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NASDAQ: GSM Third Quarter 2025 Results November 6, 2025 NASDAQ: GSM Driving innovation of critical materials essential to a sustainable future
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NASDAQ: GSM Forward-Looking Statements and Non-IFRS Financial Metrics 2 This presentation contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward- looking statements are not historical facts but are based on certain assumptions of management and describe our future plans, strategies and expectations. Forward-looking statements can generally be identified by the use of forward- looking terminology, including, but not limited to, "may," “could,” “seek,” “guidance,” “predict,” “potential,” “likely,” "believe," "will," "expect," “should," "anticipate," "estimate," "plan," "intend," "forecast," “aim,” “target,” or variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements contained in this presentation are based on information presently available to Ferroglobe PLC (“we,” “us,” “Ferroglobe,” the “Company” or the “Parent”) and assumptions that we believe to be reasonable but are inherently uncertain. As a result, our 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 our control. You are cautioned that all such statements involve risks and uncertainties, including without limitation, the impacts of the Ukraine-Russia conflict; increases in energy prices, disruptions in the supply of power and changes in governmental regulation of the power sector and the effect on costs of production; the outcomes of pending or potential litigation; operating costs, customer losses and business disruptions (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) that may be greater than expected; the retention of certain key employees; the current and anticipated competitive landscape; our ability to adapt products and services to changes in technology or the marketplace; our ability to maintain and grow relationships with customers and clients; the historic cyclicality of the metals industry and the attendant swings in market price and demand; the availability of raw materials and transportation; costs associated with labor disputes and stoppages; our ability to maintain our liquidity and to generate sufficient cash to service indebtedness; the integration and development of prior and future acquisitions; the availability and cost of maintaining adequate levels of insurance; our ability to protect trade secrets, trademarks and other intellectual property; equipment failures, delays in deliveries or catastrophic loss at any of our manufacturing facilities, which may not be covered under any insurance policy; exchange rate fluctuations; changes in laws protecting U.S., Canadian and European Union companies from unfair foreign competition (including antidumping and countervailing duty orders and laws) or the measures currently in place or expected to be imposed under those laws; compliance with, or potential liability under, environmental, health and safety laws and regulations (and changes in such laws and regulations, including in their enforcement or interpretation); risks from international operations, such as foreign exchange fluctuations, tariffs, duties and other taxation, inflation, increased costs, political risks and our ability to maintain and increase business in international markets; risks associated with mining operations, metallurgical smelting and other manufacturing activities; our ability to manage price and operational risks including industrial accidents and natural disasters; our ability to acquire or renew permits and approvals; potential losses due to unanticipated cancellations of service contracts; risks associated with potential unionization of employees or work stoppages that could adversely affect our operations; changes in tax laws (including under applicable tax treaties) and regulations or to the interpretation of such tax laws or regulations by governmental authorities; changes in general economic, business and political conditions, including changes in the financial markets; uncertainties and challenges surrounding the implementation and development of new technologies; risks related to potential cybersecurity breaches; risks related to our capital structure; risks related to our ordinary shares; our foreign private issuer status, the loss of which would require us to comply with the Exchange Act’s domestic reporting regime, and cause us to incur significant legal, accounting and other expenses; our incorporation in the United Kingdom, the laws of which govern our corporate affairs and may differ from those applicable to companies incorporated in the U.S.; and our failure to maintain an effective system of internal control over financial reporting. The foregoing list is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect our business, including those described in the “Risk Factors” section of our Annual Reports on Form 20-F, Current Reports on Form 6-K and other documents we file from time to time with the United States Securities and Exchange Commission. We do not give any assurance (1) that we will achieve our expectations or (2) concerning any result or the timing thereof, in each case, with respect to any regulatory action, administrative proceedings, government investigations, litigation, warning letters, consent decree, cost reductions, business strategies, earnings or revenue trends or future financial results. Forward- looking financial information and other metrics presented herein represent our key goals and are not intended as guidance or projections for the periods presented herein or any future periods. We do not undertake or assume any obligation to update publicly any of the forward-looking statements in this presentation to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this presentation. EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net profit, adjusted profit per share, working capital, adjusted gross debt, net cash and net debt, are non-IFRS financial metrics that, we believe, are pertinent measures of Ferroglobe’s success. The Company has included these financial metrics to provide supplemental measures of its performance. We believe these metrics are important 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. For additional information, including a reconciliation of the differences between such non-IFRS financial measures and the comparable IFRS financial measures, refer to the press release dated November 5, 2025 accompanying this presentation, which is incorporated by reference herein.
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NASDAQ: GSM INCREASING CLARITY IN THE U.S. AND EU TRADE CASES POSITIONS FERROGLOBE FOR A ROBUST 2026 3 Strong U.S. preliminary Silicon Metal AD/CVD decision, positive for the industry ▪ Preliminary CVD duties ranging from 17% to 240% ▪ Preliminary AD duties on Angola of 68% and Laos of 94% ▪ Expect Australia and Norway duties to be announced before year-end EU trade measures expected by November 18 Coreshell began delivering pilot batteries to OEMs; ramping up production Signed a competitive multi-year energy agreement for French operations ▪ Provides flexibility to produce 12 months a year Key Q3 2025 Highlights
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NASDAQ: GSM 386.9 311.7 Q2 25 Q3 25 0.0 1.6 Q2 25 Q3 25 21.6 18.3 Q2 25 Q3 25 Q3 RESULTS AFFECTED BY SOFT DEMAND AND LOW-PRICED IMPORTS 4 Shipments (I) (kt) Quarterly revenues ($´m) Quarterly Adj. EBITDA ($´m) Free cash flow ($´m) 185.8 146.1 Q2 25 Q3 25 $1.6m $3.3m 39.8kt $75.2m (I) Excludes by-products and other products Note: numbers may not add due to rounding
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NASDAQ: GSM SILICON METAL UPDATE 49,761 53,183 62,872 56,910 49,797 36,308 44,610 33,561 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 CRU SiMe index spot pricing trends (I) ($/mt) SiMe shipment trends Q/Q by region SiMe volume trends (mt) Outlook Total 25% Other 84% Europe 51% N. America 1% 5 • EU market disrupted by influx of low-priced Chinese imports • U.S. market remained stable with limited liquidity • Trade measures expected to improve market trends in 2026 (I) Calculated using average monthly prices 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 USA EU
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NASDAQ: GSM SILICON BASED ALLOYS UPDATE 46,446 51,171 46,953 45,489 39,417 42,864 53,048 42,968 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 CRU FeSi index spot pricing trends (I) ($/mt) Si-based alloys shipment trends Q/Q by region Si-based alloys volume trends (mt) Outlook Total 19% Other 49% Europe 15% N. America 10% 6 • After one of the strongest second quarters, volumes softened in Q3 • EU and U.S. FeSi index prices retreated in Q3 • Expect substantial improvement in market conditions in 2026 assisted by EU Safeguards (I) Calculated using average monthly prices 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 USA EU
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NASDAQ: GSM MANGANESE BASED ALLOYS UPDATE 61,404 62,320 81,464 64,495 67,712 67,229 88,188 69,552 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 CRU EU Mn index spot pricing trends (I) ($/mt) Mn-based alloys shipment trends Q/Q by region Mn-based alloys volume trends (mt) Outlook Total 21% Other 100% Europe 22% N. America 1% 7 • Solid shipments in Q3 despite pressure from increased imports from Asia • Continue to benefit from favorable cost position • EU safeguards decision expected to strengthen the market in 2026 (I) Calculated using average monthly prices 800 900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 HC FeMn SiMn
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NASDAQ: GSM FINANCE UPDATE
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NASDAQ: GSM 21.6 (13.4) (1.6) 10.9 0.9 18.3 Q2 25 Volume Price Cost HQ & Others Q3 25 GENERATED POSITIVE ADJ. EBITDA IN SOFT DEMAND ENVIRONMENT 9 (in USD million, except EPS) Q3 2025 Q2 2025 Sales $311.7 $386.9 Raw materials & energy for prod. $(180.4) $(253.2) Raw materials / sales % 57.9% 65.5% Adj. EBITDA $18.3 $21.6 Adj. EBITDA margin % 5.9% 5.6% Adj. diluted EPS $(0.02) $(0.08) Adjusted EBITDA bridge ($´m)
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NASDAQ: GSM Revenue decreased 24% to $99 million driven by: • a decrease in shipments primarily due to 51% decline in Europe as a result of dumping by China, partially offset by; • 1% increase in average selling price Costs improved due to lower energy costs in Europe and effective cost management in the U.S. and Europe SILICON METAL ADJUSTED EBITDA BRIDGE Q3-25 VS. Q2-25 ($m) 10 6.5 (7.9) (2.4) 15.4 11.6 Q2 25 Volume Price Cost Q3 25
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NASDAQ: GSM Revenue decreased 17% to $92 million driven by: • 19% decrease in shipments across all regions, partially offset by; • a 2% increase in average selling price due to sales mix Costs benefited from lower energy costs in Spain, partially offset by higher production costs in the U.S. and South Africa SILICON BASED ALLOYS ADJUSTED EBITDA BRIDGE Q3-25 VS. Q2-25 ($m) 11 7.2 (2.0) 2.2 5.0 12.4 Q2 25 Volume Price Cost Q3 25
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NASDAQ: GSM Revenue decreased 21% to $84 million driven by: • 21% decrease in shipments due to imports from Asia and strong Q2, partially offset by; • 1% increase in average selling price due to product mix Costs impacted by lower fixed cost absorption in Spain and higher raw material costs in France and Norway MANGANESE BASED ADJUSTED EBITDA BRIDGE Q3-25 VS. Q2-25 ($m) 12 16.8 (3.6) 0.7 (9.5) 4.4 Q2 25 Volume Price Cost Q3 25
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NASDAQ: GSM GENERATED POSITIVE CASH FLOW 13 Cash flow summary ($´M) Changes in working capital Free cash flow (I) CAPEX Taxes & others Cash from operations Q3 25 $18.5 $16.6 $(29.8) $20.8 $1.6 $(19.1) $7.4 $14.0 $(13.0) $15.6 $0.0 $(15.6) EBITDA Energy rebate $15.5 $7.2 • Working capital contributed $16.6 million to CFO, driven by S&OP implementation • CAPEX increased by $3.5 million to $19.1 million • Generated $1.6 million of free cash flow during a challenging quarter Q2 25 CFO OF $21M AND $17M WC RELEASE (I) Free cash flow is calculated as cash from operations less capital expenditures Note: numbers may not add due to rounding
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NASDAQ: GSM MAINTAINED A STRONG BALANCE SHEET 14 Total distributions BALANCED CAPITAL ALLOCATION Cash CAPEX Buybacks $0m in Q3-25; Total $7.1m Dividend Consistency $2.6m in Q3-25 Coreshell $0m in Q3-25; Total $10m Disciplined CAPEX $19.1m in Q3-25 10 (5) Q2 25 Q3 25 Net cash/debt evolution ($´m) Adjusted gross debt ($´m) 125 127 Q2 25 Q3 25 $2m $(16)m Strategic investments Note: numbers may not add due to rounding
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NASDAQ: GSM NASDAQ: GSM Key Takeaways Effective working capital management supporting solid balance sheet and cash generation Secured a cost-competitive multi-year energy agreement in France 15 U.S. and EU trade measures are expected to significantly strengthen the business environment in 2026 Coreshell began pilot battery shipments to OEMs; Plans commercial battery deliveries for robotics and defense applications in early 2026
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NASDAQ: GSM Q&A
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NASDAQ: GSM Appendix ─ Supplemental Information
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NASDAQ: GSM ADJUSTED EBITDA RECONCILIATION 18 ($ in millions) Q3 25 Q2 25 EBITDA 18.5 7.4 Exchange differences1 (0.6) 19.7 Impairment (gain) loss 0.0 — Restructuring and termination costs — (1.3) New strategy implementation — — Subactivity — — PPA Energy2 0.3 (1.4) Fines inventory adjustment3 — (2.8) Adjusted EBITDA4 18.3 21.6 (1) Exchange differences refer to gains or losses arising from fluctuations in exchange rates when transactions are conducted in a currency other than the entity’s functional currency (2) PPA Energy refers to the fair value of energy generated under a Power Purchase Agreement (3) Fines inventory adjustment relates to related NRV impact due to cost harmonization (4) May not add due to rounding
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NASDAQ: GSM QUARTERLY SALES AND ADJUSTED EBITDA 19 Adjusted EBITDA Quarterly Sales $ millions Q4 2023 Q1 2024 Q2 2023 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Silicon Metal 168 169 204 194 161 105 130 99 Silicon Alloys 107 113 105 102 85 91 112 92 Mn Alloys 60 66 98 90 78 74 106 84 Other Business 32 44 44 49 43 37 39 37 Total Revenue 367 392 451 434 368 307 387 312 60 26 58 60 10 (27) 22 18 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
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NASDAQ: GSM Investor Relations Alex Rotonen Vice President, Investor Relations investor.relations@ferroglobe.com Media Inquiries Cristina Feliu Roig Vice President, Communications & Public Affairs corporate.comms@ferroglobe.comNASDAQ: GSM