Ferroglobe Reports Fourth Quarter and Full Year 2024 Financial Results

Rhea-AI Summary

Ferroglobe (NASDAQ: GSM) reported its Q4 and full-year 2024 financial results, posting adjusted EBITDA of $153.8 million for FY2024 and $9.8 million for Q4. The company generated $164.1 million in free cash flow for the year and $14.1 million in Q4.

Q4 sales decreased 15.2% quarter-over-quarter to $367.5 million, with declines across silicon metal, silicon-based alloys, and manganese-based alloys. The company reported a Q4 net loss of $46.4 million ($0.25 per share), primarily due to a $61.3 million impairment charge.

For 2025, Ferroglobe provided adjusted EBITDA guidance of $100-170 million. The company increased its quarterly dividend by 7.7% to $0.014 per share and repurchased approximately 482,000 shares in Q4. Management highlighted progress in trade measures implementation in the US and Europe to combat artificially low-priced competitive products.

Positive

• Generated strong free cash flow of $164.1 million in FY2024
• Achieved net cash positive position of $38.9 million by year-end
• Reduced total working capital by approximately $50 million during the year
• Increased quarterly dividend by 7.7% to $0.014 per share
• Successfully implemented trade measures against low-priced imports in US and EU

Negative

• Q4 sales decreased 15.2% quarter-over-quarter to $367.5 million
• Q4 net loss of $46.4 million, including $61.3 million impairment charge
• Q4 adjusted EBITDA declined 11.3% to $9.8 million (2.7% of sales)
• FY2024 adjusted EBITDA decreased to $153.8 million from $315.2 million in 2023
• Higher energy and raw material costs impacting margins

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

• Posted adjusted EBITDA of $153.8 million for the full year 2024 and $9.8 million for the fourth quarter
• Generated $164.1 million of free cash flow for the full year and $14.1 million for the fourth quarter
• Trade measures to ensure fair trade in the U.S. and Europe are progressing well
• Increasing quarterly dividend by 7.7% to $0.014 per share
• Paid quarterly cash dividend of $0.013 per share in December
• Repurchased approximately 482,000 shares during the fourth quarter

LONDON, Feb. 19, 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 announces financial results for the fourth quarter and full year 2024.

Financial Highlights

										%							%									%
($ in millions, except EPS)		Q4 2024				Q3 2024				Q/Q			Q4 2023				Y/Y			YTD 2024			YTD 2023			Y/Y
Sales		$	367.5			$	433.5			(15.2	)%		$	376.0			(2.2	)%		$	1,643.9		$	1,650.0		(0.4	)%
Net (loss) income attributable to the parent		$	(46.4	)		$	18.8			(346.8	)%		$	(11.1	)		(317.6	)%		$	5.2		$	82.7		(93.7	)%
Adj. EBITDA		$	9.8			$	60.4			(83.7	)%		$	60.3			(83.7	)%		$	153.8		$	315.2		(51.2	)%
Adjusted diluted EPS		$	0.03			$	0.11			(75.7	)%		$	0.07			(60.7	)%		$	0.28		$	0.68		(58.8	)%
Operating cash flow		$	32.1			$	11.1			188.8	%		$	28.7			11.7	%		$	243.3		$	178.4		36.4	%
Capital expenditures1		$	17.9			$	21.2			(15.2	)%		$	25.5			(29.7	)%		$	79.2		$	86.5		(8.4	)%
Free cash flow2		$	14.1			$	(10.0	)		241.0	%		$	3.2			341.1	%		$	164.1		$	91.9		78.5	%

(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, “2024 was a successful year for Ferroglobe with many accomplishments. We achieved an adjusted EBITDA per our guidance and generated strong free cash flow, which was used to repay our senior secured notes. This strong free cash flow and balance sheet enabled us to initiate the capital return program, including dividends and share repurchases, while positioning the company for growth. We are optimistic that, while there are uncertainties in the markets, demand will begin improving in the second half of 2025.”

“Material progress has been made in implementing trade measures with the US Department of Commerce, imposing strong final anti-dumping and countervailing duties on Russian ferrosilicon imports while continuing to investigate the cases against Brazil, Kazakhstan, and Malaysia. The European Commission initiated its safeguard investigation into the imports of silicon metals, silicon alloys and manganese alloys into the EU. Ferroglobe, being a local producer in both the US and Europe, will be a beneficiary of these trade measures as they will reduce artificially low-priced competitive products in the market, helping the market to stabilize.

“We are issuing adjusted EBITDA guidance for 2025 of $100 million to $170 million. The wide variance in our guidance reflects uncertainties related to trade measures, market conditions and geopolitical factors,” concluded Dr. Levi.

Consolidated Sales

In the fourth quarter of 2024, Ferroglobe reported sales of $367.5 million, a decrease of 15.2% over the prior quarter and a decrease of 2.2% from the comparable prior year period. This decrease compared to the prior quarter was primarily attributable to lower sales volumes in our portfolio of products, partially offset by higher tons sold in manganese-based alloys. Sales of silicon metal, silicon-based alloys and manganese-based alloys declined by $32.2 million, $16.7 million and $11.2 million, respectively, compared with the prior quarter.

For the full year 2024, sales were $1,644 million versus $1,650 million in the prior year, a decrease of 0.4%. This decrease was mainly driven by a 17.6% decrease in silicon-based alloys revenue, partially offset by a 28.4% increase in Manganese-Based Alloys revenues.

Product Category Highlights

Silicon Metal

($,000)		Q4 2024			Q3 2024			% Q/Q			Q4 2023			% Y/Y			YTD 2024			YTD 2023			% Y/Y
Shipments in metric tons:		49,797			56,910			(12.5	)%		49,761			0.1	%		222,762			194,385			14.6	%
Average selling price ($/MT):		3,240			3,401			(4.7	)%		3,371			(3.9	)%		3,262			3,715			(12.2	)%
Silicon Metal Revenue		161,342			193,551			(16.6	)%		167,744			(3.8	)%		726,650			722,140			0.6	%
Silicon Metal Adj.EBITDA		16,849			40,554			(58.5	)%		22,188			(24.1	)%		108,058			216,534			(50.1	)%
Silicon Metal Adj.EBITDA Margin		10.4	%		21.0	%					13.2	%					14.9	%		30.0	%

Silicon metal revenue in the fourth quarter was $161.3 million, a decrease of 16.6% over the prior quarter and a decrease of 3.8% from the year-ago period. The average selling price decreased by 4.7%, and shipments decreased by 12.5% due to lower volumes, mainly in EMEA. Adjusted EBITDA for silicon metal decreased 58.5% to $16.8 million during the fourth quarter, compared with $40.6 million in the prior quarter. The softening in adjusted EBITDA margin in the quarter was mainly driven by lower average selling prices and higher energy costs.

Silicon-Based Alloys

($,000)		Q4 2024			Q3 2024			% Q/Q			Q4 2023			% Y/Y			YTD 2024			YTD 2023			% Y/Y
Shipments in metric tons:		39,417			45,489			(13.3	)%		46,446			(15.1	)%		183,030			191,431			(4.4	)%
Average selling price ($/MT):		2,159			2,237			(3.5	)%		2,300			(6.1	)%		2,208			2,562			(13.8	)%
Silicon-based Alloys Revenue		85,101			101,759			(16.4	)%		106,826			(20.3	)%		404,130			490,446			(17.6	)%
Silicon-based Alloys Adj.EBITDA		3,093			2,356			31.3	%		34,973			(91.2	)%		30,060			114,111			(73.7	)%
Silicon-based Alloys Adj.EBITDA Margin		3.6	%		2.3	%					32.7	%					7.4	%		23.3	%

Silicon-based alloy revenue in the fourth quarter was $85.1 million, a decrease of 16.4% over the prior quarter and a decrease of 20.3% from the year-ago period. Shipments decreased by 13.3%, which was attributable to weak demand in the US and Europe, mainly in the auto and construction end markets. Adjusted EBITDA for silicon-based alloys increased to $3.1 million in the fourth quarter of 2024, an increase of 31.3% compared with $2.4 million in the prior quarter. Adjusted EBITDA margin improvement was primarily driven by lower raw material costs.

Manganese-Based Alloys

($,000)		Q4 2024			Q3 2024			% Q/Q			Q4 2023			% Y/Y			YTD 2024			YTD 2023			% Y/Y
Shipments in metric tons:		67,712			64,495			5.0	%		61,404			10.3	%		275,991			227,243			21.5	%
Average selling price ($/MT):		1,159			1,391			(16.7	)%		985			17.7	%		1,206			1,141			5.7	%
Manganese-based Alloys Revenue		78,478			89,713			(12.5	)%		60,483			29.8	%		332,845			259,284			28.4	%
Manganese-based Alloys Adj.EBITDA		7,091			27,854			(74.5	)%		23,886			(70.3	)%		54,297			37,994			42.9	%
Manganese-based Alloys Adj.EBITDA Margin		9.0	%		31.0	%					39.5	%					16.3	%		14.7	%

Manganese-based alloy revenue in the fourth quarter was $78.5 million, a decrease of 12.5% over the prior quarter and an increase of 29.8% from the year-ago period. The average realized selling price decreased by 16.7% and total shipments increased by 5.0%. Adjusted EBITDA for the manganese-based alloys portfolio decreased to $7.1 million in the fourth quarter of 2024, a decrease of 74.5% compared with $27.9 million in the prior quarter. The decrease in adjusted EBITDA margin was mainly driven by lower selling prices and higher manganese ore costs.

Raw materials and energy consumption for production

Raw materials and energy consumption for production was $250.8 million in the fourth quarter of 2024 versus $255.1 million in the prior quarter, a decrease of 1.7%. As a percentage of sales, raw materials and energy consumption for production was 68.2% in the fourth quarter of 2024, compared to 58.8% in the third quarter. The increase in cost as a percentage of sales was driven by higher energy and raw materials costs, including manganese ore.

For the full-year 2024, raw materials and energy consumption for production were $1,027 million, or 62.5% of sales, versus $879 million, or 53.3% of sales in 2023. The increase in these costs as a percent of sales was mainly driven by lower prices and higher energy costs.

Net (Loss) Income Attributable to the Parent

In the fourth quarter of 2024, net loss attributable to the parent was $46.4 million, or $(0.25) per diluted share, compared to a net income attributable to the parent of $18.8 million, or $0.10 per diluted share in the third quarter. This decrease is primarily attributable to $61.3 million recorded in impairment of the Company’s cash-generating units which were not recorded in the prior period. The Company reported adjusted diluted earnings per share of $0.03 for the fourth quarter, compared with adjusted earnings per share of $0.11 per share in the prior quarter.

For the full year 2024, net profit attributable to the parent was $5.2 million, or $0.03 per diluted share, compared to $82.7 million, or $0.43 per diluted share for the full year 2023.

Adjusted EBITDA

In the fourth quarter of 2024, adjusted EBITDA was $9.8 million, or 2.7% of sales, a decrease of 11.3% compared to adjusted EBITDA of $60.4 million, or 13.9% of sales, from the third quarter of 2024. This was mainly driven by higher costs and reduced pricing.

For the full year 2024, adjusted EBITDA was $153.8 million, or 9.4% of sales, compared to adjusted EBITDA of $315.2 million, or 19.1% of sales, for the full year 2023. The reduction is largely related to lower average sales prices and an increase in energy costs.

Total Cash, Adjusted Gross Debt and Working Capital

																				%
($ in millions)		Q4 2024			Q3 2024			$			%			Q4 2023				$		Y/Y
Total Cash1		$	133.3		$	120.8		12.5			10.3	%		$	137.6			(4.4	)		(3.2	)%
Adjusted Gross Debt2		$	94.4		$	89.0		5.3			6.0	%		$	238.5			(144.1	)		(60.4	)%
Net Cash/ (Debt)		$	38.9		$	31.8		7.1			22.4	%		$	(100.9	)		139.7			138.6	%
Total Working Capital3		$	460.8		$	528.6		(67.8	)		(12.8	)%		$	510.7			(49.9	)		(9.8	)%

(1) Total cash is comprised of restricted cash, cash and cash equivalents
(2) Adjusted gross debt excludes bank borrowings on factoring program and impact of leasing standard IFRS16 for each of the periods presented
(3) Total working capital comprised of inventories, trade receivables and other receivables minus trade and other payables

The Company’s total cash was $133.3 million as of December 31, 2024, up $12.5 million from $120.8 million as of September 30, 2024.

During the fourth quarter, the Company generated $32.1 million in cash flow from operating activities, used $4.8 million in cash flows from investing activities and used $9.9 million in cash flows from financing activities due to repayments of bank borrowings of $14.8 million, lease payments of $4.5 million, dividend payments of $2.4 million, interest payments of $2.0 million and share repurchases of $1.9 million, partially offset by cash proceeds from promissory notes of $10.3 million and sale-leaseback financing of $6.1 million.

For the full year 2024, the Company generated $243.3 million of operating cash flow and used $66.9 million of cash in investing activities and $175.5 million in financing activities.

Total working capital was $460.8 million on December 31, 2024, down from $528.6 million on September 30, 2024. The $67.8 million decrease in working capital balance during the quarter was due to a $60.6 million decrease in inventories, and a $37.3 million decrease in trade and other receivables, partially offset by a $30.1 million decrease in trade and other payables.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “We achieved many of our targets in 2024, including paying off our senior secured notes and achieving a net cash positive position, which was $38.9 million, at the end of the year. We reduced our total working capital by approximately $50 million during the year and initiated our capital return program consisting of quarterly dividends and share repurchases.”

Capital Returns

During the fourth quarter, Ferroglobe repurchased 481,578 shares at an average price of $4.02 per share and paid a quarterly cash dividend of $0.013 per share on December 20, 2024. Our next cash dividend of $0.014 per share will be paid on March 26, 2025, to shareholders of record as of March 20, 2025.

Conference Call

Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, Eastern Time on February 20, 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.vevent.com/register/BIb6e61c804d2b45609dc3abc37310abd0

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/frvjkywe

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”, “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-GAAP 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				For the Twelve Months Ended				For the Twelve Months Ended
		December 31, 2024				September 30, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Sales		$	367,505			$	433,533			$	375,951			$	1,643,939			$	1,650,034
Raw materials and energy consumption for production			(250,763	)			(255,062	)			(199,572	)			(1,027,130	)			(879,286	)
Other operating income			18,892				27,202				34,944				84,378				100,992
Staff costs			(70,241	)			(71,885	)			(79,761	)			(279,864	)			(305,859	)
Other operating expense			(52,289	)			(74,475	)			(73,071	)			(265,182	)			(270,090	)
Depreciation and amortization			(19,020	)			(18,899	)			(20,090	)			(75,463	)			(73,532	)
Impairment loss			(61,348	)			—				(23,614	)			(61,348	)			(25,290	)
Other (loss) gain			(571	)			189				(563	)			555				(29	)
Operating (loss) profit			(67,835	)			40,603				14,224				19,885				196,940
Finance income			3,533				829				1,100				7,248				5,422
Finance costs			(3,089	)			(2,983	)			(13,431	)			(21,942	)			(38,793	)
Exchange differences			15,167				(6,576	)			(4,897	)			13,565				(7,551	)
Profit (loss) before tax			(52,224	)			31,873				(3,004	)			18,756				156,018
Income tax benefit/(expense)			4,376				(13,301	)			(4,160	)			(16,252	)			(57,540	)
Total (loss) profit for the period			(47,848	)			18,572				(7,164	)			2,504				98,478
(Loss) profit attributable to the parent		$	(46,430	)		$	18,814			$	(11,118	)		$	5,242			$	82,662
(Loss) profit attributable to non-controlling interest			(1,418	)			(242	)			3,954				(2,738	)			15,816
EBITDA		$	(33,648	)		$	52,926			$	29,417			$	108,913			$	262,921
Adjusted EBITDA		$	9,845			$	60,410			$	60,262			$	153,800			$	315,198
Weighted average number of shares outstanding
Basic			188,072				188,325				187,872				188,145				187,872
Diluted			188,072				190,393				190,801				188,809				190,290
(Loss) profit per ordinary share
Basic		$	(0.25	)		$	0.10			$	(0.06	)		$	0.03			$	0.44
Diluted		$	(0.25	)		$	0.10			$	(0.06	)		$	0.03			$	0.43

Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Financial Position (in thousands of U.S. dollars)
		As of December 31,			As of September 30,			As of December 31,
		2024			2024			2023
ASSETS
Non-current assets
Goodwill		$	14,219		$	29,702		$	29,702
Intangible assets			103,095			131,183			138,345
Property, plant and equipment			469,056			523,091			501,396
Other financial assets			19,744			16,492			19,792
Deferred tax assets			6,580			8,256			8,760
Receivables from related parties			1,558			1,679			1,658
Other non-current assets			22,451			24,288			22,156
Total non-current assets			636,703			734,691			721,809
Current assets
Inventories			347,139			407,782			383,841
Trade receivables			188,816			233,228			220,330
Other receivables			83,103			76,048			89,913
Receivables from related parties			—			2,808			2,772
Current income tax assets			7,692			7,890			15,977
Other financial assets			5,569			3,209			2
Other current assets			52,014			52,468			186,477
Restricted cash and cash equivalents			298			306			1,179
Cash and cash equivalents			132,973			120,504			136,470
Total current assets			817,604			904,243			1,036,961
Total assets		$	1,454,307		$	1,638,934		$	1,758,770
EQUITY AND LIABILITIES
Equity		$	816,105		$	915,707		$	869,886
Non-current liabilities
Deferred income			8,014			34,619			26,980
Provisions			24,384			25,964			19,970
Provision for pensions			27,618			31,213			29,805
Bank borrowings			13,911			14,207			14,913
Lease liabilities			56,585			57,864			54,483
Debt instruments			—			—			149,015
Other financial liabilities			25,688			27,280			65,231
Other non-current liabilities			13,759			6,359			1,903
Deferred tax liabilities			19,629			31,197			32,582
Total non-current liabilities			189,588			228,703			394,882
Current liabilities
Provisions			83,132			88,986			122,757
Provision for pensions			168			166			169
Bank borrowings			43,251			61,474			31,635
Lease liabilities			12,867			12,182			11,766
Debt instruments			10,135			—			5,765
Other financial liabilities			48,117			45,942			16,052
Payables to related parties			2,664			2,759			2,429
Trade and other payables			158,251			188,443			183,375
Current income tax liabilities			10,623			7,795			8,351
Other current liabilities			79,406			86,777			111,703
Total current liabilities			448,614			494,524			494,002
Total equity and liabilities		$	1,454,307		$	1,638,934		$	1,758,770

Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Cash Flows
		For the Three Months Ended				For the Three Months Ended				For the Three Months Ended				For the Twelve Months Ended				For the Twelve Months Ended
		December 31, 2024				September 30, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Cash flows from operating activities:
Profit for the period		$	(47,848	)		$	18,572			$	(7,164	)		$	2,504			$	98,478
Adjustments to reconcile net profit to net cash provided by operating activities:
Income tax (benefit)/expense			(4,376	)			13,301				4,160				16,252				57,540
Depreciation and amortization			19,020				18,899				20,090				75,463				73,532
Finance income			(3,533	)			(829	)			(1,100	)			(7,248	)			(5,422	)
Finance costs			3,089				2,983				13,431				21,942				38,793
Exchange differences			(15,167	)			6,576				4,897				(13,565	)			7,551
Impairment loss			61,348				—				23,614				61,348				25,290
Share-based compensation			1,587				1,496				683				4,924				7,402
Other loss (gain)			571				(189	)			562				(555	)			29
Changes in operating assets and liabilities
Decrease (increase) in inventories			23,146				(5,414	)			(1,746	)			47				102,179
Decrease (increase) in trade receivables			31,756				27,018				16,439				22,765				80,766
Decrease (increase) in other receivables			(12,885	)			(28,656	)			(21,838	)			770				45,692
Decrease (increase) in energy receivable			(5,735	)			(10,508	)			(33,456	)			131,959				(159,807	)
(Decrease) increase in trade payables			(19,039	)			(13,678	)			6,483				(17,255	)			(70,573	)
Other changes in operating assets and liabilities			4,936				(11,610	)			16,389				(40,294	)			(9,770	)
Income taxes paid			(4,776	)			(6,847	)			(12,701	)			(15,799	)			(113,308	)
Net cash provided by operating activities:			32,094				11,114				28,743				243,258				178,372
Cash flows from investing activities:
Interest and finance income received			692				766				1,349				2,799				3,725
Payments due to investments:
Intangible assets			(855	)			(850	)			(1,331	)			(3,024	)			(2,787	)
Property, plant and equipment			(17,090	)			(20,302	)			(24,204	)			(76,165	)			(83,679	)
Other financial assets			—				—				—				(3,000	)			—
Disposals:
Other non-current assets			—				—				935				—				935
Receipt of asset-related government grant			12,453				—				—				12,453				—
Net cash used in investing activities			(4,800	)			(20,386	)			(23,251	)			(66,937	)			(81,806	)
Cash flows from financing activities:
Dividends paid			(2,436	)			(2,441	)			—				(9,758	)			—
Payment for debt and equity issuance costs			(6	)											(6	)
Repayment of debt instruments			—				—				(1,050	)			(147,624	)			(179,075	)
Proceeds from debt issuance			10,255				—				—				10,255				—
Increase/(decrease) in bank borrowings:
Borrowings			122,809				145,804				39,239				509,186				432,274
Payments			(137,650	)			(144,292	)			(58,052	)			(495,726	)			(456,506	)
Payments for lease liabilities			(4,511	)			(5,834	)			(6,913	)			(16,201	)			(14,967	)
Proceeds from other financing liabilities			6,054				—				—				6,054				—
Other (payments) receipts from financing activities			(411	)			(2,176	)			(4,289	)			(3,068	)			(21,666	)
Payments to acquire own shares			(1,936	)			(492	)			—				(2,428	)			—
Interest paid			(2,029	)			(6,955	)			(2,923	)			(26,192	)			(42,207	)
Net cash (used in) financing activities			(9,861	)			(16,386	)			(33,988	)			(175,508	)			(282,147	)
Total net increase (decrease) in cash and cash equivalents			17,433				(25,658	)			(28,496	)			813				(185,581	)
Beginning balance of cash and cash equivalents			120,810				144,487				165,973				137,649				322,943
Foreign exchange (losses) gains on cash and cash equivalents			(4,972	)			1,981				172				(5,191	)			287
Ending balance of cash and cash equivalents		$	133,271			$	120,810			$	137,649			$	133,271			$	137,649
Restricted cash and cash equivalents			298				306				1,179				298				1,179
Cash and cash equivalents			132,973				120,504				136,470				132,973				136,470
Ending balance of cash and cash equivalents		$	133,271			$	120,810			$	137,649			$	133,271			$	137,649

Adjusted EBITDA ($,000):
		Q4´24				Q3´24				Q4´23				YTD´24				YTD´23
(Loss) profit attributable to the parent		$	(46,430	)		$	18,814			$	(11,118	)		$	5,242			$	82,662
(Loss) profit attributable to non-controlling interest			(1,418	)			(242	)			3,954				(2,738	)			15,816
Income tax expense			(4,376	)			13,301				4,160				16,252				57,540
Finance income			(3,533	)			(829	)			(1,100	)			(7,248	)			(5,422	)
Finance costs			3,089				2,983				13,431				21,942				38,793
Depreciation and amortization charges			19,020				18,899				20,090				75,463				73,532
EBITDA			(33,648	)			52,926				29,417				108,913				262,921
Exchange differences			(15,167	)			6,576				4,897				(13,565	)			7,551
Impairment			61,348				—				23,614				61,348				25,290
Restructuring and termination costs			(2,693	)			—				—				(7,233	)			5,535
New strategy implementation			1,629				1,413				(1,000	)			5,416				973
Subactivity			1,457				657				2,995				3,164				12,589
PPA Energy			(3,081	)			(1,162	)			339				(4,243	)			339
Adjusted EBITDA		$	9,845			$	60,410			$	60,262			$	153,800			$	315,198

Adjusted profit attributable to Ferroglobe ($,000):
		Q4´24				Q3´24				Q4´23				YTD´24				YTD´23
(Loss) Profit attributable to the parent		$	(46,430	)		$	18,814			$	(11,118	)		$	5,242			$	82,662
Tax rate adjustment			12,059				3,271				4,959				10,349				16,039
Impairment			41,209				—				17,333				41,209				18,563
Restructuring and termination costs			(1,846	)			—				—				(4,957	)			4,063
New strategy implementation			1,116				968				(734	)			3,712				714
Subactivity			998				450				2,198				2,168				9,240
PPA Energy			(2,111	)			(796	)			249				(2,908	)			249
Adjusted profit attributable to the parent		$	4,996			$	22,707			$	12,888			$	54,816			$	131,529

Adjusted diluted profit per share:
		Q4´24				Q3´24				Q4´23				YTD´24				YTD´23
Diluted (loss) profit per ordinary share		$	(0.25	)		$	0.10			$	(0.06	)		$	0.03			$	0.43
Tax rate adjustment			0.06				0.02				0.03				0.05				0.08
Impairment			0.22				—				0.09				0.22				0.10
Restructuring and termination costs			(0.01	)			—				—				(0.03	)			0.02
New strategy implementation			0.01				0.01				(0.00	)			0.02				0.00
Subactivity			0.01				0.00				0.01				0.01				0.05
PPA Energy			(0.01	)			(0.00	)			0.00				(0.02	)			0.00
Adjusted diluted profit per ordinary share		$	0.03			$	0.11			$	0.07			$	0.28			$	0.68

FAQ

What is Ferroglobe's (GSM) adjusted EBITDA guidance for 2025?

Ferroglobe provided adjusted EBITDA guidance of $100-170 million for 2025, with the wide range reflecting uncertainties related to trade measures, market conditions, and geopolitical factors.

How much free cash flow did GSM generate in 2024?

Ferroglobe generated $164.1 million in free cash flow for the full year 2024, with $14.1 million generated in the fourth quarter.

What was GSM's Q4 2024 net income/loss?

Ferroglobe reported a Q4 2024 net loss of $46.4 million ($0.25 per diluted share), primarily due to a $61.3 million impairment charge.

How much did GSM increase its dividend in Q4 2024?

Ferroglobe increased its quarterly dividend by 7.7% to $0.014 per share, with the next payment scheduled for March 26, 2025.

How many shares did GSM repurchase in Q4 2024?

Ferroglobe repurchased 481,578 shares at an average price of $4.02 per share during the fourth quarter of 2024.