Elkem Asa · OSL:ELK
Elkem Asa — Elkem Asa Ord — Q4 2025 Earnings Presentation
15 slides from Elkem Asa's earnings presentation, Feb 13, 2026
Slide 1: Strategic divestment for profitable growth
Strategic divestment for profitable growth Elkem to sell majority of Silicones division to Bluestar 13 February 2026
Slide 2: Disclaimer and important information
Disclaimer and important information ▪ NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STAT ES OF AMERICA, ITS TERRITORIES OR POSSESSIONS, JAPAN, AUSTRALIA, CANADA, HONG KONG OR SOUTH AFRICA OR TO ANY RESIDENT THEREOF, OR ANY J
Slide 3: More than 120 years of industrial history with a proven track record of strategic portfolio transformation
Elkem – more than 120 years of industrial history with a proven track record of strategic portfolio transformation 1904 1920 - 40s 1950 - 60s 1970s 1980s 1990s Founded by International growth Contributes to the Merges with Acquires Union Orkla acquires 30% of Norwegian Sam based on the rebuilding of
Slide 4: Elkem today – a fully integrated industrial major from quartz to silicone
Elkem today – a fully integrated industrial major from quartz to silicone with three globally -leading divisions Silicon Products Carbon Solutions Silicones Global producer and provider of silicon, Leading producer of electrode paste and Fully integrated silicones manufacturer ferrosilicon and speci
Slide 5: Strategic divestment for profitable growth
Strategic divestment for profitable growth Selling majority of Silicones division to Bluestar Portfolio optimisation Delivering the most favourable outcome for all stakeholders ▪ Better capital allocation to accelerate organic growth and pursue attractive M&A opportunities for Silicon Products and C
Slide 6: Transaction in brief
Transaction in brief Strong strategic rationale for both Elkem and Bluestar Key terms and conditions ▪ Elkem to sell majority of the Silicones division to Bluestar; Contemplated Elkem ASA Transaction settled through redemption of Bluestar’s 338,338,536 shares (52.9%) Sold to Bluestar in Elkem. No ca
Slide 7: Effects of the Contemplated Transaction structure
Effects of the Contemplated Transaction structure Minority Investors exchanging 47.1% in Sold Silicones with 52.9% in Elkem Acquisition from Minority Investors Minority Investors’ 47.1% indirect ownership of Sold Silicones Assets acquired by Bluestar Key figures for the Sold Silicones Assets Bluesta
Slide 8: Overview and description of the Contemplated Transaction
Overview and description of the Contemplated Transaction Minority Investors Bluestar ▪ Settlement through redemption of all Bluestar’s shares Prior to the No. of shares 301,102,842 (1) 338,338,536 subject to 2/3 vote by minority investors in EGM Contemplated ▪ Based on net book values in Elkem for s
Slide 9: Creating a focused, globally-leading metals & materials producer
Creating a focused, globally -leading metals & materials producer Silicon Products Carbon Solutions ▪ A leading global producer of silicon -based products, foundry, and carbon products 12 Main production sites 6 Main production sites ▪ Integrated business model with strong cost positions Norway, Ice
Slide 10: Improved financial profile, with stronger profitability and cash flow over-the-cycle
Improved financial profile, with stronger profitability and cash flow over -the -cycle for growth and distribution Western markets - dominated revenue Enhanced through the cycle Significantly reduced base profitability capital intensity 30 Revenue 28.2 EBITDA EBIT / Operating profit Thousands (BNOK)
Slide 11: Financial expectations
Financial expectations 2025 actuals 2026 expectations Historic over - the cycle 2018 - 2025 Expected >10% revenue growth due to price Revenue BNOK 16.7 Average BNOK 17 increase and demand recovery Expecting improvement due to revenue growth EBITDA margin 14% Average 19% and further cost improvements
Slide 12: Financing plan
Financing plan Recapitalisation & refinancing Considerations ▪ After transaction close, Elkem will focus on maintaining strong credit position and flexible balance sheet qualifying for investment grade based on its normalised earnings capacity ▪ Transaction is conditional upon approval from certain
Slide 13: Approval process, pre-committed support and equity capital guarantees, and fairness opinion
Approval process, pre -committed support and equity capital guarantees, and independent fairness opinion Conditions for the transaction Third -party fairness opinion ▪ The Board of Directors of Elkem will on 13 February 2026 call for an extraordinary general ▪ Elkem and independent board have meetin
Slide 14: A leading metals and materials company poised for profitable growth
A leading metals and materials company poised for profitable growth Market leading production footprint to supply fundamentally growing end -markets Attractive positions in all relevant geographies with value -accretive M&A opportunities Captive operating model with leading cost positions Deep custo
Slide 15: Delivering your potential
Elkem Delivering your potential