REC Silicon

Investor Presentation • Nov 6, 2025

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.

Agenda

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

HIGHLIGHTS AND UPDATES

Highlights and Updates

• › EBITDA from continuing operations of \$-7.2M
• › Restructuring and cost reduction continues including an ~10% reduction in force in Q4 2025
• › Markets challenged by aggressive low-cost Chinese supply, delays in US Semi Fab, PV and Si Anode initiatives
• › USD 20.0 million loans from Hanwha International finalized
• › Ongoing efforts for short and longer-term financing
• › Trade actions and concern around market access create forecast and demand uncertainty for silane gas
• › Offer for shares completed with Anchor AS assuming 60.2% ownership

Butte Silicon Gases

• › Silicon gas sales
• 524 MT shipped in Q3'25 vs 570 MT in Q2'25
• › Market uncertainties continue to impact volumes
• Modest increase in semiconductor materials but market capacity increases are still delayed
• Flat Panel Display saw declines in Q3
• Silicon Anode saw gradual increases in United States and South Korea, but ramp delays persist
• Chinese silane production increases impacted that region
• Photovoltaic saw low utilization in cell production as overall demand remained weak

Silicon Gas Sales Volumes (MT)

FINANCIAL REVIEW

Group Earnings

› Revenues \$16.9M

• Silicon gas sales volume decrease of 8.1% vs. Q2'25
• Selling down Siemens polysilicon inventory as planned
• › EBITDA (\$7.2M)
• › Butte segment
• EBITDA of \$0.1M
• › Moses Lake segment
• EBITDA of (\$4.4M)
  • Net expense of \$4.9M
  • Other income of \$0.5M gain on sale of assets

Butte	\$	0.1	\$ 0.4	\$ 12.9	\$ (0.3)
Moses Lake		(4.4)	-	0.0	9.6
Other		(2.9)	(6.8)	(30.8)	(4.4)
EBITDA	\$	(7.2)	\$ (6.4)	\$ (17.9)	\$ 4.9
EBITDA Margin		(42.7%)	(19.5%)	(12.7%)	24.4%
Silicon Gas Sales		524 MT	515 MT	2,561 MT	570 MT

(Millions USD) Q3 2025 Q3 2024 2024 Q2 2025

Butte \$ 16.8 \$ 32.8 \$ 140.7 \$ 19.8 Moses Lake - - 0.0 0.0

Other 0.0 0.0 0.1 0.0

Revenues \$ 16.9 \$ 32.8 \$ 140.8 \$ 19.9

› Other

• Net expense of \$2.9M

Butte Operations

• › Revenues \$16.8M
• 15.1% decrease in revenues vs. Q2'25
• Polysilicon sales volume as planned
• Silicon gas sales volume 8.1% decrease vs. Q2'25
• Silicon gas sales price 3.6% increase vs. Q2'25
• › EBITDA contribution \$0.1M
• \$0.3M increase to EBITDA contributed vs. Q2'25
  • Planned maintenance outage occurred during Q2'25

Cash Flows

• › September 30, 2025, cash balance \$10.0M
• \$1.7M increase in cash during Q3'25
• › Cash flows from operating activities (\$16.6M)
• (\$7.2M) EBITDA
• (\$1.4M) working capital
  • \$1.3M decrease in inventories
  • \$0.5M change in receivables/prepayments
  • (\$3.2M) decrease in payables and accruals
• (\$7.5M) interest items
  • (\$7.6M) interest paid
  • \$0.1M interest received
• (\$0.5M) other items
• › Cash flows from investing activities (\$0.0M)
• (\$0.7M) capital expenditures
• \$0.6M gain on sale of assets
• › Cash flows from financing activities \$18.3M
• \$20M proceeds from borrowing
• (\$1.7M) payment of lease liabilities

Cash Flows

(USD Million)

Financial Position

• › Nominal debt \$474.1M
• \$18.4M decrease during Q3'25
  • \$20.3M increase in term loans and loan fees
  • (\$1.8M) changes in lease liabilities
• › Nominal net debt \$464.1M
• \$16.7M increase during Q3'25
  • \$1.7M increase in cash
  • \$18.4 increase in nominal debt
• › \$7.0M short-term loan with Anchor AS secured in Q4

Debt Maturity Profile

(USD Million)

STRATEGIC DIRECTION

Adapting Operations to Market Realities

Shortterm

• FPD/PV market challenged by aggressive low-cost Chinese supply
• Delays in US Semi Fab, PV Fab and Si Anode construction
• Weak demand recovery across key segments
• Continued Tariff & Policy Uncertainty

Medium to longerterm

• US Semi Fabs nearing completion but ramp up remains slow
• Battery market gradually emerging but still in early stage of demand growth

Market Context REC Silicon Response Strategic Focus

• Discontinued Butte Polysilicon production
• Discontinued Moses Lake polysilicon restart
• Continued Moses Lake site cost reduction QTR/QTR
• Continued optimization of Butte operations for cost reduction
• SGA target for 2025 still holding
• Focus on improvement in baseline underlying silicon gas sales

Preserving existing positions in Semi and FPD

Preparing for Semi and PV recovery short to mid-term

Positioning for Si Anode opportunity long term

Securing a Sustainable Financial Platform

REC Silicon has made continuous efforts to secure short-term financing while progressing longer-term financing options.

• Postponed repayment of \$30M prepayments to Qcells
• \$20M addition and extension of existing \$30M of Standard Chartered credit facility
• \$60M additions and extension of existing \$50M short-term bridge loan from Hanwha International LLC
• \$10M short-term bridge loan from Hanwha Global Americas
• Offer for outstanding shares from main owner Hanwha

Funding of ongoing operations

\$428M debt maturities

Financial restructuring

YTD 2025 Financing Developments Near-Term Priorities Securing Short and Long-Term Financing

REC Silicon does not have sufficient available cash to meet debt service and other anticipated operating cash flow requirements for the coming year.

• Targeting disposal of non-core assets as means to improve liquidity
• Requires additional financing beyond the existing debt facilities, either from Hanwha or from other sources of capital
• REC Silicon continues to discuss additional financing with Hanwha as well as a more comprehensive restructuring of the \$420M of term loans that mature in 2026

Main Shareholder Assuming 60.2% After Mandatory Offer

• › Anchor AS, a newly formed Norwegian limited liability company established by the two largest shareholders, Hanwha Corporation and Hanwha Solutions Corporation, launched a recommended voluntary offer for all shares at an offer price of NOK 2.20 on 23 May 2025.
• › The offer was completed and settled on 14 July 2025 with Anchor AS receiving acceptances for 43.9% of total shares outstanding.

Voluntary Offer Completion of Mandatory Offer

• › Passing the 33.33% shareholding threshold following the voluntary offer Anchor AS on 31 July 2025, launched a mandatory offer to acquire all shares at an offer price of NOK 2.20.
• › The offer was completed and settled on 29 August 2025 with Anchor AS receiving acceptances bringing the company's total shareholding in REC Silicon to 60.2%.

Update on Legal Processes

• › Request for investigation process dismissed by Norwegian District Court in October 2025
• › Subpoena issued by a U.S. court for the delivery of certain information
• REC Silicon is complying with the Court process

SUMMARY

Summary

• › Markets affected by aggressive competition, trade policy uncertainties, subdued demand and delays in key growth drivers
• › Focus on cost discipline and reshaping of organization for increased efficiency
• › Q4'25 silicon gases shipment target of ~550-600 MT
• › Priority to monetize non-core assets and securing funding for operations
• › REC Silicon continues to discuss additional financing with Hanwha as well as a more comprehensive restructuring

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.

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