Elkem (ELK) Q3 & Capital markets update 2026 earnings summary

Executive summary

• Q3 operating income was NOK 3,587 million and EBITDA NOK 554 million, down 2% and 14% YoY, respectively; EBITDA margin was 15%.

• Foundry Alloys and Carbon supported results, while Silicon remained pressured by weak silicon and ferrosilicon prices.

• Priorities include cost competitiveness, protecting existing positions, and selective profitable growth; the through-cycle EBITDA margin target is above 20%.

Financial highlights

• Q3 EBIT was NOK 312 million; profit for the period was NOK 319 million and EPS NOK 0.87.

• YTD operating income was NOK 10,956 million and EBITDA NOK 1,393 million; YTD EPS was NOK -1.18, impacted by discontinued-operation losses.

• Q3 operating cash flow was NOK 421 million; YTD operating cash flow was NOK 1,368 million, supported by working-capital improvements.

• Cost actions reduced headcount by 400 against a target of 300 and cut indirect costs by NOK 600 million; annual savings are expected to exceed NOK 600 million.

Outlook and guidance

• Q4 Silicon results are expected to remain stable; Foundry Alloys stable with seasonally lower sales, and Carbon modestly improved as some markets recover.

• Silicon prices rose modestly in Q3 and early Q4; further normalization would strengthen the 2027 outlook, while Q4 impact is limited by timing.

• Cost reductions are expected to support results; EU protective measures could improve market conditions.

• The 2030 target to reduce CO2 emissions by 25% remains under pressure from low-priced imports without CO2 costs.