Ferroglobe : Third Quarter 2025 Earnings Investors Call Presentation

About this update from Ferroglobe Plc

Driving innovation of critical materials essential to a sustainable future Third Quarter 2025 Results November 6, 2025 NASDAQ: GSM NASDAQ: GSM INCREASING CLARITY IN THE U.S. AND EU TRADE CASES POSITIONS FERROGLOBE FOR A ROBUST 2026 Key Q3 2025 Highlights Strong U.S. preliminary Silicon Metal AD/CVD decision, positive for the industry ▪ ▪ Preliminary CVD duties ranging from 17% to 240% Preliminary AD duties on Angola of 68% and Laos of 94% Expect Australia and Norway duties to be announced before year-end EU trade measures expected by November 18 ▪ Coreshell began delivering pilot batteries to OEMs; ramping up production Signed a competitive multi-year energy agreement for French operations Provides flexibility to produce 12 months a year Q3 RESULTS AFFECTED BY SOFT DEMAND AND LOW-PRICED IMPORTS Shipments (I) (kt) 185.8 39.8kt 146.1 Quarterly revenues ($´m) 386.9 $75.2m 311.7 Q2 25 Q3 25 Q2 25 Q3 25 Quarterly Adj. EBITDA ($´m) 21.6 Free cash flow ($´m) $3.3m 18.3 Q2 25 Q3 25 0.0 $1.6m 1.6 Q2 25 Q3 25 (I) Excludes by-products and other products SILICON METAL UPDATE • SiMe volume trends (mt) Outlook 62,872 56,910 49,761 53,183 49,797 44,610 36,308 33,561 EU market disrupted by influx of low-priced Chinese imports U.S. market remained stable with limited liquidity Trade measures expected to improve market trends in 2026 • • Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 CRU SiMe index spot pricing trends (I) ($/mt) SiMe shipment trends Q/Q by region 5,000 Total 25% Other 84% Europe 51% N. America 1% 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 USA EU SILICON BASED ALLOYS UPDATE After one of the strongest second quarters, volumes softened in Q3 EU and U.S. FeSi index prices retreated in Q3 Expect substantial improvement in market conditions in 2026 assisted by EU Safeguards Si-based alloys volume trends (mt) Outlook • 46,446 46,953 45,489 39,417 42,864 42,968 51,171 53,048 • • Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 CRU FeSi index spot pricing trends (I) ($/mt) Si-based alloys shipment trends Q/Q by region Europe 15% N. America 10% 3,000 2,800 2,600 2,400 2,200 Total 19% Other 49% 2,000 1,800 1,600 1,400 1,200 USA EU MANGANESE BASED ALLOYS UPDATE • Mn-based alloys volume trends (mt) Outlook 81,464 88,188 61,404 62,320 64,495 67,712 67,229 69,552 • • Mn-based alloys shipment trends Q/Q by region Total 21% Other 100% Europe 22% N. America 1% Solid shipments in Q3 despite pressure from increased imports from Asia Continue to benefit from favorable cost position EU safeguards decision expected to strengthen the market in 2026 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 CRU EU Mn index spot pricing trends (I) ($/mt) 1,600 1,500 1,400 1,300 1,200 1,100 1,000 900 800 HC FeMn SiMn FINANCE UPDATE Adjusted EBITDA bridge ($´m) 21.6 10.9 0.9 18.3 (13.4) (1.6) Q2 25 Volume Price Cost HQ & Others Q3 25 GENERATED POSITIVE ADJ. EBITDA IN SOFT DEMAND ENVIRONMENT $(0.08) $(0.02) Adj. diluted EPS 5.6% 5.9% Adj. EBITDA margin % $21.6 $18.3 Adj. EBITDA 65.5% 57.9% $(253.2) $(180.4) $386.9 $311.7 (in USD million, except EPS) Sales Raw materials & energy for prod. Raw materials / sales % Q2 2025 Q3 2025 SILICON METAL ADJUSTED EBITDA BRIDGE Q3-25 VS. Q2-25 ($m) 15.4 11.6 6.5 (7.9) Revenue decreased 24% to $99 million driven by: a decrease in shipments primarily due to 51% decline in Europe as a result of dumping by China, partially offset by; 1% increase in average selling price Costs improved due to lower energy costs in Europe and effective cost management in the U.S. and Europe (2.4) Q2 25 Volume Price Cost Q3 25 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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