Slide 1: Fourth Quarter and Full Year 2024 Results
Driving innovation of critical materials essential to a sustainable future Fourth Quarter and Full Year 2024 Results February 20, 2025 NASDAQ: GSM NASDAQ: GSM
Slide 2: Forward-Looking Statements and Non-IFRS Financial Metrics
Forward-Looking Statements and Non-IFRS Financial Metrics This presentation contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking
Slide 3: Fourth Quarter and Full Year 2024 Business Review
Fourth Quarter and Full Year 2024 Business Review NASDAQ: GSM
Slide 4: Solid 2024 Performance; 2025 Adj. EBITDA Guidance $100-170 Million
SOLID 2024 PERFORMANCE 2025 ADJ. EBITDA GUIDANCE $100 – $170 MILLION 2024 Accomplishments Trade Measures • Posted solid 2024 Adj. EBITDA of $154 million • Favorable US trade decision against all Russian FeSi imports • Generated significant free cash flow of $164 million • Final US CVD and AD trade d
Slide 5: Improved Working Capital Driving Positive Free Cash Flow in Q4
IMPROVED WORKING CAPITAL DRIVING POSITIVE FREE CASH FLOW IN Q4 Sales of $368M Decrease from 3Q Adjusted EBITDA of $10M Decrease from 3Q Operating Operatingcash cashflow flowof of$200m $32M Increase from 3Q Free cash flow of $14M Increase from 3Q NASDAQ: GSM 5
Slide 6: Silicon Metal
SILICON METAL Outlook: Near term demand expected to remain soft, EU and the US markets affected by increased imports; Chemicals markets stable, auto and construction awaiting recovery; Anticipate improvement in H2 2025 Silicon Metal Shipment Trends Q/Q by Region Adj. EBITDA Evolution Q/Q ($m) Europe
Slide 7: Silicon Based Alloys
SILICON BASED ALLOYS Outlook: US market appears to be bottoming, FeSi trade case should improve demand and pricing as the year progresses; EU FeSi prices slightly up from the beginning of 2025 Silicon Alloys Shipment Trends Q/Q by Region Adj. EBITDA Evolution Q/Q ($m) Europe (25)% Other (5)% N. Amer
Slide 8: Manganese Based Alloys
MANGANESE BASED ALLOYS Outlook: Tighter manganese ore supply improving pricing; current manganese alloys index prices at a 4-month high Manganese Alloys Shipment Trends Q/Q by Region Adj. EBITDA Evolution Q/Q ($m) Europe 11% Other 13)% N. America (52)% Total 5% Index pricing trends ($/mt) Volume tre
Slide 9: Q4 & FY 2024 Financial Review
Q4 & FY 2024 Financial Review NASDAQ: GSM
Slide 10: Resilient Adj. EBITDA and Margins
RESILIENT ADJ. EBITDA AND MARGINS (in USD million, except Q4 2024 Q3 2024 Q/Q FY 2024 FY 2023 Y/Y 4Q sales decreased due to EPS) lower pricing across all segments and lower silicon Sales $367.5 $433.5 $1,644 $1,650 and silicon alloy volumes Raw materials & $(250.8) $(255.1) $(1,027) $(879) energy fo
Slide 11: Adjusted EBITDA Bridge Q4-24 vs. Q3-24
ADJUSTED EBITDA BRIDGE Q4-24 VS. Q3-24 ($m) • Average selling prices across core products decreased 10.2%: Silicon metal -4.7%, silicon-based alloys -3.5% and Mn-based alloys -16.7% • Total volume decreased 6.0%: Silicon metal -12.5%, silicon-based alloys -13.3% and Mn-based alloys 5.0% • Costs incr
Slide 12: Adjusted EBITDA Bridge FY 2024 vs. FY 2023
ADJUSTED EBITDA BRIDGE FY 2024 VS. FY 2023 ($m) • Average selling prices across core products decreased 10.6%: Silicon metal -12.2%, silicon-based alloys -13.8% and Mn-based alloys 5.7% • Total volume increased 11.2%: Silicon metal 14.6%, silicon-based alloys -4.4% and Mn-based alloys 21.5% • Costs
Slide 13: Cash Flow Summary
CASH FLOW SUMMARY Q4 2024 Q3 2024 Q/Q FY 2024 FY 2023 Y/Y (in USD millions) EBITDA $(33.6) $52.9 $108.9 $262.9 Q4 EBITDA impacted by a non-cash impairment Non-cash items & charge $41.7 $(15.6) $13.1 $(140.8) Other Released $23 million of Energy $21.0 $11.0 $176.2 $56.0 working capital during Q4 comp
Slide 14: Net Cash and Debt Evolution
NET CASH AND DEBT EVOLUTION Adjusted Gross and Net Cash ($m) Adj. Gross Debt Net Cash $239 • Net cash balance increased by $7 million to $39 million • Cash balance of $133 million as of Dec 31, 2024 $89 $94 $81 $79 $81 Continued with minimal leverage $64 $32 $39 0.6x Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Ad
Slide 15: FY 2024 Corporate Update
FY 2024 Corporate Update NASDAQ: GSM
Slide 16: Key Takeaways
KEY TAKEAWAYS Successful execution in 2024 • Generated $154M of Adj. EBITDA in 2024 • Significantly strengthened balance sheet; net cash positive • Commenced quarterly dividends and share buybacks during the year Positive strides in leveling the playing field in the US and Europe • US FeSi decision
Slide 17: Q&A
Q&A NASDAQ: GSM
Slide 18: Appendix - Supplemental Information
Appendix ─ Supplemental Information NASDAQ: GSM
Slide 19: Quarterly Sales and Adjusted EBITDA
QUARTERLY SALES AND ADJUSTED EBITDA Quarterly Sales $ millions Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2023 Q3 2024 Q4 2024 Silicon Metal 161 195 198 168 169 204 194 161 Silicon Alloys 137 133 115 107 113 105 102 85 Mn Alloys 62 78 59 60 66 98 90 78 Other Business 41 50 45 32 44 44 49 43 Total Re
Slide 20: Investor Relations and Media Inquiries
Investor Relations Media Inquiries Alex Rotonen Cristina Feliu Roig Vice President, Investor Relations Vice President, Communications & Public Affairs investor.relations@ferroglobe.com NASDAQ: GSM corporate.comms@ferroglobe.com NASDAQ: GSM