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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
5N Plus
5N Plus (VNP) investor relations material
5N Plus Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary4 Aug, 2026
Executive summary
Q2 2026 revenue rose 28% year-over-year to $122.4 million, with first-half revenue at $240.3 million, driven by higher volumes in renewable energy, bismuth-based products, and Specialty Semiconductors.
Adjusted EBITDA for Q2 2026 increased 10% to $26.6 million, with YTD Adjusted EBITDA at $55.8 million and margin at 21.7%.
Net earnings for Q2 2026 were $19.7 million ($0.22/share), up from $15.2 million ($0.17/share) in Q2 2025.
Operational challenges included higher input and chemical costs, unplanned equipment maintenance, and integration of new equipment and employees, but these are being addressed.
The business remains focused on disciplined execution, capacity expansion, and maintaining financial flexibility.
Financial highlights
Q2 2026 revenue: $122.4 million, up 28% year-over-year; H1 revenue: $240.3 million, up 30%.
Adjusted gross margin in Q2: $37.0 million (30.3% of sales), up 12% year-over-year, but margin percentage declined from 34.6% due to higher input costs.
Adjusted EBITDA in Q2: $26.6 million, up 10%; H1 adjusted EBITDA: $55.8 million.
Net earnings: $19.7 million ($0.22/share) vs. $15.2 million ($0.17/share) in Q2 2025.
Net debt at end of June: $23.7 million, down from $50.3 million at end of 2025; net debt/adjusted EBITDA ratio improved to 0.21x.
Outlook and guidance
Reaffirmed 2026 full-year adjusted EBITDA guidance of $100–$105 million, reflecting confidence in continued revenue growth and higher gross margin dollars in H2.
Margins expected to remain under pressure in the near term due to higher metal and chemical costs, with partial recovery expected over at least two quarters.
Backlog at June 30, 2026 stood at $420.0 million, representing 313 days of annualized revenue; Specialty Semiconductors backlog at maximum 365 days, with 2026 and 2027 sold out.
Bookings for both Specialty Semiconductors and Performance Materials declined sequentially.
Focus remains on productivity initiatives and capacity expansion to drive efficiency and scale.
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Latest events from 5N Plus
- Revenue up 33% and adjusted EBITDA up 41% in Q1 2026, with strong backlog and outlook.VNP
Q1 2026 - Record revenue and EBITDA growth in FY 2025, with strong 2026 outlook and robust backlog.VNPQ4 2025
- Record Q3 revenue and EBITDA, raised guidance, and strong sector demand drive growth.VNPQ3 2025
- Record revenue and EBITDA drive higher annual guidance amid strong sector demand.VNPQ2 2025
- Q2 revenue and EBITDA surged, with backlog at $245M and guidance at the high end.VNPQ2 2024
- Q3 revenue up 25%, Adjusted EBITDA up 62%, with margin and earnings growth driving guidance higher.VNPQ3 2024
- Record Q1 revenue and margin growth, with robust outlook and reduced net debt.VNPQ1 2025
- Record revenue and EBITDA growth in 2024; 2025 guidance raised amid sector demand.VNPQ4 2024
Next 5N Plus earnings date
Q3 20263 Nov, 2026
5N Plus
Next 5N Plus earnings date
Q3 20263 Nov, 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.