Elkem Asa · OSL:ELK
Elkem Asa — Q3 2026 Earnings Presentation
29 slides from Elkem Asa's earnings presentation, Oct 29, 2026
Slide 1: Third quarter results 2026
Elkem ASA Third quarter results 2026
Slide 2: Agenda
Agenda Highlights & Market update & Financial business update outlook performance 01 02 03 2
Slide 3: Highlights and business update
Highlights and business update 01 3
Slide 4: While markets remain challenging, Elkem Foundry Alloys and Elkem Carbon delivered solid financial performances
While markets remain challenging, Elkem Foundry Alloys and Elkem Carbon delivered solid financial performances in the third quarter, supported by strong market positions. Recent EU trade policy developments point to a greater willingness to deploy defensive trade measures to restore a level playing
Slide 5: Robust financial performance amid challenging markets
Highlights Robust financial performance amid challenging markets ▪ Elkem Foundry Alloys and Elkem Carbon delivering solid financial results due to strong market positions ▪ Elkem Foundry Alloys ’ result improved slightly from both the Total operating income previous quarter and the corresponding qua
Slide 6: Continued strong focus on ESG – improving safety a key priority
Environmental, social and governance Safety Ambition: Zero injuries Continued strong focus on ESG – improving safety a key priority Sustainability ▪ Elkem maintains a strong focus on health and safety as injury targets 25% 32% rate shows a positive trajectory. The ambition is zero injuries Reduction
Slide 7: Strengthening long-term competitiveness at Elkem Rana
Cost position Strengthening long -term competitiveness at Elkem Rana ▪ Elkem is investing NOK 260 million to renew a furnace at Elkem Rana in Norway ▪ The investment includes replacement of one of Elkem Rana's two furnaces and its off -gas equipment ▪ The upgraded furnace will incorporate latest pro
Slide 8: Equal EU ETS treatment for plants in Norway secured
Cost position Equal EU ETS treatment for plants in Norway secured ▪ In September, Elkem received 1.3 million additional free emission allowances under the EU Emissions Trading System (EU ETS) for the period 2021 -2025 ▪ The allocation follows the Norwegian Ministry of Climate and Environment's concl
Slide 9: Elkem Iceland entered new long-term power contract
Strategic update Elkem Iceland entered new long -term power contract ▪ Elkem Iceland has entered a new power purchase agreement (PPA) securing long -term electricity supply at improved terms ▪ The agreement, which runs from 2026 to 2039, covers a contracted volume of 127 MW and approximately 1 035 G
Slide 10: Status for the retained silicones assets
Strategic update Status for the retained silicones assets Elkem Silicon Chemistry Silicones India Silicon plant Roussillon, France Chakan, India Yongdeng , China Book value 1.7 BNOK Book value 0.1 BNOK Book value 0 BNOK Estimated annual turnover ~2.5 BNOK Estimated annual turnover ~0.1 BNOK Estimate
Slide 11: Market update & outlook
Market update & outlook @Elkem O2
Slide 12: Industrial momentum improving, while automotive stabilises and construction remains weak
General markets Industrial momentum improving, while automotive stabilises and construction remains weak Automotive sector Construction market PMI Index ▪ Global light vehicle production remains ▪ Construction activity remains weak, with ▪ PMI is an important leading indicator for stable amid region
Slide 13: Seasonally weaker steel production – aluminium production increasing in EU
General markets Seasonally weaker steel production – aluminium production increasing in EU Crude steel production index | Quarterly data Base year 2021 ▪ Steel and aluminium production are important demand drivers for Elkem’s silicon, ferrosilicon, foundry alloys and carbon products ▪ Third -quarter
Slide 14: Silicon modestly up from historic lows – ferrosilicon safeguards not yet effective
EU and US: Silicon and ferrosilicon Silicon modestly up from historic lows – ferrosilicon safeguards not yet effective CRU silicon 99 price EU and US (EUR/mt) ▪ Silicon reference prices in the EU improved modestly in the third quarter, but from a low level. Reference prices have continued to rise ea
Slide 15: Silicon price recovery hampered by overcapacity and stock levels
China: Silicon and silicones Silicon price recovery hampered by overcapacity and stock levels Silicon 553 reference price CNY/mt ▪ Silicon metal prices in China remain stable, near historic lows. Higher domestic coal prices have so far not impacted silicon prices due to current high stock levels and
Slide 16: Protective measures within EU gaining momentum
Trade protection Protective measures within EU gaining momentum Silicon: ADD review announced Ferrosilicon: ADD measures renewed EU: Recent protective measures ▪ The European Commission has opened an ▪ The EU has renewed anti -dumping duties ▪ The EU’s Clean Industrial Deal gives interim review to a
Slide 17: Outlook for the fourth quarter 2026
Outlook for the fourth quarter 2026 ▪ Elkem’s cost reduction programme will continue to contribute positively to the results going forward ▪ Silicon prices increased modestly in the third quarter and have continued to rise in the fourth quarter. Expectations for the fourth -quarter result remains st
Slide 18: Financial performance
Financial performance @Elkem O3
Slide 19: Stable margins for Foundry Alloys and Carbon, but Silicon hampered by low commodity sales prices
Elkem Group Stable margins for Foundry Alloys and Carbon, but Silicon hampered by continued low commodity sales prices Total operating income (MNOK) 1 EBITDA (MNOK) 1 ▪ Total operating income down 2% from 3Q -2025 ▪ EBITDA down 14% compared to 3Q -2025 ▪ Negatively impacted by lower sales prices ▪ R
Slide 20: Overview financial ratios
Elkem Group Consolidated key figures 1 Overview financial (NOK million, except where specified) 3Q 2026 3Q 2025 YTD 2026 YTD 2025 FY 2025 ratios Total operating income EBITDA 3 587 554 3 675 646 10 956 1 393 11 368 2 014 14 966 2 566 2) EBIT 312 435 713 1 382 1 685 Other items 111 74 35 200 262 ▪ EB
Slide 21: Elkem Silicon: Impacted by low sales prices, but Materials performance strong
Elkem Silicon Total operating income NOK million Impacted by low sales prices, but Materials performance strong EBITDA and margin NOK million ▪ Total operating income was MNOK 2 142, down 9% from the third quarter last year ▪ The reduction was mainly driven by lower sales prices for silicon and ferr
Slide 22: Elkem Foundry Alloys: Improved performance despite challenging markets
Elkem Foundry Alloys Total operating income NOK million Improved performance despite challenging markets EBITDA and margin NOK million ▪ Total operating income was MNOK 1 056, up 5% from the third quarter last year ▪ Increase driven by positive volume and sales mix effects ▪ EBITDA was MNOK 235, up
Slide 23: Elkem Carbon: Signs of improvement, but still challenging markets
Elkem Carbon Total operating income NOK million Signs of improvement, but still challenging markets EBITDA and margin NOK million ▪ Total operating income was MNOK 782, down 5% from the third quarter last year ▪ The reduction was mainly explained by lower average sales prices and currency movements
Slide 24: Robust balance sheet and improved EPS
Elkem Group Robust balance sheet and improved EPS Earnings per share (EPS) was NOK 0.87 in the third quarter Total equity amounted to BNOK 13.0 as at 30 September ▪ EPS YTD -2026 of NOK (1.18) negatively impacted by loss from 2026 discontinued operations ▪ Equity to total assets (equity ratio) was 4
Slide 25: Strong liquidity position and long-term maturity profile
Elkem Group Strong liquidity position and long -term maturity profile Net interest - bearing debt (NIBD) BNOK 6.5 as at 30 Strong financing and liquidity position September 2026 ▪ Long -term maturity profile following successful refinancing in the ▪ NIBD reduction driven by equity injections and tar
Slide 26: Improved cash flow generation and low investment levels
Elkem Group Improved cash flow generation and low investment levels Cash flow from operations (1) of MNOK 421 in the Investments of MNOK 207 in the third quarter 2026 third quarter 2026 ▪ Reinvestments MNOK 148, amounting to 61% of D&A ▪ Improvement year -on-year, mainly due to targeted working capi
Slide 27: Key take-aways
Third quarter 2026 Key take -aways ▪ Elkem’s Foundry Alloys and Carbon divisions maintain good results and high margins, even as market conditions remain challenging ▪ Silicon prices increased modestly in the third quarter and continued to rise in the fourth quarter. A continued price normalisation
Slide 28: 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 29: «~ Elkem
«~ Elkem