Ferroglobe Reports Fourth Quarter and Full Year 2025 Financial Results

Rhea-AI Summary

Ferroglobe (NASDAQ:GSM) reported Q4 2025 adjusted EBITDA of $14.6 million and total cash of $123.0 million, with net debt of $29.8 million. Q4 sales were $329.4 million and full-year sales fell to $1,335.1 million (-18.8% YoY).

Key drivers included improving alloy volumes, higher energy costs, a $40.2 million fair-value loss on long-term French energy contracts, temporary French curtailments, and a 7% quarterly dividend increase to $0.015 per share.

Positive

• Q4 Adj. EBITDA of $14.6 million
• Total cash of $123.0 million at Dec 31, 2025
• 10-year French energy contract reduces cost volatility and increases flexibility
• Dividend increased 7% to $0.015 per share payable Mar 30, 2026
• Silicon-based alloys Adj. EBITDA rose to $15.5 million (Q4)

Negative

• Q4 net loss attributable to parent of $81.0 million
• FY 2025 net loss attributable to parent of $170.7 million
• Full-year sales down 18.8% to $1,335.1 million
• Silicon metal Adj. EBITDA fell to $0.9 million (down 92.4% Q/Q)
• Raw materials & energy rose to 79.4% of sales in Q4, including $40.2 million fair-value loss

Market Reaction

+6.22% $5.12

15m delay 4 alerts

+6.22% Since News

+5.9% Peak Tracked

$5.12 Last Price

$5.12 $5.15 Day Range

+$56M Valuation Impact

$959M Market Cap

0.0x Rel. Volume

Following this news, GSM has gained 6.22%, reflecting a notable positive market reaction. Argus tracked a peak move of +5.9% during the session. Our momentum scanner has triggered 4 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $5.12. This price movement has added approximately $56M to the company's valuation.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

Q4 2025 Sales: $329.4M Q4 Adj. EBITDA: $14.6M Q4 Net Loss: $81.0M +5 more

8 metrics

Q4 2025 Sales $329.4M Quarterly revenue; +5.7% Q/Q, -10.4% Y/Y

Q4 Adj. EBITDA $14.6M Q4 2025 adjusted EBITDA vs $18.3M in Q3 2025

Q4 Net Loss $81.0M Net loss attributable to parent in Q4 2025

FY 2025 Sales $1,335.1M Full-year 2025 sales vs $1,643.9M in 2024

Total Cash $123.0M Cash at Dec 31, 2025; up from $121.5M in Q3

Net Debt $29.8M Net debt at Dec 31, 2025; up from $5.2M in Q3

Dividend per share $0.015 Q1 2026 dividend; 7% increase from $0.014

Q4 Operating Cash Flow $(4.3)M Cash flows used in operating activities in Q4 2025

Market Reality Check

Price: $4.82 Vol: Volume 1,947,057 is 55% a...

high vol

$4.82 Last Close

Volume Volume 1,947,057 is 55% above the 20-day average of 1,258,722, indicating elevated pre‑earnings positioning. high

Technical Price at $4.82 trades above the 200-day MA $4.39 but is 16.03% below the 52-week high of $5.74 and 62.29% above the 52-week low of $2.97.

Peers on Argus

GSM’s modest -0.38% move came amid mixed peers: CMP -1.42%, NEXA -4.62%, UAMY -0...

GSM’s modest -0.38% move came amid mixed peers: CMP -1.42%, NEXA -4.62%, UAMY -0.68% vs. LAC +0.67% and USAS +2.58%, suggesting stock-specific drivers rather than a coordinated sector move.

Previous Earnings Reports

5 past events · Latest: Nov 05 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 05	Q3 2025 earnings	Neutral	+0.2%	Q3 2025 results with softer demand but positive adjusted EBITDA and cash.
Oct 21	Q3 call scheduled	Neutral	+0.8%	Announcement of Q3 2025 earnings release date and conference call details.
Aug 05	Q2 2025 earnings	Positive	+9.0%	Q2 rebound with higher sales, positive adjusted EBITDA, and strong cash.
Jul 23	Q2 call scheduled	Neutral	+0.2%	Scheduling of Q2 2025 earnings release and investor conference call.
May 07	Q1 2025 earnings	Negative	+1.8%	Q1 2025 losses and negative adjusted EBITDA despite maintained guidance and dividend.

Pattern Detected

Earnings‑related headlines over the past year typically saw small positive price reactions, even when results were weak, with one notable upside reaction to improving Q2 2025 results.

Recent Company History

Across 2025, Ferroglobe’s earnings news showed a volatile but improving mid‑year trend before softening again. Q1 2025 featured $(26.8)M adjusted EBITDA and lower sales but maintained a strong balance sheet and dividends. Q2 2025 improved materially with $21.6M adjusted EBITDA and a 9.03% positive move. Q3 2025 results delivered $311.7M sales and $18.3M adjusted EBITDA with a modest price uptick. Call‑scheduling releases in July and October 2025 also saw small positive reactions, underscoring generally constructive responses to earnings‑cycle communication.

Historical Comparison

+2.4% avg move · Over the last 5 earnings‑tagged headlines, GSM’s average 24h move was ±2.4%, with mostly mild upside...

earnings

+2.4%

Average Historical Move earnings

Over the last 5 earnings‑tagged headlines, GSM’s average 24h move was ±2.4%, with mostly mild upside reactions even when fundamentals were mixed.

Through 2025, earnings updates showed a swing from weak Q1 with $(26.8)M adjusted EBITDA, to a Q2 rebound at $21.6M, then moderating Q3 at $18.3M and now Q4 with $14.6M, alongside consistent dividend payments and maintained balance sheet strength.

Market Pulse Summary

The stock is up +6.2% following this news. A strong positive reaction aligns with the company’s hist...

Analysis

The stock is up +6.2% following this news. A strong positive reaction aligns with the company’s history of constructive responses to earnings news, where past events averaged a ±2.4% move. Investors previously rewarded improving trends such as Q2 2025’s $21.6M adjusted EBITDA. However, the current release combines Q4 net loss of $81.0M and FY 2025 sales of $1,335.1M (down from $1,643.9M) with solid cash of $123.0M and a dividend increase, so sustainability depended on how markets weighed loss-driven risks versus balance sheet strength.

Key Terms

antidumping, countervailing duty, adjusted EBITDA, free cash flow, +2 more

6 terms

antidumping regulatory

"Positive momentum in U.S. silicon metal trade case, with encouraging preliminary antidumping and countervailing duty determinations"

Antidumping describes government actions—usually extra tariffs or duties—taken when foreign producers sell products in a country at unfairly low prices that hurt local businesses. Think of it like a rule that stops a store from dumping goods at rock‑bottom prices to drive neighborhood shops out; for investors, antidumping measures can raise costs for importers, protect domestic competitors, change market access, and quickly affect company profits and stock values.

countervailing duty regulatory

"Positive momentum in U.S. silicon metal trade case, with encouraging preliminary antidumping and countervailing duty determinations"

A countervailing duty is a tariff a government places on imported goods to neutralize the effect of foreign government subsidies that make those goods artificially cheap. It matters to investors because it can raise costs for importers or shield domestic producers, affecting profit margins, sales volumes and supply chains—much like a referee adding weight to balance a tipped scale, which can shift competitive advantage and stock prices.

adjusted EBITDA financial

"Reporting fourth quarter adjusted EBITDA of $14.6 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 | | $ | (18.5 | ) | | $1.6 | | (1234.7 | )%"

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.

power purchase agreements technical

"Excluding the impact of power purchase agreements, raw materials and energy consumption for production represented 67.2% of revenue."

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.

adjusted diluted EPS financial

"Adjusted diluted EPS | | $ | (0.06 | )"

Adjusted diluted EPS is a company’s profit per share after adding back or removing one-time items (like restructuring costs or gains) and dividing by the number of shares including potential shares from options and convertible securities. Investors use it as a cleaner view of ongoing earnings—like looking at a car’s regular fuel efficiency rather than a trip boosted by downhill coasting—to judge underlying performance and compare companies without temporary distortions.

AI-generated analysis. Not financial advice.

Fourth Quarter and Full Year Highlights        

• EU ferroalloy safeguard measures implemented in November are reducing import pressure and supporting improving market conditions in Europe
• Positive momentum in U.S. silicon metal trade case, with encouraging preliminary antidumping and countervailing duty determinations
• Reporting fourth quarter adjusted EBITDA of $14.6 million
• New 10-year French energy contract reduces cost volatility and increases flexibility
• Ended the year with total cash of $123.0 million and net debt of $29.8 million, reflecting a strong balance sheet to support growth
• Announcing a 7% increase in the quarterly dividend to $0.015 per share, payable on March 30

LONDON, Feb. 17, 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 fourth quarter and full year 2025.

Financial Highlights

										%								%											%
($ in millions, except EPS)		Q4 2025				Q3 2025				Q/Q				Q4 2024				Y/Y				YTD 2025				YTD 2024			Y/Y
Sales		$	329.4			$	311.7				5.7	%		$	367.5				(10.4	)%		$	1,335.1			$	1,643.9			(18.8	)%
Net (loss) income attributable to the parent		$	(81.0	)		$	(12.8	)			(531.9	)%		$	(28.1	)			(187.7	)%		$	(170.7	)		$	23.5			(825.2	)%
Adj. EBITDA		$	14.6			$	18.3				(20.1	)%		$	9.8				48.2	%		$	27.6			$	153.8			(82.0	)%
Adjusted diluted EPS		$	(0.06	)		$	(0.02	)			(163.6	)%		$	0.03				(344.5	)%		$	(0.39	)		$	0.28			(237.9	)%
Operating cash flow		$	(4.3	)		$	20.8				(120.6	)%		$	32.1				(113.4	)%		$	51.5			$	243.3			(78.8	)%
Capital expenditures1		$	14.2			$	19.1				(25.7	)%		$	17.9				(20.7	)%		$	63.3			$	79.2			(20.1	)%
Free cash flow2		$	(18.5	)		$	1.6				(1234.7	)%		$	14.1				(230.8	)%		$	(11.8	)		$	164.1			(107.2	)%

(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, “While market conditions remained challenging in the fourth quarter, we are encouraged by the clear progress on trade enforcement that is reshaping the competitive landscape. The strong preliminary decision in the U.S. silicon metal antidumping and countervailing duty case, together with the finalization of EU trade measures, meaningfully strengthen the outlook for 2026. These actions should enable domestic producers to regain market share and support healthier market conditions.

“As a leading domestic producer in both Europe and the U.S., and with a strong balance sheet, disciplined cost control, and a competitive long-term French energy agreement in place, we are optimistic that 2026 will mark a substantial improvement in market conditions and financial performance for Ferroglobe,” concluded Dr. Levi.

Consolidated Sales

In the fourth quarter of 2025, Ferroglobe reported sales of $329.4 million, a 5.7% increase from the prior quarter and a 10.4% decrease from the comparable prior-year period. The sequential improvement was mainly driven by higher sales volumes of silicon-based alloys and manganese-based alloys, partially offset by lower silicon metal volumes and lower pricing of silicon-based alloys and manganese-based alloys. Silicon metal prices remained stable during the quarter. Sales of silicon metal decreased by $2.5 million, while silicon-based alloys and manganese-based alloys increased by $11.2 million and $8.2 million, respectively, compared with the prior quarter.        

For the full year 2025, sales were $1,335 million versus $1,644 million in the prior year, a decrease of 18.8%. This decrease was mainly driven by a 40.8% and 1.4% decrease in silicon metal and silicon-based alloys revenue, respectively, partially offset by a 7.5% increase in manganese-based alloys revenues.

Product Category Highlights

Silicon Metal

($,000)		Q4 2025				Q3 2025				% Q/Q			Q4 2024				% Y/Y			YTD 2025				YTD 2024				% Y/Y
Shipments in metric tons:			32,634				33,561			(2.8	)%			49,797			(34.5	)%			147,112				222,762			(34.0	)%
Average selling price ($/MT):			2,957				2,950			0.2	%			3,240			(8.7	)%			2,924				3,262			(10.4	)%
Silicon Metal Revenue			96,499				99,005			(2.5	)%			161,342			(40.2	)%			430,155				726,650			(40.8	)%
Silicon Metal Adj.EBITDA			885				11,614			(92.4	)%			16,849			(94.7	)%			3,573				108,058			(96.7	)%
Silicon Metal Adj.EBITDA Margin			0.9	%			11.7	%						10.4	%						0.8	%			14.9	%

Silicon metal revenue in the fourth quarter was $96.5 million, a decrease of 2.5% from the prior quarter. The average selling price increased 0.2%, driven by higher pricing in the U.S. and South Africa, partially offset by softer pricing in Europe, where demand remained subdued, particularly in the chemical sector. Shipments decreased 2.8% mainly reflecting lower volumes in the U.S., partially offset by higher volumes in EMEA. Adjusted EBITDA decreased to $0.9 million in the fourth quarter, compared with $11.6 million in the prior quarter, primarily due to lower volumes and reduced fixed cost absorption, mainly related to furnace shutdowns in France.                        

Silicon-Based Alloys

($,000)		Q4 2025				Q3 2025				% Q/Q			Q4 2024				% Y/Y			YTD 2025				YTD 2024				% Y/Y
Shipments in metric tons:			51,279				42,968			19.3	%			39,417			30.1	%			190,159				183,030			3.9	%
Average selling price ($/MT):			2,020				2,149			(6.0	)%			2,159			(6.4	)%			2,095				2,208			(5.1	)%
Silicon-based Alloys Revenue			103,584				92,338			12.2	%			85,101			21.7	%			398,383				404,130			(1.4	)%
Silicon-based Alloys Adj.EBITDA			15,503				12,391			25.1	%			3,093			401.2	%			37,466				30,060			24.6	%
Silicon-based Alloys Adj.EBITDA Margin			15.0	%			13.4	%						3.6	%						9.4	%			7.4	%

Silicon-based alloy revenue in the fourth quarter was $103.6 million, an increase of 12.2% from the prior quarter. The average selling price decreased by 6.0%, primarily due to lower pricing in the U.S. and Europe, partially offset by higher pricing in South Africa. Shipments increased by 19.3% reflecting a broad-based volume improvement across regions, with the strongest increase in EMEA. In Europe, safeguard measures implemented on certain ferroalloy imports began to reduce import pressure and supported order activity late in the quarter. Adjusted EBITDA increased to $15.5 million in the fourth quarter of 2025, up 25.1% compared with $12.4 million in the prior quarter, driven by higher volumes. Adjusted EBITDA margin improved to 15.0% in the fourth quarter, compared with 13.4% in the prior quarter, highlighting the benefits of stronger volume leverage and continued cost discipline.

Manganese-Based Alloys

($,000)		Q4 2025				Q3 2025				% Q/Q			Q4 2024				% Y/Y			YTD 2025				YTD 2024				% Y/Y
Shipments in metric tons:			80,778				69,552			16.1	%			67,712			19.3	%			305,747				275,991			10.8	%
Average selling price ($/MT):			1,147				1,214			(5.5	)%			1,159			(1.0	)%			1,170				1,206			(3.0	)%
Manganese-based Alloys Revenue			92,652				84,436			9.7	%			78,478			18.1	%			357,724				332,845			7.5	%
Manganese-based Alloys Adj.EBITDA			8,681				4,391			97.7	%			7,091			22.4	%			24,292				54,297			(55.3	)%
Manganese-based Alloys Adj.EBITDA Margin			9.4	%			5.2	%						9.0	%						6.8	%			16.3	%

Manganese-based alloy revenue in the fourth quarter was $92.7 million, an increase of 9.7% from the prior quarter. The average selling price decreased by 5.5%, reflecting broadly lower pricing in the U.S. and EMEA. Shipments increased by 16.1% compared to the prior quarter driven by a significant volume increase in Europe. In EMEA, safeguard measures for certain ferroalloy imports began to ease import pressure and supported improved order flows during the quarter. Adjusted EBITDA for the manganese-based alloys portfolio increased to $8.7 million for the fourth quarter, compared with $4.4 million in the prior quarter, driven by higher volumes and improved fixed cost absorption. Adjusted EBITDA margin improved to 9.4% in the fourth quarter, compared with 5.2% in the prior quarter, highlighting stronger operating leverage.

Raw materials and energy consumption for production

Raw materials and energy consumption for production totaled $261.6 million in the fourth quarter of 2025, compared with $180.4 million in the third quarter, representing an increase of 45.0%. As a percentage of sales, these costs rose to 79.4% in the fourth quarter of 2025, up from 57.9% in the prior quarter. The increase in costs as a percentage of sales was primarily driven by temporary production curtailments in France, which reduced fixed-cost absorption and increased unit costs, as well as a $40.2 million fair-value loss related to changes in the valuation of our long-term energy contracts, principally in France. Excluding the impact of power purchase agreements, raw materials and energy consumption for production represented 67.2% of revenue.

For the full year 2025, raw materials and energy consumption for production totaled $933.5 million, representing 69.9% of sales, compared with $1,027.0 million, or 62.5% of sales, in 2024. The increase in costs as a percentage of sales was primarily driven by lower realized pricing, a higher energy cost environment throughout the year, and a $41.9 million fair-value loss related to changes in the valuation of our long-term energy contracts, principally in France. In addition, lower production levels in France reduced fixed-cost absorption, further increasing unit costs.

Net (Loss) Attributable to the Parent

In the fourth quarter of 2025, net loss attributable to the parent was $81.0 million, or $(0.43) per diluted share, compared to a net loss attributable to the parent of $12.8 million, or $(0.07) per diluted share in the prior quarter. The quarterly results reflect lower realized pricing, a $40.2 million fair-value loss related to our long-term French energy contracts, higher underlying energy costs, and the impact of temporary production curtailments in France, which reduced fixed cost absorption, offset by higher shipment volumes in our alloy portfolio, ongoing cost efficiencies and a favorable product mix. The Company reported adjusted diluted earnings per share of $(0.06) for the fourth quarter, compared with adjusted earnings per share of $(0.02) in the prior quarter.                

For the full year 2025, net loss attributable to the parent was $170.7 million, or $(0.91) per diluted share, compared to a net profit attributable to the parent of $23.5 million, or $0.12 per diluted share for the full year 2024.

Adjusted EBITDA

Adjusted EBITDA was $14.6 million for the fourth quarter of 2025 compared to $18.3 million for the prior quarter. Adjusted EBITDA was slightly down versus the previous quarter, primarily by higher energy-related costs and lower fixed cost absorption associated with temporary production curtailments, partially offset by stronger volumes and continued cost efficiency initiatives.

For the full year 2025, adjusted EBITDA was $27.6 million, or 2.1% of sales, compared to adjusted EBITDA of $153.8 million, or 9.4% of sales, for the full year 2024. The reduction is largely related to lower realized pricing across the portfolio and a weaker performance in silicon metal, driven by a significant decline in volumes. These impacts were partially offset by higher shipment volumes in manganese-based alloys and silicon-based alloys, supported by improved demand and customer restocking in key steel related end markets.

Total Cash, Adjusted Gross Debt and Working Capital

																								%
($ in millions)		Q4 2025				Q3 2025				$				%				Q4 2024			$			Y/Y
Total Cash1		$	123.0			$	121.5				1.5				1.2	%		$	133.3			(10.3	)		(7.7	)%
Adjusted Gross Debt2		$	152.8			$	126.7				26.1				20.6	%		$	94.4			58.4			61.9	%
Net (Debt) Cash		$	(29.8	)		$	(5.2	)			(24.6	)			(473.1	)%		$	38.9			(68.7	)		(176.6	)%
Total Working Capital3		$	427.5			$	421.6				5.9				1.4	%		$	460.8			(33.3	)		(7.2	)%

(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 $123.0 million as of December 31, 2025, up $1.5 million from $121.5 million as of September 30, 2025. Adjusted gross debt increased by $26.1 million to $152.8 million, resulting in net debt of $29.8 million as of December 31, 2025, an increase of $24.6 million from the prior quarter.

During the fourth quarter, cash flows used in operating activities were $4.3 million, and net cash used in investing activities was $13.1 million. Cash provided in financing activities was $18.6 million as a result of principal proceeds from financing facilities in South Africa, France and Spain totaling $28.2 million, net cash proceeds from the sale of short-term commercial paper totaling $3.1 million, partially offset by lease payments of $6.5 million, dividend payments of $2.6 million, interest payments of $2.9 million, and the principal repayments of other financing liabilities of $0.7 million.

For the full year 2025, the Company generated $51.5 million of operating cash flow, used $73.1 million of cash in investing activities and generated $3.4 million in financing activities.

Total working capital was $427.5 million as of December 31, 2025, an increase of $5.9 million from $421.6 million at the end of the prior quarter. The increase in our working capital balance during the quarter was due to a decrease of $79.9 million in trade and other payables and an increase of $7.8 million in trade receivables, partially offset by $63.2 million and $18.5 decrease in inventories and other receivables, respectively.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “Our performance reflects a strong emphasis on financial discipline and balance sheet strength. We generated positive adjusted EBITDA in the fourth quarter, while ending the period with $123 million in total cash and modest net debt. This solid financial position provides the flexibility to manage near-term volatility, invest selectively in growth opportunities, and support our increased dividend as we enter 2026.”

Capital Returns

During the fourth quarter, Ferroglobe did not repurchase shares and paid a quarterly cash dividend of $ 0.014 per share on December 29, 2025. Our next cash dividend of $0.015 per share will be paid on March 30, 2026, to shareholders of record as of March 23, 2026.

Conference Call

Ferroglobe invites all interested persons to participate on our conference call at 8:30 AM, Eastern Time on February 18, 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/BI51f61f62f70847a4a3a2654906d1f419

Once registered, you will receive the dial-in numbers and a personal PIN 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/73qfjudk

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					For the Twelve Months Ended					For the Twelve Months Ended
		December 31, 2025				September 30, 2025					December 31, 2024					December 31, 2025				December 31, 2024
Sales		$	329,382			$	311,698			$	367,505				$	1,335,121				$	1,643,939
Raw materials and energy consumption for production			(261,564	)			(180,414	)			(250,763	)				(933,531	)				(1,027,130	)
Other operating income			16,450				30,421				18,892					82,835					84,378
Staff costs			(62,542	)			(68,861	)			(70,241	)				(270,649	)				(279,864	)
Other operating expense			(59,367	)			(74,705	)			(52,289	)				(245,899	)				(265,182	)
Depreciation and amortization			(29,177	)			(19,953	)			(19,020	)				(84,951	)				(75,463	)
Impairment (loss)			(17,743	)			(12	)			(43,052	)				(17,488	)				(43,052	)
Other gain (loss)			48				(177	)			(571	)				1,105					555
Operating (loss) profit			(84,513	)			(2,003	)			(49,539	)				(133,457	)				38,181
Finance income			801				830				3,533					3,474					7,248
Finance costs			(7,365	)			(4,084	)			(3,089	)				(20,775	)				(21,942	)
Exchange differences			2,132				555				15,167					(23,886	)				13,565
(Loss) profit before tax			(88,945	)			(4,702	)			(33,928	)				(174,644	)				37,052
Income tax benefit/(expense)			2,936				(8,566	)			4,376					(2,468	)				(16,252	)
Total (loss) profit for the period			(86,009	)			(13,268	)			(29,552	)				(177,112	)				20,800
(Loss) profit attributable to the parent		$	(80,953	)		$	(12,812	)		$	(28,134	)			$	(170,700	)			$	23,538
(Loss) attributable to non-controlling interest			(5,056	)			(456	)			(1,418	)				(6,412	)				(2,738	)
EBITDA		$	(53,204	)		$	18,505			$	(15,352	)			$	(72,392	)			$	127,209
Adjusted EBITDA		$	14,590			$	18,267			$	9,845				$	27,616				$	153,800
Weighted average number of shares outstanding
Basic			188,291				188,075				188,072					188,361					188,145
Diluted			188,291				188,075				188,072					188,361					188,809
(Loss) profit per ordinary share
Basic		$	(0.43	)		$	(0.07	)		$	(0.15	)			$	(0.91	)			$	0.13
Diluted		$	(0.43	)		$	(0.07	)		$	(0.15	)			$	(0.91	)			$	0.12

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,
		2025				2025			2024
ASSETS
Non-current assets
Goodwill		$		12,472		$	14,219		$	14,219
Intangible assets				132,682			128,024			103,095
Property, plant and equipment				486,678			521,219			487,196
Other financial assets				26,717			28,529			19,744
Deferred tax assets				5,469			5,716			6,580
Receivables from related parties				1,763			1,761			1,558
Other non-current assets				21,436			21,413			22,451
Total non-current assets				687,217			720,881			654,843
Current assets
Inventories				306,160			369,392			347,139
Trade receivables				191,536			183,777			188,816
Other receivables				74,665			93,180			83,103
Current income tax assets				5,564			4,943			7,692
Other financial assets				11,104			12,520			5,569
Other current assets				21,716			35,208			52,014
Restricted cash and cash equivalents				175			186			298
Cash and cash equivalents				122,812			121,290			132,973
Total current assets				733,732			820,496			817,604
Total assets		$		1,420,949		$	1,541,377		$	1,472,447
EQUITY AND LIABILITIES
Equity		$		692,257		$	786,811		$	834,245
Non-current liabilities
Deferred income				26,394			33,100			8,014
Provisions				30,487			31,020			24,384
Provision for pensions				28,903			30,827			27,618
Bank borrowings				60,136			52,412			13,911
Lease liabilities				57,429			65,593			56,585
Other financial liabilities				67,233			27,956			25,688
Other non-current liabilities				345			194			13,759
Deferred tax liabilities				16,474			18,061			19,629
Total non-current liabilities				287,401			259,163			189,588
Current liabilities
Provisions				87,308			76,384			83,132
Provision for pensions				186			174			168
Bank borrowings				79,876			58,386			43,251
Lease liabilities				12,254			13,648			12,867
Debt instruments				26,014			22,784			10,135
Other financial liabilities				11,408			9,313			48,117
Payables to related parties				2,577			1,175			2,664
Trade and other payables				144,853			224,778			158,251
Current income tax liabilities				970			1,515			10,623
Other current liabilities				75,845			87,246			79,406
Total current liabilities				441,291			495,403			448,614
Total equity and liabilities		$		1,420,949		$	1,541,377		$	1,472,447

 

Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Cash Flows (in thousands of U.S. dollars)
		For the Three Months Ended				For the Three Months Ended				For the Three Months Ended					For the Twelve Months Ended					For the Twelve Months Ended
		December 31, 2025				September 30, 2025				December 31, 2024					December 31, 2025					December 31, 2024
Cash flows from operating activities:
(Loss) profit for the period		$	(86,009	)		$	(13,268	)		$	(29,552	)			$	(177,112	)			$	20,800
Adjustments to reconcile net (loss) profit to net cash (used) provided by operating activities:
Income tax (benefit)/expense			(2,936	)			8,566				(4,376	)				2,468					16,252
Depreciation and amortization			29,177				19,953				19,020					84,951					75,463
Finance income			(801	)			(830	)			(3,533	)				(3,474	)				(7,248	)
Finance costs			7,365				4,084				3,089					20,775					21,942
Exchange differences			(2,132	)			(555	)			(15,167	)				23,886					(13,565	)
Impairment loss (gain)			17,743				12				43,052					17,488					43,052
Share-based compensation			(92	)			(82	)			1,587					1,814					4,924
Other (gain) loss			(48	)			177				571					(1,105	)				(555	)
Changes in operating assets and liabilities
Decrease (increase) in inventories			59,903				(44,640	)			23,146					43,759					47
(Increase) decrease in trade receivables			(7,015	)			37,055				31,756					13,414					22,765
Decrease (increase) in other receivables			18,816				25,770				(12,885	)				19,029					770
(Increase) decrease in energy receivable			(418	)			6,734				(5,735	)				31,041					131,959
(Decrease) increase in trade payables			(79,548	)			(1,628	)			(19,039	)				(28,682	)				(17,255	)
Other changes in operating assets and liabilities			40,233				(20,415	)			4,936					13,541					(40,294	)
Income taxes refunded (paid)			1,477				(170	)			(4,776	)				(10,329	)				(15,799	)
Net cash (used in) provided by operating activities:			(4,285	)			20,763				32,094					51,464					243,258
Cash flows from investing activities:
Interest and finance income received			991				720				692					3,556					2,799
Payments due to investments:
Intangible assets			(377	)			(459	)			(855	)				(1,556	)				(3,024	)
Property, plant and equipment			(13,845	)			(18,673	)			(17,090	)				(61,703	)				(76,165	)
Other financial assets			—				—				—					(15,119	)				(3,000	)
Disposals:
Other non-current assets			131				—				—					1,690					—
Receipt of asset-related government grant			—				—				12,453					—					12,453
Net cash used in investing activities			(13,100	)			(18,412	)			(4,800	)				(73,132	)				(66,937	)
Cash flows from financing activities:
Dividends paid			(2,616	)			(2,611	)			(2,436	)				(10,451	)				(9,758	)
Payment for debt and equity issuance costs			(99	)			(7	)			(6	)				(205	)				(6	)
Repayment of debt instruments			(11,644	)			(4,585	)			—					(35,760	)				(147,624	)
Proceeds from debt issuance			14,800				15,028				10,255					50,244					10,255
Increase/(decrease) in bank borrowings:
Borrowings			154,871				103,868				122,809					522,270					509,186
Payments			(126,663	)			(121,192	)			(137,650	)				(446,041	)				(495,726	)
Payments for lease liabilities			(6,505	)			(3,408	)			(4,511	)				(16,185	)				(16,201	)
(Repayments of)/payments from other financing liabilities			(669	)			(626	)			6,054					(44,748	)				6,054
Other (payments) proceeds from financing activities			—				—				(411	)				1,581					(3,068	)
Payments to acquire own shares			—				—				(1,936	)				(4,691	)				(2,428	)
Interest paid			(2,882	)			(2,232	)			(2,029	)				(12,550	)				(26,192	)
Net cash provided by/ (used in) financing activities			18,593				(15,765	)			(9,861	)				3,464					(175,508	)
Total net increase (decrease) in cash and cash equivalents			1,208				(13,414	)			17,433					(18,204	)				813
Beginning balance of cash and cash equivalents			121,477				135,547				120,810					133,271					137,649
Foreign exchange gains (losses) on cash and cash equivalents			302				(657	)			(4,972	)				7,920					(5,191	)
Ending balance of cash and cash equivalents		$	122,987			$	121,476			$	133,271				$	122,987				$	133,271
Restricted cash and cash equivalents			175				186				298					175					298
Cash and cash equivalents			122,812				121,290				132,973					122,812					132,973
Ending balance of cash and cash equivalents		$	122,987			$	121,476			$	133,271				$	122,987				$	133,271

Adjusted EBITDA ($,000):

		Q4´25				Q3´25				Q4´24				YTD´25				YTD´24
(Loss) profit attributable to the parent		$	(80,953	)		$	(12,812	)		$	(28,134	)		$	(170,700	)		$	23,538
(Loss) attributable to non-controlling interest			(5,056	)			(456	)			(1,418	)			(6,412	)			(2,738	)
Income tax (benefit) expense			(2,936	)			8,566				(4,376	)			2,468				16,252
Finance income			(801	)			(830	)			(3,533	)			(3,474	)			(7,248	)
Finance costs			7,365				4,084				3,089				20,775				21,942
Depreciation and amortization			29,177				19,953				19,020				84,951				75,463
EBITDA			(53,204	)			18,505				(15,352	)			(72,392	)			127,209
Exchange differences			(2,132	)			(555	)			(15,167	)			23,886				(13,565	)
Impairment			29,710				12				43,052				29,455				43,052
Restructuring and termination costs			—				—				(2,693	)			(1,285	)			(7,233	)
New strategy implementation			—				—				1,629				682				5,416
Subactivity			—				—				1,457				—				3,164
PPA Energy			40,216				305				(3,081	)			41,906				(4,243	)
Fines Inventory Adjustment			—				—				—				5,364				—
Adjusted EBITDA		$	14,590			$	18,267			$	9,845			$	27,616			$	153,800

Adjusted (loss) profit attributable to Ferroglobe ($,000):

		Q4´25				Q3´25				Q4´24				YTD´25				YTD´24
(Loss) Profit attributable to the parent		$	(80,953	)		$	(12,812	)		$	(28,134	)		$	(170,700	)		$	23,538
Tax rate adjustment			21,079				9,836				6,301				49,622				4,592
Impairment			18,286				9				28,671				18,100				28,671
Restructuring and termination costs			—				—				(1,846	)			(938	)			(4,957	)
New strategy implementation			—				—				1,116				498				3,712
Subactivity			—				—				998				—				2,168
PPA Energy			29,358				223				(2,111	)			30,591				(2,908	)
Fines Inventory Adjustment			—				—				—				3,916				—
Adjusted (loss) profit attributable to the parent		$	(12,230	)		$	(2,745	)		$	4,996			$	(68,912	)		$	54,815

Adjusted diluted (loss) profit per share:

		Q4´25				Q3´25				Q4´24				YTD´25				YTD´24
Diluted (loss) profit per ordinary share		$	(0.43	)		$	(0.07	)		$	(0.15	)		$	(0.91	)		$	0.12
Tax rate adjustment			0.11				0.05				0.03				0.26				0.02
Impairment			0.10				0.00				0.15				0.10				0.15
Restructuring and termination costs			—				—				(0.01	)			(0.00	)			(0.03	)
New strategy implementation			—				—				0.01				0.00				0.02
Subactivity			—				—				0.01				—				0.01
PPA Energy			0.16				0.00				(0.01	)			0.16				(0.02	)
Adjusted diluted (loss) profit per ordinary share		$	(0.06	)		$	(0.02	)		$	0.03			$	(0.39	)		$	0.28

FAQ

What were Ferroglobe's Q4 2025 results for adjusted EBITDA and net loss (GSM)?

Ferroglobe reported Q4 2025 adjusted EBITDA of $14.6 million and a net loss of $81.0 million. According to the company, adjusted EBITDA reflected stronger alloy volumes while the net loss included a $40.2 million fair-value loss on French energy contracts.

How did Ferroglobe's full-year 2025 sales and profitability change (GSM)?

Full-year 2025 sales were $1,335.1 million, down 18.8% year-over-year, and the company reported a net loss of $170.7 million. According to the company, lower realized pricing and reduced silicon metal volumes drove the decline.

What is Ferroglobe's cash and net debt position at Dec 31, 2025 (GSM)?

Ferroglobe ended Dec 31, 2025 with $123.0 million total cash and net debt of $29.8 million. According to the company, this balance sheet strength supports selective investment and the increased dividend.

Why did Ferroglobe's raw materials and energy costs increase in Q4 2025 (GSM)?

Raw materials and energy costs rose to 79.4% of sales in Q4, driven by temporary French production curtailments and a $40.2 million fair-value loss. According to the company, reduced fixed-cost absorption materially increased unit costs.

What progress did Ferroglobe report on trade measures affecting silicon metal markets (GSM)?

Ferroglobe cited improving conditions after EU safeguard measures and encouraging U.S. preliminary antidumping and countervailing duty determinations. According to the company, these trade actions should help domestic producers regain market share in 2026.

How will Ferroglobe return capital to shareholders after the Q4 2025 results (GSM)?

Ferroglobe increased its quarterly cash dividend by 7% to $0.015 per share, payable Mar 30, 2026. According to the company, the dividend increase reflects its focus on financial discipline and balance sheet flexibility.