REC Silicon

Investor Presentation • May 10, 2024

First 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, andneither 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 beoffered 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 GREEN ENERGY TRANSITION

Agenda

• › Highlights and Updates
• › Moses Lake Restart Update
• › Operations
• › Financials
• › Government Initiatives
• › Summary

Highlights and Updates

• › Revenues of \$42.1M driven by increased silane gas sales
• › EBITDA loss of \$31.5M due to startup costs at Moses Lake
  • Moses Lake project cost for completion increased by up to 10%
• › March 31, 2024, cash balance of \$101.1M
  • Cash decrease of \$69.8M due to Moses Lake restart
• › Moses Lake high-purity granular achieved five of six key targeted parameters
• › Extended a long-term silane contract for five years
  • \$85 million estimated contract value
• › Butte Polysilicon exit on schedule

MOSES LAKE RESTART UPDATE

Continual Progress Towards Targets

• › Reactors reach high purity levels quicker than previous generation
  • Demonstrated consistency in low PPB metals
  • Improvements in all targeted specification parameters including C and H2
• › Moses Lake high-purity granular achieved five of six key targeted parameters

Example of actual REC Silicon FBR reactor performance

Total Metals – GB/T Standard

Moses Lake Operating Ramp Status

• › Estimated project completion cost increased by up to 10% due to contract labor, delay and efficiency
• › All construction activity targeted for completion by September
• › Full capability online by the end of the year

OPERATIONS

Silicon Gases

• › Silicon Gas Sales
  • 850 MT shipped in Q1 2024, in line with previous quarter
  • Silicon gas sales price 2.1% increase vs. Q4 2023
  • Spot volumes in China-related markets under pressure
• › Still signs of potential improvement in H2 2024
  • Memory market continues to improve
  • Forecast volumes recovering for silicon gas products
  • Possible silicon anode production volumes later this year
• › Continuing opportunity
  • Five-year silane distribution contract estimated at ~\$85 million extended
  • Ten new bulk silane user locations to come online later this year
  • Discussions continue with silicon anode producers over silane supply

Silicon Gas Sales Volumes (MT)

Semiconductor Grade Polysilicon

• › Semiconductor Grade Polysilicon
  • 134 MT shipped in Q1 2024 vs. 145 MT in Q4 2023
  • Total polysilicon sales 181 MT
  • Average polysilicon price increase of 1.2% vs. Q4 2023
    • Realized ASP for semiconductor grade polysilicon increased 9.5%
• › Exit plan continues on schedule
  • Energy intensive activities to cease before next period of forecasted "high cost" electricity
  • Will fulfill all commitments and clear inventories by year end

Semiconductor Grade Polysilicon

Sales Volumes (MT)

PV Polysilicon

• › Solar demand forecast for 2024 over 500 GW
  • Total installations in China forecasted at 250 GW for 2024
  • Module inventory build will reduce demand in US for 2024
  • US companies file new AD/CVD case
• › Prices 2024
  • China prices now below cash cost for most producers
  • Outside China polysilicon prices gap increasing
  • Continue pricing pressure throughout supply chain
• › Polysilicon expansion
  • China slowing down expansion plans but still will double capacity
  • OCI announced expansion in Malaysia

N-Type Polysilicon USD/KG

Source: PV Insights

FINANCIALS

Group Earnings

› Revenues \$42.1M

• Polysilicon sales volume decrease by 0.5% vs. Q4-23
• Silicon gas sales volume increase by 2.1% vs. Q4-23
• › EBITDA (\$31.5M)
  • Impacted by restart activities at Moses Lake
• › Semiconductor materials segment
  • EBITDA of \$2.8M
• › Solar materials segment
  • Net expense of \$26.8M
• › Other
  • Net expense of \$7.5M

(Millions USD)	Q1-24		Q1-23		2023		Q4-23
Semiconductor Materials	\$ 42.0		\$ 29.0		\$ 140.6		\$ 40.3
Solar Materials	0.2		0.1		0.4		0.1
Other	0.0		0.1		0.2		0.0
Revenues	\$ 42.1		\$ 29.1		\$ 141.1		\$ 40.5
Semiconductor Materials	\$ 2.8	\$	(3.4)		\$ 14.0	\$	1.1
Solar Materials	(26.8)	(11.7)		(64.8)		(25.8)
Other	(7.5)		(8.0)		(29.7)		(6.5)
EBITDA	\$ (31.5)		\$ (23.0)		\$ (80.5)		\$ (31.2)
EBITDA Margin	(74.7%)		(79.2%)		(57.0%)		(77.0%)
Polysilicon Production (Granular)	464 MT		NA		NA		NA
Polysilicon Production (Siemens)	256 MT	243 MT		1,103 MT		276 MT
Polysilicon Sales	181 MT		183 MT		745 MT		182 MT
Silicon Gas Sales	850 MT		640 MT		3,075 MT		832 MT

Semiconductor Materials Segment

• › Revenues \$42.0M
  • 4.0% increase in revenues vs. Q4-23
  • Polysilicon sales volume 0.5% decrease vs. Q4-23
    • Semiconductor grade polysilicon decrease by 7.6%
  • Polysilicon sales price 1.2% increase vs. Q4-23
    • Semiconductor grade polysilicon 9.5% increase vs, Q4-23
  • Silicon gas sales volume 2.1% increase vs. Q4-23
  • Silicon gas sales price unchanged vs. Q4-23
• › EBITDA contribution \$2.8M
  • \$1.7M increase in EBITDA contributed vs. Q4-23

Sales Volumes
	Q1-24	Q1-23	2023	Q4-23
Semiconductor	MT	MT	MT	MT
Grade	134	95	524	145
Other	47	88	221	37
Grades	MT	MT	MT	MT
Sales	181	183	745	182
Polysilicon	MT	MT	MT	MT
Silicon Gas Sales	MT 850	MT 640	MT 3 075 ,	MT 832

Cash Flows

• › March 31, 2024 cash balance \$101.1M
  • \$69.8M decrease in cash during Q1'24
• › Cash flows from operating activities (\$33.2M)
  • (\$31.5M) EBITDA
  • \$1.6M working capital
    • \$3.4M decrease in inventories
    • \$6.3M decrease in receivables
    • (\$8.1M) decrease in payables
  • \$1.8M interest received
  • (\$5.2M) interest paid
  • \$0.2M other items
• › Cash inflows from investing activities (\$34.7M)
  • (\$34.7M) capital expenditures
• › Cash flows from financing activities (\$1.8M)
  • (\$1.8M) payment of lease liabilities

Cash Flows (USD Million)

• › Nominal Debt \$353.1M
  • \$1.0M decrease during Q1-24
    • \$1.0M changes in lease liabilities
• › Nominal net debt \$251.9M
  • \$68.7M increase during Q4-23
    • (\$69.8M) decrease in cash
    • \$1.0M change in nominal debt

Debt Maturity Profile (USD Million)

GOVERNMENT INITIATIVES

Governmental Initiatives

› IRA

• Expect domestic content rules within next couple months
  • Indications around support for recognizing some upstream materials
• › Trade Action
  • American Alliance for Solar Manufacturing Trade Committee filed a set of antidumping and countervailing duty petitions with U.S. International Trade Commission
• › CHIPS ACT
  • US Government announced several agreements with Semiconductor Fabs
• › Bipartisan Infrastructure Bill
  • Second round of battery grants
    • Supports the infrastructure to build out a supply chain (workers, labs, education)
• › Government Action
  • Trace Act
    • DOE to evaluate supply of critical materials for battery

SUMMARY

Summary

• › Moses Lake restart progress continues
  • System has achieved most of the initial key purity targets
  • First commercial delivery expected by the end of Q2
  • 100% capacity expected by the end of 2024
• › Semiconductor silicon gas segments demonstrating increased utilization
• › Butte polysilicon exit on track
• › Discussions continue with Silicon Anode material producers resolution expected this year

Thank you.

REC Silicon ASA Q2 2024 August 8, 2024

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.