Transcript: 5N Plus Q2 2026 Earnings Conference Call

5N Plus (TSX: VNP ) reported second-quarter financial results on Tuesday.

The transcript from the company's second-quarter earnings call has been provided below.

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View the webcast at Summary 5N Plus reported a 28% increase in Q2 2026 revenue to $122.4 million, driven by higher volumes in renewable energy and bismuth-based products.

Adjusted gross margin increased in absolute terms but percentage declined due to higher metal and chemical costs, with adjusted EBITDA rising 10% to $26.6 million.

The company maintains a prudent outlook amid geopolitical risks and inflation, reaffirming full-year adjusted EBITDA guidance of $100-$105 million.

Operational highlights include ongoing capacity expansions, integration of new equipment and employees, and strong backlog in specialty semiconductors.

Management emphasized the resilience of the business, strategic investments in capacity expansion, and exploration of M&A opportunities, despite current high valuation environments.

Full Transcript A In the meantime, we are working to partially offset these pressures through economies of scale and continued operating efficiencies.

Performance Metros also delivered a solid quarter segment.

Revenue increased nearly 40%, driven primarily by our volumes of bismuth based products.

As anticipated, margins continue to normalize from the record levels achieved last year and sustained in the first quarter.

This reflects higher metal input costs and a significant increase in chemical costs in recent months.

Even so, the business continues to generate profitable growth and demonstrate the resilience of its portfolio.

Halfway through the year, we continue to take a prudent approach to our outlook.

Geopolitical risk continue to evolve rapidly and influence inflation across many regions.

Various input and operating costs remain elevated.

We're also increasing production volumes and operating our equipment at high capacity while integrating a significant number of new employees.

In this context, we remain firmly focused on disciplined execution and operational excellence.

As we enter Q3, our priorities are to improve operational and maintenance processes, advance our productivity initiatives, and execute our capacity expansion plans.

These expansion plans all remain on plan.

Finally, our balance sheet continues to provide us with significant financial flexibility.

Organic investment remains a priority as we expand capacity to support contracted demand.

We also continue to actively evaluate external opportunities that could complement or extend our capabilities.

Near term impacts and quality variations aside, we are building a business position to deliver sustainable, profitable growth over the long term by supplying advanced materials to critical industries.

That strategy continues to be validated.

Customers increasingly value secure, reliable Western supply chains, particularly in markets tied to renewable energy, space security and advanced technologies.

These trends reinforce the value of our differentiated capabilities, manufacturing footprint and long standing customer relationships.

As a result, we remain well positioned to create sustainable value by executing our growth strategy.

With that, I'll turn the call over to Albin, who will review our financial results and outlook in more detail.

B Thank you, Richard, and good morning to all of you.

Before turning to the results, I would like to reiterate how enthusiastic I am to be a member of the executive team of 5N at such a critical juncture in its growth and development.

I've engaged with other teams and with the investment community in the last three months.

Those discussions have reinforced my confidence in our strategy, in the inherent strength of our business, in the strong financial foundation and the opportunities ahead.

Turning now to our financial performance, revenue increased 28% to $122.4 million in Q2 2026 compared with Q2 2025.