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5N Plus
5N Plus (VNP) investor relations material
5N Plus Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
FY 2025 revenue grew 35% year-over-year to $391.1 million, driven by higher volumes in Specialty Semiconductors and improved pricing in Performance Materials, with Q4 2025 revenue up 44% to $102.0 million compared to Q4 2024.
Adjusted EBITDA for FY 2025 rose 73% to $92.4 million, exceeding guidance, with Q4 2025 Adjusted EBITDA up 48% to $18.5 million, reflecting strong demand in terrestrial renewable energy and space solar sectors.
Net earnings for FY 2025 reached $50.6 million, up from $14.7 million in FY 2024; basic earnings per share were $0.57, up from $0.17.
Backlog at year-end stood at $394.9 million, representing 353 days of annualized revenue, up 42 days sequentially, indicating strong future sales visibility.
Specialty Semiconductors excelled in renewable energy and space solar sectors, supported by multi-year supply agreements and capacity expansions.
Financial highlights
Full year 2025 revenue increased 35% year-over-year to $391.1 million; Q4 2025 revenue was $102.0 million, up 44% from Q4 2024.
Adjusted gross margin rose 44% to $131.8 million, with a margin of 33.7% of sales; Performance Materials achieved 42.4% margin.
Adjusted EBITDA grew 73% to $92.4 million, with FY 2025 margin at 23.6%, up from 18.4% in FY 2024.
Net debt reduced from $100.1 million to $50.3 million, with a net debt to EBITDA ratio of 0.54 at year-end.
Basic earnings per share for FY 2025 were $0.57, up from $0.17 in FY 2024.
Outlook and guidance
FY 2026 Adjusted EBITDA guidance is $100–$105 million, with higher contribution expected in the second half due to contract release timing.
Revenue growth is expected to outpace EBITDA growth in 2026, with margin pressure anticipated from rising input and operating costs.
Demand in Specialty Semiconductors projected to remain strong, supported by trends in solar energy, AI, and space applications.
Performance Materials demand expected to align with GDP growth, but margins for bismuth-based products are anticipated to normalize.
Backlog at year-end stood at $394.9 million, representing 353 days of annualized revenue, up 42 days sequentially.
Specialty Semi bookings declined Q4. Why?
Q4 adjusted gross margin % declined. Explain
Net debt halved. What's the capital allocation plan?
AI's role in solar energy demand growth
2026 strategies for rising input cost environment
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Germanium award revenue impact timeline
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M&A pipeline and strategic focus
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Next 5N Plus earnings date
Q1 20267 May, 2026
5N Plus
Next 5N Plus earnings date
Q1 20267 May, 2026
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Frequently asked questions
5N Plus Inc. is a specialty materials company that develops and manufactures high-performance metals and chemicals. The company serves industries such as renewable energy, electronics, healthcare, and industrial applications by providing materials like purified metals, compounds, and engineered powders. The company is headquartered in Montreal, Canada, and its shares are listed on the TSX.
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