Elkem Asa · OSL:ELK
Elkem Asa — Elkem Asa Ord — Q1 2026 Earnings Presentation
30 slides from Elkem Asa's earnings presentation, Apr 30, 2026
Slide 1: First quarter results 2026
First quarter results 2026
Slide 2: Agenda
Agenda Highlights Market update Financial & outlook performance 01 02 03 2
Slide 3: Highlights
Highlights 3
Slide 4: Elkem is undergoing a major transformation to become a pure-play metals and materials company
Elkem is undergoing a major transformation to become a pure -play metals and materials company. Divesting the Silicones business will sharpen our strategic focus and tighten capital allocation. Streamlining the organisation and strengthening our balance sheet will build resilience, improve earnings
Slide 5: Strategic transformation and strengthening financial resilience
Highlights Strategic transformation and strengthening financial resilience ▪ Elkem is streamlining the organisation and implementing targeted cost measures to support a more focused business model ▪ Measures to strengthen the balance sheet are underway, including an equity raise, focus on debt reduc
Slide 6: Strong ESG performance recognised by ESG ratings
Environmental, social and governance Safety Ambition: Zero injuries Strong ESG performance recognised by ESG ratings ▪ Elkem has extensive focus on health and safety measures 1) Figures excluding Silicones ▪ The sale of the Silicones division will further improve Elkem ’s carbon footprint due to sig
Slide 7: Sale of the Silicones division on track
Strategic update Sale of the Silicones division on track ▪ Elkem has sold the majority of the Silicones division to Bluestar with settlement through redemption of Bluestar’s shares in Elkem Elkem ASA Sold to Bluestar ▪ The transaction was approved by Elkem’s minority shareholders at an extraordinary
Slide 8: Balance-sheet strengthening and refinancing update
Strategic update Balance -sheet strengthening and refinancing update ▪ To further strengthen the balance sheet, Elkem will conduct a NOK 1 500 million equity offering through a publicly announced bookbuilding. The offering is guaranteed by Folketrygdfondet , Must Invest, DNB Asset Management, Nordea
Slide 9: Corporate reorganisation
Strategic update Corporate reorganisation ▪ Following the sale of the Silicones division, Elkem will become a Elkem’s operating segments focused, pure -play metals and materials producer with leading global positions Foundry Alloys Silicon Carbon ▪ Operations will be reorganised into three divisions
Slide 10: Changes in corporate management and board of directors
Strategic update Changes in corporate management and board of directors ▪ After closing of the Silicones transaction, Bluestar’s representatives on the board of directors and the nomination committee will resign their positions with immediate effect. The nomination committee has proposed new shareho
Slide 11: Cost reduction programme progressing according to plan
Strategic update Cost reduction programme progressing according to plan ▪ Elkem is implementing significant cost -reduction measures. Estimated cost reductions amount to NOK 0.6 billion, with approximately half of these savings to be realised by year -end 2026 ▪ Elkem will reduce its global workforc
Slide 12: Market update & outlook
Market update momen EF OUTLOOK
Slide 13: High uncertainty, limited visibility
General markets High uncertainty, limited visibility Market update Regulatory issues ▪ Middle East conflict has limited direct impact on Elkem. ▪ Elkem is eligible for 1.5 million CO 2 quotas for the 2021 to Higher transportation and energy costs will likely impact 2025 period after t he Ministry of
Slide 14: Key markets show signs of stabilising
General markets Key markets show signs of stabilising Automotive sector Construction market PMI Index ▪ Elkem’s materials support electrification, ▪ Elkem’s materials important in infrastructure, ▪ PMI serves as an early indicator of changes in electronics and vehicle lightweighting renovation and e
Slide 15: Continued price pressure due to low import prices
Silicon market Continued price pressure due to low import prices ▪ Silicon reference prices in EU have declined in the first quarter, CRU silicon 99 price EU and US (EUR/ mt ) influenced by continued weak demand and low import prices ▪ In the US, silicon prices increased slightly in the first quarte
Slide 16: Safeguard measures expected to support price recovery
Ferrosilicon market Safeguard measures expected to support price recovery ▪ Market is characterised by weak demand. New steel safeguard CRU ferrosilicon 75 price EU and US (EUR/ mt ) regime in the EU expected to increase production and positively impact the ferroalloy markets ▪ Ferrosilicon prices i
Slide 17: Macroeconomic headwinds continue to weigh on demand
Carbon market Macroeconomic headwinds continue to weigh on demand ▪ Demand for carbon products differs by region, influenced by steel, ferroalloys, and aluminium industries Crude steel production (million mt) ▪ Global crude steel production declined by 4% in 1Q -2026 vs 1Q - 2025, primarily driven b
Slide 18: Outlook for the second quarter 2026
Outlook for the second quarter 2026 ▪ The conflict in the Middle East, along with trade regulations and protective measures, is expected to keep impacting Elkem’s markets, leading to continued uncertainty. However, Elkem is well positioned due to its diversified geographic presence and strong market
Slide 19: Financial performance
Financial performance 19
Slide 20: EBITDA impacted by production stops in Silicon Products
Elkem Group EBITDA impacted by production stops in Silicon Products Total operating income (MNOK) EBITDA (MNOK) Total operating income EBITDA down 65% down 7% compared to compared to 1Q -2025 1Q-2025 Lower operating income Lower EBITDA mainly mainly due to lower sales explained by production prices
Slide 21: Overview financial ratios
Consolidated key figures 1) Elkem Group Overview financial ratios (NOK million, except where specified) Total operating income 1Q 2026 4 053 1Q 2025 4 345 YTD 2026 4 053 YTD 2025 4 345 FY 2025 16 727 EBITDA 249 710 249 710 2 328 2) EBIT (1) 468 (1) 468 1 314 Other items 18 38 18 38 258 ▪ EBITDA MNOK
Slide 22: Results negatively impacted by reduced production
Total operating income Silicon Products NOK million Results negatively impacted by reduced production EBITDA and margin NOK million and % ▪ Total operating income amounted to MNOK 3 338, a reduction of 5% compared to the first quarter last year ▪ Lower operating income due to lower sales prices for
Slide 23: Result affected by negative sales mix effects
Total operating income Carbon Solutions NOK million Result affected by negative sales mix effects EBITDA and margin NOK million and % ▪ Total operating income MNOK 722, down 16% from the first quarter last year ▪ Lower operating income was mainly explained by negative sales mix and currency effects
Slide 24: Elkem's financial position remains strong
Elkem Group Elkem’s financial position remains strong ▪ Earnings per share (EPS) amounted to NOK 0.56 in the first quarter ▪ Total equity for Elkem adjusted for the sale of the Silicones division 2026 amounted to BNOK 11.6 as at 31 March 2026 ▪ EPS calculated exclusive of Bluestar’s shares to be red
Slide 25: Underwritten equity offering & debt refinancing
Elkem Group Underwritten equity offering & debt refinancing ▪ Net interest -bearing debt (NIBD) BNOK 9.3 as at 31 March 2026 ▪ Refinancing process for debt maturities in 2026 and 2027 well ▪ Proforma NIBD includes equity offering of BNOK 1.5 + repair offering underway. New loan facilities of BEUR 1.
Slide 26: Reduced inventories and low investment levels
Elkem Group Reduced inventories and low investment levels ▪ Cash flow from operations (1) was MNOK 169 in the first quarter 2026 ▪ Investments ex. M&A of MNOK 122 in the first quarter 2026 ▪ This was an improvement from the corresponding quarter last year ▪ Reinvestments MNOK 111, amounting to 44% o
Slide 27: Improved results, mainly due to cost improvements
Silicones – Discontinued operations Improved results, mainly due to cost improvements Total operating income EBITDA and margin NOK million NOK million ▪ EBITDA up 85% from ▪ Total operating 1Q-2025 income down 4% from the 1Q-2025 ▪ Improved EBITDA explained by lower ▪ The reduction was raw materials
Slide 28: Key take-aways
F irst quarter 2026 Key take -aways ▪ Elkem is streamlining the organisation and implementing targeted cost measures to support a more focused business model. Measures to strengthen the balance sheet are underway ▪ Elkem will conduct a NOK 1 500 million equity offering and a subsequent repair offeri
Slide 29: 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 30: Elkem
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