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REC Silicon Remuneration Information 2026
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Remuneration Information
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RECSILICON
Remuneration report 2025
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Advancing Materials, Advancing Technology
REC Silicon is a global leader in silane-based, high-purity silicon materials.
With two U.S.-based manufacturing facilities and sales support offices in both Asia and the United States, REC Silicon is leading energy and technology providers worldwide in shaping the future with advanced silicon materials.
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REC Silicon remuneration report 2025
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CONTENTS
- Purpose of the report 4
- Remuneration of Group Management 6
- Share based, Long Term Incentive Program, LTIP 9
- Remuneration of the Board of Directors 11
- Compliance with Remuneration Guidelines 11
- Derogations and Deviations from Remuneration Guidelines 11
- Comparative information on the change of remunerations and Company performance 12
- Information on the shareholder vote 14
- Statement by the board 14
Independent auditor's assurance report on report on salary and other remuneration to directors 15
Definition of alternative performance measures 16
CONTENTS
1. Purpose of the report
This report on salaries and other remuneration to leading personnel (the "report") of REC Silicon ASA (the "Company") is based on the guidelines for the determination of salaries and other remuneration of leading personnel in the Company which were approved by the Company's general meeting on June 25, 2025 ("Guidelines").
This report is based on the requirements set out in the Norwegian Public Limited Companies Act of June 13, 1997, no. 45 (the "Companies Act") section 6-16a and 6-16b, as well as Regulation on guidelines and report on remuneration for leading personnel of December 11, 2020, No. 2730 (the "Regulation"). The report is formulated in line with the European Commission's template for remuneration reports.
The information included in the report is derived from the audited annual report for REC Silicon ASA for the financial year 2025. The report also contains additional information to meet the requirements of the Regulation, and to explain Board and Group Management remuneration. All amounts are in USD unless otherwise specified.
Information required by the Norwegian Act relating to Annual Accounts of July 17, 1998, no. 56 ("Accounting Act") section 7-31 b is included in the Company's annual report for 2025.
1.1 Company Performance in 2025
Introduction
REC Silicon is a global leader in silane-based, high-purity silicon materials. With two U.S.-based manufacturing facilities and sales support offices in both Asia and the United States, REC Silicon supplies leading energy and technology providers worldwide, helping to shape the future with advanced silicon materials.
The core product for REC Silicon's activities is silane gas (SiH4). It is the simplest and purest form of silicon and is used as a stand-alone product for use in semiconductors, flat panel displays, solar panels and as material for silicon anode batteries. It is also refined into specialty gases for advanced use in the semiconductor industry.
Operations
On December 30, 2024, REC Silicon announced the permanent shutdown of its granular polysilicon operations in Moses Lake. As a result, the granular polysilicon line met the criteria for classification as a discontinued operation. Following the cleanout process, which was completed in early March 2025, ongoing costs associated with maintaining the Moses Lake facility in a condition that would allow for a potential silane restart are reported as continuing operations within the Moses Lake segment.
REC Silicon manufactures silicon gases at its Butte, Montana facility, which supplies silicon gases for semiconductors, flat panel display, and solar applications. Total loaded silicon gas production amounted to 2,202 metric tons (MT) in 2025, compared with 2,639 MT in 2024, representing a decrease of 437 MT.
Revenues
Total revenues from continuing operations for 2025 was USD 78.2 million compared with USD 140.8 million for 2024.
Total Silicon gas sales decreased by 366MT to 2,194MT in 2025 compared with 2,561MT in 2024.
Earnings
EBITDA from continuing operations amounted to a loss of USD 8.5 million in 2025, compared with a loss of USD 17.9 million in 2024. The improvement in EBITDA was primarily attributable to reduced spending in the Other segment. EBITDA generated by the Butte segment decreased by USD 10.2 million to USD 2.7 million in 2025.
Earnings before financial items and income taxes (EBIT) from continuing operations amounted to a loss of USD 26.0 million in 2025, corresponding to a negative margin of 33.2 percent, compared with a loss of USD 78.9 million and a negative margin of 56.1 percent in 2024.
Loss from total operations amounted to USD 63.1 million in 2025, compared with a loss of USD 457.4 million in 2024. The loss in 2024 was primarily driven by a USD 353.1 million loss from discontinued operations related to the Moses Lake segment.
REC Silicon remuneration report 2025
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CONTENTS
Key figures in Company Performance
Revenues from continuing operations
EBIT from continuing operations
EBITDA from continuing operations
Silicon gas sales volumes
Earnings per share from continuing operations
REC Silicon remuneration report 2025
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CONTENTS
2. Remuneration of Group Management
Members of Group Management are those that lead the business and make operational decisions. The company considers the positions of Chief Executive Officer (CEO), Chief Financial Officer (CFO), and Chief Strategy Officer (CSO) as leading personnel for the company.
Members of group management subject to prevailing guidelines for both 2025 and 2024:
- CEO – Kurt Levens
- CFO – Jack Yun
- CSO – Dylan Jung (until September 30, 2025). The CSO position was not filled following his departure.
2.1 Remuneration Overview
The remuneration to group management covered by the guidelines may consist of
- Fixed remuneration - Reflects the individual’s position and degree of responsibility and market rates at the relevant location. Fixed remuneration is made up of:
- Base Salary represents the amount paid during the year.
- Pension which is a fixed percentage and is for a defined contribution plan.
- Fringe Benefits are other fixed benefits and can include; overseas allowance, medical insurance, housing, company car, and cash in lieu of paid time off.
Fixed cash salary allows REC to attract and recruit senior executives that are necessary for the long-term profitability and sustainability of the Company. Fixed cash salaries shall reflect the individual’s position and degree of responsibility. The size of the fixed cash salary shall reflect market rates at the relevant location. The salary shall be competitive with comparable businesses within the industry and shall reflect the scope and responsibilities of the position, as well as the skills, experience, and performance of each senior executive. The fixed cash salaries have no specified maximum levels.
- Variable remuneration - Depends upon the competencies, performance, and dedication, measured through clearly established result parameters or Key Performance Indicators (KPIs). Maximum performance bonus payout for REC Silicon Management varies between 50 percent of annual salary for Kurt Levens to no stated maximum for Jack Yun and Dylan Jung. Variable remuneration is made up of:
- One year variable for bonus earned during 2025 and is payable in 2026
- Multi-year variable for a share-based incentive program which is discussed in section 3.
Remuneration packages for the Group Management comprise a base salary, a short-term cash-based incentive or “STIP”, a long-term share-based incentive, “LTIP”, a pension contribution and other benefits. The fixed remuneration enables the executives to take decisions with a long-term perspective in mind without undue considerations for short- or long-term incentives. The variable remuneration is designed to promote performance in line with the Company’s strategy and to further align the interests of the Group Management and shareholders.
Company guidelines do not include a right to reclaim variable compensation. Therefore, there is no claw-back of compensation provided under the Company’s variable compensation plans.
The Company’s bonus program includes the requirement that the employee must be employed by the Company at the date of the bonus payout date.
Bonus, STIP, Criteria for 2025
Short term incentive was linked to a combination of financial, operational, and strategic performance criteria. The specific targets and thresholds for the performance criteria are considered commercially sensitive and are not disclosed.
REC Silicon remuneration report 2025
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Goals established for 2025 included the following:
- EBIT target for the company (14 percent weight and was not met)
- EBIT margin target for the company (6 percent weight and was not met)
- EBITDA target for the Moses Lake segment (10 percent weight and was met)
- Silane gas sales volume (20 percent weight and was not met)
- Specialty gas sales volume (20 percent weight and was not met)
- Securing a silane gas supply contract with a battery anode company with minimum quantities and prices (30 percent weight and was not met)
Bonus Criteria for Kurt Levens
Mr. Levens was eligible for a maximum bonus of 50 percent of base salary. His bonus was set by the above.
Bonus Criteria for Jack Yun
Mr. Yun did not have a maximum bonus as a percentage of base salary. His bonus was set by the above.
Bonus Criteria for Dylan Jung
Mr. Jung did not have a maximum bonus as a percentage of base salary. His bonus was set by the above.
The table below shows the 2025 targets and results for short-term variable compensation plans for group management. Targets for 2025 were established by the Board of Directors to incentivize and reward the achievement of Company goals related to financial performance and the strategic direction of the Company.
| Name and position | Performance Criteria | Performance Criteria/Weighting | Minimum Target | Actual Performance |
|---|---|---|---|---|
| Kurt Levens, CEO | Financial | 14% | Total EBIT | not met |
| Financial | 6% | EBIT percentage | not met | |
| Jack Yun, CFO | Financial | 10% | EBITDA for Moses Lake | met |
| Operational | 20% | Silane Gas Sales Volume | not met | |
| Dylan Jung, CSO | Operational | 20% | Specialty Gas Sales Volume | not met |
| Strategic | 30% | Supply contract with battery anode company | not met |
The criteria for Moses Lake EBITDA was met, however no bonus was approved for Group Management.
Key developments in Executive Management Remunerations
The remuneration of executives during 2025 was governed by the Guidelines for Salary and other Remuneration to Leading Personnel (the "Guidelines") in REC Silicon ASA, which was adopted at the Annual General Meeting in 2025.
All remuneration paid to Group Management (the "Management") in 2025 was in accordance with the approved Guidelines. Total remuneration to Management amounted to USD 1,465,535 in 2025, compared with USD 1,429,057 in 2024.
Total remuneration for the Chief Executive Officer ("CEO") in 2025 amounted to USD 841,642 (USD 784,111 in 2024). Of this amount, USD 851,704 relates to fixed remuneration, while variable remuneration amounted to negative USD 10,062. Variable remuneration in both years includes negative amounts related to the share option plan, reflecting the decline in REC Silicon's share price during the period.
REC Silicon remuneration report 2025
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Remuneration of Group Management
2025
| Name and position (Amounts in USD) | Fixed remuneration | Variable remuneration | Total Remuneration | Proportion of fixed and variable remuneration | |||
|---|---|---|---|---|---|---|---|
| Base Salary | Pension Expense | Fringe benefits | One-year variable Earned | Multi-year variable Earned | |||
| Kurt Levens, CEO | 765,000 | 35,000 | 51,704 | 0 | -10,062 | 841,642 | 101.2% -1.2% |
| Jack Yun, CFO | 142,592 | 0 | 265,216 | 0 | 0 | 407,808 | 100.0% 0.0% |
| Dylan Jung, CSO Until September 30 | 62,956 | 0 | 153,128 | 0 | 0 | 216,085 | 100.0% 0.0% |
| Totals | 970,548 | 35,000 | 470,049 | 0 | -10,062 | 1,465,535 | 100.7% -0.7% |
2024
| Name and position (Amounts in USD) | Fixed remuneration | Variable remuneration | Total Remuneration | Proportion of fixed and variable remuneration | |||
|---|---|---|---|---|---|---|---|
| Base Salary | Pension Expense | Fringe benefits | One-year variable Earned | Multi-year variable Earned | |||
| Kurt Levens, CEO | 765,000 | 34,500 | 77,517 | 0 | -92,906 | 784,111 | 111.8% -11.8% |
| Jack Yun, CFO | 156,020 | 0 | 256,280 | 0 | 0 | 412,300 | 100.0% 0.0% |
| Dylan Jung, CSO | 88,683 | 0 | 143,962 | 0 | 0 | 232,645 | 100.0% 0.0% |
| Totals | 1,009,703 | 34,500 | 477,760 | 0 | -92,906 | 1,429,056 | 106.5% -6.5% |
Anchor AS, the Company's primary shareholder, is a subsidiary within the Hanwha group (Hanwha Corporation and Hanwha Solutions). The Chief Financial Officer and former Chief Strategy Officer were assigned from affiliated entities within the Hanwha group. In connection with these international assignments, the Company provides assignment-related benefits consistent with customary international assignment practices, including
overseas allowance, housing, transportation, and relocation support. These benefits are contractual in nature and not performance-based. Due to the structure of these arrangements, reported fringe benefits for the CFO and CSO are higher than base salary, reflecting the full cost of assignment related benefits recognized by the Company during the year.
REC Silicon remuneration report 2025
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3. Share based, Long Term Incentive Program, LTIP
3.1 Introduction
The share-based incentive program was intended to award and incentivize outstanding performance by eligible employees and to attract and retain strong talent in business-critical functions. No shares have been granted since 2021. All remaining shares granted in 2021 will expire on July 1, 2026, and have no value as of December 31, 2025.
The synthetic options under this program entitle the holder to receive a cash payment equivalent to the difference between a specific number of options multiplied by the strike price for such options and the same number of REC shares multiplied by the weighted average market price of REC shares on the disbursement dates. The options entitlement does not need to be exercised by any action by the eligible employee and will be automatically disbursed by REC following the applicable disbursement date for such year. The share options granted to eligible employees can be cancelled in their entirety if the eligible employee ceases to be employed by REC Silicon. Employees who retire retain share options granted under the plan.
The tables below contain information on the number of shares and share options granted or offered to group management and information on the number of share options granted or offered for the reported financial year respectively. Kurt Levens had previously been granted options while in his role as senior vice president of Butte operations. He was not granted any options in 2025 or 2024. In the tables, the main conditions for the exercise of the rights including the exercise price and date and any change thereof appear. The cash payment is limited to a maximum amount in each calendar year. The maximum amount is each employee's base salary effective January 1 in the year of the relevant disbursement date.
The value of unvested options is calculated using the Black Scholes option pricing model and may not match actual payments made depending upon the market value of the Company's stock on the exercise date. As of December 31, 2025, the remaining options have zero value and will expire on July 1, 2026. During 2025 no members of group management received payment under this program. (see following table).
REC Silicon remuneration report 2025
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3.2 Shares granted or offered for the reported financial year
There were no shares granted or offered during 2025.
Kurt Levens, CEO
| Specification of plan | Plan period | Award date | Vesting Dates | End of holding period | Information regarding the reported financial year | ||||
|---|---|---|---|---|---|---|---|---|---|
| Opening balance | During the year | Closing balance | |||||||
| 2021 Plan - Strike Price NOK 17.5 | 2021 - June 30 2026 | May 11, 2021 | June 30, 2024 33.33% | July 1, 2026 | 133,279 | 0 | 0 | 133,279 | 133,279 |
| June 30, 2025 33.33% | $0 | $0 | |||||||
| June 30, 2026 33.33% | |||||||||
| 2020 Plan - Strike Price NOK 3.5 | 2020 - June 30 2025 | May 12, 2020 | June 30, 2023 33.33% | July 1, 2025 | 40,534 | -40,534 | 0 | 0 | |
| June 30, 2024 33.33% | |||||||||
| June 30, 2025 33.33% | |||||||||
| Total Shares | 173,813 | -40,534 | 0 | 133,279 | 133,279 | ||||
| Total USD | $10,062 | $0 | $0 | ||||||
| Information regarding the reported financial year | |||||||||
| Opening balance | During the year | Closing balance | |||||||
| Shares previously awarded | Shares awarded/ (expired) | Shares exercised / Settled in Cash | Shares subject to a performance condition | Shares awarded and unexercised at year end subject to a holding period / Value | |||||
| Kurt Levens | Shares | 173,813 | -40,534 | 0 | 133,279 | 133,279 | |||
| USD | $0 | $0 | |||||||
| Jack Yun | Shares | 0 | 0 | 0 | 0 | 0 | |||
| USD | |||||||||
| Dylan Jung | Shares | 0 | 0 | 0 | 0 | 0 | |||
| USD | |||||||||
| Total Shares | 173,813 | -40,534 | 0 | 133,279 | 133,279 | ||||
| Total USD | $10,062 | $0 | $0 |
REC Silicon remuneration report 2025
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4. Remuneration of the Board of Directors
Each year, the nomination committee proposes fees for the Chairmen of the Board of Directors and members of the Board of Directors. There is no additional compensation for Board members who serve on the compensation or the audit committees. Amounts are fixed in NOK. At the Annual General Meeting held on June 25, 2025, board fees were set until the AGM of 2026. The remuneration shall be:
Chair of the board NOK 0
Deputy chair NOK 0
Other Board members NOK 925,000
The table below shows remuneration paid to board members in 2025.
| USD | Member at December 31, 2025 | Board compensation |
|---|---|---|
| Tae Won Jun - Chairman of the board | Yes | - |
| Renate Oberhoffer | Yes | 68,314 |
| Vivian Bertseka | Yes | 87,494 |
| Jooyong Chung | No | - |
| Robert Neuhauser | No | 43,024 |
| John Adams | No | 11,475 |
| Karina Fossmark | No | 11,352 |
| Jane Power | No | 11,352 |
| Jens Ultveit-Moe | No | - |
| Mike Kerschen | No | 11,475 |
| Total 2025 | 244,488 |
5. Compliance with Remuneration Guidelines
The remuneration of the Board and key group management complies with the Remuneration Guidelines adopted by the Annual General Meeting on June 25, 2025.
6. Derogations and Deviations from Remuneration Guidelines
The Guidelines were approved by the Company's Annual General Meeting on June 25, 2025, and as of the date of this report no changes to the Guidelines have been proposed.
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7. Comparative information on the change of remunerations and Company performance
The table below contains information on the annual amount and change of remuneration of each individual member of group management compared with the prior year. Additionally, the performance of the Company and average remuneration on a full-time equivalent basis of employees of the Company over the current plus five most recent years is presented.
Remuneration of Group Management
| USD | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Kurt Levens (CEO) | NA | NA | 232,890 | 885,221 | 784,111 | 841,642 |
| Change from prior year | NA | 652,331 | -101,110 | 57,531 | ||
| Percent change from prior year | NA | 280.1% | -11.4% | 7.3% | ||
| Jack Yun (CFO) | NA | NA | 133,798 | 444,465 | 412,300 | 407,808 |
| Change from prior year | NA | 310,667 | -32,165 | -4,492 | ||
| Percent change from prior year | NA | 232.2% | -7.2% | -1.1% | ||
| Dylan Jung (CSO) | NA | NA | 34,511 | 221,391 | 232,645 | 216,085 |
| Change from prior year | NA | 186,879 | 11,254 | -16,560 | ||
| Percent change from prior year | NA | 541.5% | 5.1% | -7.1% | ||
| Douglas Moore (Interim CFO) | NA | 15,790 | 193,964 | NA | NA | NA |
| Change from prior year | NA | 178,173 | NA | NA | NA | |
| Percent change from prior year | NA | 1128.4% | NA | NA | NA | |
| James A. May II (CFO/Interim CEO) | 515,902 | 462,704 | 947,859 | NA | NA | NA |
| Change from prior year | 214,265 | -53,199 | 485,156 | NA | NA | NA |
| Percent change from prior year | 71.0% | -10.3% | 104.9% | NA | NA | NA |
| Tore Torvund (CEO) | 1,955,838 | 1,716,032 | NA | NA | NA | NA |
| Change from prior year | 964,295 | -239,806 | NA | NA | NA | NA |
| Percent change from prior year | 97.3% | -12.3% | NA | NA | NA | NA |
| Total Group Management | 2,471,741 | 2,194,526 | 1,543,023 | 1,551,077 | 1,429,056 | 1,465,535 |
| Change from prior year | 1,178,560 | -277,214 | -651,504 | 8,054 | -122,020 | 36,479 |
| Percent change from prior year | 91.1% | -11.2% | -29.7% | 0.5% | -7.9% | 2.6% |
Average remuneration on a full-time equivalent basis of employees (excluding group management)
| USD | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Employees of the Group | 134,008 | 141,087 | 137,661 | 158,626 | 166,350 | 168,935 |
| Percent change from prior year | 3.7% | 5.3% | -2.4% | 15.2% | 4.9% | 1.6% |
| Average number of employees | 275 | 280 | 309 | 429 | 477 | 248 |
| Group Revenues | 122.1 | 143.2 | 147.8 | 140.8 | 140.8 | 78.2 |
| Group EBITDA | 23.8 | 7.7 | -34.9 | -15.7 | -17.9 | -8.5 |
| Group EBIT | -38.9 | -20.8 | -20.8 | -35.5 | -78.9 | -26.0 |
| Group EBIT Margin | -31.9% | -14.5% | -14.1% | -25.2% | -56.1% | -33.2% |
| Earnings per share from continuing operations | -0.16 | -0.12 | -0.21 | 0.23 | -0.25 | -0.14 |
REC Silicon remuneration report 2025
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The table that follows contains information on the annual amount and change of remuneration of each individual member of the board of directors compared with the prior year.
Remuneration of Board of Directors
| USD | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amount | Change % | Amount | Change % | Amount | Change % | Amount | Change % | Amount | Change % | Amount | Change % | |
| Tae Won Jun | NA | NA | - | - | - | - | ||||||
| Renate Oberhoffer | NA | NA | 48,054 | NA | 86,647 | 80.3% | 86,116 | (0.6%) | 68,314 | (20.7%) | ||
| John Adams | 11,475 | NA | ||||||||||
| Karina Fossmark | 11,352 | NA | ||||||||||
| Jane Power | 11,352 | NA | ||||||||||
| Jens Ultveit-Moe | 56,492 | -5.8% | NA | NA | NA | NA | - | |||||
| Mike Kerschen | 11,475 | NA | ||||||||||
| Vivian Bertseka | NA | NA | NA | 88,559 | NA | 87,569 | (1.1%) | 87,494 | (0.1%) | |||
| Jooyong Chung | NA | NA | NA | NA | - | - | ||||||
| Robert Neuhauser | NA | NA | NA | NA | 32,216 | NA | 43,024 | 33.5% | ||||
| Roberta Benedetti | NA | NA | NA | 86,055 | NA | 52,698 | (38.8%) | NA | ||||
| Dong Kwan Kim | NA | NA | - | - | NA | NA | ||||||
| Koo Yung Lee | NA | NA | - | NA | NA | NA | ||||||
| Maeng Yoon Kim | NA | NA | - | NA | NA | NA | ||||||
| Seung Deok Park | NA | NA | - | NA | NA | NA | ||||||
| Annette Malm Justad | 45,005 | NA | 50,393 | 12.0% | 15,585 | (69.1%) | NA | NA | NA | |||
| Audun Stensvold | 25,203 | NA | 39,006 | 54.8% | 12,988 | (66.7%) | NA | NA | NA | |||
| Heike Heiligtag | NA | NA | 24,225 | NA | NA | NA | NA | |||||
| Kjell Inge Røkke | NA | 62,507 | NA | NA | NA | NA | NA | |||||
| Lene Landay | NA | 35,857 | NA | NA | NA | NA | NA | |||||
| Espen Klitzing | 64,502 | 41.2% | 6,784 | (89.5%) | NA | NA | NA | NA | ||||
| Ragnhild Wiborg | 35,860 | -14.0% | NA | NA | NA | NA | NA | |||||
| Inger Berg Ørstavik | 61,063 | 46.5% | 6,784 | (88.9%) | NA | NA | NA | NA | ||||
| Terje Osmundsen | NA | NA | NA | NA | NA | NA | ||||||
| Total Board of Directors | 288,124 | 24.9% | 201,330 | (30.1%) | 100,852 | (49.9%) | 261,261 | 159.1% | 258,600 | (1.0%) | 244,486 | (5.5%) |
REC Silicon remuneration report 2025
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CONTENTS
8. Information on the shareholder vote
Pursuant to the Companies Act Section 6-16 b (3), this report shall include an explanation on how the result of the general meeting’s advisory vote over the report on salary and other remuneration to leading personnel for the previous year has been regarded. On June 25, 2025, the following resolution was passed. “The report for remuneration of executive personnel is approved.”
9. Statement by the board
The Board of Directors of REC Silicon has today considered and approved the remuneration report for REC Silicon ASA for the year ended December 31, 2025. The remuneration report has been prepared in accordance with Section 6-16 b of the Public Limited Liability Companies Act and the regulations pursuant to this Act.
The remuneration report will be presented to the Annual General Meeting that will take place during the first half of 2026 for an advisory vote.
Lysaker, March 25, 2026
Board of Directors
Document is signed electronically
Jong Wuk Park
Chairman of the Board
Vivian Bertseka
Member of the Bard
Dr. Renate Oberhoffer
Member of the Board
William K. Levens
President and CEO
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Deloitte.
To the General Meeting of Rec Silicon ASA
INDEPENDENT AUDITOR'S ASSURANCE REPORT ON REPORT ON SALARY AND OTHER REMUNERATION TO DIRECTORS
Opinion
We have performed an assurance engagement to obtain reasonable assurance that REC Silicon ASA's report on salary and other remuneration to directors (the remuneration report) for the financial year ended 31 December 2025 has been prepared in accordance with section 6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation.
In our opinion, the remuneration report has been prepared, in all material respects, in accordance with section 6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation.
Board of directors' responsibilities
The board of directors is responsible for the preparation of the remuneration report and that it contains the information required in section 6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation and for such internal control as the board of directors determines is necessary for the preparation of a remuneration report that is free from material misstatements, whether due to fraud or error.
Our independence and quality control
We are independent of the company as required by laws and regulations and the International Ethics Standards Board for Accountants' Code of International Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. The firm applies International Standard on
Deloitte AS
Dronning Eufemias gate 14
Postboks 221
NO 0103 Oslo
Norway
+47 23 27 90 00
www.deloitte.no
Quality Management, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
Auditor's responsibilities
Our responsibility is to express an opinion on whether the remuneration report contains the information required in section 6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation and that the information in the remuneration report is free from material misstatements. We conducted our work in accordance with the International Standard for Assurance Engagements (ISAE) 3000 – "Assurance engagements other than audits or reviews of historical financial information".
We obtained an understanding of the remuneration policy approved by the general meeting. Our procedures included obtaining an understanding of the internal control relevant to the preparation of the remuneration report in order to design procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. Further we performed procedures to ensure completeness and accuracy of the information provided in the remuneration report, including whether it contains the information required by the law and accompanying regulation. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Oslo, 25.03.2026
Deloitte AS
Espen Johansen
State Authorised Public Accountant
(This document is signed electronically)
Deloitte AS and Deloitte Advokatfirma AS are the Norwegian affiliates of Deloitte NSE LLP, a member firm of Deloitte Faculty Tohmeiras Limited, a UK private company limited by guarantee ("DTL"), DTL and each of its member firms are legally separate and independent entities. DTL and Deloitte NSE LLP do not provide services to clients. Please see www.deloitte.com/odisol to learn more about our global network of member firms
Deloitte Norway conducts business through two legally separate and independent limited liability companies: Deloitte AG, providing audit, consulting, financial advisory and risk management services, and Deloitte Advokatfirma AS, providing tax and legal services.
Regional / Financials registered
Medlemmer av Den norske Reispolimering
Organisasjonsnummer: 866 211 382
REC Silicon remuneration report 2025
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Definition of alternative performance measures
An Alternative Performance Measure (APM) is a measure of historic or future financial performance, financial position, or cash flows other than a financial measure defined or specified in the applicable financial reporting framework.
The Company has identified the following APMs used in the remuneration report:
| EBITDA | EBITDA is an acronym for Earnings Before Interest, Tax, Depreciation, and Amortization. EBITDA is EBIT excluding depreciation, amortization, and impairment. |
|---|---|
| EBITDA from continuing operations is reflected on the consolidated statement of income on the line titled EBITDA. EBITDA has been reported as a loss of USD 8.5 million for the year ended December 31, 2025, and a loss of USD 17.9 million for the year ended December 31, 2024. | |
| EBIT | EBIT is an acronym for Earnings Before Interest and Tax and represents profit/loss excluding income tax expense/benefit, net financial items, and share of profit/loss from investments in associates. |
| EBIT from continuing operations is reflected in the consolidated statement of income on the line titled EBIT. EBIT has been reported as a loss of USD 26.0 million for the year ended December 31, 2025, and a loss of USD 78.9 million for the year ended December 31, 2024. | |
| EBIT margin | EBIT margin is calculated by dividing EBIT by revenues. EBIT and revenues are reflected in the Company's statement of income. |
| EBIT margin from continuing operations has been calculated and is reported in the comparative information table in section 7. |
REC Silicon remuneration report 2025
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RECSILICON
REC Silicon ASA
Lysaker Torg 5, 3 etg.
PO Box 63
1324 Lysaker
Norway
Phone +47 407 24 086
About REC Silicon
REC Silicon ASA is a leading producer of advanced silicon materials, supplying high-purity polysilicon and silicon gases to the solar and electronics industries worldwide. We combine nearly 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. 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
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