Ferroglobe (GSM) Q4 2025 earnings summary

Executive summary

• Achieved significant trade protections in the EU and U.S., including import safeguards and antidumping duties, improving long-term market outlook for ferroalloys and ferrosilicon.

• Navigated a challenging year with disciplined cost controls, including a hiring freeze, reduced discretionary spending, and proactive measures to maintain a solid balance sheet.

• Converted three furnaces from silicon metal to ferrosilicon to capitalize on favorable market dynamics.

• Increased quarterly dividend by 7% to $0.015 per share for 2026, reflecting growing confidence and continued shareholder-friendly capital allocation.

• Invested in advanced battery technology, including $10 million in Coreshell, and continued share repurchases.

Financial highlights

• Q4 2025 sales grew 5.7% sequentially to $329.4 million, driven by strong silicon-based and manganese-based alloy volumes.

• Adjusted EBITDA for Q4 was $14.6 million, down from $18.3 million in Q3; margin dropped to 4.4% due to lower prices and higher costs from idling in France.

• Full-year 2025 sales were $1,335 million, down from $1,644 million in 2024; adjusted EBITDA was $28 million (2.1% margin), down from $154 million (9.4%) in 2024.

• Generated $51 million in cash from operations for the year, with a $48 million net working capital improvement.

• Free cash flow for the year was -$11.8 million; net debt at year-end was $29.8 million.

Outlook and guidance

• Revenues for 2026 expected to reach $1.5–$1.7 billion, a 20% increase at the midpoint over 2025.

• Management expects substantial improvement in 2026, supported by trade enforcement actions, a long-term French energy contract, and strong growth in silicon-based and manganese-based alloys.

• Expects continued working capital release and similar or slightly lower CapEx in 2026 compared to $63 million in 2025.