Ferroglobe Reports First Quarter 2026 Financial Results

Rhea-AI Summary

Ferroglobe (NASDAQ: GSM) reported Q1 2026 results: sales $347.7M (+5.6% QoQ, +13.2% YoY) and adjusted EBITDA $3.3M. The company ended the quarter with $96.4M cash and $54.6M net debt. Management cited higher volumes, cost pressures and trade measures.

Product mix: silicon-based and manganese-based alloys saw volume gains; silicon metal volumes and prices declined. Quarterly dividend of $0.015 paid March 30; next payable June 29, 2026.

Positive

• Sales +5.6% QoQ to $347.7M
• Manganese alloys Adj. EBITDA rose to $10.0M (+15.4% QoQ)
• Liquidity: $96.4M total cash and $54.6M net debt

Negative

• Adjusted EBITDA declined to $3.3M (Q1 2026)
• Silicon metal Adj. EBITDA loss of $2.3M; margin (2.7%)
• Free cash flow negative $16.4M in Q1 2026

News Market Reaction – GSM

-1.05%

6 alerts

-1.05% News Effect

-11.7% Trough in 23 hr 26 min

-$10M Valuation Impact

$922.16M Market Cap

0.3x Rel. Volume

On the day this news was published, GSM declined 1.05%, reflecting a mild negative market reaction. Argus tracked a trough of -11.7% from its starting point during tracking. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $10M from the company's valuation, bringing the market cap to $922.16M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q1 2026 Sales: $347.7M Q1 2026 Adjusted EBITDA: $3.3M Net loss attributable: $7.1M +5 more

8 metrics

Q1 2026 Sales $347.7M Q1 2026 revenue; up 5.6% Q/Q and 13.2% Y/Y

Q1 2026 Adjusted EBITDA $3.3M Q1 2026 adjusted EBITDA vs $14.6M in Q4 2025

Net loss attributable $7.1M Q1 2026 net loss attributable to parent

Total cash $96.4M Cash as of Mar 31, 2026; down from $123.0M Q4 2025

Net debt $54.6M Net debt as of Mar 31, 2026; up from $29.8M prior quarter

Dividend per share $0.015 Quarterly cash dividend paid Mar 30 and payable Jun 29, 2026

Silicon metal shipments 30,533 MT Q1 2026 silicon metal shipments; down 6.4% Q/Q

Manganese alloys shipments 85,743 MT Q1 2026 manganese-based alloys shipments; up 6.1% Q/Q

Market Reality Check

Price: $4.00 Vol: Volume 1,511,734 is about...

high vol

$4.00 Last Close

Volume Volume 1,511,734 is about 1.75x the 20-day average of 866,314, signaling elevated trading interest ahead of these results. high

Technical Price at $4.78 is trading above the 200-day MA of $4.56 but still 16.72% below the 52-week high of $5.74.

Peers on Argus

GSM’s mild -0.42% move and high volume contrast with mixed peers: CMP +2.58%, NE...

GSM’s mild -0.42% move and high volume contrast with mixed peers: CMP +2.58%, NEXA +1.72%, while LAC, USAS, and UAMY are negative, suggesting stock-specific focus on these earnings.

Previous Earnings Reports

5 past events · Latest: Apr 21 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 21	Earnings call schedule	Neutral	+2.7%	Announced timing and access details for Q1 2026 earnings call.
Feb 17	Q4 2025 results	Neutral	+4.2%	Reported Q4 2025 sales, EBITDA, cash and net debt with mixed drivers.
Nov 05	Q3 2025 results	Negative	-8.2%	Sales declined with net loss, partly offset by dividend and cash strength.
Oct 21	Earnings call schedule	Neutral	+0.8%	Set dates for Q3 2025 results release and conference call.
Aug 05	Q2 2025 results	Positive	+9.0%	Showed strong sequential sales and EBITDA improvement with solid cash.

Pattern Detected

Earnings-related announcements have typically produced modestly positive or aligned price moves, with stronger gains on clearly improving quarters.

Recent Company History

Over the past year, Ferroglobe’s earnings cycle has featured volatile but generally constructive reactions. Q2 2025 results showed a sharp turnaround with sales of $386.9M and adjusted EBITDA of $21.6M, followed by Q3 sales of $311.7M and EBITDA of $18.3M. Q4 2025 delivered sales of $329.4M and adjusted EBITDA of $14.6M with net debt of $29.8M. Scheduling releases for Q3 2025 and Q1 2026 also drew modest positive reactions, indicating investors follow these updates closely.

Historical Comparison

+1.7% avg move · In the last five earnings-related announcements, GSM moved on average 1.69%, with mostly aligned rea...

earnings

+1.7%

Average Historical Move earnings

In the last five earnings-related announcements, GSM moved on average 1.69%, with mostly aligned reactions and stronger gains on clear operational improvements.

Recent quarters show a path from Q2 2025 recovery (higher sales and EBITDA) through Q3 and Q4 2025 results into Q1 2026, with recurring earnings calls and updates anchoring investor expectations.

Market Pulse Summary

This announcement highlights higher Q1 2026 sales of $347.7M driven by ferroalloy volumes, but with ...

Analysis

This announcement highlights higher Q1 2026 sales of $347.7M driven by ferroalloy volumes, but with compressed margins and adjusted EBITDA of only $3.3M, resulting in a net loss of $7.1M. Cash ended at $96.4M with net debt of $54.6M, and free cash flow was negative. Historically, earnings releases have produced modest average moves of 1.69%. Investors may track future quarters for margin recovery, cash generation, and execution on growth and cost initiatives.

Key Terms

adjusted ebitda, free cash flow, operating cash flow, power purchase agreements, +1 more

5 terms

adjusted ebitda financial

"Reporting first quarter adjusted EBITDA of $3.3 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

free cash flow financial

"Free cash flow 2 | | $ | (16.4 | ) | | $ | (18.5 | )"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

operating cash flow financial

"Operating cash flow | | $ | (5.6 | ) | | $ | (4.3 | )"

Operating cash flow is the amount of money a company earns from its main business activities, like selling products or services. It shows how well the company can generate cash to pay bills, invest in growth, or return money to shareholders. This figure helps investors understand if the company’s core operations are healthy and sustainable.

power purchase agreements regulatory

"Excluding the impact of power purchase agreements, raw materials and energy"

A power purchase agreement is a long-term contract in which a buyer agrees to purchase electricity from a specific generator at a set price and schedule, much like a multi-year subscription for energy. For investors, these contracts matter because they lock in predictable revenue and price terms, reducing exposure to volatile wholesale power markets and making project cash flows and financing risks easier to evaluate.

working capital financial

"Total Working Capital 3 | | $431.2 | | $427.5"

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

AI-generated analysis. Not financial advice.

First Quarter Highlights

• Strong increase in ferroalloys due to trade measures and increasing steel production in the U.S.
• EU Trade Commissioner committed to helping the silicon metal industry
• Actively pursuing a potential restart of cost-competitive Venezuelan operations
• Expertise in critical materials unlocks new growth opportunities as the U.S. and EU policy pivots toward domestically anchored supply chains
• Reporting first quarter adjusted EBITDA of $3.3 million
• Ended the quarter with total cash of $96.4 million and net debt of $54.6 million
• Paid quarterly dividend of $0.015 per share on March 30; Next dividend of $0.015 payable on June 29

LONDON, May 05, 2026 (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 2026.

Financial Highlights
										%								%
($ in millions, except EPS)		Q1 2026				Q4 2025				Q/Q				Q1 2025				Y/Y
Sales		$	347.7			$	329.4				5.6	%		$	307.2				13.2	%
Net (loss) attributable to the parent		$	(7.1	)		$	(81.0	)			91.3	%		$	(66.5	)			89.4	%
Adj. EBITDA		$	3.3			$	14.6				(77.1	)%		$	(26.8	)			112.5	%
Adjusted diluted EPS		$	(0.07	)		$	(0.06	)			(1.6	)%		$	(0.20	)			66.8	%
Operating cash flow		$	(5.6	)		$	(4.3	)			(29.9	)%		$	19.4				(128.7	)%
Capital expenditures1		$	10.9			$	14.2				(23.7	)%		$	14.3				(24.1	)%
Free cash flow2		$	(16.4	)		$	(18.5	)			11.3	%		$	5.1				(424.3	)%

(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, “We delivered a strong increase in first quarter ferroalloy shipment volumes in both the EU and the U.S, driven primarily by recently enacted trade measures. While volumes improved, pricing did not keep pace with higher costs, particularly in logistics and raw materials, resulting in margin compression. We view these cost pressures as temporary and expect pricing conditions to improve in the second half of the year.

“We see significant opportunities to diversify both our footprint and product mix, directly supporting our long-term strategic growth strategy. In Venezuela, we own four furnaces with more than 100,000 tons of incremental capacity, with the flexibility to produce across all our core product segments. Beyond this, we are actively evaluating which critical materials are most economically viable to produce, leveraging our established Western footprint and past production experience. The newly signed U.S. and EU strategic partnership on critical materials signals a structural shift, strengthening our position as markets increasingly prioritize secure, domestic supply chains for strategic materials,” concluded Dr. Levi.

Consolidated Sales

In the first quarter of 2026, Ferroglobe reported sales of $347.7 million, a 5.6% increase from the prior quarter and a 13.2% increase from the comparable prior-year period. This improvement was mainly driven by higher sales volumes of silicon-based alloys and manganese-based alloys, as well as a higher average selling price for manganese-based alloys, partially offset by lower volumes and average selling price for silicon metals. Silicon-based alloys prices remained stable during the quarter. Sales of silicon metal decreased by $12.4 million from the prior quarter, while silicon-based alloys and manganese-based alloys increased by $18.7 million and $14.5 million, respectively, compared with the prior quarter.                

Product Category Highlights

Silicon Metal
($,000)		Q1 2026				Q4 2025				% Q/Q			Q1 2025				% Y/Y
Shipments in metric tons:			30,533				32,634			(6.4	)%			36,308			(15.9	)%
Average selling price ($/MT):			2,754				2,957			(6.9	)%			2,881			(4.4	)%
Silicon Metal Revenue			84,088				96,499			(12.9	)%			104,603			(19.6	)%
Silicon Metal Adj.EBITDA			(2,275	)			885			(357.1	)%			(15,447	)		(85.3	)%
Silicon Metal Adj.EBITDA Margin			(2.7	)%			0.9	%						(14.8	)%

Silicon metal revenue in the first quarter was $84.1 million, a decrease of 12.9% from the prior quarter. The average selling price decreased 6.9%, driven by lower pricing in the U.S. and Europe amid a more competitive market environment and cautious customer purchasing in key end-markets, particularly in Europe, partially offset by a slight increase in South Africa. Shipments decreased 6.4%, primarily reflecting lower volumes in EMEA, partially offset by higher volumes in the U.S. Adjusted EBITDA decreased to $(2.3) million in the first quarter, compared with $0.9 million in the prior quarter, reflecting lower realized pricing and shipments, partially offset by strong cost performance in Canada. Adjusted EBITDA margin decreased to (2.7%) in the first quarter from 0.9% in the prior quarter.                

Silicon-Based Alloys
($,000)		Q1 2026				Q4 2025				% Q/Q			Q1 2025				% Y/Y
Shipments in metric tons:			60,674				51,279			18.3	%			42,864			41.6	%
Average selling price ($/MT):			2,016				2,020			(0.2	)%			2,120			(4.9	)%
Silicon-based Alloys Revenue			122,319				103,584			18.1	%			90,872			34.6	%
Silicon-based Alloys Adj.EBITDA			6,850				15,503			(55.8	)%			2,414			183.8	%
Silicon-based Alloys Adj.EBITDA Margin			5.6	%			15.0	%						2.7	%

Silicon-based alloy revenue in the first quarter was $122.3 million, an increase of 18.1% from the prior quarter. The average selling price was stable, as higher realizations in Europe were largely offset by softer pricing in the U.S. and South Africa, where market conditions remained competitive. Shipments increased 18.3%, reflecting a broad-based improvement across regions, with the most significant increase in the U.S., supported by improved demand and customer restocking in steel and foundry applications. Adjusted EBITDA decreased to $6.8 million in the first quarter of 2026, down from $15.5 million in the prior quarter, primarily reflecting higher production costs, which more than offset the benefit from higher volumes. Adjusted EBITDA margin decreased to 5.6% in the first quarter, compared with 15.0% in the prior quarter.

Manganese-Based Alloys
($,000)		Q1 2026				Q4 2025				% Q/Q			Q1 2025				% Y/Y
Shipments in metric tons:			85,743				80,778			6.1	%			67,229			27.5	%
Average selling price ($/MT):			1,250				1,147			9.0	%			1,108			12.8	%
Manganese-based Alloys Revenue			107,179				92,652			15.7	%			74,490			43.9	%
Manganese-based Alloys Adj.EBITDA			10,014				8,681			15.4	%			(5,574	)		(279.7	)%
Manganese-based Alloys Adj.EBITDA Margin			9.3	%			9.4	%						(7.5	)%

Manganese-based alloy revenue in the first quarter was $107.2 million, an increase of 15.7% from the prior quarter. The average selling price increased 9.0%, driven by higher pricing in Europe, partially offset by a slight decrease in the U.S. Shipments increased 6.1%, reflecting solid volume growth in Europe as steel-related demand for domestic manganese alloys improved. Adjusted EBITDA increased to $10.0 million in the first quarter, compared with $8.7 million in the prior quarter, supported by higher volumes and prices, offset by higher manganese ore, energy, and transportation costs. Adjusted EBITDA margin was 9.3%, broadly in line with 9.4% in the prior quarter.

Raw materials and energy consumption for production

Raw materials and energy consumption for production decreased to 64.3% of sales in the first quarter of 2026, compared with 79.4% in the prior quarter. This improvement was primarily driven by the absence of the $40.2 million fair value loss related to long term energy contracts recognized in the fourth quarter of 2025, as well as the recognition of a positive fair value adjustment of $5.5 million in the first quarter of 2026. Improved production levels and better fixed cost absorption also contributed to the sequential improvement. Excluding the impact of power purchase agreements, raw materials and energy consumption represented 65.9% of revenue in the first quarter of 2026, compared with 67.2% in the prior quarter.

Net (Loss) Attributable to the Parent

In the first quarter of 2026, net loss attributable to the parent was $7.1 million, or $(0.04) per diluted share, compared to a net loss attributable to the parent of $81.0 million, or $(0.43) per diluted share, in the prior quarter. The quarter over quarter improvement was primarily driven by the absence of the $40.2 million negative fair value remeasurement impacts related to long-term energy contracts recorded in the fourth quarter, as well as the absence of an impairment charge of $17.7 million and additional depreciation of $12.6 million recognized in the prior quarter. Results in the first quarter of 2026 also benefited from improved operating leverage, partially offset by higher selling-related expenses associated with increased sales volumes. The Company reported adjusted diluted earnings per share of $(0.07) for the first quarter of 2026, compared with $(0.06) in the prior quarter.               

Adjusted EBITDA 

Adjusted EBITDA declined to $3.3 million in the first quarter of 2026, compared to $14.6 million for the prior quarter. The prior quarter benefited from a one time positive impact of approximately $12 million related to the modification of a lease liability agreement. During the first quarter of 2026, operating performance improved, supported by stronger volumes and continued cost efficiency initiatives, partially offset by higher selling and distribution costs.

Total Cash, Adjusted Gross Debt and Working Capital
																								%
($ in millions)		Q1 2026				Q4 2025				$				%				Q1 2025			$			Y/Y
Total Cash1		$	96.4			$	123.0				(26.6	)			(21.6	)%		$	129.6			(33.2	)		(25.6	)%
Adjusted Gross Debt2		$	151.0			$	152.8				(1.8	)			(1.2	)%		$	110.4			40.6			36.8	%
Net (Debt) Cash		$	(54.6	)		$	(29.8	)			(24.8	)			(83.3	)%		$	19.2			(73.8	)		(384.5	)%
Total Working Capital3		$	431.2			$	427.5				3.7				0.9	%		$	435.7			(4.5	)		(1.0	)%

(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 $96.4 million as of March 31, 2026, a decrease of $26.6 million from $123.0 million as of December 31, 2025. Adjusted gross debt decreased by $1.8 million to $151.0 million, resulting in net debt of $54.6 million as of March 31, 2026. This represents an increase of $24.8 million from the prior quarter.

During the first quarter, cash flows used in operating activities were $5.6 million, and net cash used in investing activities was $17.1 million. Cash used in financing activities was $3.3 million as a result of lease payments of $3.9 million, dividend payments of $2.8 million, interest payments of $2.4 million, and the principal repayments of other financing liabilities of $0.7 million, partially offset proceeds from financing facilities in South Africa, France and Spain totaling $3.4 million, net cash proceeds from the sale of short-term commercial paper totaling $3.1 million.

Total working capital was $431.2 million as of March 31, 2026, an increase of $3.7 million from $427.5 million at the end of the prior quarter. The increase in our working capital balance during the quarter was primarily driven by increases of $28.1 million in inventories, $20.9 million in trade receivables, and $16.8 million in other receivables, partially offset by a $62.1 million increase in trade and other payables.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “We delivered solid sales in the first quarter, with revenue increasing almost 6%, driven by higher volumes in our silicon-based alloy and manganese-based alloy segments. However, lower silicon metal prices and margin compression in silicon-based alloys impacted profitability, resulting in adjusted EBITDA of $3.3 million, compared with $14.6 million in the fourth quarter. The conflict in Iran created a challenging operating environment during the quarter, with higher transportation, logistics, and raw material costs, primarily manganese ore and coal, without a corresponding improvement in our realized prices. While these pressures affected adjusted EBITDA and resulted in negative free cash flow, we maintained disciplined capital expenditure management. Importantly, we ended the quarter with a solid liquidity position, including $96.4 million of total cash and a manageable net debt level of $54.6 million.”

Capital Returns

During the first quarter, Ferroglobe repurchased 5,140 shares at an average price of $3.90 per share and paid a quarterly cash dividend of $ 0.015 per share on March 30, 2026. Our next cash dividend of $0.015 per share will be paid on June 29, 2026, to shareholders of record as of June 22, 2026.

Conference Call

Ferroglobe invites all interested persons to participate on our conference call at 8:30 AM, Eastern Time on May 6, 2026. 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/BIa208b4cf9feb40e1baae1852662f7210

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/sfxcprpy

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, 2026				December 31, 2025					March 31, 2025
Sales		$	347,745			$	329,382			$	307,179
Raw materials and energy consumption for production			(223,488	)			(261,564	)			(238,341	)
Other operating income			20,492				16,450				9,072
Staff costs			(64,140	)			(62,542	)			(70,450	)
Other operating expense			(71,765	)			(59,367	)			(47,290	)
Depreciation and amortization			(16,601	)			(29,177	)			(17,520	)
Impairment (loss) gain			—				(17,743	)			268
Other gain			42				48				1,405
Operating (loss)			(7,715	)			(84,513	)			(55,677	)
Finance income			708				801				873
Finance costs			(5,922	)			(7,365	)			(4,555	)
Exchange differences			1,783				2,132				(6,914	)
(Loss) before tax			(11,146	)			(88,945	)			(66,273	)
Income tax benefit / (expense)			4,010				2,936				(625	)
Total (loss) for the period			(7,136	)			(86,009	)			(66,898	)
(Loss) attributable to the parent		$	(7,053	)		$	(80,953	)		$	(66,482	)
(Loss) attributable to non-controlling interest			(83	)			(5,056	)			(416	)
EBITDA		$	10,669			$	(53,204	)		$	(45,071	)
Adjusted EBITDA		$	3,347			$	14,590			$	(26,803	)
Weighted average number of shares outstanding
Basic and diluted			188,286				188,291				187,008
(Loss) per ordinary share
Basic and diluted		$	(0.04	)		$	(0.43	)		$	(0.36	)

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,
		2026				2025			2025
ASSETS
Non-current assets
Goodwill		$		12,472		$	12,472		$	14,219
Intangible assets				198,323			132,682			178,583
Property, plant and equipment				480,827			486,678			495,285
Other financial assets				46,054			26,717			25,375
Deferred tax assets				—			—			7,997
Receivables from related parties				1,725			1,763			1,622
Other non-current assets				21,516			21,436			23,019
Total non-current assets				760,917			681,748			746,100
Current assets
Inventories				334,265			306,160			314,843
Trade receivables				212,387			191,536			200,526
Other receivables				91,534			74,665			96,308
Current income tax assets				4,922			5,564			5,191
Other financial assets				4			11,104			8,564
Other current assets				20,671			21,716			39,385
Restricted cash and cash equivalents				164			175			300
Cash and cash equivalents				96,228			122,812			129,281
Total current assets				760,175			733,732			794,398
Total assets		$		1,521,092		$	1,415,480		$	1,540,498
EQUITY AND LIABILITIES
Equity		$		670,460		$	692,257		$	780,568
Non-current liabilities
Deferred income				75,478			26,394			71,764
Provisions				32,081			30,487			26,390
Provision for pensions				28,752			28,903			28,383
Bank borrowings				59,327			60,136			32,299
Lease liabilities				55,523			57,429			59,766
Other financial liabilities				21,022			22,035			24,957
Derivate financial liabilities				37,917			45,198			4,530
Other non-current liabilities				297			345			14,279
Deferred tax liabilities				8,202			11,005			18,834
Total non-current liabilities				318,599			281,932			281,202
Current liabilities
Provisions				107,200			87,308			91,416
Provision for pensions				183			186			168
Bank borrowings				83,230			79,876			56,214
Lease liabilities				12,482			12,254			12,572
Debt instruments				29,430			26,014			14,311
Other financial liabilities				11,358			11,408			24,763
Derivate financial liabilities				—			—			2,405
Payables to related parties				2,726			2,577			3,074
Trade and other payables				206,997			144,853			176,017
Current income tax liabilities				889			970			10,337
Other current liabilities				77,538			75,845			87,451
Total current liabilities				532,033			441,291			478,728
Total equity and liabilities		$		1,521,092		$	1,415,480		$	1,540,498

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, 2026				December 31, 2025				March 31, 2025
Cash flows from operating activities:
(Loss) for the period		$	(7,136	)		$	(86,009	)		$	(66,898	)
Adjustments to reconcile net (loss) to net cash (used) provided by operating activities:
Income tax (benefit)/expense			(4,010	)			(2,936	)			625
Depreciation and amortization			16,601				29,177				17,520
Finance income			(708	)			(801	)			(873	)
Finance costs			5,922				7,365				4,555
Exchange differences			(1,783	)			(2,132	)			6,914
Impairment loss (gain)			—				17,743				(268	)
Share-based compensation			947				(92	)			1,296
Other (gain)			(42	)			(48	)			(1,405	)
Write downs of inventories to net realizable value			2,614				4,742				11,812
Change in fair value of derivatives not designed as hedging instruments			(5,539	)			40,218				2,768
Changes in operating assets and liabilities
(Increase) decrease in inventories			(36,443	)			59,903				28,357
(Increase) decrease in trade receivables			(24,100	)			(7,015	)			(7,206	)
(Increase) decrease in other receivables			(18,322	)			18,816				(9,573	)
Decrease (increase) in energy receivable			1,259				(418	)			25,165
Increase (decrease) in trade payables			65,455				(79,548	)			13,186
Other changes in operating assets and liabilities			(13	)			(4,727	)			(7,043	)
Income taxes (paid) refunded			(268	)			1,477				440
Net cash (used in) / provided by operating activities:			(5,566	)			(4,285	)			19,372
Cash flows from investing activities:
Interest and finance income received			700				991				872
Payments due to investments:
Intangible assets			(522	)			(377	)			(557	)
Property, plant and equipment			(10,335	)			(13,845	)			(13,750	)
Other financial assets			(7,000	)			—				(11,119	)
Disposals:
Other non-current assets			72				131				1,559
Net cash used in investing activities			(17,085	)			(13,100	)			(22,995	)
Cash flows from financing activities:
Dividends paid			(2,803	)			(2,616	)			(2,613	)
Payment for debt and equity issuance costs			(217	)			(99	)			(95	)
Repayment of debt instruments			(14,649	)			(11,644	)			(10,361	)
Proceeds from debt issuance			18,007				14,800				14,380
Increase/(decrease) in bank borrowings:
Borrowings			124,162				154,871				106,033
Payments			(120,724	)			(126,663	)			(77,176	)
Payments for lease liabilities			(3,889	)			(6,505	)			(3,098	)
(Repayments of)/payments from other financing liabilities			(675	)			(669	)			(22,651	)
Payments to acquire own shares			(20	)			—				(2,703	)
Interest paid			(2,471	)			(2,882	)			(4,531	)
Net cash (used in) / provided by financing activities			(3,279	)			18,593				(2,815	)
Total net (decrease) increase in cash and cash equivalents			(25,930	)			1,208				(6,438	)
Beginning balance of cash and cash equivalents			122,987				121,477				133,271
Foreign exchange (losses) gains on cash and cash equivalents			(665	)			302				2,748
Ending balance of cash and cash equivalents		$	96,392			$	122,987			$	129,581
Restricted cash and cash equivalents			164				175				300
Cash and cash equivalents			96,228				122,812				129,281
Ending balance of cash and cash equivalents		$	96,392			$	122,987			$	129,581

Adjusted EBITDA ($,000):
		Q1´26				Q4´25				Q1´25
(Loss) attributable to the parent		$	(7,053	)		$	(80,953	)		$	(66,482	)
(Loss) attributable to non-controlling interest			(83	)			(5,056	)			(416	)
Income tax (benefit) expense			(4,010	)			(2,936	)			625
Finance income			(708	)			(801	)			(873	)
Finance costs			5,922				7,365				4,555
Depreciation and amortization			16,601				29,177				17,520
EBITDA			10,669				(53,204	)			(45,071	)
Exchange differences			(1,783	)			(2,132	)			6,914
Impairment			—				29,710				(268	)
New strategy implementation			—				—				682
PPA Energy			(5,539	)			40,216				2,768
Fines Inventory Adjustment			—				—				8,172
Adjusted EBITDA		$	3,347			$	14,590			$	(26,803	)

Adjusted (loss) attributable to Ferroglobe ($,000):
		Q1´26				Q4´25				Q1´25
(Loss) attributable to the parent		$	(7,053	)		$	(80,953	)		$	(66,482	)
Tax rate adjustment			(1,224	)			21,079				21,481
Impairment			—				18,286				(184	)
New strategy implementation			—				—				467
PPA Energy			(4,154	)			29,358				1,897
Fines Inventory Adjustment			—				—				5,600
Adjusted (loss) attributable to the parent		$	(12,431	)		$	(12,230	)		$	(37,220	)

Adjusted diluted (loss) per share:
		Q1´26				Q4´25				Q1´25
Diluted (loss) per ordinary share		$	(0.04	)		$	(0.43	)		$	(0.36	)
Tax rate adjustment			(0.01	)			0.11				0.11
Impairment			—				0.10				(0.00	)
New strategy implementation			—				—				0.00
PPA Energy			(0.02	)			0.16				0.01
Fines Inventory Adjustment			—				—				0.03
Adjusted diluted (loss) per ordinary share		$	(0.07	)		$	(0.06	)		$	(0.20	)

FAQ

What were Ferroglobe (GSM) Q1 2026 sales and adjusted EBITDA results?

Q1 2026 sales were $347.7M and adjusted EBITDA was $3.3M. According to the company, sales rose 5.6% quarter-over-quarter and adjusted EBITDA declined due to higher costs, lease agreement impacts in the prior quarter, and increased selling-related expenses.

Why did Ferroglobe report lower profitability in Q1 2026 for GSM?

Lower profitability was driven by margin compression from higher costs. According to the company, logistics, raw material and energy cost increases outpaced realized prices, and prior-quarter one-time lease modifications also supported better prior results.

How did Ferroglobe's product segments perform in Q1 2026 (GSM)?

Silicon-based and manganese-based alloys saw volume gains; silicon metal declined. According to the company, alloys increased shipments and revenue, while silicon metal volumes and prices fell, reducing that segment's EBITDA.

What is Ferroglobe's cash, debt and dividend position after Q1 2026?

Ferroglobe held $96.4M cash with $54.6M net debt and maintains a $0.015 quarterly dividend. According to the company, the March dividend was paid and the next dividend is payable June 29, 2026.

How did raw material and energy costs affect Ferroglobe's Q1 2026 margins (GSM)?

Raw materials and energy consumption improved sequentially but costs remained a headwind. According to the company, Q1 raw material and energy were 64.3% of sales, aided by absence of prior-quarter fair value losses and better fixed cost absorption.

What near-term operational actions did Ferroglobe (GSM) highlight in Q1 2026?

The company is evaluating Venezuela restarts and critical materials opportunities. According to the company, it is actively pursuing a potential restart of cost-competitive Venezuelan furnaces and assessing critical-material production aligned with U.S./EU supply-chain priorities.