6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the Month of August 2025

Commission File Number: 001-37668

FERROGLOBE PLC

(Name of Registrant)

​

13 Chesterfield Street,

London W1J 5JN, United Kingdom

(Address of Principal Executive Office)

​

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒	Form 40-F  ☐

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​

This Form 6-K consists of the following materials, which appear immediately following this page:

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●	Press release dated August 5, 2025 announcing results for the quarter ended June 30, 2025
●	Second quarter 2025 earnings call presentation
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​

​

This Form 6-K is being furnished for the purpose of incorporating by reference the information in this Form 6-K into (a) Registration Statement No. 333-208911 on Form S-8, and (b) Registration Statement No. 333-258254 on Form F-3 and related prospectuses, as such registration statements and prospectuses may be amended from time to time.

​ ​

SIGNATURES

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 5, 2025
FERROGLOBE PLC
by	/s/ Marco Levi
	Name: Marco Levi
	Title: Chief Executive Officer (Principal Executive Officer)

​

​ ​

****​

Ferroglobe Reports Second Quarter 2025 Financial Results

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​

Second Quarter Highlights​

●	Withdrawing guidance due to elevated macro uncertainty and limited visibility
●	Ongoing EU safeguard investigation expected to reduce import-driven price pressure
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●	U.S. antidumping duties positively impacting the ferrosilicon market
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●	Reported adjusted EBITDA of $21.6 million
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●	Total cash of $135.5 million, net cash of $10.3 million
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●	Repurchased 600,434 shares during the second quarter
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●	Declared dividend of $0.014 per share payable on September 29
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●	Added to the Russell 2000 and 3000 indexes on June 30<br>​
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LONDON, August 5, 2025 (GLOBE NEWSWIRE) – Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading global producer of silicon metal, silicon-based and manganese-based specialty alloys, today announced financial results for the second quarter of 2025.

​

Financial Highlights

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		​			​		​	%		​	​		​	%		​	​		​	​		​	%
($ in millions, except EPS)	​	Q2 2025		​	Q1 2025		​	Q/Q		​	Q2 2024		​	Y/Y		​	YTD 2025		​	YTD 2024		​	Y/Y
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Sales	​	$	386.9	​	$	307.2	​	​	25.9%	​	$	451.0	​	​	(14.2)%	​	$	694.0	​	$	842.9	​	​	(17.7)%
Net (loss) profit attributable to the parent	​	$	(10.5)	​	$	(66.5)	​	​	84.3%	​	$	34.9	​	​	130.0%	​	$	(76.9)	​	$	32.9	​	​	(334.2)%
Adj. EBITDA	​	$	21.6	​	$	(26.8)	​	​	180.4%	​	$	57.7	​	​	(62.7)%	​	$	(5.2)	​	$	83.5	​	​	(106.3)%
Adjusted diluted EPS	​	$	(0.08)	​	$	(0.20)	​	​	(61.9)%	​	$	0.13	​	​	(159.6)%	​	$	(0.28)	​	$	0.13	​	​	(307.1)%
Operating cash flow	​	$	15.6	​	$	19.4	​	​	(19.4)%	​	$	2.0	​	​	678.3%	​	$	35.0	​	$	200.1	​	​	(82.5)%
Capital expenditures^1^	​	$	15.6	​	$	14.3	​	​	9.0%	​	$	21.9	​	​	(28.7)%	​	$	29.9	​	$	40.1	​	​	(25.4)%
Free cash flow^2^	​	$	0.0	​	$	5.1	​	​	(99.7)%	​	$	(19.9)	​	​	(100.1)%	​	$	5.1	​	$	160.0	​	​	(96.8)%
(1)	Cash outflows for capital expenditures
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(2)	Free cash flow is calculated as operating cash flow less capital expenditures
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​

​

Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “While the second quarter was marked by significant external challenges, including aggressive silicon metal imports into Europe from China and broader geopolitical uncertainty, we remain focused on managing what we can control. We are encouraged by the early benefits that we are seeing from U.S. trade actions, and we believe upcoming decisions in both the U.S. and the EU could provide meaningful support for fair competition and improved pricing. As we look ahead to 2026, we expect these tailwinds, along with disciplined execution and prudent capital allocation, to position Ferroglobe for stronger performance and long-term value creation for our shareholders,” concluded Dr. Levi.

​

​

Consolidated Sales

​

In the second quarter of 2025, Ferroglobe reported sales of $386.9 million, an increase of 25.9% over the prior quarter and a decrease of 14.2% from the comparable prior year period. This increase compared to the prior quarter was primarily attributable to higher sales volumes across our portfolio products and higher pricing in silicon metal and manganese-based alloys, partially offset by lower pricing in silicon-based alloys. Sales of silicon metal, silicon-based alloys and manganese-based alloys increased by $25.5 million, $20.8 million and $31.7 million, respectively, compared with the prior quarter.

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Product Category Highlights

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Silicon Metal

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		​		​	​		​	​	​	​		​	​	​	​		​	​		​
($,000)	​	Q2 2025		​	Q1 2025		​	% Q/Q	​	Q2 2024		​	% Y/Y	​	YTD 2025		​	YTD 2024		​	% Y/Y
Shipments in metric tons:	​	​	44,610	​	​	36,308	​	22.9%	​	​	62,872	​	(29.0)%	​	​	80,918	​	​	116,055	​	(30.3)%
Average selling price ($/MT):	​	​	2,916	​	​	2,881	​	1.2%	​	​	3,244	​	(10.1)%	​	​	2,900	​	​	3,203	​	(9.5)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Silicon Metal Revenue	​	​	130,083	​	​	104,603	​	24.4%	​	​	203,957	​	(36.2)%	​	​	234,662	​	​	371,724	​	(36.9)%
Silicon Metal Adj.EBITDA	​	​	6,521	​	​	(15,447)	​	142.2%	​	​	34,584	​	(81.1)%	​	​	(8,926)	​	​	50,655	​	(117.6)%
Silicon Metal Adj.EBITDA Margin	​	​	5.0%	​	​	(14.8)%	​	​	​	​	17.0%	​	​	​	​	(3.8)%	​	​	13.6%	​	​

​

Silicon metal revenue in the second quarter was $130.1 million, an increase of 24.4% over the prior quarter. The average selling price increased by 1.2%, and shipments increased by 22.9% due to higher volumes mainly in EMEA, compared to the prior quarter. Adjusted EBITDA for silicon metal increased to $6.5 million for the second quarter, compared with $(15.5) million for the prior quarter. Adjusted EBITDA margin rose due to higher fixed cost absorption, resulting from increased production volumes. ​

Silicon-Based Alloys

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		​			​		​	​		​		​	​	​	​		​	​		​
($,000)	​	Q2 2025		​	Q1 2025		​	% Q/Q	​	Q2 2024		​	% Y/Y	​	YTD 2025		​	YTD 2024		​	% Y/Y
Shipments in metric tons:	​	​	53,048	​	​	42,864	​	23.8%	​	​	46,953	​	13.0%	​	​	95,913	​	​	98,124	​	(2.3)%
Average selling price ($/MT):	​	​	2,105	​	​	2,120	​	(0.7)%	​	​	2,241	​	(6.1)%	​	​	2,112	​	​	2,213	​	(4.6)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Silicon-based Alloys Revenue	​	​	111,666	​	​	90,872	​	22.9%	​	​	105,222	​	6.1%	​	​	202,568	​	​	217,148	​	(6.7)%
Silicon-based Alloys Adj.EBITDA	​	​	7,158	​	​	2,414	​	196.5%	​	​	10,199	​	(29.8)%	​	​	9,572	​	​	24,611	​	(61.1)%
Silicon-based Alloys Adj.EBITDA Margin	​	​	6.4%	​	​	2.7%	​	​	​	​	9.7%	​	​	​	​	4.7%	​	​	11.3%	​	​

​

Silicon-based alloy revenue in the second quarter was $111.7 million, an increase of 22.9% over the prior quarter. The average selling price decreased by (0.7)% and shipments increased by 23.8% compared to the prior quarter. Volumes increased due to higher demand in the U.S. and EMEA. Adjusted EBITDA for silicon-based alloys increased to $7.2 million for the second quarter of 2025, an increase of 196.5% compared with $2.4 million for the prior quarter. Adjusted EBITDA margin increased driven by improved fixed cost absorption resulting from a significant increase in production volumes.

​

Manganese-Based Alloys

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		​			​		​	​		​		​	​	​	​		​	​		​
($,000)	​	Q2 2025		​	Q1 2025		​	% Q/Q	​	Q2 2024		​	% Y/Y	​	YTD 2025		​	YTD 2024		​	% Y/Y
Shipments in metric tons:	​	​	88,188	​	​	67,229	​	31.2%	​	​	81,464	​	8.3%	​	​	155,417	​	​	143,784	​	8.1%
Average selling price ($/MT):	​	​	1,204	​	​	1,108	​	8.7%	​	​	1,204	​	0.0%	​	​	1,162	​	​	1,144	​	1.6%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Manganese-based Alloys Revenue	​	​	106,178	​	​	74,490	​	42.5%	​	​	98,083	​	8.3%	​	​	180,595	​	​	164,489	​	9.8%
Manganese-based Alloys Adj.EBITDA	​	​	16,794	​	​	(5,574)	​	401.3%	​	​	13,832	​	21.4%	​	​	11,220	​	​	19,352	​	(42.0)%
Manganese-based Alloys Adj.EBITDA Margin	​	​	15.8%	​	​	(7.5)%	​	​	​	​	14.1%	​	​	​	​	6.2%	​	​	11.8%	​	​

​

Manganese-based alloy revenue in the second quarter was $106.2 million, an increase of 42.5% over the prior quarter. The average selling price increased by 8.7% and shipments increased by 31.2% compared to the prior quarter. Adjusted EBITDA for the manganese-based alloys portfolio increased to $16.8 million for the second quarter, compared with $(5.6) million in the prior quarter. The adjusted EBITDA margin increased, driven by the restart of our French assets, which yielded higher volumes and improved fixed cost absorption.

​

Raw materials and energy consumption for production

​

Raw materials and energy consumption for production was $253.2 million in the second quarter of 2025 compared to $238.3 million in the prior quarter, an increase of 6.2%. As a percentage of sales, raw materials and energy consumption for production was 65.5% in the second quarter of 2025, compared to 77.6% in the first quarter. The decrease in costs as a ​

percentage of sales was driven by increased sales volumes and favorable pricing dynamics, which enhanced the absorption of fixed production costs and contributed to improved operating leverage.

​

Net (Loss) Profit Attributable to the Parent

​

In the second quarter of 2025, net loss attributable to the parent was $(10.5) million, or $(0.06) per diluted share, compared to a net loss attributable to the parent of $(66.5) million, or $(0.36) per diluted share in the prior quarter. This improvement is primarily attributable to increased shipments of our main products as described above. The Company reported adjusted diluted earnings per share of $(0.08) for the second quarter, compared with adjusted earnings per share of $(0.20) in the prior quarter.

​ Adjusted EBITDA

​

Adjusted EBITDA was $21.6 million for the second quarter of 2025 compared to $(26.8) million for the prior quarter. The improvement was largely due to higher volumes and realized prices.

​

Total Cash, Adjusted Gross Debt and Working Capital

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		​			​		​	​	​	​		​	​		​	​	%
($ in millions)	​	June 30, 2025		​	March 31, 2025		​		​	%		​	June 30, 2024		​		Y/Y
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total Cash^1^	​	$	135.5	​	$	129.6	​	​	​	​	4.6%	​	$	144.5	​	​	​	(6.2)%
Adjusted Gross Debt^2^	​	$	125.2	​	$	110.4	​	​	​	​	13.5%	​	$	80.7	​	​	​	55.1%
Net Cash	​	$	10.3	​	$	19.2	​	​	​	​	(46.2)%	​	$	63.7	​	​	​	83.8%
Total Working Capital^3^	​	$	440.8	​	$	435.7	​	​	​	​	1.2%	​	$	499.1	​	​	​	(11.7)%

All values are in US Dollars.

(1)	Total cash is comprised of restricted cash and cash and cash equivalents

(2) Adjusted gross debt excludes bank borrowings on our factoring program and the impact of leasing standard IFRS16 (3) Total working capital is comprised of inventories, trade receivables and other receivables minus trade and other payables

​

​

Total cash was $135.5 million as of June 30, 2025, up $5.9 million from $129.6 million as of March 31, 2025. Adjusted gross debt increased by $14.8 million to $125.2 million, resulting in net cash of $10.3 million as of June 30, 2025, a decrease of $8.9 million over the prior quarter.

​

During the second quarter, cash flows from operating activities were $15.6 million, and net cash used in investing activities was $18.6 million.  Cash provided from financing activities was $3.5 million as a result of cash proceeds from financing facilities and liabilities in the U.S., South Africa, France, Norway and Spain of $38.1 million, partially offset by net cash payment of promissory notes of $3.1 million, lease payments of $3.2 million, dividend payments of $2.6 million, interest payments of $2.9 million, share repurchases of $2.0 million and repayment of other financing liabilities of $20.8 million

​

Total working capital was $440.8 million as of June 30, 2025, up from $435.7 million on March 31, 2025. The $5.1 million increase in working capital balance during the quarter was due to increases of $11.1 million in inventories and $44.1 million increase in trade receivables and other receivables of, offset by a $50.1 million increase in trade and other payables.

​

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “We delivered a strong sequential rebound in adjusted EBITDA, driven by volume growth and margin expansion across our portfolio of products. Despite persistent market volatility and regulatory uncertainty, we maintained a solid cash position of $135.5 million and ended the quarter in a net cash position for the sixth consecutive quarter. We continue to prioritize disciplined capital allocation, balancing investments with shareholder returns. As we move into the second half of the year, we remain focused on operational efficiency, working capital optimization, and maintaining a strong liquidity profile.”

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Capital Returns

​

During the second quarter, Ferroglobe repurchased 600,434 shares at an average price of $3.31 per share and paid a quarterly cash dividend of $ 0.014 per share on June 26, 2025. Our next cash dividend of $0.014 per share will be paid on September 29, 2025 to shareholders of record as of September 22, 2025.

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Conference Call

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Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, Eastern Time on August 6, 2025. The call may also be accessed via an audio webcast.

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To join via phone:        Conference call participants should pre-register using this link                                                       https://register-conf.media-server.com/register/BI76a327a79962400a8669dbeffc854d7a

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/wd5snyo8

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​

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.

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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”, “should”,“forecast”, “guidance”, “intends”, “likely”, “may”, “plan”, “potential”, “predicts”, “seek”, “target”, “will” and words of similar meaning or the negative thereof.

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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.

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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.

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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.

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Non-IFRS Measures

​

This document may contain summarized, non-audited or non-IFRS 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 diluted EPS, 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. ​

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INVESTOR CONTACT:

​

Alex Rotonen, CFA

Vice President, Investor Relations

Email: investor.relations@ferroglobe.com

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MEDIA CONTACT:

​

Cristina Feliu Roig

Vice President, Communications & Public Affairs

Email:   corporate.comms@ferroglobe.com

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​ ​

Ferroglobe PLC and Subsidiaries

Unaudited Condensed Consolidated Income Statement

(in thousands of U.S. dollars, except per share amounts)

​

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	For the Three Months Ended	​	​	For the Three Months Ended	​	​	For the Three Months Ended	​	​	​	For the Six Months Ended	​	​	​	For the Six Months Ended
​		June 30, 2025			March 31, 2025		​	​	June 30, 2024		​	​	June 30, 2025		​	June 30, 2024
Sales		$	386,862		$	307,179	​	$	451,048	​	​	$	694,041	​	​	$	842,902
Raw materials and energy consumption for production		​	(253,212)		​	(238,341)	​	​	(262,015)	​	​	​	(491,553)	​	​	​	(521,304)
Other operating income		​	26,893		​	9,072	​	​	27,448	​	​	​	35,965	​	​	​	38,284
Staff costs		​	(68,797)		​	(70,450)	​	​	(67,220)	​	​	​	(139,247)	​	​	​	(137,739)
Other operating expense		​	(64,535)		​	(47,290)	​	​	(86,071)	​	​	​	(111,825)	​	​	​	(138,419)
Depreciation and amortization		​	(18,301)		​	(17,520)	​	​	(18,875)	​	​	​	(35,821)	​	​	​	(37,544)
Impairment gain (loss)	​	​	—	​	​	268	​	​	—	​	​	​	268	​	​	​	—
Other (loss) gain	​	​	(172)	​	​	1,405	​	​	238	​	​	​	1,233	​	​	​	934
Operating profit (loss)	​	​	8,738	​	​	(55,677)	​	​	44,553	​	​	​	(46,939)	​	​	​	47,114
Finance income	​	​	970	​	​	873	​	​	16,471	​	​	​	1,843	​	​	​	39,000
Finance costs		​	(4,970)		​	(4,555)	​	​	(21,786)	​	​	​	(9,525)	​	​	​	(51,984)
Financial derivatives gain	​	​	200	​	​	—	​	​	—	​	​	​	200	​	​	​	—
Exchange differences		​	(19,659)		​	(6,914)	​	​	3,591	​	​	​	(26,573)	​	​	​	4,974
(Loss) profit before tax	****	​	(14,721)	****	​	(66,273)	​	​	42,829	​	​	​	(80,994)	​	​	​	39,104
Income tax benefit (expense)		​	3,787		​	(625)	​	​	(8,481)	​	​	​	3,162	​	​	​	(7,326)
Total (loss) profit for the period	​	​	(10,934)	​	​	(66,898)	​	​	34,348	​	​	​	(77,832)	​	​	​	31,778
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
(Loss) profit attributable to the parent		$	(10,451)		$	(66,482)	​	$	34,880	​	​	$	(76,933)	​	​	$	32,856
(Loss) attributable to non-controlling interest	​	​	(483)	​	​	(416)	​	​	(532)	​	​	​	(899)	​	​	​	(1,078)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
EBITDA	​	$	7,380	​	$	(45,071)	​	$	67,019	​	​	$	(37,691)	​	​	$	89,632
Adjusted EBITDA	​	$	21,562	​	$	(26,803)	​	$	57,739	​	​	$	(5,241)	​	​	$	83,542
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Weighted average number of shares outstanding	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Basic and diluted	​	​	188,142	​	​	187,008	​	​	189,298	​	​	​	188,583	​	​	​	189,237
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Loss per ordinary share	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Basic and diluted	​	$	(0.06)	​	$	(0.36)	​	$	0.18	​	​	$	(0.41)	​	​	$	0.17

​

​ ​

Ferroglobe PLC and Subsidiaries

Unaudited Condensed Consolidated Statement of Financial Position

(in thousands of U.S. dollars)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	As of June 30,			​	As of March 31,			​	As of December 31,
​		2025				2025				2024
ASSETS
Non-current assets	​	​	​	​	​	​	​	​	​	​
Goodwill	​	$	​	14,219	​	$	14,219	​	$	14,219
Intangible assets	​	​	​	195,631	​	​	178,583	​	​	103,095
Property, plant and equipment	​	​	​	519,165	​	​	495,285	​	​	487,196
Other financial assets	​	​	​	27,519	​	​	25,375	​	​	19,744
Deferred tax assets	​	​	​	9,290	​	​	7,997	​	​	6,580
Receivables from related parties	​	​	​	1,758	​	​	1,622	​	​	1,558
Other non-current assets	​	​	​	21,346	​	​	23,019	​	​	22,451
Total non-current assets	​	​	​	788,928	​	​	746,100	​	​	654,843
Current assets	​	​	​	​	​	​	​	​	​	​
Inventories	​	​	​	325,960	​	​	314,843	​	​	347,139
Trade receivables	​	​	​	221,070	​	​	200,526	​	​	188,816
Other receivables	​	​	​	119,848	​	​	96,308	​	​	83,103
Receivables from related parties	​	​	​	—	​	​	—	​	​	—
Current income tax assets	​	​	​	8,475	​	​	5,191	​	​	7,692
Other financial assets	​	​	​	12,530	​	​	8,564	​	​	5,569
Other current assets	​	​	​	48,529	​	​	39,385	​	​	52,014
Restricted cash and cash equivalents	​	​	​	197	​	​	300	​	​	298
Cash and cash equivalents	​	​	​	135,350	​	​	129,281	​	​	132,973
Total current assets	​	​	​	871,959	​	​	794,398	​	​	817,604
Total assets	​	$	​	1,660,887	​	$	1,540,498	​	$	1,472,447
​	​	​	​	​	​	​	​	​	​	​
EQUITY AND LIABILITIES
Equity	​	$	​	812,639	​	$	780,568	​	$	834,245
Non-current liabilities	​	​	​	​	​	​	​	​	​	​
Deferred income	​	​	​	57,589	​	​	71,764	​	​	8,014
Provisions	​	​	​	29,310	​	​	26,390	​	​	24,384
Provision for pensions	​	​	​	30,570	​	​	28,383	​	​	27,618
Bank borrowings	​	​	​	45,941	​	​	32,299	​	​	13,911
Lease liabilities	​	​	​	64,858	​	​	59,766	​	​	56,585
Other financial liabilities	​	​	​	28,651	​	​	29,487	​	​	25,688
Other non-current liabilities	​	​	​	14,033	​	​	14,279	​	​	13,759
Deferred tax liabilities	​	​	​	18,507	​	​	18,834	​	​	19,629
Total non-current liabilities	​	​	​	289,459	​	​	281,202	​	​	189,588
Current liabilities	​	​	​	​	​	​	​	​	​	​
Provisions	​	​	​	121,527	​	​	91,416	​	​	83,132
Provision for pensions	​	​	​	177	​	​	168	​	​	168
Bank borrowings	​	​	​	83,166	​	​	56,214	​	​	43,251
Lease liabilities	​	​	​	13,704	​	​	12,572	​	​	12,867
Debt instruments	​	​	​	12,368	​	​	14,311	​	​	10,135
Other financial liabilities	​	​	​	7,720	​	​	27,168	​	​	48,117
Payables to related parties	​	​	​	3,978	​	​	3,074	​	​	2,664
Trade and other payables	​	​	​	226,077	​	​	176,017	​	​	158,251
Current income tax liabilities	​	​	​	27	​	​	10,337	​	​	10,623
Other current liabilities	​	​	​	90,045	​	​	87,451	​	​	79,406
Total current liabilities	​	​	​	558,789	​	​	478,728	​	​	448,614
Total equity and liabilities	​	$	​	1,660,887	​	$	1,540,498	​	$	1,472,447

​ ​

Ferroglobe PLC and Subsidiaries

Unaudited Condensed Consolidated Statement of Cash Flows

(in thousands of U.S. dollars)

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	For the Three Months Ended		​	For the Three Months Ended		​	For the Three Months Ended		​	​	For the Six Months Ended		​	​	For the Six Months Ended
​		June 30, 2025		​	March 31, 2025		​	June 30, 2024		​	​	June 30.2025		​	​	June 30.2024
Cash flows from operating activities:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
(Loss) profit for the period	​	$	(10,934)	​	$	(66,898)	​	$	34,348	​	​	$	(77,832)	​	​	$	31,778
Adjustments to reconcile net (loss) to net cash provided by operating activities:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Income tax expense (benefit)	​	​	(3,787)	​	​	625	​	​	8,481	​	​	​	(3,162)	​	​	​	7,326
Depreciation and amortization	​	​	18,301	​	​	17,520	​	​	18,875	​	​	​	35,821	​	​	​	37,544
Finance income	​	​	(970)	​	​	(873)	​	​	(16,472)	​	​	​	(1,843)	​	​	​	(39,000)
Finance costs	​	​	4,970	​	​	4,555	​	​	21,787	​	​	​	9,525	​	​	​	51,984
Exchange differences	​	​	19,659	​	​	6,914	​	​	(3,591)	​	​	​	26,573	​	​	​	(4,974)
Impairment (gain) loss	​	​	—	​	​	(268)	​	​	—	​	​	​	(268)	​	​	​	—
Share-based compensation	​	​	692	​	​	1,296	​	​	913	​	​	​	1,988	​	​	​	1,841
Other (gain) loss	​	​	(28)	​	​	(1,405)	​	​	(238)	​	​	​	(1,433)	​	​	​	(934)
Changes in operating assets and liabilities	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Decrease (increase) in inventories	​	​	139	​	​	28,357	​	​	(36,696)	​	​	​	28,496	​	​	​	(17,685)
(Increase) decrease in trade receivables	​	​	(9,420)	​	​	(7,206)	​	​	(38,413)	​	​	​	(16,626)	​	​	​	6,302
(Increase) decrease in other receivables	​	​	(15,984)	​	​	(9,573)	​	​	44,395	​	​	​	(25,557)	​	​	​	—
(Increase) decrease in energy receivable	​	​	(440)	​	​	25,165	​	​	—	​	​	​	24,725	​	​	​	—
Increase in trade payables	​	​	39,308	​	​	13,186	​	​	17,387	​	​	​	52,494	​	​	​	15,462
Other changes in operating assets and liabilities	​	​	(13,817)	​	​	7,537	​	​	(40,014)	​	​	​	(6,280)	​	​	​	114,582
Income taxes received (paid)	​	​	(12,076)	​	​	440	​	​	(8,756)	​	​	​	(11,636)	​	​	​	(4,176)
Net cash provided by operating activities:	​	​	15,613	​	​	19,372	​	​	2,006	​	​	​	34,985	​	​	​	200,050
Cash flows from investing activities:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Interest and finance income received	​	​	973	​	​	872	​	​	600	​	​	​	1,845	​	​	​	1,341
Payments due to investments:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Intangible assets	​	​	(163)	​	​	(557)	​	​	(735)	​	​	​	(720)	​	​	​	(1,319)
Property, plant and equipment	​	​	(15,435)	​	​	(13,750)	​	​	(21,132)	​	​	​	(29,185)	​	​	​	(38,773)
Other financial assets	​	​	(4,000)	​	​	(11,119)	​	​	(3,000)	​	​	​	(15,119)	​	​	​	(3,000)
Disposals:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Property, plant and equipment	​	​	—	​	​	1,559	​	​	—	​	​	​	1,559	​	​	​	(935)
Net cash used in investing activities	​	​	(18,625)	​	​	(22,995)	​	​	(24,267)	​	​	​	(41,620)	​	​	​	(41,751)
Cash flows from financing activities:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Dividends paid	​	​	(2,611)	​	​	(2,613)	​	​	(2,443)	​	​	​	(5,224)	​	​	​	(4,881)
Payment for debt and equity issuance costs	​	​	(4)	​	​	(95)	​	​	—	​	​	​	(99)	​	​	​	—
Repayment of debt instruments	​	​	(9,170)	​	​	(10,361)	​	​	—	​	​	​	(19,531)	​	​	​	(147,624)
Proceeds from debt issuance	​	​	6,036	​	​	14,380	​	​	—	​	​	​	20,416	​	​	​	—
Increase (decrease) in bank borrowings:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Borrowings	​	​	157,498	​	​	106,033	​	​	145,962	​	​	​	263,531	​	​	​	240,573
Payments	​	​	(121,010)	​	​	(77,176)	​	​	(130,772)	​	​	​	(198,186)	​	​	​	(213,784)
Payments for lease liabilities	​	​	(3,174)	​	​	(3,098)	​	​	(2,883)	​	​	​	(6,272)	​	​	​	(5,856)
(Payments) proceeds from other financing liabilities	​	​	(20,802)	​	​	(22,651)	​	​	—	​	​	​	(43,453)	​	​	​	—
Other proceeds (payments) from financing activities	​	​	1,581	​	​	—	​	​	(289)	​	​	​	1,581	​	​	​	(481)
Payments to acquire own shares	​	​	(1,988)	​	​	(2,703)	​	​	—	​	​	​	(4,691)	​	​	​	—
Interest paid	​	​	(2,905)	​	​	(4,531)	​	​	(2,574)	​	​	​	(7,436)	​	​	​	(17,208)
Net cash provided (used) in financing activities	​	​	3,451	​	​	(2,815)	​	​	7,001	​	​	​	636	​	​	​	(149,261)
Total net increase (decrease) in cash and cash equivalents	​	​	439	​	​	(6,438)	​	​	(15,260)	​	​	​	(5,999)	​	​	​	9,038
Beginning balance of cash and cash equivalents	​	​	129,581	​	​	133,271	​	​	159,768	​	​	​	133,271	​	​	​	137,649
Foreign exchange gains (losses) on cash and cash equivalents	​	​	5,527	​	​	2,748	​	​	(21)	​	​	​	8,275	​	​	​	(2,200)
Ending balance of cash and cash equivalents	​	$	135,547	​	$	129,581	​	$	144,487	​	​	$	135,547	​	​	$	144,487
Restricted cash and cash equivalents	​	​	197	​	​	300	​	​	301	​	​	​	197	​	​	​	301
Cash and cash equivalents	​	​	135,350	​	​	129,281	​	​	144,186	​	​	​	135,350	​	​	​	144,186
Ending balance of restricted cash and cash and cash equivalents	​	$	135,547	​	$	129,581	​	$	144,487	​	​	$	135,547	​	​	$	144,487

​

​ ​

Adjusted EBITDA ($,000):

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​		​	​		​	​		​	​		​	​
​		Q2´25		​	Q1´25		​	Q2´24		​	YTD´25		​	YTD´24
(Loss) profit attributable to the parent	​	$	(10,451)	​	$	(66,482)	​	$	34,880	​	$	(76,933)	​	$	32,856
(Loss) attributable to non-controlling interest	​	​	(483)	​	​	(416)	​	​	(532)	​	​	(899)	​	​	(1,078)
Income tax (benefit) expense	​	​	(3,787)	​	​	625	​	​	8,481	​	​	(3,162)	​	​	7,326
Finance income	​	​	(970)	​	​	(873)	​	​	(16,471)	​	​	(1,843)	​	​	(39,000)
Finance costs	​	​	4,970	​	​	4,555	​	​	21,786	​	​	9,525	​	​	51,984
Financial derivatives (gain)	​	​	(200)	​	​	—	​	​	—	​	​	(200)	​	​	—
Depreciation and amortization charges	​	​	18,301	​	​	17,520	​	​	18,875	​	​	35,821	​	​	37,544
EBITDA	​	​	7,380	​	​	(45,071)	​	​	67,019	​	​	(37,691)	​	​	89,632
Exchange differences	​	​	19,659	​	​	6,914	​	​	(3,591)	​	​	26,573	​	​	(4,974)
Impairment (gain)	​	​	—	​	​	(268)	​	​	—	​	​	(268)	​	​	—
Restructuring and termination costs	​	​	(1,285)	​	​	—	​	​	(4,540)	​	​	(1,285)	​	​	(4,540)
New strategy implementation	​	​	—	​	​	682	​	​	1,012	​	​	682	​	​	2,373
Subactivity	​	​	—	​	​	—	​	​	109	​	​	—	​	​	1,051
PPA Energy	​	​	(1,384)	​	​	2,768	​	​	(2,270)	​	​	1,384	​	​	—
Fines inventory adjustment	​	​	(2,808)	​	​	8,172	​	​	—	​	​	5,364	​	​	—
Adjusted EBITDA	​	$	21,562	​	$	(26,803)	​	$	57,739	​	$	(5,241)	​	$	83,542

​

​

Adjusted profit attributable to Ferroglobe ($,000):

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​		​	​		​	​		​	​			​
​		Q2´25		​	Q1´25		​	Q2´24		​	YTD´25		​	YTD´24
(Loss) profit attributable to the parent	​	$	(10,451)	​	$	(66,482)	​	$	34,880	​	$	(76,933)	​	$	32,856
Tax rate adjustment	​	​	188	​	​	21,481	​	​	(4,997)	​	​	18,706	​	​	(4,980)
Impairment (gain)	​	​	—	​	​	(184)	​	​	—	​	​	(196)	​	​	—
Restructuring and termination costs	​	​	(938)	​	​	—	​	​	(3,111)	​	​	(938)	​	​	(3,111)
New strategy implementation	​	​	—	​	​	467	​	​	694	​	​	498	​	​	1,626
Subactivity	​	​	—	​	​	—	​	​	75	​	​	—	​	​	720
PPA Energy	​	​	(1,010)	​	​	1,897	​	​	(1,556)	​	​	1,010	​	​	—
Fines inventory adjustment	​	​	(2,050)	​	​	5,600	​	​	—	​	​	3,916	​	​	—
Adjusted (loss) profit attributable to the parent	​	$	(14,262)	​	$	(37,220)	​	$	25,984	​	$	(53,936)	​	$	27,111

​

​

​

Adjusted diluted profit per share:

​

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​		​	​		​	​		​	​			​
​		Q2´25		​	Q1´25		​	Q2´24		​	YTD´25		​	YTD´24
Diluted (loss) profit per ordinary share	​	$	(0.06)	​	$	(0.36)	​	$	0.18	​	$	(0.41)	​	$	0.17
Tax rate adjustment	​	​	0.00	​	​	0.11	​	​	(0.03)	​	​	0.10	​	​	(0.03)
Impairment (gain)	​	​	—	​	​	(0.00)	​	​	—	​	​	(0.00)	​	​	—
Restructuring and termination costs	​	​	(0.00)	​	​	—	​	​	(0.02)	​	​	(0.00)	​	​	(0.02)
New strategy implementation	​	​	—	​	​	0.00	​	​	0.00	​	​	0.00	​	​	0.01
Subactivity	​	​	—	​	​	—	​	​	0.00	​	​	—	​	​	0.00
PPA Energy	​	​	(0.01)	​	​	0.01	​	​	(0.01)	​	​	0.01	​	​	—
Fines inventory adjustment	​	​	(0.01)	​	​	0.03	​	​	—	​	​	0.02	​	​	—
Adjusted diluted (loss) profit per ordinary share	​	$	(0.08)	​	$	(0.20)	​	$	0.13	​	$	(0.28)	​	$	0.13

​ ​

NASDAQ: GSM<br>Second Quarter 2025<br>Results<br>August 6, 2025<br>NASDAQ: GSM<br>Driving innovation of critical materials<br>essential to a sustainable future
NASDAQ: GSM<br>Forward-Looking Statements and<br>Non-IFRS Financial Metrics<br>2<br>This presentation contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe our future plans, strategies and expectations. Forward-looking statements can generally be identified by the use of forward-looking terminology, including, but not limited to, "may," “could,” “seek,” “guidance,” “predict,” “potential,” “likely,” "believe," "will," "expect," “should," "anticipate," "estimate," "plan," "intend," "forecast," “aim,” “target,” or variations of these<br>terms and similar expressions, or the negative of these terms or similar expressions.<br>Forward-looking statements contained in this presentation are based on information presently available to Ferroglobe PLC (“we,” “us,” “Ferroglobe,” the “Company” or the “Parent”) and assumptions that we believe to be reasonable but<br>are inherently uncertain. As a result, our 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<br>known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control.<br>You are cautioned that all such statements involve risks and uncertainties, including without limitation, the impacts of the Ukraine-Russia conflict; increases in energy prices, disruptions in the supply of power and changes in governmental<br>regulation of the power sector and the effect on costs of production; the outcomes of pending or potential litigation; operating costs, customer losses and business disruptions (including, without limitation, difficulties in maintaining<br>relationships with employees, customers, clients or suppliers) that may be greater than expected; the retention of certain key employees; the current and anticipated competitive landscape; our ability to adapt products and services to<br>changes in technology or the marketplace; our ability to maintain and grow relationships with customers and clients; the historic cyclicality of the metals industry and the attendant swings in market price and demand; the availability of<br>raw materials and transportation; costs associated with labor disputes and stoppages; our ability to maintain our liquidity and to generate sufficient cash to service indebtedness; the integration and development of prior and future<br>acquisitions; the availability and cost of maintaining adequate levels of insurance; our ability to protect trade secrets, trademarks and other intellectual property; equipment failures, delays in deliveries or catastrophic loss at any of our<br>manufacturing facilities, which may not be covered under any insurance policy; exchange rate fluctuations; changes in laws protecting U.S., Canadian and European Union companies from unfair foreign competition (including<br>antidumping and countervailing duty orders and laws) or the measures currently in place or expected to be imposed under those laws; compliance with, or potential liability under, environmental, health and safety laws and regulations<br>(and changes in such laws and regulations, including in their enforcement or interpretation); risks from international operations, such as foreign exchange fluctuations, tariffs, duties and other taxation, inflation, increased costs, political risks<br>and our ability to maintain and increase business in international markets; risks associated with mining operations, metallurgical smelting and other manufacturing activities; our ability to manage price and operational risks including<br>industrial accidents and natural disasters; our ability to acquire or renew permits and approvals; potential losses due to unanticipated cancellations of service contracts; risks associated with potential unionization of employees or work<br>stoppages that could adversely affect our operations; changes in tax laws (including under applicable tax treaties) and regulations or to the interpretation of such tax laws or regulations by governmental authorities; changes in general<br>economic, business and political conditions, including changes in the financial markets; uncertainties and challenges surrounding the implementation and development of new technologies; risks related to potential cybersecurity<br>breaches; risks related to our capital structure; risks related to our ordinary shares; our foreign private issuer status, the loss of which would require us to comply with the Exchange Act’s domestic reporting regime, and cause us to incur<br>significant legal, accounting and other expenses; our incorporation in the United Kingdom, the laws of which govern our corporate affairs and may differ from those applicable to companies incorporated in the U.S.; and our failure to<br>maintain an effective system of internal control over financial reporting. The foregoing list is not exhaustive.<br>You should carefully consider the foregoing factors and the other risks and uncertainties that affect our business, including those described in the “Risk Factors” section of our Annual Reports on Form 20-F, Current Reports on Form 6-K and<br>other documents we file from time to time with the United States Securities and Exchange Commission. We do not give any assurance (1) that we will achieve our expectations or (2) concerning any result or the timing thereof, in each<br>case, with respect to any regulatory action, administrative proceedings, government investigations, litigation, warning letters, consent decree, cost reductions, business strategies, earnings or revenue trends or future financial results.<br>Forward- looking financial information and other metrics presented herein represent our key goals and are not intended as guidance or projections for the periods presented herein or any future periods.<br>We do not undertake or assume any obligation to update publicly any of the forward-looking statements in this presentation to reflect actual results, new information or future events, changes in assumptions or changes in other factors<br>affecting forward-looking statements. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. We caution you<br>not to place undue reliance on any forward-looking statements, which are made only as of the date of this presentation.<br>EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net profit, adjusted profit per share, working capital, adjusted gross debt, net cash and net debt, are non-IFRS financial metrics that, we believe, are pertinent measures of<br>Ferroglobe’s success. The Company has included these financial metrics to provide supplemental measures of its performance. We believe these metrics are important because they eliminate items that have less bearing on the<br>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.<br>For additional information, including a reconciliation of the differences between such non-IFRS financial measures and the comparable IFRS financial measures, refer to the press release dated August 5, 2025 accompanying this<br>presentation, which is incorporated by reference herein.
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NASDAQ: GSM<br>DESPITE CURRENT MARKET CHALLENGES, FERROGLOBE IS<br>WELL POSITIONED FOR EXPECTED MARKET REBOUND IN 2026<br>3<br>Withdrawing guidance due to uncertainty and limited visibility<br> Changing trade dynamics add complexity to the market environment<br> Delays in preliminary EU safeguard decision postpones market recovery<br> Increased low-priced Chinese imports of silicon metal impacting European market<br>Well-positioned for expected market rebound in 2026<br> Expect EU safeguards and the U.S. silicon metal trade cases to improve 2026 results<br> US duties already positively impacting ferrosilicon market<br> Flexible global footprint positions Ferroglobe to be a beneficiary of tariffs<br>Resilience to proactively navigate the current market downturn<br> Maintained strong financial position with available liquidity<br> Continued to release working capital through S&OP implementation<br>Ferroglobe added to the Russell 2000 and 3000 indexes on June 30th<br>Key Q2 2025 Highlights
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NASDAQ: GSM<br>307<br>387<br>Q1 25 Q2 25<br>5<br>0<br>Q1 25 Q2 25 (27)<br>22<br>Q1 25 Q2 25<br>Q2 RESULTS IMPROVED SUBSTANTIALLY OVER Q1<br>4<br>Shipments (I) (kt) Quarterly revenues ($´m)<br>Quarterly Adj. EBITDA ($´m) Free cash flow ($´m)<br>146,401<br>185,846<br>Q1 25 Q2 25<br>$(5)m<br>$48m<br>39,4kt<br>$80m<br>(I) Excludes by-products and other products
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NASDAQ: GSM<br>SILICON METAL UPDATE<br>57,031<br>49,761 53,183<br>62,872 56,910<br>49,797<br>36,308<br>44,610<br>Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25<br>CRU SiMe index spot pricing trends (I) ($/mt) SiMe shipment trends Q/Q by region<br>SiMe volume trends ($/mt) Outlook<br>1,500<br>2,000<br>2,500<br>3,000<br>3,500<br>4,000<br>4,500<br>5,000<br>USA EU<br>Other (44)% Total 23%<br>N. America (11)% Europe 95%<br>5<br>• Significant increase in Q2 contract volumes related to<br>the restart of France and proactive sales effort<br>• Weak demand and uncertainty continue into Q3<br>• Expect U.S. silicon metal case and EU safeguards to<br>strengthen market dynamics in 2026<br>(I) Calculated using average monthly prices
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NASDAQ: GSM<br>SILICON BASED ALLOYS UPDATE<br>46,427 46,446<br>51,171<br>46,953 45,489<br>39,417 42,864<br>53,048<br>Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25<br>CRU FeSi index spot pricing trends (I) ($/mt) Si-based alloys shipment trends Q/Q by region<br>Si-based alloys volume trends ($/mt) Outlook<br>1,200<br>1,400<br>1,600<br>1,800<br>2,000<br>2,200<br>2,400<br>2,600<br>2,800<br>3,000<br>USA EU<br>Other 25% Total 24%<br>N. America 6% Europe 58%<br>6<br>• Q2 volume is the highest level in three years due to<br>favorable cost position<br>• Trade measures benefiting the U.S. market<br>• U.S. FeSi index prices increased 10% in Q2<br>• Expect EU markets to improve in 2026 from safeguards<br>(I) Calculated using average monthly prices
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NASDAQ: GSM<br>MANGANESE BASED ALLOYS UPDATE<br>56,399 61,404 62,320<br>81,464<br>64,495 67,712 67,229<br>88,188<br>Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25<br>CRU EU Mn index spot pricing trends (I) ($/mt) Mn-based alloys shipment trends Q/Q by region<br>Mn-based alloys volume trends ($/mt) Outlook<br>800<br>900<br>1,000<br>1,100<br>1,200<br>1,300<br>1,400<br>1,500<br>1,600<br>HC FeMn SiMn<br>Other 100% Total 31%<br>N. America 15% Europe 16%<br>7<br>• Strongest volume quarter in three years, assisted by<br>being a local producer<br>• Expect solid volumes to continue<br>• EU safeguards should drive further improvements in<br>2026<br>(I) Calculated using average monthly prices
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NASDAQ: GSM<br>FINANCE UPDATE
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NASDAQ: GSM<br>(26.8)<br>11.1<br>12.8<br>25.6<br>(1.3)<br>21.6<br>Q1 25 Volume Price Cost HQ & Others Q2 25<br>IMPROVED SALES BOOST RESULTS<br>9<br>(in USD million, except EPS)<br>Q2 2025 Q1 2025<br>Sales $386.9 $307.2<br>Raw materials &<br>energy for prod. $(253.2) $(238.3)<br>Raw materials / sales % 65.5% 77.6%<br>Adj. EBITDA $21.6 $(26.8)<br>Adj. EBITDA margin % 6% (9)%<br>Adj. diluted EPS $(0.08) $(0.20)<br>Adjusted EBITDA bridge ($´m)
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NASDAQ: GSM<br>SILICON METAL ADJUSTED EBITDA BRIDGE<br>Q2-25 VS. Q1-25 ($m)<br>10<br>(15.4)<br>4.7<br>4.8<br>12.3 6.5<br>Q1 25 Volume Price Cost Q2 25<br>Revenue increased 24% to $130 million driven by:<br>• 23% increase in shipments due to restart of<br>our French operations; and<br>• 1% increase in average selling price<br>Costs decreased due to higher fixed cost<br>absorption and lower energy costs
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NASDAQ: GSM<br>Revenue increased 23% to $112 million driven by:<br>• 24% increase in shipments due to restart of<br>our French operations and higher US sales,<br>partially offset by<br>• 1% decrease in average selling price due to<br>higher sales of lower grade FeSi standard<br>Costs benefitted from increased mix of FeSi<br>standard sales and higher fixed cost absorption<br>SILICON BASED ALLOYS ADJUSTED EBITDA BRIDGE<br>Q2-25 VS. Q1-25 ($m)<br>11<br>2.4<br>1.6<br>1.9<br>1.3 7.2<br>Q1 25 Volume Price Cost Q2 25
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NASDAQ: GSM<br>Revenue increased 43% to $106 million driven by:<br>• 31% increase in shipments due to restart of<br>our French operations<br>• 9% increase in average selling price due to<br>product mix<br>Costs benefitted from higher fixed cost<br>absorption, partially offset by higher cost of<br>manganese ore<br>MANGANESE BASED ADJUSTED EBITDA BRIDGE<br>Q2-25 VS. Q1-25 ($m)<br>12<br>(5.6)<br>4.0<br>8.2<br>10.2 16.8<br>Q1 25 Volume Price Cost Q2 25
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NASDAQ: GSM<br>GENERATED POSITIVE OPERATING CASH FLOW<br>13<br>Cash flow summary ($´M)<br>Changes in working capital<br>Free cash flow (I)<br>CAPEX<br>Taxes & others<br>Operating cash flow<br>Q2 25<br>$7.4<br>$14.0<br>$(13.0)<br>$15.6<br>$0.0<br>$(15.6)<br>$(45.1)<br>$24.8<br>$7.6<br>$19.4<br>$5.1<br>$(14.3)<br>EBITDA<br>Energy rebate $7.2 $32.1<br>• Working capital generated $14<br>million driven by S&OP<br>implementation<br>• CAPEX increased by $1 million<br>to $16 million<br>• Despite tough market<br>conditions our free cash flow<br>was neutral<br>Q1 25<br>CFO OF $16M AND $14M WC RELEASE<br>(I) Free cash flow is calculated as cash from operations less capital expenditures
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NASDAQ: GSM<br>MAINTAINED A STRONG BALANCE SHEET<br>14<br>Total distributions<br>BALANCED CAPITAL ALLOCATION<br>Cash CAPEX<br>Buybacks<br>$2.0m in Q2-25.<br>Opportunistic<br>buybacks during 4<br>consecutive Qs<br>Dividend<br>Consistency<br>$2.6m in Q2-25<br>Coreshell<br>$4m in Q2-25<br>Disciplined CAPEX<br>$16m in Q2-25<br>19<br>10<br>Q1 25 Q2 25<br>Net cash evolution ($´m)<br>Adjusted gross debt ($´m)<br>110<br>125<br>Q1 25 Q2 25<br>$15m<br>$(9)m<br>Strategic<br>investments
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NASDAQ: GSM<br>Key Takeaways<br>Withdrawing guidance due to increased uncertainty and limited<br>visibility<br>Continue to navigate effectively under difficult market<br>conditions, while maintaining strong balance sheet<br>Well-positioned to capitalize on expected market<br>improvement in 2026 as trade clarity improves<br>15<br>Ongoing EU safeguard investigation expected to reduce<br>import-driven price pressure in the European market<br>The U.S. trade policy and antidumping actions expected to<br>further improve the U.S. market
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NASDAQ: GSM<br>Q&A
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NASDAQ: GSM<br>Appendix ─ Supplemental Information
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NASDAQ: GSM<br>ADJUSTED EBITDA RECONCILIATION<br>18<br>($ in millions) Q2 25 Q1 25<br>EBITDA 7.4 (45.1)<br>Exchange differences1 19.7 6.9<br>Impairment (gain) loss — (0.3)<br>Restructuring and termination costs (1.3) —<br>New strategy implementation — 0.7<br>Subactivity — —<br>PPA Energy2 (1.4) 2.8<br>Fines inventory adjustment3 (2.8) 8.2<br>Adjusted EBITDA 21.6 (26.8)<br>(1) Exchange differences refer to gains or losses arising from fluctuations in exchange rates when transactions are conducted in a currency other than the entity’s functional currency<br>(2) PPA Energy refers to the fair value of energy generated under a Power Purchase Agreement<br>(3) Fines inventory adjustment relates to related NRV impact due to cost harmonization
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NASDAQ: GSM<br>QUARTERLY SALES AND ADJUSTED EBITDA<br>19<br>Adjusted EBITDA<br>Quarterly Sales<br>$ millions Q3 2023 Q4 2023 Q1 2024 Q2 2023 Q3 2024 Q4 2024 Q1 2025 Q2 2025<br>Silicon Metal 198 168 169 204 194 161 105 130<br>Silicon Alloys 115 107 113 105 102 85 91 112<br>Mn Alloys 59 60 66 98 90 78 74 106<br>Other Business 45 32 44 44 49 43 37 39<br>Total Revenue 417 367 392 451 434 368 307 387<br>104<br>60<br>26<br>58 60<br>10<br>(27)<br>22<br>Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25
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NASDAQ: GSM<br>Investor Relations<br>Alex Rotonen<br>Vice President, Investor Relations<br>investor.relations@ferroglobe.com<br>Media Inquiries<br>Cristina Feliu Roig<br>Vice President, Communications & Public Affairs<br>NASDAQ: GSM corporate.comms@ferroglobe.com
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