5N Plus (VNP) investor relations material

Executive summary

• Q3 revenue rose 30% YoY to $136.4M and adjusted EBITDA increased 7% to $31.1M, driven by higher volumes in both segments.

• Specialty Semiconductors growth reflected terrestrial renewable energy and space solar demand; Performance Materials benefited from higher bismuth-based product volumes.

• FY 2026 adjusted EBITDA is expected at the high end of the $100M-$105M guidance range, with capacity expansion and productivity initiatives supporting growth.

Financial highlights

• Q3 adjusted gross margin increased 10% to $42.8M, but declined to 31.4% of revenue from 36.9% YoY; margin improved sequentially.

• Nine-month revenue rose 30% to $376.6M; adjusted EBITDA increased 17% to $86.8M.

• Net earnings were $12.3M, or $0.14 per share, versus $18.2M, or $0.20 per share, in Q3 2025.

Outlook and guidance

• FY adjusted EBITDA guidance of $100M-$105M was reaffirmed, with results expected at the high end; Q4 adjusted EBITDA is expected to exceed Q4 2025 in absolute terms.

• FY revenue is expected to increase 25%-30% YoY, with adjusted EBITDA up more than 15% versus 2025.

• H2 adjusted gross margin is expected to align with Q2's 30.3%, plus or minus 1 percentage point; Q4 margin is expected slightly below Q3 on lower volumes.

• Customer cost pass-throughs continue through 2027 and are expected to be substantially completed in H2 2027; some Specialty Semiconductors recovery may occur sooner.