J P M O R G A N Positive Highlights Negative Highlights Expected Changes to Consensus We would expect the consolidated EBITDA consensus to be revised upwards after these results. The key driver is the beat vs both JPMe (+12%) and Cons (+20%), reinforced by management's constructive lithium commentary (demand >2.1m tons in 2026 and pricing expected to be relatively stable into 3Q), which supports near-term earnings power. See page 3 for analyst certification and important disclosures, including non-US analys ...