Elkem

Earnings Release • Jul 12, 2024

Second quarter results 2024

Agenda

Business update

Financial performance

Outlook

@ Elkem

Highlights

Profitability improvements driven by enhanced operating performance

• Elkem's EBITDA was NOK 1,030 million in the second quarter 2024
• Improved profitability driven by strong operational performance as part of Elkem's comprehensive improvement programme
• The Silicones markets remain weak despite signs of improved demand. High focus on cost and other operational improvements
• Silicon Products delivered good results, despite lower silicon sales in the quarter
• Carbon Solutions delivered a strong quarterly result, based on favourable cost development and good sales volume
• Profit of NOK 881 million, with earnings per share of NOK 1.35 in the second quarter and NOK 0.65 year-to-date

Total operating income MNOK 8,490

EBITDA MNOK 1,030

EBITDA margin 12%

Environmental, Social & Governance

Strong ESG performance

Green leadership

• Total CO2 emissions reduced by 8.3% in 2023, with reductions in scope 1, 2 & 3
• Elkem's groundbreaking Sicalo م project could eliminate direct CO2 emissions from silicon production. Enova granting MNOK 31 to a medium scale pilot
• Well-positioned to benefit from the green transition, with silicon defined as a critical material in EU and the US

Safety

Ambition: Zero injuries

Total injury rate (per million working hours)

Sustainability targets

39%

Reduction in CO2 emissions by 2031

Reduction in CO2 product footprint by 2031

Net zero CO2 emissions by 2050

Rated among the world's leading companies

Forests Climate

Water Change Security

FORESTS

EcoVadis: Gold rating for 2023, in the 99th percentile

S&P Global

S&P Global CSA: Top 94th percentile

Rated A+ for ESG reporting in 2023

EBITDA improvement programme ahead of plan

• Elkem's EBITDA improvement programme reached realised effects of BNOK 0.6 YTD 30 June 2024. The full year effect is estimated to BNOK 1.3, versus the target of BNOK 1.5
• The programme is particularly focusing on the Silicones division, which has generated the majority of the improvements
• The main improvement initiatives relate to
  • Sales optimisation
  • Raw material sourcing and yield improvements
  • Organisational streamlining and manning reductions
  • Simplifying plant and production structure e.g. closure of the Lübeck plant

EBITDA improvement programme (in NoK billion)

Investment levels reduced according to plan

• Elkem's target is to reduce capex by > BNOK 2.0 compared to 2023
  • Reinvestment target approx. BNOK 2.0 (80-90% of D&A)
  • Strategic capex target approx. BNOK 1.2
• Capex YTD 2Q-2024 was BNOK 1.3, well on path to reach target
• = The Silicones expansion project in China was finalised in May 2024, while the ongoing project in France will be completed in 40-2024
• With these two projects finalised, Elkem is well invested in the capitalintensive upstream business and has the flexibility to keep investments at a low level going forward, if needed

Reinvestments and strategic capex Target 2024 - reduction by > BNOK 2.0 vs. 2023

Successful start-up of the silicones project in China

• The Silicones expansion project in China has been successfully concluded on time and on budget
• · Commercial production started in May, with expected ramp up in 2024
• The project will improve Elkem's cost position, environmental performance, and deliver higher upstream product quality
• · Based on current market conditions, the new production line is expected to generate revenues of NOK 1.5 billion in 2024
• The silicones project in France, will also enhance productivity and improve cost competitiveness. Completion expected in 4Q-2024

Silicones project in France Capacity increase: +25% / +20 ktpa Total capacity: 100ktpa Start-up: 40-2024 Investment ≈0.4 BNOK

Silicones project in China Capacity increase: +50% / +120 ktpa Total capacity: 360 ktpa Start-up: May 2024 Investment ~4.0 BNOK

Continued focus on innovation and specialisation

• Elkem has an ambitious innovation strategy to accelerate growth through specialisation
• Elkem being recognised and winning awards for product development, e.g. the 2024 Ringier Innovation Award for its newly developed silicone rubber, and the 2024 SEAL Sustainable Product Award for innovations that positively impact the environment
• Partnership with Polestar, aiming to create a truly climate neutral car by 2030, eliminating greenhouse gas emissions from every aspect of the supply chain and production
• The Salaise plant in France is highly specialised for production of organo-functional silicones and now ready to start industrial scale production of applications for personal care and release coating
• Elkem has developed applications for UV LED technology that reduces the need for electrical power by up to 50%

577 B& FTE

14-R&I centres and

1200

application centres

Patents

Scientific collaborations

50

>6 NOK billion

Sales of products developed within the last five years in 2023 (>15%)

Limited new capacity additions in China beyond 2024

• The silicones capacity in China has increased significantly over the past years, leading to current oversupply
• Nameplate capacity additions in 2024 is estimated to 0.6 million tonnes. Actual production will depend on start-up date and subsequent ramp up
• The oversupply situation has resulted in low prices for silicones in China, affecting also other markets, particularly commodity grades
• Indications that Chinese producers are cancelling or postponing projects due to low market prices and weak profitability. Available information indicate no, or limited, new capacity in 2025 or 2026
• Global production capacity for siloxane is estimated to reach 4.6 million tonnes by end of 2026

Estimated production capacity siloxane (in 1,000 tonnes)

General markets

Macro-economic outlook is improving

• Elkem's sales assumed to be closely linked to GDP growth
• The recent macro-economic sentiment has been weak, due to tighter financial conditions and other adverse factors, such as the war in Ukraine and conflicts in the Middle East
• · OECD's Economic Outlook from May 2024 indicates a better development than previously projected
  • Growth has been robust in the US, driven by strong household consumption and expansionary fiscal policy
  • = Growth strengthened in China in 1Q-2024, with policy stimulus measures to offset continued weakness in property markets
  • In the Euro area GDP growth is projected to remain weak at 0.7% in 2024, but pick up to 1.5% in 2025 as domestic demand recovers

GDP growth projections in % (source OECD)

	2023	2024	2025
World	3.1	3.1 C	3.2
G20	3.4	3.1 Carlos Career Carollar Carollar Carollar Carollar Carollar Carollar Carollar (	3.1
China	5.2	4.9	4.5
Euro area	0.5	0.7	1.5
United States	2.5	2.6 C	1.8

Revisions relative to the latest estimates from OECD's November 2023 Economic Outlook

Upward revision by 0.3pp or more

No change or smaller than 0.3pp

Downward revision by 0.3pp or more

General markets

China market update construction still weak

• The construction market in China is still weak. Statistics show new housing projects YTD-May 2024 at 301 million m², down 24% compared to the corresponding period last year
• China automobile production in YTD-May 2024 was 11.4 million units, up 7% compared to the same period in 2023. The share of EVs was 34%, up from 28% YTD-2023 and 21% YTD-2022
• Silicon production YTD-May 2024 was 1,603kt, up 30% compared to the same period in 2023, primarily driven by polysilicon
• Silicones (siloxane) production was 896kt, up 13% compared to the same period in 2023

China Construction - New housing projects (million m²)

Source: National Bureau of Statistics of China

China Automobile production volume YTD-February (1,000 units)

Silicones market

Commodity grades hampered by overcapacity, specialty grades improving

• Demand for specialty grades gradually recovering, but at a moderate rate
• DMC prices have remained stable at a low level during 2Q-2024. Prices likely to remain at current level in the near term due to additional capacity in China in 2H-2024
• Outside of China, Shin Etsu announced a global price increase of 10% in June, due to general inflationary pressure. The price increase will likely be followed by other producers

DMC reference price China (KCNY/mt)

DMC reference prices are based on quotes incl. VAT and transportation. Quotes may not always reflect accurate sales prices.

Silicon and ferrosilicon markets

Stable prices in EU for most grades, prices up in the US

• Prices for silicon and ferrosilicon recovered in Europe late 2023 and early 2024, but market conditions remain weak and silicon reference prices were slightly down towards the end of 20-2024
• Prices for silicon and ferrosilicon in the US have increased due to tight supply, improved demand, and antidumping investigations on ferrosilicon imports against four countries
• Silicon prices in China have declined in 2Q-2024 due to weak markets and seasonal oversupply, due to increased production during the wet season
• Lower prices in China have impacted prices in EU, but exports still affected by high sea freight prices and disruptions in the Red Sea

CRU silicon 99 price EU (EUR/mt)

CRU ferrosilicon 75 price EU (EUR/mt)

Carbon market

Stable markets supported by specialties

• Demand for carbon products varies across regions driven by steel, ferroalloys, and aluminium
• Global steel production in second quarter 2024 in line with second quarter last year. Low but stable production in Europe and North America
• Carbon Solutions' specialty product portfolio contributing to consistent and stable performance across markets and regions

Crude steel production (million mt)

@Elkem

Continued EBITDA improvements

15

Overview financial ratios

• = EBITDA MNOK 1,030
  • · Segment Other included realised currency hedging losses of MNOK 21
• D&A and Impairment losses
  • After finalisation of the silicones project in China, D&A per quarter will increase by approx. MNOK 60. Impairments included write downs of MNOK 139, mainly related to Biocarbon and Lübeck
• Other items MNOK -35
  • Consisting of gains on power and currency derivatives MNOK 66, offset by restructuring expenses MNOK -40, currency losses of MNOK -35, and net other items of MNOK -25
• Net finance income (expenses) MNOK -218
  • Consisting of net interest expenses MNOK -198, currency losses of MNOK -35, and net other financial items of MNOK 15
• Tax MNOK 892
  • Included a positive effect of MNOK 1,067 due to recognition of tax losses carried forward from the REC Solar Norway acquisition

Consolidated key figures

(NOK million, except where specified)	2Q 2024		2Q 2023 YTD 2024 YTD 2023		FY 2023
Total operating income	8,490	9,044	16,450	18,798	34,760
EBITDA	1,030	1,0339	1,750	2,604	3,771
(1) EBIT	266	469	380	1,494	1,365
Other items	-35	37	-234	590	516
Net finance income (expenses)	-218	-182	-256	-291	-668
Profit (loss) before income tax	-11	255	-322	1,640	051
Tax	892	-193	789	-596	-781
(2) Profit (loss) for the period	854	36	415	089	72
Key ratios
EPS (NOK per share)	1.35	0.06	0.65	1.56	0.11
Equity ratio (%)	51%	50%	51%	50%	48%
Net interest bearing debt (NIBD) (3)	10,333	8,191	10,333	8,191	9,450
Leverage ratio	3.5	1.1	3.5	1.1	2.5
Reinvestments % of D&A	71%	128%	60%	96%	102%
ROCE (annualised) (%)	3%	6%	2%	9%	4%

(1) Operating profit before other items and hedge adjustments

(2) Owners of the parent's share of profit (loss)

(3) Excluding non-current restricted deposits and interest-bearing financial assets

Silicones

Operational improvements in weak markets

• Total operating income of MNOK 3,769, up 10% from the second quarter last year
  • Mainly explained by higher sales volume, partly countered by lower sales prices
• EBITDA of MNOK 45, up from MNOK -374 in the second quarter last year
  • Explained by higher sales volume and operational improvements
  • Second quarter 2023 impacted by maintenance stop in China and inventory write down
• Sales volume up in all regions compared to second quarter last year

Total operating income

NOK million

4Q

Silicon Products

Stable development, challenging markets

• Total operating income of MNOK 4,100, down 14% from the second quarter last year
  • Lower operating income mainly explained by lower sales prices
• EBITDA of MNOK 742, down 34% from the second quarter last year
  • · Reduced EBITDA mainly explained by lower sales prices, partly countered by lower raw material costs
  • Insurance compensation for Elkem Salten included to reflect estimated operating losses compared to normal operations
• = Still weak demand from silicones, aluminium, and steel markets

Total operating income

NOK million

= 2023

Carbon Solutions

Strong performance and higher sales volume

• Total operating income MNOK 1,007, down 13% from the second quarter last year
  • · Mainly explained by lower sales prices
• = EBITDA of MNOK 331, down 6% from the second quarter last year
  • Mainly explained by lower sales prices. This has partly been offset by lower raw material costs and higher sales volume
• Sales volume in line with second quarter last year, still impacted by weak ferroalloys market

Total operating income

NOK million

Improved EPS and robust equity

• · Earnings per share (EPS) amounted to NOK 1.35 in the second quarter

  • EPS positively impacted by tax effects .
  • EPS YTD-2024 was NOK 0.65 .

• Total equity amounted to BNOK 25.4 as at 30 June 2024, up BNOK 0.9 from year-end 2023

  • Equity to total assets (equity ratio) at 51%

Earnings per share (EPS) NOK per share

Equity ratio

In percent of total assets

ට Elkem

Well managed financing position

• Net interest-bearing debt (NIBD) of BNOK 10.3 as at 30 June 2024

  • Leverage ratio of 3.5x, unchanged from last quarter, based on LTM EBITDA of BNOK 2.9

• · Good financing position

  • Debt maturities in China in 2024 mainly consist of local working capital financing, which is regularly rolled over
  • The interest cover covenant in loan agreements was reduced to 3.0x from 4.0x for 2024 as per waiver agreement. By end of the second quarter, the interest cover ratio was 3.8x
  • Extension of Elkem's RCF by one year to June 2029 approved by Elkem's bank group. The RCF remains undrawn

Net interest-bearing debt (NIBD)

NOK billion

@ Elkem

Positive cash flow generation, investments significantly lower

• = Cash flow from operations(1) was MNOK 375 in the second quarter 2024

  • The cash flow was weaker than the corresponding quarter last year, explained by negative working capital changes

• Investments ex. M&A of MNOK 701 in the second quarter 2024

  • Reinvestments were MNOK 445, amounting to 71% of D&A
  • Strategic investments were MNOK 257, mainly related to the acquisition of REC Solar Norway, and the silicones projects in France and China. The silicones expansion project in China was finalised in May 2024

Cash flow from operations NOK million

978 805 759 637 607 375 1Q 30 2Q 40

2 Elkem

(1) Cash flow from operations is according to Elkem management definition and includes reinvestments

Outlook for the third quarter 2024

• The market sentiment is relatively weak, but showing signs of gradual improvement
• Silicones expects improved demand in Europe and US, but the Chinese market is still hampered by overcapacity. Elkem's focus on EBITDA improvements and the new production line expected to have positive effects
• Silicon Products expects to benefit from improved market conditions, countering seasonally lower activity in Europe during the summer holiday
• Carbon Solutions expects still weak demand, but capitalises on strong and diverse market positions

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 (financial or otherwise), prospects, business strategy, plans or objectives of the company and/or any of its affiliates) may prove not to be correct.

No representation or warranty is given as to the completeness or accuracy of any forward-looking statement contained in this presentation or the accuracy of any of the underlying assumptions. Nothing contained herein shall constitute any representation or warranty as to the future performance of the company, any financial instrument, credit, currency rate or other market or economic measure.

Information about past performance given in this presentation should not be relied upon as, and is not, an indication of future performance.

Appendix

㊣ Elkem

We are Elkem

Advanced silicon-based materials shaping a better and more sustainable future

Sillicones

Silicon Products

Carbon Solutions

ਚ ਸ

@ Elkem

Elkem celebrating its 120 years anniversary

• Elkem celebrates its 120 years anniversary in 2024, having grown from a Norwegian industrial start-up into a position as one of the world's leading providers of advanced silicon-based materials
• · Elkem started as a Norwegian company founded in 1904 by Sam Eyde, representing strong industrial traditions and continuous improvement
• The chemical business in France was integrated in 2015, adding a strong culture for specialisation, innovation, and R&D
• Our presence in China was significantly expanded in 2018, adding to the dynamic and agile business perspective, and positioning for the Asian market

Strategy remains firm - dual-play growth & green leadership

Profitable growth: Top 3 in silicones worldwide Number 1 in silicon products and carbon solutions in the West

• → Balanced between geographic regions (East & West)
• → Balanced across the value chain (Upstream & Downstream)

Green leadership

• → Strengthening position as best in the industry on low CO2
• → Growing supplies to green transition & creating green ventures

We are Elkem

Advanced siliconbased materials shaping a better & more sustainable future

Silicones

• → Balanced geographical growth
• → Improve cost position
• → Higher degree of specialisation

Silicon Products

• → Selective growth
• → Secure leading cost positions

• Lower carbon emissions

Carbon Solutions

• → Selective growth in West
• → Sustainable low-cost position
• -> Preferred supplier with high quality

Growth	EBITDA
>5% per year	>15% per year
Reduce CO2	Net zero
-28% 2020-31	Bv 2050

Sustainable business model delivering good results

Delivering good results over the business cycle

Figures in NOK billion unless otherwise stated

Operating income

EBITDA

• Elkem delivering on its financial targets over the cycle
  • √ Operating income CAGR 13% vs target of > 5% per year
  • ✓ EBITDA margin 18% vs target of 15 20%
  • ✓ Leverage ratio 1.6x vs target of 1.0 2.0x

EBITDA margin

Cash flow from operations

Leverage ratio

Elkem operates through three divisions: All with global scale, leadership positions and global footprint

Silicones	Silicon Products	Carbon Solutions
Fully integrated silicones manufacturer	Global producer and provider of silicon, ferrosilicon and	Leading producer of electrode
with tocus on specialities	specialties	paste and specialty products
40%	49%	11%
of operating	of operating	of operating
income	income	income
End markets 13 main plants · Construction = Automotive · Chemical formulators · Personal care Healthcare ■ Paper & film release Silicone rubber ■ Textile	End markets 12 main plants Automotive ■ Construction/industrial equipment Electronics ■ Specialty steel Solar & wind turbines Refractories 트 Oil & gas ■	End markets 6 main plants ▪ Ferroalloys · Silicon Aluminium ■ lron foundries

@ Elkem

Energy cost positions

Well-positioned with long-term power contracts in Norway

• In the first quarter 2024, Elkem signed a new power contract in Norway. The new contract is for 9 years and expire end of 2035
• The total volume is 220 GWh per year, in price area N04
• Elkem is well-positioned with long-term power contracts in Norway with around 80% of the electricity supply secured at competitive rates until end of 2027. After 2027, the hedging ratio is gradually declining
• Elkem is continuously evaluating the market conditions for new long-term contracts according to its hedging strategy

Environmental, Social & Governance Elkem is committed to requce emissions and contribute in line with Paris agreement aim of well below 2°C warming

→

→

1

We aim to contribute to a better climate through three key levers:

Reducing our emissions Achieving fully climate neutral production throughout our value chain

Supplying to the transition Providing the advanced material solutions required to enable the green transition

Enabling circular economies Enabling more circular activities in our operations, products and markets

• · By 2031: Reducing absolute emissions* by 28% from 2020-2031 while growing the business delivering 39% improvement in product footprint**
• · By 2050: Achieving fully carbon neutral production (zero fossil emissions) globally
• · Grow supplies of advanced materials to green markets such as better buildings, electric vehicles and renewable energy
• · Build new business in green markets such as battery materials, biomass and energy recovery
• · Increase recycling in our own operations
• · Increase recycling with our customers
• · Develop the eco-design of innovative products

Elkem Climate Roadmap : Elkem's actions: Reducing our emissions

Elkem will reduce fossil CO2 emissions in line with the Paris agreement: We will contribute to limiting long-term temperature according to Paris agreement

By 2031:

• Reducing absolute emissions* by 28% from 2020-2031
• Delivering 39% improvement in product footprint**

By 2050:

" Achieving fully carbon neutral production (zero fossil emissions) globally

Our roadmap to climate neutral products

* Total global fossil CO2 emissions, scope 1 and 2 ** Main products average fossil CO2 emissions, scope 1-3

(Illustrative)

Changing to biomass as reduction material

Increasing share of bio-based materials from wood waste as reduction material in our smelters

Low-carbon supply chain

Actively pursue long-term sourcing of renewable-based silicon metal as well as emission-free logistics

Shifting to renewable power also in China

Future decarbonisation of China's power mix will support Elkem's low carbon transition

Exploring potential of more CCS at smelters

Exploring both Carbon Capture & Utilisation (CCU) and Carbon Capture & Storage (CCS) at our smelters

Silicones

Solutions to global megatrends

Total production capacity

• 80,000 mt in France (exp. to 100,000 mt in 2024) → 360,000 mt in China

• Downstream specialty plants : 6 in EMEA/AMS and 4 in APAC

Product properties

→ Silicones bring unparalleled properties and performances : long-term reliability, thermal management, electrical & fire safety, lightweighting, biocompatibility, adhesion

Battery thermal management

Lightweight materials assembly

Lubricant & transmission fluids

Industry players - examples

ಳು

Ontinental

ALSTOM

AIRBUS

Market positions

• One of five global players

• → Top 3 producer in China in terms of production capacity

Decarbonisation

Solar panels assembly Nuclear grades silicones Energy efficient sealant

Industry players - examples

SOUDAL

Silicone Crucing rate lief

Industry players - examples

Beiersdorf AVERY

(Henkel

2514

体

NORDICPAPER ID

Johnson Johnson

Rising middle class

Release coating

Processing aids

Personal Care

P3G

L'OREAL

Digitalisation

Themo-conductive potting Semiconductors assembly Moisture & shock protection

Industry players - examples

Nexans

Ageing population

MARLOW

Prosthetics precision moulding Implantable materials Medical adhesives

Industry players - examples

(вча)

Airbag textile coating

Mobility

Silicones - Sales distribution

Serving attractive end markets with advanced technologies

@ Elkem

Silicon Products - Business lines

Raw materials

Coal and biocarbon

Electricity

Quartz

Silicon - attractive cost position and downstream integration

→ Industry players** > Products Silicones (50%) @Elkem [WACKER] MOMENTIVE Shin Etsu GEVONIK Aluminium (30%) Total production capacity 205.000* mt in Norway and China ALCOR TRISMET → 175.000* mt silicon grades → 20.000 mt Silgrain® D 29 STENA JE RAFFMETAL > 10.000 mt Silgrain® specialties ALUMINIUM Hydro Polysilicon (10%) Properties > Raw material in silicones and Charger TOKUYAHA OC polysilicon optimising selectivity WACKER HSC → Alloy strengthening aluminium > Semi-conductor insulating electronics Specialty niches (10%) → Impurity management KSF Market dynamics → 16% market share ex China (second largest merchant producer) (1- LG Chem ORICA MATERIOR → Commodity with index linked prices

→ | End markets Consumer goods Construction Automotive Renewable energy Electronics

30%

of division's sales

* Of which 50.000 mt at Yongdeng plant (internal supplier to Elkem Xinghuo) reported in Elkem Silicones ** Split of silicon revenues by segment - companies named are examples and not necessarily customers

Ferrosilicon – high quality products to specialty steel

Silicon Products - Business lines

Foundry Alloys - global leader into cast iron metal treatment

Negotiated quarterly prices

Products → Industry players* → End markets** Raw materials Automotive (50%) Iron foundries Ferrosilicon Engineering (35%) Total production capacity Alloying elements GREDE → 190.000 mt globally → 60% FSM → 20% Low potent inoculants → 20% High/Medium potent Obrembo inoculants Wind turbines (10%) → Residual capacity utilised for ferrosilicon Properties PSA JOHN DEERE → Improves properties of ductile iron GROUPI and controls the microstructure and Pipes and fittings (5%) mechanical properties of cast irons Market dynamics → 50% market share in Europe, North America and India

** Split of foundry alloys revenues by end market

Microsilica – tailor made products to wide range of specialty applications

15%

of division's sales

Currency sensitivity

• The result and cash flow are exposed to currency fluctuations. The main currencies are EUR, USD and CNY
  • · EUR exposure approx. MEUR 550
  • USD exposure approx. MUSD 100
  • CNY exposure approx. MCNY 200
• Current cash flow hedging programme
  • 90% hedging of net cash flows occurring within 0-3 months
  • 45% hedging of forecasted net cash flows within 4-12 months
• Before hedging activities, a 10% strengthening or weakening of NOK versus all other currencies would have an EBITDA effect of approx. MNOK 750 over the coming 12 months. CNY is not hedged

Currency development

• As of 30 June 2024, the NOK closed 2% stronger against the EUR, 1% stronger against USD, and 2% stronger against CNY compared to 31 March 2023
• In 2Q-2024, the NOK was on average 1% stronger against EUR, stable against USD, and 3% stronger against CNY compared to 2Q-2023

2 Elkem

EU

CNYNOK&

Other financial sensitivities

POWER

• Electric power is a key input factor in Elkem's production. The normal consumption is around 6.5 TWh of which approx. 3.6 TWh is in Norway. Near term exposure to spot power prices is limited
  • Norway, hedging programme mainly consisting of long-term contracts covering around 80% of full capacity consumption until 2027. After 2027, Elkem has a high but gradually declining hedging ratio in line with its long-term hedging strategy
  • Outside Norway, power prices are mostly based on long-term contracts or regulated power tariffs

SALES PRICES

• Changes in sales prices could significantly affect operating income and EBITDA
  • 10% price change on silicon metal is expected to affect result by approx. MNOK 70 per year(*)
  • 10% price change on ferrosilicon is expected to affect result by approx. MNOK 360 per year(*)
• (*) Sensitivities are on group level and based on annual sales volume. Sales prices are based on LTM CRU prices.

Delivering your potential