Elkem Q3 2025: Strong Operations and Cost Improvements Boost Results
- EBITDA for Q3 2025 was NOK 829 million, down 33% from last year.
- The Silicones division sale is expected to close in H1 2026.
- EU safeguard measures may affect ferrosilicon and foundry alloys.
- US imposed a 16.87% CVD on Norwegian silicon imports.
Financial Performance
Elkem reported an EBITDA of NOK 829 million for Q3 2025, a 33% decrease from the same period last year. Total operating income was NOK 7,523 million, down 7% year-on-year. Earnings per share were NOK 0.05 for the quarter, impacted by the Silicones division's performance.
Divisional Insights
The Silicon Products division faced challenges with low silicon and ferrosilicon prices, resulting in an 8% drop in operating income and a 53% decline in EBITDA. Carbon Solutions reported an EBITDA of NOK 231 million, down 14% due to lower sales prices and higher raw material costs. Silicones saw a 23% increase in EBITDA to NOK 248 million, despite a 6% reduction in operating income.
Strategic Review
Elkem is proceeding with the strategic review of its Silicones division, aiming to complete the sale in the first half of 2026. The sale is part of a plan to streamline operations and focus on growth in Silicon Products and Carbon Solutions.
Trade Measures
The EU is considering safeguard measures that could affect ferrosilicon and foundry alloys, with unclear implications for Norway and Iceland. The US has imposed a 16.87% countervailing duty on silicon imports from Norway, related to CO2 quotas and compensation under EU rules.
Source: Elkem