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Elkem (ELK) investor relations material

Elkem Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary13 Feb, 2026

Executive summary

  • Entered agreement to sell the majority of the Silicones division to Bluestar, settled via redemption of Bluestar's shares, making minority shareholders the new 100% owners and streamlining the business.

  • Q4 2025 results were resilient despite weak demand, supported by cost improvements and strong market positions.

  • Silicones division reclassified as discontinued operations; improved Q4 EBITDA by 6% despite lower sales prices and volumes.

  • Tragic accident at a French plant resulted in two fatalities; safety remains a top priority and investigations are ongoing.

  • Board proposed no dividend for 2025 due to share redemption linked to the Silicones sale.

Financial highlights

  • Q4 2025 operating income was NOK 7,284 million, down 14% year-over-year; EBITDA was NOK 890 million (12% margin), down 24%.

  • Excluding Silicones, Q4 operating income was NOK 4 billion and EBITDA NOK 485 million (12% margin).

  • EPS for Q4 2025 was NOK (0.28); full-year EPS NOK (1.05).

  • Net interest-bearing debt at NOK 11.9 billion; leverage ratio 3.5x LTM EBITDA; equity ratio at 51%.

  • Cash flow from operations in Q4 2025 was NOK 829 million, driven by lower CapEx and positive working capital changes.

Outlook and guidance

  • Trade regulations and protective measures expected to continue impacting markets and create uncertainty.

  • Silicon Products faces subdued demand and is reducing capacity in Norway; negative EBITDA but positive cash flow expected.

  • Carbon Solutions expects slight improvement in sales volumes, but overall demand remains weak.

  • Silicones prices in China have increased due to reduced supply, but demand remains weak.

  • Guidance for 2026 anticipates more than 10% top-line growth and a return to historical earnings levels.

Explain the strategic role of retained Silicones assets
What drives the increased leverage ratio to 3.5x?
Why did EU ferrosilicon safeguards not impact 4Q25?
How will retained Silicones assets integrate
Detail post-refinancing capital structure targets
What M&A/organic growth areas for core divisions
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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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