Ferroglobe (GSM) Conference presentation summary

Business overview and market position

• Global leader in advanced metallurgical products, specializing in silicon metal, silicon-based alloys, and manganese-based alloys, with operations across five continents and over 3,000 employees.

• Largest merchant producer of silicon metal in the Western world, serving diversified end markets including solar, EV batteries, automotive, construction, and semiconductors.

• Well-diversified revenue mix with $1.3 billion in annual sales and a market cap of $0.8 billion as of August 2026.

• Strong blue-chip customer base, including major industrial and technology companies, with a focus on local supply and minimal supply chain dependency.

• High barriers to entry and no substitutes for core products, supporting long-term demand.

Strategic initiatives and growth opportunities

• Expanding critical materials platform, leveraging existing furnaces to produce additional materials such as magnesium, antimony, silver, gallium, ferromolybdenum, ferrovanadium, and ferrochromium.

• Successfully tested ferromolybdenum and magnesium production, targeting initial commercial activity before year-end.

• Minimal capex required for most new products, with technical know-how and global footprint enabling rapid market entry.

• Growth opportunity in Venezuela with a large, cost-competitive footprint and strategic access to the U.S. market; operations can be restarted with minimal investment.

• Active investment in silicon-rich EV battery technology and new solar supply chain opportunities.

Operational excellence and cost optimization

• Fully integrated production process from raw material extraction to finished alloys, ensuring supply chain control and efficiency.

• Ongoing optimization of production footprint to focus on the most cost-competitive plants and drive margin expansion through higher capacity utilization.

• Implementation of targeted cost reductions and increased fixed-cost absorption.

• Strong capital stewardship, reducing adjusted gross debt from $514 million in Q4-21 to $131 million in Q2-26.

• Consistent dividends and opportunistic share repurchases, with a 1.4% annual yield and disciplined capital allocation.