Rec Silicon Asa · OSL:RECSI
Rec Silicon Asa — Q3 2025 Earnings Presentation
21 slides from Rec Silicon Asa's earnings presentation, Nov 6, 2025
Slide 1: Third Quarter 2025 Presentation
Third Quarter 2025 Presentation Kurt Levens, CEO Jack Yun, CFO 1 © REC Silicon ASA Third Quarter 2025. All rights reserved. Confidential.
Slide 2: Disclaimer
Disclaimer This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this presentation are based on current expectations, estimates and projections abo
Slide 3: A Silicon Materials Company
A SILICON MATERIALS COMPANY PROVIDING ENABLING MATERIALS FOR THE DIGITAL REVOLUTION AND ENERGY INDUSTRY 3 © REC Silicon ASA Third Quarter 2025. All rights reserved. Confidential.
Slide 4: Agenda
Agenda › Highlights and Updates › Financial Review › Strategic Direction › Summary 4 © REC Silicon ASA Third Quarter 2025. All rights reserved. Confidential.
Slide 5: Highlights and Updates
HIGHLIGHTS AND UPDATES 5 © REC Silicon ASA Third Quarter 2025. All rights reserved. Confidential.
Slide 6: Highlights and Updates
Highlights and Updates › EBITDA from continuing operations of $-7.2M › Restructuring and cost reduction continues including an ~10% reduction in force in Q4 2025 › Markets challenged by aggressive low-cost Chinese supply, delays in US Semi Fab, PV and Si Anode initiatives › USD 20.0 million loans fr
Slide 7: Butte Silicon Gases
Butte Silicon Gases › Silicon gas sales Silicon Gas - 524 MT shipped in Q3’25 vs 570 MT in Q2’25 Sales Volumes (MT) › Market uncertainties continue to impact volumes - Modest increase in semiconductor materials but market capacity increases are still delayed - Flat Panel Display saw declines in Q3 -
Slide 8: Financial Review
FINANCIAL REVIEW 8 © REC Silicon ASA Third Quarter 2025. All rights reserved. Confidential.
Slide 9: Group Earnings
Group Earnings › Revenues $16.9M - Silicon gas sales volume decrease of 8.1% vs. (Millions USD) Q3 2025 Q3 2024 2024 Q2 2025 Q2’25 Butte $ 16.8 $ 32.8 $ 140.7 $ 19.8 - Selling down Siemens polysilicon inventory as Moses Lake - - 0.0 0.0 planned Other 0.0 0.0 0.1 0.0 › EBITDA ($7.2M) Revenues $ 16.9
Slide 10: Butte Operations
Butte Operations › Revenues $16.8M $32.8M - 15.1% decrease in revenues vs. Q2’25 $29.6M (USD Millions) - Polysilicon sales volume as planned - Silicon gas sales volume – 8.1% decrease vs. $21.4M Q2’25 $19.8M - Silicon gas sales price – 3.6% increase vs. Q2’25 $16.8M › EBITDA contribution $0.1M - $0.
Slide 11: Cash Flows
Cash Flows › September 30, 2025, cash balance $10.0M - $1.7M increase in cash during Q3’25 Cash Flows (USD Million) › Cash flows from operating activities ($16.6M) - ($7.2M) EBITDA $30 $20.0 - ($1.4M) working capital • $1.3M decrease in inventories $25 • $0.5M change in receivables/prepayments • ($3
Slide 12: Financial Position
Financial Position Debt Maturity Profile › Nominal debt $474.1M (USD Million) - $18.4M decrease during Q3’25 450 $428.4 • $20.3M increase in term loans and loan fees 400 • ($1.8M) changes in lease liabilities 350 Property Tax Settlement › Nominal net debt $464.1M 300 - $16.7M increase during Q3’25 L
Slide 13: Strategic Direction
STRATEGIC DIRECTION 13 © REC Silicon ASA Third Quarter 2025. All rights reserved. Confidential.
Slide 14: Adapting Operations to Market Realities
Adapting Operations to Market Realities Market Context REC Silicon Response Strategic Focus • FPD/PV market challenged by aggressive low-cost Chinese supply • Discontinued Butte Polysilicon production Preserving existing • Delays in US Semi Fab, PV Fab and Si Short- positions in Semi and FPD Anode c
Slide 15: Securing a Sustainable Financial Platform
Securing a Sustainable Financial Platform YTD 2025 Financing Developments Near-Term Priorities Securing Short and Long-Term Financing REC Silicon has made continuous efforts to REC Silicon does not have sufficient available cash secure short-term financing while progressing to meet debt service and
Slide 16: Main Shareholder Assuming 60.2% After Mandatory Offer
Main Shareholder Assuming 60.2% After Mandatory Offer Voluntary Offer Completion of Mandatory Offer › Anchor AS, a newly formed Norwegian limited liability › Passing the 33.33% shareholding threshold following the company established by the two largest shareholders, voluntary offer Anchor AS on 31 J
Slide 17: Update on Legal Processes
Update on Legal Processes › Request for investigation process dismissed by Norwegian District Court in October 2025 › Subpoena issued by a U.S. court for the delivery of certain information - REC Silicon is complying with the Court process 17 © REC Silicon ASA Third Quarter 2025. All rights reserved
Slide 18: Summary
SUMMARY 18 © REC Silicon ASA Third Quarter 2025. All rights reserved. Confidential.
Slide 19: Summary
Summary › Markets affected by aggressive competition, trade policy uncertainties, subdued demand and delays in key growth drivers › Focus on cost discipline and reshaping of organization for increased efficiency › Q4’25 silicon gases shipment target of ~550-600 MT › Priority to monetize non-core ass
Slide 20: Thank You
Thank you. REC Silicon ASA Q4 2025 February 2025 20 © REC Silicon ASA Third Quarter 2025. All rights reserved. Confidential.
Slide 21: REC Silicon ASA
REC Silicon ASA About REC Silicon Lysaker Torg 5, 3 etg. REC Silicon is a global leader in silane based high purity silicon materials. We combine 40 years experience and best-in-class PO Box 63 1324 Lysaker proprietary technology to deliver on customer expectations. Our two U.S. based plants have a