2026 Outlook Considerations


 

Total Corporate Outlook Considerations

The table below reflects expected outcomes for the total company based on recently observed lithium market price scenarios. Outlook ranges for each scenario are based on variation in sales volume and product mix. Energy Storage production volumes are expected to increase year over year. Sales volumes are expected to be approximately flat following inventory drawdowns that occurred in 2025. All three scenarios assume flat market pricing flowing through Energy Storage's current contract book which includes approximately 40% of salts volume on long-term agreements. Scenarios also assume that spodumene pricing averages 10% of the lithium carbonate equivalent (LCE) price, while other costs are assumed to be constant.


 

            
 Total Corporate FY 2026E
Observed market price case(a)FY 2025 avg.Q1 2026 avg.2021-2025 avg.
Average lithium market price ($/kg LCE)(a)~$10~$20~$30
Net sales$4.1 - $4.3 billion$5.7 - $6.0 billion$7.5 - $7.8 billion
Adjusted EBITDA(b)$0.9 - $1.0 billion$2.4 - $2.6 billion$4.2 - $4.4 billion