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- **Record Q3 Performance**: $1.3B net sales, $226M adjusted EBITDA (7% YoY growth), and $356M cash from operations (57% YoY increase).
- **$660M Asset Sales**: Divesting non-core refining catalysts business to generate liquidity for delevering and core growth.
- **2025 Free Cash Flow Guidance**: $300-400M, up from prior expectations, driven by $450M cost savings and $600M CapEx reduction.
- **Demand Surge**: Global lithium demand +30% YTD, grid storage +105% YTD, with China EV sales up 31% and Europe +30%.
- **Margin Resilience**: 20% adjusted EBITDA margin despite $9.50/kg lithium price, with potential to expand to 30%+ at $15/kg.

**【CEO Summary Section】**
- Reported net sales of $1.3 billion, with adjusted EBITDA of $226 million, a 7% year-over-year increase.
- Full-year 2025 free cash flow projected at $300-400 million, driven by cost savings and disciplined capital allocation.
- Sold 51% stake in Ketjen's refining catalysts business and exited Eurecat joint venture, generating $660 million in pretax cash proceeds.
- Global lithium demand up 30% YTD, with grid storage growing 105% YTD, led by China and Europe EV sales.
- 2025 capital expenditures reduced to $600 million, down 65% YoY, with $450 million in cost/productivity savings.

**【CFO Financial Commentary】**
- GAAP net loss of $1.72 per diluted share, with adjusted EBITDA of $226 million, up 7% YoY.
- Adjusted EBITDA margin improved 150 basis points YoY, driven by cost discipline and higher volumes in energy storage and Ketjen.
- 2025 outlook at upper end of $9/kg lithium price scenario, with Q4 EBITDA expected to benefit from higher spodumene prices and lithium salt sales mix.
- Year-to-date cash from operations $1.06 billion, with Q3 conversion over 100% due to inventory reductions and JV dividends.

**【Q&A Key Highlights】**
- **Lithium Pricing Dynamics**: Current lithium price ~$9.50/kg, with spodumene price increases flowing through to equity income in ~6-9 months. Conversion network margins remain tight, with most value moving to spodumene resource.
- **2026 Outlook**: No new capacity starts beyond CGP3 ramp, focusing on existing asset optimization. 2026 CapEx expected to remain low, with potential for modest reductions.
- **Energy Storage Growth**: 45% of 2025 lithium salt volumes sold on long-term contracts, with China spot sales driving 10%+ volume growth. Grid storage demand outpacing EVs, with 2.5x growth by 2030.
- **Policy & Supply Chain**: U.S. critical minerals focus supports long-term supply chain resilience. Albemarle prioritizes cost-out initiatives to compete through cycle, with 2025 adjusted EBITDA margin ~20% and potential for 30%+ at $15/kg lithium price.

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