Third Quarter 2025 Earnings Investors Call Presentation

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

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

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

$(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

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