Oslo, 30 April 2025

Elkem's EBITDA for the first quarter 2025 was NOK 898 million, up from NOK 721
million in the corresponding quarter last year. The first quarter was
characterised by weak demand and turbulent markets. In addition, results were
impacted by maintenance stops and power curtailment. The strategic review to
streamline the company's business portfolio is underway, with a target to
conclude before year-end.

Elkem's total operating income for the first quarter 2025 was NOK 8,016 million,
which was 1 per cent higher than the first quarter 2024. Earnings before
interest, taxes, depreciation and amortisation (EBITDA) was NOK 898 million, up
25 per cent from the corresponding quarter last year. Earnings per share (EPS)
was NOK -0.33 in the quarter, negatively impacted by the results in Silicones,
which has been classified as discontinued operations.

In the first quarter, the Silicones division delivered an EBITDA significantly
higher compared to the same period last year and a 16 per cent increase in
operating income, in large part due to improved cost positions. The Silicon
Products division was impacted by generally weak markets, maintenance stops in
Norway and power curtailment in Iceland, resulting in a 12 per cent reduction in
total operating income and 28 per cent EBITDA decline year-on-year. Carbon
Solutions maintained a stable performance and high margins, reporting a 3 per
cent increase in total operating income and a 5 per cent increase in EBITDA year
-on-year.

"Market uncertainty has been ramping up due to geopolitical turmoil and trade
tensions, which could dampen global economic growth. However, Elkem's
geographically diversified production sites may offer strategic opportunities to
mitigate the negative effects from trade measures," says Helge Aasen, CEO of
Elkem. "Both the EU and the US are net importers of Elkem's products, including
silicon, ferrosilicon, foundry alloys, and silicones. Thus, the direct effect of
tariffs introduced on either side of the Atlantic could be modest on Elkem.
Indirect effects in the form of reduced overall market demand could be more
substantial, but our business model offers flexibility to address and mitigate
this."

Elkem announced in January 2025 that it has initiated a strategic review of the
Silicones division. The purpose of the review is to streamline Elkem and enable
allocation of capital to accelerate growth in the Silicon Products and Carbon
Solutions divisions. The Silicones division has been reclassified in the
accounts as discontinuing operations and assets held for sale. The strategic
review is underway, with a target to conclude before year-end.

Sustainability is an integrated part of Elkem's strategy. Elkem's climate
strategy is built on two main pillars: to reduce CO2 and other emissions, and
to supply the green transition with critical materials. Elkem is engaged in
several initiatives throughout the value chain to reduce emissions. Together
with shipping partner NCL, the company is deploying two dual-fuel methanol 1,300
TEU container ships, which trade between Norway and Rotterdam. In April 2025,
Elkem also launched a pioneering new range of recycled silicones for the label
industry, with 70 per cent lower carbon footprint.

The group's equity as at 31 March 2025 amounted to NOK 24,875 million, which
gave a ratio of equity to total assets of 50 per cent. Net interest-bearing debt
was NOK 10,980 million, which gave a ratio of net interest-bearing debt to
EBITDA of 2.5x. Elkem had cash and cash equivalents of NOK 4,427 million as at
31 March 2025, and undrawn credit lines of more than NOK 6,000 million.

Markets are characterised by significant uncertainty due to global trade
tensions, but Elkem is well positioned due to diversified geographic footprint
and independent value chains. Silicones markets are likely to be affected by
trade tensions. Disruptions in the Chinese markets may be compensated by new
opportunities for Elkem's French production sites. Silicon Products continues to
face low demand.  EU reference prices for silicon metal have declined early
second quarter, but the division still benefits from strong cost and market
positions. Carbon Solutions benefits from good cost positions and geographically
diverse market positions.

For further information, please contact:
Odd-Geir Lyngstad
VP Finance & Investor Relations
Tel: +47 976 72 806
Email: odd-geir.lyngstad@elkem.com (odd-geir.lyngstad@elkem.com)

Marianne Stigset
VP Corporate Communications & Public Affairs
Tel: +47 411 88 482
E-mail: marianne.stigset@elkem.com

About Elkem
Elkem is one of the world's leading providers of advanced silicon-based
materials shaping a better and more sustainable future. The company develops
silicones, silicon products and carbon solutions by combining natural raw
materials, renewable energy and human ingenuity. Elkem helps its customers
create and improve essential innovations like electric mobility, digital
communications, health and personal care as well as smarter and more sustainable
cities. With a strong track record since 1904, its global team of more than
7,200 people has a joint commitment to stakeholders: Delivering your potential.
In 2024, Elkem achieved an operating income of NOK 33 billion. Elkem has been
awarded top score of A on Forests and Water Security, and B on Climate Change
from CDP. Elkem is listed on the Oslo Stock Exchange (ticker: ELK), where the
company is also included in the ESG Index. www.elkem.com