First Quarter Highlights

  • Strong increase in ferroalloys due to trade measures and increasing steel production in the U.S.
  • EU Trade Commissioner committed to helping the silicon metal industry
  • Actively pursuing a potential restart of cost-competitive Venezuelan operations
  • Expertise in critical materials unlocks new growth opportunities as the U.S. and EU policy pivots toward domestically anchored supply chains
  • Reporting first quarter adjusted EBITDA of $3.3 million
  • Ended the quarter with total cash of $96.4 million and net debt of $54.6 million
  • Paid quarterly dividend of $0.015 per share on March 30; Next dividend of $0.015 payable on June 29


LONDON, May 05, 2026 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading global producer of silicon metal, silicon-based and manganese-based specialty alloys, today announced financial results for the first quarter of 2026.

Financial Highlights
% %
($ in millions, except EPS) Q1 2026 Q4 2025 Q/Q Q1 2025 Y/Y
Sales $ 347.7 $ 329.4 5.6 % $ 307.2 13.2 %
Net (loss) attributable to the parent $ (7.1 ) $ (81.0 ) 91.3 % $ (66.5 ) 89.4 %
Adj. EBITDA $ 3.3 $ 14.6 (77.1 )% $ (26.8 ) 112.5 %
Adjusted diluted EPS $ (0.07 ) $ (0.06 ) (1.6 )% $ (0.20 ) 66.8 %
Operating cash flow $ (5.6 ) $ (4.3 ) (29.9 )% $ 19.4 (128.7 )%
Capital expenditures 1 $ 10.9 $ 14.2 (23.7 )% $ 14.3 (24.1 )%
Free cash flow 2 $ (16.4 ) $ (18.5 ) 11.3 % $ 5.1 (424.3 )%

(1)   Cash outflows for capital expenditures
(2)   Free cash flow is calculated as operating cash flow less capital expenditures

Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “We delivered a strong increase in first quarter ferroalloy shipment volumes in both the EU and the U.S, driven primarily by recently enacted trade measures. While volumes improved, pricing did not keep pace with higher costs, particularly in logistics and raw materials, resulting in margin compression. We view these cost pressures as temporary and expect pricing conditions to improve in the second half of the year.

“We see significant opportunities to diversify both our footprint and product mix, directly supporting our long-term strategic growth strategy. In Venezuela, we own four furnaces with more than 100,000 tons of incremental capacity, with the flexibility to produce across all our core product segments. Beyond this, we are actively evaluating which critical materials are most economically viable to produce, leveraging our established Western footprint and past production experience. The newly signed U.S. and EU strategic partnership on critical materials signals a structural shift, strengthening our position as markets increasingly prioritize secure, domestic supply chains for strategic materials,” concluded Dr. Levi.

Consolidated Sales

In the first quarter of 2026, Ferroglobe reported sales of $347.7 million, a 5.6% increase from the prior quarter and a 13.2% increase from the comparable prior-year period. This improvement was mainly driven by higher sales volumes of silicon-based alloys and manganese-based alloys, as well as a higher average selling price for manganese-based alloys, partially offset by lower volumes and average selling price for silicon metals. Silicon-based alloys prices remained stable during the quarter. Sales of silicon metal decreased by $12.4 million from the prior quarter, while silicon-based alloys and manganese-based alloys increased by $18.7 million and $14.5 million, respectively, compared with the prior quarter.

Product Category Highlights

Silicon Metal
($,000) Q1 2026 Q4 2025 % Q/Q Q1 2025 % Y/Y
Shipments in metric tons: 30,533 32,634 (6.4 )% 36,308 (15.9 )%
Average selling price ($/MT): 2,754 2,957 (6.9 )% 2,881 (4.4 )%
Silicon Metal Revenue 84,088 96,499 (12.9 )% 104,603 (19.6 )%
Silicon Metal Adj.EBITDA (2,275 ) 885 (357.1 )% (15,447 ) (85.3 )%
Silicon Metal Adj.EBITDA Margin (2.7 )% 0.9 % (14.8 )%


Silicon metal revenue in the first quarter was $84.1 million, a decrease of 12.9% from the prior quarter. The average selling price decreased 6.9%, driven by lower pricing in the U.S. and Europe amid a more competitive market environment and cautious customer purchasing in key end-markets, particularly in Europe, partially offset by a slight increase in South Africa. Shipments decreased 6.4%, primarily reflecting lower volumes in EMEA, partially offset by higher volumes in the U.S. Adjusted EBITDA decreased to $(2.3) million in the first quarter, compared with $0.9 million in the prior quarter, reflecting lower realized pricing and shipments, partially offset by strong cost performance in Canada. Adjusted EBITDA margin decreased to (2.7%) in the first quarter from 0.9% in the prior quarter.

Silicon-Based Alloys
($,000) Q1 2026 Q4 2025 % Q/Q Q1 2025 % Y/Y
Shipments in metric tons: 60,674 51,279 18.3 % 42,864 41.6 %
Average selling price ($/MT): 2,016 2,020 (0.2 )% 2,120 (4.9 )%
Silicon-based Alloys Revenue 122,319 103,584 18.1 % 90,872 34.6 %
Silicon-based Alloys Adj.EBITDA 6,850 15,503 (55.8 )% 2,414 183.8 %
Silicon-based Alloys Adj.EBITDA Margin 5.6 % 15.0 % 2.7 %


Silicon-based alloy revenue in the first quarter was $122.3 million, an increase of 18.1% from the prior quarter. The average selling price was stable, as higher realizations in Europe were largely offset by softer pricing in the U.S. and South Africa, where market conditions remained competitive. Shipments increased 18.3%, reflecting a broad-based improvement across regions, with the most significant increase in the U.S., supported by improved demand and customer restocking in steel and foundry applications. Adjusted EBITDA decreased to $6.8 million in the first quarter of 2026, down from $15.5 million in the prior quarter, primarily reflecting higher production costs, which more than offset the benefit from higher volumes. Adjusted EBITDA margin decreased to 5.6% in the first quarter, compared with 15.0% in the prior quarter.

Manganese-Based Alloys
($,000) Q1 2026 Q4 2025 % Q/Q Q1 2025 % Y/Y
Shipments in metric tons: 85,743 80,778 6.1 % 67,229 27.5 %
Average selling price ($/MT): 1,250 1,147 9.0 % 1,108 12.8 %
Manganese-based Alloys Revenue 107,179 92,652 15.7 % 74,490 43.9 %
Manganese-based Alloys Adj.EBITDA 10,014 8,681 15.4 % (5,574 ) (279.7 )%
Manganese-based Alloys Adj.EBITDA Margin 9.3 % 9.4 % (7.5 )%


Manganese-based alloy revenue in the first quarter was $107.2 million, an increase of 15.7% from the prior quarter. The average selling price increased 9.0%, driven by higher pricing in Europe, partially offset by a slight decrease in the U.S. Shipments increased 6.1%, reflecting solid volume growth in Europe as steel-related demand for domestic manganese alloys improved. Adjusted EBITDA increased to $10.0 million in the first quarter, compared with $8.7 million in the prior quarter, supported by higher volumes and prices, offset by higher manganese ore, energy, and transportation costs. Adjusted EBITDA margin was 9.3%, broadly in line with 9.4% in the prior quarter.

Raw materials and energy consumption for production

Raw materials and energy consumption for production decreased to 64.3% of sales in the first quarter of 2026, compared with 79.4% in the prior quarter. This improvement was primarily driven by the absence of the $40.2 million fair value loss related to long term energy contracts recognized in the fourth quarter of 2025, as well as the recognition of a positive fair value adjustment of $5.5 million in the first quarter of 2026. Improved production levels and better fixed cost absorption also contributed to the sequential improvement. Excluding the impact of power purchase agreements, raw materials and energy consumption represented 65.9% of revenue in the first quarter of 2026, compared with 67.2% in the prior quarter.

Net (Loss) Attributable to the Parent

In the first quarter of 2026, net loss attributable to the parent was $7.1 million, or $(0.04) per diluted share, compared to a net loss attributable to the parent of $81.0 million, or $(0.43) per diluted share, in the prior quarter. The quarter over quarter improvement was primarily driven by the absence of the $40.2 million negative fair value remeasurement impacts related to long-term energy contracts recorded in the fourth quarter, as well as the absence of an impairment charge of $17.7 million and additional depreciation of $12.6 million recognized in the prior quarter. Results in the first quarter of 2026 also benefited from improved operating leverage, partially offset by higher selling-related expenses associated with increased sales volumes. The Company reported adjusted diluted earnings per share of $(0.07) for the first quarter of 2026, compared with $(0.06) in the prior quarter.

Adjusted EBITDA

Adjusted EBITDA declined to $3.3 million in the first quarter of 2026, compared to $14.6 million for the prior quarter. The prior quarter benefited from a one time positive impact of approximately $12 million related to the modification of a lease liability agreement. During the first quarter of 2026, operating performance improved, supported by stronger volumes and continued cost efficiency initiatives, partially offset by higher selling and distribution costs.

Total Cash, Adjusted Gross Debt and Working Capital
%
($ in millions) Q1 2026 Q4 2025 $ % Q1 2025 $ Y/Y
Total Cash 1 $ 96.4 $ 123.0 (26.6 ) (21.6 )% $ 129.6 (33.2 ) (25.6 )%
Adjusted Gross Debt 2 $ 151.0 $ 152.8 (1.8 ) (1.2 )% $ 110.4 40.6 36.8 %
Net (Debt) Cash $ (54.6 ) $ (29.8 ) (24.8 ) (83.3 )% $ 19.2 (73.8 ) (384.5 )%
Total Working Capital 3 $ 431.2 $ 427.5 3.7 0.9 % $ 435.7 (4.5 ) (1.0 )%

(1)  Total cash is comprised of restricted cash and cash and cash equivalents
(2)  Adjusted gross debt excludes bank borrowings on our factoring program and the impact of leasing standard IFRS16
(3)  Total working capital is comprised of inventories, trade receivables and other receivables minus trade and other payables

Total cash was $96.4 million as of March 31, 2026, a decrease of $26.6 million from $123.0 million as of December 31, 2025. Adjusted gross debt decreased by $1.8 million to $151.0 million, resulting in net debt of $54.6 million as of March 31, 2026. This represents an increase of $24.8 million from the prior quarter.

During the first quarter, cash flows used in operating activities were $5.6 million, and net cash used in investing activities was $17.1 million. Cash used in financing activities was $3.3 million as a result of lease payments of $3.9 million, dividend payments of $2.8 million, interest payments of $2.4 million, and the principal repayments of other financing liabilities of $0.7 million, partially offset proceeds from financing facilities in South Africa, France and Spain totaling $3.4 million, net cash proceeds from the sale of short-term commercial paper totaling $3.1 million.

Total working capital was $431.2 million as of March 31, 2026, an increase of $3.7 million from $427.5 million at the end of the prior quarter. The increase in our working capital balance during the quarter was primarily driven by increases of $28.1 million in inventories, $20.9 million in trade receivables, and $16.8 million in other receivables, partially offset by a $62.1 million increase in trade and other payables.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “We delivered solid sales in the first quarter, with revenue increasing almost 6%, driven by higher volumes in our silicon-based alloy and manganese-based alloy segments. However, lower silicon metal prices and margin compression in silicon-based alloys impacted profitability, resulting in adjusted EBITDA of $3.3 million, compared with $14.6 million in the fourth quarter. The conflict in Iran created a challenging operating environment during the quarter, with higher transportation, logistics, and raw material costs, primarily manganese ore and coal, without a corresponding improvement in our realized prices. While these pressures affected adjusted EBITDA and resulted in negative free cash flow, we maintained disciplined capital expenditure management. Importantly, we ended the quarter with a solid liquidity position, including $96.4 million of total cash and a manageable net debt level of $54.6 million.”

Capital Returns

During the first quarter, Ferroglobe repurchased 5,140 shares at an average price of $3.90 per share and paid a quarterly cash dividend of $ 0.015 per share on March 30, 2026. Our next cash dividend of $0.015 per share will be paid on June 29, 2026, to shareholders of record as of June 22, 2026.

Conference Call

Ferroglobe invites all interested persons to participate on our conference call at 8:30 AM, Eastern Time on May 6, 2026. The call may also be accessed via an audio webcast.

To join via phone:
Conference call participants should pre-register using this link:
https://register-conf.media-server.com/register/BIa208b4cf9feb40e1baae1852662f7210

Once registered, you will receive the dial-in numbers and a personal PIN, which are required to access the conference call.

To join via webcast:

A simultaneous audio webcast and replay will be accessible here:
https://edge.media-server.com/mmc/p/sfxcprpy

About Ferroglobe

Ferroglobe PLC is a leading global producer of silicon metal, silicon- and manganese- based specialty alloys and ferroalloys, serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, electronics, automotive, consumer products, construction, and energy. The Company is based in London. For more information, visit http://investor.ferroglobe.com.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company’s future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “should”,“forecast”, “guidance”, “intends”, “likely”, “may”, “plan”, “potential”, “predicts”, “seek”, “target”, “will” and words of similar meaning or the negative thereof.

Forward-looking statements contained in this press release are based on information currently available to the Company and assumptions that management believe to be reasonable, but are inherently uncertain. As a result, Ferroglobe’s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control.

Forward-looking financial information and other metrics presented herein represent the Company’s goals and are not intended as guidance or projections for the periods referenced herein or any future periods.

All information in this press release is as of the date of its release. Ferroglobe does not undertake any obligation to update publicly any of the forward-looking statements contained herein to reflect new information, events or circumstances arising after the date of this press release. You should not place undue reliance on any forward-looking statements, which are made only as of the date of this press release.

Non-IFRS Measures

This document may contain summarized, non-audited or non-IFRS financial information. The information contained herein should therefore be considered as a whole and in conjunction with all the public information regarding the Company available, including any other documents released by the Company that may contain more detailed information. Adjusted EBITDA, adjusted EBITDA as a percentage of sales, working capital as a percentage of sales, adjusted EBITDA margin, working capital, adjusted net profit, adjusted diluted EPS, adjusted gross debt and net cash/(debt), are non-IFRS financial metrics that management uses in its decision making. Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important and useful to investors because they eliminate items that have less bearing on the Company’s current and future operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures.

INVESTOR CONTACT:

Alex Rotonen, CFA
Vice President, Investor Relations
Email: [email protected]

MEDIA CONTACT:

Cristina Feliu Roig
Vice President, Communications & Public Affairs
Email: [email protected]

Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Income Statement
(in thousands of U.S. dollars, except per share amounts)
For the Three Months Ended For the Three Months Ended For the Three Months Ended
March 31, 2026 December 31, 2025 March 31, 2025
Sales $ 347,745 $ 329,382 $ 307,179
Raw materials and energy consumption for production (223,488 ) (261,564 ) (238,341 )
Other operating income 20,492 16,450 9,072
Staff costs (64,140 ) (62,542 ) (70,450 )
Other operating expense (71,765 ) (59,367 ) (47,290 )
Depreciation and amortization (16,601 ) (29,177 ) (17,520 )
Impairment (loss) gain — (17,743 ) 268
Other gain 42 48 1,405
Operating (loss) (7,715 ) (84,513 ) (55,677 )
Finance income 708 801 873
Finance costs (5,922 ) (7,365 ) (4,555 )
Exchange differences 1,783 2,132 (6,914 )
(Loss) before tax (11,146 ) (88,945 ) (66,273 )
Income tax benefit / (expense) 4,010 2,936 (625 )
Total (loss) for the period (7,136 ) (86,009 ) (66,898 )
(Loss) attributable to the parent $ (7,053 ) $ (80,953 ) $ (66,482 )
(Loss) attributable to non-controlling interest (83 ) (5,056 ) (416 )
EBITDA $ 10,669 $ (53,204 ) $ (45,071 )
Adjusted EBITDA $ 3,347 $ 14,590 $ (26,803 )
Weighted average number of shares outstanding
Basic and diluted 188,286 188,291 187,008
(Loss) per ordinary share
Basic and diluted $ (0.04 ) $ (0.43 ) $ (0.36 )


Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Financial Position
(in thousands of U.S. dollars)
As of March 31, As of December 31, As of March 31,
2026 2025 2025
ASSETS
Non-current assets
Goodwill $ 12,472 $ 12,472 $ 14,219
Intangible assets 198,323 132,682 178,583
Property, plant and equipment 480,827 486,678 495,285
Other financial assets 46,054 26,717 25,375
Deferred tax assets — — 7,997
Receivables from related parties 1,725 1,763 1,622
Other non-current assets 21,516 21,436 23,019
Total non-current assets 760,917 681,748 746,100
Current assets
Inventories 334,265 306,160 314,843
Trade receivables 212,387 191,536 200,526
Other receivables 91,534 74,665 96,308
Current income tax assets 4,922 5,564 5,191
Other financial assets 4 11,104 8,564
Other current assets 20,671 21,716 39,385
Restricted cash and cash equivalents 164 175 300
Cash and cash equivalents 96,228 122,812 129,281
Total current assets 760,175 733,732 794,398
Total assets $ 1,521,092 $ 1,415,480 $ 1,540,498
EQUITY AND LIABILITIES
Equity $ 670,460 $ 692,257 $ 780,568
Non-current liabilities
Deferred income 75,478 26,394 71,764
Provisions 32,081 30,487 26,390
Provision for pensions 28,752 28,903 28,383
Bank borrowings 59,327 60,136 32,299
Lease liabilities 55,523 57,429 59,766
Other financial liabilities 21,022 22,035 24,957
Derivate financial liabilities 37,917 45,198 4,530
Other non-current liabilities 297 345 14,279
Deferred tax liabilities 8,202 11,005 18,834
Total non-current liabilities 318,599 281,932 281,202
Current liabilities
Provisions 107,200 87,308 91,416
Provision for pensions 183 186 168
Bank borrowings 83,230 79,876 56,214
Lease liabilities 12,482 12,254 12,572
Debt instruments 29,430 26,014 14,311
Other financial liabilities 11,358 11,408 24,763
Derivate financial liabilities — — 2,405
Payables to related parties 2,726 2,577 3,074
Trade and other payables 206,997 144,853 176,017
Current income tax liabilities 889 970 10,337
Other current liabilities 77,538 75,845 87,451
Total current liabilities 532,033 441,291 478,728
Total equity and liabilities $ 1,521,092 $ 1,415,480 $ 1,540,498


Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Cash Flows
(in thousands of U.S. dollars)
For the Three Months Ended For the Three Months Ended For the Three Months Ended
March 31, 2026 December 31, 2025 March 31, 2025
Cash flows from operating activities:
(Loss) for the period $ (7,136 ) $ (86,009 ) $ (66,898 )
Adjustments to reconcile net (loss) to net cash (used) provided by operating activities:
Income tax (benefit)/expense (4,010 ) (2,936 ) 625
Depreciation and amortization 16,601 29,177 17,520
Finance income (708 ) (801 ) (873 )
Finance costs 5,922 7,365 4,555
Exchange differences (1,783 ) (2,132 ) 6,914
Impairment loss (gain) — 17,743 (268 )
Share-based compensation 947 (92 ) 1,296
Other (gain) (42 ) (48 ) (1,405 )
Write downs of inventories to net realizable value 2,614 4,742 11,812
Change in fair value of derivatives not designed as hedging instruments (5,539 ) 40,218 2,768
Changes in operating assets and liabilities
(Increase) decrease in inventories (36,443 ) 59,903 28,357
(Increase) decrease in trade receivables (24,100 ) (7,015 ) (7,206 )
(Increase) decrease in other receivables (18,322 ) 18,816 (9,573 )
Decrease (increase) in energy receivable 1,259 (418 ) 25,165
Increase (decrease) in trade payables 65,455 (79,548 ) 13,186
Other changes in operating assets and liabilities (13 ) (4,727 ) (7,043 )
Income taxes (paid) refunded (268 ) 1,477 440
Net cash (used in) / provided by operating activities: (5,566 ) (4,285 ) 19,372
Cash flows from investing activities:
Interest and finance income received 700 991 872
Payments due to investments:
Intangible assets (522 ) (377 ) (557 )
Property, plant and equipment (10,335 ) (13,845 ) (13,750 )
Other financial assets (7,000 ) — (11,119 )
Disposals:
Other non-current assets 72 131 1,559
Net cash used in investing activities (17,085 ) (13,100 ) (22,995 )
Cash flows from financing activities:
Dividends paid (2,803 ) (2,616 ) (2,613 )
Payment for debt and equity issuance costs (217 ) (99 ) (95 )
Repayment of debt instruments (14,649 ) (11,644 ) (10,361 )
Proceeds from debt issuance 18,007 14,800 14,380
Increase/(decrease) in bank borrowings:
Borrowings 124,162 154,871 106,033
Payments (120,724 ) (126,663 ) (77,176 )
Payments for lease liabilities (3,889 ) (6,505 ) (3,098 )
(Repayments of)/payments from other financing liabilities (675 ) (669 ) (22,651 )
Payments to acquire own shares (20 ) — (2,703 )
Interest paid (2,471 ) (2,882 ) (4,531 )
Net cash (used in) / provided by financing activities (3,279 ) 18,593 (2,815 )
Total net (decrease) increase in cash and cash equivalents (25,930 ) 1,208 (6,438 )
Beginning balance of cash and cash equivalents 122,987 121,477 133,271
Foreign exchange (losses) gains on cash and cash equivalents (665 ) 302 2,748
Ending balance of cash and cash equivalents $ 96,392 $ 122,987 $ 129,581
Restricted cash and cash equivalents 164 175 300
Cash and cash equivalents 96,228 122,812 129,281
Ending balance of cash and cash equivalents $ 96,392 $ 122,987 $ 129,581


Adjusted EBITDA ($,000):
Q1´26 Q4´25 Q1´25
(Loss) attributable to the parent $ (7,053 ) $ (80,953 ) $ (66,482 )
(Loss) attributable to non-controlling interest (83 ) (5,056 ) (416 )
Income tax (benefit) expense (4,010 ) (2,936 ) 625
Finance income (708 ) (801 ) (873 )
Finance costs 5,922 7,365 4,555
Depreciation and amortization 16,601 29,177 17,520
EBITDA 10,669 (53,204 ) (45,071 )
Exchange differences (1,783 ) (2,132 ) 6,914
Impairment — 29,710 (268 )
New strategy implementation — — 682
PPA Energy (5,539 ) 40,216 2,768
Fines Inventory Adjustment — — 8,172
Adjusted EBITDA $ 3,347 $ 14,590 $ (26,803 )


Adjusted (loss) attributable to Ferroglobe ($,000):
Q1´26 Q4´25 Q1´25
(Loss) attributable to the parent $ (7,053 ) $ (80,953 ) $ (66,482 )
Tax rate adjustment (1,224 ) 21,079 21,481
Impairment — 18,286 (184 )
New strategy implementation — — 467
PPA Energy (4,154 ) 29,358 1,897
Fines Inventory Adjustment — — 5,600
Adjusted (loss) attributable to the parent $ (12,431 ) $ (12,230 ) $ (37,220 )


Adjusted diluted (loss) per share:
Q1´26 Q4´25 Q1´25
Diluted (loss) per ordinary share $ (0.04 ) $ (0.43 ) $ (0.36 )
Tax rate adjustment (0.01 ) 0.11 0.11
Impairment — 0.10 (0.00 )
New strategy implementation — — 0.00
PPA Energy (0.02 ) 0.16 0.01
Fines Inventory Adjustment — — 0.03
Adjusted diluted (loss) per ordinary share $ (0.07 ) $ (0.06 ) $ (0.20 )