ALB

for the Windfield joint venture, which met the significant subsidiary test for subsidiaries not consolidated or 50% or less owned persons under Rule 10-01 of Regulation S-X, for the three-month periods ended March 31, 2026 and 2025 (in thousands): Three Months Ended March 31, 2026 2025 Net sales $ 581,057 $ 290,419 Gross profit 453,303 192,704 Income before income taxes 406,662 144,796 Net income 284,664 101,744 Pu

living, widespread digitization, 30 Table of Contents increasing demand for data management capacity and the potential for increasingly stringent fire safety regulations in developing markets are likely to drive continued demand for lithium, fire safety, bromine and lithium specialties products

• Regulation, or the threat of regulation, of some of our products could have an adverse effect on our sales and profitability

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)

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

• Regulation, or the threat of regulation, of some of our products could have an adverse effect on our sales and profitability

living, widespread digitization, 30 Table of Contents increasing demand for data management capacity and the potential for increasingly stringent fire safety regulations in developing markets are likely to drive continued demand for lithium, fire safety, bromine and lithium specialties products

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)

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

for the Windfield joint venture, which met the significant subsidiary test for subsidiaries not consolidated or 50% or less owned persons under Rule 10-01 of Regulation S-X, for the three-month periods ended March 31, 2026 and 2025 (in thousands): Three Months Ended March 31, 2026 2025 Net sales $ 581,057 $ 290,419 Gross profit 453,303 192,704 Income before income taxes 406,662 144,796 Net income 284,664 101,744 Pu

favorable backdrop of steadily declining lithium-ion battery costs, increasing battery performance, continuing significant investments in the battery and EV supply chain by cathode and battery producers and automotive OEMs and favorable global public policy toward e-mobility/renewable energy usage

favorable backdrop of steadily declining lithium-ion battery costs, increasing battery performance, continuing significant investments in the battery and EV supply chain by cathode and battery producers and automotive OEMs and favorable global public policy toward e-mobility/renewable energy usage

rely upon our continued ability to obtain key raw materials, such as chlorine or soda ash, of sufficient quality and in adequate amounts as part of our supply chain to meet our customers’ demand for our products

We understand our responsibility to uphold the human rights of our employees, workers in our supply chain, members of our communities and other stakeholders

In the first quarter of 2025, the Company successfully negotiated revised contract cancellation costs with key suppliers to result in a favorable adjustment

favorable backdrop of steadily declining lithium-ion battery costs, increasing battery performance, continuing significant investments in the battery and EV supply chain by cathode and battery producers and automotive OEMs and favorable global public policy toward e-mobility/renewable energy usage

In the first quarter of 2025, the Company successfully negotiated revised contract cancellation costs with key suppliers to result in a favorable adjustment

favorable backdrop of steadily declining lithium-ion battery costs, increasing battery performance, continuing significant investments in the battery and EV supply chain by cathode and battery producers and automotive OEMs and favorable global public policy toward e-mobility/renewable energy usage

rely upon our continued ability to obtain key raw materials, such as chlorine or soda ash, of sufficient quality and in adequate amounts as part of our supply chain to meet our customers’ demand for our products

We understand our responsibility to uphold the human rights of our employees, workers in our supply chain, members of our communities and other stakeholders

our senior unsecured long-term debt

7 million decrease attributable to interest income from lower interest rates in 2026 Income Tax Expense (Benefit) In thousands Q1 2026 Q1 2025 $ Change % Change Income tax expense (benefit) $ 21,511 $ (3,978) $ 25,489 NM Effective income tax rate 8

• 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

• Significant or prolonged periods of higher interest rates may have an adverse effect on our results of operations, financial condition and cash flows

If such concerns heighten, we may incur increased borrowing costs and reduced credit capacity as our various credit facilities mature

If such concerns heighten, we may incur increased borrowing costs and reduced credit capacity as our various credit facilities mature

• 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

• Significant or prolonged periods of higher interest rates may have an adverse effect on our results of operations, financial condition and cash flows

7 million decrease attributable to interest income from lower interest rates in 2026 Income Tax Expense (Benefit) In thousands Q1 2026 Q1 2025 $ Change % Change Income tax expense (benefit) $ 21,511 $ (3,978) $ 25,489 NM Effective income tax rate 8

However, we may experience increased shipping and fuel costs amid rising prices that could negatively impact our results

Increases are primarily driven by tightening of market conditions and major increases in the pricing of key constituent materials for our products such as crude oil, chlorine and metals (including molybdenum and rare earths, which are used in the refinery catalysts business)

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 and increasingly stringent environmental standards

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

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

Increases are primarily driven by tightening of market conditions and major increases in the pricing of key constituent materials for our products such as crude oil, chlorine and metals (including molybdenum and rare earths, which are used in the refinery catalysts business)

However, we may experience increased shipping and fuel costs amid rising prices that could negatively impact our results

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 reneg

and our ongoing mission to provide innovative, yet commercially viable, energy products and services to the marketplace to contribute to our sustainability-based revenue. In the first quarter of 2026, we completed the sale of our controlling ownership in the Refining Solutions business, as well as the sale of our 50% ownership interest in the Eurecat S.A. joint venture for combined pre-tax cash proceeds of approximately $648 million, net of cash sold, while initially owning a 49% interest in a newly for

• 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

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 reneg

31, 2026. Costs associated with the sales of receivables are reflected in the consolidated statements of income for the period in which the sales occur. NOTE 7— Deferred Revenue: In the normal course of business, amounts received from customers in advance of the Company’s satisfaction of its contractual performance obligations are recorded as deferred revenue, and are recognized within Net sales as the Company satisfies the related performance obligation. Deferred revenue at March 31, 2026 and December 31, 20

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. Our research and development efforts support each of our business segments. The objective of our research and development efforts is to develop innovative chemis

business partners and therefore have a material adverse effect on our business and results of operations. A global, regional or localized economic downturn may reduce customer demand or inhibit our ability to produce our products, negatively impacting our operating results. Our business and operating results have been and will continue to be sensitive to the many challenges that can affect national, regional and global economies, including economic downturns (including credit market tightness, which can impa

profitability to be lower in 2026 year-over-year from lower pricing, notably in the Lithium Specialties business. We expect volumes to be relatively flat based on reduced customer demand in certain markets, 60 Albemarle Corporation and Subsidiaries including consumer and industrial electronics, offset by continued strong demand in other end-markets, such as pharmaceuticals, agriculture and oilfield services. On a longer-term basis, we continue to believe that improving global standards of living, widespread digi

pricing and modest volume growth. We expect continued strong demand in certain end-markets, such as semiconductors and pharmaceuticals, partially offset by reduced customer demand in other markets, including automotive, building and construction, and oil and gas. Results of Operations The following is a discussion and analysis of our results of operations for the three-month periods ended March 31, 2026 and 2025. A discussion of our consolidated financial condition and sources of additional capital is inc

pricing and modest volume growth. We expect continued strong demand in certain end-markets, such as semiconductors and pharmaceuticals, partially offset by reduced customer demand in other markets, including automotive, building and construction, and oil and gas. Results of Operations The following is a discussion and analysis of our results of operations for the three-month periods ended March 31, 2026 and 2025. A discussion of our consolidated financial condition and sources of additional capital is inc

profitability to be lower in 2026 year-over-year from lower pricing, notably in the Lithium Specialties business. We expect volumes to be relatively flat based on reduced customer demand in certain markets, 60 Albemarle Corporation and Subsidiaries including consumer and industrial electronics, offset by continued strong demand in other end-markets, such as pharmaceuticals, agriculture and oilfield services. On a longer-term basis, we continue to believe that improving global standards of living, widespread digi

business partners and therefore have a material adverse effect on our business and results of operations. A global, regional or localized economic downturn may reduce customer demand or inhibit our ability to produce our products, negatively impacting our operating results. Our business and operating results have been and will continue to be sensitive to the many challenges that can affect national, regional and global economies, including economic downturns (including credit market tightness, which can impa

position, and cash flows. 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. Gulf Coast for many of our customers and certain of our suppliers

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 th

to us. While the global corporate bond and bank loan markets remain strong, periods of elevated uncertainty related to the stability of the banking system, future pandemics or global economic and/or geopolitical concerns may limit efficient access to such markets for extended periods of time. If such concerns heighten, we may incur increased borrowing costs and reduced credit capacity as our various credit facilities mature. If the U.S. Federal Reserve or similar national reserve banks in other countries

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 th

to us. While the global corporate bond and bank loan markets remain strong, periods of elevated uncertainty related to the stability of the banking system, future pandemics or global economic and/or geopolitical concerns may limit efficient access to such markets for extended periods of time. If such concerns heighten, we may incur increased borrowing costs and reduced credit capacity as our various credit facilities mature. If the U.S. Federal Reserve or similar national reserve banks in other countries

position, and cash flows. 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. Gulf Coast for many of our customers and certain of our suppliers

• Our business and operations could suffer in the event of cybersecurity breaches, information technology system failures, or network disruptions

proceedings, claims or litigation (including with respect to the U.S. Foreign Corrupt Practices Act and foreign anti-corruption laws); • the occurrence of cyber-security breaches, terrorist attacks, industrial accidents or natural disasters; • the effects of climate change, including any regulatory changes to which we might be subject; • hazards associated with chemicals manufacturing; • the inability to maintain current levels of insurance, including product or premises liability insurance, or t

3 million increase attributable to foreign exchange impacts from lower losses recorded in 2026 • $4

Foreign currency translation and other 75,767 109,015 Cash flow hedge ( 107 ) ( 107 ) Total other comprehensive income, net of tax 75,660 108,908 Comprehensive income 404,637 158,206 Comprehensive income attributable to noncontrolling interests ( 9,851 ) ( 7,9

• fluctuations in foreign currency exchange rates may affect product demand and may adversely affect the profitability in U

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 Ta

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

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 Ta

• fluctuations in foreign currency exchange rates may affect product demand and may adversely affect the profitability in U

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

3 million increase attributable to foreign exchange impacts from lower losses recorded in 2026 • $4

Foreign currency translation and other 75,767 109,015 Cash flow hedge ( 107 ) ( 107 ) Total other comprehensive income, net of tax 75,660 108,908 Comprehensive income 404,637 158,206 Comprehensive income attributable to noncontrolling interests ( 9,851 ) ( 7,9

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

operating costs, reducing capital intensity and enhancing the Company’s financial flexibility. As part of this overall effort, the Company also implemented a global workforce reduction that impacted 6 - 7 % of total headcount during the second half of 2024. Since July 2024, the Company has recorded charges for this plan consisting of decommissioning costs of $ 13.0 million, asset write-offs of $ 726.0 million, severance and employee benefits of $ 53.4 million, contract cancellation costs of $ 38.4 million

We seek to provide employees with a desirable workplace that will enable us to attract and retain top talent. 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 and Labor Practice Albemarle is guided by its Code of Conduct, which sets forth the high ethical standards we have for all e

We seek to provide employees with a desirable workplace that will enable us to attract and retain top talent. 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 and Labor Practice Albemarle is guided by its Code of Conduct, which sets forth the high ethical standards we have for all e

operating costs, reducing capital intensity and enhancing the Company’s financial flexibility. As part of this overall effort, the Company also implemented a global workforce reduction that impacted 6 - 7 % of total headcount during the second half of 2024. Since July 2024, the Company has recorded charges for this plan consisting of decommissioning costs of $ 13.0 million, asset write-offs of $ 726.0 million, severance and employee benefits of $ 53.4 million, contract cancellation costs of $ 38.4 million

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

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 and increasingly stringent environmental standards

• unexpected adverse changes in export regulations, duties, quotas and tariffs and difficulties in obtaining export licenses may occur

• changes in trade policies and tariffs

• unexpected adverse changes in export regulations, duties, quotas and tariffs and difficulties in obtaining export licenses may occur

• changes in trade policies and tariffs

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 and increasingly stringent environmental standards

diverse set of opportunities and challenges in the markets we serve. In particular, we believe that global demand for lithium battery and energy storage, particularly for electric vehicles (“EV”) and energy storage systems (“ESS”), will continue to grow, providing the opportunity to continue to develop high quality and innovative products while managing the high cost of expanding capacity. This demand for lithium is supported by a favorable backdrop of steadily declining lithium-ion battery costs, increa

in that country. 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. In addition to the existing tariffs, the U.S. may continue to impose additional tariffs on China and

to the marketplace to contribute to our sustainability-based revenue. For example, our Energy Storage business contributes to the growth of clean miles driven with electric vehicles and more efficient use of renewable energy through grid storage; Specialties enables the prevention of fires starting in electronic equipment, greater fuel efficiency from rubber tires and the reduction of emissions from coal fired power plants; and our Ketjen business enhances the efficiency of natural resources through more

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. 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 charact

See “Safety and Environmental Matters” in Item 7. 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. In connection with the demand for, and legislation

See “Safety and Environmental Matters” in Item 7. 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. In connection with the demand for, and legislation

3.3 million of gains from the sale of assets not part of our production operations in 2025 • $9.2 million of a loss related to the write-off of assets damaged in a severe weather incident in Jordan in 2025 • $5.3 million of expenses related to certain historical legal and environmental matters in 2024 Goodwill Impairment Charges In thousands 2025 2024 $ Change % Change Goodwill impairment charges $ 181,070 $ — $ 181,070 NM • Non-cash goodwill impairment charge recorded in 2025 representing the full value o

is subject to hazards common to chemical manufacturing, storage, handling and transportation, as well as natural resource extraction, including explosions, fires, severe weather, natural disasters, mechanical failure, unscheduled downtime, transportation interruptions, remediation, chemical spills, discharges or releases of toxic or hazardous substances or gases and other risks. These hazards can cause personal injury and loss of life to our employees and other persons, severe damage to, or destruction of, prop

ESS technology supports peak-demand, regulates grid frequency and voltage ,and provides back-up power as global data center growth drives increased electricity demands globally

supports peak-demand, regulates grid frequency and voltage, and provides back-up power as global data center growth and other factors drive increased electricity demand globally

Amounts) (Unaudited) March 31, December 31, 2026 2025 Assets Current assets: Cash and cash equivalents $ 1,089,809 $ 1,618,001 Trade accounts receivable, less allowance for credit losses (2026 – $ 4,580 ; 2025 – $ 4,578 ) 522,715 593,502 Other accounts receivable 136,767 105,110 Inventories 1,346,960 1,179,271 Other current assets 162,932 140,440 Current assets held for sale — 371,815 Total current assets 3,259,183 4,008,139 Property, plant and equipment, at cost 11,822,899 11,768,840 Less accumulated deprec

problems in the future. Additionally, certain of these industries are subject to regulatory schemes that may shift with changes in the political climate. The results of elections in the United States or other countries in which our customers are located and changes in governing administrations and legislative bodies may result in consequent changes to these regulatory regimes that could cause a decline within these industries, leading to a diminished demand for our products. For example, although the current U

$38.0 million loss resulting from the redemption of preferred equity in a Grace subsidiary, $14.3 million loss related to the sale of our ownership interest in the Nippon Aluminum Alkyls joint venture and $1.9 million of charges for asset retirement obligations at a site not part of our operations, partially offset by $19.8 million of income from PIK dividends of the preferred equity in a Grace subsidiary prior to redemption and a $2.4 million gain primarily resulting from the adjustment of indemnification relat

bromides, brominated powdered activated carbon and a number of bromine fine chemicals. Our value-added lithium specialties products include butyllithium and lithium aluminum hydride. 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. We also develop and manufacture cesium

Additionally, as part of this restructuring plan, the Company placed the Chengdu, China conversion plant into care and maintenance during the first half of 2025

• 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

Because we conduct substantial operations in China, risks associated with regulatory activity and political and social events in China could negatively affect our business and operating results

Our most significant competitors are Lanxess AG, Israel Chemicals Ltd and Rio Tinto, as well as producers in India and China

The potential direct exposure of the Energy Storage segment to proposed or imposed tariffs is expected to be minimal as most of our China production is sold into China or other Asian countries, and some critical materials are fully or partially exempt from tariffs in their currently proposed form

These forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond our control

Cybersecurity attacks, especially in light of the advancement and proliferation of artificial intelligence (“AI”) and machine learning technologies, may become more sophisticated over time

ESS technology supports peak-demand, regulates grid frequency and voltage, and provides back-up power as global data center growth and other factors drive increased electricity demand globally