Ferroglobe Reports Second Quarter 2025 Financial Results
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.
Ferroglobe (NASDAQ: GSM) ha comunicato i risultati finanziari del secondo trimestre 2025, evidenziando un miglioramento sequenziale nonostante le difficoltà di mercato. Le vendite sono aumentate del 25,9% rispetto al trimestre precedente, raggiungendo 386,9 milioni di dollari, sebbene siano diminuite del 14,2% su base annua. L'azienda ha registrato un EBITDA rettificato di 21,6 milioni di dollari, un notevole miglioramento rispetto ai -26,8 milioni del primo trimestre.
I punti salienti includono il mantenimento di una solida posizione di cassa di 135,5 milioni di dollari con una liquidità netta di 10,3 milioni di dollari. L'azienda deve affrontare ostacoli dovuti alle importazioni di silicio metallico cinese in Europa, ma beneficia dell’impatto positivo dei dazi antidumping statunitensi nel mercato del ferrosilicio. Ferroglobe ha riacquistato 600.434 azioni e ha dichiarato un dividendo di 0,014 dollari per azione.
Da segnalare che la società ha ritirato le previsioni a causa dell’elevata incertezza macroeconomica ed è stata inclusa negli indici Russell 2000 e 3000 il 30 giugno.
Ferroglobe (NASDAQ: GSM) informó sus resultados financieros del segundo trimestre de 2025, mostrando una mejora secuencial a pesar de los desafíos del mercado. Las ventas aumentaron un 25,9% trimestre a trimestre hasta 386,9 millones de dólares, aunque disminuyeron un 14,2% en comparación con el año anterior. La compañía reportó un EBITDA ajustado de 21,6 millones de dólares, una mejora significativa respecto a los -26,8 millones del primer trimestre.
Los aspectos destacados incluyen mantener una sólida posición de efectivo de 135,5 millones de dólares con un efectivo neto de 10,3 millones. La empresa enfrenta vientos en contra debido a las importaciones de silicio metálico chino en Europa, pero observa un impacto positivo por los aranceles antidumping de EE.UU. en el mercado del ferrosilicio. Ferroglobe recompró 600.434 acciones y declaró un dividendo de 0,014 dólares por acción.
Es importante destacar que la compañía retiró sus previsiones debido a la elevada incertidumbre macroeconómica y fue incluida en los índices Russell 2000 y 3000 el 30 de junio.
Ferroglobe (NASDAQ: GSM)는 2025년 2분기 재무 실적을 발표하며 시장의 어려움에도 불구하고 순차적인 개선을 보였습니다. 매출은 전분기 대비 25.9% 증가한 3억 8,690만 달러를 기록했으나, 전년 동기 대비로는 14.2% 감소했습니다. 회사는 조정 EBITDA 2,160만 달러를 보고했으며, 이는 1분기의 -2,680만 달러에서 크게 개선된 수치입니다.
주요 내용으로는 1억 3,550만 달러의 강력한 현금 보유와 순현금 1,030만 달러를 유지한 점이 있습니다. 회사는 유럽 내 중국산 실리콘 금속 수입으로 인한 어려움을 겪고 있으나, 미국의 페로실리콘 시장 반덤핑 관세로 긍정적인 영향을 받고 있습니다. Ferroglobe는 600,434주를 재매입하고 주당 0.014달러 배당금을 선언했습니다.
특히, 회사는 높은 거시경제 불확실성으로 인해 가이던스를 철회했으며 6월 30일 러셀 2000 및 3000 지수에 편입되었습니다.
Ferroglobe (NASDAQ : GSM) a publié ses résultats financiers du deuxième trimestre 2025, montrant une amélioration séquentielle malgré les défis du marché. Les ventes ont augmenté de 25,9 % par rapport au trimestre précédent pour atteindre 386,9 millions de dollars, bien qu'elles aient diminué de 14,2 % en glissement annuel. La société a déclaré un EBITDA ajusté de 21,6 millions de dollars, une amélioration significative par rapport aux -26,8 millions du premier trimestre.
Les points clés incluent le maintien d'une solide position de trésorerie de 135,5 millions de dollars avec une trésorerie nette de 10,3 millions. La société fait face à des vents contraires dus aux importations chinoises de silicium métallique en Europe, mais bénéficie de l'impact positif des droits antidumping américains sur le marché du ferro-silicium. Ferroglobe a racheté 600 434 actions et déclaré un dividende de 0,014 dollar par action.
Notamment, la société retire ses prévisions en raison d'une incertitude macroéconomique élevée et a été ajoutée aux indices Russell 2000 et 3000 le 30 juin.
Ferroglobe (NASDAQ: GSM) meldete die Finanzergebnisse für das zweite Quartal 2025 und zeigte trotz Marktproblemen eine sequenzielle Verbesserung. Der Umsatz stieg im Vergleich zum Vorquartal um 25,9 % auf 386,9 Millionen US-Dollar, ging jedoch im Jahresvergleich um 14,2 % zurück. Das Unternehmen berichtete von einem bereinigten EBITDA von 21,6 Millionen US-Dollar, eine deutliche Verbesserung gegenüber dem Verlust von 26,8 Millionen US-Dollar im ersten Quartal.
Wichtige Highlights sind die Aufrechterhaltung einer starken Cash-Position von 135,5 Millionen US-Dollar mit einem Nettogeldbestand von 10,3 Millionen US-Dollar. Das Unternehmen steht vor Gegenwind durch chinesische Siliziumimporte nach Europa, sieht jedoch positive Effekte durch US-Anti-Dumping-Zölle im Ferrosilizium-Markt. Ferroglobe kaufte 600.434 Aktien zurück und erklärte eine Dividende von 0,014 US-Dollar je Aktie.
Bemerkenswert ist, dass das Unternehmen aufgrund erhöhter makroökonomischer Unsicherheiten seine Prognose zurückgezogen hat und am 30. Juni in die Russell 2000 und 3000 Indizes aufgenommen wurde.
- 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
- 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
Insights
Ferroglobe showed Q2 recovery with $21.6M EBITDA despite market challenges; maintains net cash position amid pricing pressures.
Ferroglobe's Q2 2025 results demonstrate a significant sequential improvement despite year-over-year weakness. The company delivered
The sequential volume growth across all product segments was impressive: silicon metal shipments increased
Despite the quarterly improvement, Ferroglobe faces significant headwinds. The company has withdrawn guidance citing "elevated macro uncertainty and limited visibility" - a concerning signal about forward visibility. The net loss of $10.5 million represents continued bottom-line challenges, though substantially improved from Q1's
From a balance sheet perspective, Ferroglobe maintains financial stability with
Operating cash flow was
A key bright spot is the company's continued commitment to shareholder returns, with 600,434 shares repurchased during the quarter and a
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
$0.01 4 per share payable on September 29 - Added to the Russell 2000 and 3000 indexes on June 30
LONDON, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading global producer of silicon metal, silicon-based and manganese-based specialty alloys, today announced financial results for the second quarter of 2025.
Financial Highlights
| ($ 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
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
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
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
Raw materials and energy consumption for production
Raw materials and energy consumption for production was
Net (Loss) Profit Attributable to the Parent
In the second quarter of 2025, net loss attributable to the parent was
Adjusted EBITDA
Adjusted EBITDA was
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
During the second quarter, cash flows from operating activities were
Total working capital was
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
Capital Returns
During the second quarter, Ferroglobe repurchased 600,434 shares at an average price of
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?
How much cash does Ferroglobe (GSM) have as of Q2 2025?
What dividend did Ferroglobe (GSM) declare for Q2 2025?
Why did Ferroglobe (GSM) withdraw its guidance in Q2 2025?
How many shares did Ferroglobe (GSM) repurchase in Q2 2025?
