Ferroglobe : First Quarter 2026 Earnings Investors Call Presentation

About this update from Ferroglobe Plc

Driving innovation of critical materials essential to a sustainable future First Quarter 2026 Results May 6, 2026 NASDAQ: GSM NASDAQ: GSM 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 Expertise in critical materials unlocks new growth opportunities as the U.S. and EU policy pivots toward domestically anchored supply chains Co-led Coreshell Series B as 60-Amp pilot plant launches; agreed to multi-year silicon metal supply agreement Q1 TOPLINE DRIVEN BY STRONG FERROALLOYS VOLUMES Shipments (I) (kt) 164.7 12.3 177.0 Quarterly revenues ($´m) 329.4 $18.4 347.7 Q4 25 Q1 26 Q4 25 Q1 26 Quarterly Adj. EBITDA ($´m) Free cash flow ($´m) Q1 26 Q4 25 14.6 $(11.2) 3.3 Q4 25 Q1 26 (18.5) $2.1 (16.4) (I) Excludes by-products and other products SILICON METAL UPDATE SiMe volume trends (mt) Outlook • SiMe shipment trends Q/Q by region Total 6% Other 98% Europe 23% N. America 15% EU silicon demand remains subdued and pricing impaired by predatory imports from China and Angola U.S. sales grew moderately in Q1 Expect the U.S. region to outperform in the second half of 2026 62,872 56,910 49,797 36,308 44,610 • • 33,561 32,634 30,533 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 CRU SiMe index spot pricing trends (I) ($/mt) 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 USA EU SILICON BASED ALLOYS UPDATE Si-based alloys volume trends (mt) Outlook • Si-based alloys shipment trends Q/Q by region Total 18% Other 4% Europe 20% N. America 21% Silicon based alloy volumes highest since Q2 2021 Converted 3 silicon furnaces to ferrosilicon to take advantage of flexible global footprint EU FeSi index prices up 9% since pre-safeguards, U.S. indexes up 2% YTD Expect solid volumes for the rest of the year 60,674 46,953 45,489 • 39,417 42,864 53,048 42,968 51,279 • Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 CRU FeSi index spot pricing trends (I) ($/mt) 2,600 2,400 2,200 2,000 1,800 1,600 1,400 1,200 USA EU MANGANESE BASED ALLOYS UPDATE Q1 volumes up 6% due to safeguards, partially offset by logistics issues from the Iran war Index prices rose 18% since pre-safeguards Expect strong shipments for rest of 2026; enhanced EU steel safeguard anticipated for the second half of 2026 Mn-based alloys volume trends (mt) Outlook 81,464 • • 64,495 67,712 67,229 88,188 69,552 80,778 85,743 • Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 CRU EU Mn index spot pricing trends (I) ($/mt) Mn-based alloys shipment trends Q/Q by region 1,600 Europe 6% N. America 22% 1,500 1,400 1,300 1,200 Other 457% Total 6% 1,100 1,000 900 800 HC FeMn SiMn FINANCE UPDATE PRICING IMPROVEMENT LAGGED COST INCREASES $(0.06) $(0.07) Adj. diluted EPS 4.4% 1.0% Adj. EBITDA margin % $14.6 $3.3 Adj. EBITDA 67.2%* 65.9%* $(221.3)* $(229.0)* $329.4 $347.7 (in USD million, except EPS) Sales Raw materials & energy for prod. Raw materials / sales % Q4 2025 Q1 2026 Adjusted EBITDA bridge ($´m) 3.7 2.8 14.6 (16.7) 3.3 (1.2) Q4 25 Volume Price Cost HQ & Others Q1 26 * Excluding $(5.5) million Q1 2026 and $40.2 million Q4 2025 impact of power purchase agreements SILICON METAL ADJUSTED EBITDA BRIDGE • Q1-26 VS. Q4-25 ($m) • Revenue decreased 13% to $84 million driven by: a 6% decrease in shipments primarily due to 23% decline in Europe, partially offset by a 13% increase in North America; average selling price declined 7% versus the fourth quarter Costs improved due to strong performance in Canada and the restart of certain operations in Europe 1.2 0.9 2.6 (2.3) (7.0) Q4 25 Volume Price Cost Q1 26 SILICON BASED ALLOYS ADJUSTED EBITDA BRIDGE • Q1-26 VS. Q4-25 ($m) 1.9 0.3 15.5 6.8 (10.9) Revenue improved 18% to $122 million driven by: 18% increase in shipments across all regions; average selling price was flat Costs increased due to higher energy prices and raw material costs in Spain and the U.S., and higher production costs in Spain • Q4 25 Volume Price Cost Q1 26 MANGANESE BASED ADJUSTED EBITDA BRIDGE • Q1-26 VS. Q4-25 ($m) 8.5 10.0 8.7 0.5 (7.8) Revenue increased 16% to $107 million driven by: 6% increase in shipments a 9% increase in average selling price due to strengthening EU prices Costs negatively impacted by elevated manganese ore prices and increased energy and transportation costs • Q4 25 Volume Price Cost Q1 26 • CASH FLOW IMPACTED BY WORKING CAPITAL Investment in working capital consumed $(13.4) million of CFO, driven by increased volumes CAPEX decreased by $3.3 million to $10.9 million Free cash flow $(16.4) million in the first quarter FCF impacted by WC build-up as Ferroalloys volumes increase Cash flow summary ($´M) Q1 26 Q4 25 EBITDA $10.7 $(53.2) Changes in working capital $(13.4) $(7.8) Energy rebate $0.7 $7.0 Taxes & others Cash from operations $(3.6) $(5.6) $49.8 $(4.3) CAPEX $(10.9) $(14.2) Free cash flow (I) $(16.4) $(18.5) • • (I) Free cash flow is calculated as cash from operations less capital expenditures INCREASED QUARTERLY DIVIDEND BY 7% Total distributions Dividend Increased 7% $2.8m in Q1-26 Buybacks $20k in Q1-26; Total $7.1m Net debt evolution ($´m) $24.8m 29.8 Q4 25 Adjusted gross debt 54.6 Q1 26 ($´m) 152.8 $(1.8)m 151.0 Q4 25 Q1 25 BALANCED CAPITAL ALLOCATION Disciplined CAPEX $10.9m in Q1-26 Cash CAPEX Coreshell $7m in Q1-26; Total $17m Strategic investments Note: numbers may not add due to rounding Key Takeaways Strong ferroalloy volumes driven by trade measures, expect silicon metal protection in the EU Critical material diversification and a cost-competitive Venezuelan assets provide additional growth opportunities Iran-related disruptions pressuring logistics, transportation & raw materials costs in Q2 2026 Market conditions expected to improve in H2 2026, supported by enhanced European steel safeguards, CBAM, and sustained U.S. steel and aluminum growth Q&A NASDAQ: GSM Appendix ─ Supplemental Information ADJUSTED EBITDA RECONCILIATION ($ in millions) Q1 26 Q4 25 EBITDA 10.7 (53.2) Exchange differences 1 (1.8) (2.1) Impairment (gain) loss - 29.7 Restructuring and termination costs - - New strategy implementation - - Subactivity - - PPA Energy 2 (5.5) 40.2 Fines inventory adjustment 3 - - Adjusted EBITDA 4 3.3 14.6 Exchange differences refer to gains or losses arising from fluctuations in exchange rates when transactions are conducted in a currency other than the entity's functional currency PPA Energy refers to the fair value of energy generated under a Power Purchase Agreement Fines inventory adjustment relates to related NRV impact due to cost harmonization May not add due to rounding 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 Revenue 451 434 368 307 387 312 329 348 Adjusted EBITDA 58 60 10 22 18 15 3 -27 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Investor Relations Alex Rotonen Vice President, Investor Relations [email protected] NASDAQ: GSM NASDAQ: GSM Media Inquiries Cristina Feliu Roig Vice President, Communications & Public Affairs [email protected] NASDAQ: GSM Attention : This is an excerpt of the original content. 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