Slide 1: Second Quarter 2026 Results
Driving innovation of critical materials essential to a sustainable future Second Quarter 2026 Results August 5, 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: Strong Free Cash Flow Generation
STRONG FREE CASH FLOW GENERATION Shipments (I) (kt) Quarterly revenues ($´m) 188.5 378.6 347.7 176.5 $30.9 11.5 Q1 26 Q2 26 Q1 26 Q2 26 Quarterly Adj. EBITDA ($´m) Free cash flow ($´m) 20.4 $36.8 13.1 $9.8 Q1 26 Q2 26 3.3 Q1 26 Q2 26 (16.4) (I) Excludes by-products and other products Note: numbers m
Slide 4: Strategy for Creating Long-Term Value for Shareholders
STRATEGY FOR CREATING LONG-TERM VALUE FOR SHAREHOLDERS Key Highlights • Expanding critical materials platform to create new growth opportunities; test produced critical ferroalloys at industrial scale • Enhancing portfolio value through footprint optimization to increase capacity utilization and low
Slide 5: Silicon Metal Update
SILICON METAL UPDATE SiMe volume trends (mt) Outlook 56,910 49,797 44,610 40,818 • Silicon market improved in Q2 as the market is 36,308 33,561 32,634 30,533 beginning to stabilize • Volume increase in Europe and the U.S. • Strong imports to the EU remain a headwind, partially Q3 24 Q4 24 Q1 25 Q2 2
Slide 6: Silicon Based Alloys Update
SILICON BASED ALLOYS UPDATE Si-based alloys volume trends (mt) Outlook 60,674 62,915 53,048 • Despite solid volumes in Europe, silicon-based alloy 51,279 45,489 39,417 42,864 42,968 segment demand still soft • Since the beginning of Q2, index prices are down modestly in the US and Europe • H2 2026 v
Slide 7: Manganese Based Alloys Update
MANGANESE BASED ALLOYS UPDATE Mn-based alloys volume trends (mt) Outlook 88,188 85,743 84,752 80,778 • Q2 volumes remained solid 67,712 67,229 69,552 64,495 • Index prices firmed ~10% from end of Q1; since Nov. 2025 safeguard implementation indexes up ~25% • Expecting stable volumes in H2 2026 Q3 24
Slide 8: Finance Update
FINANCE UPDATE NASDAQ: GSM
Slide 9: Adj. EBITDA Improvement Driven by Costs
ADJ. EBITDA IMPROVEMENT DRIVEN BY COSTS Adjusted EBITDA bridge ($´m) Q2 2026 Q1 2026 15.9 (in USD million, except EPS) 13.1 Sales $378.6 $347.7 (1.2) Raw materials & $(255.0)* $(229.0)* energy for prod. Raw materials / sales % 67.3%* 65.9%* 3.3 Adj. EBITDA $13.1 $3.3 (0.5) Adj. EBITDA margin % 3.5%
Slide 10: Silicon Metal Adjusted EBITDA Bridge Q2-26 vs. Q1-26
SILICON METAL ADJUSTED EBITDA BRIDGE Q2-26 VS. Q1-26 ($m) Revenue grew 26% to $106 million, driven by: (2.3) 5.2 • a 34% increase in shipments primarily due to a (2.7) 70% improvement in Europe and an 8% increase in North America; (2.2) • Partially offset by an average selling price decline of 6% ve
Slide 11: Silicon Based Alloys Adjusted EBITDA Bridge Q2-26 vs. Q1-26
SILICON BASED ALLOYS ADJUSTED EBITDA BRIDGE Q2-26 VS. Q1-26 ($m) 9.1 14.5 Revenue improved 2% to $125 million, driven by: • 4% increase in shipments; 0.7 • Offset by average selling price decline of 2% 6.8 Costs declined primarily due to a $5 million (2.2) litigation benefit in Spain and improved fi
Slide 12: Manganese Based Adjusted EBITDA Bridge Q2-26 vs. Q1-26
MANGANESE BASED ADJUSTED EBITDA BRIDGE Q2-26 VS. Q1-26 ($m) 1.3 13.0 1.7 Revenue was flat at $108 million, driven by: 10.0 0.0 • 1% decline in shipments • 2% increase in average selling price Costs declined by 1% due to improved costs in Spain, partially offset by higher manganese ore prices Q1 26 V
Slide 13: Strong Free Cash Flow Generation
STRONG FREE CASH FLOW GENERATION Cash flow summary ($´M) Working Capital drove FCF gains Q2 26 Q1 26 • Release of working capital generated $28 million of CFO EBITDA $77.6 $10.7 • Taxes and others include a $60 Changes in working capital $28.0 $(13.4) million mark-to-market PPA adjustment Energy reb
Slide 14: Debt Levels Improved in Q2
DEBT LEVELS IMPROVED IN Q2 BALANCED CAPITAL ALLOCATION Net debt evolution ($´m) 54.6 Strategic $(16.9)m Total distributions investments Cash CAPEX 37.7 Dividend Coreshell Disciplined CAPEX $0m in Q2-26; $16.6m in Q2-26 Q1 26 Q2 26 $2.8m in Q2-26 Total $17m Adjusted gross debt ($´m) 151.0 $(20.1)m 13
Slide 15: Key Takeaways
Key Takeaways Solid Q2 execution driving growth in shipments, revenues, adjusted EBITDA, and free cash flow Building a leading Western critical materials platform to drive growth and enhance resilience Creating value through footprint optimization and cost savings Planning for potential reactivation
Slide 16: Q&A
Q&A NASDAQ: GSM
Slide 17: Appendix - Supplemental Information
Appendix ─ Supplemental Information NASDAQ: GSM
Slide 18: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION ($ in millions) Q2 26 Q1 26 EBITDA 77,6 10.7 Exchange differences1 (5.1) (1.8) Impairment (gain) loss — — Restructuring and termination costs — — New ERP Implementation 0.5 — Subactivity — — PPA Energy2 (59.9) (5.5) Fines inventory adjustment3 — — Adjusted EBITDA4 13.1
Slide 19: Quarterly Sales and Adjusted EBITDA
QUARTERLY SALES AND ADJUSTED EBITDA Quarterly Sales $ millions Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Silicon Metal 194 161 105 130 99 96 84 106 Silicon Alloys 102 85 91 112 92 104 122 125 Mn Alloys 90 78 74 106 84 93 107 108 Other Business 49 43 37 39 37 36 34 40 Total Reve
Slide 20: Investor Relations and Media Inquiries
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