Slide 1: Driving innovation of critical materials essential to a sustainable future
Driving innovation of critical materials essential to a sustainable future Second Quarter 2025 Results August 6, 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- lookin
Slide 3: Despite current market challenges, Ferroglobe is well positioned for 2026 rebound
DESPITE CURRENT MARKET CHALLENGES, FERROGLOBE IS WELL POSITIONED FOR EXPECTED MARKET REBOUND IN 2026 Key Q2 2025 Highlights Withdrawing guidance due to uncertainty and limited visibility Changing trade dynamics add complexity to the market environment Delays in preliminary EU safeguard decision
Slide 4: Q2 results improved substantially over Q1
Q2 RESULTS IMPROVED SUBSTANTIALLY OVER Q1 Shipments (I) (kt) Quarterly revenues ($´m) 185,846 146,401 39,4kt 387 307 $80m Q1 25 Q2 25 Q1 25 Q2 25 Quarterly Adj. EBITDA ($´m) Free cash flow ($´m) 22 $48m Q1 25 Q2 25 5 $(5)m 0 (27) Q1 25 Q2 25 (I) Excludes by-products and other products NASDAQ: GSM 4
Slide 5: Silicon metal update
SILICON METAL UPDATE SiMe volume trends ($/mt) Outlook 62,872 57,031 56,910 53,183 49,761 49,797 • Significant increase in Q2 contract volumes related to 44,610 36,308 the restart of France and proactive sales effort • Weak demand and uncertainty continue into Q3 • Expect U.S. silicon metal case and
Slide 6: Silicon based alloys update
SILICON BASED ALLOYS UPDATE Si-based alloys volume trends ($/mt) Outlook 51,171 53,048 46,427 46,446 46,953 45,489 42,864 • Q2 volume is the highest level in three years due to 39,417 favorable cost position • Trade measures benefiting the U.S. market • U.S. FeSi index prices increased 10% in Q2 • E
Slide 7: Manganese based alloys update
MANGANESE BASED ALLOYS UPDATE Mn-based alloys volume trends ($/mt) Outlook 88,188 81,464 67,712 67,229 • Strongest volume quarter in three years, assisted by 61,404 62,320 64,495 56,399 being a local producer • Expect solid volumes to continue • EU safeguards should drive further improvements in 202
Slide 8: Finance update
FINANCE UPDATE NASDAQ: GSM
Slide 9: Improved sales boost results
IMPROVED SALES BOOST RESULTS Adjusted EBITDA bridge ($´m) Q2 2025 Q1 2025 (in USD million, except EPS) 25.6 21.6 Sales $386.9 $307.2 (1.3) Raw materials & $(253.2) $(238.3) energy for prod. Raw materials / sales % 65.5% 77.6% 12.8 Adj. EBITDA $21.6 $(26.8) 11.1 Adj. EBITDA margin % 6% (9)% Adj. dilu
Slide 10: Silicon metal adjusted EBITDA bridge Q2-25 vs. Q1-25
SILICON METAL ADJUSTED EBITDA BRIDGE Q2-25 VS. Q1-25 ($m) 12.3 6.5 Revenue increased 24% to $130 million driven by: • 23% increase in shipments due to restart of our French operations; and 4.8 • 1% increase in average selling price Costs decreased due to higher fixed cost 4.7 absorption and lower en
Slide 11: Silicon based alloys adjusted EBITDA bridge Q2-25 vs. Q1-25
SILICON BASED ALLOYS ADJUSTED EBITDA BRIDGE Q2-25 VS. Q1-25 ($m) 1.3 7.2 Revenue increased 23% to $112 million driven by: 1.9 • 24% increase in shipments due to restart of our French operations and higher US sales, 1.6 partially offset by • 1% decrease in average selling price due to 2.4 higher sale
Slide 12: Manganese based adjusted EBITDA bridge Q2-25 vs. Q1-25
MANGANESE BASED ADJUSTED EBITDA BRIDGE Q2-25 VS. Q1-25 ($m) 10.2 16.8 Revenue increased 43% to $106 million driven by: • 31% increase in shipments due to restart of our French operations 8.2 • 9% increase in average selling price due to product mix 4.0 Costs benefitted from higher fixed cost absorpt
Slide 13: Generated positive operating cash flow
GENERATED POSITIVE OPERATING CASH FLOW Cash flow summary ($´M) CFO OF $16M AND $14M WC RELEASE Q2 25 Q1 25 • Working capital generated $14 million driven by S&OP EBITDA $7.4 $(45.1) implementation Changes in working capital $14.0 $24.8 • CAPEX increased by $1 million Energy rebate $7.2 $32.1 to $16
Slide 14: Maintained a strong balance sheet
MAINTAINED A STRONG BALANCE SHEET BALANCED CAPITAL ALLOCATION Net cash evolution ($´m) Strategic 19 Total distributions investments Cash CAPEX $(9)m 10 Dividend Coreshell Disciplined CAPEX Consistency $16m in Q2-25 Q1 25 Q2 25 $4m in Q2-25 $2.6m in Q2-25 Adjusted gross debt ($´m) 125 $15m Buybacks 1
Slide 15: Key Takeaways
Key Takeaways Withdrawing guidance due to increased uncertainty and limited visibility Ongoing EU safeguard investigation expected to reduce import-driven price pressure in the European market The U.S. trade policy and antidumping actions expected to further improve the U.S. market Continue to navig
Slide 16: Q&A
Q&A NASDAQ: GSM
Slide 17: Appendix ─ Supplemental Information
Appendix ─ Supplemental Information NASDAQ: GSM
Slide 18: Adjusted EBITDA reconciliation
ADJUSTED EBITDA RECONCILIATION ($ in millions) Q2 25 Q1 25 EBITDA 7.4 (45.1) Exchange differences1 19.7 6.9 Impairment (gain) loss — (0.3) Restructuring and termination costs (1.3) — New strategy implementation — 0.7 Subactivity — — PPA Energy2 (1.4) 2.8 Fines inventory adjustment3 (2.8) 8.2 Adjuste
Slide 19: Quarterly sales and adjusted EBITDA
QUARTERLY SALES AND ADJUSTED EBITDA Quarterly Sales $ millions Q3 2023 Q4 2023 Q1 2024 Q2 2023 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Silicon Metal 198 168 169 204 194 161 105 130 Silicon Alloys 115 107 113 105 102 85 91 112 Mn Alloys 59 60 66 98 90 78 74 106 Other Business 45 32 44 44 49 43 37 39 Total Re
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