Ferroglobe : Fourth Quarter 2025 Earnings Investors Call Presentation

About this update from Ferroglobe Plc

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 $0.015 per share Q4 RESULTS BENEFITED FROM IMPROVED FERROALLOYS VOLUMES Shipments (I) (kt) 146.1 18.6 164.7 Quarterly revenues ($´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 Q4 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 FINANCE UPDATE RESILIENT Q4 WITH POSITIVE ADJ. EBITDA $(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 $0.3 million Q3 2025 impact of power purchase agreements SILICON METAL ADJUSTED EBITDA BRIDGE Q4-25 VS. Q3-25 ($m) 11.6 0.3 (0.3) 0.9 (10.7) Revenue decreased 3% to $96 million driven by: a 3% decrease in shipments primarily due to 8% decline in North America, partially offset by a 5% increase in Europe; average selling price was flat versus the third quarter Costs deteriorated primarily due to idling in France, partially offset by improved North American cost performance Q3 25 Volume Price Cost Q4 25 SILICON BASED ALLOYS ADJUSTED EBITDA BRIDGE Q4-25 VS. Q3-25 ($m) 3.8 15.5 1.8 12.4 (2.5) Revenue improved 12% to $104 million driven by: 19% increased in shipments across all regions, partially offset by; a 6% decrease in average selling price due to sales mix and lag related to index prices Costs benefited from lower costs in Spain, partially offset by idling in France Q3 25 Volume Price Cost Q4 25 MANGANESE BASED ADJUSTED EBITDA BRIDGE Q4-25 VS. Q3-25 ($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 FULL-YEAR RESULTS UNDERMINED BY LOW PRICES FROM WEAK DEMAND AND DUMPING $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 • • FREE CASH FLOW IMPACTED BY WEAK MARKET 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 $19 million Cash flow summary ($´M) EBITDA Q4 25 $(53.2) Q3 25 $18.5 FY 25 $(72.4) FY 24 $108.9 Changes in working capital $(7.8) $16.6 $47.5 $6.3 Energy rebate $7.0 $15.5 $61.8 $176.2 Taxes & others $49.8 $(29.8) $14.5 $(15.8) Cash from operations $(4.3) $20.8 $51.5 $243.3 CAPEX $(14.2) $(19.1) $(63.3) $(79.2) Free cash flow (I) $(18.5) $1.6 $(11.8) $164.1 • (I) Free cash flow is calculated as cash from operations less capital expenditures SOLID BALANCE SHEET TO SUPPORT GROWTH 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 Key Takeaways 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 Q&A NASDAQ: GSM Appendix ─ Supplemental Information ADJUSTED EBITDA RECONCILIATION ($ in millions) Q4 25 Q3 25 FY 25 FY 24 EBITDA (53.2) 18.5 (72.4) 127.2 Exchange differences 1 (2.1) (0.6) 23.9 (13.6) Impairment (gain) loss 29.7 0.0 29.5 43.1 Restructuring and termination costs - - (1.3) (7.2) New strategy implementation - - 0.7 5.4 Subactivity - - - 3.2 PPA Energy 2 40.2 0.3 41.9 (4.2) Fines inventory adjustment 3 - - 5.4 - Adjusted EBITDA 4 14.6 18.3 27.6 153.8 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 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Silicon Metal 169 204 194 161 105 130 99 96 Silicon Alloys 113 105 102 85 91 112 92 104 Mn Alloys 66 98 90 78 74 106 84 93 Other Business 44 44 49 43 37 39 37 36 Total Revenue 392 451 434 368 307 387 312 329 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 Attention : This is an excerpt of the original content. 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