the estimate, consistency of geological/grade distribution, survey information. • Resources have been calculated using drainable porosity estimated from bibliographical values based on the lithology and QP’s experience in similar deposits. • The following assumptions were used in developing the 2024 resource model, and have not been updated for the December 31, 2025 reporting: ◦ The estimated economic cut-off grade utilized for resource reporting purposes is 63 mg/L lithium, based on the assumptions discussed below. ◦ A technical grade lithium carbonate price of $20,000/metric tonne CIF Asia.
The following table provides a summary of our mineral reserves at December 31, 2024. The below mineral reserve amounts are rounded and shown in thousands of metric tonnes. The amounts represent Albemarle’s attributable portion based on ownership percentages noted above.
The following table provides a summary of our mineral reserves at December 31, 2025. The below mineral reserve amounts are rounded and shown in thousands of metric tonnes. The amounts represent Albemarle’s attributable portion based on ownership percentages noted above.
Bromide ion concentration of concentrated bromide-enriched brine from the APC evaporation pond used to estimate the reserve from the Dead Sea was approximately 8,742 ppm based on historical pumping. Mineral resource and reserve estimates were prepared by a QP with an effective date provided in the individual technical report summaries referenced in Exhibits 96.1 to 96.6 to this report.
Bromide ion concentration of concentrated bromide-enriched brine from the APC evaporation pond used to estimate the reserve from the Dead Sea was 8,775 ppm based on historical pumping. Mineral resource and reserve estimates were prepared by a QP with an effective date provided in the individual technical report summaries referenced in Exhibits 96.1 to 96.6 to this report.
JBC is extracting approximately 1 percent of the bromine available in Jordan’s share of the Dead Sea. Bromide concentration in the Dead Sea is estimated to average approximately 5,037 ppm. The cut-off grade of the Albemarle bromine operations has been estimated to be at 1,000 ppm.
JBC is extracting approximately one percent of the bromine available in Jordan’s share of the Dead Sea. Bromide concentration in the Dead Sea is estimated to average approximately 5,000 ppm. The cut-off grade of the Albemarle bromine operations has been estimated to be at 1,000 ppm.
A copy of the QP’s amended technical report summary with respect to the bromine mineral resource and reserve estimates at the Safi facility, dated February 12, 2025, is filed as Exhibit 96.5 to this report. The feedstock is drawn from the Dead Sea, a nonconventional reservoir owned by the nations of Israel and Jordan.
A copy of the QP’s amended technical report summary with respect to the bromine mineral resource and reserve estimates at the Safi facility, dated February 5, 2026, is filed as Exhibit 96.5 to this report. The feedstock is drawn from the Dead Sea, a nonconventional reservoir owned by the nations of Israel and Jordan.
A copy of the QP’s most recent technical report summary with respect to the bromine mineral resource and reserve estimates at the Magnolia facility, dated February 12, 2025, is filed as Exhibit 96.6 to this report. The amounts represent Albemarle’s attributable portion based on a 100% ownership percentage, and are presented as metric tonnes in thousands.
A copy of the QP’s most recent technical report summary with respect to the bromine mineral resource and reserve estimates at the Magnolia facility, dated February 11, 2026, is filed as Exhibit 96.6 to this report. The amounts represent Albemarle’s attributable portion based on a 100% ownership percentage, and are presented as metric tonnes in thousands.
This plan was truncated to reflect the QP’s opinion on uncertainty associated with the production plan, as a direct conversion of measured and indicated resources to proven and probable reserve is not possible in the same way as a typical hard rock mining project. • The 2024 reserve model used as the basis for depletion has not been updated.
This plan was truncated to reflect the QP’s opinion on uncertainty associated with the production plan, as a direct conversion of measured and indicated resources to proven and probable reserve is not possible in the same way as a typical hard rock mining project. • The reserve model used as the basis for depletion was updated in 2024, and has not been updated for the December 31, 2025 reporting.
Differences between the amounts in the table above and those amounts in the technical report summaries represent estimated depletion from the effective date of the report until December 31, 2024.
Differences between the amounts in the table above and those amounts in the technical report summaries represent estimated depletion from the effective date of the report until December 31, 2025.
A copy of the QP’s most recent technical report summary with respect to the lithium mineral resource and reserve estimates at the Salar de Atacama facility, dated February 8, 2025, with an effective date of June 30, 2024, is filed as Exhibit 96.3 to this report. The mineral resource economic assumptions remain unchanged from June 30, 2024.
A copy of the QP’s most recent technical report summary with respect to the lithium mineral resource and reserve estimates at the Salar de Atacama facility, dated February 9, 2026, with an effective date of June 30, 2025, is filed as Exhibit 96.3 to this report. Economic assumptions remain unchanged from June 30, 2025.
Resources are reported as lithium metal. • Resources have been categorized subject to the opinion of a QP based on the amount/robustness of informing data for the estimate, consistency of geological/grade distribution, survey information. • Resources have been calculated using drainable porosity estimated from measured values in Upper Halite and Volcano-sedimentary units, and bibliographical values based on the lithology and QP’s experience in similar deposits. • The following assumptions were used in developing the 2024 resource model: ◦ The estimated economic cut-off grade utilized for resource reporting purposes is 904 mg/l lithium, based on the following assumptions: ◦ A technical grade lithium carbonate price of $20,000/metric tonne CIF Asia.
Resources are reported as lithium metal. • Resources have been categorized subject to the opinion of a QP based on the amount/robustness of informing data for the estimate, consistency of geological/grade distribution, survey information. • Resources have been calculated using drainable porosity estimated from measured values in Upper Halite and Volcano-sedimentary units, and bibliographical values based on the lithology and QP’s experience in similar deposits. • The following assumptions were used in developing the 2025 resource model: ◦ The estimated economic cut-off grade utilized for resource reporting purposes is 1,138 mg/l lithium, based on the following assumptions: ◦ A technical grade lithium carbonate price of $18,000/metric tonne CIF Asia.
We believe that our production facilities, research and development facilities, and sales and administrative offices are generally well maintained, effectively used and are adequate to operate our business. During 2024, the Company’s manufacturing plants operated at approximately 78% capacity, in the aggregate. Set forth below is information regarding our production facilities operated by us and our affiliates.
We believe that our production facilities, research and development facilities, and sales and administrative offices are generally well maintained, effectively used and are adequate to operate our business. During 2025, the Company’s manufacturing plants operated at approximately 81% capacity, in the aggregate. Set forth below is information regarding our production facilities operated by us and our affiliates.
An additional recovery factor of 80% lithium recovery is applied to the La Negra lithium carbonate plant. ◦ An average annual brine pumping rate of 368 L/s is assumed to meet drawdown constraint consistent with Albemarle’s early warning plan. ◦ Operating cost estimates are based on a combination of fixed brine extraction, general and administrative, and plant costs and variable costs associated with raw brine pumping rate or lithium production rate.
An additional recovery factor of 80% lithium recovery is applied to the La Negra lithium carbonate plant. ◦ An average life of mine annual brine pumping rate of 230 L/s is assumed to meet drawdown constraint consistent with activation of Albemarle’s early warning plan. ◦ Operating cost estimates are based on a combination of fixed brine extraction, general and administrative, and plant costs and variable costs associated with raw brine pumping rate or lithium production rate.
As of December 31, 2024, the combined gross asset value of our facilities at the Salar de Atacama and in La Negra, Chile (not inclusive of construction in process) was approximately $2.1 billion. A summary of the Salar de Atacama facility’s lithium mineral resources, exclusive of reserves, and reserves as of December 31, 2024 are shown in the following tables.
As of December 31, 2025, the combined gross asset value of our facilities at the Salar de Atacama and in La Negra, Chile (not inclusive of construction in process) was approximately $2.4 billion. A summary of the Salar de Atacama facility’s lithium mineral resources, exclusive of reserves, and reserves as of December 31, 2025 are shown in the following tables.
As such, there are no specific resources owned by JBC, but Albemarle’s joint venture partner, Arab Potash Company (“APC”) has exclusive rights granted by the Hashemite 35 Albemarle Corporation and Subsidiaries Kingdom of Jordan to withdraw brine from the Dead Sea and process it to extract minerals.
As such, there are no specific resources owned by JBC, but Albemarle’s joint venture partner, Arab Potash Company (“APC”) has exclusive rights granted by the Hashemite Kingdom of Jordan to withdraw brine from the Dead Sea and process it to extract minerals.
The QP and management agree on the reasonableness of the criteria for the purposes of estimating resources and reserves. Calculations using these criteria are reviewed and validated by the QP. Estimations and assumptions were developed independently for each significant mineral location. All estimates require a combination of historical data and key assumptions and parameters.
The QP and management agree on the reasonableness of the criteria for the purposes of estimating resources and reserves. Calculations using these criteria are reviewed and validated by the QP. 37 Albemarle Corporation and Subsidiaries Estimations and assumptions were developed independently for each significant mineral location. All estimates require a combination of historical data and key assumptions and parameters.
There is an estimated 666 million tonnes of bromine in the Dead Sea. Mining methods consist of all activities necessary to extract brine from the Dead Sea and extract Bromine. The low rainfall, low humidity and high temperatures in the Dead Sea area provide ideal conditions for recovering potash from the brine by solar evaporation.
There is an estimated 666 million tonnes of bromine in the Dead Sea. 51 Albemarle Corporation and Subsidiaries Mining methods consist of all activities necessary to extract brine from the Dead Sea and extract Bromine. The low rainfall, low humidity and high temperatures in the Dead Sea area provide ideal conditions for recovering potash from the brine by solar evaporation.
Overview 33 Albemarle Corporation and Subsidiaries At December 31, 2024, we had the following mineral extraction sites: Location Business Segment Ownership % Extraction Type Stage Argentina Antofalla Energy Storage 100% Brine Exploration Australia Greenbushes Energy Storage 49% Hard rock Production Wodgina (a) Energy Storage 50% Hard rock Production Chile Salar de Atacama (b) Energy Storage 100% Brine Production Jordan Safi (b) Specialties 50% Brine Production United States Kings Mountain, NC Energy Storage 100% Hard rock Exploration Magnolia, AR (b) Specialties 100% Brine Production Silver Peak, NV (b) Energy Storage 100% Brine Production (a) Production of spodumene concentrate at the Wodgina mine resumed in the second quarter of 2022 after it had been idled in 2019, following the acquisition of our interest in Wodgina.
Overview At December 31, 2025, we had the following mineral extraction sites: Location Business Segment Ownership % Extraction Type Stage Argentina Antofalla Energy Storage 100% Brine Exploration Australia Greenbushes Energy Storage 49% Hard rock Production Wodgina (a) Energy Storage 50% Hard rock Production Chile Salar de Atacama (b) Energy Storage 100% Brine Production Jordan Safi (b) Specialties 50% Brine Production United States Kings Mountain, NC Energy Storage 100% Hard rock Exploration Magnolia, AR (b) Specialties 100% Brine Production Silver Peak, NV (b) Energy Storage 100% Brine Production (a) Production of spodumene concentrate at the Wodgina mine resumed in the second quarter of 2022 after it had been idled in 2019, following the acquisition of our interest in Wodgina.
For chemical grade plant 2 and chemical grade plant 3, the formula is mass yield % = (9.362 × Feed Li2O%^1.319) + (Feed Li2O% × 0.82).
For chemical grade plant 1, the formula is mass yield % = 9.362 × Feed Li2O%^1.319. For chemical grade plant 2 and chemical grade plant 3, the formula is mass yield % = (9.362 × Feed Li2O%^1.319) + (Feed Li2O% × 0.57).
These reserves represent the first 24 months of feed to the lithium process plant in the 2024 economic model. • Proven reserves have been estimated as the lithium mass pumped from the existing wells from 2025 through 2031 of the proposed life of mine plan. • Probable reserves have been estimated as the lithium mass pumped from existing wells from 2032 and all new proposed production wells from installation until the end of the proposed life of mine plan (2053). • The ratio of in situ Proven to Probable reserves has remained consistent through depletion since the development of the reserve model in 2024, with approximately 16% of the reserve designated as proven and 84% of the reserve designated as probable. • Reserves are reported as lithium metal on a 100% ownership basis. • This mineral reserve estimate was derived based on a production pumping plan truncated at the end of 2053 (i.e., approximately 29 years).
These reserves represent the first 24 months of feed to the lithium process plant. • Proven reserves have been estimated as the lithium mass pumped from the existing wells from 2026 through the first half of 2032 of the proposed life of mine plan. • Probable reserves have been estimated as the lithium mass pumped from existing wells from the second half of 2032 and all new proposed production wells from installation until the end of the proposed life of mine plan (2053). • The ratio of in situ Proven to Probable reserves has remained consistent through depletion since the development of the reserve model in 2024, with approximately 16% of the reserve designated as proven and 84% of the reserve designated as probable. • Reserves are reported as lithium metal on a 100% ownership basis. • This mineral reserve estimate was derived based on a production pumping plan truncated at the end of 2053 (i.e., approximately 28 years).
Conversion to LCE is 0.1878 metric tonne of lithium metal to 1 metric tonne of LCE. (b) Production from Greenbushes represents 49% of production of the Greenbushes mine, which is attributable to the Company’s interest in the Windfield joint venture.
Conversion to lithium carbonate equivalent (“LCE”) is 0.1878 metric tonne of lithium metal to 1 metric tonne of LCE. (b) Production from Greenbushes represents 49% of production of the Greenbushes mine, which is attributable to the Company’s interest in the Windfield joint venture.
Our mineral resource and reserve estimates are based on many factors, including the area and volume 36 Albemarle Corporation and Subsidiaries covered by our mining rights, assumptions regarding our extraction rates based upon an expectation of operating the mines on a long-term basis and the quality of in-place reserves.
Our mineral resource and reserve estimates are based on many factors, including the area and volume covered by our mining rights, assumptions regarding our extraction rates based upon an expectation of operating the mines on a long-term basis and the quality of in-place reserves.
The tailings storage facility formula is mass yield % = 41.4 and the TRP formula is mass yield % = 13.6. • Costs estimated in Australian Dollars were converted to U.S. dollars based on an exchange rate of AUD 1.00:$0.68. • Waste tonnage within the Mineral Reserve pit is 748.9 million metric tonnes at a strip ratio of 6.3:1 (waste to ore – not including stockpiles). • Mineral reserve tonnage, grade and mass yield have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
The tailings storage facility formula is mass yield % = 41.4 and the TRP formula is mass yield % = 9.7. • Costs estimated in Australian Dollars were converted to U.S. dollars based on an exchange rate of AUD 1.00:$0.66. • Waste tonnage within the Mineral Reserve pit is 687.0 million metric tonnes at a strip ratio of 4.3:1 (waste to ore – not including stockpiles). • Mineral reserve tonnage, grade and mass yield have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
Mineral reserve - an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person , can be the basis of an economically viable project. 32 Albemarle Corporation and Subsidiaries Proven mineral reserve - the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource .
Mineral reserve - an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person , can be the basis of an economically viable project. Proven mineral reserve - the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource .
Amounts represent Albemarle’s attributable portion based on ownership percentages noted above and are shown in thousands of metric tonnes of lithium metal and bromine production. Lithium and bromine are extracted as brine or hard rock concentrate at the extraction facilities.
Amounts represent Albemarle’s attributable portion based on ownership percentages noted above and are shown in thousands of metric tonnes of 34 Albemarle Corporation and Subsidiaries lithium metal and bromine production. Lithium and bromine are extracted as brine or hard rock concentrate at the extraction facilities.
After that point, evaporation pond recovery remains relatively constant at 60%, An additional recovery factor of 80% lithium recovery is applied to the La Negra lithium carbonate plant. ◦ An average annual brine pumping rate of 368 L/s is assumed to meet drawdown constraint with activation of Albemarle’s early warning plan. ◦ Operating cost estimates are based on a combination of fixed brine extraction, general and administrative, and plant costs and variable costs associated with raw brine pumping rate or lithium production rate.
After that point, evaporation pond recovery remains relatively constant at 60%, An additional recovery factor of 80% lithium recovery is applied to the La Negra lithium carbonate plant. ◦ A life of mine average annual brine pumping rate of 230 L/s is assumed to be constraint with activation of Albemarle’s early warning plan. ◦ Operating cost estimates are based on a combination of fixed brine extraction, general and administrative, and plant costs and variable costs associated with raw brine pumping rate or lithium production rate.
All lithium mining activities, including tailings storage, processing plant operations, open pits 38 Albemarle Corporation and Subsidiaries and waste rock dumps, are currently carried out within the boundaries of the three mining leases plus two general purpose leases.
All lithium mining activities, including tailings storage, processing plant operations, open pits and waste rock dumps, are currently carried out within the boundaries of the three mining leases plus two general purpose leases.
The total mining recoveries are 91.1% for the open cut pit and 100% for the tailings storage facilities. • Mineral resources were converted to mineral reserves using plant recovery equations, sourced from the Company and based on plant data.
The total mining recoveries are 91.7% for the open cut pit and 100% for the tailings storage facilities. • Mineral resources were converted to mineral reserves using plant recovery equations, sourced from MRL and based on plant data.
These reserves represent the first 24 months of feed to the lithium process plant in the 2024 economic model. • Proven reserves have been estimated as the lithium mass pumped during Years 2024 through mid-2035 of the proposed life of mine plan maintaining 10.5 years of proven reserve. • Probable reserves have been estimated as the lithium mass pumped from mid-2035 until the end of the proposed life of mine plan (2041). • The ratio of in situ proven to probable reserves has remained consistent through depletion since the development of the reserve model in 2024 with approximately 65% of the reserve designated as proven and 35% of the reserve designated as probable. • Reserves are reported as lithium metal on a 100% ownership basis. • This mineral reserve estimate was derived based on a production pumping plan truncated in September 2041 (i.e., approximately 16.75 years).
These reserves represent the first 24 months of feed to the lithium process plant in the 2024 economic model. • Proven reserves have been estimated as the lithium mass pumped during 2026 through mid-2036 of the proposed life of mine plan maintaining 10.5 years of proven reserve. • Probable reserves have been estimated as the lithium mass pumped from mid-2036 until the end of the proposed life of mine plan (2041). • The ratio of in situ proven to probable reserves has remained consistent through depletion since the development of the reserve model in 2025 with approximately 58% of the reserve designated as proven and 42% of the reserve designated as probable. • Reserves are reported as lithium metal on a 100% ownership basis. • This mineral reserve estimate was derived based on a production pumping plan truncated in September 2041 (i.e., approximately 15.75 years).
See risk factor - “Our inability to acquire or develop additional reserves that are economically viable could have a material adverse effect on our future profitability,” in Item 1A. Risk Factors.
See risk factor - “Our inability to develop lithium or bromine reserves that are economically viable could have a material adverse effect on our future profitability,” in Item 1A. Risk Factors.
A copy of the QP’s most recent technical report summary with respect to the lithium mineral resource estimates at the Wodgina facility, dated February 10, 2025, with an effective date of June 30, 2024, is filed as Exhibit 96.2 to this report. The mineral resource economic assumptions remain unchanged from June 30, 2024.
A copy of the QP’s most recent technical report summary with respect to the lithium mineral resource and reserve estimates at the Wodgina facility, dated February 11, 2026, with an effective date of June 30, 2025, is filed as Exhibit 96.2 to this report. Economic assumptions remain unchanged from June 30, 2025.
Incremental ore mining costs are the costs associated with the run-of-mine loader, stockpile rehandling, grade control assays and rockbreaker. • The price, cost and mass yield parameters produce a calculated economic cut-off grade of 0.75% Li2O. • Waste tonnage within the Mineral Reserve pit is 748.9 million metric tonnes at a strip ratio of 6.3:1 (waste to ore – not including stockpiles). • Mineral reserve tonnage, grade and mass yield have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
Incremental ore mining costs are the costs associated with the run-of-mine loader, stockpile rehandling, grade control assays and rockbreaker. • The price, cost and mass yield parameters produce a calculated economic cut-off grade of • Waste tonnage within the Mineral Reserve pit is 356.8 million metric tonnes at a strip ratio of 3.4:1 (waste to ore – not including stockpiles). • Mineral reserve tonnage, grade and mass yield have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
Other planned upgrades to the infrastructure include a new mine service area, a new mine access road, expansions of warehouse and laboratories and the expansion of tailings facilities. Talison ships the chemical-grade lithium concentrate in vessels to our facilities in Meishan, Qinzhou and Xinyu, China, and by land transport to our Kemerton, Australia facility, to process into battery-grade lithium hydroxide.
Other planned upgrades to the infrastructure include a new mine service area, a new mine access road, expansions of warehouse and laboratories and the expansion of tailings facilities. Talison ships the chemical-grade lithium concentrate in vessels to our facilities in Meishan, Qinzhou and Xinyu, China to process into battery-grade lithium hydroxide.
The measured resource of bromide ion attributable to Albemarle’s 50% interest in its JBC joint venture is estimated to be approximately 173.93 million metric tonnes. JBC is extracting approximately 1 percent of the bromine available in Jordan’s share of the Dead Sea. Bromide concentration in the Dead Sea is estimated to average approximately 5,037 parts per million (“ppm”).
The measured resource of bromide ion attributable to Albemarle’s 50% interest in its JBC joint venture is estimated to be 162.43 million metric tonnes. JBC is extracting approximately 1 percent of the bromine available in Jordan’s share of the Dead Sea. Bromide concentration in the Dead Sea is estimated to average 5,000 parts per million (“ppm”).
The June 30, 2024 resource has been depleted for actual production and is reported as of December 31, 2024 in the below table. The amounts represent Albemarle’s attributable portion based on a 100% ownership percentage, and are presented as metric tonnes of lithium metal in thousands.
The June 30, 2024 resources and reserves have been depleted for actual production and is reported as of December 31, 2025 in the below table. The amounts represent Albemarle’s attributable portion based on a 100% ownership percentage, and are presented as metric tonnes of lithium metal in thousands.
In addition, the output from Talison can be used by tolling entities in China to produce both lithium carbonate and lithium hydroxide. A summary of the Greenbushes facility’s lithium mineral resources, exclusive of reserves, and reserves as of December 31, 2024 is shown in the following tables. RPM Global USA Inc.
In addition, the output from Talison can be used by tolling entities in China to produce both lithium carbonate and lithium hydroxide. A summary of the Greenbushes facility’s lithium mineral resources, exclusive of reserves, and reserves as of December 31, 2025 is shown in the following tables.
This is an 18% premium to the price utilized for reserve reporting purposes.
This is an 13% premium to the price utilized for reserve reporting purposes.
Average life of mine operating cost is calculated at approximately $5,334/metric tonne CIF Asia. ◦ Sustaining capital costs are included in the cut-off grade calculation and post the salar yield improvement program installation average around $110 million per year. ◦ Royalties are included in the cut-off grade calculation and average approximately $4,172/metric tonne of lithium carbonate produced. • Mineral resources tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
Average life of mine operating cost is calculated at approximately $6,742/metric tonne CIF Asia. ◦ Sustaining capital costs are included in the cut-off grade calculation and post the Salar yield improvement program installation average around $100 million per year. ◦ Royalties are included in the cut-off grade calculation and average approximately $1,807/metric tonne of lithium carbonate produced. • Mineral resources tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
Average life of mine operating cost is calculated at approximately $5,334/metric tonne CIF Asia. ◦ Sustaining capital costs are included in the cut-off grade calculation and post the salar yield improvement program installation, average around $110 million per year. ◦ Royalties are included in the cut-off grade calculation and average approximately $4,172/metric tonne of lithium carbonate produced. • Mineral reserve tonnage, grade and mass yield have been rounded to reflect the accuracy of the estimate and numbers may not add due to rounding.
Average life of mine operating cost is calculated at approximately $6,742/metric tonne CIF Asia. ◦ Sustaining capital costs are included in the cut-off grade calculation and post the Salar yield improvement program installation, average around $100 million per year. ◦ Royalties are included in the cut-off grade calculation and average approximately $1,807/metric tonne of lithium carbonate produced. • Mineral reserve tonnage, grade and mass yield have been rounded to reflect the accuracy of the estimate and numbers may not add due to rounding.
As of December 31, 2024, the gross asset value of our facilities at our Silver Peak site was approximately $191.9 million. A summary of the Silver Peak facility’s lithium mineral resources, exclusive of reserves, and reserves as of December 31, 2024 is shown in the following tables.
As of December 31, 2025, the gross asset value of our facilities at our Silver Peak site was approximately $219.7 million. A summary of the Silver Peak facility’s lithium mineral resources, exclusive of reserves, and reserves as of December 31, 2025 is shown in the following tables.
As of December 31, 2024, our 50% ownership interest of the gross asset value of the facilities at the Safi, Jordan site was approximately $261.2 million. A summary of the Safi facility’s bromine mineral resources and reserves as of December 31, 2024 is provided below.
As of December 31, 2025, our 50% ownership interest of the gross asset value of the facilities at the Safi, Jordan site was approximately $280.0 million. A summary of the Safi facility’s bromine mineral resources and reserves as of December 31, 2025 is provided below.
The June 30, 2024 resource has been depleted for actual production and is reported as of December 31, 2024 in the below table. The amounts represent Albemarle’s attributable portion based on a 100% ownership percentage, and are presented as metric tonnes of lithium metal in thousands.
The June 30, 2025 resources and reserves have been depleted for actual production and is reported as of December 31, 2025 in the below table. The amounts represent Albemarle’s attributable portion based on a 100% ownership percentage, and are presented as metric tonnes of lithium metal in thousands.
The Silver Peak reserve estimates with depletion from production from the effective date of the report through December 31, 2024 are summarized in the following table: Amount (‘000s metric tonnes) Concentration (mg/L) Proven mineral reserves: In Situ 12 97 In Process 1 101 Probable mineral reserves: In Situ 66 119 Total mineral reserves: In Situ 78 115 In Process 1 101 • In process reserves quantify the prior 24 months of pumping data and reflect the raw brine at the time of pumping.
The Silver Peak reserve estimates with depletion from production from the effective date of the report through December 31, 2025 are summarized in the following table: Amount (‘000s metric tonnes) Concentration (mg/L) Proven mineral reserves: In Situ 12 96 In Process 1 104 Probable mineral reserves: In Situ 64 119 Total mineral reserves: In Situ 76 115 In Process 1 104 • In process reserves quantify the prior 24 months of pumping data and reflect the raw brine at the time of pumping.
The Wodgina mineral reserve estimates with depletion from production from the effective date of the report through December 31, 2024 are summarized in the following table: 42 Albemarle Corporation and Subsidiaries Amount (‘000s metric tonnes) Grade (Li 2 O%) Probable mineral reserves: Open Cut 48,500 1.4% Stockpiles 50 1.5% Tailings Storage Facilities 7,400 1.0% • Amounts represent Albemarle’s attributable portion of mineral resources and mineral reserves of 50%. • Mineral reserves are reported exclusive of mineral resources. • Mineral reserves are reported on a dry basis • Mineral reserves are reported considering a nominal set of assumptions for reporting purposes: • Based on a selling price of $1,300/metric tonne CIF CKJ of chemical grade concentrate (benchmark 6% Li2O) and concentrate transport and selling cost of $6.80/metric tonne. • Assumes a 98% global grade factor. • Assumes variable mining recoveries based on grade, oxidation, thickness, and search distance, sourced from the Company.
The Wodgina mineral reserve estimates with depletion from production from the effective date of the report through December 31, 2025 are summarized in the following table: Amount (‘000s metric tonnes) Grade (Li 2 O%) Probable mineral reserves: Open Cut 43,200 1.4% Stockpiles 500 0.8% Tailings Storage Facilities 7,400 1.0% • Amounts represent Albemarle’s attributable portion of mineral resources and mineral reserves of 50%. • Mineral reserves are reported exclusive of mineral resources. • Mineral reserves are reported on a dry basis • Mineral reserves are reported considering a nominal set of assumptions for reporting purposes: • Based on a selling price of $1,300/metric tonne CIF CKJ of chemical grade concentrate (benchmark 6% Li2O). • Assumes variable mining recoveries based on grade, oxidation, thickness, and search distance, sourced from MRL.
This plan was truncated to reflect the termination date of Albemarle’s authorized brine extraction from the salar. • The 2024 reserve model used as the basis for depletion has not been updated. The following assumptions were used in developing that model: ◦ The estimated economic cut-off grade for the project is 1,073 mg/l lithium, based on the assumptions discussed below.
This plan was truncated to reflect the termination date of Albemarle’s authorized lithium production quota. • The 2025 reserve model used as the basis for depletion has not been updated. The following assumptions were used in developing that model: ◦ The estimated economic cut-off grade for the project is 1,348 mg/l lithium, based on the assumptions discussed below.
The Wodgina mineral resources, exclusive of reserves, estimates with depletion from production from the effective date of the report through December 31, 2024 are summarized in the following table: Amount (‘000s metric tonnes) Grade (Li 2 O%) Indicated mineral resources 23,300 0.8% Inferred mineral resources 14,500 1.1% • Amounts represent Albemarle’s attributable portion of mineral resources of 50%. • Mineral resources are reported exclusive of mineral reserves.
The Wodgina mineral resources, exclusive of reserves, estimates with depletion from production from the effective date of the report through December 31, 2025 are summarized in the following table: Amount (‘000s metric tonnes) Grade (Li 2 O%) Indicated mineral resources 23,600 1.0% Inferred mineral resources 15,100 1.3% • Amounts represent Albemarle’s attributable portion of mineral resources of 50%. • Mineral resources are reported exclusive of mineral reserves.
The bromide ion concentration in the brine extracted which feeds the bromine plants, significantly exceeds the selected cut-off grade. The Safi measured mineral resources of 173.93 million metric tonnes of bromide ion at December 31, 2024 decreased by 1% from 175.69 million metric tonnes at December 31, 2023.
The bromide ion concentration in the brine extracted which feeds the bromine plants, significantly exceeds the selected cut-off grade. The Safi measured mineral resources of 162.43 million metric tonnes of bromide ion at December 31, 2025 decreased by 5% from 173.93 million metric tonnes at December 31, 2024.
Mineral reserves metric tonnes are rounded to the nearest hundred thousand tonnes. The Greenbushes total mineral reserves of 74.5 million metric tonnes at December 31, 2024 increased by 4% from 71.8 million metric tonnes at December 31, 2023.
Mineral reserves metric tonnes are rounded to the nearest hundred thousand tonnes. The Greenbushes total mineral reserves of 79.8 million metric tonnes at December 31, 2025 increased by 7% from 74.5 million metric tonnes at December 31, 2024.
A copy of the QP’s most recent technical report summary with respect to the lithium mineral resource and reserve estimates at the Greenbushes facility, dated February 10, 2025, with an effective date of June 30, 2024, is filed as Exhibit 96.1 to this report.
A copy of the QP’s most recent technical report summary with respect to the lithium mineral resource and reserve estimates at the Greenbushes facility, dated February 11, 2026, with an effective date of June 30, 2025, is filed as Exhibit 96.1 to this report. Economic assumptions remain unchanged from June 30, 2025.
Location Principal Use Owned/Leased Energy Storage Chengdu, China Production of technical and battery-grade lithium hydroxide Owned Greenbushes, Australia (a) Production of lithium spodumene minerals and lithium concentrate Owned (c) Kemerton, Australia Production of technical and battery-grade lithium hydroxide Owned Kings Mountain, NC Production of technical and battery-grade lithium hydroxide, lithium salts and battery-grade lithium metal products Owned La Negra, Chile Production of technical and battery-grade lithium carbonate Owned Meishan, China Production of technical and battery-grade lithium hydroxide Owned Qinzhou, China Production of lithium carbonate and technical and battery-grade lithium hydroxide Owned 31 Albemarle Corporation and Subsidiaries Location Principal Use Owned/Leased Salar de Atacama, Chile (a) Production of lithium brine and potash Owned (d) Silver Peak, NV (a) Production of lithium brine, technical-grade lithium carbonate and lithium hydroxide Owned Wodgina, Australia (a) Production of lithium spodumene minerals and lithium concentrate Owned and leased (c) Xinyu, China Production of technical and battery-grade lithium hydroxide Owned Specialties Baton Rouge, LA Research and product development activities, and production of fire safety solutions Leased Langelsheim, Germany Production of butyllithium, lithium chloride, specialty products, lithium hydrides, cesium and special metals Owned Magnolia, AR (a) Production of fire safety solutions, bromine, inorganic bromides, agricultural intermediates and tertiary amines Owned New Johnsonville, TN Production of butyllithium and specialty products Owned Safi, Jordan (a) Production of bromine and derivatives and fire safety solutions Owned and leased (c) Taichung, Taiwan Production of butyllithium Owned Twinsburg, OH Production of bromine-activated carbon Leased Ketjen (b) Amsterdam, the Netherlands Production of refinery catalysts, research and product development activities Owned Bayport, TX Production of refinery catalysts, research and product development activities Owned Niihama, Japan Production of refinery catalysts Leased (c) Pasadena, TX Production of variety of chemical products, including aluminum and magnesium alkyls and alkyltes Owned Santa Cruz, Brazil Production of catalysts, research and product development activities Owned (c) (a) See below for further discussion of these significant mineral extraction facilities.
Location Principal Use Owned/Leased Energy Storage Chengdu, China (a) Production of technical and battery-grade lithium hydroxide Owned Greenbushes, Australia (b) Production of lithium spodumene minerals and lithium concentrate Owned (e) Kemerton, Australia (c) Production of technical and battery-grade lithium hydroxide Owned Kings Mountain, NC Production of technical and battery-grade lithium hydroxide, lithium salts and battery-grade lithium metal products Owned La Negra, Chile Production of technical and battery-grade lithium carbonate Owned Meishan, China Production of technical and battery-grade lithium hydroxide Owned Qinzhou, China Production of lithium carbonate and technical and battery-grade lithium hydroxide Owned Salar de Atacama, Chile (b) Production of lithium brine and potash Owned (f) Silver Peak, NV (b) Production of lithium brine, technical-grade lithium carbonate and lithium hydroxide Owned Wodgina, Australia (b) Production of lithium spodumene minerals and lithium concentrate Owned and leased (e) Xinyu, China Production of technical and battery-grade lithium hydroxide Owned Specialties Baton Rouge, LA Research and product development activities, and production of fire safety solutions Leased Langelsheim, Germany Production of butyllithium, lithium chloride, specialty products, lithium hydrides, cesium and special metals Owned Magnolia, AR (b) Production of fire safety solutions, bromine, inorganic bromides, agricultural intermediates and tertiary amines Owned New Johnsonville, TN Production of butyllithium and specialty products Owned Safi, Jordan (b) Production of bromine and derivatives and fire safety solutions Owned and leased (e) Taichung, Taiwan Production of butyllithium Owned Ketjen (d) Amsterdam, the Netherlands Production of refinery catalysts, research and product development activities Owned Bayport, TX Production of refinery catalysts, research and product development activities Owned Niihama, Japan Production of refinery catalysts Leased (e) 32 Albemarle Corporation and Subsidiaries Location Principal Use Owned/Leased Pasadena, TX Production of variety of chemical products, including aluminum and magnesium alkyls and alkyltes Owned Santa Cruz, Brazil Production of catalysts, research and product development activities Owned (e) (a) The Chengdu, China conversion facility was placed into care and maintenance during 2025.
The truncated production pumping plan remained well above the economic cut-off grade (i.e., the economic cut-off grade did not result in a limiting factor to the estimation of the reserve). ◦ A technical grade lithium carbonate price of $17,000/metric tonne CIF Asia. ◦ Recovery factors for the salar operation increase gradually over the span of 4 years, from the current 40% to the proposed salar yield improvement program 60% recovery in 2027.
The truncated production pumping plan remained well above the economic cut-off grade (i.e., the economic cut-off grade did not result in a limiting factor to the estimation of the reserve). ◦ A technical grade lithium carbonate price of $16,000/metric tonne CIF Asia. ◦ Recovery factors for the Salar operation are applied in the year the brine is pumped and increase gradually over the span of 3 years, from the current 43% to the proposed Salar yield improvement program 60% recovery in 2027.
The Greenbushes mineral resources, exclusive of reserves, estimates with depletion from production from the effective date of the report through December 31, 2024 are summarized in the following table: Amount (‘000s metric tonnes) Grade (Li 2 O%) Indicated mineral resources 37,500 1.5% Inferred mineral resources 8,200 1.7% • Amounts represent Albemarle’s attributable portion of mineral resources of 49%. • Mineral resources are reported exclusive of mineral reserves.
The Greenbushes mineral resources, exclusive of reserves, estimates with depletion from production from the effective date of the report through December 31, 2025 are summarized in the following table: Amount (‘000s metric tonnes) Grade (Li 2 O%) Indicated mineral resources 62,500 1.2% Inferred mineral resources 43,100 1.6% • Amounts represent Albemarle’s attributable portion of mineral resources of 49%. • Mineral resources are reported exclusive of mineral reserves.
(“RPM”), a third-party firm comprising mining experts in accordance with Item 1302(b)(1) of Regulation S-K, served as the QP and prepared the estimates of lithium mineral resources and reserves at the Greenbushes facility, with an effective date of June 30, 2024.
SLR International Corporation (“SLR”), a third-party firm comprising mining experts 39 Albemarle Corporation and Subsidiaries in accordance with Item 1302(b)(1) of Regulation S-K, served as the QP and prepared the estimates of lithium mineral resources and reserves at the Greenbushes facility, with an effective date of June 30, 2025.
RPS Energy Canada Ltd (“RPS”), a third-party firm comprising mining experts in accordance with Item 1302(b)(1) of Regulation S-K, served as the QP and prepared the estimates of bromine mineral resources and reserves at the Safi facility, with an effective date of December 31, 2024.
RESPEC Consulting Inc., a third-party firm comprising mining experts in accordance with Item 1302(b)(1) of Regulation S-K, served as the QP and prepared the estimates of bromine mineral resources and reserves at the Safi facility, with an effective date of December 31, 2025.
The bromine concentration is more than twice as high as that found in normal evaporated seawater. The bromine mineralization of the brine is distributed throughout the porous intervals of the upper and middle Smackover on the property.
The bromine concentration is more than twice as high as that found in normal evaporated seawater. The bromine mineralization of the brine is distributed throughout the porous intervals of the upper and middle Smackover on the property. The strong permeability and porosity of the Smackover grainstones provide excellent continuity of the bromine mineralization within the brine.
The Greenbushes indicated mineral resources of 37.6 million metric tonnes at December 31, 2024 increased by 1% from 37.1 million metric tonnes at December 31, 2023. The Greenbushes inferred mineral resources of 8.2 million metric tonnes at December 31, 2024 increased by 41% from 5.8 million metric tonnes at December 31, 2023.
The Greenbushes indicated mineral resources of 62.5 million metric tonnes at December 31, 2025 increased by 66% from 37.6 million metric tonnes at December 31, 2024. The Greenbushes inferred mineral resources of 43.1 million metric tonnes at December 31, 2025 increased by 426% from 8.2 million metric tonnes at December 31, 2024.
The Salar de Atacama total mineral reserves of 458,000 metric tonnes at December 31, 2024 decreased by 14% from 531,000 metric tonnes at December 31, 2023.
The Salar de Atacama total mineral reserves of 308,000 metric tonnes at December 31, 2025 decreased by 33% from 458,000 metric tonnes at December 31, 2024.
Amount (‘000s metric tonnes) Proven mineral reserves 2,468 Probable mineral reserves 467 Total mineral reserves 2,935 • Reserves are reported as bromine, on an in situ basis. • The estimated economic cut-off grade utilized for reserve reporting purposes is 1,000 mg/L bromine, with a bromine price ranging from $1,660 to $3,020 per metric tonne and operating costs ranging from $756 to $1,094 per metric tonne. • Recovery factors for the Magnolia are 82% and 88% for the proven mineral reserves and total mineral reserves, respectively. • The concentration of bromine at the Magnolia site varies based on the physical location of the field and can range up to over 6,600 mg/L.
Amount (‘000s metric tonnes) Proven mineral reserves 2,264 Probable mineral reserves 395 Total mineral reserves 2,658 • Reserves are reported as bromine, on an in situ basis. • The estimated economic cut-off grade utilized for reserve reporting purposes is 1,000 mg/L bromine, with a bromine price ranging from $2,690 to $4,890 per metric tonne and operating costs ranging from $1,460 to $2,136 per metric tonne. • Recovery factors for the Magnolia operation are 79% and 84% for the proven mineral reserves and total mineral reserves, respectively. • The concentration of bromine at the Magnolia site varies based on the physical location of the field and can range up to over 6,600 mg/L.
The 18% premium applied to the resource versus the reserve was selected to generate a resource larger than the reserve, ensuring the resource fully encompassed the reserve while still maintaining reasonable prospect for economic extraction. ◦ Recovery factors for the salar operation increase gradually over the span of 4 years, from the current 40% to the proposed salar yield improvement program 60% recovery in 2027.
The 13% premium applied to the resource versus the reserve was selected to generate a resource larger than the reserve, ensuring the resource fully encompassed the reserve while still maintaining reasonable prospect for economic extraction. ◦ Recovery factors for the salar operation are applied in the year in which the brine is pumped and increase gradually over the span of 3 year, from the current 43% to the proposed Salar yield improvement program 60% recovery in 2027.
The plant processing recovery equations depend on the material type, weathering, and in some circumstances, the Li2O% grade of the plant feed. • Costs estimated in Australian Dollars were converted to U.S. dollars based on an exchange rate of AUD 1.00:$0.68. • The economic cut-off grade calculation is based on $2.80/metric tonne-ore incremental ore mining cost, $33.57/metric tonne-ore processing cost, $15.66/metric tonne-ore general and administrative cost and $3.64/metric tonne sustaining capital cost.
The plant processing recovery equations depend on the material type, weathering, and in some circumstances, the Li2O% grade of the plant feed. • Costs estimated in Australian Dollars were converted to U.S. dollars based on an exchange rate of AUD 1.00:$0.66. • The economic cut-off grade calculation is based on $2.10/metric tonne-ore incremental ore mining cost, $33.63/metric tonne-ore processing cost, $11.79/metric tonne-ore general and administrative cost, $5.73/metric tonne sustaining capital cost and US$53.22/metric tonne-ore selling cost, inclusive of shipping.
APC produces potash from the brine extracted from the Dead Sea. A concentrated bromide-enriched brine extracted from APC’s evaporation ponds is the feed material for the JBC plant. Following the formation of the joint venture, the JBC bromine plant began operations in 2002.
APC produces potash from the brine extracted from the Dead Sea. A concentrated bromide-enriched brine extracted from APC’s evaporation ponds is the feed material for the JBC plant. Following the formation of the joint venture, the JBC bromine plant began operations in 2002. Expansion of the facilities to double its bromine production capacity went into operation in 2017.
The property is accessible via National Highway 1 to National highway 95 to the Wodgina camp road. All roads to site are paved. The nearest large regional airport is in Port Hedland which also hosts an international deep-water port facility. In addition, a site dedicated all-weather airstrip is located near to site, capable of landing certain aircrafts.
The property is accessible via National Highway 1 to National highway 95 to the Wodgina camp road. All roads to site are paved. The nearest large regional airport is in Port Hedland which also hosts an international deep-water port facility.
Revenues are based on a forecast bromine price ranging from $1,661 to $3,020 per metric tonne and the operating cost is approximately $364 per metric tonne . The measured resource of bromide ion attributable to Albemarle’s 50% interest in its JBC joint venture is estimated to be approximately 173.93 million metric tonnes.
Revenues are based on a forecast bromine price ranging from $2,690 to $4,890 per metric tonne and the operating cost is approximately $501 per metric tonne . The measured resource of bromide ion attributable to Albemarle’s 50% interest in its JBC joint venture is estimated to be approximately 162.43 million metric tonnes.
The Salar de Atacama mineral resource, exclusive of reserves, estimates with depletion from production from the effective date of the report to December 31, 2024 are summarized in the following table: 45 Albemarle Corporation and Subsidiaries Amount (‘000s metric tonnes) Li Concentration (mg/L) Measured mineral resources 618 2,176 Indicated mineral resources 481 1,868 Measured and Indicated mineral resources 1,099 2,041 Inferred mineral resources 166 1,558 • Mineral resources are reported exclusive of mineral reserves.
The Salar de Atacama mineral resource, exclusive of reserves, estimates with depletion from production from the effective date of the report to December 31, 2025 are summarized in the following table: 45 Albemarle Corporation and Subsidiaries Amount (‘000s metric tonnes) Li Concentration (mg/L) Measured mineral resources 732 2,255 Indicated mineral resources 691 2,042 Measured and Indicated mineral resources 1,422 2,146 Inferred mineral resources 146 1,785 • Mineral resources are reported exclusive of mineral reserves.
As of December 31, 2024, our 50% ownership interest of the gross asset value of the facilities at our Wodgina site was approximately $338.3 million. A summary of the Wodgina facility’s lithium mineral resources as of December 31, 2024 is shown in the following table.
As of December 31, 2025, our 50% ownership interest of the gross asset value of the facilities at our Wodgina site was approximately $414.4 million. A summary of the Wodgina facility’s lithium mineral resources, exclusive of reserves, and reserves as of December 31, 2025 is shown in the following tables.
Aggregate Annual Production (metric tonnes in thousands) Year Ended December 31, 2024 2023 2022 Lithium (lithium metal) (a) Australia Greenbushes (b) 19 21 19 Wodgina (c) 6 7 3 Chile Salar de Atacama (d) 13 10 10 United States Silver Peak, NV 1 1 1 Total lithium metal 39 39 33 Bromine Jordan Safi (e)(f) 56 58 60 United States Magnolia, AR (g) 65 82 73 Total bromine 121 140 133 34 Albemarle Corporation and Subsidiaries (a) Lithium production amounts shown as lithium metal.
Aggregate Annual Production (metric tonnes in thousands) Year Ended December 31, 2025 2024 2023 Lithium (lithium metal) (a) Australia Greenbushes (b) 19 19 21 Wodgina (c) 8 6 7 Chile Salar de Atacama (d) 14 13 10 United States Silver Peak, NV 1 1 1 Total lithium metal 42 39 39 Bromine Jordan Safi (e)(f) 57 56 58 United States Magnolia, AR (g) 69 65 65 Total bromine 126 121 123 (a) Lithium production amounts shown as lithium metal.
The net increase in total mineral resources was driven by new modeling completed in development of the current technical report summary as well as a decrease in the reserves due to reduced pumping rates imposed by Albemarle’s early warning plan.
The net increase in total mineral resources was driven by new modeling completed in development of the current technical report summary as well as a decrease in the reserves due to reduced pumping rates associated with Albemarle’s early warning plan and the potential expiration of the quota extraction period before the full quota is achieved.

… 71 more changes not shown on this page.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

15 edited+11 added−11 removed3 unchanged
Biggest changeMelissa Anderson joined Albemarle Executive Vice President and Chief People Officer in January of 2021. In November 2024, she assumed responsibility for enterprise transformation. In this role, she is responsible for leading the transition to a fully integrated functional model along with execution of the Human Resources’ strategic plan and key initiatives. Prior to joining Albemarle, Ms.
Biggest changeIn this role, she is responsible for leading the transition to a fully integrated functional model along with execution of the Human Resources’ strategic plan and key initiatives. Prior to joining Albemarle, Ms. Anderson served as executive vice president, administration and chief human resources officer for Duke Energy, an American electric power holding company, from January 2015 to August 2020.
LaBauve served as the chief financial officer of the lithium global business (now Energy Storage) since November 2019. He previously served as vice president, corporate controller and chief accounting officer from February 2014 to November 2019 after having previously served as vice president, finance - business operations. Since joining Albemarle in 1990, Mr.
LaBauve has served as the chief financial officer of the lithium global business (now Energy Storage) since November 2019. He previously served as vice president, corporate controller and chief accounting officer from February 2014 to November 2019 after having previously served as vice president, finance - business operations. Since joining Albemarle in 1990, Mr.
Mummert held progressive leadership roles in supply chain and global operations at FMC Corporation. His industry experience also includes 20 years with Rohm and Haas Company in various manufacturing and engineering roles. Additionally, Mr. Mummert spent time with Dow where he improved S&OP in supply chain and embedded operational excellence principles at manufacturing sites. Mr.
Mummert held progressive leadership roles in supply chain and global operations at FMC Corporation. His industry experience also includes 20 years with Rohm and Haas Company in various manufacturing and engineering roles. Additionally, Mr. Mummert spent time with Dow where he improved sales and operational planning in supply chain and embedded operational excellence principles at manufacturing sites. Mr.
She also serves on the board of directors for the Albemarle Foundation and the board of trustees for the Charlotte Regional Business Alliance. Mark R. Mummert joined Albemarle in 2019 as chief operating officer for the Energy Storage business before being appointed as Senior Vice President, Chief Capital, Resources and Supply Chain Officer in November 2024. Before joining Albemarle, Mr.
Mummert joined Albemarle in 2019 as chief operating officer for the Energy Storage business before being appointed as Senior Vice President, Chief Capital, Resources and Supply Chain Officer in November 2024, and subsequently appointed as Executive Vice President, Chief Operations Officer in August 2025. Before joining Albemarle, Mr.
Norris served as president of Health and Nutrition for FMC Corporation. Following FMC’s announcement to acquire DuPont Agricultural Chemical assets, he led the divestiture of FMC Health and Nutrition to DuPont. Previously, Mr. Norris served as vice president and global business director for FMC Health and Nutrition, and vice president and global business director for FMC Lithium.
Norris is responsible for enterprise sales, product management and commercial excellence. Prior to joining Albemarle, Mr. Norris served as president of Health and Nutrition for FMC Corporation, an agricultural sciences company. Following FMC’s announcement to acquire DuPont Agricultural Chemical assets, he led the divestiture of FMC Health and Nutrition to DuPont. Previously, Mr.
He is also a former member of the executive board of Linde AG, a global leader in manufacturing and sales of industrial gases. He serves on the board of directors of Vibrantz Technologies, a global technology leader in color solutions, functional coatings and specialty minerals. He is also a member of the Charlotte Executive Leadership Council. Neal R.
He serves on the board of directors of Vibrantz Technologies, a global technology leader in color solutions, functional coatings and specialty minerals. He is also a member of the Charlotte Executive Leadership Council. Neal R. Sheorey joined Albemarle in November 2023 as Executive Vice President and Chief Financial Officer. Prior to joining Albemarle, Mr.
She serves on the board of directors of Vulcan Materials and as a member of the advisory board of the HR Policy Association. Ms. Anderson is a member of the advisory board for the Center for Executive Succession at the University of South Carolina’s Darla Moore School of Business.
Anderson is a member of the advisory board for the Center for Executive Succession at the University of South Carolina’s Darla Moore School of Business. She also serves on the board of directors for the Society for Human Resource Management (SHRM), previously serving as its chair. Mark R.
He served as vice president of Dow’s Coatings and Performance Monomers business unit, where he was responsible for the group’s strategy, profitability and growth initiatives. Previously, Mr. Sheorey served as Dow’s vice president of investor relations, senior director of corporate development and global finance director for the Chemicals business group.
Sheorey served for more than 20 years in progressive leadership roles in finance, business and corporate organizations for The Dow Chemical Company (“Dow”), a global materials science company. He served as vice president of Dow’s Coatings and Performance Monomers business unit, where he was responsible for the group’s strategy, profitability and growth initiatives. Previously, Mr.
LaBauve, Jr. 58 Vice President, Corporate Controller and Chief Accounting Officer J. Kent Masters has served as Chairman and Chief Executive Officer of Albemarle since April 2020. He joined the Albemarle board of directors in 2015 as part of the Company’s Rockwood Holdings Inc. acquisition and served as lead independent director from 2018 until April 2020. Before joining Albemarle, Mr.
He joined the Albemarle board of directors in 2015 as part of the Company’s Rockwood Holdings Inc. acquisition and served as lead independent director from 2018 until April 2020. Before joining Albemarle, Mr. Masters served as operating partner of Advent International, an international private equity group.
During his 16-year FMC career, he served in additional leadership roles in investor relations and corporate development and was director of FMC Healthcare Ventures. Prior to FMC, Mr. Norris founded and led an internet-based firm offering formulation and design tools to the chemical industry. He started his career in a range of leadership roles with the Rohm and Haas Company.
Norris founded and led an internet-based firm offering formulation and design tools to the chemical industry. He started his career in a range of leadership roles with the Rohm and Haas Company. Mr. Norris is a member of the board of directors of Communities in Schools of Charlotte-Mecklenburg. Autumn M.
Cynthia Lima joined Albemarle in February 2023 as Chief Communications Officer. Prior to joining Albemarle, Ms. Lima founded a communications and public affairs consultancy and held senior positions at domestic and global public relations agencies. Ms. Lima also served at the U.S.
Lima founded a communications and public affairs consultancy and held senior positions at domestic and global public relations agencies. Ms. Lima also served at the U.S. Department of State as a principal media advisor to the secretary of state and as a senate-confirmed presidential appointee at the U.S. Department of Veterans Affairs. Ms.
He joined Albemarle in January 2018 as chief strategy officer and was appointed president of the lithium global business (now Energy Storage) in August 2018. In his current role, Mr. Norris is responsible for enterprise sales, commercial excellence, field and digital marketing, as well as product management. Prior to joining Albemarle, Mr.
Mummert serves on the board of directors for Talison Spodumene Mine at Greenbushes, Western Australia. Eric W. Norris is Executive Vice President and Chief Commercial Officer for Albemarle. He joined Albemarle in January 2018 as chief strategy officer and was appointed president of the lithium global business (now Energy Storage) in August 2018. In his current role, Mr.
Masters served as operating partner of Advent International, an international private equity group. Prior to Advent, he was chief executive officer of Foster Wheeler AG, a global engineering and construction contractor and power equipment supplier, from 2011 to 2014.
Prior to Advent, he was chief executive officer of Foster Wheeler AG, a global engineering and construction contractor and power equipment supplier, from 2011 to 2014. He is also a former member of the executive board of Linde AG, a global leader in manufacturing and sales of industrial gases.
Item 4. Mine Safety Disclosures. NONE 54 Albemarle Corporation and Subsidiaries Executive Officers of the Registrant. The names, ages and biographies of our executive officers, as of February 12, 2025, are set forth below. The term of office of each officer is until the meeting of the Board of Directors following the next annual shareholders’ meeting in May 2025.
Item 4. Mine Safety Disclosures. NONE Executive Officers of the Registrant. The names, ages and biographies of our executive officers, as of February 11, 2026, are set forth below.
Mummert serves on the board of directors for Talison Spodumene Mine at Greenbushes, Western Australia. Michael J. Simmons joined Albemarle as President, Ketjen global business unit in June 2023. Mr.
Lima is a founding member and chair of the board of directors for The Heather Abbott Foundation. She also serves on the board of directors for the Albemarle Foundation and the board of trustees for the Charlotte Regional Business Alliance. Michael J. Simmons joined Albemarle as President, Ketjen global business unit in June 2023. Mr.
Removed
Name Age Position J. Kent Masters 64 Chairman and Chief Executive Officer Neal R. Sheorey 48 Executive Vice President, Chief Financial Officer Melissa H. Anderson 60 Executive Vice President, Chief People and Transformation Officer Netha N. Johnson 54 Executive Vice President, Chief Operations Officer Eric W. Norris 58 Executive Vice President, Chief Commercial Officer Stacy G.
Added
The term of office of each officer is until the meeting of the Board of Directors following the next annual shareholders’ meeting in May 2026. 54 Albemarle Corporation and Subsidiaries Name Age Position J. Kent Masters 65 Chairman and Chief Executive Officer Neal R. Sheorey 49 Executive Vice President, Chief Financial Officer Melissa H.
Removed
Grant 37 Senior Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer Cynthia R. Lima 63 Senior Vice President, Chief External Affairs and Communications Officer Mark R. Mummert 57 Senior Vice President, Chief Capital, Resources and Supply Chain Officer Michael J. Simmons 61 President, Ketjen Global Business Unit Donald J.
Added
Anderson 61 Executive Vice President, Chief Business Transformation Officer Mark R. Mummert 58 Executive Vice President, Chief Operations Officer Eric W. Norris 59 Executive Vice President, Chief Commercial Officer Autumn M. Gagarinas 52 Senior Vice President, Chief People and Workplace Transformation Officer Ander C. Krupa 47 Senior Vice President, General Counsel and Corporate Secretary Cynthia R.
Removed
Sheorey joined Albemarle in November 2023 as Executive Vice President and Chief Financial Officer. Prior to joining Albemarle, Mr. Sheorey served for more than 20 years in progressive leadership roles in finance, business and corporate organizations for The Dow Chemical Company (“Dow”), a global materials science company.
Added
Lima 64 Senior Vice President, Chief External Affairs and Communications Officer Michael J. Simmons 62 President, Ketjen Global Business Unit Donald J. LaBauve, Jr. 59 Vice President, Corporate Controller and Chief Accounting Officer J. Kent Masters has served as Chairman and Chief Executive Officer of Albemarle since April 2020.
Removed
Anderson served as executive vice president, administration and chief human resources officer for Duke Energy, an American electric power holding company, from January 2015 to August 2020. Previously, she served in senior leadership roles at Domtar Corporation, The Pantry, Inc. and with IBM Corporation.
Added
Sheorey served as Dow’s vice president of investor relations, senior director of corporate development and global finance director for the Chemicals business group. Melissa H. Anderson joined Albemarle to lead the human resources organization in January 2021. In November 2024, she assumed responsibility for enterprise transformation.
Removed
She also serves on the board of directors for the Society for Human Resource Management (SHRM), previously serving as its chair. Netha N. Johnson joined the company in 2018 as president of Albemarle’s Bromine Specialties business and was appointed Chief Operations Officer in November 2024. Prior to joining Albemarle, Mr. Johnson served in several progressive leadership roles with 3M Company.
Added
Previously, she served in senior leadership roles at Domtar Corporation, The Pantry, Inc. and with IBM Corporation. She serves on the board of directors of Vulcan Materials and as a member of the advisory board of the HR Policy Association. Ms.
Removed
He served as vice president and general manager, Electrical Markets Division, where he was directly responsible for 3M’s electrical and renewable energy solutions. Prior to that, he served as 3M’s vice president, Advanced Materials Division. Mr. Johnson has more than 25 years of diverse leadership experience, with extensive work experience in Singapore, Malaysia, Taiwan, Japan and Germany.
Added
Norris served as vice president and global business director for FMC Health and Nutrition, and vice president and global business director for FMC Lithium. During his 16-year FMC 55 Albemarle Corporation and Subsidiaries career, he served in additional leadership roles in investor relations and corporate development and was director of FMC Healthcare Ventures. Prior to FMC, Mr.
Removed
Preceding his business career, he served as a U.S. Naval Officer. Mr. Johnson is a member of the board of directors of Xcel Energy, where he serves as a member of the Finance Committee and the Operations, Nuclear, Environmental and Safety Committee. 55 Albemarle Corporation and Subsidiaries Eric Norris is Executive Vice President and Chief Commercial Officer for Albemarle.
Added
Gagarinas joined Albemarle as Vice President of HR in 2023, and was appointed Senior Vice President, Chief People and Workplace Transformation Officer in August 2025. Ms. Gagarinas has over two decades of experience in human resources and has held various leadership roles across multiple industries, including technology, aerospace, and education.
Removed
Mr. Norris is a member of the board of directors of Communities in Schools of Charlotte-Mecklenburg. Stacy G. Grant joined Albemarle in May of 2023 as vice president and deputy general counsel, global corporate affairs and has more than 10 years of broad legal experience, navigating complex legal and regulatory landscapes.
Added
Prior to joining Albemarle she was at Honeywell International, Inc., a multinational conglomerate corporation, where she held several senior HR roles, as a business partner to C-suite leaders including finance, legal and integrated supply chain. She also led global HR operations in EMEA and led HR Data and Analytics globally.
Removed
She led the legal team’s support for mergers and acquisition work, as well as issues regarding supply chain, labor and employment, capital projects and IT. Prior to Albemarle, she served as Honeywell International’s vice president and general counsel – M&A and ventures. In this role, Ms.
Added
She also held senior HR roles at Standford Graduate School of Business and SpaceX. Ander C. Krupa was appointed Senior Vice President, General Counsel and Corporate Secretary in August 2025. Mr. Krupa joined Albemarle in May of 2017 as deputy general counsel and assistant corporate secretary.
Removed
Grant was the chief transactional legal advisor across the corporation with a focus on standardizing processes, advising internal stakeholders and transaction execution. In addition to her corporate experience, she held roles within the law firms of Moore & Van Allen PLLC, King & Spalding and Cravath, Swaine & Moore LLP.
Added
He has more than 15 years of broad legal experience in the manufacturing industry and is experienced in securities law, corporate governance, commercial law, cross-border joint ventures, and mergers and acquisitions. Prior to Albemarle, he served as assistant general counsel, governance and securities for BWX Technologies and The Babcock & Wilcox Company.
Removed
Department of State as a principal media advisor to the secretary of state and as a senate-confirmed presidential appointee at the U.S. Department of Veterans Affairs. Ms. Lima is a founding member and chair of the board of directors for The Heather Abbott Foundation.
Added
In addition to his corporate experience, he was an attorney with the international law firm of Greenberg Traurig LLP in the firm’s corporate and securities practice group. Cynthia Lima joined Albemarle in February 2023 as Chief Communications Officer. Prior to joining Albemarle, Ms.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

6 edited+0 added−0 removed0 unchanged
Biggest changeIn each quarter of 2023, we declared a dividend of $0.40 per share and, in each quarter of 2022, we declared a dividend of $0.395 per share.
Biggest changeOn each of February 27, 2025, May 6, 2025, July 22, 2025 and October 27, 2025, we declared a dividend of $0.405 per share.
Stock Performance Graph The graph below shows the cumulative total shareholder return assuming the investment of $100 in our common stock on December 31, 2019 and the reinvestment of all dividends thereafter.
Stock Performance Graph The graph below shows the cumulative total shareholder return assuming the investment of $100 in our common stock on December 31, 2020 and the reinvestment of all dividends thereafter.
The information contained in the graph below is furnished and therefore not to be considered “filed” with the SEC, and is not incorporated by reference into any document that incorporates this Annual Report on Form 10-K by reference. Item 6. [Reserved]
The information contained in the graph below is furnished 56 Albemarle Corporation and Subsidiaries and therefore not to be considered “filed” with the SEC, and is not incorporated by reference into any document that incorporates this Annual Report on Form 10-K by reference. Item 6. [Reserved]
On each of February 22, 2024 and May 7, 2024, we declared a dividend of $0.40 per share and on each of July 16, 2024 and October 28, 2024, we declared a dividend of $0.405 per share.
On each of February 22, 2024 and May 7, 2024, we declared a dividend of $0.40 per share and on each of July 16, 2024 and October 28, 2024, we declared a dividend of $0.405 per share. In each quarter of 2023, we declared a dividend of $0.40 per share.
We expect to continue to declare and pay comparable dividends to our 56 Albemarle Corporation and Subsidiaries shareholders in the future, however, dividends are declared solely at the discretion of our Board of Directors and there is no guarantee that the Board of Directors will continue to declare dividends in the future.
We expect to continue to declare and pay comparable dividends to our shareholders in the future, however, dividends are declared solely at the discretion of our Board of Directors and there is no guarantee that the Board of Directors will continue to declare dividends in the future.
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Our common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “ALB.” There were 117,573,461 shares of common stock held by 1,930 shareholders of record as of February 5, 2025.
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Our common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “ALB.” There were 117,847,220 shares of common stock held by 1,806 shareholders of record as of February 4, 2026.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

158 edited+57 added−77 removed138 unchanged
Biggest changeIncome Tax Expense In thousands 2024 2023 $ Change % Change Income Tax Expense $ 87,085 $ 430,277 $ (343,192) (80) % Effective income tax rate (4.9) % 174.4 % • Change in geographic mix of earnings, with lower 2024 earnings in various jurisdictions • 2024 included the impact of the valuation allowance for losses in our consolidated Australian entities and certain entities in China • 2024 included the impact of the 15% global minimum tax under Pillar Two • 2023 included tax impact of a non-deductible $218.5 million legal accrual recorded for the agreements to resolve a previously disclosed legal matter with the DOJ and SEC, a $96.5 million tax reserve related to an uncertain tax position in Chile, and an establishment of a valuation allowance on 2023 losses in one of our Chinese entities resulting in an income tax expense impact of $223.0 million 63 Albemarle Corporation and Subsidiaries Equity in Net Income of Unconsolidated Investments In thousands 2024 2023 $ Change % Change Equity in net income of unconsolidated investments $ 715,433 $ 1,854,082 $ (1,138,649) (61) % • Decreased earnings primarily from lower pricing from the Windfield joint venture in Energy Storage • $34.2 million decrease in foreign exchange impacts from our Windfield joint venture Net Income Attributable to Noncontrolling Interests In thousands 2024 2023 $ Change % Change Net income attributable to noncontrolling interests $ (43,972) $ (97,067) $ 53,095 (55) % • Decrease in consolidated income related to our JBC joint venture primarily due to lower pricing Net (Loss) Income Attributable to Albemarle Corporation In thousands 2024 2023 $ Change % Change Net (loss) income attributable to Albemarle Corporation $ (1,179,449) $ 1,573,476 $ (2,752,925) NM Percentage of Net Sales (21.9) % 16.4 % Net (loss) income attributable to Albemarle Corporation common shareholders $ (1,316,096) $ 1,573,476 $ (2,889,572) NM Basic (loss) earnings per share $ (11.20) $ 13.41 $ (24.61) NM Diluted (loss) earnings per share $ (11.20) $ 13.36 $ (24.56) NM • Decrease in 2024 results due to reasons noted above • Net (loss) income attributable to Albemarle Corporation common shareholders in 2024 includes a $136.6 million reduction for mandatory convertible preferred stock dividends Other Comprehensive (Loss) Income, Net of Tax In thousands 2024 2023 $ Change % Change Other comprehensive (loss) income, net of tax $ (213,469) $ 32,254 $ (245,723) NM • Foreign currency translation and other $ (210,534) $ 26,403 $ (236,937) NM • 2024 included unfavorable movements in the Euro of approximately $182 million, the Brazilian Real of approximately $15 million, the Japanese Yen of approximately $11 million, the Taiwanese Dollar of approximately $6 million, the Korean Won of approximately $6 million and a net unfavorable variance in various other currencies of $7 million, partially offset by unfavorable movements in the Chinese Renminbi of approximately $15 million • 2023 included favorable movements in the Euro of approximately $41 million and the Brazilian Real of approximately $5 million, partially offset by unfavorable movements in the Chinese Renminbi of approximately $12 million, the Japanese Yen of approximately $8 million and a net unfavorable variance in various other currencies of approximately $1 million • Cash flow hedge $ (2,935) $ 5,851 $ (8,786) NM Segment Information Overview.
Biggest changeThe impact of lower spodumene pricing driving the decrease in equity in net income of Windfield is offset in cost of goods sold as lower input costs • $64.3 million increase in foreign exchange impacts from the Windfield joint venture Net Income Attributable to Noncontrolling Interests In thousands 2025 2024 $ Change % Change Net income attributable to noncontrolling interests $ (45,418) $ (43,972) $ (1,446) 3 % • Increase in consolidated income related to our JBC joint venture primarily due to higher pricing and increased volume Net Loss Attributable to Albemarle Corporation In thousands 2025 2024 $ Change % Change Net loss attributable to Albemarle Corporation $ (510,628) $ (1,179,449) $ 668,821 NM Percentage of Net Sales (9.9) % (21.9) % Net loss attributable to Albemarle Corporation common shareholders $ (677,378) $ (1,316,096) $ 638,718 NM Basic loss per share $ (5.76) $ (11.20) $ 5.44 NM Diluted loss per share $ (5.76) $ (11.20) $ 5.44 NM • Increase in 2025 results due to reasons noted previously • Net loss attributable to Albemarle Corporation common shareholders includes reductions of $166.8 million and $136.6 million for mandatory convertible preferred stock dividends in 2025 and 2024, respectively Other Comprehensive Income (Loss), Net of Tax In thousands 2025 2024 $ Change % Change Other comprehensive income (loss), net of tax $ 407,445 $ (213,469) $ 620,914 NM • Foreign currency translation and other $ 407,873 $ (210,534) $ 618,407 NM • 2025 included favorable movements in the Euro of approximately $375 million, the Chinese Renminbi of approximately $23 million, the Brazilian Real of approximately $5 million, the Taiwanese Dollar of approximately $4 million and a net favorable variance in various other currencies of less than $1 million • 2024 included unfavorable movements in the Euro of approximately $182 million, the Brazilian Real of approximately $15 million, the Japanese Yen of approximately $11 million, the Taiwanese Dollar of approximately $6 million, the Korean Won of approximately $6 million and a net unfavorable variance in various other currencies of approximately $7 million, partially offset by unfavorable movements in the Chinese Renminbi of approximately $15 million • Cash flow hedge $ (428) $ (2,935) $ 2,507 NM Segment Information Overview.
Although we maintain business relationships with a diverse group of financial institutions as sources of financing, an adverse change in their credit standing could lead them to not honor their contractual credit commitments to us, decline funding under our existing but uncommitted lines of credit with them, not renew their extensions of credit or not provide new financing to us.
Although we maintain business relationships with a diverse group of financial institutions as sources of financing, an adverse change in any of their credit standing could lead them to not honor their contractual credit commitments to us, decline funding under our existing but uncommitted lines of credit with them, not renew their extensions of credit or not provide new financing to us.
Since the timing of resolutions and/or closure of tax audits are uncertain, it is difficult to predict with certainty the range of reasonably possible significant increases or decreases in the liability related to uncertain tax positions that may occur within the next twelve months.
Since the timing of resolutions and/or closure of tax audits is uncertain, it is difficult to predict with certainty the range of reasonably possible significant increases or decreases in the liability related to uncertain tax positions that may occur within the next twelve months.
The Company currently utilizes the following practical expedients, as permitted by Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers : • All sales and other pass-through taxes are excluded from contract value; 69 Albemarle Corporation and Subsidiaries • In utilizing the modified retrospective transition method, no adjustment was necessary for contracts that did not cross over the reporting year; • We will not consider the possibility of a contract having a significant financing component (which would effectively attribute a portion of the sales price to interest income) unless, if at contract inception, the expected payment terms (from time of delivery or other relevant criterion) are more than one year; • If our right to customer payment is directly related to the value of our completed performance, we recognize revenue consistent with the invoicing right; and • We expense as incurred all costs of obtaining a contract incremental to any costs/compensation attributable to individual product sales/shipments for contracts where the amortization period for such costs would otherwise be one year or less.
The Company currently utilizes the following practical expedients, as permitted by Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers : • All sales and other pass-through taxes are excluded from contract value; • In utilizing the modified retrospective transition method, no adjustment was necessary for contracts that did not cross over the reporting year; • We will not consider the possibility of a contract having a significant financing component (which would effectively attribute a portion of the sales price to interest income) unless, if at contract inception, the expected payment terms (from time of delivery or other relevant criterion) are more than one year; • If our right to customer payment is directly related to the value of our completed performance, we recognize revenue consistent with the invoicing right; and • We expense as incurred all costs of obtaining a contract incremental to any costs/compensation attributable to individual product sales/shipments for contracts where the amortization period for such costs would otherwise be one year or less.
This was partially offset by a lower return on pension plan assets during the year than was expected, as a result of overall market and investment portfolio performance.
This was partially offset by a lower return on foreign pension plan assets during the year than was expected, as a result of overall market and investment portfolio performance.
In order to secure materials, sometimes for long durations, these contracts mandate a minimum amount of product to be purchased at predetermined rates over a set timeframe. See Note 18, “Leases,” to our consolidated financial statements included in Part II, Item 8 of this report for our annual expected payments under our operating lease obligations at December 31, 2024.
In order to secure materials, sometimes for long durations, these contracts mandate a minimum amount of product to be purchased at predetermined rates over a set timeframe. See Note 18, “Leases,” to our consolidated financial statements included in Part II, Item 8 of this report for our annual expected payments under our operating lease obligations at December 31, 2025.
If we determine based on the qualitative assessment that it is more likely than not that the asset is impaired, an impairment test is performed by comparing the fair value of the indefinite-lived intangible asset to its carrying amount. During the year ended December 31, 2024, no evidence of impairment was noted from the analysis for our indefinite-lived intangible assets.
If we determine based on the qualitative assessment that it is more likely than not that the asset is impaired, an impairment test is performed by comparing the fair value of the indefinite-lived intangible asset to its carrying amount. During the year ended December 31, 2025, no evidence of impairment was noted from the analysis for our indefinite-lived intangible assets.
We believe our selected discount rates are determined using preferred methodology under authoritative accounting guidance and accurately reflect market conditions as of the December 31, 2024 measurement date. In selecting the discount rates for the foreign plans, we look at long-term yields on AA-rated corporate bonds when available.
We believe our selected discount rates are determined using preferred methodology under authoritative accounting guidance and accurately reflect market conditions as of the December 31, 2025 measurement date. In selecting the discount rates for the foreign plans, we look at long-term yields on AA-rated corporate bonds when available.
The Company is permitted to repurchase up to a maximum of 15,000,000 shares under a share repurchase program authorized by our Board of Directors. There were no shares of our common stock repurchased during 2024, 2023 or 2022. At December 31, 2024, there were 7,396,263 remaining shares available for repurchase under the Company’s authorized share repurchase program.
The Company is permitted to repurchase up to a maximum of 15,000,000 shares under a share repurchase program authorized by our Board of Directors. There were no shares of our common stock repurchased during 2025, 2024 or 2023. At December 31, 2025, there were 7,396,263 remaining shares available for repurchase under the Company’s authorized share repurchase program.
Holders may require us to purchase such notes at 101% upon a change of control triggering event, as defined in the indentures. These notes are subject to typical events of default, including bankruptcy and insolvency events, nonpayment and the acceleration of certain subsidiary indebtedness exceeding $100 million caused by a nonpayment default.
Holders may require us to purchase such notes at 101% upon a change of control triggering event, as defined in the indenture. These notes are subject to typical events of default, including bankruptcy and insolvency events, nonpayment and the acceleration of certain subsidiary indebtedness exceeding $100 million caused by a nonpayment default.
We believe that as of December 31, 2024 we were, and currently are, in compliance with all of our debt covenants. For additional information about our long-term debt obligations, see Note 12, “Long-Term Debt,” to our consolidated financial statements included in Part II, Item 8 of this report.
We believe that as of December 31, 2025 we were, and currently are, in compliance with all of our debt covenants. For additional information about our long-term debt obligations, see Note 12, “Long-Term Debt,” to our consolidated financial statements included in Part II, Item 8 of this report.
The one-time transition tax imposed by the TCJA is based on our total post-1986 earnings and profits that we previously deferred from U.S. income taxes and is payable over an eight-year period, with the final payment to be made in 2026.
The one-time transition tax imposed by the TCJA was based on our total post-1986 earnings and profits that we previously deferred from U.S. income taxes and was payable over an eight-year period, with the final payment to be made in 2026.
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 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.
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.
At December 31, 2024, the assumed rate of increase in the pre-65 and post-65 per capita cost of covered health care benefits for U.S. retirees was zero as the employer-paid premium caps (pre-65 and post-65) were met starting January 1, 2013.
At December 31, 2025, the assumed rate of increase in the pre-65 and post-65 per capita cost of covered health care benefits for U.S. retirees was zero as the employer-paid premium caps (pre-65 and post-65) were met starting January 1, 2013.
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 plant will enable us to maintain a leading position in the industries in which we operate.
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.
For 2024, the discount rates were calculated using the results from a bond matching technique developed by Milliman, which matched the future estimated annual benefit payments of each respective plan against a portfolio of bonds of high quality to determine the discount rate.
For 2025, the discount rates were calculated using the results from a bond matching technique developed by Milliman, which matched the future estimated annual benefit payments of each respective plan against a portfolio of bonds of high quality to determine the discount rate.
The following tables present summarized financial information for the Subsidiary Guarantor and the Parent Issuer on a combined basis after elimination of (i) intercompany transactions and balances among the Parent Issuer and the Subsidiary Guarantor and (ii) equity in earnings from and investments in any subsidiary that is an Upstream Non-Guarantor.
The following tables present summarized financial information for the Parent Guarantor and the Issuer on a combined basis after elimination of (i) intercompany transactions and balances among the Issuer and the Parent Guarantor and (ii) equity in earnings from and investments in any subsidiary that is a Non-Guarantor.
See Note 15, “Commitments and Contingencies” to our consolidated financial statements included in Part II, Item 8 of this report for a reconciliation of our environmental liabilities for the years ended December 31, 2024, 2023 and 2022.
See Note 15, “Commitments and Contingencies” to our consolidated financial statements included in Part II, Item 8 of this report for a reconciliation of our environmental liabilities for the years ended December 31, 2025, 2024 and 2023.
We are subject to income taxes in the U.S. and numerous foreign jurisdictions. Due to the statute of limitations, we are no longer subject to U.S. federal income tax audits by the Internal Revenue Service (“IRS”) for years prior to 2021.
We are subject to income taxes in the U.S. and numerous foreign jurisdictions. Due to the statute of limitations, we are no longer subject to U.S. federal income tax audits by the Internal Revenue Service (“IRS”) for years prior to 2022.
During 2023, cash on hand, cash provided by operations and net proceeds from net borrowings of commercial paper and long-term debt of $944.2 million funded $2.1 billion of capital expenditures for plant, machinery and equipment, net; approximately $380 million paid to MRL for the restructuring of the MARBL joint venture; $218.5 million to resolve the legal matter with the DOJ and SEC; investments in marketable securities, primarily public equity securities, of $204.5 million; and dividends to shareholders of $187.2 million.
During 2023, cash on hand, cash provided by operations and net proceeds from net borrowings of commercial paper and long-term debt of $944.2 million funded $2.1 billion of capital expenditures for plant, machinery and equipment, net; approximately $380 million paid to MRL for the restructuring of the MARBL joint venture; $218.5 million to resolve the legal matter with the DOJ and SEC; investments in marketable securities, primarily public equity securities, of 73 Albemarle Corporation and Subsidiaries $204.5 million; and dividends to shareholders of $187.2 million.
With respect to loans denominated in U.S. dollars, interest is calculated using the term Secured Overnight Financing Rate (“SOFR”) plus a term SOFR adjustment of 0.10%, plus the applicable margin. The applicable margin on the facility was 1.20% as of December 31, 2024. There were 0 borrowings outstanding under the 2022 Credit Agreement as of December 31, 2024.
With respect to loans denominated in U.S. dollars, interest is calculated using the term Secured Overnight Financing Rate (“SOFR”) plus a term SOFR adjustment of 0.10%, plus the applicable margin. The applicable margin on the facility was 1.20% as of December 31, 2025. There were no borrowings outstanding under the 2022 Credit Agreement as of December 31, 2025.
Significant estimates used include, but are not limited to, market pricing (including lithium index pricing), customer demand, operating and production costs, and the timing and capital costs of expansion and sustaining projects. Significant management judgment is involved in estimating these variables and they include inherent uncertainties since they are forecasting future events. Acquisition Method of Accounting .
Significant estimates used include, but are not limited to, market pricing (including lithium index pricing), customer demand, operating and production costs, and the timing and capital costs of expansion and sustaining projects. Significant management judgment is involved in estimating these variables and they include inherent uncertainties since they are forecasting future events.
Due to the statute of limitations, we also are no longer subject to U.S. state income tax audits prior to 2018. With respect to jurisdictions outside the U.S., several audits are in process.
Due to the statute of limitations, we also are no longer subject to U.S. state income tax audits prior to 2019. With respect to jurisdictions outside the U.S., several audits are in process.
See Note 13, “Pension Plans and Other Postretirement Benefits,” to our consolidated financial statements included in Part II, Item 8 of this report. 72 Albemarle Corporation and Subsidiaries Income Taxes We use the liability method for determining our income taxes, under which current and deferred tax liabilities and assets are recorded in accordance with enacted tax laws and rates.
See Note 13, “Pension Plans and Other Postretirement Benefits,” to our consolidated financial statements included in Part II, Item 8 of this report. Income Taxes We use the liability method for determining our income taxes, under which current and deferred tax liabilities and assets are recorded in accordance with enacted tax laws and rates.
The transaction price of a contract, or the amount we expect to receive upon satisfaction of all performance obligations, is determined by reference to the contract’s terms and includes adjustments, if applicable, for any variable consideration, such as customer rebates, noncash consideration or consideration payable to the customer, although these adjustments are generally not material.
The 68 Albemarle Corporation and Subsidiaries transaction price of a contract, or the amount we expect to receive upon satisfaction of all performance obligations, is determined by reference to the contract’s terms and includes adjustments, if applicable, for any variable consideration, such as customer rebates, noncash consideration or consideration payable to the customer, although these adjustments are generally not material.
Capital expenditures for pollution-abatement and safety projects, including such costs that are included in other projects, were approximately $54.4 million, $116.7 million and $75.6 million during the years ended December 31, 2024, 2023 and 2022, respectively.
Capital expenditures for pollution-abatement and safety projects, including such costs that are included in other projects, were approximately $54.6 million, $54.4 million and $116.7 million during the years ended December 31, 2025, 2024 and 2023, respectively.
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; • 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 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; • decisions we may make in the future; • future acquisition and divestiture transactions, including the ability to successfully execute, operate and integrate acquisitions and divestitures and incurring additional indebtedness; • expected benefits and expenses related to our new operating structure and asset optimization activities; • timing of active and proposed restructuring and cost optimization projects; • impact of any future pandemics; • impacts of the situation in the Middle East and the military conflict between Russia and Ukraine, and the global response to it; • 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.
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.
Financial Condition and Liquidity Overview The principal uses of cash in our business generally have been capital investments and resource development costs, funding working capital, and service of debt. We also make contributions to our defined benefit pension plans, pay dividends to 73 Albemarle Corporation and Subsidiaries our shareholders and have the ability to repurchase shares of our common stock.
Financial Condition and Liquidity Overview The principal uses of cash in our business generally have been capital investments and resource development costs, funding working capital, and service of debt. We also make contributions to our defined benefit pension plans, pay dividends to our shareholders and have the ability to repurchase shares of our common stock.
Management’s estimates of the effects of compliance with governmental pollution-abatement and safety regulations are subject to (a) the possibility of changes in the applicable statutes and regulations or in judicial or administrative construction of such statutes and regulations and 83 Albemarle Corporation and Subsidiaries (b) uncertainty as to whether anticipated solutions to pollution problems will be successful, or whether additional expenditures may prove necessary.
Management’s estimates of the effects of compliance with governmental pollution-abatement and safety regulations are subject to (a) the possibility of changes in the applicable statutes and regulations or in judicial or administrative construction of such statutes and regulations and (b) uncertainty as to whether anticipated solutions to pollution problems will be successful, or whether additional expenditures may prove necessary.
A discussion of our consolidated financial condition and sources of additional capital is included under a separate heading “Financial Condition and Liquidity.” 58 Albemarle Corporation and Subsidiaries 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.
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.
The 77 Albemarle Corporation and Subsidiaries definitive documents relating to the commercial paper program contain customary representations, warranties, default and indemnification provisions. During the year ended December 31, 2024, we repaid a net amount of $620.0 million of commercial paper notes using the net proceeds received from the issuance of Mandatory Convertible Preferred Stock.
The definitive documents relating to the commercial paper program contain customary representations, warranties, default and indemnification provisions. During the year ended December 31, 2024, we repaid a net amount of $620.0 million of commercial paper notes using the net proceeds received from the issuance of Mandatory Convertible Preferred Stock.
Among other environmental requirements, we are subject to the federal Superfund law, and similar state laws, under which we may be designated as a PRP, and may be liable for a share of the costs associated with cleaning up various hazardous waste sites.
Among other environmental requirements, we are subject to the federal Superfund law, and similar state laws, under which we may be designated as a PRP, and may be liable for a share of the costs associated with cleaning up various hazardous 82 Albemarle Corporation and Subsidiaries waste sites.
During the fourth quarter of 2023, Albemarle paid MRL approximately $380 million in cash, which includes 74 Albemarle Corporation and Subsidiaries $180 million of consideration for the remaining ownership of Kemerton as well as a payment for the economic effective date of the transaction being retroactive to April 1, 2022.
During the fourth quarter of 2023, Albemarle paid MRL approximately $380 million in cash, which includes $180 million of consideration for the remaining ownership of Kemerton as well as a payment for the economic effective date of the transaction being retroactive to April 1, 2022.
Related assets for corresponding offsetting benefits recorded in Other assets totaled $74.8 million and $73.0 million at December 31, 2024 and 2023, respectively. We cannot estimate the amounts of any cash payments during the next twelve months associated with these liabilities and are unable to estimate the timing of any such cash payments in the future at this time.
Related assets for corresponding offsetting benefits recorded in Other assets totaled $75.8 million and $74.8 million at December 31, 2025 and 2024, respectively. We cannot estimate the amounts of any cash payments during the next twelve months associated with these liabilities and are unable to estimate the timing of any such cash payments in the future at this time.
At this time, relating to the current situation in the Middle East, our business operations have continued as normal with some shipping and raw material delays. We are monitoring the situation and will continue to make efforts to protect the safety of our employees and the health of our business.
In addition, relating to the current situation in the Middle East, our business operations have continued as normal with some shipping and raw material delays. We are monitoring the situation and will continue to make efforts to protect the safety of our employees and the health of our business.
As a result of the sale of the Chemetall Surface Treatment business in 2016, we agreed to indemnify certain income and non-income tax liabilities, including uncertain tax positions, associated with the entities sold. The associated liability is recorded in Other noncurrent liabilities.
As a result of the sale of the Chemetall Surface Treatment business in 2016, we agreed to indemnify 72 Albemarle Corporation and Subsidiaries certain income and non-income tax liabilities, including uncertain tax positions, associated with the entities sold. The associated liability is recorded in Other noncurrent liabilities.
These projected returns reduce the net benefit costs recorded currently. • Rate of Compensation Increase—For salary-related plans, we project employees’ annual pay increases, which are used to project employees’ pension benefits at retirement. • Mortality Assumptions—Assumptions about life expectancy of plan participants are used in the measurement of related plan obligations.
These projected returns reduce the net benefit costs recorded currently. • Rate of Compensation Increase—For salary-related plans, we project employees’ annual pay increases, which are used to project employees’ pension benefits at retirement. 70 Albemarle Corporation and Subsidiaries • Mortality Assumptions—Assumptions about life expectancy of plan participants are used in the measurement of related plan obligations.
We continue to build upon our existing green solutions portfolio and our ongoing mission to provide innovative, yet commercially viable, clean energy products and services to the marketplace to contribute to our sustainability-based revenue.
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 applying the goodwill impairment test, the Company initially performs a qualitative test (“Step 0”), where it first assesses qualitative factors to determine whether it is more likely than not that the fair value of the reporting units is less than its carrying value.
In applying the goodwill impairment test, we initially perform a qualitative test (“Step 0”), where we first assesses qualitative factors to determine whether it is more likely than not that the fair value of the reporting units is less than its carrying value.
The Company tests its recorded goodwill for impairment in the fourth quarter of each year or upon the occurrence of events or changes in circumstances that would more likely than not reduce the fair value of its reporting units below their carrying amounts.
We test the recorded goodwill for impairment in the fourth quarter of each year or upon the occurrence of events or changes in circumstances that would more likely than not reduce the fair value of its reporting units below their carrying amounts.
In 2022, we announced we had been awarded a nearly $150 million grant from the U.S. Department of Energy to expand domestic manufacturing of batteries for EVs and the electrical grid and for materials and components currently imported from other countries.
In 2022, we announced we had been awarded an approximately $150 million grant from the U.S. Department of Energy to expand domestic manufacturing of batteries for EVs and the electrical grid and for materials and components currently imported from other countries.
The Company defines adjusted EBITDA as earnings before interest and financing expenses, income tax expenses, the proportionate share of Windfield income tax expense, depreciation and amortization, as adjusted on a consistent basis for certain non-operating, non-recurring or unusual items on a segment basis.
We define adjusted EBITDA as earnings before interest and financing expenses, income tax expenses, the proportionate share of Windfield income tax expense, depreciation and amortization, as adjusted on a consistent basis for certain non-operating, non-recurring or unusual items on a segment basis.
Our main focus in the short-term, during the continued uncertainty surrounding the global economy, including lithium market pricing and recent inflationary trends, is to continue to maintain financial flexibility by continuing our cost savings initiative, while still protecting our employees and customers, committing to shareholder returns and maintaining an investment grade rating.
Our main focus in the short-term, during the continued uncertainty surrounding the global economy, including lithium market pricing and recent inflationary trends, is to continue to maintain financial flexibility by continuing our cost savings initiative, committing to shareholder returns and maintaining an investment grade rating.
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: • 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; 57 Albemarle Corporation and Subsidiaries • changes with respect to contract renegotiations; • potential production volume shortfalls; • competition from other manufacturers; • 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; • 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; • the occurrence of regulatory actions, proceedings, claims or litigation (including with respect to the U.S.
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; 57 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.
We have experienced, and may continue to experience, volatility and increases in the price of certain raw materials and in transportation and energy costs as a result of global market and supply chain disruptions and the broader inflationary 79 Albemarle Corporation and Subsidiaries environment.
We have experienced, and may continue to experience, volatility and increases in the price of certain raw materials and in transportation and energy costs as a result of global market and supply chain disruptions and the broader inflationary environment.
Our environmental and safety operating costs charged to expense were $87.5 million, $73.0 million and $46.3 million during the years ended December 31, 2024, 2023 and 2022, respectively, excluding depreciation of previous capital expenditures, and are expected to be in the same range in the next few years.
Our environmental and safety operating costs charged to expense were $76.0 million, $87.5 million and $73.0 million during the years ended December 31, 2025, 2024 and 2023, respectively, excluding depreciation of previous capital expenditures, and are expected to be in the same range in the next few years.
The amended first financial covenant requires that the ratio of (a) (i) the Company’s consolidated net funded debt plus a proportionate amount of Windfield’s net funded debt less (ii) the Company’s unrestricted cash and cash equivalents plus a proportionate amount of Windfield’s unrestricted cash and cash equivalents (up to a specified amount) to (b) consolidated Windfield-Adjusted EBITDA (as such terms are defined in the 2022 Credit Agreement) be less than or equal to (i) 4.00:1.0 as of the end of the fourth quarter of 2024, (ii) 4.75:1.0 as of the end of the first quarter of 2025, (iii) 5.75:1.0 as of the end of the second quarter of 2025, (iv) 5.50:1.0 as of the end of the third quarter of 2025, (v) 5.00:1.0 as of the end of the fourth quarter of 2025, (vi) 4.75:1.0 as of the end of each of the first and second quarters of 2026, and (vii) 3.50:1.0 as of the end of the third quarter of 2026 and each fiscal quarter thereafter through the third quarter of 2027.
The amended first financial covenant requires that the ratio of (a) (i) the Company’s consolidated net funded debt plus a proportionate amount of Windfield’s net funded debt less (ii) the Company’s unrestricted cash and cash equivalents plus a proportionate amount of Windfield’s unrestricted cash and cash equivalents (up to a specified amount) to (b) consolidated Windfield-Adjusted EBITDA (as such terms are defined in the 2022 Credit Agreement) be less than or equal to (i) 5.00:1.0 as of the end of the fourth quarter of 2025, (ii) 4.75:1.0 as of the end of each of the first and 76 Albemarle Corporation and Subsidiaries second quarters of 2026, and (iii) 3.50:1.0 as of the end of the third quarter of 2026 and each fiscal quarter thereafter through the third quarter of 2027.
Specialties and Ketjen operations directly, and conducted its other operations (other than operations conducted through the Issuer) through the Non-Guarantors. Effective January 1, 2024, the Company split its U.S. Ketjen operations to a separate non-guarantor subsidiary and its results are no longer included within the summarized Parent Guarantor and Issuer financial information below for the 2024 periods presented.
Specialties and Ketjen operations directly, and conducted its other operations (other than operations conducted through the Issuer) through the Non-Guarantors. Effective January 1, 2024, the Company transferred its U.S. Ketjen operations to a separate non-guarantor subsidiary and its results are no longer included within the summarized Parent Guarantor and Issuer financial information below.
Contributions to our domestic and foreign qualified and nonqualified pension plans, including our supplemental executive retirement plan, are expected to approximate $17 million in 2025. We may choose to make additional pension contributions in excess of this amount.
Contributions to our domestic and foreign qualified and nonqualified pension plans, including our supplemental executive retirement plan, are expected to approximate $13 million in 2026. We may choose to make additional pension contributions in excess of this amount.
We have audits ongoing for the years 2014 through 2023 related to Belgium, Canada, Chile, China and Germany, some of which are for entities that have since been divested. While we believe we have adequately provided for all tax positions, amounts asserted by taxing authorities could be greater than our accrued position.
We have audits ongoing for the years 2017 through 2024 related to Australia, Belgium, Chile, China and Germany, some of which are for entities that have since been divested. While we believe we have adequately provided for all tax positions, amounts asserted by taxing authorities could be greater than our accrued position.
During Step 1, the Company estimates the fair value using either a discounted cash flow model (income) approach or a combination of the discounted cash flow model (income) approach and earnings multiple (market) approach (placing equal weighting on the income and market approaches).
During Step 1, we estimate the fair value using either a discounted cash flow model (income) approach or a combination of the discounted cash flow model (income) approach and earnings multiple (market) approach (placing equal weighting on the income and market approaches).
In addition, during the years ended December 31, 2024, 2023 and 2022, our consolidated joint venture, JBC, declared dividends of $149.8 million, $149.7 million and $274.5 million, respectively, which resulted in dividends paid to noncontrolling interests of $37.2 million, $105.6 million and $44.2 million ($53.1 million declared in 2022 was paid in the first quarter of 2023), respectively.
In addition, during the years ended December 31, 2025, 2024 and 2023, our consolidated joint venture, JBC, declared dividends of $99.8 million, $149.8 million and $149.7 million, respectively, which resulted in dividends paid to noncontrolling interests of $18.2 million, $37.2 million and $105.6 million ($53.1 million declared in 2022 was paid in the first quarter of 2023), respectively.
We currently have the ability to transfer up to $540 million in assets under these arrangements. At December 31, 2024 and 2023, there were $74.5 million and $14.3 million, respectively, of bonds outstanding under these arrangements. The non-current portion of our long-term debt amounted to $3.1 billion at December 31, 2024, compared to $3.54 billion at December 31, 2023.
We currently have the ability to transfer up to $540 million in assets under these arrangements. At December 31, 2025 and 2024, there were $159.4 million and $74.5 million, respectively, of bonds outstanding under these arrangements. The non-current portion of our long-term debt amounted to $3.1 billion at December 31, 2025, compared to $3.1 billion at December 31, 2024.
Lower capital expenditures in 2025 reflects the announced new level of spending to unlock cash flow over the near term and generate long-term financial flexibility and is driven by reduced sustaining growth and capital spend, while continuing safety and critical maintenance expenditures.
The forecasted capital expenditures in 2026 reflects the new level of spending to unlock cash flow over the near term and generate long-term financial flexibility and is driven by reduced sustaining growth and capital spend, while continuing safety and critical maintenance expenditures.
In addition, at December 31, 2024, we had the ability to borrow $1.5 billion under our commercial paper program and the 2022 Credit Agreement, and $98.8 million under other existing lines of credit, subject to various financial covenants under the 2022 Credit Agreement.
In addition, at December 31, 2025, we had the ability to borrow $1.5 billion under our commercial paper program and the 2022 Credit Agreement, and $104.5 million under other existing lines of credit, subject to various financial covenants under the 2022 Credit Agreement.
As is customary for such long-term debt instruments, each series of notes outstanding has terms that allow us to redeem the notes before their maturity, in whole at any time or in part from time to time, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal thereof and interest thereon (exclusive of interest accrued to, but excluding, the date of redemption) discounted to the redemption date on an annual 76 Albemarle Corporation and Subsidiaries basis using the bond rate (as defined in the indentures governing these notes) plus between 25 and 35 basis points, depending on the series of notes, plus, in each case, accrued and unpaid interest on the principal amount being redeemed to, but excluding, the date of redemption.
As is customary for such long-term debt instruments, the outstanding notes have terms that allow us to redeem the notes before their maturity, in whole at any time or in part from time to time, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal thereof and interest thereon (exclusive of interest accrued to, but excluding, the date of redemption) discounted to the redemption date on an annual basis using the bond rate (as defined in the indentures governing these notes) plus 35 basis points plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the date of redemption.
Beginning in the fourth quarter of 2024, the amended second financial covenant requires that the ratio of the Company’s consolidated EBITDA to consolidated interest charges (as such terms are defined in the 2022 Credit Agreement) be no less than (i) 1.00:1.0 for fiscal quarters through June 30, 2025, (ii) 2.00:1.0 for the third quarter of 2025, (iii) 2.50:1.0 for the fourth quarter of 2025, and (iv) 3.00:1.0 for all fiscal quarters thereafter.
The amended second financial covenant requires that the ratio of the Company’s consolidated EBITDA to consolidated interest charges (as such terms are defined in the 2022 Credit Agreement) be no less than (i) 2.50:1.0 for the fourth quarter of 2025, and (ii) 3.00:1.0 for all fiscal quarters thereafter.
We had cash and cash equivalents totaling $1.2 billion as of December 31, 2024, of which $833.7 million is held by our foreign subsidiaries. This cash represents an important source of our liquidity and is invested in bank accounts or money market investments with no limitations on access.
We had cash and cash equivalents totaling $1.6 billion as of December 31, 2025, of which $1.1 billion is held by our foreign subsidiaries. This cash represents an important source of our liquidity and is invested in bank accounts or money market investments with no limitations on access.
Off-Balance Sheet Arrangements In the normal course of business with customers, vendors and others, we have entered into off-balance sheet arrangements, including bank guarantees and letters of credit, which totaled approximately $115.7 million at December 31, 2024.
Off-Balance Sheet Arrangements In the normal course of business with customers, vendors and others, we have entered into off-balance sheet arrangements, including bank guarantees and letters of credit, which totaled approximately $102.6 million at December 31, 2025.
We made contributions of approximately $17.4 million to our domestic and foreign pension plans (both qualified and nonqualified) during the year ended December 31, 2024. The liability related to uncertain tax positions, including interest and penalties, recorded in Other noncurrent liabilities totaled $259.6 million and $220.6 million at December 31, 2024 and 2023, respectively.
We made contributions of approximately $18.5 million to our domestic and foreign pension plans (both qualified and nonqualified) during the year ended December 31, 2025. The liability related to uncertain tax positions, including interest and penalties, recorded in Other noncurrent liabilities totaled $259.2 million and $259.6 million at December 31, 2025 and 2024, respectively.
Cash Flow Our cash and cash equivalents were $1.2 billion at December 31, 2024 as compared to $889.9 million at December 31, 2023. Cash provided by operating activities was $702.1 million, $1.3 billion and $1.9 billion during the years ended December 31, 2024, 2023 and 2022, respectively.
Cash Flow Our cash and cash equivalents were $1.6 billion at December 31, 2025 as compared to $1.2 billion at December 31, 2024. Cash provided by operating activities was $1.3 billion, $687.9 million and $1.3 billion during the years ended December 31, 2025, 2024 and 2023, respectively.
The Company’s actions regarding Kemerton are part of a broader effort focused on preserving its world-class resource advantages, optimizing its global conversion network, improving the Company’s cost competitiveness and efficiency, reducing capital intensity and enhancing the Company’s financial flexibility.
The Company’s restructuring actions that began in 2024 are part of a broader effort focused on preserving its world-class resource advantages, optimizing its global conversion network, improving the Company’s cost competitiveness and efficiency, reducing capital intensity and enhancing the Company’s financial flexibility.
Amidst these dynamics, and despite recent downward lithium price pressure, we believe our 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 primarily through pricing and product development, managing costs and delivering value to our customers and shareholders.
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.
(b) Includes non-curent receivables from Non-Guarantors of $2.3 billion at December 31, 2024. (c) Includes current payables to Non-Guarantors of $1.9 billion at December 31, 2024. (d) Includes non-current payables to Non-Guarantors of $6.8 billion at December 31, 2024. The 3.45% Senior Notes are structurally subordinated to the indebtedness and other liabilities of the Non-Guarantors.
(b) Includes non-current receivables from Non-Guarantors of $1.2 billion at December 31, 2025. (c) Includes current payables to Non-Guarantors of $4.0 billion at December 31, 2025. (d) Includes non-current payables to Non-Guarantors of $4.9 billion at December 31, 2025. The 3.45% Senior Notes are structurally subordinated to the indebtedness and other liabilities of the Non-Guarantors.
If after assessing these qualitative factors, the Company determines it is “more-likely-than-not” that the fair value of the reporting unit is less than the carrying value, the Company performs a quantitative test (“Step 1”).
If after assessing these qualitative factors, we determine it is “more-likely-than-not” that the fair value of the reporting unit is less than the carrying value, we perform a quantitative test (“Step 1”).
(b) Includes intergroup expenses to Non-Guarantors of $46.6 million for the year ended December 31, 2024.
(b) Includes intergroup expenses to Non-Guarantors of $5.6 million for the year ended December 31, 2025.
As of December 31, 2024, we have committed to approximately $240.2 million of payments to third-party vendors in the normal course of business to secure raw materials for our production processes, with approximately $128.4 million to be paid in 2025.
As of December 31, 2025, we have committed to approximately $133.9 million of payments to third-party vendors in the normal course of business to secure raw materials for our production processes, with approximately $66.2 million to be paid in 2026.
For the years 2024 and 2023, the weighted-average expected rate of return on U.S. pension plan assets was 6.88%, and the weighted-average expected rate of return on foreign pension plan assets was 5.95% and 4.86%, respectively. Effective January 1, 2025, the weighted-average expected rate of return on U.S. and foreign pension plan assets is 6.70% and 6.52%, respectively.
For the years 2025 and 2024, the weighted-average expected rate of return on U.S. pension plan assets was 6.70% and 6.88%, respectively, and the weighted-average expected rate of return on foreign pension plan assets was 6.52% and 5.95%, respectively.
Of the $539.7 million total pension and postretirement assets at December 31, 2024, $56.9 million, or approximately 11%, are measured using the net asset value as a practical expedient. Gains or losses attributable to these assets are recognized in the consolidated balance sheets as either an increase or decrease in plan assets.
Of the $545.1 million total pension and postretirement assets at December 31, 2025, $8.1 million, or approximately 1%, are measured using the net asset value as a practical expedient. Gains or losses attributable to these assets are recognized in the consolidated balance sheets as either an increase or decrease in plan assets.
At December 31, 2024, the weighted-average discount rate for the U.S. and foreign pension plans increased to 5.65% and 4.04%, respectively, from 5.21% and 3.73%, respectively, at December 31, 2023 to reflect market conditions as of the December 31, 2024 measurement date. The discount rate for the OPEB plans at December 31, 2024 and 2023 was 5.67% and 5.21%, respectively.
At December 31, 2025, the weighted-average discount rate for the U.S. pension plans decreased to 5.43% from 5.65%, and increased for foreign pension plans to 4.50% from 4.04% to reflect market conditions as of the December 31, 2025 measurement date. The discount rate for the OPEB plans at December 31, 2025 and 2024 was 5.45% and 5.67%, respectively.
(b) Includes noncurrent receivables from Non-Guarantors of $1.6 billion at December 31, 2024. (c) Includes current payables to Non-Guarantors of $1.9 billion at December 31, 2024. (d) Includes non-current payables to Non-Guarantors of $6.0 billion at December 31, 2024. These securities are structurally subordinated to the indebtedness and other liabilities of the Upstream Non-Guarantors.
(b) Includes noncurrent receivables from Non-Guarantors of $278.3 million at December 31, 2025. (c) Includes current payables to Non-Guarantors of $4.0 billion at December 31, 2025. (d) Includes non-current payables to Non-Guarantors of $4.9 billion at December 31, 2025. These securities are structurally subordinated to the indebtedness and other liabilities of the Upstream Non-Guarantors.
Results for the year ended December 31, 2024 include an actuarial gain of $9.8 million ($7.5 million after income taxes), as compared to a gain of $10.2 million ($8.3 million after income taxes) for the year ended December 31, 2023.
Results for the year ended December 31, 2025 include an actuarial loss of $17.2 million ($19.2 million after income taxes), as compared to a gain of $9.8 million ($7.5 million after income taxes) for the year ended December 31, 2024.
In 2025, we expect to pay $82.7 million of the $127.3 million balance remaining from the transition tax on foreign earnings as a result of the Tax Cuts and Jobs Act (“TCJA”) signed into law in December 2017.
In 2026, we expect to pay the remaining $44.6 million balance from the transition tax on foreign earnings as a result of the Tax Cuts and Jobs Act (“TCJA”) signed into law in December 2017.
Results of Operations The following data and discussion provides an analysis of certain significant factors affecting our results of operations during the periods included in the accompanying consolidated statements of (loss) income.
Results of Operations The following data and discussion provides an analysis of certain significant factors affecting our results of operations during the periods included in the accompanying consolidated statements of (loss) income. Certain percentage changes are considered not meaningful (“NM”).
The Company’s updated definition of adjusted EBITDA is EBITDA before the proportionate share of Windfield income tax expense, as adjusted on a consistent basis for certain non-operating, non-recurring or unusual items on a segment basis.
The Company’s definition of adjusted EBITDA is earnings before interest and financing expenses, income tax expenses, the proportionate share of Windfield income tax expense, depreciation and amortization, as adjusted on a consistent basis for certain non-operating, non-recurring or unusual items on a segment basis.
As of December 31, 2024, we are party to master receivables purchase agreements, under which we may sell up to approximately $92 million of available and eligible outstanding customer accounts receivable generated by sales to certain customers. The agreements are uncommitted and can be terminated by us or the purchaser with certain notice as defined in the contracts.
We are party to master receivables purchase agreements, under which we may sell available and eligible outstanding customer accounts receivable generated by sales to certain customers of up to approximately $180.6 million at any one time. These agreements are uncommitted and can be terminated by us or the purchaser with certain notice as defined in the contract.
We expect our global effective tax rate will vary based on the locales in which income is actually earned and remains subject to potential volatility from changing legislation in the United States, such as the Inflation Reduction Act and Pillar Two which became effective in early 2024, and other tax jurisdictions.
We expect our global effective tax rate will vary based on the locations in which income is actually earned and remains subject to potential volatility from changing legislation in the United States, such as the OBBBA, and other tax jurisdictions.
For the years ended December 31, 2024, 2023 and 2022, we repatriated approximately $32.7 million, $2.9 million and $1.7 million of cash, respectively, as part of these foreign earnings cash repatriation activities.
For the years ended December 31, 2024 and 2023, we repatriated approximately $32.7 million and $2.9 million of cash, respectively, as part of these foreign earnings cash repatriation activities. There were no cash repatriations during the year ended December 31, 2025.
On May 29, 2013, we entered into agreements to initiate a commercial paper program on a private placement basis under which we may issue unsecured commercial paper notes (the “Commercial Paper Notes”) from time-to-time. On May 17, 2023, we entered into definitive documentation to increase the size of our existing commercial paper program.
On May 29, 2013, we entered into agreements to initiate a commercial paper program on a private placement basis under which we may issue unsecured commercial paper notes (the “Commercial Paper Notes”) from time-to-time.
The claims of the joint venture partner, the Manager and other secured creditors of the Issuer will have priority as to the assets of the Issuer over the claims of holders of the 3.45% Senior Notes. 81 Albemarle Corporation and Subsidiaries Albemarle Corporation Issued Notes In March 2021, Albemarle New Holding GmbH (the “Subsidiary Guarantor”), a wholly-owned subsidiary of Albemarle Corporation, added a full and unconditional guarantee (the “Upstream Guarantee”) to all securities of Albemarle Corporation (the “Parent Issuer”) issued and outstanding as of such date and, subject to the terms of the applicable amendment or supplement, securities issuable by the Parent Issuer pursuant to the Indenture, dated as of January 20, 2005, as amended and supplemented from time to time (the “Indenture”).
Albemarle Corporation Issued Notes In March 2021, Albemarle New Holding GmbH (the “Subsidiary Guarantor”), a wholly-owned subsidiary of Albemarle Corporation, added a full and unconditional guarantee (the “Upstream Guarantee”) to all securities of Albemarle Corporation (the “Parent Issuer”) issued and outstanding as of such date and, subject to the terms of the applicable amendment or supplement, securities issuable by the Parent Issuer pursuant to the Indenture, dated as of January 20, 2005, as amended and supplemented from time to time (the “Indenture”).

… 212 more changes not shown on this page.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

9 edited+0 added−0 removed11 unchanged
Biggest changeThese borrowings represented 1% and 15% of total outstanding debt and bore average interest rates of 0.33% and 5.76% at December 31, 2024 and 2023, respectively. A hypothetical 100 basis point increase in the average interest rate applicable to these borrowings would change our annualized interest expense by approximately $0.3 million as of December 31, 2024.
Biggest changeThese borrowings represented 1% of total outstanding debt and bore average interest rates of 1.40% and 0.33% at December 31, 2025 and 2024, respectively. A hypothetical 100 basis point increase in the average interest rate applicable to these borrowings would change our annualized interest expense by approximately $0.2 million as of December 31, 2025.
We conducted a sensitivity analysis on the fair value of our foreign currency hedge portfolio assuming an instantaneous 10% change in select foreign currency exchange rates from their levels as of December 31, 2024, with all other variables held constant. A 10% appreciation of the U.S.
We conducted a sensitivity analysis on the fair value of our foreign currency hedge portfolio assuming an instantaneous 10% change in select foreign currency exchange rates from their levels as of December 31, 2025, with all other variables held constant. A 10% appreciation of the U.S.
We seek to limit our exposure by entering into long-term contracts when available, and we seek price increase limitations through contracts. These contracts do not have a significant impact on our results of operations. 85 Albemarle Corporation and Subsidiaries
We seek to limit our exposure by entering into long-term contracts when available, and we seek price increase limitations through contracts. These contracts do not have a significant impact on our results of operations. 84 Albemarle Corporation and Subsidiaries
The sensitivity of the fair value of our foreign currency hedge portfolio represents changes in fair values estimated based on market conditions as of December 31, 2024, without reflecting the effects of underlying anticipated transactions.
The sensitivity of the fair value of our foreign currency hedge portfolio represents changes in fair values estimated based on market conditions as of December 31, 2025, without reflecting the effects of underlying anticipated transactions.
We may enter into interest rate swaps, collars or similar instruments with the objective of reducing interest rate volatility relating to our borrowing costs. 84 Albemarle Corporation and Subsidiaries Our raw materials are subject to price volatility caused by weather, supply and demand conditions, political and economic variables and other unpredictable factors.
We may enter into interest rate swaps, collars or similar instruments with the objective of reducing interest rate volatility relating to our borrowing costs. Our raw materials are subject to price volatility caused by weather, supply and demand conditions, political and economic variables and other unpredictable factors.
The balance of the settled hedged foreign currency forward contracts associated with the construction of Kemerton Trains 1 and 2 assets placed in service will be reclassified to earnings over the life of the related assets.
The balance of the settled hedged foreign 83 Albemarle Corporation and Subsidiaries currency forward contracts associated with the construction of Kemerton Trains 1 and 2 assets placed in service will be reclassified to earnings over the life of the related assets.
We manage global interest rate and foreign exchange exposure as part of our regular operational and financing strategies. We had variable interest rate borrowings of $27.5 million and $650.2 million outstanding at December 31, 2024 and 2023, respectively.
We manage global interest rate and foreign exchange exposure as part of our regular operational and financing strategies. We had variable interest rate borrowings of $17.9 million and $27.5 million outstanding at December 31, 2025 and 2024, respectively.
At December 31, 2024, our financial instruments subject to foreign currency exchange risk primarily consisted of foreign currency forward contracts with an aggregate notional value of $6.9 billion and with a fair value representing a net liability position of $7.0 million.
At December 31, 2025, our financial instruments subject to foreign currency exchange risk primarily consisted of foreign currency forward contracts with an aggregate notional value of $2.4 billion and with a fair value representing a net liability position of $2.6 million.
Dollar against foreign currencies that we hedge would result in an increase of approximately $102.9 million in the fair value of our foreign currency forward contracts. A 10% depreciation of the U.S. Dollar against these foreign currencies would result in a decrease of approximately $103.0 million in the fair value of our foreign currency forward contracts.
Dollar against foreign currencies that we hedge would result in an increase of approximately $105.4 million in the fair value of our foreign currency forward contracts. A 10% depreciation of the U.S. Dollar against these foreign currencies would result in a decrease of approximately $105.7 million in the fair value of our foreign currency forward contracts.

Other ALB 10-K year-over-year comparisons