Scope downgrades Elkem's issuer rating to BBB-/Stable

20 Dec 2024 08:15 CET

Oslo, 20 December 2024

Scope has today downgraded Elkem's issuer rating to BBB-/Stable from
BBB/Negative.

The rating action is driven by a slower-than-expected recovery in credit metrics
amid ongoing market headwinds. Elkem's financial metrics have gradually improved
during 2024, however Scope expects leverage (debt/EBITDA) to remain at 2.5x or
above in 2024-2025.

Elkem remains committed to an investment grade profile targeting a leverage
ratio of 1.0 - 2.0x over the cycle.

The rating report from Scope is attached.

For further information, please contact:
Odd-Geir Lyngstad
VP Finance and Investor Relations
Tel: +47 976 72 806
Email: odd-geir.lyngstad@elkem.com

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

About Elkem
Elkem is one of the world's leading providers of advanced silicon-based
materials shaping a better and more sustainable future. The company develops
silicones, silicon products and carbon solutions by combining natural raw
materials, renewable energy and human ingenuity. Elkem helps its customers
create and improve essential innovations like electric mobility, digital
communications, health and personal care as well as smarter and more sustainable
cities. With a strong track record since 1904, its global team of more than
7,400 people has a joint commitment to stakeholders: Delivering your potential.
In 2023, Elkem achieved an operating income of NOK 35.5 billion and CDP ratings
of A on Forests, and A- on Climate Change and Water Security. Elkem is listed on
the Oslo Stock Exchange (ticker: ELK), where the company is also included in the
ESG Index. www.elkem.com

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635337_2024_12_Scope_Ratings_Elkem_RAR_2024_Dec.pdf