May 6, 2026 | Montréal, Québec
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 first quarter (“Q1 2026”) ended March 31, 2026. All amounts in this press release are expressed in U.S. dollars unless otherwise stated.
“Q1 2026 represents a strong start to the year, with the momentum established in 2025 continuing across our core end markets. Earnings growth was primarily driven by higher volumes in terrestrial renewable energy, as well as better prices over inflation for space solar power and bismuth-based products. Overall, our performance reflects the disciplined execution of our strategy focused on value-added products, the strength of our customer relationships, and the agility of our global operational and sourcing platform,” said Gervais Jacques, Chief Executive Officer of 5N+.
“We generated robust growth across our key metrics in Q1 2026, while maintaining a strong financial position. Based on our performance to date, we are well positioned to achieve our full-year Adjusted EBITDA1 guidance and expect a more balanced contribution across the year. As we continue to operate in a dynamic and elevated cost environment, we remain squarely focused on productivity initiatives to improve efficiency and on advancing our capacity expansion plans to support long-term growth,” said Richard Perron, President of 5N+.
Financial Highlights
- Revenue in Q1 2026 increased by 33% to $117.9 million, compared to $88.9 million in Q1 2025. The increase is primarily attributable to higher volumes under Specialty Semiconductors and higher bismuth-based product pricing under Performance Materials.
- Adjusted EBITDA in Q1 2026 increased by 41% to $29.2 million compared to $20.8 million in Q1 2025 driven by higher volumes under Specialty Semiconductors, and better prices over inflation for space solar power and bismuth-based products.
- Adjusted gross margin1 in Q1 2026 increased by 36% to $41.4 million compared to Q1 2025, favourably impacted by the same factors as above. Adjusted gross margin as a percentage of sales1 was 35.1% in Q1 2026, compared to 34.2% in Q1 2025.
- Net earnings were $17.8 million in Q1 2026, compared to $9.6 million in Q1 2025.
- Backlog1 stood at $434.4 million, representing 336 days of annualized revenue as at March 31, 2026, 17 days lower than in the previous quarter and 68 days higher than as at March 31, 2025.
- Net debt1 was $74.7 million as at March 31, 2026, compared to $50.3 million as at December 31, 2025, reflecting a decrease in operating cashflows. The Company’s net-debt-to-EBITDA ratio1 stood at 0.71x as at March 31, 2026.
Outlook
In 2026, 5N+ continues to expect demand in Specialty Semiconductors to remain strong, supported by structural expansion across its core end markets, with particular strength in its strategic sectors of terrestrial renewable energy and space solar power. These trends, combined with the Company’s position as the leading global supplier of ultra-high-purity specialty semiconductor compounds outside China, are expected to continue supporting long-term growth in this segment.
In Performance Materials, while pricing conditions remained favourable for longer than anticipated, extending into Q1 2026, the Company continues to expect a normalization in these trends during the course of 2026.
More broadly, as the geopolitical and economic backdrop continues to evolve, the Company continues to expect its operating environment to remain complex and for input and operating costs to increase. In this context, the Company remains focused on the disciplined execution of its productivity initiatives and capacity expansion plans to increase operational efficiency and gain economies of scale.
Based on its Q1 2026 performance and current visibility, 5N+ is maintaining its Adjusted EBITDA guidance range at between $100 and $105 million in 2026. The Company anticipates a more balanced contribution across the year, compared to prior expectations.
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.
Conference Call
5N+ will host a conference call on Thursday, May 7, 2026, at 8:00 a.m. Eastern Daylight Time to discuss its first 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:
- Toronto area: 1 289 819-1299
- Montréal area: 1 514 400-3794
- Toll‐Free: 1 800 990-4777
- Enter access code: 18349
A replay of the conference call will be available two hours after the event and until May 14, 2026. To access the recording, please dial 1 888 660-6345 and enter access code 18349.
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 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 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 and note 10 of the unaudited condensed interim consolidated financial statements for the three-month periods ended March 31, 2026 and March 31, 2025 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.
Contact:
Richard Perron
President
5N Plus Inc.
514 856-0644
invest@5nplus.com