Elkem Asa · OSL:ELK
Elkem Asa — Investor Day (October 2026)
63 slides from Elkem Asa's investor day presentation, Oct 29, 2026
Slide 1: Capital markets update
Capital markets update 29 October 2026 Oslo, Norway
Slide 2: Agenda
Capital Markets Update 2026 Agenda 01 Elkem’s next chapter Dag Teigland, CEO 02 Elkem Silicon Luiz Simão, SVP 03 Elkem Foundry Alloys Inge A. Grubben-Strømnes, SVP 04 Elkem Carbon Izaias Entringer, SVP 05 Financial targets Morten Viga, CFO 06 Q&A All
Slide 3: Elkem's next chapter
Elkem’s next chapter An essential industrial materials company positioned for profitable growth 29 October 2026 Dag Teigland, CEO
Slide 4: A year of decisive change
Elkem 2026 A year of decisive change Transformational restructuring to create a more focused and financially robust company Focusing Reshaping Refinancing Cost cutting Reorganising Positioned for profitable growth Disciplined Cost and Three new delivery and value Portfolio New ownership Strengthened
Slide 5: Elkem's new corporate management team
Elkem 2026 Elkem’s new corporate management team Dag Teigland CEO Morten Morten Katja Magnus Voll Morten Viga Lehland SVP Strategy Richardsen CFO SVP HR and Business SVP Technology Development Inge Luiz Izaias Grubben- Simão Entringer Strømnes SVP Elkem SVP Elkem Silicon SVP Elkem Carbon Foundry All
Slide 6: A focused industry leader
Headquarters Mining Main production sites Sales / logistics / materials processing Elkem 2026 A focused industry leader Three specialised divisions, a global footprint and leading market positions Elkem Elkem Elkem Silicon Foundry Alloys Carbon Global producer of silicon, Global leader in cast iron
Slide 7: One Elkem
Elkem 2026 One Elkem PURPOSE Providing the essential materials that United by a modern society depends upon common framework MISSION Delivering innovative, high-performance materials that enable industries to build, power and connect OPERATING One Elkem operating model, enabled by Elkem Business Sys
Slide 8: EBS: Our culture and way of working
Elkem Business System (EBS) EBS: Our culture and way of working At the heart of Elkem’s culture, driving operational excellence and continuous improvement A common framework working A precision-led, across Elkem proactive culture Empowering employees to identify problems, solve them at the sourc
Slide 9: Structural pressures are reshaping our markets
The world around us Structural pressures are reshaping our markets Fragmented and Oversupply and unfair Power constraints and regionalised markets competition rising demand Trade barriers, export controls, Chinese state-supported High and volatile power prices, sanctions and industrial policie
Slide 10: Silicon: A critical material for resilience and security
The world around us Critical Raw Materials Act Accelerating domestic (CRMA) mineral production Silicon: A critical RESourceEU National security investigation and Section material for Fast-tracking strategic projects covering extraction, 232 processing, recycling and “Friend-shoring” throug
Slide 11: Three global megatrends underpin demand for Elkem's materials
The world around us Three global megatrends underpin demand for Elkem’s materials Digitalisation Energy Security and and AI transition strategic autonomy Semiconductors Renewable grids Geopolitical fragmentation Data centres Electrification Reshoring Grid expansion Energy efficiency
Slide 12: Long-term power positions in internationally-competitive price areas
Competitive advantage Long-term power positions in internationally- competitive price areas Industrial competitiveness Attractive power positions in internationally-competitive price < 50 EUR/MWh areas strengthen relative economics of Elkem’s energy-intensive 50 – 75 EUR/MWh > 75 EUR/MWh production
Slide 13: Industrial intelligence driving process improvements and customer value creation
Competitive advantage Industrial intelligence driving process improvements and customer value creation Elkem combines deep process expertise and decades of industrial data with a secure and scalable AI technology Named Norway's Smartest Industrial Plant operations Sales & market operations Predictiv
Slide 14: Four levers for competitive, low-carbon growth
Climate strategy Four levers for competitive, low-carbon growth Building customer value through emissions reductions, low-carbon products, circularity and climate resilience Emissions Low-carbon reductions products 25% CO2 by 2030* Expanding offering of 2050 carbon neutrality low-carbon products
Slide 15: Strategic direction to restore returns and build growth
Elkem strategy Strategic direction to restore returns and build growth Underpinned by disciplined capital allocation, continuous improvement and selective pursuit of M&A opportunities 1 Develop and protect our core business 2 Grow world-leading positions Leverage Elkem’s core competencies to create
Slide 16: Develop and protect our core business
1 Develop and protect our core business Strengthen competitiveness and resilience Drive cost and productivity through EBS and operational excellence Proactively engage on trade and policy to maintain market access and prevent unfair trade Optimise product mix, margins and customer value Evaluate opp
Slide 17: Grow world-leading positions
2 Grow world-leading positions Prioritise profitable growth where we create strong value for our customers Customer intimacy Technical service and co-development Innovation Specialised products and improved performance Commercial excellence Value-based pricing and margin management Selective expansi
Slide 18: Leverage Elkem's core competencies to create additional shareholder value
Leverage Elkem’s core competencies to create additional 3 shareholder value Maintain strong focus on disciplined capital spending Leverage Elkem’s core competencies to capture opportunities from growing importance of secure, regional and resilient critical-material value chains Strong focus on capit
Slide 19: A clear path to stronger returns and profitable growth
Elkem strategy A clear path to stronger returns and profitable growth Protect Grow Explore the core and restore where we lead opportunities leveraging returns core competencies 19
Slide 20: Strong foundation for growth and higher returns
Summary Strong foundation for growth and higher returns Western production platform supplying critical materials to markets driven by global megatrends World leading positions in Foundry Alloys, Carbon and Materials – poised for profitable growth Leading cost positions in silicon and ferrosilicon –
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Slide 22: Silicon: A Western leader in the silicon value chain
Elkem Silicon: A Western leader in the silicon value chain 29 October 2026 Luiz Simão, SVP Elkem Silicon
Slide 23: A leading Western silicon and ferrosilicon producer
Production Production country Mining Elkem Silicon A leading Western silicon and ferrosilicon producer 55 % 33 % 8 1 050 of Elkem’s revenue1 of Elkem EBITDA2 main production sites employees Vertically-integrated Leading cost Long-term power supply in No. 1 position value chain positions favourable a
Slide 24: Global production footprint
Elkem Silicon Global production footprint Tana Norway 850 000 mt Quartz Employees 45 Thamshavn Salten Bremanger Rana Iceland2 Roussillon2 Norway Norway Norway Norway France Erimsa 50 000 mt 80 000 mt 30 000 mt 85 000 mt 120 000 mt 100 000 mt Silicon Silicon Silicon FeSi FeSi Siloxanes Spain 350 000
Slide 25: Silicon: Transforming quartz into critical materials
Elkem Silicon Silicon: Transforming quartz into critical materials Raw materials Product lines Properties & customers End markets Insulating semiconductors for Construction Silicon, Silgrain® & electronics producers Quartz Silgrain® Specialty Automotive Coal and coke Strengthening alloy for aluminiu
Slide 26: Competitive edge due to low-cost position
Elkem Silicon Competitive edge due to low-cost position Western silicon cash-cost curve* 2026 cost position of Western silicon operations Block width indicates relative production volume; block height indicates relative cash-cost position Both Silicon and FeSi prices are linked to index Key enablers
Slide 27: Ferrosilicon: High-quality products for specialty steel
Elkem Silicon Ferrosilicon: High-quality products for specialty steel Raw materials Products Properties and customers End markets Deoxidising steel Construction Ferrosilicon Quartz Iron Consumer goods Alloying agent to obtain specific properties in electrical- and specialty steel Coal and coke Autom
Slide 28: Materials: Using core competence to create solid returns
Elkem Silicon Materials: Using core competence to create solid returns from wide range of specialty applications Raw materials Product lines Properties and customers Opportunities Silica fume from internal and Microsilica® external silicon and ferrosilicon Micromax® New purpose-made grades Constru
Slide 29: Financial performance
Elkem Silicon Financial performance 20 40% BNOK 38% 18 35% 17.6 16 Cyclical market affected by index prices for 30% silicon and ferrosilicon 14 Low prices due to overcapacity in China 25% 12 23% spilling over to Europe 11.8 10 10.3 10.7 20% Attractive cost position relative to Western 8 16% 9.
Slide 30: Expand and evaluate M&A opportunities in Materials segment
Elkem strategy Elkem Silicon Expand and evaluate M&A opportunities in Materials segment Promote trade defence measures to limit dumping from Chinese producers Protect Increase product specialisation to reduce exposure to index prices Grow Expand sales of Materials/Elkem Microsilica® with attra
Slide 31: Leading Western player across the silicon value chain
Elkem Silicon summary Leading Western player across the silicon value chain Low-cost production based on EBS, operational excellence, vertical integration and long-term competitive renewable energy power contracts Brand recognition and strong market positions in specialty niches Clear strategy for m
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Slide 33: Foundry Alloys: A global leader in cast iron metal treatment
Elkem Foundry Alloys: A global leader in cast iron metal treatment 29 October 2026 Inge A. Grubben-Strømnes, SVP Elkem Foundry Alloys
Slide 34: Global leader in cast iron metal treatment
Production Production country Elkem Foundry Alloys Global leader in cast iron metal treatment 25 % >1 300 >1 000 190 000 mt 800 of Elkem’s revenue1 customers tailor made products annual capacity employees Deep metallurgical Technical customer Innovation and Efficient, integrated Leading expertise su
Slide 35: Global production footprint
Elkem Foundry Alloys Global production footprint Bremanger Bjølvefossen Chicoutimi Limpio Shizuishan Nagpur Dronfield Norway Norway Canada Paraguay China India UK 30 000 mt 60 000 mt 45 000 mt 10 000 mt 30 000 mt 15 000 mt 1 000 mt Inoculants, Fesi FSM, Inoculants, FSM, Inoculants, FSM, Inoculants,
Slide 36: Our value chain: Metal treatment for cast iron
Elkem Foundry Alloys Our value chain: Metal treatment for cast iron Raw materials Product lines Customers End markets Foundry alloys for optimising Iron foundries Transportation (50%) Quartz graphite structure in iron and thus performance of iron castings Ferrosilicon Iron Magnesium (FSM) Machinery/
Slide 37: Market drivers
Elkem Foundry Alloys Market drivers Moderate growth with regional upsides 0-2% per year in mature markets (Europe, North America and China), but rebuild of Ukraine offers growth upside Strong growth in India (7-8% per year) Electrification reshapes Growing demand for Infrastructure transportatio
Slide 38: Creating value for our customers
Elkem Foundry Alloys Creating value for our customers Fit for purpose products Technical expertise & customer support Innovation & product development Supply chain resilience Leading cost position Value creation with second Value creation with Elkem best alternative offering 38
Slide 39: Financial performance
Elkem Foundry Alloys Financial performance 7.0 40% BNOK 38% 35% 6.0 30% 5.0 26% 25% 4.0 22% 22% 21% 20% 18% 3.0 6.0 Strong underlying financial performance 5.6 15% 4.4 Focus on pricing based on customer value 2.0 4.2 4.2 3.5 10% creation 1.0 Competitive cost position 5% Attractive returns 0.
Slide 40: Customer value creation, growth and consolidation
Elkem strategy Elkem Foundry Alloys Customer value creation, growth and consolidation Continue to provide foundry alloys and metallurgical competence to help our customers achieve required cast iron properties and consistent casting quality to reduce scrap rate, improve performance and financial r
Slide 41: Setting the standard in cast iron metal treatment
Elkem Foundry Alloys summary Setting the standard in cast iron metal treatment Attractive industry structure – consolidated supply side and fragmented demand side Specialty business making up small part of customer cost, but essential for customer product performance Superior value proposition focus
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Slide 43: Carbon: A globally-leading carbon products supplier
Elkem Carbon: A globally-leading carbon products supplier 29 October 2026 Izaias Entringer, SVP Elkem Carbon
Slide 44: A globally-leading carbon products producer
Production Production country Elkem Carbon A globally-leading carbon products producer 20% 500 000t >3BNOK 425 of Elkem’s revenue1 Annual capacity Revenue2 Employees Deep process expertise Supply reliability and Product formulation according to Superior technical service customer proximity applicati
Slide 45: Global production footprint
Elkem Carbon Global production footprint Fiskaa Zvolen Vitória Vitória eMalahleni Shizuishan Norway Slovakia Brazil Brazil South Africa China 140 000 mt 40 000 mt 80 000 mt 110 000 mt 40 000 mt 70 000 mt Søderberg electrode Lining/repair pastes & Søderberg electrode Coal tar pitch Søderberg electrod
Slide 46: Our value chain: application-critical products for metal industry
Elkem Carbon Our value chain: application-critical products for metal industry Raw materials Products Industry players End markets Ferroalloys, Construction silicon, platinum, copper, calcium carbide and iron foundries Coal tar pitch and bio-binders Søderberg electrode paste and Automotive pre-bak
Slide 47: ELSEP G: a pitch-free alternative for industrial smelting
Elkem Carbon ELSEP® G: a pitch-free alternative for industrial smelting Søderberg electrode paste that replaces coal tar pitch without compromising furnace performance A clear customer need Experience to build on Health concerns, tighter regulation and reduced Preliminary trials of ELSEP® G have sho
Slide 48: Key demand drivers for Elkem Carbon's products
Elkem Carbon Key demand drivers for Elkem Carbon’s products Ferroalloys and silicon — demand is driven by furnace activity Furnaces in operation consume electrode paste and carbon electrodes, demand follows customer production levels Smelter activity is influenced by steel and silicon demand, el
Slide 49: Financial performance
Elkem Carbon Financial performance 31% 31% 31% Low activity levels and capacity utilisation 28% among ferroalloys and silicon producers have temporarily reduced demand for 23% 23% carbon products. Reduced volumes have increased rivalry for market share 4.2 Demand in the Western world is expected
Slide 50: Restore historical profitability and grow
Elkem strategy Elkem Carbon Restore historical profitability and grow Increase sales volumes and improve product mix in developed markets, supporting normalised earnings and Protect improved EBITDA Disciplined capital allocation, working capital management and operational excellence to sustain R
Slide 51: Global reach, anchored in local customer partnerships
Elkem Carbon summary Global reach, anchored in local customer partnerships Global leader in Søderberg electrode paste and ramming paste with strong positions across Europe, Americas and Africa Our products are essential consumables representing minor share of customer cost, but critical to stable an
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Slide 53: Financial targets
Financial targets 29 October 2026 Morten Viga, CFO
Slide 54: Strategic direction to restore returns and build growth
Elkem strategy Strategic direction to restore returns and build growth Underpinned by disciplined capital allocation, selective pursuit of M&A opportunities and continuous improvement 1 Develop and protect our core business 2 Grow world-leading positions Leverage Elkem’s core competencies to create
Slide 55: Shareholder value through attractive margins and dividend
Financial objective Shareholder value through attractive margins and dividend Disciplined EBITDA margin capital spending Shareholder Strong capital value Dividend structure target 55
Slide 56: Financial targets
Financial targets EBITDA margin Reinvestments Debt leverage ratio Dividend target >20% ~100% <2.5x 30–50% of D&A of EPS Target average margin over Disciplined capital spending, Strong capital structure at all Predictable distribution to the cycle, assuming market following long-term plans times to p
Slide 57: EBITDA margin >20%
EBITDA margin >20% 39% Avg. 22% 24% 20% 21% > 20% 17% 13% 2021 2022 2023 2024 2025 LTM Future target Target 2026 Historical track record Enablers Average historical EBITDA margin close to 20% Grow in high-margin segments (Foundry Alloys, Carbon and 2026 downturn due to extraordinary market sen
Slide 58: Reinvestment % of D&A
Reinvestment % of D&A 124% Avg. 113% 97% 98% 100 % 91% 84% 81% 2021 2022 2023 2024 2025 LTM Future target 2026 Target Historical track record Enablers Key strategy – optimise technical condition of our assets while Starting point: Well maintained assets with high operating time maintaining disci
Slide 59: Debt leverage ratio (NIBD / LTM EBITDA)
Debt leverage ratio (NIBD / LTM EBITDA) 3.5 3.3 2.5 2.0 < 2.5x 2.2 Avg. 0.4 0.1 2021 2022 2023 2024 2025 LTM Future target 2026 Target Historical track record (including Silicones1) Enablers Volatile EBITDA performance Commitment to remain a solid investment grade company Historical EBITDA fro
Slide 60: Dividend target
Dividend target Avg. 41% 40% 39% 40% 30-50% 2021 2022 2023 2024 2025 LTM Future target 2026 Target Historical track record (including Silicones1) Enablers 40% dividend payout ratio historically. Payout ratio predictable, but Improved underlying profitability and cash flow generation underlying E
Slide 61: Shareholder value through attractive margins and dividend
Financial objective Shareholder value through attractive margins and dividend Disciplined EBITDA margin capital spending Shareholder Strong capital value Dividend structure target 61
Slide 62: OSA
OSA @ Elkem
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