Slide 1: Driving innovation of critical materials essential to a sustainable future
Driving innovation of critical materials essential to a sustainable future Third Quarter 2025 Results November 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: Key Q3 2025 Highlights
INCREASING CLARITY IN THE U.S. AND EU TRADE CASES POSITIONS FERROGLOBE FOR A ROBUST 2026 Key Q3 2025 Highlights Strong U.S. preliminary Silicon Metal AD/CVD decision, positive for the industry ▪ Preliminary CVD duties ranging from 17% to 240% ▪ Preliminary AD duties on Angola of 68% and Laos of 94%
Slide 4: Q3 Results Affected by Soft Demand and Low-Priced Imports
Q3 RESULTS AFFECTED BY SOFT DEMAND AND LOW-PRICED IMPORTS Shipments (I) (kt) Quarterly revenues ($´m) 185.8 386.9 39.8kt $75.2m 311.7 146.1 Q2 25 Q3 25 Q2 25 Q3 25 Quarterly Adj. EBITDA ($´m) Free cash flow ($´m) 21.6 $3.3m 18.3 1.6 $1.6m Q2 25 Q3 25 0.0 Q2 25 Q3 25 (I) Excludes by-products and othe
Slide 5: Silicon Metal Update
SILICON METAL UPDATE SiMe volume trends (mt) Outlook 62,872 56,910 53,183 49,761 49,797 • EU market disrupted by influx of low-priced Chinese 44,610 36,308 imports 33,561 • U.S. market remained stable with limited liquidity • Trade measures expected to improve market trends in 2026 Q4 23 Q1 24 Q2 24
Slide 6: Silicon Based Alloys Update
SILICON BASED ALLOYS UPDATE Si-based alloys volume trends (mt) Outlook 51,171 53,048 46,446 46,953 45,489 42,864 42,968 • After one of the strongest second quarters, volumes 39,417 softened in Q3 • EU and U.S. FeSi index prices retreated in Q3 • Expect substantial improvement in market conditions in
Slide 7: Manganese Based Alloys Update
MANGANESE BASED ALLOYS UPDATE Mn-based alloys volume trends (mt) Outlook 88,188 81,464 67,712 67,229 69,552 • Solid shipments in Q3 despite pressure from increased 61,404 62,320 64,495 imports from Asia • Continue to benefit from favorable cost position • EU safeguards decision expected to strengthe
Slide 8: Finance Update
FINANCE UPDATE NASDAQ: GSM
Slide 9: Generated Positive Adj. EBITDA in Soft Demand Environment
GENERATED POSITIVE ADJ. EBITDA IN SOFT DEMAND ENVIRONMENT Adjusted EBITDA bridge ($´m) Q3 2025 Q2 2025 (in USD million, except EPS) 21.6 Sales $311.7 $386.9 0.9 18.3 10.9 Raw materials & $(180.4) $(253.2) energy for prod. Raw materials / sales % 57.9% 65.5% Adj. EBITDA $18.3 $21.6 (13.4) Adj. EBITDA
Slide 10: Silicon Metal Adjusted EBITDA Bridge Q3-25 vs. Q2-25
SILICON METAL ADJUSTED EBITDA BRIDGE Q3-25 VS. Q2-25 ($m) 15.4 11.6 Revenue decreased 24% to $99 million driven by: • a decrease in shipments primarily due to 51% 6.5 decline in Europe as a result of dumping by China, partially offset by; • 1% increase in average selling price Costs improved due to
Slide 11: Silicon Based Alloys Adjusted EBITDA Bridge Q3-25 vs. Q2-25
SILICON BASED ALLOYS ADJUSTED EBITDA BRIDGE Q3-25 VS. Q2-25 ($m) 5.0 12.4 Revenue decreased 17% to $92 million driven by: • 19% decrease in shipments across all regions, partially offset by; 7.2 2.2 • a 2% increase in average selling price due to sales mix (2.0) Costs benefited from lower energy cos
Slide 12: Manganese Based Adjusted EBITDA Bridge Q3-25 vs. Q2-25
MANGANESE BASED ADJUSTED EBITDA BRIDGE Q3-25 VS. Q2-25 ($m) 16.8 Revenue decreased 21% to $84 million driven by: 0.7 • 21% decrease in shipments due to imports (3.6) from Asia and strong Q2, partially offset by; • 1% increase in average selling price due to product mix Costs impacted by lower fixed
Slide 13: Generated Positive Cash Flow
GENERATED POSITIVE CASH FLOW Cash flow summary ($´M) CFO OF $21M AND $17M WC RELEASE Q3 25 Q2 25 • Working capital contributed $16.6 million to CFO, driven by EBITDA $18.5 $7.4 S&OP implementation Changes in working capital $16.6 $14.0 • CAPEX increased by $3.5 million Energy rebate $15.5 $7.2 to $1
Slide 14: Maintained a Strong Balance Sheet
MAINTAINED A STRONG BALANCE SHEET BALANCED CAPITAL ALLOCATION Net cash/debt evolution ($´m) 10 Strategic Total distributions investments Cash CAPEX $(16)m Q2 25 Q3 25 Dividend Coreshell (5) Disciplined CAPEX Consistency $0m in Q3-25; $19.1m in Q3-25 $2.6m in Q3-25 Total $10m Adjusted gross debt ($´m
Slide 15: Key Takeaways
Key Takeaways U.S. and EU trade measures are expected to significantly strengthen the business environment in 2026 Coreshell began pilot battery shipments to OEMs; Plans commercial battery deliveries for robotics and defense applications in early 2026 Effective working capital management supporting
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) Q3 25 Q2 25 EBITDA 18.5 7.4 Exchange differences1 (0.6) 19.7 Impairment (gain) loss 0.0 — Restructuring and termination costs — (1.3) New strategy implementation — — Subactivity — — PPA Energy2 0.3 (1.4) Fines inventory adjustment3 — (2.8) Adjusted EBIT
Slide 19: Quarterly Sales and Adjusted EBITDA
QUARTERLY SALES AND ADJUSTED EBITDA Quarterly Sales $ millions Q4 2023 Q1 2024 Q2 2023 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Silicon Metal 168 169 204 194 161 105 130 99 Silicon Alloys 107 113 105 102 85 91 112 92 Mn Alloys 60 66 98 90 78 74 106 84 Other Business 32 44 44 49 43 37 39 37 Total Reve
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