Ferroglobe Reports Third Quarter 2025 Financial Results

Rhea-AI Summary

Ferroglobe (NASDAQ: GSM) reported Q3 2025 results on November 5, 2025: sales $311.7M (Q/Q -19.4%, Y/Y -28.1%), adjusted EBITDA $18.3M, and net loss $12.8M (diluted $(0.07)).

The company held $121.5M cash and net debt $5.2M at Sept 30, 2025, declared a $0.014/share dividend payable Dec 29, 2025, and generated positive free cash flow.

Operational highlights: weaker shipments across product lines, improved silicon metal and silicon-alloys EBITDA margins, a joint development agreement and pilot battery shipments with Coreshell, and a favorable preliminary U.S. silicon metal trade decision with a final EU safeguard decision expected by Nov 18, 2025.

Positive

• Adjusted EBITDA of $18.3M in Q3 2025
• Total cash of $121.5M at Sept 30, 2025
• Net debt reduced to $5.2M at Sept 30, 2025
• Silicon metal Adj. EBITDA improved to $11.6M Q3
• Coreshell pilot battery shipments and JDA advancing commercialization

Negative

• Sales declined to $311.7M in Q3 2025 (Q/Q -19.4%)
• YTD adjusted EBITDA down 91.0% versus prior year
• Shipments: silicon metal down 24.8% Q/Q, manganese alloys down 21.1% Q/Q
• Manganese-based alloys Adj. EBITDA fell to $4.4M in Q3

Insights

Equity Analyst

Mixed quarter: positive cash flow and EBITDA but declining sales and a net loss; trade rulings and Coreshell progress are key near-term drivers.

Sales declined to $311.7 million driven by lower volumes across silicon metal, silicon-based and manganese alloys, while adjusted EBITDA remained positive at $18.3 million. Operating cash flow of $20.8 million produced free cash flow and left total cash at $121.5 million, producing a reported net debt position of $5.2 million.

Outcomes depend on trade measures and commercialization progress: the strong U.S. preliminary antidumping/countervailing decision and an expected EU safeguard decision on November 18, 2025 could materially affect volumes and pricing in Europe and the U.S.. Separately, the joint development agreement with Coreshell and pilot battery shipments toward commercial deliveries in early 2026 are operational milestones to monitor.

Key risks and near‑term monitors include the final EU trade ruling by November 18, 2025, the company’s ability to convert pilot battery activity into meaningful revenues in early 2026, and quarterly volume trends that drove a 19.4% quarter‑on‑quarter sales decline. Also watch the upcoming dividend payment on December 29, 2025 and whether management resumes opportunistic buybacks or changes capital allocation if cash improves.

Third Quarter Highlights

• Encouraging progress on preliminary U.S. silicon metal trade case on antidumping and countervailing duties
• Final EU safeguard decision expected by November 18
• Reported adjusted EBITDA of $18.3 million
• Total cash of $121.5 million, net debt of $5.2 million
• Declared dividend of $0.014 per share payable on December 29
• Coreshell began shipping pilot batteries to OEMs for testing; plans commercial battery deliveries for robotics and defense applications in early 2026
  

LONDON, Nov. 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 third quarter of 2025.

Financial Highlights

($ in millions, except EPS)		Q3 2025				Q2 2025				% Q/Q			Q3 2024				% Y/Y			YTD 2025				YTD 2024			% Y/Y
Sales		$	311.7			$	386.9			(19.4	)%		$	433.5			(28.1	)%		$	1,005.7			$	1,276.4		(21.2	)%
Net (loss) profit attributable to the parent		$	(12.8	)		$	(10.5	)		(22.6	)%		$	18.8			(168.1	)%		$	(89.7	)		$	51.7		(273.7	)%
Adj. EBITDA		$	18.3			$	21.6			(15.3	)%		$	60.4			(69.8	)%		$	13.0			$	144.0		(91.0	)%
Adjusted diluted EPS		$	(0.02	)		$	(0.08	)		67.6	%		$	0.11			(122.1	)%		$	(0.30	)		$	0.25		(219.5	)%
Operating cash flow		$	20.8			$	15.6			33.0	%		$	11.1			86.8	%		$	55.7			$	211.2		(73.6	)%
Capital expenditures1		$	19.1			$	15.6			22.7	%		$	21.2			(9.5	)%		$	49.0			$	61.2		(19.9	)%
Free cash flow2		$	1.6			$	0.0			10774.0	%		$	(10.0	)		116.2	%		$	6.7			$	149.9		(95.5	)%

(1)  Cash outflows for capital expenditures
(2)  Free cash flow is calculated as operating cash flow less capital expenditures

Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “Market conditions remained challenging in the third quarter, with continued weak demand across our end markets, further pressured by aggressively low-priced imports to the EU. Encouragingly, the strong preliminary decision in the U.S. silicon metals antidumping and countervailing duty case bodes well for 2026. At the same time, we expect the final EU trade measures to be announced later this month. Together, these trade measures should help domestic producers regain market share. As the leading domestic producer in both Europe and the U.S., we are optimistic that 2026 market conditions will be significantly more favorable for Ferroglobe.

“We are further strengthening our partnership with Coreshell through a recently signed joint development agreement as they advance silicon anode technology in EV batteries. Pilot battery deliveries to leading OEMs have already begun, a key milestone toward commercialization. I’m also excited to announce that Coreshell won the prestigious Startup World Cup, a global competition featuring over 1000 regional competitors across more than 20 countries,” concluded Dr. Levi.

Consolidated Sales

In the third quarter of 2025, Ferroglobe reported sales of $311.7 million, a 19.4% decrease from the prior quarter and a 28.1% decrease from the comparable prior-year period. This decrease compared to the prior quarter was mainly driven by lower sales volumes, partially offset by higher pricing across our product portfolio. Sales of silicon metal, silicon-based alloys and manganese-based alloys decreased by $31.1 million, $19.3 million and $21.7 million, respectively, compared with the prior quarter.

Product Category Highlights

Silicon Metal

($,000)		Q3 2025			Q2 2025			% Q/Q			Q3 2024			% Y/Y			YTD 2025			YTD 2024			% Y/Y
Shipments in metric tons:		33,561			44,610			(24.8	)%		56,910			(41.0	)%		114,478			172,965			(33.8	)%
Average selling price ($/MT):		2,950			2,916			1.2	%		3,401			(13.3	)%		2,915			3,268			(10.8	)%
Silicon Metal Revenue		99,005			130,083			(23.9	)%		193,551			(48.8	)%		333,703			565,250			(41.0	)%
Silicon Metal Adj.EBITDA		11,614			6,521			78.1	%		40,554			(71.4	)%		2,688			91,209			(97.1	)%
Silicon Metal Adj.EBITDA Margin		11.7	%		5.0	%					21.0	%					0.8	%		16.1	%

Silicon metal revenue in the third quarter was $99.0 million, a decrease of 23.9% from the prior quarter. The average selling price increased 1.2%, while shipments decreased 24.8% due to weaker demand primarily from the chemical sector. Adjusted EBITDA increased to $11.6 million for the third quarter, compared with $6.5 million for the prior quarter. Despite lower revenue, adjusted EBITDA margin improved, driven by higher average selling price, improved operational efficiency and continued cost optimization efforts.

Silicon-Based Alloys

($,000)		Q3 2025			Q2 2025			% Q/Q			Q3 2024			% Y/Y			YTD 2025			YTD 2024			% Y/Y
Shipments in metric tons:		42,968			53,048			(19.0	)%		45,489			(5.5	)%		138,880			143,613			(3.3	)%
Average selling price ($/MT):		2,149			2,105			2.1	%		2,237			(3.9	)%		2,123			2,221			(4.4	)%
Silicon-based Alloys Revenue		92,338			111,666			(17.3	)%		101,759			(9.3	)%		294,842			318,964			(7.6	)%
Silicon-based Alloys Adj.EBITDA		12,391			7,158			73.1	%		2,356			425.9	%		21,963			26,967			(18.6	)%
Silicon-based Alloys Adj.EBITDA Margin		13.4	%		6.4	%					2.3	%					7.4	%		8.5	%

Silicon-based alloy revenue in the third quarter was $92.3 million, a decrease of 17.3% from the prior quarter. The average selling price increased by 2.1%, while shipments decreased by 19.0% compared to the prior quarter. Volumes decreased in EMEA and the U.S. due to lower activity in steel and foundry sectors, as well as increased competitive pressure from Asian imports into the EU. Adjusted EBITDA increased to $12.4 million for the third quarter of 2025, up 73.1% compared with $7.2 million in the prior quarter. Despite lower revenues, EBITDA margins improved due to a favorable product mix with higher realizations and better cost performance.

Manganese-Based Alloys

($,000)		Q3 2025			Q2 2025			% Q/Q			Q3 2024			% Y/Y			YTD 2025			YTD 2024			% Y/Y
Shipments in metric tons:		69,552			88,188			(21.1	)%		64,495			7.8	%		224,969			208,279			8.0	%
Average selling price ($/MT):		1,214			1,204			0.8	%		1,391			(12.7	)%		1,179			1,221			(3.4	)%
Manganese-based Alloys Revenue		84,436			106,178			(20.5	)%		89,713			(5.9	)%		265,238			254,309			4.3	%
Manganese-based Alloys Adj.EBITDA		4,391			16,794			(73.9	)%		27,854			(84.2	)%		15,611			47,206			(66.9	)%
Manganese-based Alloys Adj.EBITDA Margin		5.2	%		15.8	%					31.0	%					5.9	%		18.6	%

Manganese-based alloy revenue in the third quarter was $84.4 million, a decrease of 20.5% from the prior quarter. The average selling price increased by 0.8%, while shipments decreased by 21.1% compared to the prior quarter due to reduced carbon steel production and weakness in the construction and automotive sectors. Adjusted EBITDA for the manganese-based alloys portfolio decreased to $4.4 million for the third quarter, compared with $16.8 million in the prior quarter. The adjusted EBITDA margin decreased due to weaker European steel demand, higher raw material costs and lower fixed cost absorption.

Raw materials and energy consumption for production

Raw materials and energy consumption for production was $180.4 million in the third quarter of 2025, compared to $253.2 million in the prior quarter, a decrease of 28.7%. As a percentage of sales, raw materials and energy consumption for production declined to 57.9% in the third quarter of 2025, compared to 65.5% in the second quarter. The decrease in costs as a percentage of sales was driven by enhanced operational efficiency, targeted cost optimization, and a more profitable product mix, improving overall profitability despite lower volumes.

Net (Loss) Attributable to the Parent

In the third quarter of 2025, net loss attributable to the parent was $12.8 million, or $(0.07) per diluted share, compared to a net loss attributable to the parent of $10.5 million, or $(0.06) per diluted share in the prior quarter. The quarterly result weakened compared to the previous quarter, reflecting lower sales volumes and reduced operating performance, partly mitigated by cost efficiencies and a favorable product mix. The Company reported adjusted diluted earnings per share of $(0.02) for the third quarter, compared with adjusted earnings per share of $(0.08) in the prior quarter.

Adjusted EBITDA

Adjusted EBITDA was $18.3 million for the third quarter of 2025 compared to $21.6 million for the prior quarter. Adjusted EBITDA was slightly down versus the previous quarter, reflecting ongoing market softness and reduced sales volumes, partially mitigated by operational efficiency improvements.

Total Cash, Adjusted Gross Debt and Working Capital

($ in millions)		September 30, 2025				June 30, 2025			$			%			September 30, 2024			$			% Y/Y
Total Cash1		$	121.5			$	135.5		(14.1	)		(10.4	)%		$	120.8			0.7			0.6	%
Adjusted Gross Debt2		$	126.7			$	125.2		1.5			1.2	%		$	89.0			37.7			42.4	%
Net (Debt) Cash		$	(5.2	)		$	10.3		(15.6	)		(150.6	)%		$	31.8			(37.0	)		(116.4	)%
Total Working Capital3		$	421.6			$	440.8		(19.2	)		(4.4	)%		$	528.6			(107.0	)		(20.2	)%

(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 $121.5 million as of September 30, 2025, down $14.1 million from $135.5 million as of June 30, 2025. Adjusted gross debt increased by $1.5 million to $126.7 million, resulting in net debt of $5.2 million as of September 30, 2025, a decrease of $15.6 million from the prior quarter.

During the third quarter, cash flows from operating activities were $20.8 million, and net cash used in investing activities was $18.4 million. Cash used in financing activities was $15.8 million as a result of principal repayments on financing facilities in the U.S., South Africa, Norway, France and Spain of $17.3 million, lease payments of $3.4 million, dividend payments of $2.6 million, interest payments of $2.2 million, and the principal repayments of other financing liabilities of $0.6 million, partially offset by net cash proceeds from the sale of short-term commercial paper totaling $10.4 million.

Total working capital was $421.6 million as of September 30, 2025, a decrease of $19.2 million from $440.8 million on June 30, 2025. The decrease in our working capital balance during the quarter was due to a $63.9 million decrease in trade receivables and other receivables, partially offset by increases of $43.4 million in inventories and a $1.3 million decrease in trade and other payables.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “Despite a challenging market, we generated positive free cash flow and adjusted EBITDA in the third quarter. Our strong working capital management and prudent expense control enabled us to maintain a solid cash position. Due to the current business environment, the company abstained from share repurchases during the quarter. However, we remain committed to returning cash to shareholders through dividends and opportunistic share repurchases.”

Capital Returns

During the third quarter, Ferroglobe did not repurchase shares and paid a quarterly cash dividend of $ 0.014 per share on September 29, 2025. Our next cash dividend of $0.014 per share will be paid on December 29, 2025, to shareholders of record as of December 22, 2025.

Conference Call

Ferroglobe invites all interested persons to participate on our conference call at 8:30 AM, Eastern Time on November 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/BI799033e77565403496222504c356e4e5

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/kbfjnvof 

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 Nine Months Ended				For the Nine Months Ended
		September 30, 2025				June 30, 2025					September 30, 2024				September 30, 2025			September 30, 2024
Sales		$	311,698			$	386,862			$	433,533			$	1,005,739			$	1,276,434
Raw materials and energy consumption for production			(180,414	)			(253,212	)			(255,062	)			(671,967	)			(776,366	)
Other operating income			30,421				26,893				27,202				66,386				65,485
Staff costs			(68,861	)			(68,797	)			(71,885	)			(208,107	)			(209,624	)
Other operating expense			(74,705	)			(64,535	)			(74,475	)			(186,531	)			(212,893	)
Depreciation and amortization			(19,953	)			(18,301	)			(18,899	)			(55,774	)			(56,443	)
Impairment (loss) gain			(12	)			—				—				255				—
Other (loss) gain			(177	)			(172	)			189				1,056				1,125
Operating (loss) profit			(2,003	)			8,738				40,603				(48,943	)			87,718
Finance income			830				970				829				2,673				3,715
Finance costs			(3,881	)			(4,970	)			(2,983	)			(13,406	)			(18,853	)
Financial derivatives (loss) gain			(203	)			200				—				(3	)			—
Exchange differences			555				(19,659	)			(6,576	)			(26,018	)			(1,602	)
(Loss) profit before tax			(4,702	)			(14,721	)			31,873				(85,697	)			70,978
Income tax (expense) benefit			(8,566	)			3,787				(13,301	)			(5,404	)			(20,627	)
Total (loss) profit for the period			(13,268	)			(10,934	)			18,572				(91,101	)			50,351
(Loss) profit attributable to the parent		$	(12,812	)		$	(10,451	)		$	18,814			$	(89,744	)		$	51,671
(Loss) attributable to non-controlling interest			(456	)			(483	)			(242	)			(1,357	)			(1,320	)
EBITDA		$	18,505			$	7,380			$	52,926			$	(19,187	)		$	142,559
Adjusted EBITDA		$	18,267			$	21,562			$	60,410			$	13,025			$	143,953
Weighted average number of shares outstanding
Basic			188,075				188,142				188,325				188,386				188,168
Diluted			188,075				188,142				190,393				188,386				190,176
(Loss) profit per ordinary share
Basic		$	(0.07	)		$	(0.06	)		$	0.10			$	(0.48	)		$	0.27
Diluted		$	(0.07	)		$	(0.06	)		$	0.10			$	(0.48	)		$	0.27

Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Financial Position (in thousands of U.S. dollars)
		As of September 30,				As of June 30,				As of December 31,
		2025				2025				2024
ASSETS
Non-current assets
Goodwill		$		14,219		$	14,219		$	14,219
Intangible assets				128,024			195,631			103,095
Property, plant and equipment				521,219			519,165			487,196
Other financial assets				28,529			27,519			19,744
Deferred tax assets				5,716			9,290			6,580
Receivables from related parties				1,761			1,758			1,558
Other non-current assets				21,413			21,346			22,451
Total non-current assets				720,881			788,928			654,843
Current assets
Inventories				369,392			325,960			347,139
Trade receivables				183,777			221,070			188,816
Other receivables				93,180			119,848			83,103
Current income tax assets				4,943			8,475			7,692
Other financial assets				12,520			12,530			5,569
Other current assets				35,208			48,529			52,014
Restricted cash and cash equivalents				186			197			298
Cash and cash equivalents				121,290			135,350			132,973
Total current assets				820,496			871,959			817,604
Total assets		$		1,541,377		$	1,660,887		$	1,472,447
EQUITY AND LIABILITIES
Equity		$		786,811		$	812,639		$	834,245
Non-current liabilities
Deferred income				33,100			57,589			8,014
Provisions				31,020			29,310			24,384
Provision for pensions				30,827			30,570			27,618
Bank borrowings				52,412			45,941			13,911
Lease liabilities				65,593			64,858			56,585
Other financial liabilities				27,956			28,651			25,688
Other non-current liabilities				194			14,033			13,759
Deferred tax liabilities				18,061			18,507			19,629
Total non-current liabilities				259,163			289,459			189,588
Current liabilities
Provisions				76,384			121,527			83,132
Provision for pensions				174			177			168
Bank borrowings				58,386			83,166			43,251
Lease liabilities				13,648			13,704			12,867
Debt instruments				22,784			12,368			10,135
Other financial liabilities				9,313			7,720			48,117
Payables to related parties				1,175			3,978			2,664
Trade and other payables				224,778			226,077			158,251
Current income tax liabilities				1,515			27			10,623
Other current liabilities				87,246			90,045			79,406
Total current liabilities				495,403			558,789			448,614
Total equity and liabilities		$		1,541,377		$	1,660,887		$	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 Nine Months Ended				For the Nine Months Ended
		September 30, 2025				June 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Cash flows from operating activities:
(Loss) profit for the period		$	(13,268	)		$	(10,934	)		$	18,572			$	(91,101	)		$	50,351
Adjustments to reconcile net (loss) profit to net cash provided by operating activities:
Income tax expense (benefit)			8,566				(3,787	)			13,301				5,404				20,627
Depreciation and amortization			19,953				18,301				18,899				55,774				56,443
Finance income			(830	)			(970	)			(829	)			(2,673	)			(3,715	)
Finance costs			3,881				4,970				2,983				13,406				18,853
Exchange differences			(555	)			19,659				6,576				26,018				1,602
Impairment loss (gain)			12				—				—				(255	)			—
Net (gain) loss due to changes in the value of asset			—				—				(193	)			—				(301	)
(Gain) loss on disposal of non-current assets			—				—				4				—				(42	)
Share-based compensation			(82	)			692				1,496				1,906				3,337
Other loss (gain)			380				(28	)			—				(1,053	)			(782	)
Changes in operating assets and liabilities
(Increase) decrease in inventories			(44,640	)			139				(5,414	)			(16,144	)			(23,099	)
Decrease (increase) in trade receivables			37,055				(9,420	)			27,018				20,429				(8,991	)
Decrease (increase) in other receivables			25,770				(15,984	)			(28,656	)			213				13,655
Decrease (increase) in energy receivable			6,734				(440	)			(10,508	)			31,459				137,694
(Decrease) increase in trade payables			(1,628	)			39,308				(13,678	)			50,866				1,784
Other changes in operating assets and liabilities			(20,415	)			(13,817	)			(11,610	)			(26,695	)			(45,229	)
Income taxes (paid) received			(170	)			(12,076	)			(6,847	)			(11,806	)			(11,023	)
Net cash provided by operating activities:			20,763				15,613				11,114				55,748				211,164
Cash flows from investing activities:
Interest and finance income received			720				973				766				2,565				2,107
Payments due to investments:
Intangible assets			(459	)			(163	)			(850	)			(1,179	)			(2,169	)
Property, plant and equipment			(18,673	)			(15,435	)			(20,302	)			(47,858	)			(59,075	)
Other financial assets			—				(4,000	)			—				(15,119	)			(3,000	)
Disposals:
Property, plant and equipment			—				—				—				1,559				—
Net cash used in investing activities			(18,412	)			(18,625	)			(20,386	)			(60,032	)			(62,137	)
Cash flows from financing activities:
Dividends paid			(2,611	)			(2,611	)			(2,441	)			(7,835	)			(7,322	)
Payment for debt and equity issuance costs			(7	)			(4	)			—				(106	)			—
Repayment of debt instruments			(4,585	)			(9,170	)			—				(24,116	)			(147,624	)
Proceeds from debt issuance			15,028				6,036				—				35,444				—
(Decrease) increase in bank borrowings:
Borrowings			103,868				157,498				145,804				367,399				386,377
Payments			(121,192	)			(121,010	)			(144,292	)			(319,378	)			(358,076	)
Payments for lease liabilities			(3,408	)			(3,174	)			(5,834	)			(9,680	)			(11,690	)
Payments from other financing liabilities			(626	)			(20,802	)			—				(44,079	)			(2,657	)
Other (payments) proceeds from financing activities			—				1,581				(2,176	)			1,581				(492	)
Payments to acquire own shares			—				(1,988	)			(492	)			(4,691	)			—
Interest paid			(2,232	)			(2,905	)			(6,955	)			(9,668	)			(24,163	)
Net cash (used) provided in financing activities			(15,765	)			3,451				(16,386	)			(15,129	)			(165,647	)
Total net (decrease) increase in cash and cash equivalents			(13,414	)			439				(25,658	)			(19,413	)			(16,620	)
Beginning balance of cash and cash equivalents			135,547				129,581				144,487				133,271				137,649
Foreign exchange (losses) gains on cash and cash equivalents			(657	)			5,527				1,981				7,618				(219	)
Ending balance of cash and cash equivalents		$	121,476			$	135,547			$	120,810			$	121,476			$	120,810
Restricted cash and cash equivalents			186				197				306				186				306
Cash and cash equivalents			121,290				135,350				120,504				121,290				120,504
Ending balance of restricted cash and cash and cash equivalents		$	121,476			$	135,547			$	120,810			$	121,476			$	120,810

Adjusted EBITDA ($,000):
		Q3´25				Q2´25				Q3´24				YTD´25				YTD´24
(Loss) profit attributable to the parent		$	(12,812	)		$	(10,451	)		$	18,814			$	(89,744	)		$	51,671
(Loss) attributable to non-controlling interest			(456	)			(483	)			(242	)			(1,357	)			(1,320	)
Income tax expense (benefit)			8,566				(3,787	)			13,301				5,404				20,627
Finance income			(830	)			(970	)			(829	)			(2,673	)			(3,715	)
Finance costs			3,881				4,970				2,983				13,406				18,853
Financial derivatives loss (gain)			203				(200	)			—				3				—
Depreciation and amortization			19,953				18,301				18,899				55,774				56,443
EBITDA			18,505				7,380				52,926				(19,187	)			142,559
Exchange differences			(555	)			19,659				6,576				26,018				1,602
Impairment loss (gain)			12				—				—				(256	)			—
Restructuring and termination costs			—				(1,285	)			—				(1,285	)			(4,540	)
New strategy implementation			—				—				1,413				682				3,786
Subactivity			—				—				657				—				1,708
PPA Energy			305				(1,384	)			(1,162	)			1,689				(1,162	)
Fines inventory adjustment			—				(2,808	)			—				5,364				—
Adjusted EBITDA		$	18,267			$	21,562			$	60,410			$	13,025			$	143,953

Adjusted (loss) profit attributable to Ferroglobe ($,000):
		Q3´25				Q2´25				Q3´24				YTD´25				YTD´24
(Loss) profit attributable to the parent		$	(12,812	)		$	(10,451	)		$	18,814			$	(89,744	)		$	51,671
Tax rate adjustment			9,836				188				3,271				28,542				(1,710	)
Impairment (gain)			9				—				—				(187	)			—
Restructuring and termination costs			—				(938	)			—				(938	)			(3,111	)
New strategy implementation			—				—				968				498				2,595
Subactivity			—				—				450				—				1,170
PPA Energy			223				(1,010	)			(796	)			1,233				(796	)
Fines inventory adjustment			—				(2,050	)			—				3,916				—
Adjusted (loss) profit attributable to the parent		$	(2,745	)		$	(14,262	)		$	22,707			$	(56,680	)		$	49,819

Adjusted diluted (loss) profit per share:
		Q3'25				Q2´25				Q3´24				YTD´25				YTD´24
Diluted (loss) profit per ordinary share		$	(0.07	)		$	(0.06	)		$	0.10			$	(0.48	)		$	0.27
Tax rate adjustment			0.05				0.00				0.02				0.15				(0.01	)
Impairment (gain)			0.00				—				—				(0.00	)			—
Restructuring and termination costs			—				(0.00	)			—				(0.00	)			(0.02	)
New strategy implementation			—				—				0.01				0.00				0.01
Subactivity			—				—				0.00				—				0.01
PPA Energy			0.00				(0.01	)			(0.00	)			0.01				(0.00	)
Fines inventory adjustment			—				(0.01	)			—				0.02				—
Adjusted diluted (loss) profit per ordinary share		$	(0.02	)		$	(0.08	)		$	0.11			$	(0.30	)		$	0.25

FAQ

What were Ferroglobe (GSM) Q3 2025 sales and adjusted EBITDA?

Q3 2025 sales were $311.7M and adjusted EBITDA was $18.3M.

How much cash and net debt did Ferroglobe (GSM) report at Sept 30, 2025?

Total cash was $121.5M and net debt was $5.2M at Sept 30, 2025.

When is Ferroglobe (GSM) paying the declared dividend and how much is it?

Ferroglobe declared a cash dividend of $0.014 per share payable on Dec 29, 2025 to record holders on Dec 22, 2025.

What progress did Ferroglobe (GSM) report with Coreshell and battery commercialization?

Ferroglobe signed a joint development agreement with Coreshell, began pilot battery shipments to OEMs, and plans commercial deliveries in early 2026.

What trade developments could affect Ferroglobe (GSM) in 2026?

A strong preliminary U.S. silicon metal antidumping decision and a final EU safeguard decision expected by Nov 18, 2025 may improve 2026 market conditions.

Did Ferroglobe (GSM) generate free cash flow in Q3 2025?

Yes; the company reported positive free cash flow and operating cash flow of $20.8M in Q3 2025.