Rec Silicon Asa · OSL:RECSI

Rec Silicon Asa — Q1 2022 Earnings Presentation

17 slides from Rec Silicon Asa's earnings presentation, May 10, 2022

  1. Slide 1: First Quarter 2022 Presentation

    FIRST QUARTER 2022 PRESENTATION

  2. 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

  3. Slide 3: Agenda

    AGENDA › First Quarter Highlights › Financial Review › Semiconductor Materials › Solar Materials › Strategic Plan Update 3 © REC Silicon ASA. All rights reserved. Confidential May 27, 2022

  4. Slide 4: First Quarter Highlights

    FIRST QUARTER HIGHLIGHTS Revenues: $34.6M EBITDA: $ 3.6M March 31, 2022 Cash Balance of $204.0M - Cash Increase of $93.5M - Cash Outflows from Operating Activities of $2.6M Silicon Gas Sales - Sales Volume of 764MT - Silane Price Increase 10% vs. Q4 2021 Semiconductor Segment Polysilicon Sales - Tot

  5. Slide 5: First Quarter Financial Review

    FIRST QUARTER FINANCIAL REVIEW 2022

  6. Slide 6: Financial Highlights

    FINANCIAL HIGHLIGHTS Revenues $34.6M - Polysilicon Sales Volume Decrease by 44% vs. Q4-21 (Millions USD) Q1-22 Q1-21 2021 Q4-21 - Silicon Gas Sales Volume Increase by 2% vs. Q4-21 Semiconductor Materials $ 34.5 $ 28.0 $ 142.8 $ 43.2 EBITDA $3.6M Solar Materials - 0.1 0.1 0.0 - Increase in Semiconduc

  7. Slide 7: Semiconductor Materials Segment Financial Performance

    SEMICONDUCTOR MATERIALS SEGMENT FINANCIAL PERFORMANCE Revenues EBITDA Revenues $34.5M (USD Millions) $43.2M - (20%) Decrease in Revenues vs. Q4-21 $35.5M $36.2M - Polysilicon Sales Volume – (44%) Decrease vs. Q4-21 $34.5M - Semiconductor Grade Polysilicon - Decreased by (49%) - Polysilicon Sales Pri

  8. Slide 8: Cash Flows

    CASH FLOWS Cash Flows From Operating Activities ($2.6M) Cash Flows - $3.6M EBITDA (USD Million) - ($4.5M) Working Capital Increase - ($7.0M) Increase in Inventories - $3.3M Decrease in Receivables - ($0.8M) Decrease in Payables - ($2.2M) Interest Paid $109.5 - $0.6M Changes in Other Assets and Liabi

  9. Slide 9: Debt

    DEBT Debt Maturity Profile (USD Million) Nominal Debt $186.5M USD Senior Secured Bond - ($11.0M) Decrease During Q1-22 Lease Liabilities - ($10.8M) Payment of Indemnification Loans $204.0 Note - Property Tax Settlement - ($ 0.3M) Changes in Lease Liabilities Nominal Net Debt ($17.5M) - Excess Cash -

  10. Slide 10: First Quarter Semiconductor Materials

    FIRST QUARTER SEMICONDUCTOR MATERIALS 2022

  11. Slide 11: Semiconductor Grade Polysilicon

    SEMICONDUCTOR GRADE POLYSILICON Semiconductor Grade Polysilicon Semiconductor Grade Polysilicon Sales Sales Volumes (MT) - 188MT Shipped in Q1-22 - Sales Volumes Reflect Normal Seasonal Variation - Increase of 43% vs. Q1-21 Volumes - Average Price Decreased by 3% vs. Q4-21 - Lower Mix of FZ Product

  12. Slide 12: Silicon Gases

    SILICON GASES Silicon Gas Silicon Gas Sales Sales Volumes (MT) - 764MT Shipped in Q1-22 - Supply Chain Constraints Continue to Limit Shipments - Limited Availability of Bookings - Delays in Module Returns - Silane Price Increased by 10% vs. Q4-21 Demand Expected to Remain Strong 881 - Q2-22 Sales Vo

  13. Slide 13: First Quarter Solar Materials

    FIRST QUARTER SOLAR MATERIALS 2022

  14. Slide 14: PV Polysilicon Market

    PV POLYSILICON MARKET 2022 Global PV Installation Forecast Global PV Module Production - Slight Increase in Forecast Going Forward (Polysilicon Equivalent MT) - Covid Lockdown and Trade Issues May Impact Demand - 260GW Forecast Installations (Prior Forecast - 670kMT Estimated Polysilicon Demand Chin

  15. Slide 15: Moses Lake Restart Targeted

    MOSES LAKE RESTART TARGETED Executing Plan to Realize 1st Production in Q4-23 - Target: - 50% Capacity Utilization During Q2-24 - 100% Capacity Utilization During Q4-24 - Current Activities: - Execution of Engineering, Procurement, and Construction for FBR Upgrades - Commitments for Long Lead Items

  16. Slide 16: Strategic Plan

    STRATEGIC PLAN Semiconductor Materials - Stable Cashflows in Markets with Stable Growth - Executing Projects to Enhance Product Offerings Solar Materials - Superior FBR Technology Affords Low Cost and Ultra Low Carbon Footprint Battery Materials - Unique Position as Only Large-Scale Source of Silane

  17. Slide 17: Q2 2022 Reporting

    Q2 2022 Reporting August 17, 2022 www.recsilicon.com

REC Silicon — Q1 2022 Earnings Presentation on 6ix