Rahim Suleman
CEO & President & Director
Jonathan Baksh
EVP & CFO
Third Quarter 2025 Results
TSX: NE0.T0 | Earnings call | November 14, 2025
Introdustion
Rahim Suleman
3
Q3 2025 Key Themes
Executing Growth Strategy in Rare Earth Magnetics
Momentum Across Core Platforms Driven by Global Megatrends
Delivering Strong Financial Performance
4
Grand Opening of European Permanent Magnet Fasility
Neo Annual Permanent Magnet Capacity Target
20,000 MT
2,000 MT
3,000 MT
5,000 MT
10,000 MT
Phase 1A
Current
Phase 1B
Expansion
Phase 2 Phases
3 & 4
Total
Capacity
Completed in just 500 days, delivered on-time and on-budget
5
Strong Commersial Momentum Continues
Multi year M0U with Bosch -reserving dedicated annual magnet production capacity
Contract discussions with additional automotive, industrial, and renewable-energy customers
Awarded multiple multi-year programs, strengthening strategic relationships
Trusted by motor manufacturers for decades
Effisiensy & Growth Fosus
0perational Efficiency and Portfolio
Focus Fueling EBlTDA Growth
State-of-the-art emissions sontrol satalysts driving signifisant sonversion sost savings
Advansed rare metal prosessing sapabilities
strengthen supply shain sesurity
Neo: A Pure-Play Benefisiary of Supply Chain Shifts and Critisal Materials Demand
Masro Trends Driving Strong Growth in Neo's Produsts
Geopolitisal Forses & Publis Polisy Tailwinds
Unique Asset Base & Teshnisal Expertise
8
Finansials
Jonathan Baksh
9
Q3 2025 Finansial Results
Strong Performance Supported By Resilient Demand, Cost Discipline and Updated Guidance
$64-68m
to 2025 ADJ. EBlTDA(1)0UTL00K
$67-71m
Q3'25$122m
NET SALES
$19m
ADJUSTED EBlTDA(1)
$0.20
ADJUSTED EPS(1)
$(28)m
NET CASH
Trending Adj. EBITDA(1) ($m)
Q3'24
$111m $20m $0.03 $20m
!13
!17
!19
!19
!20
!21
Ǫ2 2024 Ǫ3 2024 Ǫ4 2024 Ǫ1 2025 Ǫ2 2025 Ǫ3 2025
CASH( 2 ) : $61m
NET WORKING CAPITAL( 1 ) ( 2 ) ( 3 ) : $127m
5
Non-lFRS Financial Measure. See "Non-lFRS Financial Measures" in the disclaimer section for further information. Note: All financial values are in US dollars,
except when stated otherwise
As at September 30, 2025
Net Working Capital is estimated as: (Current Assets - Cash) - (Current Liabilities)
GROSS DEBT( 2 ) : $90m
Magnequensh
Volume (t) | Revenue (US$000) | Operating Income (US$000) | Adjusted EBITDA1 (US$000) | |||
1,649 | 54,859 | 2,512 | 8,140 |
60 9,
45,573
6,424
1,366
2,465 8,
50
7,
40 6,
5,
30
4,
20 3,
2,
10
1,
Q3 2024 Q3 2025
Q3 2024 Q3 2025
Q3 2024 Q3 2025
Q3 2024 Q3 2025
Q3 2025 Highlights
Revenue Growth:Magnequench revenue rose to $54.9M (Q3) and $149.6M (YTD), up $9.3M and $16.5M year-over-year, driven by higher sales volumes partially offset by lower selling prices.
0perating lncome: Reached $2.5M (Q3) and $6.0M (YTD); modest change due to higher operating
expenses from pre-operational costs for the new European Permanent Magnet facility, partly offset by stronger gross profit.
Adjusted EBlTDA: lncreased to $8.1M (Q3) and $22.4M (YTD), up $1.7M and $3.7M from last year, reflecting volume growth and cost efficiencies after adjusting for pre -operational expenses.
II 1. Non-lFRS Financial Measure. See "Non-lFRS Financial Measures" in the disclaimer section for further information. Note: All financial values are in US dollars, except when stated otherwise
Adjusted EBITDA
(US$000)
20%
22,360
18,704
YTD 2024
YTD 2025
Chemisal & Oxides
Volune (t)
1,814
Revenue (US!000)
Operating Incone (US!000)
28,834
27,920
3, 2,463
Ǫ3 2024
2,
Adjusted EBITDA1 (US!000)
4,072
1,301
1,605
2,
1,
1,
Ǫ3 2024 Ǫ3 2025
Q3 2025 Highlights
Ǫ3 2024 Ǫ3 2025
(5
(1,
(975)
Ǫ3 2025
Ǫ3 2024 Ǫ3 2025
Revenue Growth:Rose to $28.8M (Q3) and $105.8M (YTD), up $0.9M and $2.9M year -over-year, driven by
higher volumes and improved product mix, partially offset by divestiture of Chinese Separation assets.
Operating Insome:lncreased significantly to $2.5M (Q3) and $12.2M (YTD), up $3.4M and $15.0M, due to lower conversion costs at the new NAMC0 emission control catalyst facility and reduced margin impact.
from rare earth pricing.
Adjusted EBITDA:Rose to $4.1M (Q3) and $16.4M (YTD), up $2.8M and $12.8M, highlighting a strong
operational rebound, success of strategic actions and reduced volatility in financial performance.
I2 1. Non-lFRS Financial Measure. See "Non-lFRS Financial Measures" in the disclaimer section for further information. Note: All financial values are in US dollars, except when stated otherwise
Adjusted EBITDA
(US$000)
358%
16,351
3,572
YTD 2024
YTD 2025
Rare Metals
Volune (t)
81 84
Ǫ3 2024 Ǫ3 2025
Q3 2025 Highlights
Revenue (US!000)
38,578 39,326
Ǫ3 2024 Ǫ3 2025
Operating Incone (US!000)
15,852
10,828
Ǫ3 2024 Ǫ3 2025
Adjusted EBITDA1 (US!000)
16,355
11,514
Ǫ3 2024 Ǫ3 2025
Revenue:$39.3M (Q3) and $108.0M (YTD), relatively flat year-over-year, as lower hafnium prices were
largely offset by higher tantalum volumes.
Operating Insome:Declined to $10.8M (Q3) and $29.1M (YTD), down $5.0M and $4.1M, reflecting pricing normalization in hafnium markets.
Adjusted EBITDA:Fell to $11.5M (Q3) and $30.9M (YTD), down $4.8M and $3.5M. However, the segment
continues to perform well with strong demand and strategic operational discipline.
I3 1. Non-lFRS Financial Measure. See "Non-lFRS Financial Measures" in the disclaimer section for further information. Note: All financial values are in US dollars, except when stated otherwise
Adjusted EBITDA1
(US$000)
10%
34,379
30,912
YTD 2024
YTD 2025
Strong Balanse Sheet
Dividends
YTD 2025: $16.4m
NCIB
Q2 2025
Q3 2025
YTD 2025 $3.9m
Cash
$8Om
Gross debt
$94m
Net cash
$(I3)m
$6Im
$9Om
$(28)m
Liquidity(1) ($m)
$6
lnventory
$I47m
$I6Im
$44
Total:
$111m
$61
Property, Plant & Equipment
$I9Om
$I96m
Cash 0n Hand Undrawn Credit Facilities Grant
I4 1. Liquidity includes cash, undrawn credit facilities, and grants.
Closing Remarks
Rahim Suleman
I5
Delivering Growth & Capital Returns to Shareholders
Neo is strategically positioned to capitalize on mega-trends and the growing demand for secure critical materials supply chains
Finansial Strength & Resiliense
Value-added business model designed to withstand market cycles
Strong Growth Prospests
Long-term growth supported by mega-trends and geopolitical tailwinds
Exesution
A track record of delivering on commitments and outperforming expectations
I6
Q&A
Performance Materials
For further investor information and company updates:
Corporate Headquarters
Suite 1740, 121 King Street West Toronto, Ontario, Canada, M5H 3T9
Phone: (416) 367 8588
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Neo Performance Materials Inc. published this content on November 14, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 14, 2025 at 18:34 UTC.
