Slide 1: First Quarter 2024 Results
Driving innovation of critical materials essential to a sustainable future First Quarter 2024 Results May 15, 2024 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: Q1 2024 Business Review
Q1 2024 Business Review NASDAQ: GSM
Slide 4: Stronger, More Flexible Ferroglobe
STRONGER, MORE FLEXIBLE FERROGLOBE Operations and Strategy Strengthened Balance Sheet • France operations began production in April • Redeemed remaining $150 million of Senior Secured Notes in • S. Carolina quartz operation on schedule to mine in Q3-24 February 2024 • Net positive cash position of $
Slide 5: Well Positioned to Deliver Growth
WELL POSITIONED TO DELIVER GROWTH Strong sales of $392M Increase from 4Q Adjusted EBITDA of $26M Decrease from 4Q Operating Operatingcash cashflow flowof of$200m $198M Increase from 4Q Free cash flow of $180M Increase from 4Q NASDAQ: GSM 5
Slide 6: Silicon Metal
SILICON METAL Outlook: Prices continue firming in the US; European demand still soft; both regions have benefitted from supply disruptions, although European supply tightness is easing due to increased production and imports from China Silicon Metal Shipment Trends Q/Q by Region Sequential quarters
Slide 7: Silicon Based Alloys
SILICON BASED ALLOYS Outlook: Diverging markets with prices improving in North America; European prices are retrenching amid weak industrial activity Silicon Alloys Shipment Trends Q/Q by Region Sequential quarters Adj. EBITDA evolution ($m) Europe 2% Other 5% N. America 21% Total 10% Index pricing
Slide 8: Manganese Based Alloys
MANGANESE BASED ALLOYS Outlook: Steel production weak in Europe; prices improved due to manganese ore shortage; expect demand improvement in the second half of 2024 Manganese Alloys Shipment Trends Q/Q by Region Sequential quarters Adj. EBITDA evolution ($m) Europe (2)% Other 0% N. America 426% Tota
Slide 9: Q1 Financial Review
Q1 Financial Review NASDAQ: GSM
Slide 10: Financial Flexibility to Advance Our Strategy
FINANCIAL FLEXIBILITY TO ADVANCE OUR STRATEGY Q1 2024 Q4 2023 Q/Q (in USD million, except EPS) Sales growth was driven by volume increases across all segments, partially offset by lower Sales $391.9 $376.0 prices in silicon metal and silicon alloys Raw materials & $(257.4) $(199.9) energy for prod.
Slide 11: Adjusted EBITDA Bridge Q1-24 vs. Q4-23 ($m)
ADJUSTED EBITDA BRIDGE Q1-24 VS. Q4-23 ($m) • Average selling prices across core products decreased 2.3%: Silicon metal -6.4%, silicon-based alloys -4.9% and Mn-based alloys 8.2% • Total volume increased 5.8%: Silicon metal 6.9%, silicon-based alloys 10.2% and Mn-based alloys 1.5% • Costs affected b
Slide 12: Cash Flow Summary
CASH FLOW SUMMARY Q1 2024 Q4 2023 Q/Q (in USD millions) Cash from 2023 French energy rebate collected in January 2024, used to redeem EBITDA $22.6 $29.4 Senior Secured Notes in February Non-cash items & $(1.2) $(43.5) Other Released $17 million of working capital Energy compensation $154.6 $56.2 dur
Slide 13: Cash and Debt Evolution
CASH AND DEBT EVOLUTION • Cash balance of $160 million as of Mar. 31, 2024 • Net cash positive of $79 million for the first time in history Cash trends ($m) Adjusted gross and net debt ($m) Adj. Gross Debt Net Debt $400 $400 $363 $344 $237 $239 $166 $160 $138 $101 $71 $81 $55 $37 Q1-23 Q2-23 Q3-23 Q
Slide 14: Corporate Update
Corporate Update NASDAQ: GSM
Slide 15: Key Takeaways
KEY TAKEAWAYS Enhancing capital allocation policy • Paid quarterly cash dividend of $1.3 cents per share in March • BoD approved a share buyback program; shareholder vote scheduled for June AGM Net cash positive for first time in Company's history • Net cash positive position of $79 million as of Ma
Slide 16: Q&A
Q&A NASDAQ: GSM
Slide 17: Appendix ─ Supplemental Information
Appendix ─ Supplemental Information NASDAQ: GSM
Slide 18: Quarterly Sales and Adjusted EBITDA
QUARTERLY SALES AND ADJUSTED EBITDA Quarterly Sales $ millions Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Silicon Metal 356 264 184 161 195 198 168 169 Silicon Alloys 236 179 127 137 133 115 107 113 Mn Alloys 193 97 97 62 78 59 60 66 Other Business 56 53 40 41 50 45 32 44 Total
Slide 19: Investor Relations and Media Inquiries
Investor Relations Media Inquiries Alex Rotonen Cristina Feliu Roig VP, Investor Relations Executive Director, Communications & Public Affairs investor.relations@ferroglobe.com NASDAQ: GSM corporate.comms@ferroglobe.com NASDAQ: GSM