Ferroglobe (GSM) Q3 2026 earnings summary

Executive summary

• Q3 sales were $369.8M, up 18.6% YoY and down 2.3% QoQ; adjusted EBITDA was $(2.4)M, pressured by higher energy costs.

• Plant closures, production shifts and overhead cuts target an $85M-$115M adjusted EBITDA improvement at full run rate.

Financial highlights

• Excluding the estimated $18.5M impact from elevated energy prices, Q3 adjusted EBITDA would have been ~ $16M; the Q2 result included a $5M Spanish litigation benefit.

• Q3 net profit attributable to the parent was $57.9M, or $0.31 diluted EPS; adjusted diluted EPS was $(0.06).

• 9M sales were $1,096.1M, up 9.0% YoY; 9M net profit attributable to the parent was $111.3M versus a loss of $89.7M.

• Q3 operating profit was $58.2M, versus $57.0M in Q2 and an operating loss of $2.0M in Q3 2025.

• Q3 adjusted EBITDA bridge: volume $(0.5)M, price +$5.3M, cost $(26.3)M, and HQ/other +$6.0M.

Outlook and guidance

• Plant consolidation and overhead reductions target $85M-$115M in adjusted EBITDA improvement at full run rate; utilization is expected to reach ~80%, with minimal change to annual volumes.

• Implementation costs are expected at $40M-$60M over 18 months; corporate and operations workforce is expected to decline ~20%, and working-capital needs are expected to fall as the footprint is consolidated.

• Q4 is expected to remain challenging due to energy costs and weak European ferrosilicon markets; CapEx is expected to decline significantly.

• Silicon metal outlook is improving as 2027 negotiations begin; silicon-based alloys remain positive in the U.S. but face excess supply in Europe. Manganese-alloy volumes are expected to remain solid in Q4.

• Additional ferromolybdenum shipments and initial ferrovanadium and ferrochromium shipments are expected in Q4, following production validation.