Slide 1: Fourth quarter results 2025
~ Elkem Fourth quarter results 2025
Slide 2: Agenda
Agenda Highlights Market update Financial & outlook performance 01 02 03 2
Slide 3: Highlights
Highlights 3
Slide 4: Significant milestone to sell the Silicones division
Elkem has reached a significant milestone to sell the Silicones division. This will enable a more focused, pure play metals and materials company with an enhanced financial profile. Two of our employees tragically lost their lives following an explosion at Saint -Fons in France. We extend our sincer
Slide 5: Weak markets mitigated by lower costs, sales agreement entered for Silicones division
Highlights Weak markets mitigated by lower costs, sales agreement entered for Silicones division ▪ Elkem has entered a sales agreement for the Silicones division. The sales price will be settled with redemption of all of Bluestar’s shares in Elkem ▪ Demand remains weak, but Elkem delivered a relativ
Slide 6: Strong ESG performance
Environmental, social and governance Strong ESG performance Key events Safety Rated among the world’s leading ▪ Elkem supports the green transition through the supply of critical materials, and works companies Ambition: Zero injuries systematically to cut emissions, waste, and reduce resource -use ▪
Slide 7: Trade barriers affecting market access
General markets Trade barriers affecting market access ▪ EU implemented safeguard measures for ferrosilicon and foundry alloys on 18 November 2025. Silicon not included ▪ Measures aimed at raising prices and protecting internal production within EU. Norway and Iceland not exempted ▪ Specific quotas
Slide 8: Good results over the business cycle
Elkem including Silicones Good results over the business cycle ▪ Over the past three years, our industry has been marked by a prolonged downturn with lower economic activity, global overcapacity, and the reshaping of global trade ▪ Despite challenging conditions Elkem has met financial targets over
Slide 9: Market update & outlook
Market update momen EF OUTLOOK
Slide 10: Key market trends and indicators
General markets Key market trends and indicators Automotive sector Construction market PMI Index ▪ A key market for Elkem, as silicon is essential in ▪ A key market, driven by strong demand for ▪ Global PMIs show a mixed but stabilising electronics, batteries, and lightweight Elkem`s silicon -based
Slide 11: Weak demand and low import prices to EU
Silicon market Weak demand and low import prices to EU ▪ In EU, silicon reference prices remained low in the fourth quarter, CRU silicon 99 price EU and US (EUR/ mt ) influenced by weak demand and low import prices. YTD -November 2025, exports from China to Europe increased significantly compared to
Slide 12: Safeguard supporting price recovery for ferrosilicon
Ferrosilicon market Safeguard supporting price recovery for ferrosilicon ▪ Ferrosilicon prices in EU have increased around 20% following the CRU ferrosilicon 75 price EU and US (EUR/ mt ) implementation of safeguard measures in November 2025 ▪ Market sentiment still characterised by weak demand. Str
Slide 13: Reduced demand influenced by macroeconomic challenges
Carbon market Reduced demand influenced by macroeconomic challenges ▪ Demand for carbon products differs by region, influenced by steel, Crude steel production (million mt) ferroalloys, and aluminium industries ▪ Global crude steel production declined by 3% in 4Q -2025 vs 4Q - 2024, primarily driven
Slide 14: Reduced supply driving price recovery in China
Silicones market Reduced supply driving price recovery in China ▪ The DMC price in China rose by about 23% from CNY 11 050 per DMC reference price China (CNY/ mt ) tonne by the end of third quarter to CNY 13 600 by the end of fourth quarter ▪ The price increase was driven by measures aimed at curbin
Slide 15: Outlook for the first quarter 2026
Outlook for the first quarter 2026 ▪ Trade regulations and protective measures are likely to continue affecting Elkem’s markets, contributing to ongoing uncertainty. However, Elkem is well positioned due to its geographic presence and strong market and cost positions ▪ Silicon Products is still faci
Slide 16: Financial performance
Financial performance 16
Slide 17: Lower sales prices largely countered by cost improvements
Elkem group Lower sales prices largely countered by cost improvements Total operating income (MNOK) EBITDA (MNOK) Total operating income EBITDA down 24% down 14% compared to compared to 4Q -2024 4Q -2024 Lower operating income Lower EBITDA mainly across all three divisions explained by lower sales p
Slide 18: Overview financial ratios
Elkem Group Consolidated key figures Elkem Group incl. Silicones Elkem - Continuing operations Overview financial ratios (NOK million, except where specified) 4Q 2025 4Q 2024 YTD 2025 YTD 2024 4Q 2025 4Q 2024 YTD 2025 YTD 2024 Total operating income 7 284 8 498 30 806 33 004 3 961 4 595 16 727 18 87
Slide 19: Low sales prices for silicon and ferrosilicon
Total operating income Silicon Products NOK million Low sales prices for silicon and ferrosilicon EBITDA and margin NOK million and % ▪ Total operating income amounted to MNOK 3 231, a reduction of 14% compared to the fourth quarter last year ▪ Lower operating income was largely due to lower sales p
Slide 20: Result affected by low sales volume
Total operating income Carbon Solutions NOK million Result affected by low sales volume EBITDA and margin NOK million and % ▪ Total operating income MNOK 735, down 20% from the fourth quarter last year ▪ Lower operating income mainly explained by lower sales volume ▪ EBITDA of MNOK 174, down 38% fro
Slide 21: Improved result due to lower costs
Total operating income Silicones – Under strategic review NOK million Improved result due to lower costs EBITDA and margin NOK million and % ▪ Total operating income of MNOK 3 560 down 14% from the fourth quarter last year ▪ The decline in operating income was primarily due to lower commodity sales
Slide 22: Weak EPS – no dividend for 2025
Elkem Group Weak EPS – no dividend for 2025 ▪ Earnings per share (EPS) amounted to NOK (0.28) in the fourth quarter ▪ Total equity amounted to BNOK 24.0 as at 31 December 2025, down and NOK (1.05) year to date BNOK 2.0 from year -end 2024 ▪ EPS was impacted by losses in Silicones (under strategic re
Slide 23: Deleveraging and refinancing plan after Silicones divestment
Elkem Group Deleveraging and refinancing plan after Silicones divestment ▪ Net interest -bearing debt (NIBD) BNOK 11.9 as at 31 December 2025 ▪ Good financing position, with plan for deleveraging and refinancing ▪ Leverage ratio of 3.5x based on LTM EBITDA of BNOK 3.4 after completion of the sale of
Slide 24: Improved cash flow generation, low investment levels
Elkem Group Improved cash flow generation, low investment levels ▪ Cash flow from operations (1) was MNOK 829 in the fourth quarter 2025 ▪ Investments ex. M&A of MNOK 674 in the fourth quarter 2025 ▪ Improved cash flow explained by lower reinvestments and positive ▪ Reinvestments MNOK 530, amounting
Slide 25: Key take-aways
Fourth quarter 2025 Key take -aways ▪ Trade regulations and protective measures are likely to continue affecting Elkem’s markets. Elkem well positioned due to strong market and cost positions ▪ Silicon Products still facing subdued demand, but the division is benefitting from cost improvements and h
Slide 26: Important notice
Important notice Any statement, estimate or projection included in this presentation (or upon which any of the conclusions contained herein are based) with respect to anticipated future performance (including, without limitation, any statement, estimate or projection with respect to the condition (f
Slide 27: Delivering your potential
«~ Elkem Delivering your potential