Ferroglobe Reports Solid Fourth Quarter and Full Year 2023 Financial Results

About this update from Ferroglobe Plc

LONDON , Feb. 21, 2024 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys, today announced financial results for the fourth quarter and full year 2023. Introducing 2024 adjusted EBITDA guidance of $100 million to $170 million FINANCIAL HIGHLIGHTS 2023 revenue of $1.7 billion , down 36% Y/Y 2023 adjusted EBITDA of $315 million , down 63% Y/Y Q4 adjusted EBITDA declined to $60 million , down 42% from Q3 and down 54% from Q4-22 Q4 adjusted EBITDA margins were at 16% versus 25% in the prior quarter and 29% in Q4-22 Q4 adjusted EPS was $0.09 versus $0.27 in Q3 and $0.39 in Q4-22 Net debt increased to $101 million , up from $71 million in Q3 and down from $127 million in Q4-22 Total cash decreased to $138 million , down from $166 million in Q3 and $323 million in Q4-22 BUSINESS HIGHLIGHTS Posted solid financial and operational performance for the quarter and the full year despite softening demand and weak pricing Adjusted gross debt remained flat in Q4; declining to less than $100 million in February as a result of a $148 million redemption on February 16, 2024 Initiated a quarterly cash dividend of $0.013 per share, payable on March 28, 2024 , to shareholders of record as of the close of business on March 22, 2024 Expecting to request the board of directors and shareholders to approve a share repurchase program Optimized French energy contract to drive strong results in 2023, received majority of related cash in 2024 Signed a term sheet for a partnership with a leading battery materials company in Europe and a memorandum of understanding with an advanced silicon-rich EV battery technology company in the US Dr. Marco Levi , Ferroglobe’s Chief Executive Officer, commented, “2023 was a successful year for Ferroglobe with strong financial, operating and strategic performance as we significantly reduced our debt, acquired a strategic quartz mine and entered into two EV battery agreements while operating our plants at high efficiency levels. This strong performance enabled us to announce a capital return policy today, with the board declaring a quarterly dividend of $0.013 per share and we expect to announce a share repurchase program in the coming months. “Despite the current softness in our end markets, we are very bullish about the company’s long-term prospects as we expect strong secular growth in the solar and EV battery markets to boost the demand for silicon metal in the coming years. We have positioned Ferroglobe to fully participate in these growth opportunities as the leading western producer of silicon metal. “We are introducing 2024 adjusted EBITDA guidance of $100 million to $170 million . Demand remains soft in early 2024, and while the recent increases in index prices are positive, we believe they have been partially driven by supply chain disruptions. We anticipate an improving demand picture in the second half of the year,” concluded Dr. Levi . Fourth Quarter and Full Year 2023 Financial Highlights Quarter Ended Quarter Ended Quarter Ended % % Twelve Months Ended Twelve Months Ended % $,000 (unaudited) December 31, 2023 September 30, 2023 December 31, 2022 Q/Q Y/Y December 31, 2023 December 31, 2022 Y/Y Sales $ 375,951 $ 416,810 $ 448,625 (10%) (16%) $ 1,650,034 $ 2,597,916 (36%) Raw materials and energy consumption for production $ (199,911 ) $ (195,600 ) $ (289,572 ) 2% (31%) $ (879,625 ) $ (1,285,086 ) (32%) Energy consumption for production (PPA impact) 339 — — 339 — Operating profit (loss) $ 14,224 $ 75,419 $ 29,696 (81%) (52%) $ 196,940 $ 660,547 (70%) Operating margin 3.8% 18.1% 6.6% 11.9% 25.4% Adjusted net incomeattributable to the parent $ 16,300 $ 53,722 $ 75,896 (70%) (79%) $ 134,943 $ 572,630 (76%) Adjusted diluted EPS $ 0.09 $ 0.27 $ 0.39 $ 0.71 $ 3.04 Adjusted EBITDA $ 60,262 $ 104,496 $ 130,442 (42%) (54%) $ 315,198 $ 860,006 (63%) Adjusted EBITDA margin 16.0% 25.1% 29.1% 19.1% 33.1% Operating cash flow $ 25,139 $ (8,727 ) $ 114,111 388% (78%) $ 174,768 $ 410,016 (57%) Free cash flow1 $ 1,888 $ (27,357 ) $ 99,559 107% (98%) $ 92,962 $ 358,242 (74%) Working Capital $ 510,709 $ 510,064 $ 700,898 0% (27%) $ 510,709 $ 700,898 (27%) Cash and Restricted Cash $ 137,649 $ 165,973 $ 322,943 (17%) (57%) $ 137,649 $ 322,943 (57%) Adjusted Gross Debt2 $ 238,506 $ 237,056 $ 449,711 1% (47%) $ 238,506 $ 449,711 (47%) Equity $ 876,180 $ 859,723 $ 756,813 2% 16% $ 876,180 $ 756,813 16% (1) Free cash flow is calculated as operating cash flow plus investing cash flow(2) Adjusted gross debt excludes bank borrowings on factoring program and impact of leasing standard IFRS16 at December 31, 2023 September 30, 2023 & December 31, 2022 Sales In the fourth quarter of 2023, Ferroglobe reported net sales of $376 million , a decrease of 10% over the prior quarter and a decrease of 16% over the year-ago period. For the full year 2023, sales were $1.7 billion versus $2.6 billion in the prior year, a decrease of 36%. The decrease in our fourth quarter results is primarily attributable to lower volumes across our product portfolio and lower pricing of our main products. The $41 million decrease in sales over the prior quarter was primarily driven by silicon metal, which accounted for $31 million of the decrease, and silicon-based alloys, which accounted for $8 million . These decreases were partially offset by manganese-based alloys, which increased by $1 million . The decrease in sales for the full year 2023 was mainly driven by a significant decrease in prices and volumes across all the products. Raw materials and energy consumption for production Raw materials and energy consumption for production was $200 million in the fourth quarter of 2023 versus $196 million in the prior quarter, an increase of 2%. As a percentage of sales, raw materials and energy consumption for production was 53% in the fourth quarter of 2023 versus 47% in the prior quarter. This variance was mainly due to lower energy compensation in France . For the full-year 2023, raw materials and energy consumption for production were $879 million , or 53% of sales, versus $1,285 million , or 49% of sales in 2022. The increase in these costs as a percent of sales was driven by lower pricing. Net Income (Loss) Attributable to the Parent In the fourth quarter of 2023, net loss attributable to the parent was $6 million , or ( $0.03 ) per diluted share, compared to a net profit attributable to the parent of $41 million , or $0.21 per diluted share in the third quarter. For the full year 2023, net profit attributable to the parent was $87 million , or $0.46 per diluted share, compared to $440 million , or $2.32 per diluted share. Adjusted EBITDA In the fourth quarter of 2023, adjusted EBITDA was $60 million , or 16% of sales, a decrease of 42% compared to adjusted EBITDA of $104 million , or 25% of sales in the third quarter of 2023. The decrease in the fourth quarter of 2023 adjusted EBITDA as a percentage of sales is primarily attributable to a decrease in sales volumes and prices. For the full year 2023, adjusted EBITDA was $315 million , or 19% of sales, compared to adjusted EBITDA of $860 million , or 33% of sales, for the full year 2022. Total Cash The total cash balance was $138 million as of December 31, 2023 , down $28 million from $166 million as of September 30, 2023 . During the year, the total cash balance declined by $185 million , mainly due to the partial redemption of senior secured notes in July 2023 . During the fourth quarter of 2023, we generated positive operating cash flow of $25 million , had negative cash flow from investing activities of $23 million , and $30 million in negative cash flow from financing activities. For the full year 2023, we generated positive operating cash flow of $175 million , had negative cash flow from investing activities of $82 million and $279 million in negative cash flow from financing activities. Total Working Capital Total working capital was $511 million as of December 31, 2023 , a slight increase from $510 million on September 30, 2023 . The increase in working capital during the quarter was primarily due to an increase in trade and other receivables of $17 million and an increase in inventories by $1 million , partially offset by a $17 million increase in trade and other payables. Beatriz García-Cos , Ferroglobe’s Chief Financial Officer, commented, “After reducing our working capital by $154 million in 2023, achieving a positive net cash position at the end of January this year was a significant milestone for Ferroglobe . Our strong cash generation allowed us to redeem the remaining Senior Secured Notes last week, enabling us to initiate a capital return policy. Our hybrid program includes a declaration of a quarterly dividend of $0.013 per share, while we expect to initiate a discretionary share repurchase plan in the coming months. “After generating $93 million of free cash flow in 2023, we anticipate generating positive free cash in 2024, despite the soft demand we are currently facing. Our balance sheet is the strongest it has been in the Company’s history, and we have right-sized our capital structure systematically over the past year and a half,” concluded Mrs. García-Cos. Product Category Highlights Silicon Metal Quarter Ended Quarter Ended Quarter Ended Twelve Months Ended Twelve Months Ended December 31,2023 September 30,2023 % Q/Q December 31, 2022 % Y/Y December 31, 2023 December 31, 2022 % Y/Y Shipments in metric tons: 49,761 57,031 (12.7 )% 39,459 26.1 % 194,385 209,342 (7.1 )% Average selling price ($/MT): 3,371 3,481 (3.2 )% 4,655 (27.6 )% 3,715 5,332 (30.3 )% Silicon Metal Revenue ( $,000 ) 167,744 198,525 (15.5 )% 183,682 (8.7 )% 722,140 1,116,212 (35.3 )% Silicon Metal Adj.EBITDA ( $,000 ) 22,188 80,823 (72.5 )% 89,064 (75.1 )% 216,534 529,355 (59.1 )% Silicon Metal Adj.EBITDA Mgns 13.2% 40.7% 48.5% 30.0% 47.4% Silicon metal revenue in the fourth quarter was $168 million , a decrease of 15.5% over the prior quarter. The average realized selling price decreased by 3.2% in the fourth quarter as prices remained under pressure. Total shipments decreased due to weak demand in chemicals and aluminum in Europe . Adjusted EBITDA for silicon metal decreased to $22 million during the fourth quarter compared to $81 million in the prior quarter. Adjusted EBITDA margin in the quarter decreased mainly due to lower energy compensation in France . Silicon-Based Alloys Quarter Ended Quarter Ended Quarter Ended Twelve Months Ended Twelve Months Ended December 31,2023 September 30,2023 % Q/Q December 31, 2022 % Y/Y December 31, 2023 December 31, 2022 % Y/Y Shipments in metric tons: 46,446 46,427 0.0 % 39,847 16.6 % 191,431 204,076 (6.2 )% Average selling price ($/MT): 2,300 2,475 (7.1 )% 3,182 (27.7 )% 2,562 3,694 (30.6 )% Silicon-based Alloys Revenue ( $,000 ) 106,826 114,907 (7.0 )% 126,793 (15.7 )% 490,446 753,857 (34.9 )% Silicon-based Alloys Adj.EBITDA ( $,000 ) 34,973 25,402 37.7 % 37,102 (5.7 )% 114,111 257,144 (55.6 )% Silicon-based Alloys Adj.EBITDA Mgns 32.7% 22.1% 29.3% 23.3% 34.1% Silicon-based alloy revenue in the fourth quarter was $107 million , a decrease of 7.0% over the prior quarter. The average realized selling price decreased by 7.1%, due to lower demand for ferrosilicon linked to general industry declines in the steel sector. Total shipments of silicon-based alloys were flat relative to the prior quarter. Adjusted EBITDA for the silicon-based alloys portfolio increased to $35 million in the fourth quarter of 2023 compared to $25 million for the prior quarter. Adjusted EBITDA margin increased in the quarter mainly due to improved costs. Manganese-Based Alloys Quarter Ended Quarter Ended Quarter Ended Twelve Months Ended Twelve Months Ended December 31,2023 September 30,2023 % Q/Q December 31, 2022 % Y/Y December 31, 2023 December 31, 2022 % Y/Y Shipments in metric tons: 61,404 56,399 8.9 % 61,917 (0.8 )% 227,243 295,589 (23.1 )% Average selling price ($/MT): 985 1,046 (5.8 )% 1,466 (32.8 )% 1,141 1,778 (35.8 )% Manganese-based Alloys Revenue ( $,000 ) 60,483 58,993 2.5 % 90,770 (33.4 )% 259,284 525,557 (50.7 )% Manganese-based Alloys Adj.EBITDA ( $,000 ) 23,886 11,000 117.1 % 19,696 21.3 % 37,994 69,966 (45.7 )% Manganese-based Alloys Adj.EBITDA Mgns 39.5% 18.6% 21.7% 14.7% 13.3% Manganese-based alloy revenue in the fourth quarter was $60 million , an increase of 2.5% over the prior quarter. The average realized selling price decreased by 5.8% and total shipments increased 8.9%. Adjusted EBITDA for the manganese-based alloys portfolio increased to $24 million in the fourth quarter of 2023, an increase of 117.1% compared with $11 million in the prior quarter. Adjusted EBITDA margin in the quarter improved mainly driven by the increase in the volume sold. Implemented a Capital Return Policy The board of directors declared a quarterly cash dividend of $0.013 per share, payable on March 28, 2024 , to shareholders of record as of the close of business on March 22, 2024 . We intend to make this a recurring quarterly dividend, subject to board approval, and may be adjusted depending on market conditions and other factors. In addition, we are planning to request our board of directors to approve the initiation of a share repurchase program, which requires a shareholder vote as a UK company listed on Nasdaq. Conference Call Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, Eastern Time on February 22, 2024 . Please dial-in at least five minutes prior to the call to register. 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.vevent.com/register/BI99f4883faa1f4b43bdf1ff571a916e5b 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/weyyqhs6 About Ferroglobe Ferroglobe is a leading global producer of silicon metal, silicon-based and manganese-based ferroalloys serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, automotive, consumer products, construction and energy. The Company is based in London . For more information, visit https://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”, “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-GAAP 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, adjusted net profit, adjusted profit per share, working capital, adjusted gross debt and net 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 Executive Director, Communications & Public AffairsEmail: [email protected] Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Income Statement (in thousands of U.S. dollars, except per share amounts) Quarter Ended Quarter Ended Quarter Ended Twelve Months Ended Twelve Months Ended December 31, 2023 September 30, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Sales $ 375,951 $ 416,810 $ 448,625 $ 1,650,034 $ 2,597,916 Raw materials and energy consumption for production (199,911 ) (195,600 ) (289,572 ) (879,625 ) (1,285,086 ) Energy consumption for production (PPA impact) 339 — — 339 — Other operating income 34,944 23,546 78,414 100,992 147,356 Staff costs (79,761 ) (83,582 ) (76,431 ) (305,859 ) (314,810 ) Other operating expense (73,071 ) (65,708 ) (54,129 ) (270,090 ) (346,252 ) Depreciation and amortization charges (20,090 ) (19,000 ) (20,547 ) (73,532 ) (81,559 ) Impairment (loss) gain (23,614 ) (1,035 ) (56,999 ) (25,290 ) (56,999 ) Other gain (loss) (563 ) (12 ) 335 (29 ) (19 ) Operating profit 14,224 75,419 29,696 196,940 660,547 Net finance income (expense) (7,681 ) (9,165 ) (16,830 ) (28,722 ) (58,741 ) Exchange differences (4,897 ) 1,258 4,051 (7,551 ) (9,995 ) Profit before tax 1,646 67,512 16,917 160,667 591,811 Income tax (loss) (4,160 ) (23,399 ) (7,775 ) (57,540 ) (147,983 ) Profit for the period (2,514 ) 44,113 9,142 103,127 443,828 Profit (loss) attributable to non-controlling interest (3,954 ) (3,229 ) (2,943 ) (15,816 ) (3,514 ) Profit attributable to the parent $ (6,468 ) $ 40,884 $ 6,199 $ 87,311 $ 440,314 EBITDA $ 34,314 $ 94,419 $ 50,243 $ 270,472 $ 742,106 Adjusted EBITDA $ 60,262 $ 104,496 $ 130,442 $ 315,198 $ 860,006 Weighted average shares outstanding Basic 187,872 187,872 187,523 187,872 187,816 Diluted 190,801 190,531 188,949 190,290 189,625 Profit (loss) per ordinary share Basic $ (0.03 ) $ 0.22 $ 0.03 $ 0.46 $ 2.34 Diluted $ (0.03 ) $ 0.21 $ 0.03 $ 0.46 $ 2.32 Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Financial Position (in thousands of U.S. dollars) December 31 , September 30 , December 31 , 2023 2023 2022 ASSETS Non-current assets Goodwill $ 29,702 $ 29,702 $ 29,702 Other intangible assets 133,097 120,602 111,797 Property, plant and equipment 506,644 494,912 486,247 Other non-current financial assets 19,792 15,591 14,186 Deferred tax assets 8,760 7,169 7,136 Non-current receivables from related parties 1,658 1,589 1,600 Other non-current assets 22,156 19,410 18,218 Non-current restricted cash and cash equivalents — 2,119 2,133 Total non-current assets 721,809 691,094 671,019 Current assets Inventories 383,841 383,452 500,080 Trade and other receivables 310,243 293,234 420,484 Current receivables from related parties 2,772 2,657 2,675 Current income tax assets 17,558 12,500 6,104 Other current financial assets 2 359 3 Other current assets 186,477 155,767 30,608 Assets and disposal groups classified as held for sale 0 795 1,067 Current restricted cash and cash equivalents 1,179 2,406 2,875 Cash and cash equivalents 136,470 161,448 317,935 Total current assets 1,038,542 1,012,618 1,281,831 Total assets $ 1,760,351 $ 1,703,712 $ 1,952,850 EQUITY AND LIABILITIES Equity $ 876,180 $ 859,723 $ 756,813 Non-current liabilities Deferred income 26,980 49,467 3,842 Provisions 49,775 52,515 47,670 Bank borrowings 14,913 15,073 15,774 Lease liabilities 20,304 11,570 12,942 Debt instruments 149,015 150,167 330,655 Other financial liabilities 65,231 64,592 38,279 Other Obligations 31,170 30,363 37,502 Other non-current liabilities 199 166 12 Deferred tax liabilities 32,582 35,449 35,854 Total non-current liabilities 390,169 409,362 522,530 Current liabilities Provisions 122,926 84,308 145,507 Bank borrowings 31,635 52,071 57,069 Lease liabilities 8,083 7,058 8,929 Debt instruments 5,765 2,321 12,787 Other financial liabilities 16,052 13,538 60,382 Payables to related parties 2,429 3,065 1,790 Trade and other payables 183,375 166,622 219,666 Current income tax liabilities 8,351 11,901 53,234 Other Obligations 14,183 11,780 9,580 Other current liabilities 101,203 81,963 104,563 Total current liabilities 494,002 434,627 673,507 Total equity and liabilities $ 1,760,351 $ 1,703,712 $ 1,952,850 Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Cash Flows Quarter Ended Quarter Ended Quarter Ended Twelve Months Ended Twelve Months Ended December 31, 2023 September 30, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Cash flows from operating activities: Profit for the period $ (2,514 ) $ 44,113 $ 9,142 $ 103,127 $ 443,828 Adjustments to reconcile net (loss) profit to net cash used by operating activities: Income tax (benefit) expense 4,160 23,399 7,775 57,540 147,983 Depreciation and amortization charges 20,090 19,000 20,547 73,532 81,559 Net finance expense 7,681 9,165 16,830 28,722 58,741 Exchange differences 4,897 (1,258 ) (4,051 ) 7,551 9,995 Impairment losses 23,614 1,035 56,999 25,290 56,999 Net loss (gain) due to changes in the value of asset 504 4 (209 ) 139 (349 ) Gain on disposal of non-current assets — — (120 ) (116 ) 459 Share-based compensation 683 2,773 1,941 7,402 5,836 Other adjustments 58 8 (6 ) 6 (91 ) Changes in operating assets and liabilities (Increase) decrease in inventories (1,746 ) (12,482 ) 41,566 102,179 (220,823 ) (Increase) decrease in trade receivables (5,399 ) (16,183 ) 10,570 126,458 (67,560 ) Increase (decrease) in trade payables 2,879 (22,361 ) (130 ) (74,177 ) 30,640 Other (17,067 ) (46,796 ) (10,288 ) (169,577 ) (56,677 ) Income taxes paid (12,701 ) (9,144 ) (36,455 ) (113,308 ) (80,524 ) Net cash provided (used) by operating activities 25,139 (8,727 ) 114,111 174,768 410,016 Cash flows from investing activities: Interest and finance income received 1,349 739 257 3,725 1,520 Payments due to investments: Other intangible assets (1,331 ) (516 ) (918 ) (2,787 ) (1,147 ) Property, plant and equipment (24,204 ) (18,853 ) (13,891 ) (83,679 ) (52,153 ) Other — — — — 6 Disposals: Other non-current assets 935 — — 935 — Net cash (used) provided by investing activities (23,251 ) (18,630 ) (14,552 ) (81,806 ) (51,774 ) Cash flows from financing activities: Payment for debt and equity issuance costs — — (60 ) — (853 ) Repayment of debt instruments (1,050 ) (150,000 ) — (179,075 ) (84,823 ) Increase/(decrease) in bank borrowings: Borrowings 39,239 131,063 140,832 432,274 838,710 Payments (58,052 ) (129,714 ) (146,507 ) (456,506 ) (865,054 ) Amounts paid due to leases (3,309 ) (2,956 ) (4,383 ) (11,363 ) (11,590 ) Proceeds from other financing liabilities — — — — 38,298 Other amounts received/(paid) due to financing activities (4,289 ) — — (21,666 ) 678 Interest paid (2,923 ) (19,371 ) (3,569 ) (42,207 ) (60,822 ) Net cash (used) provided by financing activities (30,384 ) (170,978 ) (13,687 ) (278,543 ) (145,456 ) Total net cash flows for the period (28,496 ) (198,335 ) 85,872 (185,581 ) 212,786 Beginning balance of cash and cash equivalents 165,973 363,181 236,789 322,943 116,663 Exchange differences on cash and cash equivalents in foreign currencies 172 1,127 282 287 (6,506 ) Ending balance of cash and cash equivalents $ 137,649 $ 165,973 $ 322,943 $ 137,649 $ 322,943 Cash from continuing operations 136,470 161,448 317,935 136,470 317,935 Current/Non-current restricted cash and cash equivalents 1,179 4,525 5,008 1,179 5,008 Cash and restricted cash in the statement of financial position $ 137,649 $ 165,973 $ 322,943 $ 137,649 $ 322,943 Adjusted EBITDA ($,000): Quarter Ended Quarter Ended Quarter Ended Twelve Months Ended Twelve Months Ended December 31, 2023 September 30, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Profit attributable to the parent $ (6,468 ) $ 40,884 $ 6,199 $ 87,311 $ 440,314 Profit (loss) attributable to non-controlling interest 3,954 3,229 2,943 15,816 3,514 Income tax expense 4,160 23,399 7,775 57,540 147,983 Net finance expense 7,681 9,165 16,830 28,722 58,741 Exchange differences 4,897 (1,258 ) (4,051 ) 7,551 9,995 Depreciation and amortization charges 20,090 19,000 20,547 73,532 81,559 EBITDA 34,314 94,419 50,243 270,472 742,106 Impairment 23,614 1,035 56,999 25,290 56,999 Restructuring and termination costs — 5,535 — 5,535 9,315 New strategy implementation (1,000 ) — 4,442 973 29,032 Subactivity 2,995 3,507 5,653 12,589 9,449 PPA Energy 339 — — 339 — Prior periods (loss) — — 13,105 — 13,105 Adjusted EBITDA $ 60,262 $ 104,496 $ 130,442 $ 315,198 $ 860,006 Adjusted profit attributable to Ferroglobe ($,000): Quarter Ended Quarter Ended Quarter Ended Twelve Months Ended Twelve Months Ended December 31, 2023 September 30, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Profit attributable to the parent $ (6,468 ) $ 40,884 $ 6,199 $ 87,311 $ 440,314 Tax rate adjustment 3,722 5,441 4,591 14,803 36,604 Impairment 17,333 760 46,272 18,563 46,272 Restructuring and termination costs — 4,063 — 4,063 7,562 New strategy implementation (734 ) — 3,606 714 23,568 Subactivity 2,198 2,574 4,589 9,240 7,671 PPA Energy 249 — — 249 — Prior periods (loss) — — 10,639 — 10,639 Adjusted profit attributable to the parent $ 16,300 $ 53,722 $ 75,896 $ 134,943 $ 572,630 Adjusted diluted profit per share: Quarter Ended Quarter Ended Quarter Ended Twelve Months Ended Twelve Months Ended December 31, 2023 September 30, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Diluted profit per ordinary share $ (0.03 ) $ 0.21 $ 0.03 $ 0.46 $ 2.32 Tax rate adjustment 0.02 0.03 0.02 0.08 0.19 Impairment 0.09 0.00 0.24 0.10 0.26 Restructuring and termination costs — 0.02 — 0.02 0.04 New strategy implementation (0.00 ) — 0.02 0.00 0.13 Subactivity 0.01 0.01 0.02 0.05 0.04 PPA Energy 0.00 — — 0.00 — Prior periods (loss) — — 0.06 — 0.06 Adjusted diluted profit per ordinary share $ 0.09 $ 0.27 $ 0.39 $ 0.71 $ 3.04 Source: Ferroglobe PLC

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