Ferroglobe (GSM) Q2 2025 earnings summary

Executive summary

• Q2 2025 results showed substantial improvement over Q1, with higher shipments, revenues, and adjusted EBITDA, despite ongoing market challenges and uncertainty.

• Guidance was withdrawn due to macro uncertainty, limited visibility, and delayed EU safeguard decisions.

• Recent U.S. and EU trade actions are expected to reduce disruptions and support market recovery in 2026.

• Added to the Russell 2000 and 3000 indexes as of June 30, 2025, increasing institutional visibility.

Financial highlights

• Q2 2025 sales were $386.9M, up 25.9% sequentially, with a 27% rise in volumes across all product categories.

• Adjusted EBITDA rebounded to $21.6M from a $26.8M loss in Q1, with a 6% margin.

• Adjusted diluted EPS was $(0.08), up from $(0.20) in Q1 2025.

• Free cash flow was neutral to $15.6M; operating cash flow was $15.6M.

• Net loss attributable to parent was $(10.5)M, improved from $(66.5)M in Q1 2025.

Outlook and guidance

• 2025 guidance withdrawn due to elevated macroeconomic uncertainty and limited market visibility.

• Management expects U.S. and EU trade actions to support fair competition and pricing in 2026.

• Anticipated stabilization and price recovery as production containments occur in China, Europe, and Brazil.