REC Silicon

Earnings Release • Apr 26, 2018

REC Silicon - First quarter 2018 results

REC Silicon - First quarter 2018 results

Fornebu, Norway - April 26, 2018: REC Silicon ASA (REC Silicon) reported first

quarter 2018 revenues of USD 69.6 million, down from USD 78.0 million in the

previous quarter. The corresponding EBITDA during the first quarter was USD

14.6 million compared to USD 10.3 million in the previous quarter.  Tore

Torvund, Company CEO commented "I am very encouraged by the strong results this

quarter. The $14.6 million EBITDA is the strongest EBITDA we have reported in 3

years. The solar market continues to expand at a strong rate and REC Silicon

will be part of that growth as demand for our FBR material increases."

REC Silicon reported a cash balance of USD 112.0 million on March 31, 2018. This

represents an increase of USD 7.4 million compared to December 31, 2017. The

company successfully completed a USD 110 million senior secured bond issue as

announced on March 23, 2018 with a maturity date of April 13, 2023.  The

settlement of the bond issue was completed on April 13, 2018. Asked about the

company's debt obligations Mr. Torvund noted "We have been able to reduce our

debt from over USD 300 million in 2013, when the company split to create REC

Solar, to USD 110 million today. This is an extraordinary accomplishment given

the challenging market conditions we have experienced during this timeframe."

Silicon gas sales volumes for the quarter were slightly above expectations at

897 MT. First quarter polysilicon production of 3,523MT was above guidance given

at the previous quarter by approximately 500MT.

The company continued to deliver strong FBR cash cost results with a quarterly

cash cost of $9.4/kg for the first quarter due to greater than expected

production levels.

The Yulin JV plant is currently operating at reduced capacity utilization. The

plant produced approximately 800MT of granular product during the first quarter.

Full capacity utilization is expected during the second half of this year.

For more information, please see the attached first quarter 2018 report.

Morning Program:

The company will give a presentation at 8:00 am CET today at Høyres Hus

Konferansesenter, Stortingsgaten 20, Oslo, Norway. The presentation will be in

English.

A live webcast from the presentation can be accessed at www.recsilicon.com or

with the following link:

http://webtv.hegnar.no/presentation.php?webcastId=83474817

It will also be possible to listen to the presentation through a conference

call. Please make sure to dial in 5-10 minutes prior to the scheduled start time

on one of the following numbers:

Norway (Toll Free): 800 51084

Norway (Local): +47 2100 2610

UK (Toll Free): 0800 358 6377

UK (Local): +44 (0)330 336 9105

USA (Toll Free): 800-263-0877

USA (Local): +1 323-794-2094

Other international: +44 (0)330 336 9105

Please provide confirmation code 1336136 and state your name, company and

country of residence.

For further information, please contact:

Christopher Bowes, Investor Relations

REC Silicon ASA

Phone: +1 509 793 8127

Email: chris.bowes@recsilicon.com

Nils O. Kjerstad

IR Contact Europe

Phone: +47 9135 6659

Email: nils.kjerstad@crux.no

About REC Silicon

REC Silicon is a leading producer of advanced silicon materials, delivering

high-purity polysilicon and silicon gas to the solar and electronics industries

worldwide. We combine over 30 years of experience and proprietary technology

with the needs of our customers, with annual production capacity of more than

20,000 MT of polysilicon from our two US-based manufacturing plants. Listed on

the Oslo Stock Exchange (ticker: REC), the Company is headquartered in Fornebu,

Norway.

For more information, go to: www.recsilicon.com

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.