First Quarter 2026 Earnings Investors Call Presentation

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

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)

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

$(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

•

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

•

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

•

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

•

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

•

•

(I) Free cash flow is calculated as cash from operations less capital expenditures

BALANCED CAPITAL ALLOCATION

Disciplined CAPEX

$10.9m in Q1-26

Coreshell

$7m in Q1-26; Total $17m

Note: numbers may not add due to rounding

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

NASDAQ: GSM

ADJUSTED EBITDA RECONCILIATION

Adjusted EBITDA4 3.3 14.6

1. 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

2. PPA Energy refers to the fair value of energy generated under a Power Purchase Agreement

3. Fines inventory adjustment relates to related NRV impact due to cost harmonization

4. May not add due to rounding

QUARTERLY SALES AND ADJUSTED EBITDA

Quarterly Sales

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 investor.relations@ferroglobe.com

NASDAQ: GSM

NASDAQ: GSM

Media Inquiries

Cristina Feliu Roig Vice President, Communications & Public Affairs corporate.comms@ferroglobe.com

NASDAQ: GSM