Financial Performance
Elkem reported a Q4 2025 EBITDA of NOK 890 million, a 24% decrease from the previous year. Total operating income was NOK 7,284 million, down 14% year-on-year. Earnings per share were negatively impacted by the Silicones division, resulting in a loss of NOK 0.28 for the quarter.
Silicones Division Sale
Elkem entered a definitive agreement to sell the majority of its Silicones division to Bluestar. The transaction will be settled by redeeming all of Bluestar's 338,338,536 shares in Elkem, enhancing Elkem's financial flexibility and focus on metals and materials.
Division Performance
Silicon Products faced low silicon and ferrosilicon prices, with a 14% drop in operating income and a 53% decline in EBITDA. Carbon Solutions reported an EBITDA of NOK 174 million, down 38% due to lower sales volume. Silicones saw a 6% EBITDA increase despite a 14% reduction in operating income.
Safety Incident
A tragic accident occurred on 22 December 2025 at a Silicones R&D pilot workshop in Lyon, France, resulting in four injuries and two fatalities. Comprehensive investigations are underway, with corrective actions planned.
Market Outlook
Elkem anticipates ongoing market uncertainties due to trade regulations. Silicon Products is reducing capacity in Norway to manage inventory, expecting a negative EBITDA effect but positive cash flow. Carbon Solutions foresees slight sales volume improvement, while Silicones may benefit from higher prices in China.
