First Quarter Highlights

Reported adjusted EBITDA of $(26.8) million
Generated $5.1 million of free cash flow
Favorable final decision in the U.S. ferrosilicon case with preliminary EU safeguard decision expected by June
New trade case filed by U.S. silicon metal producers on April 24
Increased quarterly cash dividend to $0.014 per share in March, up 8% over the prior quarter
Repurchased 720,008 shares during the first quarter

LONDON, May 07, 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 first quarter of 2025.

Financial Highlights

							%						%
($ in millions, except EPS)	Q1 2025			Q4 2024			Q/Q			Q1 2024			Y/Y

Sales	$	307.2		$	367.5			(16.4	)%	$	391.9			(21.6	)%
Net (loss) income attributable to the parent	$	(66.5	)	$	(28.1	)		(136.3	)%	$	(2.0	)		(3184.7	)%
Adj. EBITDA	$	(26.8	)	$	9.8			(372.2	)%	$	25.8			(203.9	)%
Adjusted diluted EPS	$	(0.20	)	$	0.03			(849.2	)%	$	(0.00	)		(4872.9	)%
Operating cash flow	$	19.4		$	32.1			(39.6	)%	$	198.0			(90.2	)%
Capital expenditures¹	$	14.3		$	17.9			(20.3	)%	$	18.2			(21.5	)%
Free cash flow²	$	5.1		$	14.1			64.2	%	$	179.8			(97.2	)%

^{(1) Cash outflows for capital expenditures}

^{(2) Free cash flow is calculated as operating cash flow less capital expenditures}

Dr. Marco Levi, Ferroglobe's Chief Executive Officer, commented, "Our first quarter adjusted EBITDA was negative, in line with our budget, reflecting the uncertain market environment. We anticipate significant improvement from the second quarter forward. Despite the soft quarter, Ferroglobe again generated positive free cash flow. We used this cash to pay increased dividends and repurchase shares, while maintaining a strong balance sheet with no net debt.

"One of the reasons for our optimistic outlook for the coming quarters is driven by our belief that we are at or near the market trough. This, combined with supportive trade actions in the U.S., including various trade measures, such as the final ferrosilicon determination, a newly filed petition by the U.S. silicon metal producers against unfair competition by imports, positions us well there. In the EU, expected safeguard measures covering all our main products should begin to benefit us in the second half. We expect improving demand to translate into higher revenues. We believe that once these uncertainties are resolved, local producers like Ferroglobe will be well-positioned to take advantage of these opportunities and regain market share," concluded Dr. Levi.

Consolidated Sales

In the first quarter of 2025, Ferroglobe reported sales of $307.2 million, a decrease of 16.4% over the prior quarter and a decrease of 21.6% from the comparable prior year period. This decrease compared to the prior quarter was primarily attributable to lower sales volumes in silicon metal and manganese-based alloys and lower pricing in all our portfolio products, partially offset by higher volumes sold in silicon-based alloys. Sales of silicon metal and manganese-based alloys declined by $56.7 million and $4.0 million, respectively, while silicon-based alloys increased by $5.8 million, compared with the prior quarter.

Product Category Highlights

Silicon Metal


($,000)	Q1 2025			Q4 2024			% Q/Q		Q1 2024			% Y/Y
Shipments in metric tons:		36,308			49,797		(27.1	)%		53,183		(31.7	)%
Average selling price ($/MT):		2,881			3,240		(11.1	)%		3,155		(8.7	)%

Silicon Metal Revenue		104,603			161,342		(35.2	)%		167,792		(37.7	)%
Silicon Metal Adj.EBITDA		(15,447	)		16,849		(191.7	)%		16,071		(196.1	)%
Silicon Metal Adj.EBITDA Margin		(14.8	)%		10.4	%				9.6	%

Silicon metal revenue in the first quarter was $104.6 million, a decrease of 35.2% over the prior quarter. The average selling price decreased by 11.1%, and shipments decreased by 27.1% due to lower volumes, mainly in EMEA, compared to the prior quarter. Adjusted EBITDA for silicon metal decreased to $(15.4) million for the first quarter, compared with $16.8 million for the prior quarter. In addition to lower prices, adjusted EBITDA margin further decreased mainly due to cost deterioration attributed to volume declines, lower fixed cost absorption and higher energy costs.

Silicon-Based Alloys


($,000)	Q1 2025			Q4 2024			% Q/Q		Q1 2024			% Y/Y
Shipments in metric tons:		42,864			39,417		8.7	%		51,171		(16.2	)%
Average selling price ($/MT):		2,120			2,159		(1.8	)%		2,188		(3.1	)%

Silicon-based Alloys Revenue		90,872			85,101		6.8	%		111,962		(18.8	)%
Silicon-based Alloys Adj.EBITDA		2,414			3,093		(22.0	)%		14,412		(83.3	)%
Silicon-based Alloys Adj.EBITDA Margin		2.7	%		3.6	%				12.9	%

Silicon-based alloy revenue in the first quarter was $90.9 million, an increase of 6.8% over the prior quarter. The average selling price decreased by 1.8% and shipments increased by 8.7% compared to the prior quarter. Volumes increased due to higher demand in the US. Adjusted EBITDA for silicon-based alloys decreased to $2.4 million for the first quarter of 2025, a decrease of 22.0% compared with $3.1 million for the prior quarter. The adjusted EBITDA margin decrease was primarily driven by decline in prices.

Manganese-Based Alloys


($,000)	Q1 2025			Q4 2024			% Q/Q		Q1 2024			% Y/Y
Shipments in metric tons:		67,229			67,712		(0.7	)%		62,320		7.9	%
Average selling price ($/MT):		1,108			1,159		(4.4	)%		1,066		3.9	%

Manganese-based Alloys Revenue		74,490			78,478		(5.1	)%		66,433		12.1	%
Manganese-based Alloys Adj.EBITDA		(5,574	)		7,091		(178.6	)%		5,520		(201.0	)%
Manganese-based Alloys Adj.EBITDA Margin		(7.5	)%		9.0	%				8.3	%

Manganese-based alloy revenue in the first quarter was $74.5 million, a decrease of 5.1% over the prior quarter. The average selling price decreased by 4.4% and shipments were essentially flat compared to the prior quarter. Adjusted EBITDA for the manganese-based alloys portfolio decreased to $(5.6) million for the first quarter, compared with $7.1 million in the prior quarter. Adjusted EBITDA margin decreased mainly due to higher energy costs and idling in France.

Raw materials and energy consumption for production

Raw materials and energy consumption for production was $238.3 million in the first quarter of 2025 compared to $250.8 million in the prior quarter, a decrease of 5.0%. As a percentage of sales, raw materials and energy consumption for production was 77.6% in the first quarter of 2025, compared to 68.2% in the fourth quarter. The increase in costs as percentage of sales was driven by lower pricing and higher energy costs.

Net (Loss) Income Attributable to the Parent

In the first quarter of 2025, net loss attributable to the parent was $(66.5) million, or $(0.36) per diluted share, compared to a net loss attributable to the parent of $(28.1) million, or $(0.15) per diluted share in the prior quarter. This decrease is primarily attributable to reduced prices across our product portfolio and shipments of our main products. The Company reported adjusted diluted earnings per share of $(0.20) for the first quarter, compared with adjusted earnings per share of $0.03 per share in the prior quarter.

Adjusted EBITDA

Adjusted EBITDA was $(26.8) million for the first quarter of 2025 compared to $9.8 million for the prior quarter. The decrease was mainly driven by lower pricing and higher energy costs.

Total Cash, Adjusted Gross Debt and Working Capital

																%
($ in millions)	March 31, 2025		December 31, 2024		$			%			March 31, 2024		$			Y/Y

Total Cash¹	$	129.6	$	133.3		(3.7	)		(2.8	)%	$	159.8		(30.2	)		(18.9	)%
Adjusted Gross Debt²	$	110.4	$	94.4		16.0			16.9	%	$	80.8		29.6			36.6	%
Net Cash	$	19.2	$	38.9		(19.7	)		(50.6	)%	$	79.0		(59.8	)		75.7	%
Total Working Capital³	$	435.7	$	460.8		(25.1	)		(5.5	)%	$	487.5		(51.8	)		(10.6	)%

^{(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 $129.6 million as of March 31, 2025, down $3.7 million from $133.3 million as of December 31, 2024. Adjusted gross debt increased by $16.0 million to $110.4 million, resulting in net cash of $19.2 million as of March 31, 2025.

During the first quarter cash flows from operating activities were $19.4 million and net cash used in investing activities was $23.0 million. Cash used in financing activities was $2.8 million as a result of lease payments of $3.1 million, dividend payments of $2.6 million and interest payments of $4.5 million. Share repurchases of $2.7 million and repayment of other financing liabilities of $22.7 million were partially offset by net cash proceeds from promissory notes of $4.0 million and financing facilities in the US and South Africa of $30.3 million.

Total working capital was $435.7 million as of March 31, 2025, down from $460.8 million on December 31, 2024. The $25.1 million decrease in working capital balance during the quarter was due to a $32.3 million decrease in inventories and an increase in trade and other payables by $17.7 million, offset by an $11.7 million increase in trade receivables and $13.2 million increase in other receivables.

Beatriz García-Cos, Ferroglobe's Chief Financial Officer, commented, "We continued to make robust progress in reducing our working capital during the first quarter, achieving approximately 50% of our full-year target. Looking ahead, we expect a modest increase in working capital over the next two quarters as production ramps up in France, followed by a meaningful reduction in the fourth quarter. Our balance sheet remains strong and we generated free cash flow in the first quarter, while also returning capital to shareholders through $2.6 million in dividends and $2.7 million in share repurchases."

Capital Returns

During the first quarter, Ferroglobe repurchased 720,008 shares at an average price of $3.75 per share and paid a quarterly cash dividend of $0.014 per share on March 26, 2025. Our next cash dividend of $0.014 per share will be paid on June 26, 2025, to shareholders of record as of June 18, 2025.

Conference Call

Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, Eastern Time on May 8, 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/BIa09c86627bc54bbfa844f3e0cffca9e2

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/7rutmin8

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
	March 31, 2025			December 31, 2024				March 31, 2024
Sales	$	307,179		$	367,505		$	391,854
Raw materials and energy consumption for production		(238,341	)		(250,763	)		(259,289	)
Other operating income		9,072			18,892			10,836
Staff costs		(70,450	)		(70,241	)		(70,519	)
Other operating expense		(47,290	)		(52,289	)		(52,348	)
Depreciation and amortization		(17,520	)		(19,020	)		(18,669	)
Impairment gain (loss)		268			(43,052	)		—
Other gain (loss)		1,405			(571	)		696
Operating (loss) profit		(55,677	)		(49,539	)		2,561
Finance income		873			3,533			2,297
Finance costs		(4,555	)		(3,089	)		(9,966	)
Exchange differences		(6,914	)		15,167			1,383
Loss before tax		(66,273	)		(33,928	)		(3,725	)
Income tax (expense) benefit		(625	)		4,376			1,155
Total loss for the period		(66,898	)		(29,552	)		(2,570	)

Loss attributable to the parent	$	(66,482	)	$	(28,134	)	$	(2,024	)
Loss attributable to non-controlling interest		(416	)		(1,418	)		(546	)

EBITDA	$	(45,071	)	$	(15,352	)	$	22,613
Adjusted EBITDA	$	(26,803	)	$	9,845		$	25,803


Weighted average number of shares outstanding
Basic and diluted		187,008			188,072			187,927

Loss per ordinary share
Basic and diluted	$	(0.36	)	$	(0.15	)	$	(0.01	)

Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Financial Position (in thousands of U.S. dollars)


	As of March 31,		As of December 31,		As of March 31,
	2025		2024		2024
ASSETS
Non-current assets
Goodwill	$	14,219	$	14,219	$	29,702
Intangible assets		178,583		103,095		193,592
Property, plant and equipment		495,285		487,196		500,940
Other financial assets		25,375		19,744		13,944
Deferred tax assets		7,997		6,580		10,636
Receivables from related parties		1,622		1,558		1,622
Other non-current assets		23,019		22,451		21,770
Total non-current assets		746,100		654,843		772,206
Current assets
Inventories		314,843		347,139		361,602
Trade receivables		200,526		188,816		214,127
Other receivables		96,308		83,103		89,815
Receivables from related parties		—		—		2,712
Current income tax assets		5,191		7,692		10,740
Other financial assets		8,564		5,569		2
Other current assets		39,385		52,014		27,894
Restricted cash and cash equivalents		300		298		298
Cash and cash equivalents		129,281		132,973		159,470
Total current assets		794,398		817,604		866,660
Total assets	$	1,540,498	$	1,472,447	$	1,638,866

EQUITY AND LIABILITIES
Equity	$	780,568	$	834,245	$	843,702
Non-current liabilities
Deferred income		71,764		8,014		77,185
Provisions		26,390		24,384		22,102
Provision for pensions		28,383		27,618		29,293
Bank borrowings		32,299		13,911		14,643
Lease liabilities		59,766		56,585		54,361
Debt instruments		—		—		—
Other financial liabilities		29,487		25,688		68,186
Other non-current liabilities		14,279		13,759		1,760
Deferred tax liabilities		18,834		19,629		30,253
Total non-current liabilities		281,202		189,588		297,783
Current liabilities
Provisions		91,416		83,132		127,533
Provision for pensions		168		168		165
Bank borrowings		56,214		43,251		42,762
Lease liabilities		12,572		12,867		12,297
Debt instruments		14,311		10,135		—
Other financial liabilities		27,168		48,117		15,190
Payables to related parties		3,074		2,664		3,527
Trade and other payables		176,017		158,251		178,038
Current income tax liabilities		10,337		10,623		6,262
Other current liabilities		87,451		79,406		111,607
Total current liabilities		478,728		448,614		497,381
Total equity and liabilities	$	1,540,498	$	1,472,447	$	1,638,866

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
	March 31, 2025			December 31, 2024			March 31, 2024
Cash flows from operating activities:
(Loss) for the period	$	(66,898	)	$	(29,552	)	$	(2,570	)
Adjustments to reconcile net (loss) to net cash provided by operating activities:
Income tax expense (benefit)		625			(4,376	)		(1,155	)
Depreciation and amortization		17,520			19,020			18,669
Finance income		(873	)		(3,533	)		(2,297	)
Finance costs		4,555			3,089			9,966
Exchange differences		6,914			(15,167	)		(1,383	)
Impairment (gain) loss		(268	)		43,052			—
Share-based compensation		1,296			1,587			928
Other (gain) loss		(1,405	)		571			(696	)
Changes in operating assets and liabilities
Decrease in inventories		28,357			23,146			19,011
(Increase) decrease in trade receivables		(7,206	)		31,756			2,404
Increase in other receivables		(9,573	)		(12,885	)		(2,084	)
Decrease (increase) in energy receivable		25,165			(5,735	)		161,855
Increase (decrease) in trade payables		13,186			(19,039	)		(1,925	)
Other changes in operating assets and liabilities		7,537			4,936			(7,259	)
Income taxes received (paid)		440			(4,776	)		4,580
Net cash provided by operating activities:		19,372			32,094			198,044
Cash flows from investing activities:
Interest and finance income received		872			692			741
Payments due to investments:
Intangible assets		(557	)		(855	)		(584	)
Property, plant and equipment		(13,750	)		(17,090	)		(17,641	)
Other financial assets		(11,119	)		—			—
Disposals:
Property, plant and equipment		1,559			—			—
Receipt of asset-related government grant		—			12,453			—
Net cash used in investing activities		(22,995	)		(4,800	)		(17,484	)
Cash flows from financing activities:
Dividends paid		(2,613	)		(2,436	)		(2,438	)
Payment for debt and equity issuance costs		(95	)		(6	)		—
Repayment of debt instruments		(10,361	)		—			(147,624	)
Proceeds from debt issuance		14,380			10,255			—
Increase (decrease) in bank borrowings:
Borrowings		106,033			122,809			94,611
Payments		(77,176	)		(137,650	)		(83,012	)
Payments for lease liabilities		(3,098	)		(4,511	)		(2,973	)
(Payments) proceeds from other financing liabilities		(22,651	)		6,054			—
Other payments from financing activities		—			(411	)		(192	)
Payments to acquire own shares		(2,703	)		(1,936	)		—
Interest paid		(4,531	)		(2,029	)		(14,634	)
Net cash used in financing activities		(2,815	)		(9,861	)		(156,262	)
Total net (decrease) increase in cash and cash equivalents		(6,438	)		17,433			24,298
Beginning balance of cash and cash equivalents		133,271			120,810			137,649
Foreign exchange gains (losses) on cash and cash equivalents		2,748			(4,972	)		(2,179	)
Ending balance of cash and cash equivalents	$	129,581		$	133,271		$	159,768
Restricted cash and cash equivalents		300			298			298
Cash and cash equivalents		129,281			132,973			159,470
Ending balance of restricted cash and cash and cash equivalents	$	129,581		$	133,271		$	159,768

Adjusted EBITDA ($,000):


	For the Three Months Ended March 31, 2025			For the Three Months Ended December 31, 2024			For the Three Months Ended March 31, 2024
Loss attributable to the parent	$	(66,482	)	$	(28,134	)	$	(2,024	)
Loss attributable to non-controlling interest		(416	)		(1,418	)		(546	)
Income tax expense (benefit)		625			(4,376	)		(1,155	)
Finance income		(873	)		(3,533	)		(2,297	)
Finance costs		4,555			3,089			9,966
Depreciation and amortization charges		17,520			19,020			18,669
EBITDA		(45,071	)		(15,352	)		22,613
Exchange differences		6,914			(15,167	)		(1,383	)
Impairment (gain) loss		(268	)		43,052			—
Restructuring and termination costs		—			(2,693	)		—
New strategy implementation		682			1,629			1,361
Subactivity		—			1,457			942
PPA Energy		2,768			(3,081	)		2,270
Fines inventory adjustment		8,172			—			—
Adjusted EBITDA	$	(26,803	)	$	9,845		$	25,803

Adjusted profit attributable to Ferroglobe ($,000):


	For the Three Months Ended March 31, 2025			For the Three Months Ended December 31, 2024			For the Three Months Ended March 31, 2024
Loss attributable to the parent	$	(66,482	)	$	(28,134	)	$	(2,024	)
Tax rate adjustment		21,481			6,301			17
Impairment (gain) loss		(184	)		28,671			—
Restructuring and termination costs		—			(1,846	)		—
New strategy implementation		467			1,116			933
Subactivity		—			998			646
PPA Energy		1,897			(2,111	)		1,556
Fines inventory adjustment		5,600			—			—
Adjusted (loss) profit attributable to the parent	$	(37,220	)	$	4,996		$	1,168

Adjusted diluted profit per share:


	For the Three Months Ended March 31, 2025			For the Three Months Ended December 31, 2024			For the Three Months Ended March 31, 2024
Diluted (loss) per ordinary share	$	(0.36	)	$	(0.15	)	$	(0.01	)
Tax rate adjustment		0.11			0.03			0.00
Impairment (gain) loss		(0.00	)		0.15			—
Restructuring and termination costs		—			(0.01	)		—
New strategy implementation		0.00			0.01			0.00
Subactivity		—			0.01			0.00
PPA Energy		0.01			(0.01	)		0.01
Fines inventory adjustment		0.03			—			—
Adjusted diluted (loss) profit per ordinary share	$	(0.20	)	$	0.03		$	(0.00	)