Elkem

Investor Presentation • Jul 11, 2025

Second quarter results 2025

Highlights

Market update & outlook

02

Financial performance

03

Appendix

04

01

Highlights

Helge Aasen Chief Executive Officer

ਓਵ

Elkem continues to face weak market conditions. However, our strong cost position and solid operational performance ensures stable financial results.

Highlights

Strong cost positions ensure stable financial results

• Market conditions remained weak in the second quarter, but results supported by good operational performance
• Silicon Products was impacted by weak demand and price pressure, mainly due to Chinese imports to EU
• · Carbon Solutions delivered continued strong performance
• Silicones improved results compared to the previous quarter and second quarter 2024
• = Norwegian Ministry of Climate and Environment concluded in favour of Elkem's complaint of unequal treatment in allocation of free emission allowances under EU ETS from 2021 to 2025
• · Strategic review to streamline the Elkem's business portfolio is onqoing. A status update will be provided during the third quarter

Elkem - continuing operations*

Total operating income MNOK 4 325

EBITDA MNOK 547

EBITDA margin 13%

Elkem including Silicones

Total operating income MNOK 7 982

EBITDA MNOK 803

EBITDA margin 10%

Strong ESG performance

Green leadership

• Elkem supports the green transition through the supply of critical materials, and works systematically to cut emissions, reduce waste and resource-use. Our efforts are recognised through top ESG ratings from EcoVadis and CDP
• As a further recognition, Elkem has also made it to CDP's Supplier Engagement Assessment A-list for the 2024 disclosure cycle
• · In June, Elkem was awarded NOK 33 million from Innovation Norway to pilot green products using recycled slag and silicon

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

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

Elkem's plants and price areas in Norway

Energy cost position

New long-term power contract securing favourable cost position

• In the second quarter 2025, Elkem entered into a new long-term power contract. The volume is 300 GWh/yr in the NO4 price area, supporting Elkem's plant in Salten. The contract period is from 2028 to end of 2037
• Last year, Elkem signed new long-term power contracts for a total of 610 GWh/yr in the price areas NO3 and NO4
• Elkem is well covered with long-term contracts at competitive rates in Norway, with the longest contract expiring in 2037

Share of electricity consumption hedged for Norway plants

Markets

Strategic opportunities in infrastructure, digitalisation and defence

Sustainable global infrastructure

• Elkem provides advanced silicon-based materials for construction, energy, mobility and smart cities
• · The recently-opened Chenab Railway Bridge the world's highest single-arch rail bridge used Elkem Microsilica® to ensure long-term durability
• This milestone in India highlights Elkem's growing role in sustainable global infrastructure

Industrial Al for a greener future

• Norway is investing NOK 1 billion in six national Al centres to advance key sectors including energy, health, logistics, and manufacturing
• · Elkem is a partner in the Centre on Al for Decisions, contributing industrial expertise and data to enable smarter, more sustainable manufacturing

Materials for advanced defence technologies

• NATO allies have committed to increase defence spending to 5% of GDP, marking a major shift from the previous 2% target
• · European Defence Industry Programme (EDIP) will strengthen defence by modernising and securing critical supply chains
• Elkem is well-positioned as a key supplier of silicon and ferrosilicon, which are essential for advanced defence technologies

General markets

Automotive remains weak, but outlook improving

• Light vehicle production remains at low levels, but with slight upward revisions. Markets constrained by trade uncertainty and structural headwinds
• Europe's 2025–2026 outlook has improved slightly, helped by expected US tariff cuts-though softer demand in late 2025 tempers the gain
• China's 2025 forecast was lifted to 31.1 million units, driven by domestic incentives and a rebound in exports. Yet, overcapacity and price competition continue to weigh on the market, especially in the EV segment
• · Forecasts across the Americas show regional divergence, with upgrades in North America driven by tariff relief and production momentum, while South America sees a more modest gain

Light vehicle production forecast (million units)

Price decline in EU and China

• The market sentiment remains weak, characterised by high uncertainty and low demand
• · End of June, reference prices in EU were reduced by around 20%, reflecting a declining spot trend in the quarter. Prices have come down to an unsustainable level, driven by Chinese imports
• The US silicon market is experiencing continued downward pressure, but prices have stabilised
• In China, silicon prices have continued to drop due to overcapacity and weak demand from the polysilicon segment. Announced production cuts may improve the supply-demand balance
• On-going safeguard investigation in EU expected to limit price pressure from imports

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

@Elkem

-EU S! 633 - US St 633

Ferrosilicon market

Ferrosilicon prices under pressure

• Market sentiment characterised by sluggish demand and downward price pressure
• EU prices declined due to trade diversion caused by higher import barriers in US. Producers in Brazil, Malaysia and Kazakhstan increasingly focusing on the EU market
• US prices increased in the second quarter driven by new antidumping and subsidy rates on Brazil, Malaysia and Kazakhstan in addition to reciprocal import duties
• In China prices have reached historic lows. Steel mills have delayed their tenders and trading in the spot market remained slow. Chinese overcapacities are exerting pressure on global prices
• On-going safeguard investigation in EU expected to limit price pressure from imports

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

Carbon market

Demand for core products impacted by sluggish market

• · Demand for carbon products varies across regions driven by steel, ferroalloys, and aluminium
• · Global steel production in Q2-2025 down 2% compared to last year
  • · Europe down 2% while North America increased by 3% driven by tariffs
• The challenging conditions in steel and ferroalloys persist, but Carbon Solutions' specialty offerings are providing resilience and stability

Crude steel production (million mt)

Silicones market

Decline in raw material costs pushing prices to new lows

• Market sentiment remains subdued due to overcapacity in China and reduced demand from construction, textiles, and chemical sectors
• DMC prices in China down to CNY 10 400 per ton by the end of second quarter. Price decline driven by lower raw material costs and price dumping to reduce high inventory levels
• Demand for commodity silicones in the EU and the US negatively impacted by changing tariff polices. In general, solid demand for specialties

DMC reference price China (CNY/mt)

Source: China Ferroalloynet. Elkem has changed the source for DMC prices in China to Ferroalloynet. These prices have on average been around CNY 200 below previous reference prices

Outlook for the third quarter 2025

• Market conditions remain subdued, but Elkem's financial performance is supported by strong cost and market positions
• Silicon Products experiencing challenging markets and deteriorating reference prices, but leading cost positions alleviating negative impact
• · Carbon Solutions benefits from good cost positions and geographically diverse customer portfolio
• Silicones markets expected to remain stable at low levels. Current price levels are not deemed sustainable in the long-term

Financial performance

Elkem group

EBITDA impacted by lower sales prices but supported by strong cost positions

2Q 2024 Si. Prod. Carbon Silicones Elm/Oth. 2Q 2025

Decrease mainly explained by Silicon Products due to lower sales prices

2Q 2024 Si. Prod. Carbon Silicones Elm/Oth. 2Q 2025

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 803
  • Segment Other included realised derivative effects of MNOK -2
• Other items MNOK 74
  • Consisting of gains on power and currency derivatives MNOK 165, currency losses MNOK -71, and restructuring expenses MNOK -20
• Net finance income (expenses) MNOK -488
  • · Consisting of net interest expenses MNOK -150, currency losses of MNOK -317, and net other financial items of MNOK -21
• = Tax MNOK 19
  • Includes recognition of deferred tax assets MNOK 49
  • Elkem has succeeded in a tax appeal in Norway resulting in reimbursement of MNOK 205 including interest in 3Q-2025, of which MNOK 24 will have a P&L impact

Consolidated key figures
--------------------------	--

	Elkem Group incl. Silicones				Elkem - Continuing operations
(NOK million, except where specified)	2Q 2025		2Q 2024 YTD 2025 YTD 2024		20 2025		2Q 2024 YTD 2025 YTD 2024
Total operating income	7 982	8 490	15 999	16 450	4 325	5 010	8 670	9 798
EBITDA	803	1 035	1721	1777	547	1 005	1 257	1837
(1) EBIT	174	272	375	407	305	647	773	1 260
Other items	74	-35	81	-234	85	18	122	-196
Net finance income (expenses)	-488	-218	-679	-256	-454	-199	-613	-225
Profit (loss) before income tax	-304	-11	-362	-322	-127	436	145	600
lax	19	892	-113	789	46	909	-69	809
Profit (loss) for the period	-285	881	-474	467	-81	1346	77	1 408
Key ratios
EPS (NOK per share)	-0.49	1.35	-0.82	0.65
Equity ratio (%)	50 %	51 %	50 %	51 %
Net interest bearing debt (NIBD) (2)	11 403	9 263	11 403	9 263
Leverage ratio	2.8	3.1	2.8	3.1
Reinvestments % of D&A	65 %	71 %	57 %	60 %
ROCE (annualised) (%)	2%	3 %	2%	2%

(1) Operating profit before other items and derivative 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

Weak commodity markets impacting results

• Total operating income of MNOK 3 550, down 13% from the second quarter last year
  • Lower operating income mainly explained by lower sales prices
• EBITDA of MNOK 345, down 54% from the second quarter last year
  • Explained by lower sales prices. The ferrosilicon market was particularly weak, while other segments were holding up
  • · Negative sales mix effects due to lower demand for high purity grades
• The sales volume was in line with the second quarter last year. Markets are still weak, but Elkem has maintained high capacity utilisation

Total operating income

NOK million

Carbon Solutions

Stable results amid challenging market

• Total operating income MNOK 854, down 15% from the second quarter last year
  • Lower operating income was mainly explained by lower sales volume and lower sales prices
• EBITDA of MNOK 242, down 27% from the second quarter last year
  • Mainly explained by lower sales volume, lower sales prices and higher raw material costs
• Sales volume down from second quarter last year, but in line with previous quarters. Idled steel capacity in EU affecting volumes

Total operating income

NOK million

EBITDA and margin

NOK million and %

Silicones - Under strategic review

Continued EBITDA improvements due to stronger costs positions

• Total operating income of MNOK 3 876, up 3% from the second quarter last year
  • Higher sales volume was partly countered by lower commodity sales prices
• = EBITDA of MNOK 247, significantly up from second quarter last year
  • · Mainly driven by improved cost positions, operational excellence, and lower raw material costs
• = Sales volume up 22% compared to second quarter 2024, mainly due to higher commodity sales in the Asia Pacific reqion

Total operating income

NOK million

Robust equity position - EPS negatively affected by Silicones which is under strategic review

Good maturity profile

• • Leverage ratio of 2.8x based on LTM EBITDA of BNOK 4.1
• = Good financing position
  • Well distributed and managed maturity profile with low upcoming debt repayments
  • The interest cover ratio was 6.2x by end of second quarter 2025

China loans

1.6

Low investments improving cash flow generation

Cash flow from operations(1) was MNOK 308 in the second quarter 2025 ■ Cash flow excluding Silicones was MNOK 323 in the quarter			in each of the divisions			Investments ex. M&A of MNOK 464 in the second quarter 2025 ▪ Reinvestments MNOK 401, amounting to 65% of D&A ▪ Strategic investments MNOK 64, related various smaller projects
Cash flow from operations NOK million	2024 = 2025	Investments ex. M&A NOK million					2024 = 2025
779 381 330 308 116 38 1Q 2Q 3Q 4Q		Total Strategic investments Reinvestments	615 318 298 1Q	701 257 414 445 362 2Q	537 464 156 401 381	1164 227 937 3Q	4Q

Second quarter 2025

Key take-aways

• Markets still characterised by uncertainty and geopolitical volatility. Elkem to focus on cash generation and disciplined capital spending
• Silicon Products continues to face low demand but is well positioned due to strong cost and market positions. All furnaces in operation by the start of third quarter
• Carbon Solutions benefitting from good cost positions and geographically diverse market positions
• Silicones benefitting from improved cost positions in China and France. Trade tensions affecting the business, but Elkem's broad geographical footprint provides attractive opportunities
• Norwegian Ministry of Climate and Environment decision in favour of Elkem secures equal treatment
• Strategic review to streamline the company's business portfolio is l underway, with a target to conclude before year-end

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

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

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

35

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 &

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

Industry players - examples

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

ORICA

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

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

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 300
  • 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 550 over the coming 12 months. CNY is not hedged

Currency development

• As of 30 June 2025, the NOK 4% weaker against the EUR, 4% stronger against USD, and 3% stronger against CNY compared to 31 March 2025
• In 2Q-2025, the NOK was on average 1% weaker against EUR, 4% stronger against USD, and 4% stronger against CNY compared to 2Q-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. 3.5 TWh is in Norway. Near term exposure to spot power prices is limited
  • Norway, hedging programme mainly consisting of long-term contracts covering around 75% of full capacity consumption until 2030. After 2030, 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.

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