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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.
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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 declines in shipments, sales, and profitability, but regulatory actions and trade measures in the U.S. and EU are expected to improve market conditions in 2026.

  • Preliminary countervailing and anti-dumping duties have been imposed in the U.S. on silicon metal imports, with further determinations and EU safeguard decisions expected by November 18.

  • Collaboration with Coreshell on silicon anode technology advanced, with pilot battery shipments to OEMs and commercial deployment expected in early 2026.

  • A new multi-year energy agreement in France will provide competitive pricing and operational flexibility starting January 2026.

  • All silicon metal plants in Europe were idled at the end of September due to predatory imports and weak demand.

Financial highlights

  • Q3 2025 sales were $311.7 million, down 19% sequentially and 28.1% year-over-year, with lower volumes across all product categories.

  • Adjusted EBITDA was $18.3 million, margin improved to 5.9% due to cost improvements.

  • Operating cash flow was $20.8 million, a 33% increase over the prior quarter, with positive free cash flow of $1.6 million.

  • Net debt at quarter-end was $5.2 million, 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; net loss attributable to the parent was $12.8 million.

Outlook and guidance

  • Trade measures in the U.S. and EU are expected to significantly improve market conditions in 2026, with final EU decisions due by November 18.

  • Steel production is forecasted to grow by 3.2% in Europe and 2.2% in North America in 2026, supporting higher demand for alloys.

  • Substantial improvement in silicon-based and manganese-based alloys markets is expected in 2026, supported by EU safeguards.

  • Working capital improvements and cash flow generation remain key priorities, with further releases expected in Q4.

  • Management is optimistic about a robust market environment in 2026 as trade uncertainties diminish.

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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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