Elkem Q2 2026 results: cost reductions and balance‑sheet strengthening

Financial performance

Elkem reported Q2 EBITDA of NOK 523 million, down 19% year‑on‑year, on total operating income of NOK 3,708 million, down 4%. The Silicon Products division saw a 4% revenue decline and a 28% drop in EBITDA year‑on‑year, while Carbon Solutions delivered EBITDA of NOK 172 million, down 29% due to lower volumes and prices.

Balance sheet and refinancing

The company raised NOK 1,800 million in equity, refinanced main bank facilities of EUR 1,000 million and obtained a NOK 750 million loan from the Nordic Investment Bank. At 30 June Elkem held NOK 4,876 million in cash, more than NOK 4,500 million in undrawn credit lines, net interest‑bearing debt of NOK 6,593 million (3.2x EBITDA) and equity of NOK 12,628 million (44% of total assets).

Transformation and cost measures

Organisational streamlining is completed. A programme launched in March initially targeted ~300 FTEs but will near a reduction of 400 FTEs, aiming for annual savings above NOK 600 million. The company targets a working capital reduction of NOK 1,000 million and has achieved NOK 841 million YTD; investments are capped at NOK 1,000 million for 2026.

Operations, markets and governance

Silicon and ferrosilicon prices remained weak and EU safeguard measures have so far had limited impact, though tighter supply could follow tariff changes effective 1 July 2026. Elkem Iceland has been reclassified as discontinued operations. Elkem signed a 1,534 GWh PPA with Statkraft for 2031–2037. Dag Teigland will become CEO effective 3 August 2026 and Helge Aasen will assume the chair; reporting will shift from Q3 to three new divisions: Elkem Silicon, Elkem Foundry Alloys and Elkem Carbon.