Second Quarter 2025 Earnings Investors Call Presentation

Driving innovation of critical materials essential to a sustainable future

August 6, 2025

NASDAQ: GSM

NASDAQ: GSM

Key Q2 2025 Highlights





Withdrawing guidance due to uncertainty and limited visibility Changing trade dynamics add complexity to the market environment Delays in preliminary EU safeguard decision postpones market recovery

• Increased low-priced Chinese imports of silicon metal impacting European market

  Well-positioned for expected market rebound in 2026

  

  Expect EU safeguards and the U.S. silicon metal trade cases to improve 2026 results

  
  
  

• US duties already positively impacting ferrosilicon market

  
  
  

• Flexible global footprint positions Ferroglobe to be a beneficiary of tariffs

  Resilience to proactively navigate the current market downturn

  
  
  

• Maintained strong financial position with available liquidity

  
  
  

• Continued to release working capital through S&OP implementation

Ferroglobe added to the Russell 2000 and 3000 indexes on June 30th

Shipments (I) (kt)

146,401

39,4kt

185,846

Quarterly revenues ($´m)

307

$80m

387

Q1 25 Q2 25 Q1 25 Q2 25

Quarterly Adj. EBITDA ($´m)

22

Free cash flow ($´m)

$48m

Q2 25 5

$(5)m

0

(27)

(I) Excludes by-products and other products

Q1 25 Q2 25

•

SiMe volume trends ($/mt) Outlook

57,031

62,872

49,761

53,183

56,910

49,797

44,610

36,308

•

•

Significant increase in Q2 contract volumes related to the restart of France and proactive sales effort

Weak demand and uncertainty continue into Q3

Expect U.S. silicon metal case and EU safeguards to strengthen market dynamics in 2026

Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25

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

5,000

Total 23%

Other (44)%

Europe 95%

N. America (11)%

4,500

4,000

3,500

3,000

2,500

2,000

1,500

USA EU