Third Quarter Highlights
- Total sales were $369.8 million, up 18.6% year over year and down 2.3% sequentially
- Adjusted EBITDA was negative $2.4 million due to substantially higher energy prices, impacting adjusted EBITDA by nearly $19 million
- Generated positive operating cash flow of $25.9 million and free cash flow of $5.6 million, supported by a $34.8 million sequential reduction in working capital
- Taking decisive actions to improve profitability by increasing capacity utilization and reducing overhead costs, targeting an adjusted EBITDA improvement of $100 million +/- 15% at full run rate
- Continued progress on new strategic critical materials initiatives, with initial customer shipments during the third quarter
- Paid quarterly dividend of $0.015 per share on September 29; Next dividend of $0.015 payable on December 30
LONDON, Nov. 03, 2026 (GLOBE NEWSWIRE) — Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading global producer of silicon metal, silicon-based and manganese-based specialty alloys, today announced financial results for the third quarter of 2026.
Financial Highlights
| % | % | % | ||||||||||||||||||||||||||||
| ($ in millions, except EPS) | Q3 2026 | Q2 2026 | Q/Q | Q3 2025 | Y/Y | YTD 2026 | YTD 2025 | Y/Y | ||||||||||||||||||||||
| Sales | $ | 369.8 | $ | 378.6 | (2.3 | )% | $ | 311.7 | 18.6 | % | $ | 1,096.1 | $ | 1,005.7 | 9.0 | % | ||||||||||||||
| Net profit (loss) attributable to the parent | $ | 57.9 | $ | 60.4 | (4.1 | )% | $ | (12.8 | ) | 552.1 | % | $ | 111.3 | $ | (89.7 | ) | 224.0 | % | ||||||||||||
| Adj. EBITDA | $ | (2.4 | ) | $ | 13.1 | (118.0 | )% | $ | 18.3 | (112.9 | )% | $ | 14.1 | $ | 13.0 | 8.1 | % | |||||||||||||
| Adjusted diluted EPS | $ | (0.06 | ) | $ | 0.00 | n.m | $ | (0.02 | ) | (131.9 | )% | $ | 0.37 | $ | (0.30 | ) | 222.3 | % | ||||||||||||
| Operating cash flow | $ | 25.9 | $ | 37.0 | (30.0 | )% | $ | 20.8 | 24.6 | % | $ | 57.3 | $ | 55.7 | 2.7 | % | ||||||||||||||
| Capital expenditures1 | $ | 20.3 | $ | 16.6 | 22.5 | % | $ | 19.1 | 6.1 | % | $ | 47.7 | $ | 49.0 | (2.6 | )% | ||||||||||||||
| Free cash flow2 | $ | 5.6 | $ | 20.4 | (72.7 | )% | $ | 1.6 | 241.0 | % | $ | 9.5 | $ | 6.7 | 41.8 | % | ||||||||||||||
(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, “Third quarter results reflect a challenging operating environment driven by external factors, primarily higher energy costs resulting from the Middle East conflict, and excess ferrosilicon imports into Europe. We are focused on managing what we can control, and today we are announcing decisive actions to improve our cost structure.
“We are rationalizing our footprint, planning to close five plants* and shifting production to our most competitive facilities with the goal of improving our capacity utilization to approximately 80%. As a result of this action, together with a 20% overhead reduction, we expect to enhance our adjusted EBITDA by $85 to $115 million at full run rate, with minimal changes to our annual volumes. Simultaneously, we continue to pursue trade measures to protect our markets from predatory imports, while continuing to make great strides in advancing our critical materials strategy,” concluded Dr. Levi.
* Subject to information and consultation processes with employee representative bodies in the relevant jurisdictions
Consolidated Sales
Third quarter sales were $369.8 million, a 2.3% decrease from the prior quarter and an 18.6% increase from the comparable prior-year period. The sequential decrease in revenue was primarily driven by lower shipments of silicon metal and silicon-based alloys, together with slightly lower pricing in silicon-based alloys. This was partially offset by higher sales volumes of manganese-based alloys and improved realized prices for both silicon metal and manganese-based alloys. Sales of silicon metal decreased by $3.9 million and silicon-based alloys by $8.2 million, while manganese-based alloys increased by $6.3 million compared with the prior quarter.
Product Category Highlights
Silicon Metal
| ($,000) | Q3 2026 | Q2 2026 | % Q/Q | Q3 2025 | % Y/Y | YTD 2026 | YTD 2025 | % Y/Y | |||||||||||||||||||||
| Shipments in metric tons: | 38,173 | 40,818 | (6.5 | )% | 33,561 | 13.7 | % | 109,524 | 114,478 | (4.3 | )% | ||||||||||||||||||
| Average selling price ($/MT): | 2,669 | 2,592 | 3.0 | % | 2,950 | (9.5 | )% | 2,664 | 2,915 | (8.6 | )% | ||||||||||||||||||
| Silicon Metal Revenue | 101,884 | 105,800 | (3.7 | )% | 99,005 | 2.9 | % | 291,772 | 333,703 | (12.6 | )% | ||||||||||||||||||
| Silicon Metal Adj. EBITDA | (2,255 | ) | (2,658 | ) | 15.2 | % | 11,614 | (119.4 | )% | (7,188 | ) | 2,688 | (367.4 | )% | |||||||||||||||
| Silicon Metal Adj. EBITDA Margin | (2.2 | )% | (2.5 | )% | 11.7 | % | (2.5 | )% | 0.8 | % | |||||||||||||||||||
Silicon metal revenue in the third quarter was $101.9 million, a decrease of 3.7% from the prior quarter. The average selling price increased by 3.0%, reflecting higher realized prices across both the U.S. and EMEA. Shipments decreased by 6.5%, primarily driven by reductions in U.S. and European volumes. Market conditions in Europe remained challenging, with subdued demand and continued pressure from low-priced imports, particularly from China and emerging alternative suppliers. The interim EU review of antidumping duties on Chinese silicon metal highlights increasing efforts to address unfair trade practices and protect domestic production. Meanwhile, persistent overcapacity in China’s polysilicon industry continued to weigh on the broader silicon value chain, despite initiatives aimed at improving supply discipline. Adjusted EBITDA improved to $(2.3) million in the third quarter, compared with $(2.7) million in the prior quarter. Adjusted EBITDA margin improved to (2.2)% in the third quarter from (2.5)% in the prior quarter.
Silicon-Based Alloys
| ($,000) | Q3 2026 | Q2 2026 | % Q/Q | Q3 2025 | % Y/Y | YTD 2026 | YTD 2025 | % Y/Y | |||||||||||||||||||||
| Shipments in metric tons: | 59,171 | 62,915 | (6.0 | )% | 42,968 | 37.7 | % | 182,760 | 138,880 | 31.6 | % | ||||||||||||||||||
| Average selling price ($/MT): | 1,973 | 1,986 | (0.7 | )% | 2,149 | (8.2 | )% | 1,992 | 2,123 | (6.2 | )% | ||||||||||||||||||
| Silicon-based Alloys Revenue | 116,744 | 124,949 | (6.6 | )% | 92,338 | 26.4 | % | 364,058 | 294,842 | 23.5 | % | ||||||||||||||||||
| Silicon-based Alloys Adj. EBITDA | (1,959 | ) | 14,516 | (113.5 | )% | 12,391 | (115.8 | )% | 19,407 | 21,963 | (11.6 | )% | |||||||||||||||||
| Silicon-based Alloys Adj. EBITDA Margin | (1.7 | )% | 11.6 | % | 13.4 | % | 5.3 | % | 7.4 | % | |||||||||||||||||||
Silicon-based alloy revenue in the third quarter was $116.7 million, a decrease of 6.6% from the prior quarter. The average selling price decreased slightly by 0.7%, as higher realized prices in Argentina were offset by a significant decline in EMEA and a modest decrease in the U.S. Shipments decreased by 6.0%, primarily driven by lower volumes in EMEA, partially offset by increased shipments in the U.S. European market conditions remained weak, reflecting subdued steel production, cautious customer purchasing and continued competitive pressure. Despite the implementation of EU safeguard measures on certain ferroalloy imports, the European steel industry has yet to experience a meaningful recovery in underlying demand. In addition, higher energy costs across the ferroalloy value chain continued to create pressure on producers’ operating margins. Adjusted EBITDA turned negative at $(2.0) million in the third quarter, compared with $14.5 million in the prior quarter. Adjusted EBITDA margin declined to (1.7)%, from 11.6% in the prior quarter.
Manganese-Based Alloys
| ($,000) | Q3 2026 | Q2 2026 | % Q/Q | Q3 2025 | % Y/Y | YTD 2026 | YTD 2025 | % Y/Y | |||||||||||||||||||||
| Shipments in metric tons: | 85,696 | 84,752 | 1.1 | % | 69,552 | 23.2 | % | 256,191 | 224,969 | 13.9 | % | ||||||||||||||||||
| Average selling price ($/MT): | 1,330 | 1,270 | 4.7 | % | 1,214 | 9.6 | % | 1,283 | 1,179 | 8.8 | % | ||||||||||||||||||
| Manganese-based Alloys Revenue | 113,976 | 107,635 | 5.9 | % | 84,436 | 35.0 | % | 328,693 | 265,238 | 23.9 | % | ||||||||||||||||||
| Manganese-based Alloys Adj. EBITDA | 11,368 | 13,014 | (12.6 | )% | 4,391 | 158.9 | % | 34,396 | 15,611 | 120.3 | % | ||||||||||||||||||
| Manganese-based Alloys Adj. EBITDA Margin | 10.0 | % | 12.1 | % | 5.2 | % | 10.5 | % | 5.9 | % | |||||||||||||||||||
Manganese-based alloy revenue in the third quarter was $114.0 million, an increase of 5.9% from the prior quarter. The average selling price increased by 4.7%, reflecting higher realized prices across both Europe and the U.S. Shipments increased by 1.1%, driven by higher volumes in the U.S., partially offset by a decline in Europe. In Europe, pricing continued to benefit from the implementation of trade safeguard measures aimed at limiting the impact of low-priced ferroalloy imports. However, higher energy costs offset the benefit of improved pricing. The U.S. market showed comparatively stronger commercial momentum, supporting an overall increase in shipments despite continued weakness in Europe. Adjusted EBITDA decreased to $11.4 million, compared with $13.0 million in the prior quarter, with the adjusted EBITDA margin declining to 10.0% from 12.1%.
Raw materials and energy consumption for production
Raw materials and energy consumption for production increased slightly to 51.7% of sales in the third quarter of 2026, compared with 51.5% in the prior quarter, despite a higher positive fair value adjustment related to long-term energy contracts of $76.8 million, compared with $59.9 million in the second quarter. Excluding the impact of these adjustments, raw materials and energy consumption represented 72.5% of sales, compared with 67.3% in the prior quarter, primarily reflecting higher production due to substantially higher energy costs, mainly in Spain.
Net Profit Attributable to the Parent
In the third quarter of 2026, net profit attributable to the parent was $57.9 million, or $0.31 per diluted share, compared to a net profit attributable to the parent of $60.4 million, or $0.32 per diluted share, in the prior quarter. The slight decrease was primarily driven by softer operating performance, partially offset by the higher positive fair value adjustment related to long-term energy contracts. The Company reported an adjusted diluted loss per share of $(0.06) for the third quarter of 2026, compared to breakeven adjusted diluted earnings per share in the previous quarter.
Adjusted EBITDA
Adjusted EBITDA turned negative at $(2.4) million in the third quarter of 2026, compared with $13.1 million in the prior quarter, primarily due to higher energy costs in Spain and, to a lesser degree, a challenging ferrosilicon market.
Total Cash, Adjusted Gross Debt and Working Capital
| % | |||||||||||||||||||||||||||
| ($ in millions) | Q3 2026 | Q2 2026 | $ | % | Q3 2025 | $ | Y/Y | ||||||||||||||||||||
| Total Cash1 | $ | 93.3 | $ | 93.2 | 0.1 | 0.0 | % | $ | 121.5 | (28.2 | ) | (23.2 | )% | ||||||||||||||
| Adjusted Gross Debt2 | $ | 135.3 | $ | 130.9 | 4.4 | 3.4 | % | $ | 126.7 | 8.6 | 6.8 | % | |||||||||||||||
| Net (Debt) Cash | $ | (42.1 | ) | $ | (37.7 | ) | (4.4 | ) | (11.7 | )% | $ | (5.2 | ) | (36.9 | ) | (709.1 | )% | ||||||||||
| Total Working Capital3 | $ | 363.6 | $ | 398.4 | (34.8 | ) | (8.7 | )% | $ | 421.6 | (58.0 | ) | (13.8 | )% | |||||||||||||
(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 IFRS16
(3) Total working capital is comprised of inventories, trade receivables and other receivables minus trade and other payables
Total cash was $93.3 million as of September 30, 2026, an increase of $0.1 million from $93.2 million as of June 30, 2026. Adjusted gross debt increased by $4.4 million to $135.3 million, resulting in net debt of $42.1 million as of September 30, 2026, representing an increase of $4.4 million from the prior quarter.
During the third quarter, cash flows provided by operating activities were $25.9 million, and net cash used in investing activities was $18.3 million. Cash used in financing activities was $8.0 million as a result of lease payments of $3.9 million, dividend payments of $2.8 million, interest payments of $2.4 million, the principal repayments of other financing liabilities of $0.4 million, and financing facilities payments in France and Spain totaling $1.6 million, partially offset by net cash proceeds from the sale of short-term commercial paper totaling $3.1 million.
Total working capital was $363.6 million as of September 30, 2026, a decrease of $34.8 million from $398.4 million at the end of the prior quarter. The decrease in our working capital balance during the quarter was primarily driven by a decrease of $23.6 million in inventories, $20.0 million in trade receivables and an increase of $5.0 million in trade and other payables, partially offset by a $13.8 million increase in other receivables.
Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “Despite the negative third quarter adjusted EBITDA of $2.4 million, we generated $5.6 million of free cash flow with net debt slightly increasing to $42.1 million. We maintain our financial discipline while we continue to rein in costs within our control. From a cash flow perspective, we expect to further reduce working capital needs in the coming quarters as we consolidate our production footprint.”
Capital Returns
During the third quarter, Ferroglobe did not repurchase shares and paid a quarterly cash dividend of $0.015 per share on September 29, 2026. Our next cash dividend of $0.015 per share will be paid on December 30, 2026, to shareholders of record as of December 22, 2026.
Management Update
Thomas Wiesner, Chief Legal Officer and Group Company Secretary, will step down from his role effective November 4, 2026, to pursue other opportunities. Dr. Marco Levi commented, “On behalf of the Board and the management team, I want to thank Thomas for his significant contributions to Ferroglobe over the past six years and wish him every success in the future.” The Company is in the final stages of selecting a successor and expects to announce an appointment in the coming weeks.
Conference Call
Ferroglobe invites all interested persons to participate in our conference call at 8:30 AM, Eastern Time on November 4, 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/BI36c7b5339ba84b0ca798a27bf90a6238
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/yd3eswuy
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 believes 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: investor.relations@ferroglobe.com
MEDIA CONTACT:
Cristina Feliu Roig
Vice President, Communications & Public Affairs
Email: corporate.comms@ferroglobe.com
| 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 |
For the Nine Months Ended |
For the Nine Months Ended |
||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 |
September 30, 2026 |
September 30, 2025 | ||||||||||||||||
| Sales | $ | 369,762 | $ | 378,620 | $ | 311,698 | $ | 1,096,127 | $ | 1,005,739 | ||||||||||
| Raw materials and energy consumption for production | (191,182 | ) | (195,066 | ) | (180,414 | ) | (609,735 | ) | (671,967 | ) | ||||||||||
| Other operating income | 37,409 | 33,606 | 30,421 | 91,507 | 66,386 | |||||||||||||||
| Staff costs | (63,160 | ) | (68,063 | ) | (68,861 | ) | (195,363 | ) | (208,107 | ) | ||||||||||
| Other operating expense | (79,860 | ) | (76,409 | ) | (74,705 | ) | (228,033 | ) | (186,531 | ) | ||||||||||
| Depreciation and amortization | (15,024 | ) | (15,541 | ) | (19,953 | ) | (47,167 | ) | (55,774 | ) | ||||||||||
| Impairment (loss) | — | — | (12 | ) | — | 255 | ||||||||||||||
| Other gain (loss) | 261 | (192 | ) | (177 | ) | 111 | 1,056 | |||||||||||||
| Operating profit (loss) | 58,206 | 56,955 | (2,003 | ) | 107,447 | (48,943 | ) | |||||||||||||
| Finance income | 2,167 | 1,907 | 830 | 4,783 | 2,673 | |||||||||||||||
| Finance costs | (5,244 | ) | (3,482 | ) | (4,084 | ) | (14,647 | ) | (13,409 | ) | ||||||||||
| Exchange differences | 3,810 | 5,138 | 555 | 10,730 | (26,018 | ) | ||||||||||||||
| Profit (loss) before tax | 58,939 | 60,518 | (4,702 | ) | 108,313 | (85,697 | ) | |||||||||||||
| Income tax (expense) / benefit | (703 | ) | 48 | (8,566 | ) | 3,354 | (5,404 | ) | ||||||||||||
| Total profit (loss) for the period | 58,236 | 60,566 | (13,268 | ) | 111,667 | (91,101 | ) | |||||||||||||
| Profit (loss) attributable to the parent | $ | 57,928 | $ | 60,374 | $ | (12,812 | ) | $ | 111,250 | $ | (89,744 | ) | ||||||||
| Profit (loss) attributable to non-controlling interest | 308 | 192 | (456 | ) | 417 | (1,357 | ) | |||||||||||||
| EBITDA | $ | 77,040 | $ | 77,634 | $ | 18,505 | $ | 165,344 | $ | (19,187 | ) | |||||||||
| Adjusted EBITDA | $ | (2,360 | ) | $ | 13,093 | $ | 18,267 | $ | 14,080 | $ | 13,025 | |||||||||
| Weighted average number of shares outstanding | ||||||||||||||||||||
| Basic | 188,294 | 188,281 | 188,075 | 188,282 | 188,386 | |||||||||||||||
| Diluted | 188,759 | 188,668 | 188,075 | 188,815 | 188,386 | |||||||||||||||
| Profit (loss) per ordinary share | ||||||||||||||||||||
| Basic | $ | 0.31 | $ | 0.32 | $ | (0.07 | ) | $ | 0.59 | $ | (0.48 | )$ | ||||||||
| Diluted | $ | 0.31 | $ | 0.32 | $ | (0.07 | ) | $ | 0.59 | $ | (0.48 | )$ | ||||||||
| Ferroglobe PLC and Subsidiaries | |||||||||
| Unaudited Condensed Consolidated Statement of Financial Position | |||||||||
| (in thousands of U.S. dollars) | |||||||||
| As of September 30, | As of June 30, | As of December 31, | |||||||
| 2026 | 2026 | 2025 | |||||||
| ASSETS | |||||||||
| Non-current assets | |||||||||
| Goodwill | $ | 12,472 | $ | 12,472 | $ | 12,472 | |||
| Intangible assets | 184,134 | 203,823 | 132,682 | ||||||
| Property, plant and equipment | 484,222 | 487,026 | 486,678 | ||||||
| Other financial assets | 158,463 | 71,718 | 26,717 | ||||||
| Receivables from related parties | 1,703 | 1,709 | 1,763 | ||||||
| Other non-current assets | 21,511 | 21,550 | 21,436 | ||||||
| Total non-current assets | 862,505 | 798,298 | 681,748 | ||||||
| Current assets | |||||||||
| Inventories | 297,863 | 321,435 | 306,160 | ||||||
| Trade receivables | 200,976 | 220,987 | 191,536 | ||||||
| Other receivables | 97,439 | 83,664 | 74,665 | ||||||
| Current income tax assets | 2,369 | 3,330 | 5,564 | ||||||
| Other financial assets | 5 | 6 | 11,104 | ||||||
| Other current assets | 29,466 | 28,547 | 21,716 | ||||||
| Restricted cash and cash equivalents | 142 | 153 | 175 | ||||||
| Cash and cash equivalents | 93,130 | 93,079 | 122,812 | ||||||
| Total current assets | 721,390 | 751,201 | 733,732 | ||||||
| Total assets | $ | 1,583,895 | $ | 1,549,499 | $ | 1,415,480 | |||
| EQUITY AND LIABILITIES | |||||||||
| Equity | $ | 780,680 | $ | 717,895 | $ | 692,257 | |||
| Non-current liabilities | |||||||||
| Deferred income | 83,299 | 61,003 | 26,394 | ||||||
| Provisions | 37,089 | 35,443 | 30,487 | ||||||
| Provision for pensions | 28,466 | 28,496 | 28,903 | ||||||
| Bank borrowings | 39,517 | 39,835 | 60,136 | ||||||
| Lease liabilities | 51,189 | 53,113 | 57,429 | ||||||
| Other financial liabilities | 19,477 | 20,170 | 22,035 | ||||||
| Derivative financial liabilities | — | 4,012 | 45,198 | ||||||
| Other non-current liabilities | 1,572 | 264 | 345 | ||||||
| Deferred tax liabilities | 5,478 | 5,876 | 11,005 | ||||||
| Total non-current liabilities | 266,087 | 248,212 | 281,932 | ||||||
| Current liabilities | |||||||||
| Provisions | 83,194 | 128,191 | 87,308 | ||||||
| Provision for pensions | 179 | 179 | 186 | ||||||
| Bank borrowings | 88,257 | 89,825 | 79,876 | ||||||
| Lease liabilities | 12,041 | 12,311 | 12,254 | ||||||
| Debt instruments | 32,181 | 28,731 | 26,014 | ||||||
| Other financial liabilities | 7,211 | 6,839 | 11,408 | ||||||
| Payables to related parties | 7,499 | 1,875 | 2,577 | ||||||
| Trade and Other payables | 232,655 | 227,678 | 144,853 | ||||||
| Current income tax liabilities | 4,074 | 4,048 | 970 | ||||||
| Other current liabilities | 69,837 | 83,715 | 75,845 | ||||||
| Total current liabilities | 537,128 | 583,392 | 441,291 | ||||||
| Total equity and liabilities | $ | 1,583,895 | $ | 1,549,499 | $ | 1,415,480 | |||
| 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 |
For the Nine Months Ended |
For the Nine Months Ended |
||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||
| Profit (loss) for the period | $ | 58,236 | $ | 60,566 | $ | (13,268 | ) | $ | 111,667 | $ | (91,101 | ) | ||||||||
| Adjustments to reconcile net profit (loss) to net cash provided by operating activities: | ||||||||||||||||||||
| Income tax expense / (benefit) | 703 | (48 | ) | 8,566 | (3,354 | ) | 5,404 | |||||||||||||
| Depreciation and amortization | 15,024 | 15,541 | 19,953 | 47,167 | 55,774 | |||||||||||||||
| Finance income | (2,167 | ) | (1,907 | ) | (830 | ) | (4,783 | ) | (2,673 | ) | ||||||||||
| Finance costs | 5,244 | 3,482 | 3,881 | 14,647 | 13,406 | |||||||||||||||
| Exchange differences | (3,810 | ) | (5,138 | ) | (555 | ) | (10,730 | ) | 26,018 | |||||||||||
| Impairment loss (gain) | — | — | 12 | — | (255 | ) | ||||||||||||||
| Share-based compensation | (1,502 | ) | (1,641 | ) | (82 | ) | (2,196 | ) | 1,906 | |||||||||||
| Other loss (gain) | (261 | ) | 192 | 380 | (111 | ) | (1,053 | ) | ||||||||||||
| Write down of inventories to net realizable value | 2,183 | 3,888 | 3,057 | 8,685 | 18,194 | |||||||||||||||
| Change in fair value of derivatives not designated as hedging instruments | (76,752 | ) | (59,903 | ) | 305 | (142,196 | ) | 1,689 | ||||||||||||
| Changes in operating assets and liabilities | — | |||||||||||||||||||
| Decrease (increase) in inventories | 21,063 | 8,098 | (44,640 | ) | (7,282 | ) | (16,144 | ) | ||||||||||||
| Decrease (increase) in trade receivables | 20,045 | (10,046 | ) | 37,055 | (14,101 | ) | 20,429 | |||||||||||||
| (Increase) decrease in other receivables | (14,054 | ) | 7,829 | 25,770 | (24,547 | ) | 213 | |||||||||||||
| Decrease (increase) in energy receivable | — | — | 6,734 | 1,259 | 31,459 | |||||||||||||||
| Increase (decrease) in trade payables | 5,255 | 22,147 | (1,628 | ) | 92,857 | 50,866 | ||||||||||||||
| Other changes in operating assets and liabilities | (3,153 | ) | (8,705 | ) | (23,777 | ) | (11,871 | ) | (46,578 | ) | ||||||||||
| Income taxes (paid) refunded | (187 | ) | 2,604 | (170 | ) | 2,149 | (11,806 | ) | ||||||||||||
| Net cash provided by operating activities: | 25,867 | 36,959 | 20,763 | 57,260 | 55,748 | |||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||
| Interest and finance income received | 456 | 1,790 | 720 | 2,946 | 2,565 | |||||||||||||||
| Payments due to investments: | — | |||||||||||||||||||
| Intangible assets | (636 | ) | (42 | ) | (459 | ) | (1,200 | ) | (1,179 | ) | ||||||||||
| Property, plant and equipment | (19,669 | ) | (16,540 | ) | (18,673 | ) | (46,544 | ) | (47,858 | ) | ||||||||||
| Other financial assets | — | — | — | (7,000 | ) | (15,119 | ) | |||||||||||||
| Disposals: | — | |||||||||||||||||||
| Other non-current assets | 261 | 1,189 | — | 1,522 | 1,559 | |||||||||||||||
| Receipt of asset-related government grant | 1,316 | — | — | 1,316 | — | |||||||||||||||
| Net cash used in investing activities | (18,272 | ) | (13,603 | ) | (18,412 | ) | (48,960 | ) | (60,032 | ) | ||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||
| Dividends paid | (2,803 | ) | (2,803 | ) | (2,611 | ) | (8,409 | ) | (7,835 | ) | ||||||||||
| Payment for debt and equity issuance costs | — | — | (7 | ) | (217 | ) | (106 | ) | ||||||||||||
| Repayment of debt instruments | (18,725 | ) | (18,207 | ) | (4,585 | ) | (51,581 | ) | (24,116 | ) | ||||||||||
| Proceeds from debt issuance | 21,802 | 18,687 | 15,028 | 58,496 | 35,444 | |||||||||||||||
| (Decrease) / Increase in bank borrowings: | — | |||||||||||||||||||
| Borrowings | 90,238 | 122,976 | 103,868 | 337,376 | 367,399 | |||||||||||||||
| Payments | (91,816 | ) | (134,432 | ) | (121,192 | ) | (346,972 | ) | (319,378 | ) | ||||||||||
| Payments for lease liabilities | (3,871 | ) | (3,870 | ) | (3,408 | ) | (11,630 | ) | (9,680 | ) | ||||||||||
| Repayments of other financing liabilities | (626 | ) | (4,580 | ) | (626 | ) | (5,881 | ) | (44,079 | ) | ||||||||||
| Other proceeds (payments) from financing activities | — | — | — | — | 1,581 | |||||||||||||||
| Other amounts received due to financing activities | 168 | — | — | 168 | — | |||||||||||||||
| Payments to acquire own shares | — | — | — | (20 | ) | (4,691 | ) | |||||||||||||
| Interest paid | (2,353 | ) | (3,656 | ) | (2,232 | ) | (8,480 | ) | (9,668 | ) | ||||||||||
| Net cash (used in) financing activities | (7,986 | ) | (25,885 | ) | (15,765 | ) | (37,150 | ) | (15,129 | ) | ||||||||||
| Total net (decrease) in cash and cash equivalents | (391 | ) | (2,529 | ) | (13,414 | ) | (28,850 | ) | (19,413 | ) | ||||||||||
| Beginning balance of cash and cash equivalents | 93,232 | 96,392 | 135,547 | 122,987 | 133,271 | |||||||||||||||
| Foreign exchange gains on cash and cash equivalents | 431 | (631 | ) | (657 | ) | (865 | ) | 7,618 | ||||||||||||
| Ending balance of cash and cash equivalents | $ | 93,272 | $ | 93,232 | $ | 121,476 | $ | 93,272 | $ | 121,476 | ||||||||||
| Restricted cash and cash equivalents | 142 | 153 | 186 | 142 | 186 | |||||||||||||||
| Cash and cash equivalents | 93,130 | 93,079 | 121,290 | 93,130 | 121,290 | |||||||||||||||
| Ending balance of cash and cash equivalents | $ | 93,272 | $ | 93,232 | $ | 121,476 | $ | 93,272 | $ | 121,476 | ||||||||||
| Adjusted EBITDA ($,000): | ||||||||||||||||||||
| Q3´26 | Q2´26 | Q3´25 | YTD´26 | YTD´25 | ||||||||||||||||
| Profit (loss) attributable to the parent | $ | 57,928 | $ | 60,374 | $ | (12,812 | ) | $ | 111,250 | $ | (89,744 | ) | ||||||||
| Profit (loss) attributable to non-controlling interest | 308 | 192 | (456 | ) | 417 | (1,357 | ) | |||||||||||||
| Income tax expense (benefit) | 703 | (48 | ) | 8,566 | (3,354 | ) | 5,404 | |||||||||||||
| Finance income | (2,167 | ) | (1,907 | ) | (830 | ) | (4,783 | ) | (2,673 | ) | ||||||||||
| Finance costs | 5,244 | 3,482 | 4,084 | 14,647 | 13,409 | |||||||||||||||
| Depreciation and amortization | 15,024 | 15,541 | 19,953 | 47,167 | 55,774 | |||||||||||||||
| EBITDA | 77,040 | 77,634 | 18,505 | 165,344 | (19,187 | ) | ||||||||||||||
| Exchange differences | (3,810 | ) | (5,138 | ) | (555 | ) | (10,730 | ) | 26,018 | |||||||||||
| Impairment | — | — | 12 | — | (256 | ) | ||||||||||||||
| Restructuring and termination costs | — | — | — | — | (1,285 | ) | ||||||||||||||
| New strategy implementation | — | — | — | — | 682 | |||||||||||||||
| PPA Energy | (76,752 | ) | (59,903 | ) | 305 | (142,196 | ) | 1,689 | ||||||||||||
| Fines Inventory Adjustment | — | — | — | — | 5,364 | |||||||||||||||
| New ERP implementation | 1,162 | 500 | — | 1,662 | — | |||||||||||||||
| Adjusted EBITDA | $ | (2,360 | ) | $ | 13,093 | $ | 18,267 | $ | 14,080 | $ | 13,025 | |||||||||
| Adjusted (loss) profit attributable to Ferroglobe ($,000): | ||||||||||||||||||||
| Q3´26 | Q2´26 | Q3´25 | YTD´26 | YTD´25 | ||||||||||||||||
| Profit (loss) attributable to the parent | $ | 57,928 | $ | 60,374 | $ | (12,812 | ) | $ | 111,250 | $ | (89,744 | ) | ||||||||
| Tax rate adjustment | (14,032 | ) | (15,178 | ) | 9,836 | 61,414 | 28,542 | |||||||||||||
| Impairment | — | — | 9 | — | (187 | ) | ||||||||||||||
| Restructuring and termination costs | — | — | — | — | (938 | ) | ||||||||||||||
| New strategy implementation | — | — | — | — | 498 | |||||||||||||||
| PPA Energy | (57,564 | ) | (44,927 | ) | 223 | (106,647 | ) | 1,233 | ||||||||||||
| Fines Inventory Adjustment | — | — | — | — | 3,916 | |||||||||||||||
| New ERP implementation | 872 | 375 | — | 1,247 | — | |||||||||||||||
| Adjusted (loss) profit attributable to the parent | $ | (12,796 | ) | $ | 644 | $ | (2,745 | ) | $ | 67,263 | $ | (56,680 | ) | |||||||
| Adjusted diluted (loss) profit per share: | ||||||||||||||||||||
| Q3´26 | Q2´26 | Q3´25 | YTD´26 | YTD´25 | ||||||||||||||||
| Diluted profit (loss) per ordinary share | $ | 0.31 | $ | 0.32 | $ | (0.07 | ) | $ | 0.59 | $ | (0.48 | ) | ||||||||
| Tax rate adjustment | (0.07 | ) | (0.08 | ) | 0.05 | 0.33 | 0.15 | |||||||||||||
| Impairment | — | — | 0.00 | — | (0.00 | ) | ||||||||||||||
| Restructuring and termination costs | — | — | — | — | (0.00 | ) | ||||||||||||||
| New strategy implementation | — | — | — | — | 0.00 | |||||||||||||||
| PPA Energy | (0.30 | ) | (0.24 | ) | 0.00 | (0.56 | ) | 0.01 | ||||||||||||
| Fines Inventory Adjustment | — | — | — | — | 0.02 | |||||||||||||||
| New ERP implementation | 0.00 | — | — | 0.01 | — | |||||||||||||||
| Adjusted diluted (loss) profit per ordinary share | $ | (0.06 | ) | $ | 0.00 | $ | (0.02 | ) | $ | 0.37 | $ | (0.30 | ) | |||||||
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