Slide 1: Fourth Quarter 2025 Presentation
Fourth Quarter 2025 Presentation Kurt Levens, CEO Jack Yun, CFO 1 © REC Silicon ASA Fourth 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 Fourth Quarter 2025. All rights reserved. Confidential.
Slide 4: Agenda
Agenda › Highlights and Updates › Financial Review › Strategic Development and Financing › Summary 4 © REC Silicon ASA Fourth Quarter 2025. All rights reserved. Confidential.
Slide 5: Highlights and Updates
HIGHLIGHTS AND UPDATES 5 © REC Silicon ASA Fourth Quarter 2025. All rights reserved. Confidential.
Slide 6: Highlights and Updates
Highlights and Updates › EBITDA from continuing operations of ($3.7M) › Silicon Gas sales remain in a range with some segments exhibiting recovery › $20.0M short-term loans from Anchor AS finalized › Geopolitical issues continue to cloud outlook › Extension of $110.0M short-term loan agreement with
Slide 7: Butte Silicon Gases
Butte Silicon Gases › Silicon gas sales Silicon Gas - 540 MT shipped in Q4’25 vs 524 MT in Q3’25 Sales Volumes (MT) › Demand for silicon gases remains range bound - Oversupply for Silane impacted pricing - Soft demand in PV, Flat Panel Display, and Si Anode material markets - Some Semiconductor segm
Slide 8: Financial Review
FINANCIAL REVIEW 8 © REC Silicon ASA Fourth Quarter 2025. All rights reserved. Confidential.
Slide 9: Group Earnings
Group Earnings › Revenues $20.1M (Millions USD) Q4 2025 Q4 2024 YEAR 2025 YEAR 2024 - Silicon gas sales volume increased of 3.1% vs. Q3’25 Butte $ 20.1 $ 29.6 $ 78.1 $ 140.7 - Clearing Siemens polysilicon inventory as Moses Lake 0.0 0.0 0.0 0.0 planned Other 0.0 0.0 0.1 0.1 › EBITDA ($3.7M) Revenues
Slide 10: Butte Operations
Butte Operations › Revenues $20.1M (USD Millions) - 19.3% increase in revenues vs. Q3’25 $29.6M - Polysilicon sales volume as planned - Silicon gas sales volume – 3.1% increase vs. Q3’25 $21.4M $19.8M $20.1M - Silicon gas sales price – 17.6% increase vs. Q3’25 $16.8M › EBITDA contribution $1.6M - $1
Slide 11: Cash Flows
Cash Flows › December 31, 2025, cash balance $7.3M Cash Flows - $2.7M decrease in cash during Q4’25 (USD Million) › Cash flows from operating activities ($19.5M) $30 $20.0 - ($3.7M) EBITDA - ($7.1M) working capital $25 ($3.7) • $2.0M decrease in inventories • ($1.4M) increase in receivables/prepayme
Slide 12: Financial Position
Financial Position Debt Maturity Profile › Nominal debt $491.1M Debt Maturity Profile (USD Million) (USD Million) - $17.0M increase during Q4’25 450 448 $447.9 • $20.8M increase in term loans and loan fees 446 444 • ($2.4M) changes in lease liabilities 442 Term Loans • ($1.4M) payment of Grant Count
Slide 13: Strategic Development and Financing
STRATEGIC DEVELOPMENT AND FINANCING 13 © REC Silicon ASA Fourth Quarter 2025. All rights reserved. Confidential.
Slide 14: Quick and Aggressive Response to Current Realities
Quick and Aggressive Response to Current Realities Market Context REC Silicon Response Strategic Focus • FPD/PV market challenged by utilization and oversupply Preserving existing • Delays in US Semi Fab, PV Fab and Si • Continuing Moses Lake site cost positions in Semi and FPD Short- Anode construc
Slide 15: Securing a Sustainable Financial Platform
Securing a Sustainable Financial Platform 2025 financing developments Near-term priorities Securing short and long-term financing REC Silicon does not have sufficient available cash REC Silicon has made continuous efforts to to meet debt service and other anticipated operating secure short-term fina
Slide 16: Proposed Fully Underwritten Rights Issue to Raise $100M in New Equity
Proposed Fully Underwritten Rights Issue to Raise $100M in New Equity The purpose of the Rights Issue Structure and timeline • Management and the Board have conducted a thorough review of the • The Company is advised by Arctic Securities in the transaction including financing alternatives and have c
Slide 17: Update on Legal Processes
Update on Legal Processes › A request for investigation pursuant to Section 5-25 of the Public Limited Companies Act was received by ASKER AND BÆRUM DISTRICT COURT. A response by the Company is due to the court by February 12th. › Subpoena issued by a U.S. court for the delivery of certain informati
Slide 18: Summary
SUMMARY 18 © REC Silicon ASA Fourth Quarter 2025. All rights reserved. Confidential.
Slide 19: Summary
Summary › Geopolitical concerns and oversupply of silane continue to affect sales channels, factory utilization, and market demand › Signs of market recovery in some segments › Completed latest adjustments to staffing levels › Q1’26 silicon gases shipment target 550-600 MT › Board of Directors propo
Slide 20: Thank you.
Thank you. REC Silicon ASA Q1 2026 May 7, 2026 20 © REC Silicon ASA Fourth 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