Elkem posts NOK 554m EBITDA in Q3 2026 as silicon prices weigh

Quarterly results

Elkem reported EBITDA of NOK 554 million for the third quarter 2026, down from NOK 646 million a year earlier, and total operating income of NOK 3,587 million (‑2% versus Q3 2025). The company cited weak commodity sales prices as a drag on results.

Division performance

Elkem Silicon posted operating income of NOK 2,142 million (‑9% year‑on‑year) and an EBITDA decline of 43% year‑on‑year. Elkem Foundry Alloys reported operating income of NOK 1,056 million (+5%) and EBITDA up 7% year‑on‑year. Elkem Carbon delivered operating income of NOK 782 million and EBITDA of NOK 183 million.

Trade measures and emissions

The European Commission initiated an interim review of anti‑dumping duties on silicon imports from China; the review is expected to conclude within 12–15 months and the current duty is 16.8%. The EU also renewed ferrosilicon duties for five years (31.2% for Chinese producers, 22.7% for Russian producers). Elkem received 1.3 million additional free EU ETS allowances for 2021–2025 and was informed its Norwegian plants will receive allowances aligned with comparable EU producers for 2026–2030.

Investments, power and outlook

Elkem will invest NOK 260 million to renew a furnace at Elkem Rana with installation starting in Q1 2027. A new power purchase agreement for the Iceland plant secures 127 MW (~1,035 GWh/year) until March 2039. The company reports cash of NOK 5,459 million, net interest‑bearing debt of NOK 6,459 million (3.3x EBITDA) and an equity ratio of 45% as of 30 September 2026. Management expects stable Q4 results and sees improved market prospects from EU trade measures and a gradual silicon price normalisation.