Slide 1: Driving innovation of critical materials essential to a sustainable future
Driving innovation of critical materials essential to a sustainable future First Quarter 2026 Results May 6, 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: Ferroalloys Driving Topline Momentum, Reinforced by European Safeguards
FERROALLOYS DRIVING TOPLINE MOMENTUM, REINFORCED BY EUROPEAN SAFEGUARDS Key Highlights • Trade measures drive ferroalloys volumes; EU Trade Commissioner commits to defending the silicon market • Actively pursuing potential restart of cost-competitive Venezuelan operations to access the U.S. market •
Slide 4: Q1 Topline Driven by Strong Ferroalloys Volumes
Q1 TOPLINE DRIVEN BY STRONG FERROALLOYS VOLUMES Shipments (I) (kt) Quarterly revenues ($´m) 347.7 177.0 329.4 $18.4 164.7 12.3 Q4 25 Q1 26 Q4 25 Q1 26 Quarterly Adj. EBITDA ($´m) Free cash flow ($´m) 14.6 Q4 25 Q1 26 $(11.2) 3.3 Q4 25 Q1 26 $2.1 (16.4) (18.5) (I) Excludes by-products and other produ
Slide 5: Silicon Metal Update
SILICON METAL UPDATE SiMe volume trends (mt) Outlook 62,872 56,910 49,797 • EU silicon demand remains subdued and pricing 44,610 36,308 33,561 impaired by predatory imports from China and Angola 32,634 30,533 • U.S. sales grew moderately in Q1 • Expect the U.S. region to outperform in the second hal
Slide 6: Silicon Based Alloys Update
SILICON BASED ALLOYS UPDATE Si-based alloys volume trends (mt) Outlook 60,674 53,048 • Silicon based alloy volumes highest since Q2 2021 51,279 46,953 45,489 42,864 42,968 • Converted 3 silicon furnaces to ferrosilicon to take 39,417 advantage of flexible global footprint • EU FeSi index prices up 9
Slide 7: Manganese Based Alloys Update
MANGANESE BASED ALLOYS UPDATE Mn-based alloys volume trends (mt) Outlook 88,188 85,743 81,464 80,778 • Q1 volumes up 6% due to safeguards, partially offset 67,712 67,229 69,552 64,495 by logistics issues from the Iran war • Index prices rose 18% since pre-safeguards • Expect strong shipments for res
Slide 8: Finance Update
FINANCE UPDATE NASDAQ: GSM
Slide 9: Pricing Improvement Lagged Cost Increases
PRICING IMPROVEMENT LAGGED COST INCREASES Adjusted EBITDA bridge ($´m) Q1 2026 Q4 2025 (in USD million, except EPS) 3.7 Sales $347.7 $329.4 2.8 Raw materials & $(229.0)* $(221.3)* energy for prod. 14.6 Raw materials / sales % 65.9%* 67.2%* Adj. EBITDA $3.3 $14.6 Adj. EBITDA margin % 1.0% 4.4% (16.7)
Slide 10: Silicon Metal Adjusted EBITDA Bridge Q1-26 vs. Q4-25
SILICON METAL ADJUSTED EBITDA BRIDGE Q1-26 VS. Q4-25 ($m) 1.2 Revenue decreased 13% to $84 million driven by: 0.9 • a 6% decrease in shipments primarily due to 23% decline in Europe, partially offset by a 13% increase in North America; 2.6 • average selling price declined 7% versus the (2.3) fourth
Slide 11: Silicon Based Alloys Adjusted EBITDA Bridge Q1-26 vs. Q4-25
SILICON BASED ALLOYS ADJUSTED EBITDA BRIDGE Q1-26 VS. Q4-25 ($m) 1.9 0.3 15.5 Revenue improved 18% to $122 million driven by: • 18% increase in shipments across all regions; • average selling price was flat 6.8 Costs increased due to higher energy prices and (10.9) raw material costs in Spain and th
Slide 12: Manganese Based Adjusted EBITDA Bridge Q1-26 vs. Q4-25
MANGANESE BASED ADJUSTED EBITDA BRIDGE Q1-26 VS. Q4-25 ($m) 8.5 Revenue increased 16% to $107 million driven by: • 6% increase in shipments • a 9% increase in average selling price due to 10.0 8.7 0.5 (7.8) strengthening EU prices Costs negatively impacted by elevated manganese ore prices and increa
Slide 13: Cash Flow Impacted by Working Capital
CASH FLOW IMPACTED BY WORKING CAPITAL FCF impacted by WC build-up as Cash flow summary ($´M) Ferroalloys volumes increase Q1 26 Q4 25 • Investment in working capital EBITDA $10.7 $(53.2) consumed $(13.4) million of CFO, driven by increased Changes in working capital $(13.4) $(7.8) volumes Energy reb
Slide 14: Increased Quarterly Dividend by 7%
INCREASED QUARTERLY DIVIDEND BY 7% BALANCED CAPITAL ALLOCATION Net debt evolution ($´m) 54.6 Strategic Total distributions investments Cash CAPEX $24.8m 29.8 Dividend Coreshell Disciplined CAPEX Increased 7% $7m in Q1-26; $10.9m in Q1-26 Q4 25 Q1 26 $2.8m in Q1-26 Total $17m Adjusted gross debt ($´m
Slide 15: Key Takeaways
Key Takeaways Strong ferroalloy volumes driven by trade measures, expect silicon metal protection in the EU Critical material diversification and a cost-competitive Venezuelan assets provide additional growth opportunities Iran-related disruptions pressuring logistics, transportation & raw materials
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 26 Q4 25 EBITDA 10.7 (53.2) Exchange differences1 (1.8) (2.1) Impairment (gain) loss — 29.7 Restructuring and termination costs — — New strategy implementation — — Subactivity — — PPA Energy2 (5.5) 40.2 Fines inventory adjustment3 — — Adjusted EBITDA
Slide 19: Quarterly Sales and Adjusted EBITDA
QUARTERLY SALES AND ADJUSTED EBITDA Quarterly Sales $ millions Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Silicon Metal 204 194 161 105 130 99 96 84 Silicon Alloys 105 102 85 91 112 92 104 122 Mn Alloys 98 90 78 74 106 84 93 107 Other Business 44 49 43 37 39 37 36 34 Total Reven
Slide 20: Investor Relations and Media Contacts
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