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Ferroglobe (GSM) investor relations material
Ferroglobe Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 was marked by weak demand and aggressive low-priced imports, especially in the EU, leading to significant declines in shipments, revenue, and profitability.
Regulatory actions and trade cases in the U.S. and EU resulted in preliminary duties on silicon metal imports from several countries, with further decisions expected soon.
Collaboration with Coreshell advanced, with pilot battery shipments to OEMs, a joint development agreement, and commercial deliveries planned for early 2026.
A new multi-year energy agreement in France was signed, ensuring competitive pricing and operational flexibility from 2026.
Financial highlights
Q3 sales declined 19% sequentially to $311.7 million, with adjusted EBITDA at $18.3 million and margin at 5.9%.
Operating cash flow increased to $20.8 million, with free cash flow of $1.6 million despite market headwinds.
Net debt was $5.2 million at quarter-end, with total cash at $121.5 million and adjusted gross debt at $127 million.
Adjusted diluted EPS improved to $(0.02) from $(0.08) in the prior quarter.
Dividend of $0.014 per share declared for Q4, consistent with prior quarter.
Outlook and guidance
Trade measures in the U.S. and EU are expected to significantly improve market conditions in 2026, with EU decisions expected by November 18.
Steel production in Europe and North America is forecasted to grow by 3.2% and 2.2% respectively in 2026, supporting higher demand for silicon and manganese alloys.
Working capital improvements and inventory management are expected to release substantial cash in Q4.
Share buybacks may resume when market conditions improve, with a continued focus on prudent capital allocation.
EU safeguard outcome: What immediate next steps?
Coreshell supply agreement timing and impact
French energy deal: Quantify operational and cost benefits
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Next Ferroglobe earnings date
Q4 202520 Feb, 2026
Next Ferroglobe earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Ferroglobe PLC is a leading global producer of silicon metal and silicon-based and manganese-based alloys. These advanced metallurgical products are essential for a wide range of consumer and industrial applications, contributing to the sustainable advancement of society. The company holds the position of being the largest merchant producer of silicon metal in the Western World. Its product line includes a variety of ferroalloys and specialty metals, which support industries ranging from automotive and construction to electronics and renewable energy. Ferroglobe operates globally, with a significant presence in the United States, Europe, and other international markets. The company is headquartered in London, United Kingdom, and its shares are listed on the NASDAQ.
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