Earnings release
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PRESS RELEASE 5N+ Reports Third Quarter of 2026 Financial Results Reports Revenue Growth and Sequential Margin Improvement; Expects to Achieve High End of Adjusted EBITDA1 Guidance Range • Q3 revenue increased 30% to $136.4 million, bringing YTD revenue to $376.6 million • Q3 Adjusted gross margin1 increased 10% to $42.8 million or 31.4% of revenue1, bringing YTD Adjusted gross margin to $121.2 million or 32.2% of revenue • Q3 Adjusted EBITDA increased 7% to $31.1 million, bringing YTD Adjusted EBITDA to $86.8 million • Expects to achieve high end of full-year Adjusted EBITDA guidance range of between $100 and $105 million Montréal, Quebec, November 2, 2026 – 5N Plus Inc. (TSX: VNP) (“5N+” or “the Company”), a leading global producer of specialty semiconductors and performance materials, today announced its financial results for the third quarter ended September 30, 2026 (“Q3 2026”). All amounts are expressed in U.S. dollars unless otherwise stated. “Higher volumes in both segments supported revenue and Adjusted EBITDA growth in Q3 2026, while adjusted gross margin remained robust and improved sequentially , despite input cost pressures . We continue to operate at high capacity and to ramp additional production to support customer demand , while operating in a complex environment. We are pleased to be on track to achieve the high end of our full -year 2026 Adjusted EBITDA guidance range,” said Richard Perron, President and Chief Executive Officer of 5N+. Mr. Perron added: “In the context of high operating demands, we remain focused on delivering on customer commitments, executing capacity expansion projects and improving productivity to achieve further economies of scale. This includes advancing recently announced gallium arsenide (GaAs) production and facility expansion plans at St. George, Utah, to support growing demand across defence, space solar, medical imaging and industrial sensing applications. Together, all our ongoing initiatives support our long-term growth strategy across key markets , building on our differentiated market position and Western manufacturing base.” Financial Highlights • Revenue in Q3 2026 increased by 30% to $136.4 million, compared to $104.9 million in Q3 2025, primarily reflecting higher volumes in Specialty Semiconductors and Performance Materials. • Adjusted EBITDA in Q3 2026 increased by 7% to $31.1 million, compared to $29.1 million in Q3 2025, driven by higher volumes in both segments. • Adjusted gross margin in Q3 2026 increased by 10% to $42.8 million, compared to Q3 2025. Adjusted gross margin as a percentage of revenue was 31.4% in Q3 2026, compared to 36.9% in Q3 2025, primarily due to anticipated normalization of the margin under Performance Materials. • Net earnings were $12.3 million in Q3 2026, compared to $18.2 million in Q3 2025. • Backlog1 stood at $447.3 million, representing 299 days of annualized revenue as at September 30, 2026, 14 days lower than in the previous quarter and 12 days lower than as at September 30, 2025. 1 These measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. See Non-IFRS Measures for more information.
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2 • Net debt1 was $32.4 million as at September 30, 2026, compared to $50.3 million as at December 31, 2025, while the Company’s net-debt-to-EBITDA ratio1 stood at 0.31x as at September 30, 2026. Outlook The Company continues to benefit from favourable long-term fundamentals and structural expansion across its key end markets in Specialty Semiconductors and from the resilience of its Performance Materials segment. As the geopolitical and economic backdrop continues to evolve, the Company expects to continue operating in a complex environment with rising cost pressures across its businesses and normalizing margin conditions in Performance Materials. To help mitigate cost pressures and improve operational efficiency , the Company remains focused on disciplined execution of its productivity initiatives and capacity expansion plans to achieve economies of scale. Based on its strong nine -month performance and anticipated and contracted demand through the end of year, the Company is reaffirming its full -year 2026 Adjusted EBITDA guidance of between $100 million and $105 million, and expects to achieve the high end of its guidance. Supported by its competitive market positioning and expertise, including its Western manufacturing base and focus on value-added products, strong customer relationships and commercial discipline, 5N+ is well positioned to continue executing its long-term growth strategy as a critical supplier to critical industries. Conference Call 5N+ will h ost a conference call on Tuesday, November 3 , 2026, at 8:00 a.m. (EST) to discuss its third quarter 2026 financial results. All interested parties are invited to participate in the live broadcast on the Company’s website at www.5nplus.com. To participate in the conference call: • Dial-in: 1 800 990-4777 (toll-free), 1 289 819-1299 (Toronto) or 1 514 400-3794 (Montréal) • Access code: 04970 A playback will be available two hours after the event at 1 888 660-6345, access code 04970, until November 10, 2026. About 5N+ 5N+ is a leading global producer of specialty semiconductors and performance materials . The Company’s ultra‐pure materials often form the core element of its customers’ products. These customers rely on 5N+’s products to enable performance and sustainability in their own products. 5N+ deploys a range of proprietary and proven technologies to develop and manufacture its products. The Company’s products enable various applications in several key industries, including renewable energy, security, space, pharmaceutical, medical imaging and industrial. Headquartered in Montréal, Quebec, 5N+ operates R&D, manufacturing and commercial centers in strategically located facilities around the world including Europe, North America and Asia. Forward‐Looking Statements Certain statements in this press release may be forward‐looking within the meaning of applicable securities laws. Such forward‐looking statements are based on a number of estimates and assumptions that the Company believes are reasonable when made, including that 5N+ will be able to retain and hire key personnel and maintain relationships with customers, suppliers and other business partners, that 5N+ will continue to operate its business in the normal course, that 5N+ will be able to implement its growth strategy, that 5N+ will be able to succes sfully complete the realization of its backlog in a timely manner , that 5N+ will not suffer any supply chain challenges or any material disruption in the supply of raw materials on competitive terms, that 5N+ will be able to generate new sales, produce, deliver, and sell its expected product volumes at the expected prices and control its costs, as well as other factors believed to be appropriate 1 These measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. See Non-IFRS Measures for more information.
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3 and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict and may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward‐ looking statements. A description of the risks affecting the Company’s business and activities appears under the heading “Risk and Uncertainties” of 5N+’s 2025 MD&A dated February 24, 2026 available on SEDAR+ at www.sedarplus.ca. Forward‐looking statements can generally be identified by the use of terms such as “may”, “should”, “would”, “believe”, “expect”, the negative of these terms, variations of them or any similar terms. No assurance can be given that any events anticipated by the forward‐looking statements in this press release will transpire or occur, or if any of them do so, what benefits that 5N+ will derive therefrom. In particular, no assurance can be given as to the future financial performance of 5N+. The forward‐looking statements contained in this press release are made as of the date hereof and the Company has no obligation to publicly update such forward‐looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws. The reader is warned against placing undue reliance on these forward‐ looking statements. Forward-looking statements are presented in this press release for the purpose of assisting investors and others in understanding certain key elements of the Company’s expected financial results, as well as the Company’s objectives, strategic priorities and outlook, and in obtaining a better understanding of the Comp any’s anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.
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4 5N PLUS INC. INTERIM CONSOLIDATED STATEMENTS OF EARNINGS For the three and nine-month periods ended September 30 (in thousands of United States dollars, except per share information) (unaudited) Three months Nine months 2026 2025 2026 2025 $ $ $ $ Revenue 136,387 104,895 376,638 289,094 Cost of sales 97,420 69,857 266,567 197,637 Selling, general and administrative expenses 10,285 8,944 30,962 25,203 Other expenses (income), net 10,259 (635) 4,506 4,941 117,964 78,166 302,035 227,781 Operating earnings 18,423 26,729 74,603 61,313 Financial expense Interest on long-term debt 1,279 1,908 4,662 5,914 Imputed interest and other interest expense 409 385 1,348 1,449 Foreign exchange loss (gain) 340 (522) 587 (1,333) 2,028 1,771 6,597 6,030 Earnings before income taxes 16,395 24,958 68,006 55,283 Income tax expense (recovery) Current 6,099 5,526 24,416 13,603 Deferred (2,053) 1,256 (6,192) (1,296) 4,046 6,782 18,224 12,307 Net earnings 12,349 18,176 49,782 42,976 Basic earnings per share 0.14 0.20 0.55 0.48 Diluted earnings per share 0.14 0.20 0.55 0.48 Net earnings are completely attributable to equity holders of 5N Plus Inc.
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5 5N PLUS INC. INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in thousands of United States dollars) (unaudited) September 30 2026 December 31 2025 $ $ Assets Current Cash 46,543 59,573 Accounts receivable 68,029 50,470 Inventories 212,572 163,727 Income tax receivable 3,667 1,874 Derivative financial assets - 19,593 Other current assets 10,748 6,938 Total current assets 341,559 302,175 Property, plant and equipment 110,121 99,634 Right-of-use assets 26,557 28,275 Intangible assets 21,054 23,117 Goodwill 11,657 12,062 Deferred tax assets 12,246 6,795 Other assets 4,930 3,072 Total non-current assets 186,565 172,955 Total assets 528,124 475,130 Liabilities Current Trade and accrued liabilities 87,510 79,096 Income tax payable 26,574 13,966 Derivative financial liabilities 11,804 - Current portion of deferred revenue 19,745 12,834 Current portion of lease liabilities 2,253 2,170 Current portion of long-term debt 1,260 1,233 Total current liabilities 149,146 109,299 Long-term debt 77,647 108,604 Deferred tax liabilities 4,673 5,173 Employee benefit plan obligations 10,983 12,745 Lease liabilities 25,999 27,983 Deferred revenue 9,208 11,545 Other liabilities 706 817 Total non-current liabilities 129,216 166,867 Total liabilities 278,362 276,166 Equity 249,762 198,964 Total liabilities and equity 528,124 475,130
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6 Non‐IFRS Measures Backlog represents the expected orders the Company has received, but has not yet executed, and that are expected to translate into sales within the next twelve months, expressed in dollars and estimated in number of days not to exceed 365 days. Bookings represent orders received during the period considered, expressed in number of days, and calculated by adding revenue to the increase or decrease in backlog for the period considered, divided by annualized year revenue. 5N+ uses backlog to provide an indicat ion of expected future revenue in days, and bookings to determine its ability to sustain and increase its revenue. EBITDA means net earnings (loss) before interest expenses, income tax expense (recovery), depreciation and amortization. 5N+ uses EBITDA because it believes it is a meaningful measure of the operating performance of its ongoing business, without the effects of certain expenses. The definition of this non-IFRS measure used by the Company may differ from that used by other companies. EBITDA is reconciled to the most comparable IFRS measure: EBITDA margin is defined as EBITDA divided by revenue. Adjusted EBITDA means operating earnings (loss) as defined before the effect of impairment of inventories, share-based compensation expense (recovery), ERP implementation costs, loss (gain) on disposal of property, plant and equipment, loss (gain) on remea surement of financial instrument, impairment (reversal of impairment) of non -current assets, litigation and restructuring costs (income), and depreciation and amortization. 5N+ uses Adjusted EBITDA because it believes it is a meaningful measure of the oper ating performance of its ongoing business without the effects of certain expenses. The definition of this non-IFRS measure used by the Company may differ from that used by other companies. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA margin are reconciled to the most comparable IFRS measure: (in thousands of U.S. dollars) Q3 2026 Q3 2025 YTD 2026 YTD 2025 $ $ $ $ Revenue 136,387 104,895 376,638 289,094 Operating expenses (117,964) (78,166) (302,035) (227,781) Operating earnings 18,423 26,729 74,603 61,313 Share-based compensation expense (recovery) 7,587 (2,512) (2,117) (1,926) ERP implementation costs 283 343 689 659 Litigation and restructuring costs 159 - 159 - Loss on remeasurement of financial instrument - - - 1,000 Depreciation and amortization 4,608 4,495 13,512 12,947 Adjusted EBITDA 31,060 29,055 86,846 73,993 Adjusted EBITDA margin 22.8% 27.7% 23.1% 25.6% Adjusted operating expenses means operating expenses before impairment of inventories, share -based compensation expense (recovery), ERP implementation costs, loss (gain) on disposal of property, plant and equipment, loss (gain) on remeasurement of financia l instrument, impairment (reversal of impairment) of non -current assets, litigation and restructuring costs (income), and depreciation and amortization. 5N+ uses Adjusted operating expenses to calculate Adjusted EBITDA. 5N+ believes it is a meaningful meas ure of the operating performance of its ongoing business. The definition of this non-IFRS measure used by the Company may differ from that used by other companies. (in thousands of U.S. dollars) Q3 2026 Q3 2025 YTD 2026 YTD 2025 $ $ $ $ Net earnings 12,349 18,176 49,782 42,976 Interest on long-term debt, imputed interest and other interest expense 1,688 2,293 6,010 7,363 Income tax expense 4,046 6,782 18,224 12,307 Depreciation and amortization 4,608 4,495 13,512 12,947 EBITDA 22,691 31,746 87,528 75,593
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7 Adjusted operating expenses are reconciled to the most comparable IFRS measure: (in thousands of U.S. dollars) Q3 2026 Q3 2025 YTD 2026 YTD 2025 $ $ $ $ Operating expenses 117,964 78,166 302,035 227,781 Share-based compensation (expense) recovery (7,587) 2,512 2,117 1,926 ERP implementation costs (283) (343) (689) (659) Litigation and restructuring costs (159) - (159) - Loss on remeasurement of financial instrument - - - (1,000) Depreciation and amortization (4,608) (4,495) (13,512) (12,947) Adjusted operating expenses 105,327 75,840 289,792 215,101 Adjusted net earnings (loss) means the net earnings (loss) before the effect of impairment of inventory, share -based compensation expense (recovery), ERP implementation costs, loss (gain) on disposal of property, plant and equipment, loss (gain) on remeasu rement of financial instrument, impairment (reversal of impairment) of non -current assets and litigation and restructuring costs (income), net of the related income tax expense (recovery). 5N+ uses adjusted net earnings (loss) because it believes it is a m eaningful measure of the operating performance of its ongoing business without the effects of unusual expenses or income. The definition of this non -IFRS measure used by the Company may differ from that used by other companies. Basic adjusted earnings (loss) per share means adjusted net earnings (loss) divided by the basic weighted average number of outstanding shares. 5N+ uses basic adjusted earnings (loss) per share because it believes it is a meaningful measure of the operating performance of its ongoing business without the effects of unusual expenses or income. The definition of this non-IFRS measure used by the Company may differ from that used by other companies. Adjusted net earnings (loss) and Basic adjusted earnings (loss) per share are reconciled to the most comparable IFRS measures: (in thousands of U.S. dollars, except per share amounts and number of shares) Q3 2026 Q3 2025 YTD 2026 YTD 2025 $ $ $ $ Net earnings 12,349 18,176 49,782 42,976 Basic earnings per share $0.14 $0.20 $0.55 $0.48 Reconciling items: Share-based compensation expense (recovery) 7,587 (2,512) (2,117) (1,926) ERP implementation costs 283 343 689 659 Litigation and restructuring costs 159 - 159 - Loss on remeasurement of financial instrument - - - 1,000 Income tax (recovery) expense on taxable items above (2,086) 575 378 337 Adjusted net earnings 18,292 16,582 48,891 43,046 Basic weighted average number of shares 89,935,323 89,073,847 89,745,491 89,057,751 Basic adjusted earnings per share $0.20 $0.19 $0.54 $0.48 Adjusted gross margin is a measure used to monitor the sales contribution after paying cost of sales, excluding depreciation and inventory impairment charges. 5N+ also expressed this measure in percentage of revenue by dividing the adjusted gross margin value by the total revenue. Adjusted gross margin is reconciled to the most comparable IFRS measure: (in thousands of U.S. dollars) Q3 2026 Q3 2025 YTD 2026 YTD 2025 $ $ $ $ Total revenue 136,387 104,895 376,638 289,094 Cost of sales (97,420) (69,857) (266,567) (197,637) Gross margin 38,967 35,038 110,071 91,457 Depreciation included in cost of sales 3,829 3,703 11,163 10,657 Adjusted gross margin 42,796 38,741 121,234 102,114 Adjusted gross margin percentage 31.4% 36.9% 32.2% 35.3%
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8 Net debt is calculated as total debt less cash. Any introduced IFRS 16 reporting measures in reference to lease liabilities are excluded from the calculation. 5N+ uses this measure as an indicator of its overall financial position. The net debt to EBITDA ratio is defined as net debt divided by the trailing 12 months EBITDA. Total debt and Net debt are reconciled to the most comparable IFRS measure: – 30 – Contact: Alban Fournier Chief Financial Officer 5N Plus Inc. 514-856‐0644 invest@5nplus.com (in thousands of U.S. dollars) As at September 30, 2026 As at December 31, 2025 $ $ Bank indebtedness - - Long-term debt including current portion 78,907 109,837 Lease liabilities including current portion 28,252 30,153 Subtotal Debt 107,159 139,990 Lease liabilities including current portion (28,252) (30,153) Total Debt 78,907 109,837 Cash (46,543) (59,573) Net Debt 32,364 50,264