Ferroglobe Reports Strong Third Quarter 2024 Financial Results

About this update from Ferroglobe Plc

Maintaining Adj. EBITDA guidance of $150-170 million Recorded improved adjusted EBITDA of $60 million for the third quarter of 2024 Positive net cash position of $32 million and adjusted gross debt of $89 million U.S. Department of Commerce announced duties on Russian, Brazilian, Kazakhstan and Malaysian FeSi imports Paid quarterly cash dividend of $0.013 per share in September; next dividend of $0.013 per share on December 27 Repurchased shares during the third quarter and implemented a 10b5-1 plan Preparing to issue ESG report highlighting the company’s 2030 decarbonization targets and other milestones LONDON , Nov. 06, 2024 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys, today announces financial results for the third quarter of 2024. Financial Highlights ($ in millions, except EPS) Q3 2024 Q2 2024 %Q/Q Q3 2023 %Y/Y YTD 2024 YTD 2023 %Y/Y Sales $ 433.5 $ 451.0 (4 %) $ 416.8 4 % $ 1,276.4 $ 1,274.1 0 % Net income $ 18.8 $ 34.9 (46 %) $ 40.9 (54 %) $ 51.7 $ 93.8 (45 %) Adjusted diluted EPS $ 0.11 $ 0.13 (13 %) $ 0.27 (59 %) $ 0.25 $ 0.63 (60 %) Adj. EBITDA $ 60.4 $ 57.7 5 % $ 104.5 (42 %) $ 144.0 $ 254.9 (44 %) Operating cash flow $ 11.1 $ 2.0 454 % $ (8.7 ) 227 % $ 211.2 $ 149.6 41 % Capital expenditures1 $ 21.2 $ 21.9 (3 %) $ 19.4 9 % $ 61.2 $ 60.9 1 % Free cash flow2 $ (10.0 ) $ (19.9 ) 49 % $ (28.1 ) 64 % $ 149.9 $ 88.7 69 % (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, “Despite the market headwinds, third quarter results were in line with our expectations with adjusted EBITDA of $60 million , slightly higher than in the second quarter, while volumes were impacted by soft demand. We are taking appropriate actions to reduce production in response to current demand trends. We are optimistic that demand will improve in 2025 as the year progresses. “We see significant potential in 2025 in the U.S. ferrosilicon market. The US Department of Commerce has imposed final anti-dumping and countervailing duties of 283% and 748%, respectively, on all Russian ferrosilicon imports. On November 1 , the U.S. Department of Commerce announced preliminary anti-dumping duties on Brazil , Kazakhstan , and Malaysia , ranging from 1% to 22%. In addition, preliminary countervailing duties ranging from 2.4% to 61.7% were announced in September against Brazil , Kazakhstan and Malaysia . “As part of our next ESG Report, we will announce a decarbonization objective of reducing scope 1 and 2 carbon emissions by at least 26% by 2030 from a 2020 baseline as part of our goal to enhance sustainability and transparency,” concluded Dr. Levi . Consolidated Sales In the third quarter of 2024, Ferroglobe reported net sales of $433.5 million , a decrease of 3.9% over the prior quarter and an increase of 4.0% from the comparable prior year period. This decrease over the prior quarter is primarily attributable to lower sales volumes in our portfolio products, partially offset by higher pricing in silicon metal and manganese-based specialty alloys. Silicon metal, silicon-based alloys and manganese-based alloys declined in sales by $10.4 million , $3.5 million and $8.4 million , respectively. Product Category Highlights Silicon Metal ( $,000 ) Q3 2024 Q2 2024 % Q/Q Q3 2023 % Y/Y YTD 2024 YTD 2023 % Y/Y Shipments in metric tons: 56,910 62,872 (9.5 )% 57,031 (0.2 )% 172,965 144,624 19.6 % Average selling price ($/MT): 3,401 3,244 4.8 % 3,481 (2.3 )% 3,268 3,834 (14.8 )% Silicon Metal Revenue 193,551 203,957 (5.1 )% 198,525 (2.5 )% 565,250 554,488 1.9 % Silicon Metal Adj.EBITDA 40,554 34,584 17.3 % 80,823 (49.8 )% 91,209 194,347 (53.1 )% Silicon Metal Adj.EBITDA Margin 21.0 % 17.0 % 40.7 % 16.1 % 35.0 % Silicon metal revenue in the third quarter was $193.6 million , a decrease of 5.1% over the prior quarter and a decrease of 2.5% from the comparable prior period. Average realized selling price increased by 4.8%, and shipments decreased due to lower volumes in EMEA and the U.S. The adjusted EBITDA for silicon metal increased 17.3% to $40.6 million during the third quarter, compared with $34.6 million for the prior quarter. The improvement in adjusted EBITDA margin in the quarter was mainly driven by higher average selling price and energy compensation in France . Silicon-Based Alloys ( $,000 ) Q3 2024 Q2 2024 % Q/Q Q3 2023 % Y/Y YTD 2024 YTD 2023 % Y/Y Shipments in metric tons: 45,489 46,953 (3.1 )% 46,427 (2.0 )% 143,613 144,984 (0.9 )% Average selling price ($/MT): 2,237 2,241 (0.2 )% 2,475 (9.6 )% 2,221 2,645 (16.0 )% Silicon-based Alloys Revenue 101,759 105,222 (3.3 )% 114,907 (11.4 )% 318,964 383,483 (16.8 )% Silicon-based Alloys Adj.EBITDA 2,356 10,199 (76.9 )% 25,402 (90.7 )% 26,967 79,138 (65.9 )% Silicon-based Alloys Adj.EBITDA Margin 2.3 % 9.7 % 22.1 % 8.5 % 20.6 % Silicon-based alloy revenue in the third quarter was $101.8 million , a decrease of 3.3% over the prior quarter and a decrease of 11.4% from the comparable prior period. Shipments decreased by 3.1%, which was attributable to demand weakness. Adjusted EBITDA for the silicon-based alloys decreased to $2.4 million in the third quarter of 2024, a decrease of 76.9% compared with $10.2 million for the prior quarter. Adjusted EBITDA margin decreased mainly due to cost deterioration attributed to volume declines, lower fixed cost absorption and decreasing efficiency. Manganese-Based Alloys ( $,000 ) Q3 2024 Q2 2024 % Q/Q Q3 2023 % Y/Y YTD 2024 YTD 2023 % Y/Y Shipments in metric tons: 64,495 81,464 (20.8 )% 56,399 14.4 % 208,279 165,839 25.6 % Average selling price ($/MT): 1,391 1,204 15.5 % 1,046 33.0 % 1,221 1,198 1.9 % Manganese-based Alloys Revenue 89,713 98,083 (8.5 )% 58,993 52.1 % 254,309 198,675 28.0 % Manganese-based Alloys Adj.EBITDA 27,854 13,832 101.4 % 11,000 153.2 % 47,206 14,107 234.6 % Manganese-based Alloys Adj.EBITDA Margin 31.0 % 14.1 % 18.6 % 18.6 % 7.1 % Manganese-based alloy revenue in the third quarter was $89.7 million , a decrease of 8.5% over the prior quarter and an increase of 52.1% from the comparable prior period. The average realized selling price increased by 15.5% and total shipments decreased by 20.8%. Adjusted EBITDA for the manganese-based alloys portfolio increased to $27.9 million in the third quarter of 2024, an increase of 101.4% compared with $13.8 million for the prior quarter. The increase in adjusted EBITDA margin was mainly driven by higher sales prices and the energy compensation in France in the third quarter of 2024. Raw materials and energy consumption for production Raw materials and energy consumption for production was $256.2 million in the third quarter of 2024 versus $264.3 million in the prior quarter, a decrease of 3.1%. As a percentage of sales, raw materials and energy consumption for production was 59% in the third quarter of 2024, equivalent to the prior quarter. Cost improvement compared to the previous quarter was driven by a decrease in energy costs in France and Spain and lower raw material prices, primarily manganese ore. Net Income Attributable to the Parent In the third quarter of 2024, net income attributable to the parent was $18.8 million , or $0.10 per diluted share, compared to a net income attributable to the parent of $34.9 million , or $0.18 per diluted share in the second quarter. The Company reported adjusted diluted earnings per share of $0.11 for the third quarter, compared with adjusted earnings per share of $0.13 per share in the prior quarter. Adjusted EBITDA In the third quarter of 2024, adjusted EBITDA was $60.4 million , or 13.9% of sales, an increase of 1% compared to adjusted EBITDA of $57.7 million , or 12.8% of sales, from the second quarter of 2024. This was mainly driven by stronger pricing. Total Cash, Adjusted Gross Debt and Working Capital ($ in millions) Q3 2024 Q2 2024 $ % Q3 2023 $ %Y/Y Total Cash1 $ 120.8 $ 144.5 (23.7 ) (16 %) $ 166.0 (45.2 ) (27 %) Adjusted Gross Debt2 $ 89.0 $ 80.7 8.3 10 % $ 237.1 (148.0 ) (62 %) Net (Cash) /Debt $ (31.8 ) $ (63.7 ) 31.9 50 % $ 71.1 (102.9 ) (145 %) Total Working Capital $ 528.6 $ 499.1 29.5 6 % $ 510.1 18.6 4 % (1) Total cash is comprised of restricted cash, cash and cash equivalents(2) Adjusted gross debt excludes bank borrowings on factoring program and impact of leasing standard IFRS16 for each of the periods presented The Company’s cash and cash equivalents was $120.8 million as of September 30, 2024 , down $23.7 million from $144.5 million as of June 30, 2024 . During the third quarter, the Company generated $11.1 million in cash flow from operations, used $20.4 million in cash flow from investing activities and used $16.4 million in cash flows from financing activities, mainly due to loan repayments of $6.6 million , payments for lease liabilities of $5.8 million and dividend payments of $2.4 million Total working capital was $528.6 million on September 30, 2024 , up from $499.1 million on June 30, 2024 . The $29.5 million increase in working capital balance during the quarter was mainly due to a $12.3 million increase in trade and other receivables, $10.3 million increase in inventories and $6.9 million decrease in trade and other payables . Beatriz García-Cos , Ferroglobe’s Chief Financial Officer, commented, “We posted a strong adjusted EBITDA of $60 million in the third quarter and are reiterating our annual adjusted EBITDA guidance of $150 million to $170 million . Our working capital increased during the quarter as we are preparing for earlier idling of certain operations in the fourth quarter to manage inventory and preserve cash.” Capital Returns During the third quarter, Ferroglobe repurchased approximately 117,000 shares at an average price of $4.22 per share and paid a quarterly cash dividend of $0.013 per share on September 27, 2024 . Our next cash dividend of $0.013 per share will be paid on December 27, 2024 , to shareholders of record as of December 20, 2024 . Conference Call Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, Eastern Time on November 7, 2024 . The call may also be accessed via an audio webcast. To join via phone:Conference call participants should dial 800-715-9871 (US toll-free) or 646-307-1963 (international) approximately 15 minutes prior to start time. To join via webcast:A simultaneous audio webcast, and replay will be accessible here: https://edge.media-server.com/mmc/p/ej52hvj2 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”, “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, working capital,adjusted net profit, adjusted profit per share, 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 MonthsEnded For the Three MonthsEnded For the Three MonthsEnded For the Nine MonthsEnded For the Nine MonthsEnded September 30, 2024 June 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Sales $ 433,533 $ 451,048 $ 416,810 $ 1,276,434 $ 1,274,083 Raw materials and energy consumption for production (256,224 ) (264,285 ) (195,600 ) (777,528 ) (679,714 ) Energy consumption for production (PPA impact) 1,162 2,270 — 1,162 — Other operating income 27,202 27,448 23,546 65,485 66,049 Staff costs (71,885 ) (67,220 ) (83,582 ) (209,624 ) (226,097 ) Other operating expense (74,475 ) (86,071 ) (65,708 ) (212,893 ) (197,020 ) Depreciation and amortization charges (18,899 ) (18,875 ) (19,000 ) (56,443 ) (53,442 ) Impairment (loss) — — (1,035 ) — (1,676 ) Other gain (loss) 189 238 (12 ) 1,125 533 Operating profit 40,603 44,553 75,419 87,718 182,716 Net finance income (expense) (2,154 ) (5,315 ) (9,165 ) (15,138 ) (21,041 ) Exchange differences (6,576 ) 3,591 1,258 (1,602 ) (2,654 ) Profit (loss) profit before tax 31,873 42,829 67,512 70,978 159,021 Income tax (expense) (13,301 ) (8,481 ) (23,399 ) (20,627 ) (53,380 ) Total profit for the period 18,572 34,348 44,113 50,351 105,641 Profit attributable to the parent $ 18,814 $ 34,880 $ 40,884 $ 51,671 $ 93,779 (Profit) loss profit attributable to non-controlling interest 242 532 (3,229 ) 1,320 (11,862 ) EBITDA $ 52,926 $ 67,019 $ 95,677 $ 142,559 $ 233,504 Adjusted EBITDA $ 60,410 $ 57,739 $ 104,496 $ 143,953 $ 254,937 Weighted average shares outstanding Basic 188,325 189,298 187,872 188,168 187,872 Diluted 190,393 191,006 190,531 190,176 190,242 Profit per ordinary share Basic $ 0.10 $ 0.18 $ 0.22 $ 0.27 $ 0.50 Diluted $ 0.10 $ 0.18 $ 0.21 $ 0.27 $ 0.49 Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Financial Position (in thousands of U.S. dollars) As of September 30 , As of June 30 , As of December 31 , 2024 2024 2023 ASSETS Non-current assets Goodwill $ 29,702 $ 29,702 $ 29,702 Intangible assets 131,183 192,127 138,345 Property, plant and equipment 523,091 502,610 501,396 Other financial assets 16,492 15,744 19,792 Deferred tax assets 8,256 9,501 8,760 Receivables from related parties 1,679 1,606 1,658 Other non-current assets 24,288 22,003 22,156 Total non-current assets 734,691 773,293 721,809 Current assets Inventories 407,782 397,436 383,841 Trade and other receivables 309,276 296,980 310,243 Receivables from related parties 2,808 2,685 2,772 Current income tax assets 7,890 8,901 15,977 Other financial assets 3,209 275 2 Other current assets 52,468 46,528 186,477 Restricted cash and cash equivalents 306 301 1,179 Cash and cash equivalents 120,504 144,186 136,470 Total current assets 904,243 897,292 1,036,961 Total assets $ 1,638,934 $ 1,670,585 $ 1,758,770 EQUITY AND LIABILITIES Equity $ 915,707 $ 876,006 $ 869,886 Non-current liabilities Deferred income 34,619 59,267 26,980 Provisions 25,964 23,434 19,970 Provision for pensions 31,213 29,760 29,805 Bank borrowings 14,207 14,397 14,913 Lease liabilities 57,864 54,463 20,304 Debt instruments — — 149,015 Other financial liabilities 27,280 28,116 65,231 Other obligations 6,116 5,444 35,883 Other non-current liabilities 243 194 199 Deferred tax liabilities 31,197 30,265 32,582 Total non-current liabilities 228,703 245,340 394,882 Current liabilities Provisions 88,986 137,094 122,757 Provision for pensions 166 163 169 Bank borrowings 61,474 57,573 31,635 Lease liabilities 12,182 11,229 8,083 Debt instruments — — 5,765 Other financial liabilities 45,942 49,338 16,052 Payables to related parties 2,759 4,537 2,429 Trade and other payables 188,443 195,275 183,375 Current income tax liabilities 7,795 5,632 8,351 Other obligations 12,975 11,608 14,183 Other current liabilities 73,802 76,790 101,203 Total current liabilities 494,524 549,239 494,002 Total equity and liabilities $ 1,638,934 $ 1,670,585 $ 1,758,770 Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Cash Flows For the Three Months Ended For the Three Months Ended For the Three Months Ended For the Nine Months Ended For the Nine Months Ended September 30, 2024 June 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Cash flows from operating activities: Profit for the period $ 18,572 $ 34,348 $ 44,113 $ 50,351 $ 105,641 Adjustments to reconcile net profit to net cash provided by operating activities: Income tax expense 13,301 8,481 23,399 20,627 53,380 Depreciation and amortization charges 18,899 18,875 19,000 56,443 53,442 Net finance expense 2,154 5,315 9,165 15,138 21,041 Exchange differences 6,576 (3,591 ) (1,258 ) 1,602 2,654 Impairment loss — — 1,035 — 1,676 Net loss (gain) due to changes in the value of asset (193 ) — 4 (301 ) (365 ) Loss (gain) on disposal of non-current assets 4 — — (42 ) (183 ) Share-based compensation 1,496 913 2,773 3,337 6,719 Other loss (gain) — (238 ) 8 (782 ) 14 Changes in operating assets and liabilities Decrease (increase) in inventories (5,414 ) (36,696 ) (12,482 ) (23,099 ) 103,925 Decrease (increase) in trade receivables (1,638 ) 5,982 (16,183 ) 4,664 131,857 (Decrease) increase in trade payables (13,678 ) 17,387 (22,361 ) 1,784 (77,056 ) Other changes in operating assets and liabilities (22,118 ) (40,014 ) (46,796 ) 92,465 (152,510 ) Income taxes (paid) (6,847 ) (8,756 ) (9,144 ) (11,023 ) (100,607 ) Net cash provided by (used in ) operating activities: 11,114 2,006 (8,727 ) 211,164 149,628 Cash flows from investing activities: Interest and finance income received 766 600 739 2,107 2,376 Payments due to investments: Intangible assets (850 ) (735 ) (516 ) (2,169 ) (1,456 ) Property, plant and equipment (20,302 ) (21,132 ) (18,853 ) (59,075 ) (59,475 ) Other financial assets — (3,000 ) — (3,000 ) — Net cash used in by investing activities (20,386 ) (24,267 ) (18,630 ) (62,137 ) (58,555 ) Cash flows from financing activities: Dividends paid (2,441 ) (2,443 ) — (7,322 ) — Repayment of debt instruments — — (150,000 ) (147,624 ) (178,025 ) Increase/(decrease) in bank borrowings: Borrowings 145,804 145,962 131,063 386,377 393,035 Payments (144,292 ) (130,772 ) (129,714 ) (358,076 ) (398,454 ) Payments for lease liabilities (5,834 ) (2,883 ) (2,956 ) (11,690 ) (8,054 ) Other (payments) receipts from financing activities (2,176 ) (289 ) — (2,657 ) (17,377 ) Payments to acquire or redeem own shares (492 ) — — (492 ) — Interest paid (6,955 ) (2,574 ) (19,371 ) (24,163 ) (39,284 ) Net cash (used in) provided by financing activities (16,386 ) 7,001 (170,978 ) (165,647 ) (248,159 ) Total net (decrease) in cash and cash equivalents (25,658 ) (15,260 ) (198,335 ) (16,620 ) (157,086 ) Beginning balance of cash and cash equivalents 144,487 159,768 363,181 137,649 322,943 Exchange differences on cash and cash equivalents in foreign currencies 1,981 (21 ) 1,127 (219 ) 116 Ending balance of cash and cash equivalents $ 120,810 $ 144,487 $ 165,973 $ 120,810 $ 165,973 Restricted cash and cash equivalents 306 301 4,525 306 4,525 Cash and cash equivalents 120,504 144,186 161,448 120,504 161,448 Ending balance of cash and cash equivalents $ 120,810 $ 144,487 $ 165,973 $ 120,810 $ 165,973 Adjusted EBITDA ($,000): Q3´24 Q2´24 Q3´23 YTD´24 YTD´23 Profit attributable to the parent $ 18,814 $ 34,880 $ 40,884 $ 51,671 $ 93,779 Profit (loss) attributable to non-controlling interest (242 ) (532 ) 3,229 (1,320 ) 11,862 Income tax expense 13,301 8,481 23,399 20,627 53,380 Net finance expense 2,154 5,315 9,165 15,138 21,041 Depreciation and amortization charges 18,899 18,875 19,000 56,443 53,442 EBITDA 52,926 67,019 95,677 142,559 233,504 Exchange differences 6,576 (3,591 ) (1,258 ) 1,602 2,654 Impairment — — 1,035 — 1,676 Restructuring and termination costs — (4,540 ) 5,535 (4,540 ) 5,535 New strategy implementation 1,413 1,012 — 3,786 1,973 Subactivity 657 109 3,507 1,708 9,595 PPA Energy (1,162 ) (2,270 ) — (1,162 ) — Adjusted EBITDA $ 60,410 $ 57,739 $ 104,496 $ 143,953 $ 254,937 Adjusted profit attributable to Ferroglobe ($,000): Q3´24 Q2´24 Q3´23 YTD´24 YTD´23 Profit attributable to the parent $ 18,814 $ 34,880 $ 40,884 $ 51,671 $ 93,779 Tax rate adjustment 3,271 (4,997 ) 5,441 (1,710 ) 11,080 Impairment — — 760 — 1,230 Restructuring and termination costs — (3,111 ) 4,063 (3,111 ) 4,063 New strategy implementation 968 694 — 2,595 1,448 Subactivity 450 75 2,574 1,170 7,043 PPA Energy (796 ) (1,556 ) — (796 ) — Adjusted profit attributable to the parent $ 22,707 $ 25,984 $ 53,722 $ 49,819 $ 118,642 Adjusted diluted profit per share: Q3´24 Q2´24 Q3´23 YTD´24 YTD´23 Diluted profit per ordinary share $ 0.10 $ 0.18 $ 0.21 $ 0.27 $ 0.49 Tax rate adjustment 0.02 (0.03 ) 0.03 (0.01 ) 0.06 Impairment — — 0.00 — 0.01 Restructuring and termination costs — (0.02 ) 0.02 (0.02 ) 0.02 New strategy implementation 0.01 0.00 — 0.01 0.01 Subactivity 0.00 0.00 0.01 0.01 0.04 PPA Energy (0.00 ) (0.01 ) — (0.00 ) — Adjusted diluted profit per ordinary share $ 0.11 $ 0.13 $ 0.27 $ 0.25 $ 0.63 Source: Ferroglobe PLC

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