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 onMarch 30 ; Next dividend of$0.015 payable onJune 29
| Financial Highlights | ||||||||||||||||||||
| % | % | |||||||||||||||||||
| ($ 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 expenditures1 | $ | 10.9 | $ | 14.2 | (23.7 | )% | $ | 14.3 | (24.1 | )% | ||||||||||
| Free cash flow2 | $ | (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.
“We see significant opportunities to diversify both our footprint and product mix, directly supporting our long-term strategic growth strategy. In
Consolidated Sales
In the first quarter of 2026,
Product Category Highlights
| Silicon Metal | ||||||||||||||||||
| ( | 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 ($/MT): | 2,754 | 2,957 | (6.9 | )% | 2,881 | (4.4 | )% | |||||||||||
| Silicon Metal Revenue | 84,088 | 96,499 | (12.9 | )% | 104,603 | (19.6 | )% | |||||||||||
| Silicon Metal Adj.EBITDA | (2,275 | ) | 885 | (357.1 | )% | (15,447 | ) | (85.3 | )% | |||||||||
| Silicon Metal Adj.EBITDA Margin | (2.7 | )% | 0.9 | % | (14.8 | )% | ||||||||||||
Silicon metal revenue in the first quarter was
| Silicon-Based Alloys | ||||||||||||||||||
| ( | Q1 2026 | Q4 2025 | % Q/Q | Q1 2025 | % Y/Y | |||||||||||||
| Shipments in metric tons: | 60,674 | 51,279 | 18.3 | % | 42,864 | 41.6 | % | |||||||||||
| Average selling price ($/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
| Manganese-Based Alloys | ||||||||||||||||||
| ( | 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 ($/MT): | 1,250 | 1,147 | 9.0 | % | 1,108 | 12.8 | % | |||||||||||
| Manganese-based Alloys Revenue | 107,179 | 92,652 | 15.7 | % | 74,490 | 43.9 | % | |||||||||||
| Manganese-based Alloys Adj.EBITDA | 10,014 | 8,681 | 15.4 | % | (5,574 | ) | (279.7 | )% | ||||||||||
| Manganese-based Alloys Adj.EBITDA Margin | 9.3 | % | 9.4 | % | (7.5 | )% | ||||||||||||
Manganese-based alloy revenue in the first quarter was
Raw materials and energy consumption for production
Raw materials and energy consumption for production decreased to 64.3% of sales in the first quarter of 2026, compared with 79.4% in the prior quarter. This improvement was primarily driven by the absence of the
Net (Loss) Attributable to the Parent
In the first quarter of 2026, net loss attributable to the parent was
Adjusted EBITDA
Adjusted EBITDA declined to
| Total Cash, | ||||||||||||||||||||||||||
| % | ||||||||||||||||||||||||||
| ($ in millions) | Q1 2026 | Q4 2025 | $ | % | Q1 2025 | $ | Y/Y | |||||||||||||||||||
| Total Cash1 | $ | 96.4 | $ | 123.0 | (26.6 | ) | (21.6 | )% | $ | 129.6 | (33.2 | ) | (25.6 | )% | ||||||||||||
| Adjusted Gross Debt2 | $ | 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 | )% | ||||||||||
| $ | 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
During the first quarter, cash flows used in operating activities were
Total working capital was
Capital Returns
During the first quarter,
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About Ferroglobe
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of
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.
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.
INVESTOR CONTACT:
Vice President, Investor Relations
Email: investor.relations@ferroglobe.com
MEDIA CONTACT:
Vice President, Communications & Public Affairs
Email: corporate.comms@ferroglobe.com
Unaudited Condensed Consolidated Income Statement (in thousands of | |||||||||||||
| For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | |||||||||||
| 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 | ) | ||||
Unaudited Condensed Consolidated Statement of Financial Position (in thousands of | ||||||||||
| As of | As of | As of | ||||||||
| 2026 | 2025 | 2025 | ||||||||
| ASSETS | ||||||||||
| Non-current assets | ||||||||||
| $ | 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 | ||||
Unaudited Condensed Consolidated Statement of Cash Flows (in thousands of | ||||||||||||
| For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | ||||||||||
| 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 | ||||||||||||
| 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 | ) | ||||
Source: