Elkem

Investor Presentation • Apr 30, 2025

First quarter results 2025

Highlights

Market update & outlook

02

Financial performance

03

Appendix

04

01

Highlights

Helge Aasen Chief Executive Officer

196

While global trade tensions are creating uncertainty, we are confident that Elkem is strategically well positioned to handle the market volatility due to our diversified geographic footprint and independent value chains.

Highlights

Elkem well positioned in turbulent markets

• First quarter was characterised by low demand and turbulent markets. Results were further impacted by maintenance stops and power curtailment
• = EBITDA in the first quarter was NOK 898 million, giving an EBITDA margin of 11%
• Silicones benefitted from improved cost positions, but results hampered by Chinese New Year and maintenance stops
• · Silicon Products was impacted by generally weak markets, maintenance stops in Norway and power curtailment in Iceland
• Carbon Solutions delivered stable performance and high marqins
• · Strateqic review to streamline the company's business portfolio is underway, with a target to conclude before year-end

Elkem - continuing operations*

Total operating income MNOK 4.345

EBITDA MNOK 690

EBITDA margin 16%

Elkem including Silicones

Total operating income MNOK 8.016

EBITDA MNOK 898

EBITDA margin 11%

Strong ESG performance

Green leadership

• Elkem's climate strategy is built on two main pillars: to reduce CO2 and other emissions, and to supply the green transition with critical materials
• Together with shipping partner NCL, Elkem is deploying two new methanolpowered container ships, which trade between Norway and Rotterdam
• In April, Elkem launched a pioneering range of recycled silicones for the label industry, with 70% lower carbon footprint
• Elkem has received top ratings with Platinum rating from EcoVadis, and A on Forest and Water from CDP

Safety

Ambition: Zero injuries

Total injury rate (per million working hours)

2021 2022 2 2023 2 2024 YTD-2025

Sustainability targets

Reduction in CO2 emissions by 2030 25%

Reduction in CO₂ product footprint by 2030

Net zero CO2 emissions

Rated among the world's leading companies

EcoVadis: Platinum for 2024, in the

top 1%

S&P Global

S&P Global CSA: Top 98th percentile

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GDP growth projections in % (source OECD's report March 2025)

	2024	2025	2026
World	3.2	3.1	3.0
G20	3.3	3.1	2.9 1
China	5.0	4.8	4.4
Euro area	0.7	1.0	1.2
United States	2.8	2.2	1.6

Revisions relative to the latest estimates from OECD's December 2024 Economic Outlook

Upward revision by 0.3pp or more

No change or smaller than 0.3pp

Downward revision by 0.3pp or more

Trade measures and effects on Elkem

• The location of Elkem's production sites could offer strategic opportunities to mitigate negative effects from trade measures
• The US has imposed reciprocal tariffs and other ADD/CVD duties, including duties on ferrosilicon from Kazakhstan, Malaysia and Brazil
• EU is assessing trade defence measures that could be positive for our industry
• Although the direct impact is limited, the indirect impact through reduced market demand could be more substantial

Elkem's main trade flows to the US and proposed tariffs

General markets

Mixed impact and revised forecasts in the automotive industry

• The global auto industry is assessing the impact of pending trade tensions
• Demand is showing signs of recovery in some markets, but the overall situation remains vulnerable
• In Europe, the automotive industry has faced challenges from electrification and stagnant demand. Projections for light vehicle production have been upgraded to 16.7 million units for 2025 and 17.3 million units for 2026, due to revisions in EU CAFE regulations
• The forecast for China light vehicle production was increased to 30.7 million units for 2025 and 31.8 million for 2026, driven by the vehicle scrappage policy and strong EV market growth
• Modest growth expected in the Americas, but regional differences

Light vehicle production forecast (million units)

General markets

Increased spending on infrastructure and defence drive metals demand

• · Germany is set to establish a BEUR 500 infrastructure fund, dedicated to overhauling the country's infrastructure network, modernising areas such as energy, transport, digitalisation etc.
• NATO and EU's ReArmEU initiative aim to strengthen and protect supply chains and increase defence spending. Silicon is included in the Defence-Critical Supply Chain Security Roadmap
• · Ferroalloys are used in many applications, serving as alloying materials to produce different steel qualities used in infrastructure and the defence industry
• As one of the world's largest suppliers of both silicon and ferroalloys, Elkem expects to benefit from increased demand as of this year

Use of silicon and ferrosilicon in infrastructure and defence

▪ Silicon is as an alloying material to aluminium and used in construction, automotive, trains, ships, and airplanes

· Ferrosilicon increases the strength, quality and hardness of steel and is used in construction, infrastructure and defence applications such as missiles, aircrafts, submarines, helicopters and munitions

Silicon market

Stable first quarter market prices in EU

• Market sentiment characterised by high uncertainty due to tensions
• EU silicon prices remained stable in the first quarter but were under pressure due to imports and weak demand. Prices have declined by more than 10% since start of second quarter
• The US silicon market is experiencing oversupply, exerting downward pressure on sales prices
• In China, silicon prices have continued to drop due to weak demand and elevated inventory levels. Decline in Chinese demand largely attributed to a decrease in polysilicon production

CRU silicon 99 price EU and US (EUR/mt)

e Elkem

-EU S! 633 - US St 633

Ferrosilicon market

EU ferrosilicon prices slightly improving in the first quarter

• Market sentiment characterised by high uncertainty. High imports to EU may exert renewed downward price pressure
• · EU ferrosilicon prices rose slightly during the first quarter driven by demand from steel markets, particularly in Germany
• · In the US, ferrosilicon prices remain stable. However, potential tariffs and ongoing trade cases are influencing the markets
• In China, ferrosilicon prices are decreasing due to weak demand from the steel industry and high inventory levels

CRU ferrosilicon 75 price EU and US (EUR/mt)

Silicones market

Seasonally reduced demand - DMC prices were rising

• The demand recovery in China is weaker than expected, particularly in sectors like construction, textiles, and chemicals
• Several upstream siloxane plants reduced production in the first quarter due to maintenance activities
• DMC prices in China increased to RMB 14,600 per ton in the first quarter, driven by reduced production and a strong willingness to sustain pricing levels. Early second quarter, DMC prices have declined by more than 15%, impacted by ongoing trade tensions
• The silicones markets in the EU and the US impacted by seasonal factors and weak commodity demand. In general, solid demand for specialties

DMC reference price China (CNY/mt)

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

Carbon market

Underperforming markets impacting demand for core products

• The demand for carbon products is influenced by regional factors, particularly in the steel, ferroalloys, and aluminium sectors
• In the first quarter of 2025, global steel production has fallen by 3% compared to the previous year
  • There has been a decline across all regions
  • Europe experienced a 7% drop, while North America saw a 3% year-on-year decrease
• · Although the steel and ferroalloy markets are currently weak, the specialty product portfolio of Carbon Solutions is supporting stable performance

Crude steel production (million mt)

Europe

Outlook for the second quarter 2025

• Markets characterised by significant uncertainty due to global trade tensions, but Elkem well positioned due to diversified geographic footprint and independent value chains
• Silicones markets likely affected by trade tensions. Disruptions in the Chinese markets may be compensated by new opportunities for Elkem's French production sites
• Silicon Products continues to face low demand. EU reference prices for silicon metal have declined early second quarter. The division still benefits from strong cost and market positions
• Carbon Solutions benefits from good cost positions and geographically diverse market positions

Financial performance

Operating revenue & EBITDA higher than 1Q-2024

e Elkem

Overview financial ratios

• The Silicones division is classified as discontinued operations and assets held for sale. The financial figures below refer to Elkem group including Silicones
• · EBITDA MNOK 898
  • · Segment Other included realised currency hedging losses of MNOK -34
• · Other items MNOK 7
  • Consisting of gains on power and currency derivatives MNOK 38, restructuring expenses MNOK -25, fx gains MNOK 2, and net other items MNOK -8
• Net finance income (expenses) MNOK -192
  • = Consisting of net interest expenses MNOK -171, currency losses of MNOK -15, and net other financial items of MNOK -5
• Tax MNOK -132
  • High tax expenses due to low taxable income for Sillicones

Consolidated key figures

	Elkem Group incl. Silicones			Elkem - Continuing operations
(NOK million, except where specified)	1Q 2025		1Q 2024 YTD 2025 YTD 2024		1Q 2025		1Q 2024 YTD 2025 YTD 2024
Total operating income	8,016	7,961	8,016	7,961	4,345	4,787	4,345	4,787
EBITDA	898	721	898	721	690	811	690	811
(1) EBIT	181	114	181	114	448	593	448	533
Other items	7	-198	7	-198	38	-215	38	-215
Net finance income (expenses)	-192	-38	-192	-38	-159	-26	-159	-26
Profit (loss) before income tax	-58	-311	-58	-311	272	163	272	163
Tax	-132	-103	-132	-103	-115	-101	-115	-101
Profit (loss) for the period	-190	-414	-190	-414	158	63	158	63
Key ratios
EPS (NOK per share)	-0.33	-0.69	-0.33	-0.69
Equity ratio (%)	50%	49%	50%	49%
Net interest bearing debt (NIBD) (2)	10,980	9,098	10,980	9,098
Leverage ratio	2.5	3.1	2.5	3.1
Reinvestments % of D&A	51%	49%	51%	49%
ROCE (annualised) (%)	1%	1%	1%	1%

(1) Operating profit before other items and hedge adjustments

(2) Elkem Group refers to owners of the parent's share of profit (loss).

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

Silicon Products

Impacted by maintenance stops and weak markets

• Total operating income of MNOK 3,530, down 12% from the first quarter last year
  • Lower operating income mainly explained by lower sales volume
• = EBITDA of MNOK 489, down 28% from the first quarter last year
  • The quarter was negatively impacted by maintenance stops at several plants in Norway and power curtailment in Iceland
• Sales volume down 10% from first quarter last year due to generally weak markets

Total operating income

NOK million

Carbon Solutions

Good performance in challenging markets

• Total operating income MNOK 860, up 3% from the first quarter last year
  • Higher operating income generated by favourable sales mix and currency effects, partly countered by lower sales prices
• = EBITDA of MNOK 261, up 5% from the first quarter last year
  • | Mainly explained by favourable product sales mix and positive currency effects
• Sales volume unchanged from first quarter last year. Generally low demand, but increased specialty sales and increased sales in Brazil

Total operating income

NOK million

EBITDA and margin

NOK million and %

Silicones - Under strategic review

EBITDA significantly up from last year

• Total operating income of MNOK 3,873, up 16% from the first quarter last year
  • Higher sales volume was partly countered by lower commodity sales prices
• EBITDA of MNOK 201, substantially up from MNOK -103 in the first quarter last year
  • Mainly driven by improved cost positions and lower raw material costs
  • · Result impacted by maintenance stops in France and China
• Sales volume up 34% compared to first quarter 2024, mainly in the Asia Pacific region

Total operating income

NOK million

Strong equity position - EPS negatively affected by operations that are under strategic review

• Earnings per share (EPS) amounted to NOK -0.33 in the first quarter
  • EPS improved compared to the corresponding period last year, but impacted by losses in Silicones (under strategic review)
  • · EPS excluding Silicones was NOK 0.21 in the first quarter

• ▪▪ Total equity amounted to BNOK 24.9 as at 31 March 2025, down BNOK 1.1 from year-end 2024
  • Equity to total assets (equity ratio) at 50%

Good maturity profile

• Net interest-bearing debt (NIBD) BNOK 11.0 as at 31 March 2025
  • Leverage ratio of 2.5x based on LTM EBITDA of BNOK 4.3
• = Good financing position
  • Well distributed and managed maturity profile with low upcoming debt repayments
  • The interest cover ratio was 5.6x by end of first quarter 2025

Focus on cash flow generation, reducing investments

Key take-aways

• Markets characterised by significant uncertainty due to ongoing disputes on trade and tariffs
• Going forward, Elkem will focus on cash generation and disciplined capital spending
• Silicones benefitting from improved cost positions in China and France. Trade tensions affecting the business, but Elkem's geographical footprint provides good opportunities
• Silicon Products continues to face low demand, but is well positioned due to strong cost and market positions
• Carbon Solutions benefitting from good cost positions and geographically diverse market positions
• Strategic review to streamline the company's business portfolio is underway, with a target to conclude before year-end

27

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

We are Elkem

@ Elkem

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

Why invest in Elkem?

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

Silicones Silicon products Carbon solutions Global producer and provider of silicon, ferrosilicon Fully integrated silicones manufacturer Leading producer of electrode paste and specialty with focus on specialities and specialties products CAD CAD SAN 10% 46% 44% 6 13 12 of operating of operating of operating income income income Main production Main production Main production sites sites sites Fnd markets Fnd markets Fnd markets Construction Healthcare · Automotive Specialty steel = Ferroalloys Solar & wind Automotive ▪ Paper & film release · Construction/ · Silicon industrial turbines Chemical = Silicone rubber · Aluminium I equipment formulators Refractories Textile " Iron foundries Electronics Personal care 트 Oil & qas

Sustainable business model delivering good results

Corporate strategy

Creating value through profitable & sustainable growth

Dual-play growth

• → Driving growth & value creation in all three divisions

• Securing supply chain resilience through geographical diversification

Growth >5% per year

EBITDA >15% per year

Green leadership

• Cutting emissions & resource-use to reach climateneutral production

• → Enabling the green transition through supply of critical materials

Reduce CO2 -25% 2022-30

Net zero by 2050

Silicones

• → Improve underlying profitability & value creation
• → Accelerate product specialisation & circular economy
• → Pursue selective growth initiatives

Silicon products

• Strengthen leading cost positions 个
• → Pursue organic growth & bolt-on acquisitions

• Reduce CO2 emissions & energy consumption

Carbon solutions

• → Further improve profitability through operational excellence
• → Expand green product portfolio
• → Pursue organic growth & bolt-on acquisitions

Energy cost positions

Power a key input factor, Elkem securing favourable cost position

• Elkem is well-positioned with long-term power contracts in Norway. At least 75% of the electricity consumption secured at competitive rates until end of 2029
• In the first quarter 2024, Elkem signed a new power contract for nine years with expiry by end of 2035 with volume of 220 GWh per year in the NO4 price area
• In December 2024, Elkem and Hafslund entered into a long-term power agreement for the period 2028 to 2035 with of approximately 400 GWh per year in the NO3 price area

Salten Forward market prices Rana 2025-2027 < 50 EUR/MWh 50 - 75 EUR/MWh > 75 EUR/MWh Thamshavn NO3 Gross power consumption (GWh) Bremanger Salte NO1 Ran NO5 Thar Bjølvefossen

Bjølv Fisk

Location of Elkem's plants in price areas

NO2

Fiskaa (Carbon Solutions)

SUM	3 550
Fiskaa (Carbon Solutions)	100
Bjølvefossen	350
Bremanger	750
Thamshavn	500
Rana	850
Salten	1 000

Delivering good results over the business cycle

Elkem delivering on its financial targets over the cycle ✔ Operating income CAGR 8% vs target of > 5% per year ✔ EBITDA margin 17% vs target of 15 - 20%

✓ Leverage ratio 1.6x vs target of 1.0 - 2.0x

Operating income

28%

2021

Avg, 17%

2024

2023

EBITDA

Cash flow from operations

Leverage ratio

11%

2020

EBITDA margin

23%

Equity ratio

Figures in NOK billion unless otherwise stated

2 Elkem

Commitment to reduce CO2 emissions through the value chain

38

Solutions to global megatrends

Total production capacity

• → 100,000 mt in France

• 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

Market positions

• One of five global players

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

Industry players - examples

NORDICPAPER ) (Henkel)

Johnson Johnson

UPA

Beiersdorf AVERY AVERY

Rising middle class

Release coating Personal Care Processing aids

Digitalisation

Themo-conductive potting Semiconductors assembly Moisture & shock protection

Industry players - examples

Ageing population

Prosthetics precision moulding Implantable materials Medical adhesives

Industry players - examples

Mobility

Battery thermal management Lightweight materials assembly Lubricant & transmission fluids Airbag textile coating

Decarbonisation

Solar panels assembly Nuclear grades silicones Energy efficient sealant

P&G

L'OREAL

Serving attractive end markets with advanced technologies

Key success factors

R&D, application & formulation expertise

@ Elkem

Cost and volume

Silicon - attractive cost position and downstream integration

Raw materials

Coal and biocarbon

Electricity

Products

Total production capacity

205.000* mt in Norway and China

• 175.000* mt silicon grades

• → 20.000 mt Silgrain®
• → 10.000 mt Silgrain® specialties

Properties

• → Raw material in silicones and polysilicon optimising selectivity
• → Alloy strengthening aluminium
• → Semi-conductor insulating electronics
• → Impurity management KSF

Market dynamics

• → 16% market share ex China (second largest merchant producer)
• → Commodity with index linked prices

30%

of division's sales

2 Elkem

* 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

Silicon Products - Business lines

Ferrosilicon - high quality products to specialty steel

30% of division's sales

Quartz

Raw materials

Coal and biocarbon

Electricity

ron

Products

Total production capacity

• → 185.000 mt in Norway and Iceland

• 40% High Purity grades

• 35% Refined grades

• → 25% Standard grades
• → Flexibility to switch grades

Properties

• → Deoxidising steel
• → Impurity management KSF

Market dynamics

• → 30% market share specialty FeSi globally
• → Commodity with index linked prices

Foundry Alloys - global leader into cast iron metal treatment

Raw materials

Ferrosilicon

Alloying elements

Products

Total production capacity

• → 190.000 mt globally

• 60% FSM

• 20% Low potent inoculants

• → 20% High/Medium potent inoculants
• → Residual capacity utilised for ferrosilicon

Properties

→ Improves properties of ductile iron and controls the microstructure and mechanical properties of cast irons

Market dynamics

• → 50% market share in Europe, North America and India

• Negotiated quarterly prices

Industry players* Iron foundries PSA GROUPE (brembo

C DOHN DEERE

End markets**

30% of division's sales

Microsilica - tailor made products to wide range of specialty applications

Raw materials

Elkem pioneered the development to collect and process the off-gas of silicon and ferrosilicon, and is now the world's leading supplier of microsilica and related products

Products

Total production capacity

• → 300.000 mt microsilica globally (40% sourced externally)
• → 35.000 mt other specialty materials

Properties

• → Additive for concrete to improve durability

• Used in refractories and ceramics for strength and heat resistance

• → Additive in oilfield applications (cementing, drilling fluids and simulation operations)

Market dynamics

→ Global market leader with local presence > Negotiated prices

End markets Construction & infrastructure Refractories & ceramics Oilfield drilling fluids & cementing

10% 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 350
  • USD exposure approx. MUSD 100
  • CNY exposure approx. MCNY 500
• 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 600 over the coming 12 months. CNY is not hedged

Currency development

• As of 31 March 2025, the NOK 3% stronger against EUR, 7% stronger against USD, and 6% stronger against CNY compared to 31 December 2024
• In 1Q-2025, the NOK was on average 2% weaker against EUR, 5% weaker against USD, and 4% weaker against CNY compared to 1Q-2024

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 at least 75% of full capacity consumption until 2029. After 2029, Elkem has a 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 340 per year*

* Sensitivities are on group level and based on annual sales prices are based on LTM CRU prices.

Delivering your potential