Ferroglobe Reports Third Quarter 2026 Financial Results and Announces Actions to Improve Profitability

Initial customer shipments began under the critical materials initiatives, while working capital fell $34.8 million sequentially.

Rhea-AI Summary

Ferroglobe (GSM) reported third-quarter 2026 sales of $369.8 million and announced a plant consolidation plan to improve profitability. Sales rose 18.6% year over year but fell 2.3% sequentially. Adjusted EBITDA, a measure of operating earnings, turned negative at $2.4 million, versus positive $13.1 million in the previous quarter; higher energy prices had a nearly $19 million impact.

The company plans to close five plants, subject to employee consultation processes, and reduce overhead by 20%. It expects $85 million to $115 million in annual adjusted EBITDA improvement at full run rate, targeting approximately 80% capacity utilization with minimal annual volume changes. Net profit attributable to the parent was $57.9 million, supported by a $76.8 million positive energy-contract fair value adjustment. Operating cash flow was $25.9 million, free cash flow was $5.6 million, and net debt reached $42.1 million.

21 points · 1 major

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0 major · 20 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Profitability plan targets $85 million to $115 million in adjusted EBITDA improvement at full run rate.
• Moderate pointThird-quarter sales reached $369.8 million, up 18.6% year over year but down 2.3% sequentially.
• Moderate pointThird-quarter parent net profit was $57.9 million, versus $60.4 million sequentially and a $12.8 million year-earlier loss.
• Minor point. Forward-looking: it has not happened yet and may not happen.Production consolidation targets approximately 80% capacity utilization, with minimal changes to annual volumes.
• Minor point. Forward-looking: it has not happened yet and may not happen.Overhead reduction plan targets 20%.

16 minor points

• Minor pointEnergy-contract fair value adjustment was positive $76.8 million, versus $59.9 million in the second quarter.
• Minor pointThird-quarter operating cash flow was $25.9 million, up 24.6% year over year but down 30.0% sequentially.
• Minor pointThird-quarter free cash flow was $5.6 million, versus $20.4 million sequentially and $1.6 million a year earlier.
• Minor pointWorking capital fell $34.8 million sequentially to $363.6 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Further working capital reductions are expected in coming quarters as production consolidates.
• Minor pointCritical materials initiatives delivered initial customer shipments during the third quarter.
• Minor pointSilicon metal selling price rose 3.0% sequentially to $2,669 per metric ton, down 9.5% year over year.
• Minor pointManganese-alloy revenue rose 5.9% sequentially to $113.976 million, up 35.0% year over year.
• Minor pointManganese-alloy shipments rose 1.1% sequentially to 85,696 metric tons, up 23.2% year over year.
• Minor pointManganese-alloy selling price rose 4.7% sequentially to $1,330 per metric ton, up 9.6% year over year.
• Minor pointYear-to-date sales rose 9.0% to $1,096.1 million versus the comparable 2025 period.
• Minor pointYear-to-date parent net profit reached $111.3 million, versus an $89.7 million loss in the comparable 2025 period.
• Minor pointYear-to-date adjusted EBITDA rose 8.1% to $14.1 million versus the comparable 2025 period.
• Minor pointYear-to-date adjusted diluted earnings were $0.37 per share, versus a $0.30 loss in the comparable 2025 period.
• Minor pointYear-to-date operating cash flow rose 2.7% to $57.3 million versus the comparable 2025 period.
• Minor pointYear-to-date free cash flow rose 41.8% to $9.5 million versus the comparable 2025 period.

Negative

• Moderate pointThird-quarter adjusted EBITDA turned negative at $2.4 million, versus positive $13.1 million sequentially and $18.3 million a year earlier.
• Moderate pointHigher energy prices reduced third-quarter adjusted EBITDA by nearly $19 million.
• Minor pointFive planned plant closures remain subject to employee information and consultation processes in relevant jurisdictions.
• Minor pointThird-quarter adjusted diluted loss was $0.06 per share, versus breakeven sequentially and a $0.02 year-earlier loss.
• Minor pointNet debt increased $4.4 million sequentially to $42.1 million, versus $5.2 million a year earlier.

15 minor points

• Minor pointAdjusted gross debt rose to $135.3 million, up 3.4% sequentially and 6.8% year over year.
• Minor pointTotal cash was $93.3 million, versus $93.2 million sequentially and $121.5 million a year earlier.
• Minor pointThird-quarter capital spending rose 22.5% sequentially to $20.3 million, up 6.1% year over year.
• Minor pointSilicon metal revenue fell 3.7% sequentially to $101.884 million, despite 2.9% year-over-year growth.
• Minor pointSilicon metal shipments fell 6.5% sequentially to 38,173 metric tons, despite 13.7% year-over-year growth.
• Minor pointSilicon metal adjusted EBITDA was negative $2.255 million, versus negative $2.658 million sequentially and positive $11.614 million a year earlier.
• Minor pointSilicon metal adjusted EBITDA margin was negative 2.2%, versus negative 2.5% sequentially and positive 11.7% a year earlier.
• Minor pointSilicon-alloy revenue fell 6.6% sequentially to $116.744 million, despite 26.4% year-over-year growth.
• Minor pointSilicon-alloy shipments fell 6.0% sequentially to 59,171 metric tons, despite 37.7% year-over-year growth.
• Minor pointSilicon-alloy selling price fell 0.7% sequentially to $1,973 per metric ton, down 8.2% year over year.
• Minor pointSilicon-alloy adjusted EBITDA turned negative at $1.959 million, versus positive $14.516 million sequentially.
• Minor pointSilicon-alloy adjusted EBITDA margin fell to negative 1.7%, from positive 11.6% sequentially.
• Minor pointManganese-alloy adjusted EBITDA fell 12.6% sequentially to $11.368 million, despite 158.9% year-over-year growth.
• Minor pointManganese-alloy adjusted EBITDA margin fell to 10.0%, from 12.1% sequentially, versus 5.2% a year earlier.
• Minor pointRaw-material and energy consumption excluding fair value adjustments rose to 72.5% of sales, from 67.3% sequentially.

News Explained

Ferroglobe says it paid a $0.015-per-share dividend on September 29, 2026 and scheduled the next $0.015-per-share cash dividend for December 30, 2026; shareholders of record on December 22, 2026 are eligible, and the release specifies a cash payment to eligible holders.

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Key Figures

Sales: $369.8 million Adjusted EBITDA: negative $2.4 million Operating cash flow: $25.9 million +5 more

Sales

$369.8 million

Q3 2026; up 18.6% year over year and down 2.3% sequentially

Adjusted EBITDA

negative $2.4 million

Q3 2026

Operating cash flow

$25.9 million

Q3 2026

Free cash flow

$5.6 million

Q3 2026

Expected adjusted EBITDA improvement

$85 million to $115 million

At full run rate

Plants planned for closure

5 plants

Subject to information and consultation processes with employee representative bodies

Target capacity utilization

approximately 80%

Company target following footprint changes

Overhead reduction

20%

Part of the announced profitability actions

Previous Earnings Reports

1 past event · Latest: Aug 04

Same Type 1 event

1. Aug 04

   Q2 earnings results

   24h Move

   +21.4%

   Adjusted EBITDA was $13.1 million in Q2, compared with negative $2.4 million in Q3.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted EBITDA, free cash flow, antidumping duties, diluted EPS, +1 more

5 terms

adjusted EBITDA financial

"Adjusted EBITDA was negative $2.4 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

free cash flow financial

"free cash flow of $5.6 million"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

View in glossary

antidumping duties regulatory

"interim EU review of antidumping duties on Chinese silicon metal"

A government-imposed tariff on imported goods meant to counteract “dumping,” where foreign producers sell products at unusually low prices—often below their cost—to gain market share. For investors, these duties can raise costs for importers, protect domestic producers’ sales and margins, alter supply chains, and change competitive landscapes; think of it as a temporary price floor that reshuffles who wins or loses in a market. Monitoring antidumping measures helps predict revenue, cost pressure, and stock moves for affected companies.

diluted EPS financial

"adjusted diluted EPS of $(0.06)"

Diluted earnings per share (EPS) shows how much profit a company makes for each share of stock, assuming all possible shares from stock options or convertible securities are used. It provides a more conservative estimate than basic EPS, accounting for potential share increases that could dilute ownership. Investors use diluted EPS to get a clearer picture of a company's true profitability on a per-share basis.

fair value adjustment financial

"higher positive fair value adjustment related to long-term energy contracts"

An accounting entry that updates the recorded value of an asset or liability to match its current market worth, like changing a price tag to what a buyer would pay today. It matters to investors because these adjustments change reported profits and balance-sheet strength, can reveal shifts in market conditions or asset quality, and affect valuation ratios used to compare companies and make investment decisions.

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Third Quarter Highlights 

• Total sales were $369.8 million, up 18.6% year over year and down 2.3% sequentially
• Adjusted EBITDA was negative $2.4 million due to substantially higher energy prices, impacting adjusted EBITDA by nearly $19 million
• Generated positive operating cash flow of $25.9 million and free cash flow of $5.6 million, supported by a $34.8 million sequential reduction in working capital
• Taking decisive actions to improve profitability by increasing capacity utilization and reducing overhead costs, targeting an adjusted EBITDA improvement of $100 million +/- 15% at full run rate
• Continued progress on new strategic critical materials initiatives, with initial customer shipments during the third quarter
• Paid quarterly dividend of $0.015 per share on September 29; Next dividend of $0.015 payable on December 30  

LONDON, Nov. 03, 2026 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading global producer of silicon metal, silicon-based and manganese-based specialty alloys, today announced financial results for the third quarter of 2026.

Financial Highlights

									%								%											%
($ in millions, except EPS)		Q3 2026				Q2 2026			Q/Q				Q3 2025				Y/Y				YTD 2026			YTD 2025				Y/Y
Sales		$	369.8			$	378.6			(2.3	)%		$	311.7				18.6	%		$	1,096.1		$	1,005.7				9.0	%
Net profit (loss) attributable to the parent		$	57.9			$	60.4			(4.1	)%		$	(12.8	)			552.1	%		$	111.3		$	(89.7	)			224.0	%
Adj. EBITDA		$	(2.4	)		$	13.1			(118.0	)%		$	18.3				(112.9	)%		$	14.1		$	13.0				8.1	%
Adjusted diluted EPS		$	(0.06	)		$	0.00			n.m			$	(0.02	)			(131.9	)%		$	0.37		$	(0.30	)			222.3	%
Operating cash flow		$	25.9			$	37.0			(30.0	)%		$	20.8				24.6	%		$	57.3		$	55.7				2.7	%
Capital expenditures1		$	20.3			$	16.6			22.5	%		$	19.1				6.1	%		$	47.7		$	49.0				(2.6	)%
Free cash flow2		$	5.6			$	20.4			(72.7	)%		$	1.6				241.0	%		$	9.5		$	6.7				41.8	%

^{(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, “Third quarter results reflect a challenging operating environment driven by external factors, primarily higher energy costs resulting from the Middle East conflict, and excess ferrosilicon imports into Europe. We are focused on managing what we can control, and today we are announcing decisive actions to improve our cost structure.

“We are rationalizing our footprint, planning to close five plants* and shifting production to our most competitive facilities with the goal of improving our capacity utilization to approximately 80%. As a result of this action, together with a 20% overhead reduction, we expect to enhance our adjusted EBITDA by $85 to $115 million at full run rate, with minimal changes to our annual volumes. Simultaneously, we continue to pursue trade measures to protect our markets from predatory imports, while continuing to make great strides in advancing our critical materials strategy,” concluded Dr. Levi.

* Subject to information and consultation processes with employee representative bodies in the relevant jurisdictions 

Consolidated Sales

Third quarter sales were $369.8 million, a 2.3% decrease from the prior quarter and an 18.6% increase from the comparable prior-year period. The sequential decrease in revenue was primarily driven by lower shipments of silicon metal and silicon-based alloys, together with slightly lower pricing in silicon-based alloys. This was partially offset by higher sales volumes of manganese-based alloys and improved realized prices for both silicon metal and manganese-based alloys. Sales of silicon metal decreased by $3.9 million and silicon-based alloys by $8.2 million, while manganese-based alloys increased by $6.3 million compared with the prior quarter. 

Product Category Highlights

Silicon Metal

($,000)		Q3 2026				Q2 2026				% Q/Q			Q3 2025				% Y/Y			YTD 2026				YTD 2025				% Y/Y
Shipments in metric tons:			38,173				40,818			(6.5	)%			33,561			13.7	%			109,524				114,478			(4.3	)%
Average selling price ($/MT):			2,669				2,592			3.0	%			2,950			(9.5	)%			2,664				2,915			(8.6	)%
Silicon Metal Revenue			101,884				105,800			(3.7	)%			99,005			2.9	%			291,772				333,703			(12.6	)%
Silicon Metal Adj. EBITDA			(2,255	)			(2,658	)		15.2	%			11,614			(119.4	)%			(7,188	)			2,688			(367.4	)%
Silicon Metal Adj. EBITDA Margin			(2.2	)%			(2.5	)%						11.7	%						(2.5	)%			0.8	%

Silicon metal revenue in the third quarter was $101.9 million, a decrease of 3.7% from the prior quarter. The average selling price increased by 3.0%, reflecting higher realized prices across both the U.S. and EMEA. Shipments decreased by 6.5%, primarily driven by reductions in U.S. and European volumes. Market conditions in Europe remained challenging, with subdued demand and continued pressure from low-priced imports, particularly from China and emerging alternative suppliers. The interim EU review of antidumping duties on Chinese silicon metal highlights increasing efforts to address unfair trade practices and protect domestic production. Meanwhile, persistent overcapacity in China's polysilicon industry continued to weigh on the broader silicon value chain, despite initiatives aimed at improving supply discipline. Adjusted EBITDA improved to $(2.3) million in the third quarter, compared with $(2.7) million in the prior quarter. Adjusted EBITDA margin improved to (2.2)% in the third quarter from (2.5)% in the prior quarter. 

Silicon-Based Alloys

($,000)		Q3 2026				Q2 2026				% Q/Q			Q3 2025				% Y/Y			YTD 2026				YTD 2025				% Y/Y
Shipments in metric tons:			59,171				62,915			(6.0	)%			42,968			37.7	%			182,760				138,880			31.6	%
Average selling price ($/MT):			1,973				1,986			(0.7	)%			2,149			(8.2	)%			1,992				2,123			(6.2	)%
Silicon-based Alloys Revenue			116,744				124,949			(6.6	)%			92,338			26.4	%			364,058				294,842			23.5	%
Silicon-based Alloys Adj. EBITDA			(1,959	)			14,516			(113.5	)%			12,391			(115.8	)%			19,407				21,963			(11.6	)%
Silicon-based Alloys Adj. EBITDA Margin			(1.7	)%			11.6	%						13.4	%						5.3	%			7.4	%

Silicon-based alloy revenue in the third quarter was $116.7 million, a decrease of 6.6% from the prior quarter. The average selling price decreased slightly by 0.7%, as higher realized prices in Argentina were offset by a significant decline in EMEA and a modest decrease in the U.S. Shipments decreased by 6.0%, primarily driven by lower volumes in EMEA, partially offset by increased shipments in the U.S. European market conditions remained weak, reflecting subdued steel production, cautious customer purchasing and continued competitive pressure. Despite the implementation of EU safeguard measures on certain ferroalloy imports, the European steel industry has yet to experience a meaningful recovery in underlying demand. In addition, higher energy costs across the ferroalloy value chain continued to create pressure on producers’ operating margins. Adjusted EBITDA turned negative at $(2.0) million in the third quarter, compared with $14.5 million in the prior quarter. Adjusted EBITDA margin declined to (1.7)%, from 11.6% in the prior quarter.

Manganese-Based Alloys

($,000)		Q3 2026				Q2 2026				% Q/Q			Q3 2025				% Y/Y			YTD 2026				YTD 2025				% Y/Y
Shipments in metric tons:			85,696				84,752			1.1	%			69,552			23.2	%			256,191				224,969			13.9	%
Average selling price ($/MT):			1,330				1,270			4.7	%			1,214			9.6	%			1,283				1,179			8.8	%
Manganese-based Alloys Revenue			113,976				107,635			5.9	%			84,436			35.0	%			328,693				265,238			23.9	%
Manganese-based Alloys Adj. EBITDA			11,368				13,014			(12.6	)%			4,391			158.9	%			34,396				15,611			120.3	%
Manganese-based Alloys Adj. EBITDA Margin			10.0	%			12.1	%						5.2	%						10.5	%			5.9	%

Manganese-based alloy revenue in the third quarter was $114.0 million, an increase of 5.9% from the prior quarter. The average selling price increased by 4.7%, reflecting higher realized prices across both Europe and the U.S. Shipments increased by 1.1%, driven by higher volumes in the U.S., partially offset by a decline in Europe. In Europe, pricing continued to benefit from the implementation of trade safeguard measures aimed at limiting the impact of low-priced ferroalloy imports. However, higher energy costs offset the benefit of improved pricing. The U.S. market showed comparatively stronger commercial momentum, supporting an overall increase in shipments despite continued weakness in Europe. Adjusted EBITDA decreased to $11.4 million, compared with $13.0 million in the prior quarter, with the adjusted EBITDA margin declining to 10.0% from 12.1%. 

Raw materials and energy consumption for production

Raw materials and energy consumption for production increased slightly to 51.7% of sales in the third quarter of 2026, compared with 51.5% in the prior quarter, despite a higher positive fair value adjustment related to long-term energy contracts of $76.8 million, compared with $59.9 million in the second quarter. Excluding the impact of these adjustments, raw materials and energy consumption represented 72.5% of sales, compared with 67.3% in the prior quarter, primarily reflecting higher production due to substantially higher energy costs, mainly in Spain. 

Net Profit Attributable to the Parent

In the third quarter of 2026, net profit attributable to the parent was $57.9 million, or $0.31 per diluted share, compared to a net profit attributable to the parent of $60.4 million, or $0.32 per diluted share, in the prior quarter. The slight decrease was primarily driven by softer operating performance, partially offset by the higher positive fair value adjustment related to long-term energy contracts. The Company reported an adjusted diluted loss per share of $(0.06) for the third quarter of 2026, compared to breakeven adjusted diluted earnings per share in the previous quarter.

Adjusted EBITDA

Adjusted EBITDA turned negative at $(2.4) million in the third quarter of 2026, compared with $13.1 million in the prior quarter, primarily due to higher energy costs in Spain and, to a lesser degree, a challenging ferrosilicon market.

Total Cash, Adjusted Gross Debt and Working Capital

																									%
($ in millions)		Q3 2026				Q2 2026				$				%				Q3 2025				$			Y/Y
Total Cash1		$	93.3			$	93.2				0.1				0.0	%		$	121.5				(28.2	)		(23.2	)%
Adjusted Gross Debt2		$	135.3			$	130.9				4.4				3.4	%		$	126.7				8.6			6.8	%
Net (Debt) Cash		$	(42.1	)		$	(37.7	)			(4.4	)			(11.7	)%		$	(5.2	)			(36.9	)		(709.1	)%
Total Working Capital3		$	363.6			$	398.4				(34.8	)			(8.7	)%		$	421.6				(58.0	)		(13.8	)%

^{(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 IFRS16
(3)   Total working capital is comprised of inventories, trade receivables and other receivables minus trade and other payables} 

Total cash was $93.3 million as of September 30, 2026, an increase of $0.1 million from $93.2 million as of June 30, 2026. Adjusted gross debt increased by $4.4 million to $135.3 million, resulting in net debt of $42.1 million as of September 30, 2026, representing an increase of $4.4 million from the prior quarter.

During the third quarter, cash flows provided by operating activities were $25.9 million, and net cash used in investing activities was $18.3 million. Cash used in financing activities was $8.0 million as a result of lease payments of $3.9 million, dividend payments of $2.8 million, interest payments of $2.4 million, the principal repayments of other financing liabilities of $0.4 million, and financing facilities payments in France and Spain totaling $1.6 million, partially offset by net cash proceeds from the sale of short-term commercial paper totaling $3.1 million.

Total working capital was $363.6 million as of September 30, 2026, a decrease of $34.8 million from $398.4 million at the end of the prior quarter. The decrease in our working capital balance during the quarter was primarily driven by a decrease of $23.6 million in inventories, $20.0 million in trade receivables and an increase of $5.0 million in trade and other payables, partially offset by a $13.8 million increase in other receivables. 

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “Despite the negative third quarter adjusted EBITDA of $2.4 million, we generated $5.6 million of free cash flow with net debt slightly increasing to $42.1 million. We maintain our financial discipline while we continue to rein in costs within our control. From a cash flow perspective, we expect to further reduce working capital needs in the coming quarters as we consolidate our production footprint.”

Capital Returns

During the third quarter, Ferroglobe did not repurchase shares and paid a quarterly cash dividend of $0.015 per share on September 29, 2026. Our next cash dividend of $0.015 per share will be paid on December 30, 2026, to shareholders of record as of December 22, 2026. 

Management Update

Thomas Wiesner, Chief Legal Officer and Group Company Secretary, will step down from his role effective November 4, 2026, to pursue other opportunities. Dr. Marco Levi commented, “On behalf of the Board and the management team, I want to thank Thomas for his significant contributions to Ferroglobe over the past six years and wish him every success in the future.” The Company is in the final stages of selecting a successor and expects to announce an appointment in the coming weeks.

Conference Call

Ferroglobe invites all interested persons to participate in our conference call at 8:30 AM, Eastern Time on November 4, 2026. The call may also be accessed via an audio webcast.

To join via phone:
Conference call participants should pre-register using this link:
https://register-conf.media-server.com/register/BI36c7b5339ba84b0ca798a27bf90a6238

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/yd3eswuy

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 believes 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, 2026				June 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Sales		$	369,762			$	378,620			$	311,698			$	1,096,127			$	1,005,739
Raw materials and energy consumption for production			(191,182	)			(195,066	)			(180,414	)			(609,735	)			(671,967	)
Other operating income			37,409				33,606				30,421				91,507				66,386
Staff costs			(63,160	)			(68,063	)			(68,861	)			(195,363	)			(208,107	)
Other operating expense			(79,860	)			(76,409	)			(74,705	)			(228,033	)			(186,531	)
Depreciation and amortization			(15,024	)			(15,541	)			(19,953	)			(47,167	)			(55,774	)
Impairment (loss)			—				—				(12	)			—				255
Other gain (loss)			261				(192	)			(177	)			111				1,056
Operating profit (loss)			58,206				56,955				(2,003	)			107,447				(48,943	)
Finance income			2,167				1,907				830				4,783				2,673
Finance costs			(5,244	)			(3,482	)			(4,084	)			(14,647	)			(13,409	)
Exchange differences			3,810				5,138				555				10,730				(26,018	)
Profit (loss) before tax			58,939				60,518				(4,702	)			108,313				(85,697	)
Income tax (expense) / benefit			(703	)			48				(8,566	)			3,354				(5,404	)
Total profit (loss) for the period			58,236				60,566				(13,268	)			111,667				(91,101	)
Profit (loss) attributable to the parent		$	57,928			$	60,374			$	(12,812	)		$	111,250			$	(89,744	)
Profit (loss) attributable to non-controlling interest			308				192				(456	)			417				(1,357	)
EBITDA		$	77,040			$	77,634			$	18,505			$	165,344			$	(19,187	)
Adjusted EBITDA		$	(2,360	)		$	13,093			$	18,267			$	14,080			$	13,025
Weighted average number of shares outstanding
Basic			188,294				188,281				188,075				188,282				188,386
Diluted			188,759				188,668				188,075				188,815				188,386
Profit (loss) per ordinary share
Basic		$	0.31			$	0.32			$	(0.07	)		$	0.59			$	(0.48	)$
Diluted		$	0.31			$	0.32			$	(0.07	)		$	0.59			$	(0.48	)$

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,
		2026			2026			2025
ASSETS
Non-current assets
Goodwill		$	12,472		$	12,472		$	12,472
Intangible assets			184,134			203,823			132,682
Property, plant and equipment			484,222			487,026			486,678
Other financial assets			158,463			71,718			26,717
Receivables from related parties			1,703			1,709			1,763
Other non-current assets			21,511			21,550			21,436
Total non-current assets			862,505			798,298			681,748
Current assets
Inventories			297,863			321,435			306,160
Trade receivables			200,976			220,987			191,536
Other receivables			97,439			83,664			74,665
Current income tax assets			2,369			3,330			5,564
Other financial assets			5			6			11,104
Other current assets			29,466			28,547			21,716
Restricted cash and cash equivalents			142			153			175
Cash and cash equivalents			93,130			93,079			122,812
Total current assets			721,390			751,201			733,732
Total assets		$	1,583,895		$	1,549,499		$	1,415,480
EQUITY AND LIABILITIES
Equity		$	780,680		$	717,895		$	692,257
Non-current liabilities
Deferred income			83,299			61,003			26,394
Provisions			37,089			35,443			30,487
Provision for pensions			28,466			28,496			28,903
Bank borrowings			39,517			39,835			60,136
Lease liabilities			51,189			53,113			57,429
Other financial liabilities			19,477			20,170			22,035
Derivative financial liabilities			—			4,012			45,198
Other non-current liabilities			1,572			264			345
Deferred tax liabilities			5,478			5,876			11,005
Total non-current liabilities			266,087			248,212			281,932
Current liabilities
Provisions			83,194			128,191			87,308
Provision for pensions			179			179			186
Bank borrowings			88,257			89,825			79,876
Lease liabilities			12,041			12,311			12,254
Debt instruments			32,181			28,731			26,014
Other financial liabilities			7,211			6,839			11,408
Payables to related parties			7,499			1,875			2,577
Trade and Other payables			232,655			227,678			144,853
Current income tax liabilities			4,074			4,048			970
Other current liabilities			69,837			83,715			75,845
Total current liabilities			537,128			583,392			441,291
Total equity and liabilities		$	1,583,895		$	1,549,499		$	1,415,480

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, 2026				June 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Cash flows from operating activities:
Profit (loss) for the period		$	58,236			$	60,566			$	(13,268	)		$	111,667			$	(91,101	)
Adjustments to reconcile net profit (loss) to net cash provided by operating activities:
Income tax expense / (benefit)			703				(48	)			8,566				(3,354	)			5,404
Depreciation and amortization			15,024				15,541				19,953				47,167				55,774
Finance income			(2,167	)			(1,907	)			(830	)			(4,783	)			(2,673	)
Finance costs			5,244				3,482				3,881				14,647				13,406
Exchange differences			(3,810	)			(5,138	)			(555	)			(10,730	)			26,018
Impairment loss (gain)			—				—				12				—				(255	)
Share-based compensation			(1,502	)			(1,641	)			(82	)			(2,196	)			1,906
Other loss (gain)			(261	)			192				380				(111	)			(1,053	)
Write down of inventories to net realizable value			2,183				3,888				3,057				8,685				18,194
Change in fair value of derivatives not designated as hedging instruments			(76,752	)			(59,903	)			305				(142,196	)			1,689
Changes in operating assets and liabilities															—
Decrease (increase) in inventories			21,063				8,098				(44,640	)			(7,282	)			(16,144	)
Decrease (increase) in trade receivables			20,045				(10,046	)			37,055				(14,101	)			20,429
(Increase) decrease in other receivables			(14,054	)			7,829				25,770				(24,547	)			213
Decrease (increase) in energy receivable			—				—				6,734				1,259				31,459
Increase (decrease) in trade payables			5,255				22,147				(1,628	)			92,857				50,866
Other changes in operating assets and liabilities			(3,153	)			(8,705	)			(23,777	)			(11,871	)			(46,578	)
Income taxes (paid) refunded			(187	)			2,604				(170	)			2,149				(11,806	)
Net cash provided by operating activities:			25,867				36,959				20,763				57,260				55,748
Cash flows from investing activities:
Interest and finance income received			456				1,790				720				2,946				2,565
Payments due to investments:															—
Intangible assets			(636	)			(42	)			(459	)			(1,200	)			(1,179	)
Property, plant and equipment			(19,669	)			(16,540	)			(18,673	)			(46,544	)			(47,858	)
Other financial assets			—				—				—				(7,000	)			(15,119	)
Disposals:															—
Other non-current assets			261				1,189				—				1,522				1,559
Receipt of asset-related government grant			1,316				—				—				1,316				—
Net cash used in investing activities			(18,272	)			(13,603	)			(18,412	)			(48,960	)			(60,032	)
Cash flows from financing activities:
Dividends paid			(2,803	)			(2,803	)			(2,611	)			(8,409	)			(7,835	)
Payment for debt and equity issuance costs			—				—				(7	)			(217	)			(106	)
Repayment of debt instruments			(18,725	)			(18,207	)			(4,585	)			(51,581	)			(24,116	)
Proceeds from debt issuance			21,802				18,687				15,028				58,496				35,444
(Decrease) / Increase in bank borrowings:															—
Borrowings			90,238				122,976				103,868				337,376				367,399
Payments			(91,816	)			(134,432	)			(121,192	)			(346,972	)			(319,378	)
Payments for lease liabilities			(3,871	)			(3,870	)			(3,408	)			(11,630	)			(9,680	)
Repayments of other financing liabilities			(626	)			(4,580	)			(626	)			(5,881	)			(44,079	)
Other proceeds (payments) from financing activities			—				—				—				—				1,581
Other amounts received due to financing activities			168				—				—				168				—
Payments to acquire own shares			—				—				—				(20	)			(4,691	)
Interest paid			(2,353	)			(3,656	)			(2,232	)			(8,480	)			(9,668	)
Net cash (used in) financing activities			(7,986	)			(25,885	)			(15,765	)			(37,150	)			(15,129	)
Total net (decrease) in cash and cash equivalents			(391	)			(2,529	)			(13,414	)			(28,850	)			(19,413	)
Beginning balance of cash and cash equivalents			93,232				96,392				135,547				122,987				133,271
Foreign exchange gains on cash and cash equivalents			431				(631	)			(657	)			(865	)			7,618
Ending balance of cash and cash equivalents		$	93,272			$	93,232			$	121,476			$	93,272			$	121,476
Restricted cash and cash equivalents			142				153				186				142				186
Cash and cash equivalents			93,130				93,079				121,290				93,130				121,290
Ending balance of cash and cash equivalents		$	93,272			$	93,232			$	121,476			$	93,272			$	121,476

Adjusted EBITDA ($,000):
		Q3´26				Q2´26				Q3´25				YTD´26				YTD´25
Profit (loss) attributable to the parent		$	57,928			$	60,374			$	(12,812	)		$	111,250			$	(89,744	)
Profit (loss) attributable to non-controlling interest			308				192				(456	)			417				(1,357	)
Income tax expense (benefit)			703				(48	)			8,566				(3,354	)			5,404
Finance income			(2,167	)			(1,907	)			(830	)			(4,783	)			(2,673	)
Finance costs			5,244				3,482				4,084				14,647				13,409
Depreciation and amortization			15,024				15,541				19,953				47,167				55,774
EBITDA			77,040				77,634				18,505				165,344				(19,187	)
Exchange differences			(3,810	)			(5,138	)			(555	)			(10,730	)			26,018
Impairment			—				—				12				—				(256	)
Restructuring and termination costs			—				—				—				—				(1,285	)
New strategy implementation			—				—				—				—				682
PPA Energy			(76,752	)			(59,903	)			305				(142,196	)			1,689
Fines Inventory Adjustment			—				—				—				—				5,364
New ERP implementation			1,162				500				—				1,662				—
Adjusted EBITDA		$	(2,360	)		$	13,093			$	18,267			$	14,080			$	13,025

Adjusted (loss) profit attributable to Ferroglobe ($,000):
		Q3´26				Q2´26				Q3´25				YTD´26				YTD´25
Profit (loss) attributable to the parent		$	57,928			$	60,374			$	(12,812	)		$	111,250			$	(89,744	)
Tax rate adjustment			(14,032	)			(15,178	)			9,836				61,414				28,542
Impairment			—				—				9				—				(187	)
Restructuring and termination costs			—				—				—				—				(938	)
New strategy implementation			—				—				—				—				498
PPA Energy			(57,564	)			(44,927	)			223				(106,647	)			1,233
Fines Inventory Adjustment			—				—				—				—				3,916
New ERP implementation			872				375				—				1,247				—
Adjusted (loss) profit attributable to the parent		$	(12,796	)		$	644			$	(2,745	)		$	67,263			$	(56,680	)

Adjusted diluted (loss) profit per share:
		Q3´26				Q2´26				Q3´25				YTD´26				YTD´25
Diluted profit (loss) per ordinary share		$	0.31			$	0.32			$	(0.07	)		$	0.59			$	(0.48	)
Tax rate adjustment			(0.07	)			(0.08	)			0.05				0.33				0.15
Impairment			—				—				0.00				—				(0.00	)
Restructuring and termination costs			—				—				—				—				(0.00	)
New strategy implementation			—				—				—				—				0.00
PPA Energy			(0.30	)			(0.24	)			0.00				(0.56	)			0.01
Fines Inventory Adjustment			—				—				—				—				0.02
New ERP implementation			0.00				—				—				0.01				—
Adjusted diluted (loss) profit per ordinary share		$	(0.06	)		$	0.00			$	(0.02	)		$	0.37			$	(0.30	)

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Ferroglobe's third-quarter 2026 financial results?

Ferroglobe reported $369.8 million in sales, $57.9 million in net profit attributable to the parent and negative $2.4 million in adjusted EBITDA. Sales increased 18.6% year over year but declined 2.3% sequentially. Adjusted diluted loss was $0.06 per share.

What profitability improvements does Ferroglobe expect from its plant consolidation plan?

Ferroglobe expects $85 million to $115 million in adjusted EBITDA improvement at full run rate from planned plant consolidation and overhead reductions. The plan includes five plant closures, subject to employee information and consultation processes, and a 20% overhead reduction. It targets approximately 80% capacity utilization with minimal annual volume changes.

When is Ferroglobe's next dividend payable?

Ferroglobe's next quarterly cash dividend of $0.015 per share is payable on December 30, 2026, to shareholders of record on December 22, 2026. The previous quarterly dividend, also $0.015 per share, was paid on September 29, 2026.

What leadership change did Ferroglobe announce with its third-quarter 2026 results?

Thomas Wiesner will step down as Chief Legal Officer and Group Company Secretary effective November 4, 2026, to pursue other opportunities. Ferroglobe is in the final stages of selecting a successor and expects to announce an appointment in the coming weeks.