Ferroglobe Reports First Quarter 2025 Financial Results

Rhea-AI Summary

Ferroglobe (NASDAQ: GSM) reported its Q1 2025 financial results, with notable declines across key metrics. The company posted negative adjusted EBITDA of $(26.8) million, down from $9.8 million in Q4 2024. Sales decreased to $307.2 million, representing a 16.4% quarter-over-quarter decline. Despite challenges, the company generated $5.1 million in free cash flow and maintained a strong balance sheet with no net debt. Key developments include a favorable U.S. ferrosilicon case decision, a new U.S. silicon metal trade case filing, and an 8% increase in quarterly dividend to $0.014 per share. The company repurchased 720,008 shares during Q1. Management maintains its 2025 adjusted EBITDA guidance of $100-$170 million and expects significant improvement from Q2 forward, citing potential market recovery and supportive trade actions in both U.S. and EU markets.

Positive

• Generated positive free cash flow of $5.1 million despite challenging quarter
• Maintained strong balance sheet with no net debt position
• Increased quarterly dividend by 8% to $0.014 per share
• Favorable final decision in U.S. ferrosilicon trade case
• Maintained 2025 Adj. EBITDA guidance of $100-$170 million

Negative

• Negative adjusted EBITDA of $(26.8) million, down 372.2% QoQ
• Sales declined 16.4% QoQ to $307.2 million
• Net loss widened to $(66.5) million from $(28.1) million in Q4
• Silicon metal revenue decreased 35.2% QoQ
• Higher energy costs impacting margins across product segments

Insights

Financial Analyst

Ferroglobe reported significantly deteriorating Q1 results with negative EBITDA while maintaining full-year guidance that implies dramatic improvement ahead.

Ferroglobe's Q1 2025 results reveal severe operational deterioration across all product segments. The company posted negative adjusted EBITDA of $(26.8) million, representing a 372.2% decline from the previous quarter's $9.8 million and 203.9% below the year-ago quarter. This translated to adjusted EPS of $(0.20), down dramatically from $0.03 in Q4 2024.

Revenue fell to $307.2 million, down 16.4% quarter-over-quarter and 21.6% year-over-year. All three product segments experienced margin compression, with silicon metal posting an EBITDA margin of -14.8% (vs. 10.4% in Q4), silicon-based alloys at 2.7% (vs. 3.6%), and manganese-based alloys at -7.5% (vs. 9.0%). The deterioration stemmed from a combination of lower volumes, price declines across all products, and higher energy costs.

Despite these challenges, Ferroglobe generated $5.1 million in free cash flow, achieved through working capital reduction of $25.1 million (approximately 50% of their full-year target). The company maintained a net cash position of $19.2 million, though this marks a 50.6% decline from the previous quarter.

The disconnect between current performance and forward outlook is striking. Management maintained their 2025 adjusted EBITDA guidance of $100-$170 million, which mathematically requires the remaining three quarters to average approximately $42-$66 million in quarterly EBITDA – a substantial reversal from current results.

Management's optimism centers on trade case developments, including a favorable U.S. ferrosilicon decision, a new silicon metal petition, and expected EU safeguard measures. The company continues returning capital to shareholders, increasing its quarterly dividend 8% to $0.014 per share and repurchasing 720,008 shares at an average price of $3.75.

Maintaining 2025 Adj. EBITDA guidance of $100-$170 million

First Quarter Highlights

• Reported adjusted EBITDA of $(26.8) million
• Generated $5.1 million of free cash flow
• Favorable final decision in the U.S. ferrosilicon case with preliminary EU safeguard decision expected by June
• New trade case filed by U.S. silicon metal producers on April 24
• Increased quarterly cash dividend to $0.014 per share in March, up 8% over the prior quarter
• Repurchased 720,008 shares during the first quarter
  

LONDON, May 07, 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 first quarter of 2025.

Financial Highlights

										%								%
($ in millions, except EPS)		Q1 2025				Q4 2024				Q/Q				Q1 2024				Y/Y
Sales		$	307.2			$	367.5				(16.4	)%		$	391.9				(21.6	)%
Net (loss) income attributable to the parent		$	(66.5	)		$	(28.1	)			(136.3	)%		$	(2.0	)			(3184.7	)%
Adj. EBITDA		$	(26.8	)		$	9.8				(372.2	)%		$	25.8				(203.9	)%
Adjusted diluted EPS		$	(0.20	)		$	0.03				(849.2	)%		$	(0.00	)			(4872.9	)%
Operating cash flow		$	19.4			$	32.1				(39.6	)%		$	198.0				(90.2	)%
Capital expenditures1		$	14.3			$	17.9				(20.3	)%		$	18.2				(21.5	)%
Free cash flow2		$	5.1			$	14.1				64.2	%		$	179.8				(97.2	)%

                  ^{(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, “Our first quarter adjusted EBITDA was negative, in line with our budget, reflecting the uncertain market environment. We anticipate significant improvement from the second quarter forward. Despite the soft quarter, Ferroglobe again generated positive free cash flow. We used this cash to pay increased dividends and repurchase shares, while maintaining a strong balance sheet with no net debt.

“One of the reasons for our optimistic outlook for the coming quarters is driven by our belief that we are at or near the market trough. This, combined with supportive trade actions in the U.S., including various trade measures, such as the final ferrosilicon determination, a newly filed petition by the U.S. silicon metal producers against unfair competition by imports, positions us well there. In the EU, expected safeguard measures covering all our main products should begin to benefit us in the second half. We expect improving demand to translate into higher revenues. We believe that once these uncertainties are resolved, local producers like Ferroglobe will be well-positioned to take advantage of these opportunities and regain market share,” concluded Dr. Levi.

Consolidated Sales

In the first quarter of 2025, Ferroglobe reported sales of $307.2 million, a decrease of 16.4% over the prior quarter and a decrease of 21.6% from the comparable prior year period. This decrease compared to the prior quarter was primarily attributable to lower sales volumes in silicon metal and manganese-based alloys and lower pricing in all our portfolio products, partially offset by higher volumes sold in silicon-based alloys. Sales of silicon metal and manganese-based alloys declined by $56.7 million and $4.0 million, respectively, while silicon-based alloys increased by $5.8 million, compared with the prior quarter.

Product Category Highlights

Silicon Metal

($,000)		Q1 2025				Q4 2024				% Q/Q			Q1 2024				% Y/Y
Shipments in metric tons:			36,308				49,797			(27.1	)%			53,183			(31.7	)%
Average selling price ($/MT):			2,881				3,240			(11.1	)%			3,155			(8.7	)%
Silicon Metal Revenue			104,603				161,342			(35.2	)%			167,792			(37.7	)%
Silicon Metal Adj.EBITDA			(15,447	)			16,849			(191.7	)%			16,071			(196.1	)%
Silicon Metal Adj.EBITDA Margin			(14.8	)%			10.4	%						9.6	%

Silicon metal revenue in the first quarter was $104.6 million, a decrease of 35.2% over the prior quarter. The average selling price decreased by 11.1%, and shipments decreased by 27.1% due to lower volumes, mainly in EMEA, compared to the prior quarter. Adjusted EBITDA for silicon metal decreased to $(15.4) million for the first quarter, compared with $16.8 million for the prior quarter. In addition to lower prices, adjusted EBITDA margin further decreased mainly due to cost deterioration attributed to volume declines, lower fixed cost absorption and higher energy costs.

Silicon-Based Alloys

($,000)		Q1 2025				Q4 2024				% Q/Q			Q1 2024				% Y/Y
Shipments in metric tons:			42,864				39,417			8.7	%			51,171			(16.2	)%
Average selling price ($/MT):			2,120				2,159			(1.8	)%			2,188			(3.1	)%
Silicon-based Alloys Revenue			90,872				85,101			6.8	%			111,962			(18.8	)%
Silicon-based Alloys Adj.EBITDA			2,414				3,093			(22.0	)%			14,412			(83.3	)%
Silicon-based Alloys Adj.EBITDA Margin			2.7	%			3.6	%						12.9	%

Silicon-based alloy revenue in the first quarter was $90.9 million, an increase of 6.8% over the prior quarter. The average selling price decreased by 1.8% and shipments increased by 8.7% compared to the prior quarter. Volumes increased due to higher demand in the US. Adjusted EBITDA for silicon-based alloys decreased to $2.4 million for the first quarter of 2025, a decrease of 22.0% compared with $3.1 million for the prior quarter. The adjusted EBITDA margin decrease was primarily driven by decline in prices.

Manganese-Based Alloys

($,000)		Q1 2025				Q4 2024				% Q/Q			Q1 2024				% Y/Y
Shipments in metric tons:			67,229				67,712			(0.7	)%			62,320			7.9	%
Average selling price ($/MT):			1,108				1,159			(4.4	)%			1,066			3.9	%
Manganese-based Alloys Revenue			74,490				78,478			(5.1	)%			66,433			12.1	%
Manganese-based Alloys Adj.EBITDA			(5,574	)			7,091			(178.6	)%			5,520			(201.0	)%
Manganese-based Alloys Adj.EBITDA Margin			(7.5	)%			9.0	%						8.3	%

Manganese-based alloy revenue in the first quarter was $74.5 million, a decrease of 5.1% over the prior quarter. The average selling price decreased by 4.4% and shipments were essentially flat compared to the prior quarter. Adjusted EBITDA for the manganese-based alloys portfolio decreased to $(5.6) million for the first quarter, compared with $7.1 million in the prior quarter. Adjusted EBITDA margin decreased mainly due to higher energy costs and idling in France.

Raw materials and energy consumption for production

Raw materials and energy consumption for production was $238.3 million in the first quarter of 2025 compared to $250.8 million in the prior quarter, a decrease of 5.0%. As a percentage of sales, raw materials and energy consumption for production was 77.6% in the first quarter of 2025, compared to 68.2% in the fourth quarter. The increase in costs as percentage of sales was driven by lower pricing and higher energy costs.

Net (Loss) Income Attributable to the Parent

In the first quarter of 2025, net loss attributable to the parent was $(66.5) million, or $(0.36) per diluted share, compared to a net loss attributable to the parent of $(28.1) million, or $(0.15) per diluted share in the prior quarter. This decrease is primarily attributable to reduced prices across our product portfolio and shipments of our main products. The Company reported adjusted diluted earnings per share of $(0.20) for the first quarter, compared with adjusted earnings per share of $0.03 per share in the prior quarter.

Adjusted EBITDA

Adjusted EBITDA was $(26.8) million for the first quarter of 2025 compared to $9.8 million for the prior quarter. The decrease was mainly driven by lower pricing and higher energy costs.

Total Cash, Adjusted Gross Debt and Working Capital

																						%
($ in millions)		March 31, 2025			December 31, 2024			$				%				March 31, 2024			$			Y/Y
Total Cash1		$	129.6		$	133.3			(3.7	)			(2.8	)%		$	159.8			(30.2	)		(18.9	)%
Adjusted Gross Debt2		$	110.4		$	94.4			16.0				16.9	%		$	80.8			29.6			36.6	%
Net Cash		$	19.2		$	38.9			(19.7	)			(50.6	)%		$	79.0			(59.8	)		75.7	%
Total Working Capital3		$	435.7		$	460.8			(25.1	)			(5.5	)%		$	487.5			(51.8	)		(10.6	)%

^{(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 $129.6 million as of March 31, 2025, down $3.7 million from $133.3 million as of December 31, 2024. Adjusted gross debt increased by $16.0 million to $110.4 million, resulting in net cash of $19.2 million as of March 31, 2025.

During the first quarter cash flows from operating activities were $19.4 million and net cash used in investing activities was $23.0 million. Cash used in financing activities was $2.8 million as a result of lease payments of $3.1 million, dividend payments of $2.6 million and interest payments of $4.5 million. Share repurchases of $2.7 million and repayment of other financing liabilities of $22.7 million were partially offset by net cash proceeds from promissory notes of $4.0 million and financing facilities in the US and South Africa of $30.3 million.

Total working capital was $435.7 million as of March 31, 2025, down from $460.8 million on December 31, 2024. The $25.1 million decrease in working capital balance during the quarter was due to a $32.3 million decrease in inventories and an increase in trade and other payables by $17.7 million, offset by an $11.7 million increase in trade receivables and $13.2 million increase in other receivables.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “We continued to make robust progress in reducing our working capital during the first quarter, achieving approximately 50% of our full-year target. Looking ahead, we expect a modest increase in working capital over the next two quarters as production ramps up in France, followed by a meaningful reduction in the fourth quarter. Our balance sheet remains strong and we generated free cash flow in the first quarter, while also returning capital to shareholders through $2.6 million in dividends and $2.7 million in share repurchases.”

Capital Returns

During the first quarter, Ferroglobe repurchased 720,008 shares at an average price of $3.75 per share and paid a quarterly cash dividend of $0.014 per share on March 26, 2025. Our next cash dividend of $0.014 per share will be paid on June 26, 2025, to shareholders of record as of June 18, 2025.

Conference Call

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

To join via phone:
Conference call participants should pre-register using this link
https://register-conf.media-server.com/register/BIa09c86627bc54bbfa844f3e0cffca9e2

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/7rutmin8

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”, “should”, “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-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.

INVESTOR CONTACT:

Alex Rotonen, CFA
Vice President, Investor Relations
Email: investor.relations@ferroglobe.com

MEDIA CONTACT:

Cristina Feliu Roig
Vice President, Communications & Public Affairs
Email: corporate.comms@ferroglobe.com

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
		March 31, 2025				December 31, 2024					March 31, 2024
Sales		$	307,179			$	367,505			$	391,854
Raw materials and energy consumption for production			(238,341	)			(250,763	)			(259,289	)
Other operating income			9,072				18,892				10,836
Staff costs			(70,450	)			(70,241	)			(70,519	)
Other operating expense			(47,290	)			(52,289	)			(52,348	)
Depreciation and amortization			(17,520	)			(19,020	)			(18,669	)
Impairment gain (loss)			268				(43,052	)			—
Other gain (loss)			1,405				(571	)			696
Operating (loss) profit			(55,677	)			(49,539	)			2,561
Finance income			873				3,533				2,297
Finance costs			(4,555	)			(3,089	)			(9,966	)
Exchange differences			(6,914	)			15,167				1,383
Loss before tax			(66,273	)			(33,928	)			(3,725	)
Income tax (expense) benefit			(625	)			4,376				1,155
Total loss for the period			(66,898	)			(29,552	)			(2,570	)
Loss attributable to the parent		$	(66,482	)		$	(28,134	)		$	(2,024	)
Loss attributable to non-controlling interest			(416	)			(1,418	)			(546	)
EBITDA		$	(45,071	)		$	(15,352	)		$	22,613
Adjusted EBITDA		$	(26,803	)		$	9,845			$	25,803
Weighted average number of shares outstanding
Basic and diluted			187,008				188,072				187,927
Loss per ordinary share
Basic and diluted		$	(0.36	)		$	(0.15	)		$	(0.01	)

Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Financial Position (in thousands of U.S. dollars)
		As of March 31,			As of December 31,			As of March 31,
		2025			2024			2024
ASSETS
Non-current assets
Goodwill		$	14,219		$	14,219		$	29,702
Intangible assets			178,583			103,095			193,592
Property, plant and equipment			495,285			487,196			500,940
Other financial assets			25,375			19,744			13,944
Deferred tax assets			7,997			6,580			10,636
Receivables from related parties			1,622			1,558			1,622
Other non-current assets			23,019			22,451			21,770
Total non-current assets			746,100			654,843			772,206
Current assets
Inventories			314,843			347,139			361,602
Trade receivables			200,526			188,816			214,127
Other receivables			96,308			83,103			89,815
Receivables from related parties			—			—			2,712
Current income tax assets			5,191			7,692			10,740
Other financial assets			8,564			5,569			2
Other current assets			39,385			52,014			27,894
Restricted cash and cash equivalents			300			298			298
Cash and cash equivalents			129,281			132,973			159,470
Total current assets			794,398			817,604			866,660
Total assets		$	1,540,498		$	1,472,447		$	1,638,866
EQUITY AND LIABILITIES
Equity		$	780,568		$	834,245		$	843,702
Non-current liabilities
Deferred income			71,764			8,014			77,185
Provisions			26,390			24,384			22,102
Provision for pensions			28,383			27,618			29,293
Bank borrowings			32,299			13,911			14,643
Lease liabilities			59,766			56,585			54,361
Debt instruments			—			—			—
Other financial liabilities			29,487			25,688			68,186
Other non-current liabilities			14,279			13,759			1,760
Deferred tax liabilities			18,834			19,629			30,253
Total non-current liabilities			281,202			189,588			297,783
Current liabilities
Provisions			91,416			83,132			127,533
Provision for pensions			168			168			165
Bank borrowings			56,214			43,251			42,762
Lease liabilities			12,572			12,867			12,297
Debt instruments			14,311			10,135			—
Other financial liabilities			27,168			48,117			15,190
Payables to related parties			3,074			2,664			3,527
Trade and other payables			176,017			158,251			178,038
Current income tax liabilities			10,337			10,623			6,262
Other current liabilities			87,451			79,406			111,607
Total current liabilities			478,728			448,614			497,381
Total equity and liabilities		$	1,540,498		$	1,472,447		$	1,638,866

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
		March 31, 2025				December 31, 2024				March 31, 2024
Cash flows from operating activities:
(Loss) for the period		$	(66,898	)		$	(29,552	)		$	(2,570	)
Adjustments to reconcile net (loss) to net cash provided by operating activities:
Income tax expense (benefit)			625				(4,376	)			(1,155	)
Depreciation and amortization			17,520				19,020				18,669
Finance income			(873	)			(3,533	)			(2,297	)
Finance costs			4,555				3,089				9,966
Exchange differences			6,914				(15,167	)			(1,383	)
Impairment (gain) loss			(268	)			43,052				—
Share-based compensation			1,296				1,587				928
Other (gain) loss			(1,405	)			571				(696	)
Changes in operating assets and liabilities
Decrease in inventories			28,357				23,146				19,011
(Increase) decrease in trade receivables			(7,206	)			31,756				2,404
Increase in other receivables			(9,573	)			(12,885	)			(2,084	)
Decrease (increase) in energy receivable			25,165				(5,735	)			161,855
Increase (decrease) in trade payables			13,186				(19,039	)			(1,925	)
Other changes in operating assets and liabilities			7,537				4,936				(7,259	)
Income taxes received (paid)			440				(4,776	)			4,580
Net cash provided by operating activities:			19,372				32,094				198,044
Cash flows from investing activities:
Interest and finance income received			872				692				741
Payments due to investments:
Intangible assets			(557	)			(855	)			(584	)
Property, plant and equipment			(13,750	)			(17,090	)			(17,641	)
Other financial assets			(11,119	)			—				—
Disposals:
Property, plant and equipment			1,559				—				—
Receipt of asset-related government grant			—				12,453				—
Net cash used in investing activities			(22,995	)			(4,800	)			(17,484	)
Cash flows from financing activities:
Dividends paid			(2,613	)			(2,436	)			(2,438	)
Payment for debt and equity issuance costs			(95	)			(6	)			—
Repayment of debt instruments			(10,361	)			—				(147,624	)
Proceeds from debt issuance			14,380				10,255				—
Increase (decrease) in bank borrowings:
Borrowings			106,033				122,809				94,611
Payments			(77,176	)			(137,650	)			(83,012	)
Payments for lease liabilities			(3,098	)			(4,511	)			(2,973	)
(Payments) proceeds from other financing liabilities			(22,651	)			6,054				—
Other payments from financing activities			—				(411	)			(192	)
Payments to acquire own shares			(2,703	)			(1,936	)			—
Interest paid			(4,531	)			(2,029	)			(14,634	)
Net cash used in financing activities			(2,815	)			(9,861	)			(156,262	)
Total net (decrease) increase in cash and cash equivalents			(6,438	)			17,433				24,298
Beginning balance of cash and cash equivalents			133,271				120,810				137,649
Foreign exchange gains (losses) on cash and cash equivalents			2,748				(4,972	)			(2,179	)
Ending balance of cash and cash equivalents		$	129,581			$	133,271			$	159,768
Restricted cash and cash equivalents			300				298				298
Cash and cash equivalents			129,281				132,973				159,470
Ending balance of restricted cash and cash and cash equivalents		$	129,581			$	133,271			$	159,768

Adjusted EBITDA ($,000):

		For the Three Months Ended March 31, 2025				For the Three Months Ended December 31, 2024				For the Three Months Ended March 31, 2024
Loss attributable to the parent		$	(66,482	)		$	(28,134	)		$	(2,024	)
Loss attributable to non-controlling interest			(416	)			(1,418	)			(546	)
Income tax expense (benefit)			625				(4,376	)			(1,155	)
Finance income			(873	)			(3,533	)			(2,297	)
Finance costs			4,555				3,089				9,966
Depreciation and amortization charges			17,520				19,020				18,669
EBITDA			(45,071	)			(15,352	)			22,613
Exchange differences			6,914				(15,167	)			(1,383	)
Impairment (gain) loss			(268	)			43,052				—
Restructuring and termination costs			—				(2,693	)			—
New strategy implementation			682				1,629				1,361
Subactivity			—				1,457				942
PPA Energy			2,768				(3,081	)			2,270
Fines inventory adjustment			8,172				—				—
Adjusted EBITDA		$	(26,803	)		$	9,845			$	25,803

Adjusted profit attributable to Ferroglobe ($,000):

		For the Three Months Ended March 31, 2025				For the Three Months Ended December 31, 2024				For the Three Months Ended March 31, 2024
Loss attributable to the parent		$	(66,482	)		$	(28,134	)		$	(2,024	)
Tax rate adjustment			21,481				6,301				17
Impairment (gain) loss			(184	)			28,671				—
Restructuring and termination costs			—				(1,846	)			—
New strategy implementation			467				1,116				933
Subactivity			—				998				646
PPA Energy			1,897				(2,111	)			1,556
Fines inventory adjustment			5,600				—				—
Adjusted (loss) profit attributable to the parent		$	(37,220	)		$	4,996			$	1,168

Adjusted diluted profit per share:

		For the Three Months Ended March 31, 2025				For the Three Months Ended December 31, 2024				For the Three Months Ended March 31, 2024
Diluted (loss) per ordinary share		$	(0.36	)		$	(0.15	)		$	(0.01	)
Tax rate adjustment			0.11				0.03				0.00
Impairment (gain) loss			(0.00	)			0.15				—
Restructuring and termination costs			—				(0.01	)			—
New strategy implementation			0.00				0.01				0.00
Subactivity			—				0.01				0.00
PPA Energy			0.01				(0.01	)			0.01
Fines inventory adjustment			0.03				—				—
Adjusted diluted (loss) profit per ordinary share		$	(0.20	)		$	0.03			$	(0.00	)

FAQ

What were Ferroglobe's (GSM) key financial results for Q1 2025?

Ferroglobe reported sales of $307.2 million (-16.4% QoQ), negative adjusted EBITDA of $(26.8) million, and a net loss of $(66.5) million. The company generated $5.1 million in free cash flow.

Why did Ferroglobe (GSM) stock performance decline in Q1 2025?

The decline was due to lower sales volumes in silicon metal, reduced pricing across all products, higher energy costs, and wider net losses. However, management expects improvement from Q2 forward.

What is Ferroglobe's (GSM) dividend policy and recent changes?

Ferroglobe increased its quarterly cash dividend by 8% to $0.014 per share in March 2025, with the next payment scheduled for June 26, 2025.

What are Ferroglobe's (GSM) expectations for the rest of 2025?

The company maintains its 2025 Adj. EBITDA guidance of $100-$170 million and expects significant improvement from Q2 forward, supported by trade actions in the U.S. and EU markets.

How is Ferroglobe (GSM) managing shareholder returns?

In Q1 2025, Ferroglobe repurchased 720,008 shares at an average price of $3.75 per share and increased its quarterly dividend by 8% to $0.014 per share.