Ferroglobe Plc · NASDAQ:GSM
Ferroglobe — Q3 2026 Earnings Presentation
20 slides from Ferroglobe's earnings presentation, Nov 3, 2026
Slide 1: Third Quarter 2026 Results
NASDAQ: GSM Third Quarter 2026 Results November 4, 2026 NASDAQ: GSM Driving innovation of critical materials essential to a sustainable future
Slide 2: Forward-Looking Statements and Non-IFRS Financial Metrics
NASDAQ: GSM Forward-Looking Statements and Non-IFRS Financial Metrics 2 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. F
Slide 3: Generated Free Cash Flow Despite Significant Increase in Energy Prices
NASDAQ: GSM 378.6 369.8 Q2 26 Q3 26 20.4 5.6 Q2 26 Q3 26 13.1 (2.4) Q2 26 Q3 26 GENERATED FREE CASH FLOW DESPITE SIGNIFICANT INCREASE IN ENERGY PRICES 3 Shipments (I) (kt) Quarterly revenues ($´m) Quarterly Adj. EBITDA ($´m) Free cash flow ($´m) 188.5 183.0 Q2 26 Q3 26 $(14.8) (5.4) (I) Excludes by-
Slide 4: Taking Decisive Actions to Improve Profitability
NASDAQ: GSM TAKING DECISIVE ACTIONS TO IMPROVE PROFITABILITY 4 • Overhead reduction and plant consolidation expected to enhance adj. EBITDA by $100M +/- 15% at full run rate • Successfully shipped ferromolybdenum in Q3, with additional critical materials shipments expected in Q4 • Trade measures sta
Slide 5: Silicon Metal Update
NASDAQ: GSM SILICON METAL UPDATE 49,797 36,308 44,610 33,561 32,634 30,533 40,818 38,173 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 CRU SiMe index spot pricing trends (I) ($/mt) SiMe shipment trends Q/Q by region SiMe volume trends (mt) Outlook Other 13% Total 6% N. America 8% Europe 3% 5 • Vol
Slide 6: Silicon Based Alloys Update
NASDAQ: GSM SILICON BASED ALLOYS UPDATE 39,417 42,864 53,048 42,968 51,279 60,674 62,915 59,171 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 CRU FeSi index spot pricing trends (I) ($/mt) Si-based alloys shipment trends Q/Q by region Si-based alloys volume trends (mt) Outlook Other 2% Total 6% N.
Slide 7: Manganese Based Alloys Update
NASDAQ: GSM • Volumes remained strong in Q3, up 1% from Q2 2026 and 23% from Q3 2025 • Index prices remain positive for the year despite a moderate ~1% pullback in Q3 • Expect solid volumes to continue in Q4 MANGANESE BASED ALLOYS UPDATE 67,712 67,229 88,188 69,552 80,778 85,743 84,752 85,696 Q4 24
Slide 8: Finance Update
NASDAQ: GSM FINANCE UPDATE
Slide 9: Higher Energy Costs Impacting Adj. EBITDA
NASDAQ: GSM HIGHER ENERGY COSTS IMPACTING ADJ. EBITDA 9 (in USD million, except EPS) Q3 2026 Q2 2026 Sales $369.8 $378.6 Raw materials & energy for prod. $(268.0)* $(255.0)* Raw materials / sales % 72.5%* 67.3%* Adj. EBITDA $(2.4) $13.1 Adj. EBITDA margin % (0.6)% 3.5% Adj. diluted EPS $(0.06) $0.00
Slide 10: Silicon Metal Adjusted EBITDA Bridge Q3-26 vs. Q2-26
NASDAQ: GSM Revenue declined 4% to $102 million, driven by: • a 6% drop in shipments primarily due to a 3% decline in Europe and an 8% decline in North America; • Partially offset by an average selling price improvement of 3% versus the second quarter Costs deteriorated primarily due to increased en
Slide 11: Silicon Based Alloys Adjusted EBITDA Bridge Q3-26 vs. Q2-26
NASDAQ: GSM Revenue declined 7% to $117 million, driven by: • 6% reduction in shipments; • 1% selling price decline Costs increased due to higher energy costs and lower fixed cost absorption. Q2 costs benefited from a $5 million litigation gain in Spain SILICON BASED ALLOYS ADJUSTED EBITDA BRIDGE Q3
Slide 12: Manganese Alloys Adjusted EBITDA Bridge Q3-26 vs. Q2-26
NASDAQ: GSM Revenue increased 6% to $114 million, driven by: • 1% increase in shipments • 5% increase in average selling price Costs deteriorated due to higher energy costs, mainly in Spain MANGANESE ALLOYS ADJUSTED EBITDA BRIDGE Q3-26 VS. Q2-26 ($m) 12 13.0 0.1 5.1 (6.8) 11.4 Q2 26 Volume Price Cos
Slide 13: Working Capital Improvements Driving FCF
NASDAQ: GSM WORKING CAPITAL IMPROVEMENTS DRIVING FCF 13 Cash flow summary ($´M) Changes in working capital Free cash flow (I) CAPEX Taxes & others Cash from operations Q3 26 $77.0 $32.3 $(6.5) $25.9 $5.6 $(20.3) EBITDA PPA mark-to-market $(76.8) • Release of working capital generated $32.3 million o
Slide 14: Debt Levels Remained Stable; Balanced Capital Allocation
NASDAQ: GSM DEBT LEVELS REMAINED STABLE 14 Total distributions BALANCED CAPITAL ALLOCATION Cash CAPEX Buybacks $0 in Q3-26; Total $7.1m Dividend $2.8m in Q3-26 Coreshell Total $17m; 11.5% ownership Disciplined CAPEX $20.3m in Q3-26 37.7 42.1 Net debt evolution ($´m) Adjusted gross debt ($´m) 130.9 1
Slide 15: Key Takeaways
NASDAQ: GSM Key Takeaways Trade protection beginning to yield results in both the U.S. and the EU 15 Decisive action to improve our performance through asset rationalization and overhead reductions Fundamentals are expected to improve with increased steel and aluminum production forecast for 2027 Cr
Slide 16: Q&A
NASDAQ: GSM Q&A
Slide 17: Appendix - Supplemental Information
NASDAQ: GSM Appendix ─ Supplemental Information
Slide 18: Adjusted EBITDA Reconciliation
NASDAQ: GSM ADJUSTED EBITDA RECONCILIATION 18 ($ in millions) Q3 26 Q2 26 EBITDA 77.0 77.6 Exchange differences1 (3.8) (5.1) New ERP Implementation 1.2 0.5 PPA Energy2 (76.8) (59.9) Adjusted EBITDA3 (2.4) 13.1 (1) Exchange differences refer to gains or losses arising from fluctuations in exchange ra
Slide 19: Quarterly Sales and Adjusted EBITDA
NASDAQ: GSM QUARTERLY SALES AND ADJUSTED EBITDA 19 Adjusted EBITDA Quarterly Sales $ millions Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Silicon Metal 161 105 130 99 96 84 106 102 Silicon Alloys 85 91 112 92 104 122 125 117 Mn Alloys 78 74 106 84 93 107 108 114 Other Business 43
Slide 20: Investor Relations
NASDAQ: GSM Investor Relations Alex Rotonen Vice President, Investor Relations investor.relations@ferroglobe.com Media Inquiries Cristina Feliu Roig Vice President, Communications & Public Affairs NASDAQ: GSM corporate.comms@ferroglobe.com