Fourth Quarter 2025 Earnings Investors Call Presentation

Driving innovation of critical materials

essential to a sustainable future

Fourth Quarter and Full Year 2025 Results

February 18, 2026

NASDAQ: GSM

NASDAQ: GSM

FERROGLOBE WELL-POSITIONED TO CAPITALIZE ON IMPROVED MARKET DYNAMICS

Key Highlights

• EU Safeguard measures already elevating EU ferroalloys markets

  
  
  

• Favorable preliminary decisions in the U.S. silicon antidumping/countervailing trade case bode well for 2026

  
  
  

• Successfully navigated a difficult year through discipline and proactive cost control measures

  
  
  

• New 10-year French energy contract reduces cost volatility and increases operational flexibility

  
  
  

• Increasing 2026 quarterly dividend by 7% to $0.015 per share

Shipments (I) (kt)

146.1

18.6

164.7

Quarterly revenues ($´m)

311.7

$17.7

329.4

Q3 25 Q4 25 Q3 25 Q4 25

Quarterly Adj. EBITDA ($´m)

18.3

$(3.7)

14.6

Free cash flow ($´m)

1.6

Q3 25

$(20.1)

Q3 25 Q4 25

(18.5)

(I) Excludes by-products and other products

SILICON METAL UPDATE

•

SiMe volume trends (mt) Outlook

62,872

53,183

56,910

49,797

44,610

36,308

33,561

32,634

•

•

Unabated low-priced Chinese and Angolan imports

continue to injure the EU markets

U.S. market conditions remained soft

Trade measures in the U.S. expected to improve market trends in the second half of 2026

Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25

CRU SiMe index spot pricing trends (I) ($/mt) SiMe shipment trends Q/Q by region

5,000

Total 3%

Other 3%

Europe 5%

N. America 8%

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 shipment trends Q/Q by region

Total 19%

Other 28%

Europe 25%

N. America 14%

Strong quarter, with the EU and U.S. posting robust volume increases

EU FeSi index prices increased by 22%, while U.S. indexes declined by 4% during the fourth quarter Anticipate substantial improvement in market conditions

in 2026

Si-based alloys volume trends (mt) Outlook

•

46,953

45,489

39,417

42,864

42,968

51,171

53,048

51,279

•

Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25

CRU FeSi index spot pricing trends (I) ($/mt)

3,000

2,800

2,600

2,400

2,200

2,000

1,800

1,600

1,400

1,200

USA EU

MANGANESE BASED ALLOYS UPDATE

Strong shipments in Q4 benefited from larger customer base and safeguards

Index prices rose substantially, increasing 16% and 21% for ferromanganese and silicomanganese, respectively

Expecting a robust manganese alloys market in 2026

Mn-based alloys volume trends (mt) Outlook

•

62,320

81,464

•

64,495 67,712 67,229

88,188

69,552

80,778

•

Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25

CRU EU Mn index spot pricing trends (I) ($/mt) Mn-based alloys shipment trends Q/Q by region

1,600

Europe 18%

N. America 13%

1,500

1,400

1,300

1,200

Total 16%

Other 1%

1,100

1,000

900

800

HC FeMn SiMn

$(0.02)

$(0.06)

Adj. diluted EPS

5.9%

4.4%

Adj. EBITDA margin %

$18.3

$14.6

Adj. EBITDA

57.8%*

67.2%*

$(180.1)*

$(221.3)*

$311.7

$329.4

(in USD million, except EPS)

Sales

Raw materials & energy for prod.

Raw materials / sales %

Q3 2025

Q4 2025

Adjusted EBITDA bridge

($´m)

2.3

18.3

(3.3)

(1.0)

14.6

(1.7)

Q3 25

Volume

Price

Cost

HQ & Others

Q4 25

* Excluding $40.2 million Q4 2025 and $0.3 million Q3 2025 impact of power purchase agreements

Q4-25 VS. Q3-25 ($m)

11.6

0.3

(0.3)

0.9

(10.7)

Revenue decreased 3% to $96 million driven by:

• a 3% decrease in shipments primarily due to 8% decline in North America, partially offset by a 5% increase in Europe;

• average selling price was flat versus the third

quarter

Costs deteriorated primarily due to idling in France, partially offset by improved North American cost performance

Q3 25 Volume Price Cost Q4 25

Q4-25 VS. Q3-25 ($m)

3.8

15.5

1.8

12.4

(2.5)

Revenue improved 12% to $104 million driven by:

• 19% increased in shipments across all regions,

  partially offset by;

• a 6% decrease in average selling price due to sales mix and lag related to index prices

Costs benefited from lower costs in Spain, partially offset by idling in France

Q3 25 Volume Price Cost Q4 25

Q4-25 VS. Q3-25 ($m)

7.7

8.7

1.2

4.4

(4.7)

Revenue increased 10% to $93 million driven by:

• 16% increase in shipments, partially offset by;

• a 6% decrease in average selling price due to a lag associated with index pricing

Costs positively impacted by improved performance in Norway and higher fixed costs absorption

Q3 25 Volume Price Cost Q4 25

$0.28

$(0.39)

Adj. diluted EPS

9.4%

2.1%

Adj. EBITDA margin %

$154

$28

Adj. EBITDA

62.7%*

66.8%*

$(1,031)*

$(892)*

$1,644

$1,335

(in USD million, except EPS)

Sales

Raw materials & energy for prod.

Raw materials / sales %

FY 2024

FY 2025

Adjusted EBITDA bridge

($´m)

153.8

(19.9)

0.1

(103.5)

27.6

(2.8)

FY 24

Volume

Price

Cost

HQ & Others

FY 25

* Excluding $41.9 million FY 2025 and $(4.2) million FY 2024 impact of power purchase agreements

•

•

FY25 Working Capital released of $48 million driven by S&OP efforts FY25 Cash from Operations totaled $51 million

CAPEX decreased in FY25 by $16 million compared to FY24

• Q4 Free Cash Flow was negative $19 million

•

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

BALANCED CAPITAL ALLOCATION

Total distributions

Strategic

investments

Cash CAPEX

Dividend Consistency

$2.6m in Q4-25;

$10.5m in FY-25

Coreshell

$0m in Q4-25;

$7m in FY-25; Total $10m

Disciplined CAPEX

$13.5m in Q4-25;

$62.5m in FY-25

Buybacks

$0m in Q4-25;

$4.7m in FY-25; Total $7.1m

29.8

$24.6m

5.2

Q3 25

Q4 25

Adjusted gross debt ($´m)

152.8

126.7

$26.1m

Q3 25

Q4 25

($´m)

Net debt evolution

Note: numbers may not add due to rounding

Trade actions create a significantly more favorable market backdrop, positioning ferroalloys for strong improvement in 2026

Growing confidence reflected in shareholder returns, with another dividend increase and continued disciplined capital allocation

Improving cost structure and operating leverage, driven by greater production flexibility

Poised for meaningful growth, following strong execution and resilience through a challenging 2025

NASDAQ: GSM

ADJUSTED EBITDA RECONCILIATION

Adjusted EBITDA4 14.6 18.3 27.6 153.8

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

26

10

22

18

15

(27)

Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25

NASDAQ: GSM