Second Quarter Highlights

• Strong sequential shipment growth, driven by increased silicon metal volumes in EMEA and the U.S.
• Adjusted EBITDA of $13.1 million
• Total cash of $93.2 million and net debt of $37.7 million at quarter-end
• Strategic critical materials initiatives advancing, leveraging existing assets to support growing demand for secure Western supply chains
• Quarterly dividend of $0.015 per share paid on June 30, 2026; next dividend of $0.015 payable on September 29, 2026

LONDON, Aug. 04, 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, announced financial results for the second quarter of 2026. Silicon metal is among the materials designated as critical by both the U.S. government and the European Union, reflecting its importance to aluminum production, silicone-based chemicals, and solar-grade polysilicon supply chains.

CEO Commentary

Dr. Marco Levi, Ferroglobe's Chief Executive Officer, stated: "Our second quarter results reflect solid execution of our strategy despite a challenging pricing environment. Strong volume growth, positive free cash flow generation, and further debt reduction reinforce the resilience of our operating platform and our disciplined approach to capital allocation.

"At the same time, we continue to advance the development of our critical materials strategy by leveraging our existing industrial footprint, metallurgical expertise, and established customer relationships to create new avenues for growth. Combined with increasing support for Western supply chains and domestic production, we believe Ferroglobe is uniquely positioned to benefit from the growing focus on critical materials, industrial security, and onshoring initiatives across the U.S. and Europe," concluded Dr. Levi.

Ferroglobe is one of the largest Western-based producers of silicon metal, with operations spanning Europe, the United States, and South Africa. The company's integrated position contrasts with a global silicon metal market historically dominated by Chinese production, a dynamic that has drawn increased policy attention as governments seek to reduce import dependence for minerals deemed essential to energy transition and industrial supply chains.

Consolidated Sales

Ferroglobe reported Q2 2026 sales of $378.6 million, representing an 8.9% increase from the prior quarter and a 2.1% decrease from the comparable prior-year period. The sequential improvement was primarily driven by higher sales volumes of silicon metal and silicon-based alloys, along with higher average selling prices for manganese-based alloys. These gains were partially offset by lower sales volumes for manganese-based alloys and lower average selling prices for silicon metal and silicon-based alloys.

On a sequential basis, sales of silicon metal rose by $21.7 million, silicon-based alloys increased by $2.6 million, and manganese-based alloys rose by $0.5 million.

Product Category Highlights

Silicon Metal

Silicon metal revenue reached $105.8 million in Q2 2026, up 25.8% from the prior quarter. The average selling price declined 5.9%, driven by lower pricing across the U.S. and EMEA, as elevated market availability and cautious customer purchasing continued to pressure realized prices, particularly in Europe. Shipments increased 33.7%, reflecting higher volumes in both EMEA and the U.S.

Adjusted EBITDA for silicon metal was $(2.7) million, compared with $(2.3) million in the prior quarter, primarily due to lower realized pricing. The adjusted EBITDA margin improved to (2.5%) from (2.7%) in the prior quarter. Silicon metal production is highly energy-intensive, as the material is manufactured by carbothermic reduction of quartz in submerged arc furnaces, making power costs a primary determinant of regional competitiveness.

Silicon-Based Alloys

Silicon-based alloy revenue was $124.9 million, up 2.2% sequentially. The average selling price decreased 1.5%, as higher realized prices in South Africa were more than offset by softer pricing in Europe and the U.S. amid subdued steel demand and ample market availability. Shipments rose 3.7%, primarily reflecting stronger volumes in Europe, partially offset by lower volumes in South Africa and the U.S.

Adjusted EBITDA increased to $14.5 million from $6.8 million in the prior quarter, driven by improved operating costs and higher shipments, partially offset by lower realized pricing. The adjusted EBITDA margin rose to 11.6% from 5.6%.

Manganese-Based Alloys

Manganese-based alloy revenue was $107.6 million, a 0.4% sequential increase. The average selling price rose 1.6%, reflecting higher pricing in both Europe and the U.S. In Europe, pricing was supported by EU safeguard measures and additional duties on certain imports, despite continued weakness in underlying demand. EU safeguard measures on steel and related materials are part of the bloc's broader trade defense framework, which sets tariff-rate quotas on certain imported products and has provided a degree of price support for European ferroalloy producers even amid soft downstream demand. Shipments declined 1.2%, primarily reflecting lower volumes in Europe, partially offset by a modest U.S. increase.

Adjusted EBITDA increased to $13.0 million from $10.0 million in the prior quarter, reflecting higher realized pricing, improved operating performance, and a more favorable sales mix, partially offset by higher manganese ore, energy, and transportation costs. The adjusted EBITDA margin rose to 12.1% from 9.3%.

Raw Materials and Energy Consumption

Raw materials and energy consumption for production decreased to 51.5% of sales in Q2 2026, compared with 64.3% in the prior quarter. This improvement was primarily driven by recognition of a $59.9 million positive fair value adjustment related to long-term energy contracts, compared with a $5.5 million gain recognized in Q1 2026.

Excluding the impact of power purchase agreements, raw materials and energy consumption represented 67.3% of sales in Q2 2026, compared with 65.9% in the prior quarter. This reflected pressure on realized selling prices across most product categories and changes in the sales mix, while raw material and energy costs did not decline at the same pace, resulting in a narrowing of the price-cost spread.

Net Profit (Loss) Attributable to the Parent

Net profit attributable to the parent was $60.4 million, or $0.32 per diluted share, in Q2 2026, compared with a net loss of $7.1 million, or $(0.04) per diluted share, in the prior quarter. The return to profitability primarily reflected the $59.9 million positive fair value adjustment related to long-term energy contracts and improved operating performance, partially offset by higher selling expenses associated with increased sales volumes. This fair value adjustment is a non-cash accounting item reflecting mark-to-market changes in the company's power purchase agreements, distinct from operating cash flow.

The Company reported breakeven adjusted diluted earnings per share for Q2 2026, compared with an adjusted diluted loss per share of $(0.07) in the prior quarter.

Adjusted EBITDA

Adjusted EBITDA increased to $13.1 million in Q2 2026, from $3.3 million in the prior quarter. The sequential improvement reflected stronger shipment volumes and improved operating performance across the portfolio, supported by continued cost efficiency initiatives. These benefits were partially offset by higher selling and distribution costs.

Total Cash, Adjusted Gross Debt, and Working Capital

Total cash was $93.2 million as of June 30, 2026, down $3.2 million from $96.4 million as of March 31, 2026. Adjusted gross debt decreased by $20.1 million to $130.9 million, resulting in net debt of $37.7 million as of June 30, 2026 — a $16.9 million reduction from the prior quarter.

During Q2 2026, cash flows provided by operating activities totaled $37.0 million, and net cash used in investing activities was $13.6 million. Cash used in financing activities was $25.9 million, comprising lease payments of $3.9 million, dividend payments of $2.8 million, interest payments of $3.7 million, principal repayments of other financing liabilities of $4.6 million, and financing facilities payments in South Africa, France, and Spain totaling $11.4 million, partially offset by net cash proceeds from the sale of short-term commercial paper totaling $0.5 million.

Total working capital was $398.4 million as of June 30, 2026, down $32.8 million from $431.2 million at the end of the prior quarter. The decrease was primarily driven by a $12.8 million reduction in inventories, a $7.8 million decrease in other receivables, and a $20.7 million increase in trade and other payables, partially offset by an $8.6 million increase in trade receivables.

CFO Commentary

Beatriz García-Cos, Ferroglobe's Chief Financial Officer, stated: "The second quarter reflected a meaningful improvement in operating performance, with adjusted EBITDA increasing to $13.1 million, from $3.3 million in the first quarter, free cash flow of $20.4 million, and net debt declining to $37.7 million. Higher shipment volumes, disciplined working capital management, and continued cost control drove solid cash generation and further strengthened our balance sheet. With ample liquidity, reduced leverage, and a consistent dividend, we remain focused on maintaining financial flexibility while supporting the growth opportunities emerging from our core business and strategic critical materials initiatives."

Capital Returns

During Q2 2026, Ferroglobe did not repurchase shares. The Company paid a quarterly cash dividend of $0.015 per share on June 30, 2026. The next cash dividend of $0.015 per share will be paid on September 29, 2026, to shareholders of record as of September 22, 2026.

Conference Call

Ferroglobe will host a conference call at 8:30 AM Eastern Time on August 5, 2026. The call may also be accessed via an audio webcast.

To join via phone: Conference call participants should pre-register using this link:

Once registered, participants will receive dial-in numbers and a personal PIN required to access the call.

To join via webcast: A simultaneous audio webcast and replay will be accessible here:

About Ferroglobe

Ferroglobe PLC is a leading global producer of silicon metal, silicon- and manganese-based specialty alloys and ferroalloys, serving customers worldwide 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

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 terminology 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 believes to be reasonable, but are inherently uncertain. 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 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 forward-looking statements contained herein to reflect new information, events, or circumstances arising after the date of this release.

Non-IFRS Measures

This document may contain summarized, non-audited, or non-IFRS financial 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, eliminating items with less bearing on current and future operating performance and highlighting trends in its core business.

Investor Contact

Alex Rotonen, CFA — Vice President, Investor Relations
Email: investor.relations@ferroglobe.com

Media Contact

Cristina Feliu Roig — Vice President, Communications & Public Affairs
Email: corporate.comms@ferroglobe.com