瑞银-雅宝(ALB)：锂价持续上涨-Albemarle Corp：Lithium prices keep on moving higher-20260507

a§

GlobalResearch

7May2026

AlbemarleCorp

Lithiumpriceskeeponmovinghigher

OurView

●WemaintainourBuyratingonALBasweseelithiumpricescontinuingtoriseoverthecourseof2026andinto2027drivenbyanincreasingsupplydeficit(seeourpriorglobalupdatehere-link).WeexpectALBstocktobevolatileasitreactstoChinapricingmovementsandchangingdynamicsonS/D.However,ourviewremainsthatlithiumdemandwilloutpacesupplygrowthin2026/27,leavingmarketsinadeficitanddrivinglithiumpriceshigheroverthenext18months.

●ThelatestUBSlithiumpriceoutlookassumes~$30.5/kgavgpricefor2026,andweexpectthattomovehigherin2027to~$42/kg.Goingforward,wemodelsupplygrowthof~596ktfrom2025-2027E,vs623ktdemandgrowth.Weraiseour2026/27/28EBITDAestimatesby~22%/40%/36%to~$3.8B/$5.8B/$5.0Bprimarilyonhigherprices.Thenear-termvolumeguidancewasunchangedwithshipmentsflatin2026afteraninventorydrawdownlastyear,followedby2-10%growthin2027.TherampofCGP3attheGreenbushesmineremainsontrackwhichhelpssupplygrowthin2027andALBalsoexpectsincrementalvolumesfromWodginawith3fulltrainsinoperationbyyearend.LowervolumesandhighercostsflaggedbyALB'sJVpartnerinGreenbushesappearedmorebakedintoALB'soutlooksodidnotpresentamaterialneartermnegative.ALBcalledout$70-90MofincreasedcostsfromdisruptionsintheMiddleEastwhichoffsetsstrongerSpecialtiesearningsin1H26andcostsavingsin2H26.

●WeforecastmeaningfullyimprovedFCFin2026of$1B,up~90%Y/Y(ex.theprepaymentof$350Min1Q25).WorkingcapitalwillbeaheadwindduetohigherlithiumpricesandasALBrebuildsinventories.Capexisforecastrelativelyflatat$550-600Mvs.$590Min2025.Onourhigherpriceoutlook,weexpectALBcangenerate~$3BinexcessFCFover2027/2028,whichadds~$12/shforALBstockandispartiallybakedintoourincreasedPT.

1Q26adjEBITDA$664Mvs$412MUBSe/$444MCons

●ALBreported1Q26EBITDAof$664M,up~150%Y/Y,and~50%aboveconsensusprimarilydrivenbyhigherEnergyStoragemargins.EnergyStorage(batterygradelithium)volumeswereup+14%Y/Yvs+18%UBSe,andsegmentEBITDAmarginswere61.9%vs40.2%UBSedrivenbytheflowthroughoflowercostspodumeneonaonequarterlag.

●ALBunchangedguidanceincludesthreelithiumpricescenariosforthefullyear:$10,20,30/kg.ThisimpliesEBITDAof$0.95/$2.5B/$4.3Bateachmidpoint,respectively.Contractmixwillskewmoretowardspot(40%/60%contract/spotfor2026evs.45%/55%in2025).SpotpricesforlithiumcarbonateandhydroxideinChinaarecurrentlytradingat~$26-27/kg.Wemodel2026spotpricesat~$29/kgand2027at~$42/kg.ThecompanyraisedSpecialtiessegment

Equities

UnitedStates

Chemicals,Specialty

12-monthrating

Buy*

12mpricetarget

US$264.00

Prior:US$230.00

Price(07May2026)

US$213.25

RIC:ALB.NBBG:ALBUS

Tradingdataandkeymetrics

52-wkrangeUS$215.62-55.09

Marketcap.US$25.3b

Shareso/s119m(COM)

Freefloat100%

Avg.dailyvolume('000)588

Avg.dailyvalue(m)US$105.1

Commons/hequity(12/26E)US$9.47bP/BV(12/26E)2.7x

NetdebttoEBITDA(12/26E)0.7x

EPS(UBS,diluted)(USD)

12/26E

From

To

%ch

Cons.

Q1

0.78

2.95

280

2.95

Q2E

2.66

3.25

22

2.37

Q3E

3.41

4.26

25

2.58

Q4E

4.05

4.92

21

2.55

12/26E

10.90

15.50

42

8.90

12/27E

16.90

25.35

50

9.38

12/28E

15.20

21.90

44

10.38

JoshuaSpector,CFA

Analyst

joshua.spector@

+1-212-7136188

LucasBeaumont

Analyst

lucas.beaumont@

+1-212-7134809

ChristopherPerrella

Analyst

christopher.perrella@

+1-212-7131443

Highlights(US$m)

12/23

12/24

12/25

12/26E

12/27E

12/28E

12/29E

12/30E

Revenues

9,617

5,378

5,143

7,484

10,289

9,513

8,648

7,641

EBIT(UBS)

475

(599)

124

1,836

3,063

2,601

2,112

1,719

Netearnings(UBS)

1,792

(276)

(93)

2,031

3,428

2,909

2,340

1,890

EPS(UBS,diluted)(US$)

15.23

(2.35)

(0.79)

15.50

25.35

21.90

18.10

15.00

DPS(net)(US$)

2.49

2.96

1.62

1.45

1.57

1.60

1.64

1.68

Net(debt)/cash

(3,277)

(4,624)

(3,876)

(2,534)

2,595

3,962

4,747

5,164

Profitability/valuation

12/23

12/24

12/25

12/26E

12/27E

12/28E

12/29E

12/30E

EBIT(UBS)margin%

4.9

(11.1)

2.4

24.5

29.8

27.3

24.4

22.5

ROIC(EBIT)%

4.2

(4.7)

1.0

15.7

25.1

20.6

16.3

13.0

EV/EBITDA(UBScore)x

9.3

14.5

12.8

7.1

4.1

4.2

4.7

5.5

P/E(UBS,diluted)x

12.9

(45.7)

NM

13.0

8.0

9.2

11.2

13.5

EquityFCF(UBS)yield%

(3.0)

(7.8)

9.3

4.4

12.9

10.8

8.3

6.8

Dividendyield(net)%

1.3

2.8

2.0

0.7

0.8

0.8

0.8

0.8

Source:Companyaccounts,LSEGEikon,UBSestimates.Metricsmarkedas(UBS)havehadanalystadjustmentsapplied.Valuations:basedonanaveragesharepricethatyear,(E):basedonasharepriceofUS$202.13on07-May-202615:31:43EDT

ThisreporthasbeenpreparedbyUBSSecuritiesLLC.*Exceptiontocoreratingbands;SeeRequiredDisclosuressection.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURES,iNcLuDiNGiNFoRmAtioNoNtHEQuANtitAtivEREsEARcHREviEwpuBLisHEDByUBS,BEGiNoNpAGE8.

AlbemarleCorp7May2026婚§2

EBITDAguidanceby$50Mduetohigherthanexpectedbromineprices.

Segmenthighlights&EarningsTakeaways

●ALBguided2026lithiumvolumesasflatY/Yat~235K,unchangedfromthestartoftheyear.ALBshipped53kTofLCEin1Q26vs.52kTUBSeatanaveragepriceof~$17/kg.

●EnergyStorageadj.EBITDAwas$551M,+200%Y/Y,(vs$350MUBSe)on51%higherpricesand14%highervolumes(vs48%/+18%UBSe).EBITDAmarginswere61.9%vs40.2%UBSe.

●SpecialtiesadjEBITDAwas$76M,+30%Y/Y(vs$47MUBSe),withpricing+2%andvolumes+7%(vs-4%/-2%UBSe).EBITDAimprovedY/Yprimarilyduetoproductmixandcostandproductivityimprovements.EBITDAmarginswere

21.2%vs15.5%UBSe.

●ALBcompletedthesaleofa51%stakeinitsKetjensegmentandits50%stakeintheEurecatJVfor$648Minnetcash.ALBreducedlong-termdebtby$1.3Bin1Qloweringitsquarterlyinterestexpenseby$15M.

Valuation:BuyRated;PriceTargetmovesto$264from$230

OurNTMEBITDAestimatemovesto~$5.58B(endMarQ28)from~$4.15B(endDecQ27)primarilyonhigherlithiumprices.Weapplyalower~6.5xEV/EBITDAmultiplevs~7.5xprior,asearningsmovetowardspeaklevel.OurPTincreasesto$264from$230asaresult.Thisbasisisconsistentwith~12-13xourmid-cycleassumptionof~$2.5BinEBITDAandanassumed~$12/shofexcessFCF.WeexpectthatiflithiumpricesmoveupasweforecastALBstockcouldovershootourPTandmovetowardsourupsidescenario.

AlbemarleCorp7May2026婚§3

Figure1:ALB1Q26VarianceAnalysis

1Q26A

1Q26EUBS

ActvsUBSe

1Q25A

%chgYoY

4Q25A

%chgQoQ

EnergyStorage

891

871

20

525

70%

759

17%

Specialties

358

302

57

321

12%

349

3%

Ketjen

0

170

-170

231

-100%

320

-100%

TotalSales

1,250

1,342

-93

1,077

16%

1,428

-12%

AdjEBITDA

EnergyStorage

551

350

201

186

196%

167

230%

Specialties

76

47

29

59

30%

69

11%

Ketjen

0

21

-21

39

-100%

50

-100%

Corporate

36

(6)

42

(16)

NM

(17)

-320%

AdjEBITDA

664

412

252

267

148%

269

147%

D&A

158

168

-10

162

-2%

164

-4%

Adj.EBIT

324

100

224

13

NM

71

NM

Netinterestexpense

(33)

(40)

7

(49)

NM

(58)

NM

Other

54

4

50

10

NM

(10)

NM

Pre-TaxIncome

345

64

280

(25)

NM

3

NM

Taxes

(40)

(13)

-27

(11)

NM

(52)

NM

Equityincome,netoftax

96

104

-7

64

50%

41

137%

MinorityInterest

(10)

(8)

-1

(8)

NM

(12)

NM

Conv.StockDividends

(42)

(42)

0

(42)

0%

(42)

0%

NetIncome

350.0

105.0

245

-21.4

-1734%

-63

-659%

Sharesoutstanding

118.6

135.2

-16.6

117.6

1%

117.7

1%

EPS

$2.95

$0.78

$2.17

($0.18)

-1720%

($0.53)

-655%

Taxrate

12%

20%

-43%

1699%

AdjEBITDAMargin

EnergyStorage

61.9%

40.2%

+2167bps

35.5%

+2634bps

22.0%

+3986bps

Specialties

21.2%

15.5%

+574bps

18.3%

+297bps

19.6%

+159bps

Ketjen

#DIV/0!

12.5%

#DIV/0!

16.7%

#DIV/0!

15.5%

#DIV/0!

AdjEBITDAMargin

53.1%

30.7%

+2242bps

24.8%

+2832bps

18.8%

+3430bps

Source:Companyreports,UBSestimates

AlbemarleCorp7May2026婚§4

AlbemarleCorp(ALB.N)

IncomeStatement(US$m)

12/23

12/24

12/25

12/26E

%ch

12/27E

%ch

12/28E

12/29E

12/30E

Revenues

9,617

5,378

5,143

7,484

45.5

10,289

37.5

9,513

8,648

7,641

Grossprofit

1,191

142

707

2,637

273.0

4,246

61.1

3,714

3,150

2,644

EBITDA(UBS)

2,766

1,146

1,098

3,819

247.8

5,807

52.1

4,984

4,181

3,566

Depreciation&amortisation

(2,291)

(1,745)

(974)

(1,983)

-103.6

(2,744)

-38.4

(2,384)

(2,068)

(1,847)

EBIT(UBS)

475

(599)

124

1,836

NM

3,063

66.8

2,601

2,112

1,719

Associates&investmentincome

0

0

0

0

-

0

-

0

0

0

Othernon-operatingincome

104

186

23

66

190.4

10

-84.2

11

11

12

Netinterest

(116)

(166)

(208)

(123)

40.7

(120)

2.5

(90)

(90)

(90)

Exceptionals(inclgoodwill)

0

0

0

0

-

0

-

0

0

0

Pre-taxprofit

463

(579)

(61)

1,779

-

2,954

66.1

2,521

2,034

1,641

Tax

(428)

(232)

(63)

(442)

NM

(901)

-103.6

(754)

(590)

(461)

Profitaftertax

35

(811)

(125)

1,336

-

2,053

53.6

1,768

1,444

1,180

Preferencedividends

0

(137)

(167)

(167)

0.0

(42)

75.0

0

0

0

Minorities

1,757

671

198

862

334.5

1,417

64.4

1,142

896

710

Extraordinaryitems

0

0

0

0

-

0

-

0

0

0

Netearnings(localGAAP)

1,792

(276)

(93)

2,031

-

3,428

68.7

2,909

2,340

1,890

Netearnings(UBS)

1,792

(276)

(93)

2,031

-

3,428

68.7

2,909

2,340

1,890

Taxrate(%)

92.4

0.0

0.0

24.9

-

30.5

22.6

29.9

29.0

28.1

PerShare(US$)

12/23

12/24

12/25

12/26E

%ch

12/27E

%ch

12/28E

12/29E

12/30E

EPS(UBS,diluted)

15.23

(2.35)

(0.79)

15.50

-

25.35

63.6

21.90

18.10

15.00

EPS(localGAAP,diluted)

15.23

(2.35)

(0.79)

15.50

-

25.35

63.6

21.90

18.10

15.00

EPS(UBS,basic)

15.23

(2.35)

(0.79)

15.50

-

25.35

63.6

21.90

18.10

15.00

DPS(net)(US$)

2.49

2.96

1.62

1.45

-10.2

1.57

7.8

1.60

1.64

1.68

CashEPS(UBS,diluted)1

34.69

12.49

7.49

30.63

309.0

45.64

49.0

39.84

34.10

29.66

Bookvaluepershare

82.06

67.21

63.57

72.26

13.7

111.14

53.8

125.89

138.08

147.07

Averageshares(diluted)

118

118

118

131

11.4

135

3.2

133

129

126

BalanceSheet(US$m)

12/23

12/24

12/25

12/26E

%ch

12/27E

%ch

12/28E

12/29E

12/30E

Cashandequivalents

890

1,192

1,618

1,648

1.8

4,477

171.7

5,244

6,029

6,445

Othercurrentassets

4,327

2,650

2,390

3,846

60.9

4,447

15.6

4,218

4,016

3,680

Totalcurrentassets

5,217

3,842

4,008

5,494

37.1

8,924

62.4

9,462

10,045

10,125

Nettangiblefixedassets

9,495

9,331

8,612

8,475

-1.6

8,517

0.5

8,598

8,885

9,161

Netintangiblefixedassets

1,892

1,813

2,206

1,696

-23.1

1,696

0.0

1,696

1,696

1,696

Investments/otherassets

1,667

1,622

1,548

2,064

33.3

2,175

5.4

2,101

2,013

1,903

Totalassets

18,271

16,610

16,374

17,729

8.3

21,312

20.2

21,858

22,640

22,886

Tradepayables&otherSTliabilities

2,935

1,568

1,724

2,354

36.6

2,524

7.2

2,059

1,937

1,742

Shorttermdebt

626

398

74

75

0.7

75

0.0

75

75

75

Totalcurrentliabilities

3,560

1,966

1,798

2,429

35.1

2,599

7.0

2,134

2,012

1,817

Longtermdebt

3,541

3,118

3,119

1,807

-42.1

1,807

0.0

1,207

1,207

1,207

Otherlongtermliabilities

1,504

1,325

1,675

1,722

2.8

1,877

9.0

1,791

1,567

1,330

Preferredshares

0

2,300

2,300

2,300

0.0

0

-

0

0

0

Totalliabilities(inclprefshares)

8,606

8,710

8,893

8,258

-7.1

6,283

-23.9

5,132

4,786

4,354

Commons/hequity

9,665

7,900

7,481

9,471

26.6

15,029

58.7

16,726

17,854

18,532

Minorityinterests

0

0

0

0

-

0

-

0

0

0

Totalliabilities&equity

18,271

16,610

16,374

17,729

8.3

21,312

20.2

21,858

22,640

22,886

CashFlow(US$m)

12/23

12/24

12/25

12/26E

%ch

12/27E

%ch

12/28E

12/29E

12/30E

Netincome(beforeprefdivs)

1,792

(139)

74

2,198

NM

3,469

57.8

2,909

2,340

1,890

Depreciation&amortisation

2,291

1,745

974

1,983

103.6

2,744

38.4

2,384

2,068

1,847

Netchangeinworkingcapital

(1,498)

1,251

575

(1,031)

-

(288)

72.1

(98)

90

152

Otheroperating

(1,138)

(2,155)

(121)

(1,530)

NM

(2,110)

-37.9

(1,814)

(1,461)

(1,191)

Operatingcashflow

1,447

702

1,502

1,620

7.9

3,816

135.6

3,381

3,038

2,699

Tangiblecapitalexpenditure

(2,149)

(1,686)

(590)

(559)

5.3

(733)

-31.2

(803)

(1,041)

(1,071)

Intangiblecapitalexpenditure

0

0

0

0

-

0

-

0

0

0

Net(acquisitions)&disposals

(426)

0

0

525

-

0

-

0

0

0

Otherinvesting

(206)

111

444

163

-63.3

0

-

0

0

0

Investingcashflow

(2,781)

(1,574)

(146)

129

-

(733)

-

(803)

(1,041)

(1,071)

Equitydividendspaid

(293)

(212)

(24)

(191)

NM

(212)

-11.2

(212)

(212)

(212)

Shareissues/(buybacks)

0

0

3

9

175.2

0

-

(1,000)

(1,000)

(1,000)

Otherfinancing

560

1,590

(198)

(221)

-11.9

(42)

81.2

0

0

0

Changeindebt&prefshares

356

0

(449)

(1,278)

-184.7

0

-

(600)

0

0

Financingcashflow

624

1,378

(667)

(1,681)

-151.9

(254)

84.9

(1,812)

(1,212)

(1,212)

Cashflowinc/(dec)incash

(710)

506

689

68

-90.1

2,830

NM

766

785

416

FX/noncashitems

101

(204)

(263)

(38)

85.5

0

-

0

0

0

Balancesheetinc/(dec)incash

(609)

302

426

30

-93.0

2,830

NM

766

785

416

Source:Companyaccounts,UBSestimates.(UBS)metricsusereportedfigureswhichhavebeenadjustedbyUBSanalysts.1CashEPS(UBS,diluted)iscalculatedusingUBSnetincomeaddingbackdepreciationandamortization.

AlbemarleCorp(ALB.N)

AlbemarleCorp7May2026婚§5

Valuation(x)

12/23

12/24

12/25

12/26E

12/27E

12/28E

12/29E

12/30E

P/E(localGAAP,diluted)

12.9

NM

NM

13.8

8.4

9.7

11.8

14.2

P/E(UBS,diluted)

12.9

(45.7)

NM

13.8

8.4

9.7

11.8

14.2

P/CEPS

5.7

8.6

11.1

6.3

4.2

4.8

5.6

6.5

EquityFCF(UBS)yield%

(3.0)

(7.8)

9.3

4.2

12.2

10.2

7.9

6.4

Dividendyield(net)%

1.3

2.8

2.0

0.7

0.7

0.7

0.8

0.8

P/BV

2.4

1.6

1.3

2.7

1.7

1.5

1.4

1.3

EV/revenues(core)

2.7

3.1

2.7

3.5

2.2

2.0

2.1

2.4

EV/EBITDA(UBScore)

9.3

14.5

12.8

6.8

3.9

3.9

4.4

5.1

EV/EBIT(core)

54.0

NM

>100

14.1

7.4

7.5

8.7

10.7

EV/OpFCF(core)

24.5

NM

22.4

7.7

4.3

4.5

5.5

6.8

EV/op.investedcapital

2.2

1.3

1.2

2.2

1.9

1.5

1.4

1.4

Enterprisevalue(US$m)

12/23

12/24

12/25

12/26E

12/27E

12/28E

12/29E

12/30E

Marketcap.

23,172

12,616

9,765

25,293

25,293

25,293

25,293

25,293

Netdebt(cash)

2,497

3,950

4,250

3,205

(31)

(3,279)

(4,355)

(4,355)

Buyoutofminorities

0

0

0

0

0

0

0

0

Pensionprovisions/other

0

0

0

0

0

0

0

0

Totalenterprisevalue

25,669

16,567

14,015

28,498

25,262

22,014

20,938

20,938

Noncoreassets

0

0

0

0

0

0

0

0

Coreenterprisevalue

25,669

16,567

14,015

28,498

25,262

22,014

20,938

20,938

Growth(%)

12/23

12/24

12/25

12/26E

12/27E

12/28E

12/29E

12/30E

Revenue

31.4

(44.1)

(4.4)

45.5

37.5

(7.5)

(9.1)

(11.6)

EBITDA(UBS)

(20.4)

(58.6)

(4.2)

NM

52.1

(14.2)

(16.1)

(14.7)

EBIT(UBS)

(81.3)

-

-

NM

66.8

(15.1)

(18.8)

(18.6)

EPS(UBS,diluted)

(30.6)

-

66.3

-

63.6

(13.6)

(17.3)

(17.1)

NetDPS

58.9

19.1

(45.4)

(10.2)

7.8

2.0

2.5

2.5

Margins&Profitability(%)

12/23

12/24

12/25

12/26E

12/27E

12/28E

12/29E

12/30E

Grossprofitmargin

12.4

2.6

13.7

35.2

41.3

39.0

36.4

34.6

EBITDAmargin

28.8

21.3

21.4

51.0

56.4

52.4

48.3

46.7

EBIT(UBS)margin

4.9

(11.1)

2.4

24.5

29.8

27.3

24.4

22.5

Netearnings(UBS)margin

18.6

NM

NM

27.1

33.3

30.6

27.1

24.7

ROIC(EBIT)

4.2

NM

1.0

15.7

25.1

20.6

16.3

13.0

ROICposttax

0.3

NM

1.0

11.8

17.4

14.5

11.6

9.3

ROE(UBS)

20.1

(3.1)

(1.2)

24.0

28.0

18.3

13.5

10.4

Capitalstructure&Coverage(x)

12/23

12/24

12/25

12/26E

12/27E

12/28E

12/29E

12/30E

Netdebt/EBITDA

1.2

4.0

3.5

0.7

(0.4)

(0.8)

(1.1)

(1.4)

Netdebt/totalequity%

33.9

58.5

51.8

26.8

(17.3)

(23.7)

(26.6)

(27.9)

Netdebt/(netdebt+totalequity)%

25.3

36.9

34.1

21.1

(20.9)

(31.0)

(36.2)

(38.6)

Netdebt/EV%

9.7

23.8

30.3

11.2

(0.1)

(14.9)

(20.8)

(23.7)

Capex/depreciation%

93.8

96.6

60.5

28.2

26.7

33.7

50.3

58.0

Capex/revenue%

22.3

NM

11.5

7.5

7.1

8.4

12.0

14.0

EBIT/netinterest

4.1

-

0.6

14.9

25.5

28.9

23.5

19.1

Dividendcover(UBS)

6.1

-

-

10.7

16.2

13.7

11.0

8.9

Div.payoutratio(UBS)%

16.3

-

-

9.4

6.2

7.3

9.1

11.2

Revenuesbydivision(US$m)

12/23

12/24

12/25

12/26E

12/27E

12/28E

12/29E

12/30E

Corporate

0

0

0

179

0

0

0

0

Others

9,617

5,378

5,143

7,305

10,289

9,513

8,648

7,641

Total

9,617

5,378

5,143

7,484

10,289

9,513

8,648

7,641

EBIT(UBS)bydivision(US$m)

12/23

12/24

12/25

12/26E

12/27E

12/28E

12/29E

12/30E

Others

475

(599)

124

1,836

3,063

2,601

2,112

1,719

Total

475

(599)

124

1,836

3,063

2,601

2,112

1,719

Source:Companyaccounts,UBSestimates.(UBS)metricsusereportedfigureswhichhavebeenadjustedbyUBSanalysts.

AlbemarleCorp7May2026a§6

Forecastreturns

Forecastpriceappreciation

23.8%

Forecastdividendyield

0.7%

Forecaststockreturn

24.5%

Marketreturnassumption

8.9%

Forecastexcessreturn

15.6%

CompanyDescription

Albemarle,aleadingspecialtychemsproducer,operates3segments.EnergyStoragefocusesonlithiumforbatteries(EVs,electronics).Ketjen(catalysts)consistsprimarilyofHeavyOilUpgrading(FCC)andCleanFuelTechnologies(hydro-processing).Specialtiesconsistsofbromine-relatedchemicals(fireretardants,oilfieldchems)plusspecialtylithium(ceramics/glass,greases,pharma).

ValuationMethodandRiskStatement

OurpricetargetisbaseduponanEV/EBITDAmultiplerelativetothemarket.Albemarle'searningsaresignificantlyweightedtowardsthelithiumindustry.Supply/demanddynamicswithinthelithiumindustrycansignificantlyaffectAlbemarle'searnings.Thecatalystindustryisweightedtowardsfuels/oil(primarilythroughrefinerycatalysts)andthereforesalesaresusceptibletochangesinoilindustryperformanceandsubjecttoglobalmacrorisk.Whilewebelievethatsalesarebalancedagainstproducts,regions,andendmarketexposurewecannotpredictextraordinaryeventsthatcouldimpactthecompanyandthestock

AlbemarleCorp7May2026a§7

QuantitativeResearchReview

UBSGlobalResearchpublishesaquantitativeassessmentofitsanalysts'responsestocertainquestionsaboutthelikelihoodofanoccurrenceofanumberofshorttermfactorsinaproductknownasthe'QuantitativeResearchReview'.Theviewsforthismonthcanbefoundbelow.Viewscontainedinthisassessmentonaparticularstockreflectonlytheviewsonthoseshorttermfactorswhichareadifferenttimeframetothe12-monthtimeframereflectedinanyequityratingsetoutinthisnote.Forpreviousresponsespleasemakereferenceto(i)previousUBSGlobalResearchreports;and(ii)wherenoapplicableresearchreportwaspublishedthatmonth,theQuantitativeResearchReviewwhichcanbefoundat

/quantitative

,orcontactyourUBSsalesrepresentativeforaccesstothereportortheQuantitativeResearchTeamon

ubs-quant-answers@.Aconsolidated

reportwhichcontainsallresponsesisalsoavailableandagainyoushouldcontactyourUBSsalesrepresentativefordetailsandpricingortheQuantitativeResearchTeamontheemailabove.

1.Istheindustrystructurefacingthefirmlikelytoimproveordeteriorateoverthenextsixmonths?Rateonascaleof1-5(1=gettingworse,3=nochange,5=

gettingbetter,N/A=noview)

2.Istheregulatory/governmentenvironmentfacingthefirmlikelytoimproveordeteriorateoverthenextsixmonths?Rateonascaleof1-5(1=gettingtougher3=nochange,5=gettingbetter,N/A=noview)

3.Overthelast3-6monthsinbroadtermshavethingsbeenimproving/nochange/gettingworseforthisstock?Rateonascaleof1-5(1=gettingalotworse,3=notmuchchange,5=gettingalotbetter,N/A=noview)

4.RelativetothecurrentCONSENSUSEPSforecast,isthenextcompanyEPSupdatelikelytoleadto:(1=negativesurprisevsconsensus,3=in-linewithconsensus,5=positivesurprisevsconsensusexpectations,N/A=noview)

5.What’sdrivingthedifference?

6.RelativetoYOURcurrentearningsforecast,isthererelativelygreaterriskatthenextearningsresultof:(1=downsideskewrisktoearnings,3=equalupsideordownsiderisktoearnings,5=upsideskewrisktoearnings,N/A=noview)

7.What’sdrivingthedifference?

N/A

N/A

N/A

N/A

NA

N/A

NA

AlbemarleCorp

Question

Response

8.Isthereanupcomingcatalystforthecompanyoverthenextthreemonths?

9.Isthereanactualorapproximatedateforthecatalyst?

10.Isthecatalystdateanactualorapproximatedate?

11.Whatisthecatalyst?

AlbemarleCorp7May2026婚§8

RequiredDisclosures

ThisdocumenthasbeenpreparedbyUBSSecuritiesLLC,anaffiliateofUBSAG.UBSAG,itssubsidiaries,branchesandaffiliates,includingformerCreditSuisseAGanditssubsidiaries,branchesandaffiliatesarereferredtohereinas"UBS".

ForinformationonthewaysinwhichUBSmanagesconflictsandmaintainsindependenceofitsUBSGlobalResearchproduct;historicalperformanceinformation;certainadditionaldisclosuresconcerningUBSGlobalResearchrecommendations;andtermsandconditionsforcertainthirdpartydatausedinresearchreport,pleasevisit

/disclosures.Unless

otherwiseindicated,informationanddatainthisreportarebasedoncompanydisclosuresincludingbutnotlimitedtoannual,interim,quarterlyreportsandothercompanyannouncements.Thefigurescontainedinperformancechartsrefertothepast;pastperformanceisnotareliableindicatoroffutureresults.Additionalinformationwillbemadeavailableuponrequest.UBSSecuritiesCo.LimitedislicensedtoconductsecuritiesinvestmentconsultancybusinessesbytheChinaSecuritiesRegulatoryCommission.UBSactsormayactasprincipalinthedebtsecurities(orinrelatedderivatives)thatmaybethesubjectofthisreport.Thisrecommendationwasfinalizedon:07May202608:37PMGMT.UBShasdesignatedcertainUBSGlobalResearchdepartmentmembersasDerivativesResearchAnalystswherethosedepartmentmemberspublishresearchprincipallyontheanalysisofthepriceormarketforaderivative,andprovideinformationreasonablysufficientuponwhichtobaseadecisiontoenterintoaderivativestransaction.WhereDerivativesResearchAnalystsco-authorresearchreportswithEquityResearchAnalystsorEconomists,theDerivativesResearchAnalystisresponsibleforthederivativesinvestmentviews,forecasts,and/orrecommendations.QuantitativeResearchReview:UBSGlobalResearchpublishesaquantitativeassessmentofitsanalysts'responsestocertainquestionsaboutthelikelihoodofanoccurrenceofanumberofshorttermfactorsinaproductknownasthe'QuantitativeResearchReview'.Viewscontainedinthisassessmentonaparticularstockreflectonlytheviewsonthoseshorttermfactorswhichareadifferenttimeframetothe12-monthtimeframereflectedinanyequityratingsetoutinthisnote.Forthelatestresponses,pleaseseetheQuantitativeResearchReviewAddendumatthebackofthisreport,whereapplicable.Forpreviousresponsespleasemakereferenceto(i)previousUBSGlobalResearchreports;and(ii)wherenoapplicableresearchreportwaspublishedthatmonth,theQuantitativeResearchReviewwhichcanbefoundat

/

quantitative

,orcontactyourUBSsalesrepresentativeforaccesstothereportortheQuantitativeResearchTeamonubs-quant-

answers@.Aconsolidated

reportwhichcontainsallresponsesisalsoavailableandagainyoushouldcontactyourUBSsalesrepresentativefordetailsandpricingortheQuantitativeResearchteamontheemailabove.

AnalystCertification:

Eachresearchanalystprimarilyresponsibleforthecontentofthisresearchreport,inwholeorinpart,certifiesthatwithrespecttoeachsecurityorissuerthattheanalystcoveredinthisreport:(1)alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthosesecuritiesorissuersandwerepreparedinanindependentmanner,includingwithrespecttoUBS,and(2)nopartofhisorhercompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedbythatresearchanalystintheresearchreport.

UBSGlobalResearch:GlobalEquityRatingDefinitions

12-MonthRating

Definition

Coverage1

IBServices2

Buy

FSRis>6%abovetheMRA.

54%

24%

Neutral

FSRisbetween-6%and6%oftheMRA.

40%

21%

Sell

FSRis>6%belowtheMRA.

6%

21%

Source:UBS.Ratingallocationsareasof31March2026.

1:Percentageofcompaniesundercoveragegloballywithinthe12-monthratingcategory.

2:Percentageofcompanieswithinthe12-monthratingcategoryforwhichinvestmentbanking(IB)serviceswereprovidedwithinthepast12months.

KEYDEFINITIONS:ForecastStockReturn(FSR)isdefinedasexpectedpercentagepriceappreciationplusgrossdividendyieldoverthenext12months.Insomecases,thisyieldmaybebasedonaccrueddividends.MarketReturnAssumption(MRA)isdefinedastheone-yearlocalmarketinterestrateplus5%(aproxyfor,andnotaforecastof,theequityriskpremium).UnderReview(UR)StocksmaybeflaggedasURbytheanalyst,indicatingthatthestock'spricetargetand/orratingaresubjecttopossiblechangeinthenearterm,usuallyinresponsetoaneventthatmayaffecttheinvestmentcaseorvaluation.EquityPriceTargetshaveaninvestmenthorizonof12months.

EXCEPTIONSANDSPECIALCASES:UKandEuropeanInvestmentFundratingsanddefinitionsare:Buy:Positiveonfactorssuchasstructure,management,performancerecord,discount;Neutral:Neutralonfactorssuchasstructure,management,performancerecord,discount;Sell:Negativeonfactorssuchasstructure,management,performancerecord,dis