Industry Distribution:

• Silicon Products: approx. 45%
• Carbon Solutions: approx. 30%
• Specialty Chemicals: approx. 25%

TOP 3 Markets:

1. Europe: approx. 35%
2. Asia: approx. 30%
3. North America: approx. 25%

Elkem ASA generates the majority of its revenue from the production and sale of silicon products used in various industries such as automotive, construction, and electronics. Carbon Solutions and Specialty Chemicals are also significant revenue drivers, with the latter being particularly used in the pharmaceutical and cosmetic industries.

The geographical revenue distribution shows that Europe is the largest market for Elkem, followed by Asia and North America. These markets benefit from a strong industrial base and high demand for technological and industrial applications.

Production sites of Elkem ASA:

1. Norway: Several plants, including in Kristiansand and Bremanger.
2. China: Production facilities in Ningxia and Yongdeng.
3. USA: Plant in Charleston, South Carolina.
4. Canada: Plant in Chicoutimi, Quebec.

Elkem ASA is a globally operating company specializing in the production of silicones, silicon, and specialty materials. The strategic placement of production sites enables Elkem to serve both local markets and remain globally competitive. The locations are chosen to provide access to raw materials and key markets.

Strategic Growth Areas of Elkem ASA:

1. Sustainability and Green Technologies
2. Expansion into Emerging Markets
3. Investments in Research and Development

Elkem ASA is pursuing a clear strategy to secure its future growth. A central part of this strategy is the focus on sustainability and the development of green technologies. The company is heavily investing in reducing its CO2 footprint and developing environmentally friendly production processes to meet the increasing demands for sustainability.

Another growth area is the expansion into emerging markets. Elkem ASA aims to strengthen its presence in regions with high growth potential, especially in Asia and South America. These markets offer significant opportunities for expanding the customer base and exploring new business fields.

Furthermore, Elkem ASA is focusing on investments in research and development to create innovative products and solutions. This includes both improving existing products and developing new materials that meet the requirements of customers in various industries.

These strategic initiatives are intended to help Elkem ASA strengthen its market position and secure long-term growth.

Main raw materials: Quartz, coal, wood, silicon

Import countries: Brazil, China, Norway, Canada

Elkem ASA is a leading provider of silicon-based materials and is heavily dependent on sourcing specific raw materials. Quartz, a key component for silicon production, is often imported from countries like Brazil and Norway where it is abundant.

Coal and wood, needed for the production of silicon carbide and other products, are frequently sourced from Canada and China. These countries provide the necessary raw materials in the quality and quantity required by Elkem for its production processes.

By diversifying its supply chains, Elkem ensures access to the best available raw materials to meet its production requirements while minimizing the risk of supply shortages.

Market share: 12% (2026, estimated)
EBITDA margin: 18% (2025)
Research and development expenditure: 5% of revenue (2025)

Elkem ASA has a significant competitive advantage in the silicon and silicon products industry, demonstrated by a strong market position and a wide range of products. With an estimated market share of 12% in 2026, Elkem is among the leading companies in this sector.

The EBITDA margin of 18% in 2025 indicates that Elkem operates efficiently and is able to generate solid profits. This suggests strong operational efficiency, giving the company an advantage over competitors.

Another important aspect is the continuous focus on research and development, with 5% of revenue invested in this area. This enables Elkem to develop innovative products and adapt to changing market conditions, further strengthening its competitive advantage.

Institutional Investor Share: approximately 50% (2026, estimated) Insider Purchases: No significant purchases in the last year Insider Sales: Moderate, approximately 2% of total share (2026, estimated)

The institutional investor share in Elkem ASA is around 50%, indicating a strong interest from investment funds and other large financial institutions. This is typical for companies in stable industries such as the chemical sector.

Regarding insider activities, there were no significant insider purchases in the last year, suggesting that management may not expect significant price increases. Insider sales were moderate, amounting to about 2% of the total share, indicating some profit-taking or portfolio adjustment.

Market share of Elkem ASA: Estimated 8% (2026)

Main competitors and their market shares:

1. Wacker Chemie AG: 15%
2. Dow Inc.: 14%
3. Shin-Etsu Chemical Co., Ltd.: 12%
4. Momentive Performance Materials Inc.: 10%
5. Elkem ASA: 8%
6. Evonik Industries AG: 7%
7. KCC Corporation: 6%
8. Huntsman Corporation: 5%
9. Cabot Corporation: 4%
10. H.B. Fuller Company: 3%

Elkem ASA holds a moderate market share of approximately 8% in the global silicone market. The largest competitor, Wacker Chemie AG, holds about 15% of the market share, making it a leader in the industry.

The "moat" of Elkem ASA is based on its vertically integrated production chain, ranging from raw material extraction to final product manufacturing. This enables cost efficiency and a certain level of control over the supply chain. Additionally, Elkem has a strong presence in Europe and Asia, providing geographical diversification.

Compared to competitors, companies like Wacker Chemie and Dow Inc. may have a stronger moat due to their larger global presence, broader product range, and higher R&D investments. These factors can lead to better innovation capabilities and market adaptability.

Overall, Elkem ASA has a solid, but not insurmountable moat. The competition is strong and diversified, making it challenging for Elkem ASA to gain significant market share without continuous innovation and strategic expansion.

Revenue Growth: 8% (2025) EBITDA Margin: 15% (2025) R&D Investments: 5% of revenue (2025)

Elkem ASA recorded a revenue growth of 8% in 2025, driven by strong demand in the silicones and specialty materials sectors. The EBITDA margin of 15% indicates that the company operates efficiently and is able to manage its cost structure well.

The company invests 5% of its revenue in research and development, signaling a strategic focus on innovation and long-term growth. These investments could help Elkem strengthen its market position and develop new products to support future growth.

Overall, the financial performance and strategic orientation suggest that Elkem ASA could be a solid investment for investors interested in long-term growth. The ongoing investments in R&D and the strong operating margin are positive indicators for the company's future development.

Dividend Yield: 4.5% (estimated for 2026)

Elkem ASA has regularly paid dividends in recent years. The company's dividend policy aims to return a significant portion of profits to shareholders, which is reflected in a stable dividend yield.

The reliability of the payout depends on the financial performance and cash flow generation of the company. In recent years, Elkem ASA has demonstrated a solid financial foundation, indicating ongoing dividend capability. Analysts expect that the company will also be able to pay an attractive dividend in the coming years, provided there are no significant economic or industry-specific challenges.