REC Silicon — Interim / Quarterly Report 2026

May 7, 2026

REC Silicon - First Quarter 2026 Results

REC Silicon - First Quarter 2026 Results

Oslo, Norway - May 7, 2026: REC Silicon ASA (REC Silicon or the Company)

reported first quarter 2026 revenues from continuing operations of USD 19.5

million compared to USD 20.1 million in the fourth quarter of 2025. The

Company also reported an EBITDA loss from continuing operations of USD 3.8

million compared to an EBITDA loss of USD 3.7 million in the prior quarter.

EBITDA from the Butte segment was USD 2.2 million during the quarter compared

to USD 1.6 million in the previous quarter.

Silicon gas sales volumes for the quarter totaled 515 MT, down from 540 MT in

the previous quarter. Combined with a 0.3% decrease in sales price and lower

polysilicon volumes, Butte revenues decreased by 3.1% compared to the fourth

quarter of 2025.

REC Silicon reported cash balances of USD 5.2 million on March 31, 2026,

compared to USD 7.3 million on December 31, 2025. In the first quarter, net

cash inflows from financing activities totaled USD 8.4 million primarily from

USD 10.0 million in new loans.

Post quarter end, the company closed a rights issue raising gross proceeds of

NOK 972.6 million for the repayment of advance payments related to a long-term

offtake contract, repayment of existing debt facilities, in addition to

funding of general corporate purposes and operational expenses.

"REC Silicon is pleased that the rights issue is complete and is appreciative

of the support from shareholders especially the Company's largest shareholder

Anchor AS, for its willingness to fully underwrite the completed rights

issue. With the proceeds, the Company will reduce some debt and have cash

available for operations during the transition to a silicon gases-focused

company. Operationally, we continue our focus on reducing costs while

simultaneously working opportunities to increase revenue" said Kurt Levens,

CEO of REC Silicon.

For more information, please see the attached first quarter 2026 report and

presentation.

The Company will host a digital presentation of the results today at 8:00 a.m.

CEST. The presentation can be accessed at www.recsilicon.com or with the

following link: https://qcnl.tv/p/dFm7JAlH-uRP0ZtZHWgjcw

Following the presentation, it will be opened for questions from the audience.

Webcast participants need to register to post questions.

The presentation and the following Q&A session will be in English.

Contacts

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Nils O. Kjerstad

IR Contact

Phone: +47 9135 6659

Email: nils.kjerstad@recsilicon.com

About REC Silicon

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

high-purity silicon gases to the solar and electronics industries worldwide.

We combine over 40 years of experience and proprietary technology with the

needs of our customers. Listed on the Oslo Stock Exchange (ticker: RECSI), the

Company is headquartered in Lysaker, Norway.

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

This information has been submitted pursuant to the Securities Trading Act §

5-12 and MAR. The information was submitted for publication, through the

agency of the contact persons set out above, at 2026-05-07 06:30 CEST.