GSM

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management is transitioning the company into a Western critical materials platform, leveraging existing furnace infrastructure to produce high-value alloys like ferromolybdenum and magnesium. Performance in Q2 was driven by a 34% increase in silicon metal shipments, though pricing remains suppressed by predatory imports from China and Angola in the European market. The company is optimizing its industrial footprint by concentrating production at top-quartile cost assets while repurposing underutilized facilities for new strategic materials. Strategic positioning is focused on 'onshoring' and supply chain security, as Western governments prioritize domestic processing capacity over lowest-cost global sourcing. The planned restart of low-cost operations in Venezuela is intended to provide advantaged access to the U.S. market and free up domestic furnaces for critical material production. Manganese remains the most consistent segment, benefiting from effective trade safeguards that supported a 10% increase in index prices during the quarter. Management targets initial commercial activity for the new critical materials platform before the end of 2026, with industrial scale tests for additional alloys planned for later this year. A decision on the U.S. permit to begin communications regarding the Venezuelan restart is anticipated before the end of the third quarter. The company expects improved silicon metal pricing and demand in the U.S. during the second half of the year following the finalization of the U.S. silicon trade case. European market recovery for silicon metal is contingent on the timing of the European Commission's potential antidumping investigation into Chinese and Angolan imports. Financial guidance assumes a working capital release of approximately $15 million in the second half of the year as operations continue to ramp up. Adjusted EBITDA included a $5 million one-time benefit from litigation in Spain during the second quarter. The ITC's final decision to impose significant antidumping duties on Australian and Norwegian imports is expected to restore rational market conditions in the U.S. Management noted that current European safeguards for ferrosilicon are being undermined by the dumping of silicon metal, which is being substituted for the alloy. A $60 million mark-to-market adjustment on power purchase agreements, primarily in France, impacted the tax and other cash flow line items. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management has been in regular interaction with the Department of Energy for two years and the Department of War since February to advance domestic production proposals. The next step involves filing detailed proposals for specific 'asks' to accelerate investments in priority areas identified by these departments. Ferromolybdenum production has already been demonstrated at industrial scale using existing furnaces with minimal capital investment. A proposed 20,000 tonne magnesium facility is estimated to cost between $180 million and $200 million before government subsidies, targeting a $450 million annual market opportunity. Management expects that government-mandated price floors for polysilicon will protect domestic players like Hemlock and Wacker from Chinese energy-cost advantages. This initiative is expected to drive increased demand for Ferroglobe's silicon metal as domestic polysilicon capacity expands for solar and microchip use. The company does not intend to resume share buybacks at this time, prioritizing capital for the critical materials transformation instead. CFO Beatriz Garcia-Cos stated that while they assess the program weekly, the current focus remains on funding strategic growth initiatives.

Interested in Ferroglobe PLC? Here are five stocks we like better. Ferroglobe’s Q2 performance improved sequentially: Shipments rose 7% to 188,000 tons, revenue increased 9% to $379 million, adjusted EBITDA reached $13 million, and free cash flow improved to $20 million. Higher volumes and fixed-cost absorption offset ongoing pricing pressure from imports. Profitability varied by segment amid difficult trade conditions: Silicon metal volumes jumped 34% but the segment remained loss-making, while silicon-based and manganese-based alloys posted significant EBITDA gains. Management said Chinese and other imports continue to weigh on silicon prices, although manganese benefits from higher prices and safeguards. The company is pursuing growth and cost-optimization initiatives: Ferroglobe is testing critical materials such as ferromolybdenum and magnesium, targeting initial commercial activity before year-end, while evaluating a restart of four Venezuelan furnaces and further working-capital releases. It does not plan to resume share repurchases under current market conditions. Ferroglobe (NASDAQ:GSM) reported higher shipments, revenue, adjusted EBITDA and free cash flow in the second quarter of 2026, as increased silicon metal volumes and stronger fixed-cost absorption helped offset continued pricing pressure from imports. Total shipments rose 7% sequentially to 188,000 tons, while revenue increased 9% from the prior quarter to $379 million. Adjusted EBITDA improved by $10 million to $13 million, and free cash flow improved by $37 million to $20 million, Chief Executive Officer Marco Levi said during the company’s earnings call. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control “Our second quarter results reflect solid execution despite a challenging market environment,” Levi said. He added that silicon metal shipments increased 34% quarter over quarter, helping drive the overall volume gain. Chief Financial Officer Beatriz García-Cos said adjusted EBITDA margin rose to 3.5% in the second quarter from 1% in the first quarter. Improved operational execution and higher fixed-cost absorption were the principal drivers of the increased profitability, she said. Second-quarter adjusted EBITDA also included a $5 million benefit from litigation in Spain. Silicon metal: Revenue rose 26% sequentially to $106 million on higher volumes, though average selling prices fell 6% to $2,592 per ton. The segment posted an adjusted EBITDA loss of $2.7 million, compared with a $2.3 million loss in the first quarter. Silicon-based alloys: Revenue increased 2% to $135 million as volumes rose 4% to 63,000 tons. Realized prices declined 1.5% to $1,986 per ton. Adjusted EBITDA increased to $15 million from $7 million in the prior quarter, aided by fixed-cost absorption and the litigation benefit. Manganese-based alloys: Revenue was unchanged at $108 million. Volumes were marginally lower, offset by a 2% rise in average selling price. Adjusted EBITDA increased to $30 million from $10 million in the first quarter, while margins rose to 12% from 9%. → 3 Drone Stocks That Should Soar After the Summer Slump Cash flow from operations totaled $37 million, compared with negative $6 million in the first quarter, supported by a $28 million working-capital release and improved operations. Capital expenditures increased by $6 million sequentially to $17 million, primarily due to a charcoal plant investment in Spain. The company paid a quarterly dividend of $0.015 per share, or $2.8 million in aggregate, on June 29. Its next dividend of $0.015 per share is scheduled for Sept. 29 for shareholders of record as of Sept. 22. García-Cos said net debt and adjusted gross debt declined by $17 million and $20 million, respectively, during the quarter. → The Bitcoin Comeback May Already Be Underway—2 ETFs for Exposure Looking to the second half, García-Cos said Ferroglobe expects to continue releasing working capital, estimating a further release of about $15 million. She said the company does not plan to resume its share repurchase program under current market conditions, though it continues to assess the decision. Levi outlined Ferroglobe’s strategy to expand beyond its core silicon and manganese-alloy businesses through production of critical materials using existing assets and metallurgical expertise. The company is evaluating opportunities in magnesium, antimony, silver, gallium, ferromolybdenum, ferrovanadium and ferrochromium. Ferroglobe said it completed industrial-scale test production of ferromolybdenum at an existing furnace. Levi estimated North American demand for ferromolybdenum at approximately 8,000 tons annually, representing a market opportunity of more than $300 million per year at a cited market price of about $42,000 per ton. The company also said it has demonstrated the ability to produce magnesium at its existing facilities. North American magnesium demand is approximately 60,000 tons annually, according to Levi, who cited a market price of roughly $7,500 per ton. He said a new U.S. magnesium facility with 20,000 tons of annual capacity would require investment of about $180 million to $200 million before government subsidies. During the question-and-answer session, Levi said Ferroglobe has been in discussions with the U.S. Department of Energy for two years and the Department of War since February. The company has submitted an initial proposal and expects its next step to involve a more detailed proposal, including the support it would seek for projects identified as priorities by the departments. Levi said the company expects to have a clearer view of its competitive cost position in ferroalloy production by year-end, following additional industrial testing. Ferroglobe also expects to conduct tests of other critical alloys before the end of the year and is targeting initial commercial activity in critical materials before year-end. Management said trade conditions remain a major determinant of the company’s core-market outlook. Silicon metal shipments reached 41,000 tons during the quarter, including a 70% increase in Europe and an 80% increase in North America. U.S. and European silicon metal indexes increased 5% and 6%, respectively, during the quarter. However, Levi said silicon metal volumes remained below levels seen in 2024 and earlier periods, while imports from China and Angola continued to pressure European prices. Ferroglobe expects a European Commission investigation into alleged dumping of silicon metal by China and Angola to be announced soon, according to management. For silicon ferroalloys, European shipments increased 31%, while North American volumes declined 11% amid higher imports from Angola, Azerbaijan and Bhutan. U.S. and European silicon-ferroalloy indexes fell 2% and 6%, respectively, during the quarter. Levi said the company expects European conditions to remain difficult until additional trade measures are implemented. Manganese remained the company’s most consistent segment, management said. Second-quarter manganese alloy index prices increased approximately 10%, and have risen about 25% since safeguards were implemented in November. Ferroglobe expects stable manganese volumes for the remainder of 2026, with potential support from enhanced steel safeguards that took effect July 1. Ferroglobe is also evaluating a restart of its four low-cost furnaces in Venezuela, which have combined annual capacity of 120,000 tons and can produce silicon metal, ferrosilicon and manganese alloys. Levi said the company applied in late June for a U.S. permit to begin communications with the Venezuelan government and anticipates a decision before the end of the third quarter. The potential Venezuela restart is intended to provide lower-cost supply for the U.S. market while enabling U.S. furnaces to focus more on higher-value critical materials, management said. Ferroglobe is also reviewing its broader asset footprint, seeking to concentrate production at its most competitive sites and potentially repurpose other assets for critical-material production or alternative industrial uses. Ferroglobe PLC is a leading producer of specialty metals and alloys, serving a diverse range of industrial customers worldwide. The company's core operations focus on the manufacture of silicon metal, silicon-based alloys, manganese-based alloys and rare earth alloys, which are essential inputs for the aluminum, steel, chemical and electronics industries. Ferroglobe's product portfolio includes high-purity silicon, ferrosilicon, silicon manganese, manganese alloys and various recarburizers used to enhance metal strength, durability and conductivity. With production facilities located across North America, Europe, South America and Africa, Ferroglobe maintains a global footprint that allows it to supply customers on multiple continents. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Ferroglobe Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Second Quarter Highlights Strong sequential shipment growth, driven by increased silicon metal volumes in EMEA and the U.S. Reporting second quarter adjusted EBITDA of $13.1 million Ended the quarter with total cash of $93.2 million and net debt of $37.7 million Advancing strategic critical materials initiatives, leveraging existing assets to support growing demand for secure Western supply chains Paid quarterly dividend of $0.015 per share on June 30; Next dividend of $0.015 payable on September 29 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, today announced financial results for the second quarter of 2026. Financial Highlights Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “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. Consolidated Sales In the second quarter of 2026, Ferroglobe reported sales of $378.6 million, an 8.9% increase from the prior quarter and a 2.1% decrease from the comparable prior-year period. The sequential improvement was mainly driven by higher sales volumes of silicon metal and silicon-based alloys, as well as higher average selling prices for manganese-based alloys, partially offset by lower sales volumes for manganese-based alloys and lower average selling prices for silicon metal and silicon-based alloys. Sales of silicon metal increased by $21.7 million, silicon-based alloys increased by $2.6 million, and manganese-based alloys increased by $0.5 million compared with the prior quarter. Product Category Highlights Silicon Metal Silicon metal revenue in the second quarter was $105.8 million, an increase of 25.8% from the prior quarter. The average selling price decreased by 5.9%, driven by lower pricing across the U.S. and EMEA, as elevated market availability and cautious customer purchasing continued to weigh on realized prices, particularly in Europe. Shipments increased 33.7%, reflecting higher volumes in both EMEA and the U.S. Adjusted EBITDA decreased to $(2.7) million in the second quarter, as compared with $(2.3) million in the prior quarter, primarily due to lower realized pricing. Adjusted EBITDA margin improved to (2.5%) in the second quarter from (2.7%) in the prior quarter.        Silicon-Based Alloys Silicon-based alloy revenue in the second quarter was $124.9 million, an increase of 2.2% from the prior quarter. The average selling price decreased by 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 increased 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 in the second quarter of 2026, compared with $6.8 million in the prior quarter, primarily driven by improved operating costs and higher shipments, partially offset by lower realized pricing. Adjusted EBITDA margin increased to 11.6% in the second quarter, compared with 5.6% in the prior quarter. Manganese-Based Alloys Manganese-based alloy revenue in the second quarter was $107.6 million, an increase of 0.4% from the prior quarter. The average selling price increased by 1.6%, reflecting higher pricing in both Europe and the U.S. In Europe, pricing was supported by the impact of EU safeguard measures and additional duties on certain imports, despite continued weakness in underlying demand. Shipments decreased 1.2%, primarily reflecting lower volumes in Europe, partially offset by a modest increase in the U.S. Adjusted EBITDA increased to $13.0 million in the second quarter, compared with $10.0 million in the prior quarter, primarily reflecting higher realized pricing, improved operating performance, and a more favorable sales mix, partially offset by higher manganese ore, energy, and transportation costs. Adjusted EBITDA margin increased to 12.1% in the second quarter, compared with 9.3% in the prior quarter. Raw materials and energy consumption for production Raw materials and energy consumption for production decreased to 51.5% of sales in the second quarter of 2026, compared with 64.3% in the prior quarter. This improvement was primarily driven by the 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 the first quarter of 2026. Excluding the impact of power purchase agreements, raw materials and energy consumption represented 67.3% of sales in the second quarter of 2026, compared with 65.9% in the prior quarter, primarily reflecting 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 In the second quarter of 2026, net profit attributable to the parent was $60.4 million, or $0.32 per diluted share, compared to a net loss attributable to the parent of $7.1 million, or $(0.04) per diluted share, in the prior quarter. The return to profitability primarily reflected a $59.9 million positive fair value adjustment related to long-term energy contracts, as well as improved operating performance, partially offset by higher selling expenses associated with increased sales volumes. The Company reported breakeven adjusted diluted earnings per share for the second quarter of 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 the second quarter of 2026, compared with $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, a decrease of $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, representing a decrease of $16.9 million from the prior quarter. During the second quarter, cash flows provided by operating activities were $37.0 million, and net cash used in investing activities was $13.6 million. Cash used in financing activities was $25.9 million as a result of lease payments of $3.9 million, dividend payments of $2.8 million, interest payments of $3.7 million, the 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, a decrease of $32.8 million from $431.2 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 $12.8 million in inventories, $7.8 million in other receivables and an increase of $20.7 million in trade and other payables, partially offset by an $8.6 million increase in trade receivables. Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “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 the second quarter, Ferroglobe did not repurchase shares and paid a quarterly cash dividend of $ 0.015 per share on June 30, 2026. Our 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 invites all interested persons to participate in our 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: https://register-conf.media-server.com/register/BI66a0208bb9f34859af10be34832acc52 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/ekm3qzst 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, CFAVice President, Investor Relations Email: [email protected] MEDIA CONTACT: Cristina Feliu RoigVice President, Communications & Public AffairsEmail: [email protected] Adjusted EBITDA ($,000): Adjusted profit (loss) attributable to Ferroglobe ($,000): Adjusted diluted profit (loss) per share:

Volume-driven growth but weak profitability: Shipments rose 7% to 177,000 tons and sales increased 6% to $348 million, yet adjusted EBITDA fell to $3 million and free cash flow was negative (company cited working capital and cost inflation from energy, transport and raw materials tied partly to the Iran conflict). Silicon metal hit by low‑priced imports while alloys benefit from safeguards: Silicon metal volumes and prices declined amid aggressive imports, prompting conversion of furnaces to ferrosilicon, while silicon‑based shipments jumped 18% and manganese volumes rose 6% but margins were compressed by higher input and energy costs; the company is implementing logistics surcharges and expects pricing to strengthen in H2. Strategic diversification and battery push: Ferroglobe narrowed a roadmap to 10 "critical materials," is evaluating reopening Venezuelan assets, and has invested about $70 million for ~10% of battery maker Coreshell with a multi‑year silicon metal supply agreement and projected battery‑related silicon demand of roughly 70,000 tons by 2030–31. Interested in Ferroglobe PLC? Here are five stocks we like better. Ferroglobe (NASDAQ:GSM) reported higher shipment volumes in its fiscal first quarter of 2026 as trade actions and safeguards supported demand for its alloy products, even as pricing and cost pressures weighed on profitability. Management also discussed efforts to broaden the company’s addressable market through additional “critical materials” opportunities and an expanded relationship with battery company Coreshell. Chief Executive Officer Marco Levi said ferroalloy market conditions “have become more favorable,” pointing to sequential volume growth in both silicon-based and manganese-based alloys. Total shipments rose 7% to 177,000 tons, driven primarily by an 18% increase in silicon-based alloy shipments, while manganese-based alloy volumes increased 6%. → 3 Emerging Markets ETFs to Maximize Exposure to High-Potential Countries Chief Financial Officer Beatriz García-Cos said first-quarter sales increased 6% to $348 million, “driven by a 7% increase in total volumes, with ferroalloys being the primary driver.” Despite the higher volumes, adjusted EBITDA fell to $3 million, which García-Cos attributed in part to higher energy, transportation, and raw material inflation that began to impact costs in March “as a result of the conflict in Iran.” García-Cos also discussed cash flow, stating that cash flow from operations was negative $6 million due to a $13 million working capital investment tied to higher inventories and accounts receivable to support increased volumes. She said free cash flow was negative $16 million in the quarter. (Levi separately characterized free cash flow as negative $60 million in his prepared remarks.) → The Real SpaceX Play: 5 Chip Stocks Powering the IPO Before It Launches Levi said the silicon metal market, particularly in Europe, remained under pressure from “continued aggressive pricing by imports, mainly from China and Angola.” He said silicon metal was excluded from recent safeguard protections, and the company chose not to sell into “uneconomic prices.” As a result, the company reduced silicon metal volumes, with Levi reporting that shipments declined about 2,000 tons to roughly 31,000 tons in the quarter. He said North American silicon metal volumes rose 15%, while European volumes fell 23% amid what he described as “predatory import competition.” Levi cited low-priced imports in the quarter from Malaysia, Kazakhstan, and Laos in addition to China and Angola, and said Norway accounts for more than 60% of EU silicon metal imports. → Tyson Foods' Total Returns: Tasty Treats for Income Investors? To mitigate pressure in silicon metal, Levi said Ferroglobe converted three silicon metal furnaces to ferrosilicon—two in Europe and one in the U.S. (converted last year)—to take advantage of stronger alloy market conditions. García-Cos said silicon metal revenue fell 13% to $84 million due to a 6% reduction in volume and a 7% decline in prices to $2,754 per ton. Adjusted EBITDA for silicon metal declined by $3 million sequentially to an EBITDA loss of $2 million, resulting in a negative margin of 3%. She said the margin contraction was driven by lower realized prices, partially offset by cost improvements in Canada and the restart of furnaces in Spain and France. Levi said silicon-based alloy shipments increased 18% to 61,000 tons, the highest level since the second quarter of 2021. Growth was driven by 21% higher volumes in Europe and a 20% increase in North America. He noted that EU ferrosilicon index prices declined 9% in the first quarter after a prior 22% jump from late October to early December following the safeguard announcement. Levi attributed the price decline to elevated inventories built ahead of safeguards and to steel producers substituting low-priced silicon metal for ferrosilicon. García-Cos reported silicon-based alloy revenue rose 18% to $122 million as volumes increased 18% sequentially. Realized prices were “essentially flat” at $2,016 per ton. However, adjusted EBITDA for the segment decreased by $9 million to $6 million due to higher production costs in Spain and higher energy and raw material costs in Spain and the U.S., with margins falling 9 percentage points to 6%. In manganese-based alloys, Levi said first-quarter shipments rose 6% to 86,000 tons, with Europe accounting for the majority of sales. He described the quarter as strong and said the segment benefited from safeguards. García-Cos said manganese-based alloy revenue increased 16% to $107 million, reflecting a 9% increase in realized prices to $1,250 per ton along with higher volumes. Adjusted EBITDA was $10 million, up from $9 million in the fourth quarter, while margins remained 9%. She added that inflation in manganese ore and higher transportation and energy costs “offset most of the price gains,” though she said the Iran conflict’s impact on logistics and raw material costs was expected to be temporary. Levi highlighted multiple trade developments affecting the company’s markets. In the U.S., he said cases covering Angola and Laos were final, with anti-dumping and anti-circumvention duties of 78.5% and 173.5%, respectively, including a general 10% tariff. He said final rates for Australia and Norway were expected from the Department of Commerce in late June, with a final U.S. International Trade Commission decision expected in late July. In Europe, Levi said the silicon metal market remained “under continuous attack” from China and Angola, but he cited comments from European Trade Commissioner Maroš Šefčovič reaffirming a commitment to protecting the silicon metal industry and evaluating measures addressing imports from China and Angola. During Q&A, Levi said the company was implementing logistics surcharges in response to freight and other cost inflation: “a surcharge of EUR 30 per ton in Europe and $40 per ton in the U.S.” He said acceptance varied by end market, with chemicals customers more accustomed to surcharges than steel customers. Levi added that the company may be “forced to increase prices across our product mix” due to cost pressures and current price levels, particularly in Europe. Looking ahead, Levi said he expected pricing to strengthen in the second half of the year, citing strengthened steel safeguards, CBAM, and onshoring trends. García-Cos told analysts that logistics and transportation costs could increase further in the second quarter before “fade away on the second half of the year,” and confirmed that costs in silicon-based alloys were expected to rise in the second quarter before declining later in the year. Levi also pointed to upcoming EU steel safeguard enhancements expected to take effect July 1, 2026, which he said could increase EU steel production by 12.5 million tons annually, or roughly 10% growth—an outcome he described as a catalyst for ferrosilicon and manganese demand. Levi said Ferroglobe sees “a compelling opportunity to reopen our operations” in Venezuela and is evaluating capex requirements, energy availability, and cost structure. He said the assets include three large ferrosilicon furnaces with combined capacity of 90,000 tons that can be converted to silicon metal, as well as a 30,000-ton manganese alloy furnace originally built as a silicon metal furnace. On diversification, Levi told analysts that Ferroglobe has narrowed a list of more than 100 potential opportunities down to 10 critical materials the company believes it could produce either in existing furnaces or with “slightly modified furnaces with minimum CapEx.” He said some options may require no additional capex but could require new permits and raw material supply assessments. He also cited magnesium as an example that could require a new plant, noting that “there is no active production of magnesium in the West at this stage.” Levi said the company was also progressing with battery materials partner Coreshell. He said Ferroglobe co-led a Series B round in March with a $7 million investment, bringing Ferroglobe’s total investment to $70 million and representing an ownership stake of about 10%. Levi said Coreshell began production from its current 60 ampere plant and had begun selling batteries to robotics and defense customers, and he said the company signed multi-year sampling and qualification agreements with automotive OEMs. Levi added that Ferroglobe signed a binding term sheet for a multi-year silicon metal supply agreement with Coreshell. However, he said volumes under that agreement are not expected to become significant until OEMs qualify Coreshell’s 16 ampere-hour batteries, which he estimated could happen between the end of 2027 and 2028. Levi said Ferroglobe expects silicon metal demand for batteries related to Coreshell to reach “about 70,000 tons” by 2030-2031, and he said Coreshell’s budget for sales next year is “north of $60 million.” García-Cos also addressed capital allocation, saying the company increased its first-quarter dividend payout by 7% to $3 million, paid March 30, and declared a next dividend of $0.015 per share scheduled for June 29, payable to shareholders of record June 22. She said the company repurchased a “modest” 5,000 shares in the quarter and ended the period with net debt of $55 million, which she characterized as a solid position to support growth objectives. Ferroglobe PLC is a leading producer of specialty metals and alloys, serving a diverse range of industrial customers worldwide. The company's core operations focus on the manufacture of silicon metal, silicon-based alloys, manganese-based alloys and rare earth alloys, which are essential inputs for the aluminum, steel, chemical and electronics industries. Ferroglobe's product portfolio includes high-purity silicon, ferrosilicon, silicon manganese, manganese alloys and various recarburizers used to enhance metal strength, durability and conductivity. With production facilities located across North America, Europe, South America and Africa, Ferroglobe maintains a global footprint that allows it to supply customers on multiple continents. The article "Ferroglobe Q1 Earnings Call Highlights" was originally published by MarketBeat.

Image source: The Motley Fool. Wednesday, May 6, 2026 at 8:30 a.m. ET Chief Executive Officer — Marco Levi Chief Financial Officer — Beatriz García-Cos Muntañola Marco Levi: Thank you, Alex, and thank you all for joining us today. We appreciate your continued interest in Ferroglobe. Overall, market conditions for ferroalloys have become more favorable, highlighted by our first quarter silicon-based alloys volumes, which grew 18% sequentially to the highest level in nearly 5 years. This segment was driven by growth in ferrosilicon in both Europe and North America. Our manganese-based segment was also strong with volumes increasing 6%. The improvement in Europe was helped by recently implemented safeguards. Antidumping and countervailing duties, tariffs and rising steel production have all strengthened demand for ferrosilicon in the U.S. This creates a more supportive silicon-based alloys market environment across our core regions. While the silicon metal market in Europe remains under continuous attack from China and its proxy Angola, we are encouraged by recent comments. European Trade Commissioner, Maros Sefcovic, has reaffirmed the commitment to protecting the silicon metal industry and is actively evaluating measures addressing imports from China and Angola. In the U.S., the silicon metal cases covering Angola and Laos are now final with antidumping and anti-circumvention duties of 78.5% and 173.5%, respectively, including the general tariff of 10%. The Department of Commerce is expected to set the final rates for Australia and Norway in late June with the U.S. ITC expected to announce its final decision in late July. These measures are critical to ensuring a level playing field and supporting the long-term health of our industry. Given recent events in Venezuela, we see a compelling opportunity to reopen our operations there. These assets offer strategic proximity to the U.S. market, along with access to low-cost energy raw materials and attractive logistics. We are actively pursuing a potential restart of our operation in Venezuela to take advantage of its geographic proximity to the U.S. At the same time, we are evaluating CapEx requirements, energy availability and cost structure to determine the viability of restarting. As a reminder, we have 3 large ferrosilicon furnaces with a combined capacity of 90,000 tons and the flexibility to convert them to silicon metal when market conditions dictate. In addition, there is also a 30,000 ton manganese alloy furnace originally built as a silicon metal furnace. We are strategically positioning Ferroglobe to scale our platform to increase our capacity utilization. Our core capabilities, large-scale electric furnace operations, advantage access to raw materials and decades of proprietary process expertise are directly applicable to a broader range of critical materials and alloys. This is why we are actively pursuing expansion beyond our traditional portfolio. We are building on a proven base not starting from scratch. Our history of producing materials such as magnesium and ferrochrome, combined with deep expertise in high temperature reduction and related processes, give us a strong technical and operational foundation. This is a natural evolution of our business. The same industrial platform that supports our leadership in silicon metal and ferroalloys can be redeployed to address growing supply gaps in other strategically important materials. As demand accelerates and supply chains realign, this optionality materially extends Ferroglobe growth runway. Our Western asset footprint is a clear competitive advantage. It places us at the center of rising demand fueled by higher defense spending, AI adoption, the energy transition and the need for secure domestically anchored supply chains. Recent U.S. EU agreements on critical materials reinforce a clear message, trust that local production is now a requirement, not a preference. Given that, it is crucial to understand what happened to critical materials production in the West and how it lost its advantage. It was not that access to mines and critical minerals was lost. Rather, China became the dominant processor of these materials into critical materials. And the market structure shifted to favor price over all other factors, rendering Western production unprofitable. All that is changing now to favor the reliability of a trusted supply chain. Taken together, this positions Ferroglobe to play a larger role in the next phase of industrial and geopolitical realignment, leveraging assets we already own, capabilities we already have and markets that are moving decisively in our favor. Moving to Coreshell. We continue to develop our partnership to advance the use of silicon in lightweight, high-capacity and fast charging batteries for EVs and drones. In March, we co-led a series bid round with a $7 million investment, increasing our total to $17 million and representing an ownership stake of approximately 10%. Coreshell has started production from its current 60 amp pilot plant, marking an important milestone and has already begun selling batteries to robotics and defense customers. In addition, Coreshell has signed multiyear sampling and qualification agreements with automotive OEM customers, positioning it to participate in the emerging growth area in critical materials. In March, we signed a binding term sheet for a multiyear silicon metal supply agreement with Coreshell. Overall, we are operating in an improving environment for ferroalloys, executing on our strategic priorities and positioning the company for sustainable growth across both our core and emerging businesses. Next slide, please. Strong ferro alloy volume growth in the first quarter drove shipments up 7% to 177,000 tons, primarily due to an 18% increase in silicon-based alloys. This resulted in a 6% increase in quarterly revenue to $348 million. Adjusted EBITDA declined to $3 million and free cash flow was a negative $16 million. Beatriz will provide more detailed comments in her section. Next slide, please. I will start updating our segments from silicon metal. The silicon metals market remains under pressure due to continued aggressive pricing by imports, mainly from China and Angola. These dynamics primarily impacted Europe as silicon metal was excluded from recent safer protections. As a result, total volumes declined 6% from the fourth quarter, and we decided not to participate at uneconomic prices. We partially mitigated this by converting 3 silicon metal furnaces to ferrosilicon, allowing us to capitalize on better market conditions in this segment. Two of the furnaces were in Europe and 1 in the U.S. was converted last year. This strategic shift underscores the value of Ferroglobe's flexible operating model and our ability to respond dynamically to evolving market conditions. Silicon metal volumes declined 2,000 tons to approximately 31,000 tons in the first quarter. North American volumes grew a solid 15%, while EU volumes continue to face predatory import competition, resulting in a 23% decline. In addition to China and Angola, low-priced imports in Q1 came from Malaysia, Kazakhstan and Laos. Norway is the largest importer of silicon metal to the EU, accounting for more than 50% of total imports. The polysilicon market remains weak with silicon prices reflecting soft demand and oversupply. The Aluminum segment, on the other hand, is showing initial signs of improvement as some Middle Eastern production is offline due to the Iran conflict. The chemical sector remains soft due to Chinese imports of siloxanes and silicones into Europe and in the U.S. U.S. index prices declined 3% in the first quarter compared to the fourth quarter, while EU prices declined by 6%. Although we remain cautious about the pace of recovery in Europe, pending more decisive trade actions from the European Trade Commission, recent comments from the Trade Commissioner regarding protecting the EU market are encouraging. In the U.S., we expect the market conditions to improve in the second half of 2026, bolstered by antidumping and countervailing measures. In the medium term, there is a significant growth opportunity for silicon metal in the U.S. as Tesla aims to build a large vertically integrated supply chain to produce 100 gigawatts of solar capacity by the end of 2028. Next slide, please. Silicon based alloys volumes reached their highest level since the second quarter of 2021, with total shipments increasing 18% to 61,000 tons driven by 21% growth in Europe despite a contraction in steel production in the first quarter. The North American growth was equally strong at 20%. After a 22% price jump from late October to early December following the safeguard announcement, EU ferrosilicon index prices declined 9% in the first quarter. The reason for the recent price decline is twofold. First, import volumes were high prior to November safeguards, leading to elevated inventory levels. Second, the reuse of low-priced silicon metal by steel producers to replace ferrosilicon is disrupting ferrosilicon market dynamics. Yet they are still up 9% since the pre-safeguard announcement, and we expect pricing to be positively impacted in the second half due to safeguards as excess inventory is depleted. The U.S. ferrosilicon index was flat in the first quarter. As I mentioned earlier, we converted 1 silicon furnace in U.S. and 2 additional furnaces in Europe to ferrosilicon to take advantage of shifting demand. Overall, we're optimistic that 2026 will be a strong year for silicon-based alloy volumes for Ferroglobe. An additional catalyst for the second half of the year is anticipated from enhanced EU steel sectors, which are expected to increase EU steel production by 12 million to 15 million tons annually, representing approximately 10% growth. These measures are expected to take effect on July 1, 2026. Next slide, please. Our Q1 manganese shipments posted a strong quarter with a 6% volume increase to 86,000 tons, up from 81,000 tons in the prior quarter, helped by safeguards. Europe accounts for the majority of the manganese sales. Manganese alloy index price surge after safeguards were announced in November and are up 18% since pre-safeguards with year-to-date levels roughly flat. We are constructive about the 2026 manganese outlook and expect to report strong volumes for the remainder of the year. Strengthened steel safeguards are another catalyst as they are expected to be implemented in July and improve EU demand. I would now like to turn the call over to Beatriz Garcia-Cos, our Chief Financial Officer, to review the financial results in more detail. Beatriz? Beatriz García-Cos Muntañola: Thank you, Marco. Please turn to Slide 9 for a review of the first quarter income statement. Total Q1 sales increased by 6% to $348 million, driven by a 7% increase in total volumes, with ferroalloys being the primary driver. More specifically, silicon and manganese-based alloys volumes increased 18% and 6%, respectively, while silicon metal shipments declined as we prioritize price discipline in Europe. Raw material and energy costs after adjusting for the $5.5 million impact from power purchase agreement declined to 66% of sales, down from 67% in the fourth quarter. As a reminder, the PP&As are mark-to-market using fair value, and we exclude them to better reflect comparable quarter-over-quarter performance. Despite strong volume growth, adjusted EBITDA declined to $3 million. Higher energy, transportation cost and raw material inflation began to impact costs in March as a result of the conflict in Iran. Next slide, please. Silicon metal revenue declined 13% to $84 million due to a 6% reduction in volumes and a 7% fall in prices to $2,754 per ton. Adjusted EBITDA declined $3 million in the first quarter to an EBITDA loss of $2 million, resulting in a negative margin of 3%. The margin contraction was driven by lower realized prices, partially offset by improved cost in Canada and the result of progresses in Spain and France. Next slide, please. Silicon-based alloys revenue posted another strong quarter with an 18% increase to $122 million, driven by an 18% sequential increase in volumes to 61,000 tons. Realized prices were essentially flat with fourth quarter at $2,016 per ton. Adjusted EBITDA decreased by $9 million to $6 million sequentially due to higher production cost in Spain, energy and raw material cost in Spain and the U.S. Margins declined [ 9 percent points ] to 6%. Next slide, please. Manganese based alloys revenue increased 16% to $107 million from $93 million in the prior quarter. The improvement was due to a 9% increase in realized prices to $1,250 per ton and a 6% increase in volumes to 86,000 tons. Adjusted EBITDA in the first quarter was $10 million, up from $9 million in the fourth quarter. Adjusted EBITDA margins remained solid at 9%. Inflation in manganese ore, combined with higher transportation and energy costs offset most of the price gains. While the Iran conflict continues to affect near-term logistics and raw material costs, we expect these costs to be temporary. Next slide, please. For the first quarter, our cash flow from operations was negative $6 million due to a $13 million investment in working capital as we built inventory and increased accounts receivable balance to support higher volumes. We reduced our CapEx by $3 million to $11 million in the fourth quarter. For the first quarter, our free cash flow was negative $16 million. Next slide, please. As announced previously, we increased Q1 dividend payout by 7% to $3 million, which was paid on March 30. Our next dividend of $0.015 per share, in line with the previous quarter is scheduled for June 29, payable to shareholders on record as of June 22. We fund strategic investments such as Coreshell to support near-term operating needs and long-term growth opportunities and repurchased a modest 5,000 shares in the first quarter. Although our net debt position increased to $55 million in the first quarter, we remain in a solid financial position to support our growth objectives. At this time, I will turn the call back to Marco. Marco Levi: Thank you, Beatriz. Before opening the call to Q&A, I'd like to provide key takeaways from today's presentation on Slide 15. We began to see the benefits of various trade measures in the first quarter as evidenced by stronger volumes of silicon-based alloys and manganese alloys. Unfortunately, the prices still reflect an imbalanced market environment. We believe that the pricing will strengthen in the second half of the year, as we have said before. Ferroglobe is uniquely positioned to lead the next era of critical materials supply with the asset platform footprint and expertise to serve Western markets where trusted local production has become a global imperative. While geopolitical disruptions continue to create near-term volatility and pressure logistics and raw material costs, we believe these impacts are temporary. The structural improvements underway in our markets, such as strengthened steel safeguards, CBAM and onshoring underpin our confidence in a stronger second half and longer-term value creation. Operator, we are ready for questions. Operator: [Operator Instructions] We would take our first question, and the question comes from Martin Englert from Seaport Research Partners. Martin Englert: Have you had discussions with the U.S. and/or EU governments regarding potential grant opportunities for growth when it comes to critical materials. And then if you could just touch on what specific metals or alloys you're most strongly considering maybe pursuing here? Marco Levi: Yes. I mean there are different departments -- government departments in U.S. we have been talking to and the recent agreement between U.S. and Europe on planning this critical material partnership confirm the intent of governments to increase the independence from China on critical materials. We have been -- today, we produce coal, silicon metal and manganese alloys, which are critical. But in the past, we have been producing other materials in our furnaces, in particular, ferrosilicon chrome and ferrochrome. And a long time ago, FerroAtlántica was producing magnesium in Europe. But on top of that, we have technologies that can be applied to our furnaces to produce other critical materials for Europe, critical minerals for U.S. At this stage, I cannot be disclosing which materials we're going to produce. But I can tell you that we went through a serious process where we started from more than 100 options, and now we are down to new 10 critical materials, that we can produce either by -- in the current furnaces that we have or in slightly modified furnaces with minimum CapEx. And in some cases, like magnesium, we will need to invest in a new plant. What we are doing right now, we are validating the market attractiveness of these 10 new materials. And we plan to drive our conclusions in the next few weeks when we present to the Board how we intend to start this critical minerals diversification at Ferroglobe. Martin Englert: And you touched on this, but the -- maybe goalposts for associated CapEx and correct me if I misheard you, but it sounds like several of the options for materials that you're considering might be very minimal where the furnaces wouldn't need much. Others sound like they're fairly nominal investments with some furnace upgrades, but then I believe you said magnesium would require more substantial investment. And I believe you said a new plant. So just goalposts on if you would decide to go forward, is this something in the single-digit millions of dollars at the low end to tens of millions? And then what would it look like on the high end with CapEx? Marco Levi: We are consolidating the numbers right now to go to the Board with some NPV estimates to select the most attractive opportunities. You got it right. Some of these materials really don't need further investment. Probably they need some new permits because we have not been producing these products for a while. We need to assess the reliability of raw material -- new raw material sources. And you are correct. For some of these materials, we don't need any additional CapEx. For other materials, we need a little bit of CapEx in the single-digit million dollars. Of course, due to the pressure that we have from governments to start the production of these products. We will give priority to be easier and more profitable to produce critical materials or minerals. Martin Englert: Okay. Would be curious to learn more over the coming weeks or months as you have more to share. When it comes to the increased logistical expenses, are you implementing surcharges across your product offering to cover both the inbound and outbound inflation associated with this? Marco Levi: Yes. We are implementing surcharges both in Europe and in the U.S. We are implementing a surcharge of EUR 30 per ton in Europe and $40 per ton in the U.S. with different level of acceptance. There are businesses like chemicals who are doing that. They are more used to this practice. Other businesses like steel, which are much more resistant to that. I think that anyway in the next few weeks, we are going to be forced to increase prices across our product mix as well because the prices that we see today, particularly in Europe, particularly on silicon metal and ferrosilicon are simply unacceptable for everybody. So I think the market should move -- and there is a lot of cost pressure coming from freight, gas is influencing, the energy cost and all the critical raw materials of our supply chain have gone up. So we need to try to pass these increases through the supply chain. Martin Englert: When it comes to the pricing dynamic, I mean, within the silicon-based alloys business, there's been fairly favorable trade measures across your asset footprint. Underlying demand seems like it's pretty favorable or moving in a better -- quite a bit better direction. What do you think is the inhibiting factor that hasn't allowed you to raise prices thus far in the EU and U.S. market for products like ferrosilicon? Marco Levi: Yes. As I said that we have to consider different dynamics here. In Europe, before safeguards were announced, a lot of ferrosilicon has been moved by the usual countries and inventories were pretty high. The second point is that Angola has been switching furnaces to ferrosilicon, dumping ferrosilicon in Europe. Angola is not subject to any kind of safeguard. The third element due to the low price of silicon metal in Europe, we have seen significant ferrosilicon volumes being converted by the steelmakers to silicon metal. And we have seen imports in the first quarter from Malaysia and Kazakhstan going up. So these are the main factors that have prevented the consolidation of the price increase that happened immediately after the safeguard on ferrosilicon. In the U.S. I think now it is really a matter of time with the recovery of the steel consumption in U.S. the first quarter numbers show growth in U.S. in steel. So we expect pricing to become more robust on ferrosilicon in U.S. near-term. Operator: [Operator Instructions] We will take our next question, and the question comes from the line of Nick Giles from B. Riley Securities. Nick Giles: I appreciate you updated this morning. I guess just following up on some of Martin's questions. When we think about you pursuing new critical minerals, was something like a price floor or government-related offtake or stockpiling efforts, would that be a part of the decision matrix? Or is it really more a factor of kind of CapEx requirements and something more on the grant side? Just appreciate any color there. Marco Levi: Well, we are trying to be as fast as possible here. And clearly, we count on government support. But like I mentioned when I replied to Martin, Nick, we are looking at what we can control now. And what we can control is which technologies are available to us, which technologies can be then implemented with minimum investment or 0 investment and market -- current market attractiveness for these products. Clearly, we -- I think pretty soon, deals like the critical material partnership between U.S. and Europe will have tremendous weight on our decisions and strategy implementation because when you look at this kind of deal, yes, you talk about potential decision on price floors for these critical minerals in U.S. and Europe. They are talking about joint mapping, meaning identifying new resource deposits in our geographies. We talk about defense. So prioritizing NATO on the rest. We talk about very interesting about harmonized ESG, especially when you talk about E, this can be an harmonization of the environmental measures can be extremely interesting, especially for Europeans and focus on recycling is another key element of the deal. So we have to see how this kind of agreement gets translated into measures, being it either price levels or environmental limits or whatever else refers to what I just mentioned. But for me, there is a fact that certain products that we can produce either in Europe or in U.S. are not -- either not produced at all like magnesium. There is no active production of magnesium in the West at this stage. There are a few start-ups, but there is nothing or the current amount of products that are produced today are a minimal part of the demand. So being the intention of Europe and U.S. to be more back integrated on these materials, I think, will provide us a tremendous opportunity to position Ferroglobe like one of the key suppliers of critical minerals in the West. Nick Giles: I really appreciate your perspective. Maybe switching gears, just you mentioned in your prepared remarks, Coreshell did another raise and you obviously participated and attached to that or alongside that, there is a multiyear silicon metal supply agreement. So can you just touch on maybe the overall progress for Coreshell, kind of -- what kind of customers are they signing? And how you anticipate volumes within that supply agreement to ramp and what the margins look like there? I know that was a lot, but I think you get where I'm going. Marco Levi: Yes. I mean the volumes are not going to be significant until OEMs qualify the 60 amp pilot batteries that we estimate happening between the end of 2027 and '28. And then we expect to develop business by 2030, '31 to a level of about 70,000 tons of silicon metal for batteries just related to Coreshell. The volumes are already flowing now, but there are minimal volumes for their sales to batteries and drones. I think I can share the budget of the sales for Coreshell next year is north of $60 million, so it's significant. So the technology is validated. Now we need -- the Series B, like I mentioned in the past, is related to building a bigger pilot plant that is going to be used to sample 60 amp pilot batteries for qualifications by the automotive OEMs who have shown interest in this technology. Nick Giles: Understood. I appreciate that. Maybe just turning back to FeSi. I mean volumes did improve pretty meaningfully in the first quarter. Can you just talk about what your volume expectations are in 2Q? And then what should we expect for manganese-based alloys as well? Marco Levi: Well, we mentioned in -- when we communicated in the previous quarter about our expectation for 2026 that we are related to a significant growth in alloys, driven by safeguards in Europe, by the new safeguard measures on steel are kicking in as of July 1, 2026, and steel recovery in U.S. So this is happening. Clearly, on manganese, when you talk about safeguard, there is only one producer. I would say, of manganese alloys in EU27 territory, which is Ferroglobe. One of our competitor has a small plant in France, but we are the guys that from a volume point of view, benefit the most out of safeguards of manganese. On ferrosilicon, I've already described in detail to Martin what happened in Europe and in U.S. I hope you were in the call, so I think I answered this question. Nick Giles: No, understood. That's helpful. Maybe just one more, if I could. Just on the ferrosilicon costs, you kind of went through, you're looking to pass through some of the elevated costs within each segment. But if we were to kind of isolate those cost pressures and just look at quarter-over-quarter, what kind of cost improvement would we expect to see in ferrosilicon specifically? Beatriz García-Cos Muntañola: Maybe it's a point to notice, Nick, this is Beatriz speaking. In Q4 versus Q1, we have a huge one-off in Q4, a positive. And of course, in Q1, we don't have any longer this nonrecurrent. So this is why you noticed an increase in cost in Q1 2026 versus Q4 2025. So what I'm saying is that not a like-to-like when you compare the 2 quarters. Going forward, I can confirm that, of course, we are improving our cost. The challenge could be more on the logistics side and transportation costs, as you know, due to the Iran war. We expect these cost to potentially increase a little bit more in Q2 and then pave the way on the second half of the year. Nick Giles: Just to clarify, so costs in silicon-based alloys would actually rise in 2Q before kind of declining in 3Q and 4Q? Beatriz García-Cos Muntañola: Yes. You're right. Operator: Thank you. That concludes today's question-and-answer session. I'll now hand back for closing remarks. Marco Levi: Thank you. We are excited about the medium-term potential to grow and diversify our business through a broader mix of critical materials and an expanded geographic presence. Thank you again for your participation. We look forward to updating you on the next call in August. Have a great day. 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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. (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 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 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 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. (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]

Silicon-based alloy volumes reached a five-year high, growing 18% sequentially due to robust demand in North America and Europe supported by new trade safeguards. Management is executing a strategic shift toward critical minerals diversification, evaluating 10 new materials that can be produced using existing furnace infrastructure with minimal capital expenditure. Silicon metal performance in Europe remains pressured by aggressive imports from China and Angola, leading the company to prioritize price discipline over volume and convert three silicon metal furnaces to ferrosilicon. The company is actively pursuing a restart of operations in Venezuela to leverage its strategic proximity to the U.S. market and access to low-cost energy and raw materials. Operational flexibility allowed for the rapid conversion of furnaces to capitalize on shifting demand, mitigating the impact of predatory pricing in the European silicon metal market. Management attributes the loss of Western advantage in critical materials to China's dominance in processing rather than mineral access, a trend they believe is reversing due to geopolitical realignment. Management expects pricing to strengthen in the second half of 2026 as excess inventory from pre-safeguard imports is depleted and enhanced EU steel measures take effect. The company anticipates a significant growth opportunity for silicon metal in the U.S. through 2028, driven by Tesla's goal to build 100 gigawatts of solar capacity. Logistics and raw material cost pressures stemming from the Iran conflict are expected to be temporary, though they may impact Q2 results before easing in the second half of the year. The Coreshell partnership is projected to scale significantly by 2030-2031, with an estimated demand of 70,000 tons of silicon metal for batteries following OEM qualifications in 2027-2028. Strategic conclusions regarding the first phase of critical minerals diversification are expected to be presented to the Board within the coming weeks. The company implemented surcharges of EUR 30 per ton in Europe and $40 per ton in the U.S. to offset rising freight, gas, and energy costs. A $13 million investment in working capital to support higher volumes contributed to negative free cash flow of $16 million in the first quarter. Manganese alloy margins were impacted by inflation in manganese ore and higher transportation costs, though the segment remains the primary beneficiary of EU safeguards. The U.S. Department of Commerce is expected to set final antidumping rates for Australia and Norway in late June, which management views as critical for a level playing field. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management confirmed ongoing discussions with U.S. and EU government departments regarding critical material partnerships and independence from China. The company has narrowed its focus to 10 materials, including magnesium and ferrochrome, which can be produced with minimal to no additional CapEx in existing or slightly modified furnaces. A formal proposal for critical minerals diversification will be presented to the Board in the coming weeks following market attractiveness validation. High inventory levels accumulated prior to safeguards and the dumping of ferrosilicon from Angola (which is not subject to safeguards) have suppressed prices. Low silicon metal prices led some steelmakers to substitute ferrosilicon with silicon metal, further disrupting market dynamics. Management expects pricing to become more robust in the U.S. near-term as steel consumption recovers. Significant volumes are not expected until 2027-2028 when automotive OEMs complete qualifications of the 60 amp pilot batteries. Coreshell has already begun selling batteries to robotics and defense customers, with a projected sales budget north of $60 million for the next year. The technology is considered validated, and Series B funding is focused on scaling the pilot plant for automotive sampling. Management expects costs in the silicon-based alloys segment to rise in Q2 due to logistics and transportation challenges before declining in the second half of the year. The Q1 cost increase compared to Q4 was also influenced by the absence of a large one-off positive nonrecurrent item that occurred in the previous quarter. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.

On February 17, 2026, Grizzlyrock Capital disclosed in a new SEC filing that it increased its position in Magnite (NASDAQ:MGNI) by 181,000 shares, with the estimated transaction value at $3.00 million based on quarterly average pricing. According to a recent SEC filing, Grizzlyrock Capital added 181,000 shares of Magnite during the fourth quarter of 2025. The estimated transaction value, based on average closing prices for the quarter, was $3.00 million. The quarter-end value of the position increased by $768,101, a figure that includes both the impact of additional shares and any change in stock price. The fund reported holding 571,906 shares at year-end. The position represents 6.95% of Grizzlyrock Capital’s 13F reportable assets under management as of December 31, 2025. Top holdings after the filing: NASDAQ: GSM: $18.91 million (14.2% of AUM) NYSE: GEL: $9.83 million (7.4% of AUM) NASDAQ: EEFT: $9.61 million (7.2% of AUM) NASDAQ: MGNI: $9.28 million (6.9% of AUM) NYSE: AMN: $8.76 million (6.6% of AUM) As of February 17, 2026, MGNI shares were priced at $11.57, down 40.33% over the past year and underperforming the S&P 500 by 54.07 percentage points. Magnite provides a sell-side advertising platform that enables publishers to manage and monetize digital advertising inventory across connected TV (CTV), websites, and digital media properties. The company generates revenue primarily by facilitating programmatic ad transactions, charging fees to publishers and buyers for access to its technology and marketplace solutions. Main customers include digital publishers, CTV channel owners, advertisers, agencies, and demand-side platforms seeking to optimize digital advertising spend and inventory yield. Magnite, Inc. is a leading independent sell-side advertising platform specializing in digital and connected TV inventory monetization. The company leverages a robust technology stack to connect digital publishers with advertisers, providing scale and efficiency in programmatic ad transactions. With a focus on innovation and a diversified customer base, Magnite positions itself as a key enabler in the evolving digital advertising ecosystem. This move shows conviction when sentiment is washed out. Magnite shares fell 25% last quarter and were down more than 40% for the year as of mid-February, badly trailing the S&P 500. Adding during that kind of drawdown is not a momentum trade. Instead, it seems like a view that fundamentals are inflecting faster than the stock price suggests. The latest results support that argument. Fourth quarter revenue rose 6% to $205 million, while Contribution ex TAC (gross profit plus cost of revenue, excluding traffic acquisition cost) increased 8% and 16%, excluding political spend. CTV was the standout, with Contribution ex TAC up 20% year over year and now representing 45% of the full year total. Management also authorized a new $200 million share repurchase program and expects at least 11% Contribution ex TAC growth in 2026. Within a portfolio that already leans into cyclical and special situation names, this nearly 7% position is a meaningful bet on digital ad recovery and CTV share gains. Ultimately, if CTV keeps compounding and margins stay above 35%, as expected, today’s depressed multiple may not last. Before you buy stock in Magnite, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Magnite wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $526,889!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,103,743!* Now, it’s worth noting Stock Advisor’s total average return is 947% — a market-crushing outperformance compared to 192% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of March 4, 2026. Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Euronet Worldwide. The Motley Fool recommends Magnite. The Motley Fool has a disclosure policy. Magnite Stock Tanked 25% Last Quarter, but This Fund Still Bought Up $3 Million More in Shares was originally published by The Motley Fool