Second Quarter Highlights

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

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

Financial Highlights

($ in millions, except EPS)	Q2 2025			Q1 2025			% Q/Q			Q2 2024			% Y/Y			YTD 2025			YTD 2024		% Y/Y

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

^{(1) Cash outflows for capital expenditures}

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

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

Consolidated Sales

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

Product Category Highlights

Silicon Metal

($,000)	Q2 2025			Q1 2025			% Q/Q		Q2 2024			% Y/Y		YTD 2025			YTD 2024			% Y/Y
Shipments in metric tons:		44,610			36,308		22.9	%		62,872		(29.0	)%		80,918			116,055		(30.3	)%
Average selling price ($/MT):		2,916			2,881		1.2	%		3,244		(10.1	)%		2,900			3,203		(9.5	)%

Silicon Metal Revenue		130,083			104,603		24.4	%		203,957		(36.2	)%		234,662			371,724		(36.9	)%
Silicon Metal Adj.EBITDA		6,521			(15,447	)	142.2	%		34,584		(81.1	)%		(8,926	)		50,655		(117.6	)%
Silicon Metal Adj.EBITDA Margin		5.0	%		(14.8	)%				17.0	%				(3.8	)%		13.6	%

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

Silicon-Based Alloys

($,000)	Q2 2025			Q1 2025			% Q/Q		Q2 2024			% Y/Y		YTD 2025			YTD 2024			% Y/Y
Shipments in metric tons:		53,048			42,864		23.8	%		46,953		13.0	%		95,913			98,124		(2.3	)%
Average selling price ($/MT):		2,105			2,120		(0.7	)%		2,241		(6.1	)%		2,112			2,213		(4.6	)%

Silicon-based Alloys Revenue		111,666			90,872		22.9	%		105,222		6.1	%		202,568			217,148		(6.7	)%
Silicon-based Alloys Adj.EBITDA		7,158			2,414		196.5	%		10,199		(29.8	)%		9,572			24,611		(61.1	)%
Silicon-based Alloys Adj.EBITDA Margin		6.4	%		2.7	%				9.7	%				4.7	%		11.3	%

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

Manganese-Based Alloys

($,000)	Q2 2025			Q1 2025			% Q/Q		Q2 2024			% Y/Y		YTD 2025			YTD 2024			% Y/Y
Shipments in metric tons:		88,188			67,229		31.2	%		81,464		8.3	%		155,417			143,784		8.1	%
Average selling price ($/MT):		1,204			1,108		8.7	%		1,204		0.0	%		1,162			1,144		1.6	%

Manganese-based Alloys Revenue		106,178			74,490		42.5	%		98,083		8.3	%		180,595			164,489		9.8	%
Manganese-based Alloys Adj.EBITDA		16,794			(5,574	)	401.3	%		13,832		21.4	%		11,220			19,352		(42.0	)%
Manganese-based Alloys Adj.EBITDA Margin		15.8	%		(7.5	)%				14.1	%				6.2	%		11.8	%

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

Raw materials and energy consumption for production

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

Net (Loss) Profit Attributable to the Parent

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

Adjusted EBITDA

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

Total Cash, Adjusted Gross Debt and Working Capital

($ in millions)	June 30, 2025		March 31, 2025		$			%			June 30, 2024		$			% Y/Y

Total Cash¹	$	135.5	$	129.6		5.9			4.6	%	$	144.5		(9.0	)		(6.2	)%
Adjusted Gross Debt²	$	125.2	$	110.4		14.8			13.5	%	$	80.7		44.5			55.1	%
Net Cash	$	10.3	$	19.2		(8.9	)		(46.2	)%	$	63.7		(53.4	)		83.8	%
Total Working Capital³	$	440.8	$	435.7		5.1			1.2	%	$	499.1		(58.3	)		(11.7	)%

^{(1) Total cash is comprised of restricted cash and cash and cash equivalents}

^{(2) Adjusted gross debt excludes bank borrowings on our factoring program and the impact of leasing standard IFRS16}

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

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

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

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

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

Capital Returns

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

Conference Call

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

To join via phone:

Conference call participants should pre-register using this link

https://register-conf.media-server.com/register/BI76a327a79962400a8669dbeffc854d7a

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

To join via webcast:

A simultaneous audio webcast, and replay will be accessible here:

https://edge.media-server.com/mmc/p/wd5snyo8

About Ferroglobe

Ferroglobe PLC is a leading global producer of silicon metal, silicon- and manganese- based specialty alloys and ferroalloys, serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, electronics, automotive, consumer products, construction, and energy. The Company is based in London. For more information, visit http://investor.ferroglobe.com.

Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company's future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as "anticipate", "believe", "could", "estimate", "expect", "should","forecast", "guidance", "intends", "likely", "may", "plan", "potential", "predicts", "seek", "target", "will" and words of similar meaning or the negative thereof.

Forward-looking statements contained in this press release are based on information currently available to the Company and assumptions that management believe to be reasonable, but are inherently uncertain. As a result, Ferroglobe's actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control.

Forward-looking financial information and other metrics presented herein represent the Company's goals and are not intended as guidance or projections for the periods referenced herein or any future periods.

All information in this press release is as of the date of its release. Ferroglobe does not undertake any obligation to update publicly any of the forward-looking statements contained herein to reflect new information, events or circumstances arising after the date of this press release. You should not place undue reliance on any forward-looking statements, which are made only as of the date of this press release.

Non-IFRS Measures

This document may contain summarized, non-audited or non-IFRS financial information. The information contained herein should therefore be considered as a whole and in conjunction with all the public information regarding the Company available, including any other documents released by the Company that may contain more detailed information. Adjusted EBITDA, adjusted EBITDA as a percentage of sales, working capital as a percentage of sales, adjusted EBITDA margin, working capital,adjusted net profit, adjusted diluted EPS, adjusted gross debt and net cash/(debt), are non-IFRS financial metrics that management uses in its decision making. Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important and useful to investors because they eliminate items that have less bearing on the Company's current and future operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures.

INVESTOR CONTACT:

Alex Rotonen, CFA

Vice President, Investor Relations

Email: investor.relations@ferroglobe.com

MEDIA CONTACT:

Cristina Feliu Roig

Vice President, Communications & Public Affairs

Email: corporate.comms@ferroglobe.com


Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Income Statement (in thousands of U.S. dollars, except per share amounts)

		For the Three Months Ended			For the Three Months Ended			For the Three Months Ended			For the Six Months Ended			For the Six Months Ended
	June 30, 2025			March 31, 2025				June 30, 2024			June 30, 2025		June 30, 2024
Sales	$	386,862		$	307,179		$	451,048		$	694,041		$	842,902
Raw materials and energy consumption for production		(253,212	)		(238,341	)		(262,015	)		(491,553	)		(521,304	)
Other operating income		26,893			9,072			27,448			35,965			38,284
Staff costs		(68,797	)		(70,450	)		(67,220	)		(139,247	)		(137,739	)
Other operating expense		(64,535	)		(47,290	)		(86,071	)		(111,825	)		(138,419	)
Depreciation and amortization		(18,301	)		(17,520	)		(18,875	)		(35,821	)		(37,544	)
Impairment gain (loss)		—			268			—			268			—
Other (loss) gain		(172	)		1,405			238			1,233			934
Operating profit (loss)		8,738			(55,677	)		44,553			(46,939	)		47,114
Finance income		970			873			16,471			1,843			39,000
Finance costs		(4,970	)		(4,555	)		(21,786	)		(9,525	)		(51,984	)
Financial derivatives gain		200			—			—			200			—
Exchange differences		(19,659	)		(6,914	)		3,591			(26,573	)		4,974
(Loss) profit before tax		(14,721	)		(66,273	)		42,829			(80,994	)		39,104
Income tax benefit (expense)		3,787			(625	)		(8,481	)		3,162			(7,326	)
Total (loss) profit for the period		(10,934	)		(66,898	)		34,348			(77,832	)		31,778

(Loss) profit attributable to the parent	$	(10,451	)	$	(66,482	)	$	34,880		$	(76,933	)	$	32,856
(Loss) attributable to non-controlling interest		(483	)		(416	)		(532	)		(899	)		(1,078	)

EBITDA	$	7,380		$	(45,071	)	$	67,019		$	(37,691	)	$	89,632
Adjusted EBITDA	$	21,562		$	(26,803	)	$	57,739		$	(5,241	)	$	83,542


Weighted average number of shares outstanding
Basic and diluted		188,142			187,008			189,298			188,583			189,237

Loss per ordinary share
Basic and diluted	$	(0.06	)	$	(0.36	)	$	0.18		$	(0.41	)	$	0.17


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

	As of June 30,		As of March 31,		As of December 31,
	2025		2025		2024
ASSETS
Non-current assets
Goodwill	$	14,219	$	14,219	$	14,219
Intangible assets		195,631		178,583		103,095
Property, plant and equipment		519,165		495,285		487,196
Other financial assets		27,519		25,375		19,744
Deferred tax assets		9,290		7,997		6,580
Receivables from related parties		1,758		1,622		1,558
Other non-current assets		21,346		23,019		22,451
Total non-current assets		788,928		746,100		654,843
Current assets
Inventories		325,960		314,843		347,139
Trade receivables		221,070		200,526		188,816
Other receivables		119,848		96,308		83,103
Receivables from related parties		—		—		—
Current income tax assets		8,475		5,191		7,692
Other financial assets		12,530		8,564		5,569
Other current assets		48,529		39,385		52,014
Restricted cash and cash equivalents		197		300		298
Cash and cash equivalents		135,350		129,281		132,973
Total current assets		871,959		794,398		817,604
Total assets	$	1,660,887	$	1,540,498	$	1,472,447

EQUITY AND LIABILITIES
Equity	$	812,639	$	780,568	$	834,245
Non-current liabilities
Deferred income		57,589		71,764		8,014
Provisions		29,310		26,390		24,384
Provision for pensions		30,570		28,383		27,618
Bank borrowings		45,941		32,299		13,911
Lease liabilities		64,858		59,766		56,585
Other financial liabilities		28,651		29,487		25,688
Other non-current liabilities		14,033		14,279		13,759
Deferred tax liabilities		18,507		18,834		19,629
Total non-current liabilities		289,459		281,202		189,588
Current liabilities
Provisions		121,527		91,416		83,132
Provision for pensions		177		168		168
Bank borrowings		83,166		56,214		43,251
Lease liabilities		13,704		12,572		12,867
Debt instruments		12,368		14,311		10,135
Other financial liabilities		7,720		27,168		48,117
Payables to related parties		3,978		3,074		2,664
Trade and other payables		226,077		176,017		158,251
Current income tax liabilities		27		10,337		10,623
Other current liabilities		90,045		87,451		79,406
Total current liabilities		558,789		478,728		448,614
Total equity and liabilities	$	1,660,887	$	1,540,498	$	1,472,447


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

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

Adjusted EBITDA ($,000):

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

Adjusted profit attributable to Ferroglobe ($,000):

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

Adjusted diluted profit per share:

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

Ferroglobe Reports Second Quarter 2025 Financial Results