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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.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.
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