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Elkem (ELK) investor relations material
Elkem Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Strong operational performance and cost improvements supported results despite low sales prices and challenging market conditions.
Operating income for Q3 2025 was NOK 7,523 million, down 7% year-over-year.
Group EBITDA for Q3 2025 was NOK 829 million (11% margin), down 33% year-over-year.
Silicones division is under strategic review, reclassified as discontinued operations and assets held for sale, with an exclusive sales process expected to close in H1 2026.
Focus remains on cash generation and disciplined capital spending.
Financial highlights
Q3 2025 total operating income: NOK 7,523 million, down 7% year-over-year.
Q3 2025 EBITDA: NOK 829 million, down 33% year-over-year; EBITDA margin at 11%.
Q3 2025 EPS: NOK 0.05; year-to-date EPS: -NOK 0.77, mainly due to losses in Silicones; excluding Silicones, Q3 EPS would have been NOK 0.34.
Net interest-bearing debt at NOK 11.7 billion; leverage ratio 3.1x.
Cash flow from operations improved to NOK 526 million, driven by lower reinvestments and positive working capital changes.
Outlook and guidance
Market conditions remain weak, especially for Silicon Products and Silicones, with overcapacity and low demand.
Carbon Solutions expected to remain resilient due to cost position and geographic diversity, though weak demand persists.
Strategic review and planned deleveraging after Silicones sale are priorities.
Potential EU safeguard measures and US trade regulations could impact future results.
Silicones sale: latest on exclusive process?
What is Norway's US silicon CVD rate?
How do YTD 2025 reinvestments compare to target?
What is Elkem's upside from EU safeguard measures?
How will Elkem achieve deleveraging?
Future CO2 quota cost savings for Elkem?
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Q4 202511 Feb, 2026
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Frequently asked questions
Elkem ASA manufactures and sells metals and materials. The company operates through four segments: Stainless Steel, Special Metals, Mining and Others. It offers pig iron, liquid steel, semi-finished products, slabs and billets, as well as stainless steel products such as billets and slabs. Furthermore, Elkem ASAs' products include iron ore pellets, direct reduced iron (DRI) to various markets; and various other speciality irons. The company sells its products to vehicle manufacturers, electric appliance producers, industrial machinery manufacturers and construction industries. Elkem ASA is based in Oslo, Norway.
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