Slide 1: Driving innovation of critical materials essential to a sustainable future
Driving innovation of critical materials essential to a sustainable future First Quarter 2025 Results May 8, 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 193 3, as amended, and Section 21E of the United States Securities Exchang e Act of 193 4, as amended. Forward- loo
Slide 3: Maintaining 2025 Adj. EBITDA Guidance of $100-$170M
MAINTAINING 2025 ADJ. EBITDA GUIDANCE OF $100-$170M Key Q1 2025 Highlights Industry trade measures trending positively ▪ Favorable final decision in the U.S. ferrosilicon case ▪ Preliminary EU safeguard decision for our products expected by June ▪ New trade case filed by U.S. silicon metal producers
Slide 4: Q1 Results in Line with Our Expectations
Q1 RESULTS IN LINE WITH OUR EXPECTATIONS Shipments (kt) Quarterly revenues ($´m) 368 156,926 $(61)m (10,5)kt 307 146,401 Q4 24 Q1 25 Q4 24 Q1 25 Quarterly Adj. EBITDA ($´m) Free cash flow ($´m) 14 10 $(37)m $(9)m Q4 24 Q1 25 5 (27) Q4 24 Q1 25 NASDAQ: GSM 4
Slide 5: Silicon Metal Update
SILICON METAL UPDATE SiMe volume trends ($/mt) Outlook 62,872 57,031 56,910 50,561 53,183 49,761 49,797 • First quarter likely marked the trough of our sales 36,308 for the year • Expect our Q2 volume to increase significantly • Anticipate benefiting from the U.S. silicon metal case and EU safeguard
Slide 6: Silicon Based Alloys Update
SILICON BASED ALLOYS UPDATE Si-based alloys volume trends ($/mt) Outlook 49,457 51,171 46,427 46,446 46,953 45,489 42,864 • Initial signs of positive impact from U.S. trade case, 39,417 starting to supply new customers • U.S. FeSi index prices increased 17% since early April • Expect market improvem
Slide 7: Manganese Based Alloys Update
MANGANESE BASED ALLOYS UPDATE Mn-based alloys volume trends ($/mt) Outlook 81,464 64,495 67,712 67,229 62,573 61,404 62,320 • Expect meaningful increase in our volumes in the 56,399 second quarter • EU safeguards, if affirmed, should boost demand and help local producers Q2 23 Q3 23 Q4 23 Q1 24 Q2 2
Slide 8: Finance Update
FINANCE UPDATE NASDAQ: GSM
Slide 9: Soft Pricing Impacted Quarterly Results
SOFT PRICING IMPACTED QUARTERLY RESULTS Adjusted EBITDA bridge ($´m) Q1 2025 Q4 2024 (in USD million, except EPS) 9.8 Sales $307.2 $367.5 (2.3) Raw materials & $(238.3) $(250.8) energy for prod. Raw materials / sales % 77.6% 68.2% Adj. EBITDA $(26.8) $9.8 (24.3) Adj. EBITDA margin % (9)% 3% 4.6 (26.
Slide 10: Silicon Metal Adjusted EBITDA Bridge Q1-25 vs. Q4-24
SILICON METAL ADJUSTED EBITDA BRIDGE Q1-25 VS. Q4-24 ($m) 16.8 Revenue decreased 35% to $105 million driven (2.1) by: • 27% decline in shipments due to low demand, increased imports and lower solar sales in Asia (18.1) • 11% decline in average selling price due to soft US prices Costs increased due
Slide 11: Silicon Based Alloys Adjusted EBITDA Bridge Q1-25 vs. Q4-24
SILICON BASED ALLOYS ADJUSTED EBITDA BRIDGE Q1-25 VS. Q4-24 ($m) 2.0 Revenue increased 7% to $91 million driven by: • 9% increase in shipments, primarily in North 3.1 America, partially offset by; 0.8 2.4 • 1.8% decline in average selling price due to higher sales of lower grade FeSi standard (3.4)
Slide 12: Manganese Based Adjusted EBITDA Bridge Q1-25 vs. Q4-24
MANGANESE BASED ADJUSTED EBITDA BRIDGE Q1-25 VS. Q4-24 ($m) 7.1 (2.3) Revenue decreased 5% to $74 million driven by: • 1% decline in shipments due to delayed Mn Ore shipments, and; (4.6) • 4% decline in average selling price due to product mix Costs increased due to higher energy costs and (5.9) (5.
Slide 13: Generated Positive Free Cash Flow
GENERATED POSITIVE FREE CASH FLOW Cash flow summary ($´M) CFO OF $19M AND FCF OF $5M Q1 25 Q4 24 (1) • Working capital generated $25 million driven by: EBITDA $(45.1) $(15.4) • Efficient inventory Changes in working capital $24.8 $23.0 management Energy rebate $32.1 $21.0 • S&OP implementation • Col
Slide 14: Remained Net Cash Positive
REMAINED NET CASH POSITIVE BALANCED CAPITAL ALLOCATION Net cash evolution ($´m) Strategic 39 Total Distributions investments Cash CAPEX $(20)m 19 Dividend Consistency Coreshell Disciplined CAPEX $2.6m in Q1-25, 8% Q4 24 Q1 25 $3m in Q1-25 $14m in Q1-25 increase announced Adjusted gross debt ($´m) in
Slide 15: Key Takeaways
Key Takeaways Maintaining 2025 Adj. EBITDA guidance of $100-$170m Positive trade cases and safeguard outcomes expected to level the playing field Expect significantly improved performance for the balance of the year Generated free cash flow amid challenging environment and maintained strong balance
Slide 16: Q&A
Q&A NASDAQ: GSM
Slide 17: Appendix - Supplemental Information
Appendix ─ Supplemental Information NASDAQ: GSM
Slide 18: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION ($ in millions) Q1 25 Q4 24 EBITDA (45.1) (15.4) Exchange differences1 6.9 (15.2) Impairment (gain) loss (0.3) 43.1 Restructuring and termination costs — (2.7) New strategy implementation 0.7 1.6 Subactivity — 1.5 PPA Energy2 2.8 (3.1) Fines inventory adjustment3 8.2 —
Slide 19: Quarterly Sales and Adjusted EBITDA
QUARTERLY SALES AND ADJUSTED EBITDA Quarterly Sales $ millions Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2023 Q3 2024 Q4 2024 Q1 2025 Silicon Metal 195 198 168 169 204 194 161 105 Silicon Alloys 133 115 107 113 105 102 85 91 Mn Alloys 78 59 60 66 98 90 78 74 Other Business 50 45 32 44 44 49 43 37 Total Rev
Slide 20: 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