Ferroglobe Reports Second Quarter 2025 Financial Results

About this update from Ferroglobe Plc

Second Quarter Highlights Withdrawing guidance due to elevated macro uncertainty and limited visibility Ongoing EU safeguard investigation expected to reduce import-driven price pressure U.S. antidumping duties positively impacting the ferrosilicon market Reported adjusted EBITDA of $21.6 million Total cash of $135.5 million , net cash of $10.3 million Repurchased 600,434 shares during the second quarter Declared dividend of $0.014 per share payable on September 29 Added to the Russell 2000 and 3000 indexes on June 30 LONDON , Aug. 05, 2025 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading global producer of silicon metal, silicon-based and manganese-based specialty alloys, today announced financial results for the second quarter of 2025. Financial Highlights ($ in millions, except EPS) Q2 2025 Q1 2025 % Q/Q Q2 2024 %Y/Y YTD 2025 YTD 2024 %Y/Y Sales $ 386.9 $ 307.2 25.9 % $ 451.0 (14.2 )% $ 694.0 $ 842.9 (17.7 )% Net (loss) profit attributable to the parent $ (10.5 ) $ (66.5 ) 84.3 % $ 34.9 130.0 % $ (76.9 ) $ 32.9 (334.2 )% Adj. EBITDA $ 21.6 $ (26.8 ) 180.4 % $ 57.7 (62.7 )% $ (5.2 ) $ 83.5 (106.3 )% Adjusted diluted EPS $ (0.08 ) $ (0.20 ) (61.9 )% $ 0.13 (159.6 )% $ (0.28 ) $ 0.13 (307.1 )% Operating cash flow $ 15.6 $ 19.4 (19.4 )% $ 2.0 678.3 % $ 35.0 $ 200.1 (82.5 )% Capital expenditures1 $ 15.6 $ 14.3 9.0 % $ 21.9 (28.7 )% $ 29.9 $ 40.1 (25.4 )% Free cash flow2 $ 0.0 $ 5.1 (99.7 )% $ (19.9 ) (100.1 )% $ 5.1 $ 160.0 (96.8 )% (1) Cash outflows for capital expenditures(2) Free cash flow is calculated as operating cash flow less capital expenditures Dr. Marco Levi , Ferroglobe’s Chief Executive Officer, commented, “While the second quarter was marked by significant external challenges, including aggressive silicon metal imports into Europe from China and broader geopolitical uncertainty, we remain focused on managing what we can control. We are encouraged by the early benefits that we are seeing from U.S. trade actions, and we believe upcoming decisions in both the U.S. and the EU could provide meaningful support for fair competition and improved pricing. As we look ahead to 2026, we expect these tailwinds, along with disciplined execution and prudent capital allocation, to position Ferroglobe for stronger performance and long-term value creation for our shareholders,” concluded Dr. Levi . Consolidated Sales In the second quarter of 2025, Ferroglobe reported sales of $386.9 million , an increase of 25.9% over the prior quarter and a decrease of 14.2% from the comparable prior year period. This increase compared to the prior quarter was primarily attributable to higher sales volumes across our portfolio products and higher pricing in silicon metal and manganese-based alloys, partially offset by lower pricing in silicon-based alloys. Sales of silicon metal, silicon-based alloys and manganese-based alloys increased by $25.5 million , $20.8 million and $31.7 million , respectively, compared with the prior quarter. Product Category Highlights Silicon Metal ( $,000 ) Q2 2025 Q1 2025 % Q/Q Q2 2024 % Y/Y YTD 2025 YTD 2024 % Y/Y Shipments in metric tons: 44,610 36,308 22.9 % 62,872 (29.0 )% 80,918 116,055 (30.3 )% Average selling price ($/MT): 2,916 2,881 1.2 % 3,244 (10.1 )% 2,900 3,203 (9.5 )% Silicon Metal Revenue 130,083 104,603 24.4 % 203,957 (36.2 )% 234,662 371,724 (36.9 )% Silicon Metal Adj.EBITDA 6,521 (15,447 ) 142.2 % 34,584 (81.1 )% (8,926 ) 50,655 (117.6 )% Silicon Metal Adj.EBITDA Margin 5.0 % (14.8 )% 17.0 % (3.8 )% 13.6 % Silicon metal revenue in the second quarter was $130.1 million , an increase of 24.4% over the prior quarter. The average selling price increased by 1.2%, and shipments increased by 22.9% due to higher volumes mainly in EMEA, compared to the prior quarter. Adjusted EBITDA for silicon metal increased to $6.5 million for the second quarter, compared with $(15.5) million for the prior quarter. Adjusted EBITDA margin rose due to higher fixed cost absorption, resulting from increased production volumes. Silicon-Based Alloys ( $,000 ) Q2 2025 Q1 2025 % Q/Q Q2 2024 % Y/Y YTD 2025 YTD 2024 % Y/Y Shipments in metric tons: 53,048 42,864 23.8 % 46,953 13.0 % 95,913 98,124 (2.3 )% Average selling price ($/MT): 2,105 2,120 (0.7 )% 2,241 (6.1 )% 2,112 2,213 (4.6 )% Silicon-based Alloys Revenue 111,666 90,872 22.9 % 105,222 6.1 % 202,568 217,148 (6.7 )% Silicon-based Alloys Adj.EBITDA 7,158 2,414 196.5 % 10,199 (29.8 )% 9,572 24,611 (61.1 )% Silicon-based Alloys Adj.EBITDA Margin 6.4 % 2.7 % 9.7 % 4.7 % 11.3 % Silicon-based alloy revenue in the second quarter was $111.7 million , an increase of 22.9% over the prior quarter. The average selling price decreased by (0.7)% and shipments increased by 23.8% compared to the prior quarter. Volumes increased due to higher demand in the U.S. and EMEA. Adjusted EBITDA for silicon-based alloys increased to $7.2 million for the second quarter of 2025, an increase of 196.5% compared with $2.4 million for the prior quarter. Adjusted EBITDA margin increased driven by improved fixed cost absorption resulting from a significant increase in production volumes. Manganese-Based Alloys ( $,000 ) Q2 2025 Q1 2025 % Q/Q Q2 2024 % Y/Y YTD 2025 YTD 2024 % Y/Y Shipments in metric tons: 88,188 67,229 31.2 % 81,464 8.3 % 155,417 143,784 8.1 % Average selling price ($/MT): 1,204 1,108 8.7 % 1,204 0.0 % 1,162 1,144 1.6 % Manganese-based Alloys Revenue 106,178 74,490 42.5 % 98,083 8.3 % 180,595 164,489 9.8 % Manganese-based Alloys Adj.EBITDA 16,794 (5,574 ) 401.3 % 13,832 21.4 % 11,220 19,352 (42.0 )% Manganese-based Alloys Adj.EBITDA Margin 15.8 % (7.5 )% 14.1 % 6.2 % 11.8 % Manganese-based alloy revenue in the second quarter was $106.2 million , an increase of 42.5% over the prior quarter. The average selling price increased by 8.7% and shipments increased by 31.2% compared to the prior quarter. Adjusted EBITDA for the manganese-based alloys portfolio increased to $16.8 million for the second quarter, compared with $(5.6) million in the prior quarter. The adjusted EBITDA margin increased, driven by the restart of our French assets, which yielded higher volumes and improved fixed cost absorption. Raw materials and energy consumption for production Raw materials and energy consumption for production was $253.2 million in the second quarter of 2025 compared to $238.3 million in the prior quarter, an increase of 6.2%. As a percentage of sales, raw materials and energy consumption for production was 65.5% in the second quarter of 2025, compared to 77.6% in the first quarter. The decrease in costs as a percentage of sales was driven by increased sales volumes and favorable pricing dynamics, which enhanced the absorption of fixed production costs and contributed to improved operating leverage. Net (Loss) Profit Attributable to the Parent In the second quarter of 2025, net loss attributable to the parent was $(10.5) million , or $(0.06) per diluted share, compared to a net loss attributable to the parent of $(66.5) million , or $(0.36) per diluted share in the prior quarter. This improvement is primarily attributable to increased shipments of our main products as described above. The Company reported adjusted diluted earnings per share of $(0.08) for the second quarter, compared with adjusted earnings per share of $(0.20) in the prior quarter. Adjusted EBITDA Adjusted EBITDA was $21.6 million for the second quarter of 2025 compared to $(26.8) million for the prior quarter. The improvement was largely due to higher volumes and realized prices. Total Cash, Adjusted Gross Debt and Working Capital ($ in millions) June 30, 2025 March 31, 2025 $ % June 30, 2024 $ %Y/Y Total Cash1 $ 135.5 $ 129.6 5.9 4.6 % $ 144.5 (9.0 ) (6.2 )% Adjusted Gross Debt2 $ 125.2 $ 110.4 14.8 13.5 % $ 80.7 44.5 55.1 % Net Cash $ 10.3 $ 19.2 (8.9 ) (46.2 )% $ 63.7 (53.4 ) 83.8 % Total Working Capital 3 $ 440.8 $ 435.7 5.1 1.2 % $ 499.1 (58.3 ) (11.7 )% (1) Total cash is comprised of restricted cash and cash and cash equivalents(2) Adjusted gross debt excludes bank borrowings on our factoring program and the impact of leasing standard IFRS16 (3) Total working capital is comprised of inventories, trade receivables and other receivables minus trade and other payables Total cash was $135.5 million as of June 30, 2025 , up $5.9 million from $129.6 million as of March 31, 2025 . Adjusted gross debt increased by $14.8 million to $125.2 million , resulting in net cash of $10.3 million as of June 30, 2025 , a decrease of $8.9 million over the prior quarter. During the second quarter, cash flows from operating activities were $15.6 million , and net cash used in investing activities was $18.6 million . Cash provided from financing activities was $3.5 million as a result of cash proceeds from financing facilities and liabilities in the U.S. , South Africa , France , Norway and Spain of $38.1 million , partially offset by net cash payment of promissory notes of $3.1 million , lease payments of $3.2 million , dividend payments of $2.6 million , interest payments of $2.9 million , share repurchases of $2.0 million and repayment of other financing liabilities of $20.8 million Total working capital was $440.8 million as of June 30, 2025 , up from $435.7 million on March 31, 2025 . The $5.1 million increase in working capital balance during the quarter was due to increases of $11.1 million in inventories and $44.1 million increase in trade receivables and other receivables of, offset by a $50.1 million increase in trade and other payables. Beatriz García-Cos , Ferroglobe’s Chief Financial Officer, commented, “We delivered a strong sequential rebound in adjusted EBITDA, driven by volume growth and margin expansion across our portfolio of products. Despite persistent market volatility and regulatory uncertainty, we maintained a solid cash position of $135.5 million and ended the quarter in a net cash position for the sixth consecutive quarter. We continue to prioritize disciplined capital allocation, balancing investments with shareholder returns. As we move into the second half of the year, we remain focused on operational efficiency, working capital optimization, and maintaining a strong liquidity profile.” Capital Returns During the second quarter, Ferroglobe repurchased 600,434 shares at an average price of $3.31 per share and paid a quarterly cash dividend of $ 0.014 per share on June 26, 2025 . Our next cash dividend of $0.014 per share will be paid on September 29, 2025 to shareholders of record as of September 22, 2025 . Conference Call Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, Eastern Time on August 6, 2025 . The call may also be accessed via an audio webcast. To join via phone:Conference call participants should pre-register using this link https://register-conf.media-server.com/register/BI76a327a79962400a8669dbeffc854d7a Once registered, you will receive the dial-in numbers and a personal PIN, which are required to access the conference call. To join via webcast:A simultaneous audio webcast, and replay will be accessible here: https://edge.media-server.com/mmc/p/wd5snyo8 About Ferroglobe Ferroglobe PLC is a leading global producer of silicon metal, silicon- and manganese- based specialty alloys and ferroalloys, serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, electronics, automotive, consumer products, construction, and energy. The Company is based in London . For more information, visit http://investor.ferroglobe.com . Forward-Looking Statements This release contains “forward-looking statements” within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company’s future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “should”,“forecast”, “guidance”, “intends”, “likely”, “may”, “plan”, “potential”, “predicts”, “seek”, “target”, “will” and words of similar meaning or the negative thereof. Forward-looking statements contained in this press release are based on information currently available to the Company and assumptions that management believe to be reasonable, but are inherently uncertain. As a result, Ferroglobe’s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control. Forward-looking financial information and other metrics presented herein represent the Company’s goals and are not intended as guidance or projections for the periods referenced herein or any future periods. All information in this press release is as of the date of its release. Ferroglobe does not undertake any obligation to update publicly any of the forward-looking statements contained herein to reflect new information, events or circumstances arising after the date of this press release. You should not place undue reliance on any forward-looking statements, which are made only as of the date of this press release. Non-IFRS Measures This document may contain summarized, non-audited or non-IFRS financial information. The information contained herein should therefore be considered as a whole and in conjunction with all the public information regarding the Company available, including any other documents released by the Company that may contain more detailed information. Adjusted EBITDA, adjusted EBITDA as a percentage of sales, working capital as a percentage of sales, adjusted EBITDA margin, working capital,adjusted net profit, adjusted diluted EPS, adjusted gross debt and net cash/(debt), are non-IFRS financial metrics that management uses in its decision making. Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important and useful to investors because they eliminate items that have less bearing on the Company’s current and future operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. INVESTOR CONTACT: Alex Rotonen , CFAVice President, Investor Relations Email: [email protected] MEDIA CONTACT: Cristina Feliu Roig Vice President, Communications & Public AffairsEmail: [email protected] Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Income Statement (in thousands of U.S. dollars, except per share amounts) For the Three Months Ended For the Three Months Ended For the Three Months Ended For the Six Months Ended For the Six Months Ended June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Sales $ 386,862 $ 307,179 $ 451,048 $ 694,041 $ 842,902 Raw materials and energy consumption for production (253,212 ) (238,341 ) (262,015 ) (491,553 ) (521,304 ) Other operating income 26,893 9,072 27,448 35,965 38,284 Staff costs (68,797 ) (70,450 ) (67,220 ) (139,247 ) (137,739 ) Other operating expense (64,535 ) (47,290 ) (86,071 ) (111,825 ) (138,419 ) Depreciation and amortization (18,301 ) (17,520 ) (18,875 ) (35,821 ) (37,544 ) Impairment gain (loss) — 268 — 268 — Other (loss) gain (172 ) 1,405 238 1,233 934 Operating profit (loss) 8,738 (55,677 ) 44,553 (46,939 ) 47,114 Finance income 970 873 16,471 1,843 39,000 Finance costs (4,970 ) (4,555 ) (21,786 ) (9,525 ) (51,984 ) Financial derivatives gain 200 — — 200 — Exchange differences (19,659 ) (6,914 ) 3,591 (26,573 ) 4,974 (Loss) profit before tax (14,721 ) (66,273 ) 42,829 (80,994 ) 39,104 Income tax benefit (expense) 3,787 (625 ) (8,481 ) 3,162 (7,326 ) Total (loss) profit for the period (10,934 ) (66,898 ) 34,348 (77,832 ) 31,778 (Loss) profit attributable to the parent $ (10,451 ) $ (66,482 ) $ 34,880 $ (76,933 ) $ 32,856 (Loss) attributable to non-controlling interest (483 ) (416 ) (532 ) (899 ) (1,078 ) EBITDA $ 7,380 $ (45,071 ) $ 67,019 $ (37,691 ) $ 89,632 Adjusted EBITDA $ 21,562 $ (26,803 ) $ 57,739 $ (5,241 ) $ 83,542 Weighted average number of shares outstanding Basic and diluted 188,142 187,008 189,298 188,583 189,237 Loss per ordinary share Basic and diluted $ (0.06 ) $ (0.36 ) $ 0.18 $ (0.41 ) $ 0.17 Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Financial Position (in thousands of U.S. dollars) As of June 30 , As of March 31 , As of December 31 , 2025 2025 2024 ASSETS Non-current assets Goodwill $ 14,219 $ 14,219 $ 14,219 Intangible assets 195,631 178,583 103,095 Property, plant and equipment 519,165 495,285 487,196 Other financial assets 27,519 25,375 19,744 Deferred tax assets 9,290 7,997 6,580 Receivables from related parties 1,758 1,622 1,558 Other non-current assets 21,346 23,019 22,451 Total non-current assets 788,928 746,100 654,843 Current assets Inventories 325,960 314,843 347,139 Trade receivables 221,070 200,526 188,816 Other receivables 119,848 96,308 83,103 Receivables from related parties — — — Current income tax assets 8,475 5,191 7,692 Other financial assets 12,530 8,564 5,569 Other current assets 48,529 39,385 52,014 Restricted cash and cash equivalents 197 300 298 Cash and cash equivalents 135,350 129,281 132,973 Total current assets 871,959 794,398 817,604 Total assets $ 1,660,887 $ 1,540,498 $ 1,472,447 EQUITY AND LIABILITIES Equity $ 812,639 $ 780,568 $ 834,245 Non-current liabilities Deferred income 57,589 71,764 8,014 Provisions 29,310 26,390 24,384 Provision for pensions 30,570 28,383 27,618 Bank borrowings 45,941 32,299 13,911 Lease liabilities 64,858 59,766 56,585 Other financial liabilities 28,651 29,487 25,688 Other non-current liabilities 14,033 14,279 13,759 Deferred tax liabilities 18,507 18,834 19,629 Total non-current liabilities 289,459 281,202 189,588 Current liabilities Provisions 121,527 91,416 83,132 Provision for pensions 177 168 168 Bank borrowings 83,166 56,214 43,251 Lease liabilities 13,704 12,572 12,867 Debt instruments 12,368 14,311 10,135 Other financial liabilities 7,720 27,168 48,117 Payables to related parties 3,978 3,074 2,664 Trade and other payables 226,077 176,017 158,251 Current income tax liabilities 27 10,337 10,623 Other current liabilities 90,045 87,451 79,406 Total current liabilities 558,789 478,728 448,614 Total equity and liabilities $ 1,660,887 $ 1,540,498 $ 1,472,447 Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Cash Flows (in thousands of U.S. dollars) For the Three Months Ended For the Three Months Ended For the Three Months Ended For the Six Months Ended For the Six Months Ended June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Cash flows from operating activities: (Loss) profit for the period $ (10,934 ) $ (66,898 ) $ 34,348 $ (77,832 ) $ 31,778 Adjustments to reconcile net (loss) to net cash provided by operating activities: Income tax expense (benefit) (3,787 ) 625 8,481 (3,162 ) 7,326 Depreciation and amortization 18,301 17,520 18,875 35,821 37,544 Finance income (970 ) (873 ) (16,472 ) (1,843 ) (39,000 ) Finance costs 4,970 4,555 21,787 9,525 51,984 Exchange differences 19,659 6,914 (3,591 ) 26,573 (4,974 ) Impairment (gain) loss — (268 ) — (268 ) — Share-based compensation 692 1,296 913 1,988 1,841 Other (gain) loss (28 ) (1,405 ) (238 ) (1,433 ) (934 ) Changes in operating assets and liabilities Decrease (increase) in inventories 139 28,357 (36,696 ) 28,496 (17,685 ) (Increase) decrease in trade receivables (9,420 ) (7,206 ) (38,413 ) (16,626 ) 6,302 (Increase) decrease in other receivables (15,984 ) (9,573 ) 44,395 (25,557 ) — (Increase) decrease in energy receivable (440 ) 25,165 — 24,725 — Increase in trade payables 39,308 13,186 17,387 52,494 15,462 Other changes in operating assets and liabilities (13,817 ) 7,537 (40,014 ) (6,280 ) 114,582 Income taxes received (paid) (12,076 ) 440 (8,756 ) (11,636 ) (4,176 ) Net cash provided by operating activities: 15,613 19,372 2,006 34,985 200,050 Cash flows from investing activities: Interest and finance income received 973 872 600 1,845 1,341 Payments due to investments: Intangible assets (163 ) (557 ) (735 ) (720 ) (1,319 ) Property, plant and equipment (15,435 ) (13,750 ) (21,132 ) (29,185 ) (38,773 ) Other financial assets (4,000 ) (11,119 ) (3,000 ) (15,119 ) (3,000 ) Disposals: Property, plant and equipment — 1,559 — 1,559 (935 ) Net cash used in investing activities (18,625 ) (22,995 ) (24,267 ) (41,620 ) (41,751 ) Cash flows from financing activities: Dividends paid (2,611 ) (2,613 ) (2,443 ) (5,224 ) (4,881 ) Payment for debt and equity issuance costs (4 ) (95 ) — (99 ) — Repayment of debt instruments (9,170 ) (10,361 ) — (19,531 ) (147,624 ) Proceeds from debt issuance 6,036 14,380 — 20,416 — Increase (decrease) in bank borrowings: Borrowings 157,498 106,033 145,962 263,531 240,573 Payments (121,010 ) (77,176 ) (130,772 ) (198,186 ) (213,784 ) Payments for lease liabilities (3,174 ) (3,098 ) (2,883 ) (6,272 ) (5,856 ) (Payments) proceeds from other financing liabilities (20,802 ) (22,651 ) — (43,453 ) — Other proceeds (payments) from financing activities 1,581 — (289 ) 1,581 (481 ) Payments to acquire own shares (1,988 ) (2,703 ) — (4,691 ) — Interest paid (2,905 ) (4,531 ) (2,574 ) (7,436 ) (17,208 ) Net cash provided (used) in financing activities 3,451 (2,815 ) 7,001 636 (149,261 ) Total net increase (decrease) in cash and cash equivalents 439 (6,438 ) (15,260 ) (5,999 ) 9,038 Beginning balance of cash and cash equivalents 129,581 133,271 159,768 133,271 137,649 Foreign exchange gains (losses) on cash and cash equivalents 5,527 2,748 (21 ) 8,275 (2,200 ) Ending balance of cash and cash equivalents $ 135,547 $ 129,581 $ 144,487 $ 135,547 $ 144,487 Restricted cash and cash equivalents 197 300 301 197 301 Cash and cash equivalents 135,350 129,281 144,186 135,350 144,186 Ending balance of restricted cash and cash and cash equivalents $ 135,547 $ 129,581 $ 144,487 $ 135,547 $ 144,487 Adjusted EBITDA ($,000): Q2´25 Q1´25 Q2´24 YTD´25 YTD´24 (Loss) profit attributable to the parent $ (10,451 ) $ (66,482 ) $ 34,880 $ (76,933 ) $ 32,856 (Loss) attributable to non-controlling interest (483 ) (416 ) (532 ) (899 ) (1,078 ) Income tax (benefit) expense (3,787 ) 625 8,481 (3,162 ) 7,326 Finance income (970 ) (873 ) (16,471 ) (1,843 ) (39,000 ) Finance costs 4,970 4,555 21,786 9,525 51,984 Financial derivatives (gain) (200 ) — — (200 ) — Depreciation and amortization charges 18,301 17,520 18,875 35,821 37,544 EBITDA 7,380 (45,071 ) 67,019 (37,691 ) 89,632 Exchange differences 19,659 6,914 (3,591 ) 26,573 (4,974 ) Impairment (gain) — (268 ) — (268 ) — Restructuring and termination costs (1,285 ) — (4,540 ) (1,285 ) (4,540 ) New strategy implementation — 682 1,012 682 2,373 Subactivity — — 109 — 1,051 PPA Energy (1,384 ) 2,768 (2,270 ) 1,384 — Fines inventory adjustment (2,808 ) 8,172 — 5,364 — Adjusted EBITDA $ 21,562 $ (26,803 ) $ 57,739 $ (5,241 ) $ 83,542 Adjusted profit attributable to Ferroglobe ($,000): Q2´25 Q1´25 Q2´24 YTD´25 YTD´24 (Loss) profit attributable to the parent $ (10,451 ) $ (66,482 ) $ 34,880 $ (76,933 ) $ 32,856 Tax rate adjustment 188 21,481 (4,997 ) 18,706 (4,980 ) Impairment (gain) — (184 ) — (196 ) — Restructuring and termination costs (938 ) — (3,111 ) (938 ) (3,111 ) New strategy implementation — 467 694 498 1,626 Subactivity — — 75 — 720 PPA Energy (1,010 ) 1,897 (1,556 ) 1,010 — Fines inventory adjustment (2,050 ) 5,600 — 3,916 — Adjusted (loss) profit attributable to the parent $ (14,262 ) $ (37,220 ) $ 25,984 $ (53,936 ) $ 27,111 Adjusted diluted profit per share: Q2´25 Q1´25 Q2´24 YTD´25 YTD´24 Diluted (loss) profit per ordinary share $ (0.06 ) $ (0.36 ) $ 0.18 $ (0.41 ) $ 0.17 Tax rate adjustment 0.00 0.11 (0.03 ) 0.10 (0.03 ) Impairment (gain) — (0.00 ) — (0.00 ) — Restructuring and termination costs (0.00 ) — (0.02 ) (0.00 ) (0.02 ) New strategy implementation — 0.00 0.00 0.00 0.01 Subactivity — — 0.00 — 0.00 PPA Energy (0.01 ) 0.01 (0.01 ) 0.01 — Fines inventory adjustment (0.01 ) 0.03 — 0.02 — Adjusted diluted (loss) profit per ordinary share $ (0.08 ) $ (0.20 ) $ 0.13 $ (0.28 ) $ 0.13 Source: Ferroglobe PLC

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