Ferroglobe Reports Second Quarter 2025 Financial Results

Rhea-AI Summary

Ferroglobe (NASDAQ: GSM) reported Q2 2025 financial results, showing sequential improvement despite market challenges. Sales increased 25.9% quarter-over-quarter to $386.9 million, though decreased 14.2% year-over-year. The company reported adjusted EBITDA of $21.6 million, a significant improvement from Q1's $(26.8) million.

Key highlights include maintaining a strong cash position of $135.5 million with net cash of $10.3 million. The company faces headwinds from Chinese silicon metal imports into Europe but sees positive impact from U.S. antidumping duties in the ferrosilicon market. Ferroglobe repurchased 600,434 shares and declared a $0.014 per share dividend.

Notably, the company is withdrawing guidance due to elevated macro uncertainty and was added to the Russell 2000 and 3000 indexes on June 30.

Positive

• Sequential revenue growth of 25.9% to $386.9 million in Q2
• Adjusted EBITDA improved to $21.6 million from $(26.8) million in Q1
• Strong liquidity with $135.5 million total cash and $10.3 million net cash position
• Added to Russell 2000 and 3000 indexes
• U.S. antidumping duties positively impacting ferrosilicon market
• Continued shareholder returns through dividends and share repurchases

Negative

• 14.2% year-over-year revenue decline
• Net loss of $(10.5) million in Q2 2025
• Withdrawing guidance due to elevated macro uncertainty
• Aggressive silicon metal imports from China pressuring European market
• Working capital increased to $440.8 million
• Adjusted gross debt increased by $14.8 million to $125.2 million

Second Quarter Highlights

• Withdrawing guidance due to elevated macro uncertainty and limited visibility
• Ongoing EU safeguard investigation expected to reduce import-driven price pressure
• U.S. antidumping duties positively impacting the ferrosilicon market
• Reported adjusted EBITDA of $21.6 million
• Total cash of $135.5 million, net cash of $10.3 million
• Repurchased 600,434 shares during the second quarter
• Declared dividend of $0.014 per share payable on September 29        
• Added to the Russell 2000 and 3000 indexes on June 30        
  

LONDON, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading global producer of silicon metal, silicon-based and manganese-based specialty alloys, today announced financial results for the second quarter of 2025.

Financial Highlights

($ in millions, except EPS)		Q2 2025				Q1 2025				% Q/Q				Q2 2024				% Y/Y				YTD 2025				YTD 2024			% Y/Y
Sales		$	386.9			$	307.2				25.9	%		$	451.0				(14.2	)%		$	694.0			$	842.9			(17.7	)%
Net (loss) profit attributable to the parent		$	(10.5	)		$	(66.5	)			84.3	%		$	34.9				130.0	%		$	(76.9	)		$	32.9			(334.2	)%
Adj. EBITDA		$	21.6			$	(26.8	)			180.4	%		$	57.7				(62.7	)%		$	(5.2	)		$	83.5			(106.3	)%
Adjusted diluted EPS		$	(0.08	)		$	(0.20	)			(61.9	)%		$	0.13				(159.6	)%		$	(0.28	)		$	0.13			(307.1	)%
Operating cash flow		$	15.6			$	19.4				(19.4	)%		$	2.0				678.3	%		$	35.0			$	200.1			(82.5	)%
Capital expenditures1		$	15.6			$	14.3				9.0	%		$	21.9				(28.7	)%		$	29.9			$	40.1			(25.4	)%
Free cash flow2		$	0.0			$	5.1				(99.7	)%		$	(19.9	)			(100.1	)%		$	5.1			$	160.0			(96.8	)%

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

Consolidated Sales

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

Product Category Highlights

Silicon Metal

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

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

Silicon-Based Alloys

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

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

Manganese-Based Alloys

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

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

Raw materials and energy consumption for production

Raw materials and energy consumption for production was $253.2 million in the second quarter of 2025 compared to $238.3 million in the prior quarter, an increase of 6.2%. As a percentage of sales, raw materials and energy consumption for production was 65.5% in the second quarter of 2025, compared to 77.6% in the first quarter. The decrease in costs as a percentage of sales was driven by increased sales volumes and favorable pricing dynamics, which enhanced the absorption of fixed production costs and contributed to improved operating leverage.

Net (Loss) Profit Attributable to the Parent

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

Adjusted EBITDA

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

Total Cash, Adjusted Gross Debt and Working Capital

($ in millions)		June 30, 2025				March 31, 2025				$				%				June 30, 2024				$			% Y/Y
Total Cash1		$	135.5			$	129.6				5.9				4.6	%		$	144.5				(9.0	)		(6.2	)%
Adjusted Gross Debt2		$	125.2			$	110.4				14.8				13.5	%		$	80.7				44.5			55.1	%
Net Cash		$	10.3			$	19.2				(8.9	)			(46.2	)%		$	63.7				(53.4	)		83.8	%
Total Working Capital3		$	440.8			$	435.7				5.1				1.2	%		$	499.1				(58.3	)		(11.7	)%

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

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

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

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

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

Capital Returns

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

Conference Call

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

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

Once registered, you will receive the dial-in numbers and a personal PIN, which are required to access the conference call.

To join via webcast:
A simultaneous audio webcast, and replay will be accessible here:
https://edge.media-server.com/mmc/p/wd5snyo8

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

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

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

Adjusted EBITDA ($,000):

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

Adjusted profit attributable to Ferroglobe ($,000):

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

Adjusted diluted profit per share:

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

FAQ

What were Ferroglobe's (GSM) key financial results for Q2 2025?

Ferroglobe reported Q2 2025 sales of $386.9 million, up 25.9% quarter-over-quarter but down 14.2% year-over-year, with adjusted EBITDA of $21.6 million and a net loss of $(10.5) million.

How much cash does Ferroglobe (GSM) have as of Q2 2025?

As of June 30, 2025, Ferroglobe maintained total cash of $135.5 million and a net cash position of $10.3 million.

What dividend did Ferroglobe (GSM) declare for Q2 2025?

Ferroglobe declared a quarterly dividend of $0.014 per share, payable on September 29, 2025, to shareholders of record as of September 22, 2025.

Why did Ferroglobe (GSM) withdraw its guidance in Q2 2025?

Ferroglobe withdrew its guidance due to elevated macro uncertainty and limited visibility in the market environment.

How many shares did Ferroglobe (GSM) repurchase in Q2 2025?

Ferroglobe repurchased 600,434 shares during Q2 2025 at an average price of $3.31 per share.