REC Silicon

Investor Presentation • Feb 6, 2025

Fourth Quarter 2024 Presentation

Kurt Levens, CEO Jack Yun, CFO

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 about global economic conditions, the economic conditions of the regions and industries that are major markets for REC Silicon ASA's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for REC Silicon ASA's businesses, energy prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the presentation. Although REC Silicon ASA believes that its expectations and the presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation. REC Silicon ASA makes no representations or warranties, expressed or implied, as to the accuracy, reliability or completeness of the presentation, and neither REC Silicon ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

Information contained herein will not be updated. The following slides should be read and considered in connection with the information given orally during the presentation.

REC Silicon ASA shares have not been registered under the U.S. Securities Act of 1933, as amended (the "Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act.

A SILICON MATERIALS COMPANY PROVIDING ENABLING MATERIALS FOR THE DIGITAL REVOLUTION AND ENERGY INDUSTRY

Agenda

• › Highlights and Updates
• › Financial Review
• › New Strategic Direction
• › Summary

HIGHLIGHTS AND UPDATES

Highlights and Updates

• › Revenues from continuing operations of \$29.7M
• › EBITDA loss from continuing operations of \$5.3M
• › December 31, 2024, cash balance of \$10.3M
• › Production of polysilicon discontinued in Moses Lake
• › Secured additional financing to support shutdown process and transition period

2024 FBR Process Timeline and Announcements

Continued efforts towards improvement

• Further modification to bypass solution
• Operation of line with potential substitute materials of construction
• Additional modifications to downstream handling and packaging
• Evaluation of procedures, parameters, techniques and troubleshooting excursions and trends

Decision to Close Moses Lake Plant

• Uncertainty around timing, quantifiable success, yields and volumes and in some cases potential costs of further improvements
• Unit profitability built on high production utilization providing high yields of best quality product
• Potential alternatives and negative outcomes not economically feasible
• Cessation of polysilicon production
• Silicon gases to recoverable mode
• Cost savings from facility closure/aggressive cost cutting
• Stabilize company

Butte Silicon Gases

• › Silicon gas sales
  • 543 MT shipped in Q4'24 vs 515 MT in Q3'24
• › Overall demand similar to previous quarter
  • Standard memory device production utilization soft
  • Trade issues and concerns affected orders and inventory
  • Demand for DCS and MCS grew over Q3
    • Inventory resuming normal levels

Silicon Gas Sales Volumes (MT)

Butte Polysilicon

• › Semiconductor grade polysilicon
  • 216 MT shipped in Q4'24 vs. 108 MT in Q3'24
• › Finishing the processing of material from inventory
  • Soft market impacted clearance of inventory by end of 2024
  • Target to clear finished goods inventory by mid-2025
  • Trade actions and disputes could affect timing
  • Minimal reactors for gases characterization will continue

Semiconductor Grade Polysilicon Sales Volumes (MT)

FINANCIAL REVIEW

Group Earnings

• › Revenues of \$29.7M in Q4'24
  • Selling down Siemens polysilicon inventory as planned
  • Silicon gas sales volume increased by 5.4% vs. Q3'24
• › EBITDA of (\$5.3M) in Q4'24
  • Impacted by Moses Lake closure
• › Butte segment
  • EBITDA of \$2.6M from silane gas and polysilicon sales
• › Other
  • Net expense of \$7.9M, reflecting costs at corporate level

(Millions USD)	Q4 2024	Q4 2023	2024	2023
Butte	\$ 29.6	\$ 40.3	\$ 140.7	\$ 140.6
Moses Lake (Discontinued)	-	-	-	-
Other	0.0	0.0	0.1	0.2
Revenues	\$ 29.7	\$ 40.4	\$ 140.8	\$ 140.8
Butte	\$ 2.6	\$ 1.1	\$ 12.9	\$ 14.0
Moses Lake (Discontinued)	-	-	-	-
Other	(7.9)	(6.5)	(30.8)	(29.7)
EBITDA	\$ (5.3)	\$ (5.4)	\$ (17.9)	\$ (15.7)
EBITDA Margin	(17.7%)	(13.4%)	(12.7%)	(11.2%)
Polysilicon Production (Siemens)	28 MT	276 MT	682 MT	1,101 MT
Polysilicon Sales (Siemens)	377 MT	182 MT	914 MT	745 MT
Silicon Gas Sales	543 MT	832 MT	2,561 MT	3,075 MT

Butte Operations

• › Revenues of \$29.6M, down 9.5% sequentially
  • Polysilicon sales volume lower than planned
  • Silicon gas sales volume up 5.4% sequentially
  • Silicon gas sales price down 3.7% sequentially
• › EBITDA contribution of \$2.6M
  • \$2.2M increase in EBITDA contributed vs. last quarter

Financial Position

• › 31 December 2024 cash balance \$10.3M
  • \$13.3M decrease during Q4'24
• › Nominal debt \$418.0M
  • \$21.7M increase during Q4'24
    • \$25.0M increase in term loans
• › Nominal net debt \$407.8.8M
  • \$35.0M increase during Q4'24
    • \$13.3M decrease in cash
    • \$21.7M change in nominal debt
• › Optimizing capital structure and executing financing strategy
  • USD 50M maturing in June 2025
  • New USD 40M term loan from Hanwha with January 2026 maturity
    • Financing of Moses Lake shutdown and transition period
    • Existing USD 50M bridge loans from Hanwha rolled into the new loan with the same maturity
  • USD 30M prepayment reversal deferred to January 2026
  • USD 250M bank loans maturing April, July, and September 2026
  • Will continue to evaluate further financing options
    • Inclusive of underutilized and non- core asset disposal

Debt Maturity Profile

(USD Million)

NEW STRATEGIC DIRECTION

Strategic Priorities

Stabilizing the business while capturing growth opportunities

01

Executing strategic transition to a pureplay silicon gas producer positioning the company for future growth.

02

Returning to profitability by aggressively cutting costs and focusing on higher value offerings. 03

Optimizing operations by shutting down noncore facilities, maintaining optionality and focusing on plant capacity loading.

04

Maintaining market share in key areas while aligning with rapidly growing applications to drive growth.

05

Optimizing capital structure and executing financing strategy.

Strategic Transition to a Pure-Play Silicon Gas Producer

Targeting better margins and less price volatility Priority to maximize Butte capacity

BT Silane BT Silane Typical price range for differentiated silane gas Production cost Margin Silane gas Silane production cost Margin Polysilicon Incremental poly production cost Typical price range solar grade polysilicon Higher price points for specialty gases 2024 Medium term ong term Capacity ~ 7,400 mtpa Silane and specialty gases Silane and specialty gases Silane and specialty gases Anodes Anodes Potential for expansion Plus ~ 24,000 Moses Lake capacity

Silane Gas is Used for a Variety of Purposes

Strong Growth in Core Markets

Silicon gas potential* in a market forecast scenario

* Assuming growth in line with market development forecasts

** Includes solar cell manufacturing capacity under construction only

Silicon Anode Market

• › 10x growth in anode capacity for EV batteries to 2040
• › Silicon anode material to capture significant market share
• › Traditional Si
  • − Metallurgical
  • − Fine Silicon Particulate
• › Next Gen Si
  • − Silane and solid-state silicon

Silicon AAM technology trend

Anode capacity requirements (GWh)

SUMMARY

• › 2025 priorities are to stabilize the business while capturing growth opportunities
  • Executing strategic transition to a pure-play silicon gas producer positioning the company for future growth.
  • Returning to profitability by aggressively cutting costs and focusing on higher value offerings
  • Optimizing operations by shutting down non-core facilities, maintaining optionality and focusing on plant capacity loading
  • Maintaining market share in key areas while aligning with rapidly growing applications to drive growth
  • Optimizing capital structure and executing financing strategy

Thank you.

REC Silicon ASA Q1 2025 May 8, 2025

REC Silicon ASA

Lysaker Torg 5, 3 etg. PO Box 63 1324 Lysaker Norway

Phone +47 407 24 086

About REC Silicon

REC Silicon is a global leader in silane based high purity silicon materials. We combine 40 years experience and best-in-class proprietary technology to deliver on customer expectations. Our two U.S. based plants have a combined production capacity of more than 30,000 MT of high purity silane gas. Our Signature Silane® based products are used in everyday quality of life technologies, emerging technologies, cutting edge power and memory devices, high-voltage transmission, as well as renewables. REC Silicon is headquartered in Lysaker, Norway and listed on the Oslo stock exchange under the ticker: RECSI.

www.recsilicon.com