Slide 1: Fourth Quarter and Full Year 2025 Results
Driving innovation of critical materials essential to a sustainable future Fourth Quarter and Full Year 2025 Results February 18, 2026 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- lookin
Slide 3: Ferroglobe Well-Positioned to Capitalize on Improved Market Dynamics
FERROGLOBE WELL-POSITIONED TO CAPITALIZE ON IMPROVED MARKET DYNAMICS Key Highlights • EU Safeguard measures already elevating EU ferroalloys markets • Favorable preliminary decisions in the U.S. silicon antidumping/countervailing trade case bode well for 2026 • Successfully navigated a difficult yea
Slide 4: Q4 Results Benefited From Improved Ferroalloys Volumes
Q4 RESULTS BENEFITED FROM IMPROVED FERROALLOYS VOLUMES Shipments (I) (kt) Quarterly revenues ($´m) 164.7 18.6 329.4 311.7 $17.7 146.1 Q3 25 Q4 25 Q3 25 Q4 25 Quarterly Adj. EBITDA ($´m) Free cash flow ($´m) 18.3 1.6 $(3.7) 14.6 Q3 25 Q4 25 $(20.1) Q3 25 Q4 25 (18.5) (I) Excludes by-products and othe
Slide 5: Silicon Metal Update
SILICON METAL UPDATE SiMe volume trends (mt) Outlook 62,872 56,910 53,183 49,797 • Unabated low-priced Chinese and Angolan imports 44,610 36,308 continue to injure the EU markets 33,561 32,634 • U.S. market conditions remained soft • Trade measures in the U.S. expected to improve market trends in th
Slide 6: Silicon Based Alloys Update
SILICON BASED ALLOYS UPDATE Si-based alloys volume trends (mt) Outlook 51,171 53,048 51,279 46,953 45,489 • Strong quarter, with the EU and U.S. posting robust 42,864 42,968 39,417 volume increases • EU FeSi index prices increased by 22%, while U.S. indexes declined by 4% during the fourth quarter •
Slide 7: Manganese Based Alloys Update
MANGANESE BASED ALLOYS UPDATE Mn-based alloys volume trends (mt) Outlook 88,188 81,464 80,778 • Strong shipments in Q4 benefited from larger customer 67,712 67,229 69,552 62,320 64,495 base and safeguards • Index prices rose substantially, increasing 16% and 21% for ferromanganese and silicomanganes
Slide 8: Finance Update
FINANCE UPDATE NASDAQ: GSM
Slide 9: Resilient Q4 With Positive Adj. EBITDA
RESILIENT Q4 WITH POSITIVE ADJ. EBITDA Adjusted EBITDA bridge ($´m) Q4 2025 Q3 2025 (in USD million, except EPS) 2.3 Sales $329.4 $311.7 18.3 Raw materials & $(221.3)* $(180.1)* (3.3) energy for prod. (1.0) 14.6 (1.7) Raw materials / sales % 67.2%* 57.8%* Adj. EBITDA $14.6 $18.3 Adj. EBITDA margin %
Slide 10: Silicon Metal Adjusted EBITDA Bridge Q4-25 vs. Q3-25
SILICON METAL ADJUSTED EBITDA BRIDGE Q4-25 VS. Q3-25 ($m) 11.6 0.3 Revenue decreased 3% to $96 million driven by: (0.3) • a 3% decrease in shipments primarily due to 8% decline in North America, partially offset by a 5% increase in Europe; • average selling price was flat versus the third quarter Co
Slide 11: Silicon Based Alloys Adjusted EBITDA Bridge Q4-25 vs. Q3-25
SILICON BASED ALLOYS ADJUSTED EBITDA BRIDGE Q4-25 VS. Q3-25 ($m) 3.8 15.5 1.8 Revenue improved 12% to $104 million driven by: 12.4 • 19% increased in shipments across all regions, (2.5) partially offset by; • a 6% decrease in average selling price due to sales mix and lag related to index prices Cos
Slide 12: Manganese Based Adjusted EBITDA Bridge Q4-25 vs. Q3-25
MANGANESE BASED ADJUSTED EBITDA BRIDGE Q4-25 VS. Q3-25 ($m) 7.7 8.7 Revenue increased 10% to $93 million driven by: • 16% increase in shipments, partially offset by; 1.2 • a 6% decrease in average selling price due to 4.4 a lag associated with index pricing Costs positively impacted by improved perf
Slide 13: Full-Year Results Undermined by Low Prices From Weak Demand and Dumping
FULL-YEAR RESULTS UNDERMINED BY LOW PRICES FROM WEAK DEMAND AND DUMPING Adjusted EBITDA bridge ($´m) FY 2025 FY 2024 (in USD million, except EPS) 153.8 Sales $1,335 $1,644 Raw materials & (19.9) $(892)* $(1,031)* energy for prod. Raw materials / sales % 66.8%* 62.7%* Adj. EBITDA $28 $154 Adj. EBITDA
Slide 14: Free Cash Flow Impacted by Weak Market
FREE CASH FLOW IMPACTED BY WEAK MARKET Cash flow summary ($´M) Q4 25 Q3 25 FY 25 FY 24 • FY25 Working Capital EBITDA $(53.2) $18.5 $(72.4) $108.9 released of $48 million driven by S&OP efforts Changes in working capital $(7.8) $16.6 $47.5 $6.3 • FY25 Cash from Operations Energy rebate $7.0 $15.5 $61
Slide 15: Solid Balance Sheet to Support Growth
SOLID BALANCE SHEET TO SUPPORT GROWTH BALANCED CAPITAL ALLOCATION Net debt evolution ($´m) Strategic 29.8 Total distributions investments Cash CAPEX $24.6m Dividend Coreshell 5.2 Disciplined CAPEX Consistency $0m in Q4-25; $13.5m in Q4-25; Q3 25 Q4 25 $2.6m in Q4-25; $7m in FY-25; $62.5m in FY-25 Ad
Slide 16: Key Takeaways
Key Takeaways Trade actions create a significantly more favorable market backdrop, positioning ferroalloys for strong improvement in 2026 Growing confidence reflected in shareholder returns, with another dividend increase and continued disciplined capital allocation Improving cost structure and oper
Slide 17: Q&A
Q&A NASDAQ: GSM
Slide 18: Appendix - Supplemental Information
Appendix ─ Supplemental Information NASDAQ: GSM
Slide 19: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION ($ in millions) Q4 25 Q3 25 FY 25 FY 24 EBITDA (53.2) 18.5 (72.4) 127.2 Exchange differences1 (2.1) (0.6) 23.9 (13.6) Impairment (gain) loss 29.7 0.0 29.5 43.1 Restructuring and termination — — (1.3) (7.2) costs New strategy implementation — — 0.7 5.4 Subactivity — — —
Slide 20: Quarterly Sales and Adjusted EBITDA
QUARTERLY SALES AND ADJUSTED EBITDA Quarterly Sales $ millions Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Silicon Metal 169 204 194 161 105 130 99 96 Silicon Alloys 113 105 102 85 91 112 92 104 Mn Alloys 66 98 90 78 74 106 84 93 Other Business 44 44 49 43 37 39 37 36 Total Reven
Slide 21: NASDAQ: GSM
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