5N Plus Inc. Reports 2025 Third Quarter Financial Results and Increases Annual Guidance

5N Plus Inc. Reports 2025 Third Quarter Financial Results and Increases Annual Guidance Canada NewsWire MONTREAL, Nov. 3, 2025 Quarterly revenue of $104.9 million, representing 33% year-over-year growth and 10-year high Record quarterly Adjusted gross margin1 of $38.7 million and of 36.9% as a percentage of sales1 Record quarterly 2025 Adjusted EBITDA1 of $29.1 million, representing 86% year-over-year growth Net-debt-to-EBITDA ratio1 of 0.74x as September 30, 2025 2025 Adjusted EBITDA guidance increased to a range of $85-$90 million, up from $65-$70 million MONTREAL, Nov. 3, 2025 /CNW/ - 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 three-month period ended September 30, 2025 ("Q3 2025"). All amounts in this press release are expressed in U.S. dollars unless otherwise stated. "This quarter marks another financial milestone for 5N+, with our strongest quarterly revenue in a decade, record Adjusted gross margin and quarterly Adjusted EBITDA. These stellar results reflect our strong performance across strategic sectors, reinforced by our global sourcing and manufacturing capabilities and focus on high-growth and high-value markets. In what continues to be a complex environment, we are executing on our growth strategy with discipline, building on our unique advanced materials capabilities and market positioning as the trusted partner of choice," said Gervais Jacques, Chief Executive Officer of 5N+. "The increase in revenue, earnings and margins this quarter reflects the strong momentum and acceleration in demand we have experienced since the beginning of the year from the terrestrial renewable energy and space solar power sectors, as well as strong pricing for bismuth-based products. This outperformance has resulted in a further increase to our Adjusted EBITDA guidance for 2025, positioning us for a truly exceptional year from an earnings generation perspective," said Richard Perron, President and Chief Financial Officer of 5N+. Financial Highlights  Revenue in Q3 2025 increased by 33% to $104.9 million, compared to $78.8 million in Q3 2024. The increase is primarily attributable to higher sales in the terrestrial renewable energy and space solar power sectors under Specialty Semiconductors, and higher bismuth-based product pricing under Performance Materials.  Adjusted EBITDA in Q3 2025 increased by 86% to $29.1 million, compared to $15.6 million in Q3 2024, driven by higher volumes in the terrestrial renewable energy and space solar power sectors, and better prices over inflation for both space solar power and bismuth-based products. Adjusted gross margin increased by 58% to $38.7 million in Q3 2025, favourably impacted by the same factors as above. Adjusted gross margin as a percentage of sales was 36.9% in Q3 2025, compared to 31.1% in Q3 2024. Net earnings in Q3 2025 were $18.2 million, compared to $6.4 million in Q3 2024.  Backlog1 stood at $357.5 million, representing 311 days of annualized revenue as at September 30, 2025, 14 days higher than in the previous quarter. Net debt1 was $63.3 million as at September 30, 2025, compared to $100.1 million as at December 31, 2024, reflecting an increase in operating cashflows. The Company's net-debt-to-EBITDA ratio stood at 0.74x 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. CEO Succession Plan On October 29,2025, the Company announced its CEO succession plan, with the appointment of Richard Perron as President, effective November 1, 2025, in addition to his role of CFO. Gervais Jacques will remain CEO until Mr. Perron assumes the role of President and CEO, effective May 31, 2026, at which time Mr. Jacques will become Executive Chairman of the Board. Outlook For the remainder of 2025, 5N+ anticipates demand under Specialty Semiconductors from the terrestrial renewable energy and space solar power markets to remain strong, as customers continue to secure advanced materials from trusted and reliable partners. Under Performance Materials, consistent with historical trends, volumes through the end of 2025 are expected to be slightly lower than compared to the first half of 2025, with margins continuing to benefit from the Company's strategic global footprint and sourcing capabilities in the current volatile business environment. Based on its financial performance in the first three quarters of the year, coupled with anticipated seasonality impact and other operational factors, Adjusted EBITDA guidance for 2025 has been revised upwards from a range of $65 to $70 million, last updated on August 4, 2025, to a range of $85 to $90 million. Looking ahead, the Company will continue to remain prudent in an evolving geopolitical environment, including with regards to its impact on operating costs. As a preferred supplier of ultra-high-purity, high-quality products with a strong supply chain providing customers with a key strategic advantage, 5N+ is well-positioned to continue solidifying its leadership in key end markets through the end of 2025 and going into 2026. Conference Call 5N+ will host a conference call on Tuesday, November 4, 2025, at 8:00 a.m. Eastern Daylight Time to discuss its 2025 third quarter 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: Toronto area:          1-289-819-1299 Montreal area:        1-514-400-3794 Toll-Free:                  1-800-990-4777 Enter access code:  80130 A replay of the conference call will be available two hours after the event and until November 11, 2025. To access the recording, please dial 1-888-660-6345 and enter access code 80130. 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 successfully and timely complete the realization of its backlog, 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 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 2024 MD&A dated February 25, 2025 and note 10 of the unaudited condensed interim consolidated financial statements for the three-month and nine-month periods ended September 30, 2025 and September 30, 2024 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 is 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 Company's anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. 5N PLUS INC. INTERIM CONSOLIDATED STATEMENTS OF EARNINGS For the three-month and nine-month periods ended September 30 (in thousands of United States dollars, except per share information) (unaudited) Three months Nine months 2025 2024 2025 2024 $ $ $ $ Revenue 104,895 78,828 289,094 218,427 Cost of sales 69,857 57,904 197,637 160,309 Selling, general and administrative expenses  8,944 8,135 25,203 24,169 Other expenses (income), net (635) 3,295 4,941 7,874 78,166 69,334 227,781 192,352 Operating earnings 26,729 9,494 61,313 26,075 Financial expense Interest on long-term debt 1,908 2,191 5,914 6,132 Imputed interest and other interest expense 385 452 1,449 591 Foreign exchange gain (522) (450) (1,333) (835) 1,771 2,193 6,030 5,888 Earnings before income taxes 24,958 7,301 55,283 20,187 Income tax expense (recovery) Current 5,526 1,347 13,603 6,038 Deferred 1,256 (416) (1,296) 483 6,782 931 12,307 6,521 Net earnings 18,176 6,370 42,976 13,666 Basic earnings per share 0.20 0.07 0.48 0.15 Diluted earnings per share 0.20 0.07 0.48 0.15 Net earnings are completely attributable to equity holders of 5N Plus Inc. 5N PLUS INC. INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in thousands of United States dollars) (unaudited) September 30 2025 December 31 2024 $ $ Assets Current Cash 52,192 22,142 Accounts receivable 58,355 42,172 Inventories 153,792 137,823 Income tax receivable 940 1,811 Derivative financial assets 17,977 6,978 Other current assets 6,295 6,469 Total current assets 289,551 217,395 Property, plant and equipment 96,128 85,995 Right-of-use assets 28,782 28,583 Intangible assets 23,572 22,929 Goodwill 12,053 10,665 Deferred tax assets 7,985 7,358 Other assets 3,287 3,982 Total non-current assets 171,807 159,512 Total assets 461,358 376,907 Liabilities Current Trade and accrued liabilities 71,075 42,116 Income tax payable 13,596 5,207 Current portion of deferred revenue  10,374 11,206 Current portion of lease liabilities 2,115 1,952 Current portion of long-term debt 246 - Total current liabilities 97,406 60,481 Long-term debt 115,225 122,203 Deferred tax liabilities 6,082 5,737 Employee benefit plan obligations 13,066 12,624 Lease liabilities 28,249 27,450 Deferred revenue 9,710 8,688 Other liabilities 798 706 Total non-current liabilities 173,130 177,408 Total liabilities 270,536 237,889 Equity 190,822 139,018 Total liabilities and equity 461,358 376,907 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 indication 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: (in thousands of U.S. dollars) Q3 2025 Q3 2024 YTD 2025 YTD 2024 $ $ $ $ Net earnings 18,176 6,370 42,976 13,666 Interest on long-term debt, imputed interest and other interest expense  2,293 2,643 7,363 6,723 Income tax expense 6,782 931 12,307 6,521 Depreciation and amortization 4,495 4,424 12,947 12,418 EBITDA 31,746 14,368 75,593 39,328 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 remeasurement 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 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. 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 2025   Q3 2024   YTD 2025   YTD 2024   $ $ $ $ Revenue 104,895 78,828 289,094 218,427 Operating expenses (78,166) (69,334) (227,781) (192,352) Operating earnings 26,729 9,494 61,313 26,075 Share-based compensation (recovery) expense (2,512) 252 (1,926) 597 Gain on disposal of property, plant and equipment  - (2,089) - (2,089) Impairment of non-current assets - 2,519 - 2,826 ERP implementation costs 343 - 659 - Loss on remeasurement of financial instrument - - 1,000 - Litigation and restructuring costs - 1,021 - 1,021 Depreciation and amortization 4,495 4,424 12,947 12,418 Adjusted EBITDA 29,055 15,621 73,993 40,848 Adjusted EBITDA margin 27.7 % 19.8 % 25.6 % 18.7 % 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 financial 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 measure 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. Adjusted operating expenses are reconciled to the most comparable IFRS measure: (in thousands of U.S. dollars) Q3 2025 Q3 2024 YTD 2025 YTD 2024 $ $ $ $ Operating expenses 78,166 69,334 227,781 192,352 Share-based compensation recovery (expense) 2,512 (252) 1,926 (597) Gain on disposal of property, plant and equipment  - 2,089 - 2,089 Impairment of non-current assets - (2,519) - (2,826) ERP implementation costs (343) - (659) - Loss on remeasurement of financial instrument - - (1,000) - Litigation and restructuring costs - (1,021) - (1,021) Depreciation and amortization (4,495) (4,424) (12,947) (12,418) Adjusted operating expenses 75,840 63,207 215,101 177,579 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 2025   Q3 2024   YTD 2025   YTD 2024   $ $ $ $ Total revenue 104,895 78,828 289,094 218,427 Cost of sales (69,857) (57,904) (197,637) (160,309) Gross margin 35,038 20,924 91,457 58,118 Depreciation included in cost of sales  3,703 3,553 10,657 9,802 Adjusted gross margin 38,741 24,477 102,114 67,920 Adjusted gross margin percentage 36.9 % 31.1 % 35.3 % 31.1 % 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: (in thousands of U.S. dollars) As at September 30, 2025 As at December 31, 2024 $ $ Bank indebtedness - - Long-term debt including current portion 115,471 122,203 Lease liabilities including current portion 30,364 29,402 Subtotal Debt 145,835 151,605 Lease liabilities including current portion  (30,364) (29,402) Total Debt 115,471 122,203 Cash (52,192) (22,142) Net Debt 63,279 100,061 SOURCE 5N Plus Inc. View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2025/03/c5327.html Contact: Richard Perron, President and Chief Financial Officer, 5N Plus Inc., +1 (514) 856-0644, [email protected]