Slide 1: First Quarter 2026 Presentation
First Quarter 2026 Presentation Kurt Levens, CEO Jack Yun, CFO 1 © REC Silicon ASA First Quarter 2026. 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 Providing Enabling Materials
A SILICON MATERIALS COMPANY PROVIDING ENABLING MATERIALS FOR THE DIGITAL REVOLUTION AND ENERGY INDUSTRY 3 © REC Silicon ASA First Quarter 2026. All rights reserved. Confidential.
Slide 4: Agenda
Agenda › Highlights and Updates › Financial Review › Strategic Development and Financing › Summary 4 © REC Silicon ASA First Quarter 2026. All rights reserved. Confidential.
Slide 5: Highlights and Updates
HIGHLIGHTS AND UPDATES 5 © REC Silicon ASA First Quarter 2026. All rights reserved. Confidential.
Slide 6: Highlights and Updates
Highlights and Updates › EBITDA from continuing operations of ($3.8M) › Silicon Gas sales varied by segment › Outlook continues to be application and project dependent › $10.0M short-term loans from Anchor AS finalized › Completion of NOK 972.6M in new equity raise › Repayment of $30M to Hanwha Qcel
Slide 7: Butte Silicon Gases
Butte Silicon Gases › Silicon gas sales Silicon Gas - 515 MT shipped in Q1’26 vs 540 MT in Q4’25 Sales Volumes (MT) › Silicon Gas market starting to see signs of stabilization - Oversupply still affecting pricing in Silane particularly non semiconductor applications - Seeing volume improvements in s
Slide 8: Financial Review
FINANCIAL REVIEW 8 © REC Silicon ASA First Quarter 2026. All rights reserved. Confidential.
Slide 9: Group Earnings
Group Earnings › Revenues $19.5M (Millions USD) Q1 2026 Q1 2025 YEAR 2025 Q4 2025 - Silicon gas sales volume decreased of 4.7% vs. Q4’25 Butte $ 19.5 $ 21.4 $ 78.1 $ 20.1 Moses Lake 0.0 0.0 0.0 0.0 › EBITDA ($3.8M) Other 0.0 0.0 0.1 0.0 Revenues $ 19.5 $ 21.4 $ 78.2 $ 20.1 › Butte segment - EBITDA o
Slide 10: Butte Operations
Butte Operations Revenues EBITDA › Revenues $19.5M $21.4M (USD Millions) $20.1M - 3.1% decrease in revenues vs. Q4’25 $19.8M $19.5M - Polysilicon sales volume as planned $16.8M - Silicon gas sales volume – 4.7% decrease vs. Q4’25 - Silicon gas sales price – 0.3% decrease vs. Q4’25 $1.6M $2.2M › EBIT
Slide 11: Cash Flows
Cash Flows › March 31, 2026, cash balance $5.2M Cash Flows (USD Million) - $2.1M decrease in cash during Q1’26 $10.0 $14 › Cash flows from operating activities ($10.3M) - $0.9M Cash from discontinued operations $12 - ($3.8M) EBITDA - $1.4M working capital $10 $0.9 - $1.0M decrease in inventories $8
Slide 12: Financial Position
Financial Position Debt Maturity Profile (USD Million) 250 › Nominal debt $501.5 - $10.4M increase during Q1’26 245 240 - $10.8M increase in term loans and guarantee fees $236.5 Term Loans & Guarantee Fees 235 - ($0.4M) changes in lease liabilities Property Tax Settlement 230 Lease Liabilities $227.
Slide 13: Strategic Development and Financing
STRATEGIC DEVELOPMENT AND FINANCING 13 © REC Silicon ASA First Quarter 2026. 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 Funding of ongoing operations Long-term financial restructuring REC Silicon has made continuous efforts to REC Silicon does not have sufficient available secure short-term financing while progressing 2026 initiatives cash to meet
Slide 16: NOK 972.6 Million Rights Issue
NOK 972.6 Million Rights Issue › Fully underwritten by Anchor AS › Issue of 4,078,000,000 new shares › Subscription price of NOK 0.2385 per share › Gross proceeds of NOK 972.6 million › Use of proceeds - Repayment of advance payments related to offtake contract of USD 30 million - Repayment of matur
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. The Court set a deadline of May 7th as the last day to submit briefing after which the Court will render its decision › Subpoena issued
Slide 18: Summary
SUMMARY 18 © REC Silicon ASA First Quarter 2026. All rights reserved. Confidential.
Slide 19: Summary
Summary › Silicon Gas demand remains highly dependent on the application and project completion › Cost reduction efforts continue; supply chains remain stable for now › Q2’26 silicon gases shipment target 500-550 MT › NOK 972.6M Equity raise completed in April › Additional financing discussions and
Slide 20: Thank you.
Thank you. REC Silicon ASA Q2 2026 August 6, 2026 20 © REC Silicon ASA First Quarter 2026. All rights reserved. Confidential.