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    Ferroglobe Reports First Quarter 2025 Financial Results

    5/7/25 5:00:54 PM ET
    $GSM
    Metal Mining
    Basic Materials
    Get the next $GSM alert in real time by email

    First Quarter Highlights

    • Reported adjusted EBITDA of $(26.8) million
    • Generated $5.1 million of free cash flow
    • Favorable final decision in the U.S. ferrosilicon case with preliminary EU safeguard decision expected by June
    • New trade case filed by U.S. silicon metal producers on April 24
    • Increased quarterly cash dividend to $0.014 per share in March, up 8% over the prior quarter
    • Repurchased 720,008 shares during the first quarter

    LONDON, May 07, 2025 (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 2025.

    Financial Highlights

          %   % 
    ($ in millions, except EPS) Q1 2025 Q4 2024 Q/Q Q1 2024 Y/Y 
                     
    Sales $307.2  $367.5   (16.4)% $391.9   (21.6)% 
    Net (loss) income attributable to the parent $(66.5) $(28.1)  (136.3)% $(2.0)  (3184.7)% 
    Adj. EBITDA $(26.8) $9.8   (372.2)% $25.8   (203.9)% 
    Adjusted diluted EPS $(0.20) $0.03   (849.2)% $(0.00)  (4872.9)% 
    Operating cash flow $19.4  $32.1   (39.6)% $198.0   (90.2)% 
    Capital expenditures1 $14.3  $17.9   (20.3)% $18.2   (21.5)% 
    Free cash flow2 $5.1  $14.1   64.2% $179.8   (97.2)% 

                      (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, "Our first quarter adjusted EBITDA was negative, in line with our budget, reflecting the uncertain market environment. We anticipate significant improvement from the second quarter forward. Despite the soft quarter, Ferroglobe again generated positive free cash flow. We used this cash to pay increased dividends and repurchase shares, while maintaining a strong balance sheet with no net debt.

    "One of the reasons for our optimistic outlook for the coming quarters is driven by our belief that we are at or near the market trough. This, combined with supportive trade actions in the U.S., including various trade measures, such as the final ferrosilicon determination, a newly filed petition by the U.S. silicon metal producers against unfair competition by imports, positions us well there. In the EU, expected safeguard measures covering all our main products should begin to benefit us in the second half. We expect improving demand to translate into higher revenues. We believe that once these uncertainties are resolved, local producers like Ferroglobe will be well-positioned to take advantage of these opportunities and regain market share," concluded Dr. Levi.

    Consolidated Sales

    In the first quarter of 2025, Ferroglobe reported sales of $307.2 million, a decrease of 16.4% over the prior quarter and a decrease of 21.6% from the comparable prior year period. This decrease compared to the prior quarter was primarily attributable to lower sales volumes in silicon metal and manganese-based alloys and lower pricing in all our portfolio products, partially offset by higher volumes sold in silicon-based alloys. Sales of silicon metal and manganese-based alloys declined by $56.7 million and $4.0 million, respectively, while silicon-based alloys increased by $5.8 million, compared with the prior quarter.

    Product Category Highlights

    Silicon Metal

               
    ($,000) Q1 2025 Q4 2024 % Q/Q Q1 2024 % Y/Y
    Shipments in metric tons:  36,308   49,797  (27.1)%  53,183  (31.7)%
    Average selling price ($/MT):  2,881   3,240  (11.1)%  3,155  (8.7)%
                  
    Silicon Metal Revenue  104,603   161,342  (35.2)%  167,792  (37.7)%
    Silicon Metal Adj.EBITDA  (15,447)  16,849  (191.7)%  16,071  (196.1)%
    Silicon Metal Adj.EBITDA Margin  (14.8)%  10.4%    9.6%  
     

    Silicon metal revenue in the first quarter was $104.6 million, a decrease of 35.2% over the prior quarter. The average selling price decreased by 11.1%, and shipments decreased by 27.1% due to lower volumes, mainly in EMEA, compared to the prior quarter. Adjusted EBITDA for silicon metal decreased to $(15.4) million for the first quarter, compared with $16.8 million for the prior quarter. In addition to lower prices, adjusted EBITDA margin further decreased mainly due to cost deterioration attributed to volume declines, lower fixed cost absorption and higher energy costs.



    Silicon-Based Alloys

               
    ($,000) Q1 2025 Q4 2024 % Q/Q Q1 2024 % Y/Y
    Shipments in metric tons:  42,864   39,417  8.7%  51,171  (16.2)%
    Average selling price ($/MT):  2,120   2,159  (1.8)%  2,188  (3.1)%
                  
    Silicon-based Alloys Revenue  90,872   85,101  6.8%  111,962  (18.8)%
    Silicon-based Alloys Adj.EBITDA  2,414   3,093  (22.0)%  14,412  (83.3)%
    Silicon-based Alloys Adj.EBITDA Margin  2.7%  3.6%    12.9%  
                     

    Silicon-based alloy revenue in the first quarter was $90.9 million, an increase of 6.8% over the prior quarter. The average selling price decreased by 1.8% and shipments increased by 8.7% compared to the prior quarter. Volumes increased due to higher demand in the US. Adjusted EBITDA for silicon-based alloys decreased to $2.4 million for the first quarter of 2025, a decrease of 22.0% compared with $3.1 million for the prior quarter. The adjusted EBITDA margin decrease was primarily driven by decline in prices.

    Manganese-Based Alloys

               
    ($,000) Q1 2025 Q4 2024 % Q/Q Q1 2024 % Y/Y
    Shipments in metric tons:  67,229   67,712  (0.7)%  62,320  7.9%
    Average selling price ($/MT):  1,108   1,159  (4.4)%  1,066  3.9%
                  
    Manganese-based Alloys Revenue  74,490   78,478  (5.1)%  66,433  12.1%
    Manganese-based Alloys Adj.EBITDA  (5,574)  7,091  (178.6)%  5,520  (201.0)%
    Manganese-based Alloys Adj.EBITDA Margin  (7.5)%  9.0%    8.3%  
                     

    Manganese-based alloy revenue in the first quarter was $74.5 million, a decrease of 5.1% over the prior quarter. The average selling price decreased by 4.4% and shipments were essentially flat compared to the prior quarter. Adjusted EBITDA for the manganese-based alloys portfolio decreased to $(5.6) million for the first quarter, compared with $7.1 million in the prior quarter. Adjusted EBITDA margin decreased mainly due to higher energy costs and idling in France.

    Raw materials and energy consumption for production

    Raw materials and energy consumption for production was $238.3 million in the first quarter of 2025 compared to $250.8 million in the prior quarter, a decrease of 5.0%. As a percentage of sales, raw materials and energy consumption for production was 77.6% in the first quarter of 2025, compared to 68.2% in the fourth quarter. The increase in costs as percentage of sales was driven by lower pricing and higher energy costs.

    Net (Loss) Income Attributable to the Parent

    In the first quarter of 2025, net loss attributable to the parent was $(66.5) million, or $(0.36) per diluted share, compared to a net loss attributable to the parent of $(28.1) million, or $(0.15) per diluted share in the prior quarter. This decrease is primarily attributable to reduced prices across our product portfolio and shipments of our main products. The Company reported adjusted diluted earnings per share of $(0.20) for the first quarter, compared with adjusted earnings per share of $0.03 per share in the prior quarter.



    Adjusted EBITDA

    Adjusted EBITDA was $(26.8) million for the first quarter of 2025 compared to $9.8 million for the prior quarter. The decrease was mainly driven by lower pricing and higher energy costs.

    Total Cash, Adjusted Gross Debt and Working Capital

                  %
    ($ in millions) March 31, 2025 December 31, 2024 $ % March 31, 2024 $Y/Y
                         
    Total Cash1 $129.6 $133.3  (3.7)  (2.8)% $159.8  (30.2) (18.9)%
    Adjusted Gross Debt2 $110.4 $94.4  16.0   16.9% $80.8  29.6  36.6%
    Net Cash $19.2 $38.9  (19.7)  (50.6)% $79.0  (59.8) 75.7%
    Total Working Capital3 $435.7 $460.8  (25.1)  (5.5)% $487.5  (51.8) (10.6)%

    (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 $129.6 million as of March 31, 2025, down $3.7 million from $133.3 million as of December 31, 2024. Adjusted gross debt increased by $16.0 million to $110.4 million, resulting in net cash of $19.2 million as of March 31, 2025.

    During the first quarter cash flows from operating activities were $19.4 million and net cash used in investing activities was $23.0 million. Cash used in financing activities was $2.8 million as a result of lease payments of $3.1 million, dividend payments of $2.6 million and interest payments of $4.5 million. Share repurchases of $2.7 million and repayment of other financing liabilities of $22.7 million were partially offset by net cash proceeds from promissory notes of $4.0 million and financing facilities in the US and South Africa of $30.3 million.

    Total working capital was $435.7 million as of March 31, 2025, down from $460.8 million on December 31, 2024. The $25.1 million decrease in working capital balance during the quarter was due to a $32.3 million decrease in inventories and an increase in trade and other payables by $17.7 million, offset by an $11.7 million increase in trade receivables and $13.2 million increase in other receivables.

    Beatriz García-Cos, Ferroglobe's Chief Financial Officer, commented, "We continued to make robust progress in reducing our working capital during the first quarter, achieving approximately 50% of our full-year target. Looking ahead, we expect a modest increase in working capital over the next two quarters as production ramps up in France, followed by a meaningful reduction in the fourth quarter. Our balance sheet remains strong and we generated free cash flow in the first quarter, while also returning capital to shareholders through $2.6 million in dividends and $2.7 million in share repurchases."

    Capital Returns

    During the first quarter, Ferroglobe repurchased 720,008 shares at an average price of $3.75 per share and paid a quarterly cash dividend of $0.014 per share on March 26, 2025. Our next cash dividend of $0.014 per share will be paid on June 26, 2025, to shareholders of record as of June 18, 2025.

    Conference Call

    Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, Eastern Time on May 8, 2025. 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/BIa09c86627bc54bbfa844f3e0cffca9e2

    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/7rutmin8

    About Ferroglobe

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

    Forward-Looking Statements

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

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

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

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

    Non-IFRS Measures

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



    INVESTOR CONTACT:

    Alex Rotonen, CFA

    Vice President, Investor Relations

    Email: [email protected]

    MEDIA CONTACT:

    Cristina Feliu Roig

    Vice President, Communications & Public Affairs

    Email: [email protected]



    Ferroglobe PLC and Subsidiaries

    Unaudited Condensed Consolidated Income Statement

    (in thousands of U.S. dollars, except per share amounts)
     
               
       For the Three Months Ended  For the Three Months Ended  For the Three Months Ended 
      March 31, 2025 December 31, 2024  March 31, 2024 
    Sales $307,179  $367,505  $391,854  
    Raw materials and energy consumption for production  (238,341)  (250,763)  (259,289) 
    Other operating income  9,072   18,892   10,836  
    Staff costs  (70,450)  (70,241)  (70,519) 
    Other operating expense  (47,290)  (52,289)  (52,348) 
    Depreciation and amortization  (17,520)  (19,020)  (18,669) 
    Impairment gain (loss)  268   (43,052)  —  
    Other gain (loss)  1,405   (571)  696  
    Operating (loss) profit  (55,677)  (49,539)  2,561  
    Finance income  873   3,533   2,297  
    Finance costs  (4,555)  (3,089)  (9,966) 
    Exchange differences  (6,914)  15,167   1,383  
    Loss before tax  (66,273)  (33,928)  (3,725) 
    Income tax (expense) benefit  (625)  4,376   1,155  
    Total loss for the period  (66,898)  (29,552)  (2,570) 
               
    Loss attributable to the parent $(66,482) $(28,134) $(2,024) 
    Loss attributable to non-controlling interest  (416)  (1,418)  (546) 
               
    EBITDA $(45,071) $(15,352) $22,613  
    Adjusted EBITDA $(26,803) $9,845  $25,803  
               
               
    Weighted average number of shares outstanding          
    Basic and diluted  187,008   188,072   187,927  
               
    Loss per ordinary share          
    Basic and diluted $(0.36) $(0.15) $(0.01) 



    Ferroglobe PLC and Subsidiaries

    Unaudited Condensed Consolidated Statement of Financial Position

    (in thousands of U.S. dollars)
     
               
      As of March 31, As of December 31, As of March 31,

     
      2025 2024 2024

     
    ASSETS
    Non-current assets          
    Goodwill $14,219 $14,219 $29,702 
    Intangible assets  178,583  103,095  193,592 
    Property, plant and equipment  495,285  487,196  500,940 
    Other financial assets  25,375  19,744  13,944 
    Deferred tax assets  7,997  6,580  10,636 
    Receivables from related parties  1,622  1,558  1,622 
    Other non-current assets  23,019  22,451  21,770 
    Total non-current assets  746,100  654,843  772,206 
    Current assets          
    Inventories  314,843  347,139  361,602 
    Trade receivables  200,526  188,816  214,127 
    Other receivables  96,308  83,103  89,815 
    Receivables from related parties  —  —  2,712 
    Current income tax assets  5,191  7,692  10,740 
    Other financial assets  8,564  5,569  2 
    Other current assets  39,385  52,014  27,894 
    Restricted cash and cash equivalents  300  298  298 
    Cash and cash equivalents  129,281  132,973  159,470 
    Total current assets  794,398  817,604  866,660 
    Total assets $1,540,498 $1,472,447 $1,638,866 
               
    EQUITY AND LIABILITIES
    Equity $780,568 $834,245 $843,702 
    Non-current liabilities          
    Deferred income  71,764  8,014  77,185 
    Provisions  26,390  24,384  22,102 
    Provision for pensions  28,383  27,618  29,293 
    Bank borrowings  32,299  13,911  14,643 
    Lease liabilities  59,766  56,585  54,361 
    Debt instruments  —  —  — 
    Other financial liabilities  29,487  25,688  68,186 
    Other non-current liabilities  14,279  13,759  1,760 
    Deferred tax liabilities  18,834  19,629  30,253 
    Total non-current liabilities  281,202  189,588  297,783 
    Current liabilities          
    Provisions  91,416  83,132  127,533 
    Provision for pensions  168  168  165 
    Bank borrowings  56,214  43,251  42,762 
    Lease liabilities  12,572  12,867  12,297 
    Debt instruments  14,311  10,135  — 
    Other financial liabilities  27,168  48,117  15,190 
    Payables to related parties  3,074  2,664  3,527 
    Trade and other payables  176,017  158,251  178,038 
    Current income tax liabilities  10,337  10,623  6,262 
    Other current liabilities  87,451  79,406  111,607 
    Total current liabilities  478,728  448,614  497,381 
    Total equity and liabilities $1,540,498 $1,472,447 $1,638,866 
     



    Ferroglobe PLC and Subsidiaries

    Unaudited Condensed Consolidated Statement of Cash Flows

    (in thousands of U.S. dollars)
     
               
      For the Three Months Ended For the Three Months Ended For the Three Months Ended 
      March 31, 2025 December 31, 2024 March 31, 2024 
    Cash flows from operating activities:          
    (Loss) for the period $(66,898) $(29,552) $(2,570) 
    Adjustments to reconcile net (loss) to net cash provided by operating activities:          
    Income tax expense (benefit)  625   (4,376)  (1,155) 
    Depreciation and amortization  17,520   19,020   18,669  
    Finance income  (873)  (3,533)  (2,297) 
    Finance costs  4,555   3,089   9,966  
    Exchange differences  6,914   (15,167)  (1,383) 
    Impairment (gain) loss  (268)  43,052   —  
    Share-based compensation  1,296   1,587   928  
    Other (gain) loss  (1,405)  571   (696) 
    Changes in operating assets and liabilities          
    Decrease in inventories  28,357   23,146   19,011  
    (Increase) decrease in trade receivables  (7,206)  31,756   2,404  
    Increase in other receivables  (9,573)  (12,885)  (2,084) 
    Decrease (increase) in energy receivable  25,165   (5,735)  161,855  
    Increase (decrease) in trade payables  13,186   (19,039)  (1,925) 
    Other changes in operating assets and liabilities  7,537   4,936   (7,259) 
    Income taxes received (paid)  440   (4,776)  4,580  
    Net cash provided by operating activities:  19,372   32,094   198,044  
    Cash flows from investing activities:          
    Interest and finance income received  872   692   741  
    Payments due to investments:          
    Intangible assets  (557)  (855)  (584) 
    Property, plant and equipment  (13,750)  (17,090)  (17,641) 
    Other financial assets  (11,119)  —   —  
    Disposals:          
    Property, plant and equipment  1,559   —   —  
    Receipt of asset-related government grant  —   12,453   —  
    Net cash used in investing activities  (22,995)  (4,800)  (17,484) 
    Cash flows from financing activities:          
    Dividends paid  (2,613)  (2,436)  (2,438) 
    Payment for debt and equity issuance costs  (95)  (6)  —  
    Repayment of debt instruments  (10,361)  —   (147,624) 
    Proceeds from debt issuance  14,380   10,255   —  
    Increase (decrease) in bank borrowings:          
    Borrowings  106,033   122,809   94,611  
    Payments  (77,176)  (137,650)  (83,012) 
    Payments for lease liabilities  (3,098)  (4,511)  (2,973) 
    (Payments) proceeds from other financing liabilities  (22,651)  6,054   —  
    Other payments from financing activities  —   (411)  (192) 
    Payments to acquire own shares  (2,703)  (1,936)  —  
    Interest paid  (4,531)  (2,029)  (14,634) 
    Net cash used in financing activities  (2,815)  (9,861)  (156,262) 
    Total net (decrease) increase in cash and cash equivalents  (6,438)  17,433   24,298  
    Beginning balance of cash and cash equivalents  133,271   120,810   137,649  
    Foreign exchange gains (losses) on cash and cash equivalents  2,748   (4,972)  (2,179) 
    Ending balance of cash and cash equivalents $129,581  $133,271  $159,768  
    Restricted cash and cash equivalents  300   298   298  
    Cash and cash equivalents  129,281   132,973   159,470  
    Ending balance of restricted cash and cash and cash equivalents $129,581  $133,271  $159,768  
     



    Adjusted EBITDA ($,000):

            
      For the Three Months Ended

    March 31, 2025
     For the Three Months Ended

    December 31, 2024
     For the Three Months Ended

    March 31, 2024
     
    Loss attributable to the parent $(66,482) $(28,134) $(2,024) 
    Loss attributable to non-controlling interest  (416)  (1,418)  (546) 
    Income tax expense (benefit)  625   (4,376)  (1,155) 
    Finance income  (873)  (3,533)  (2,297) 
    Finance costs  4,555   3,089   9,966  
    Depreciation and amortization charges  17,520   19,020   18,669  
    EBITDA  (45,071)  (15,352)  22,613  
    Exchange differences  6,914   (15,167)  (1,383) 
    Impairment (gain) loss  (268)  43,052   —  
    Restructuring and termination costs  —   (2,693)  —  
    New strategy implementation  682   1,629   1,361  
    Subactivity  —   1,457   942  
    PPA Energy  2,768   (3,081)  2,270  
    Fines inventory adjustment  8,172   —   —  
    Adjusted EBITDA $(26,803) $9,845  $25,803  
     



    Adjusted profit attributable to Ferroglobe ($,000):

            
      For the Three Months Ended

    March 31, 2025
     For the Three Months Ended

    December 31, 2024
     For the Three Months Ended

    March 31, 2024
     
    Loss attributable to the parent $(66,482) $(28,134) $(2,024) 
    Tax rate adjustment  21,481   6,301   17  
    Impairment (gain) loss  (184)  28,671   —  
    Restructuring and termination costs  —   (1,846)  —  
    New strategy implementation  467   1,116   933  
    Subactivity  —   998   646  
    PPA Energy  1,897   (2,111)  1,556  
    Fines inventory adjustment  5,600   —   —  
    Adjusted (loss) profit attributable to the parent $(37,220) $4,996  $1,168  
     



    Adjusted diluted profit per share:

            
      For the Three Months Ended

    March 31, 2025
     For the Three Months Ended

    December 31, 2024
     For the Three Months Ended

    March 31, 2024
     
    Diluted (loss) per ordinary share $(0.36) $(0.15) $(0.01) 
    Tax rate adjustment  0.11   0.03   0.00  
    Impairment (gain) loss  (0.00)  0.15   —  
    Restructuring and termination costs  —   (0.01)  —  
    New strategy implementation  0.00   0.01   0.00  
    Subactivity  —   0.01   0.00  
    PPA Energy  0.01   (0.01)  0.01  
    Fines inventory adjustment  0.03   —   —  
    Adjusted diluted (loss) profit per ordinary share $(0.20) $0.03  $(0.00) 


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