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Ferroglobe Driving innovation of critical materials essential to a sustainable future Second Quarter 2026 Results August 5 , 2026 NASDAQ : GSM
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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 August 5, 2026 accompanying this presentation, which is incorporated by reference herein.
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NASDAQ: GSM 347.7 378.6 Q1 26 Q2 26 (16.4) 20.4 Q1 26 Q2 26 3.3 13.1 Q1 26 Q2 26 STRONG FREE CASH FLOW GENERATION 3 Shipments (I) (kt) Quarterly revenues ($´m) Quarterly Adj. EBITDA ($´m) Free cash flow ($´m) 176.5 188.5 Q1 26 Q2 26 $36.8 11.5 (I) Excludes by-products and other products Note: numbers may not add due to rounding $30.9 $9.8
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NASDAQ: GSM STRATEGY FOR CREATING LONG-TERM VALUE FOR SHAREHOLDERS 4 • Expanding critical materials platform to create new growth opportunities; test produced critical ferroalloys at industrial scale • Enhancing portfolio value through footprint optimization to increase capacity utilization and lower overall cost structure • Planning for a potential restart of low-cost Venezuelan operations with advantaged U.S. market access • Strengthening the core business through trade protection measures and taking advantage of the U.S. and EU onshoring and supply chain realignment Key Highlights
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NASDAQ: GSM SILICON METAL UPDATE 56,910 49,797 36,308 44,610 33,561 32,634 30,533 40,818 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 CRU SiMe index spot pricing trends (I) ($/mt) SiMe shipment trends Q/Q by region SiMe volume trends (mt) Outlook Total 34% Other n.m.% Europe 70% N. America 8% 5 • Silicon market improved in Q2 as the market is beginning to stabilize • Volume increase in Europe and the U.S. • Strong imports to the EU remain a headwind, partially offset by opportunities outside of the EU (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 45,489 39,417 42,864 53,048 42,968 51,279 60,674 62,915 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 CRU FeSi index spot pricing trends (I) ($/mt) Si-based alloys shipment trends Q/Q by region Si-based alloys volume trends (mt) Outlook Total 4% Other 18% Europe 31% N. America 11% 6 • Despite solid volumes in Europe, silicon-based alloy segment demand still soft • Since the beginning of Q2, index prices are down modestly in the US and Europe • H2 2026 volumes expected to remain solid (I) Calculated using average monthly prices 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 USA EU
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NASDAQ: GSM • Q2 volumes remained solid • Index prices firmed ~10% from end of Q1; since Nov. 2025 safeguard implementation indexes up ~25% • Expecting stable volumes in H2 2026 MANGANESE BASED ALLOYS UPDATE 64,495 67,712 67,229 88,188 69,552 80,778 85,743 84,752 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 CRU EU Mn index spot pricing trends (I) ($/mt) Mn-based alloys shipment trends Q/Q by region Mn-based alloys volume trends (mt) Outlook Total 1% Other 2% Europe 4% N. America 53% 7 (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 ADJ. EBITDA IMPROVEMENT DRIVEN BY COSTS 9 (in USD million, except EPS) Q2 2026 Q1 2026 Sales $378.6 $347.7 Raw materials & energy for prod. $(255.0)* $(229.0)* Raw materials / sales % 67.3%* 65.9%* Adj. EBITDA $13.1 $3.3 Adj. EBITDA margin % 3.5% 1.0% Adj. diluted EPS $0.00 $(0.07) Adjusted EBITDA bridge ($´m) * Excluding $(59.9) million Q2 2026 and $(5.5) million Q1 2026 impact of power purchase agreements 3.3 (0.5) (4.5) 15.9 (1.2) 13.1 Q1 26 Volume Price Cost HQ & Others Q2 26
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NASDAQ: GSM Revenue grew 26% to $106 million, driven by: • a 34% increase in shipments primarily due to a 70% improvement in Europe and an 8% increase in North America; • Partially offset by an average selling price decline of 6% versus the first quarter Costs improved primarily due to higher fixed cost absorption related to the restart of certain operations in Europe SILICON METAL ADJUSTED EBITDA BRIDGE Q2-26 VS. Q1-26 ($m) 10 (2.3) (2.2) (3.3) 5.2 (2.7) Q1 26 Volume Price Cost Q2 26
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NASDAQ: GSM Revenue improved 2% to $125 million, driven by: • 4% increase in shipments; • Offset by average selling price decline of 2% Costs declined primarily due to a $5 million litigation benefit in Spain and improved fixed cost absorption in Europe SILICON BASED ALLOYS ADJUSTED EBITDA BRIDGE Q2-26 VS. Q1-26 ($m) 11 6.8 0.7 (2.2) 9.1 14.5 Q1 26 Volume Price Cost Q2 26
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NASDAQ: GSM Revenue was flat at $108 million, driven by: • 1% decline in shipments • 2% increase in average selling price Costs declined by 1% due to improved costs in Spain, partially offset by higher manganese ore prices MANGANESE BASED ADJUSTED EBITDA BRIDGE Q2-26 VS. Q1-26 ($m) 12 10.0 0.0 1.7 1.3 13.0 Q1 26 Volume Price Cost Q2 26
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NASDAQ: GSM STRONG FREE CASH FLOW GENERATION 13 Cash flow summary ($´M) Changes in working capital Free cash flow (I) CAPEX Taxes & others Cash from operations Q2 26 $77.6 $28.0 $(68.7) $37.0 $20.4 $(16.6) EBITDA Energy rebate $0.0 • Release of working capital generated $28 million of CFO • Taxes and others include a $60 million mark-to-market PPA adjustment • CAPEX increased by $5.7 million to $16.6 million • Free cash flow improved to $20.4 million in the second quarter Q1 26 Working Capital drove FCF gains (I) Free cash flow is calculated as cash from operations less capital expenditures Note: numbers may not add due to rounding $10.7 $(13.4) $(3.6) $(5.6) $(16.4) $(10.9) $0.7
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NASDAQ: GSM DEBT LEVELS IMPROVED IN Q2 14 Total distributions BALANCED CAPITAL ALLOCATION Cash CAPEX Buybacks $0 in Q2-26; Total $7.1m Dividend $2.8m in Q2-26 Coreshell $0m in Q2-26; Total $17m Disciplined CAPEX $16.6m in Q2-26 54.6 37.7 Q1 26 Q2 26 Net debt evolution ($´m) Adjusted gross debt ($´m) 151.0 130.9 Q1 26 Q2 26 $(20.1)m Strategic investments Note: numbers may not add due to rounding $(16.9)m
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NASDAQ: GSM NASDAQ: GSM Key Takeaways Creating value through footprint optimization and cost savings Strengthening the core business through trade protection and U.S./EU reshoring tailwinds 15 Solid Q2 execution driving growth in shipments, revenues, adjusted EBITDA, and free cash flow Building a leading Western critical materials platform to drive growth and enhance resilience Planning for potential reactivation of low-cost Venezuelan operations
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NASDAQ: GSM Q&A
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NASDAQ: GSM Appendix ─ Supplemental Information
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NASDAQ: GSM ADJUSTED EBITDA RECONCILIATION 18 ($ in millions) Q2 26 Q1 26 EBITDA 77,6 10.7 Exchange differences1 (5.1) (1.8) Impairment (gain) loss — — Restructuring and termination costs — — New ERP Implementation 0.5 — Subactivity — — PPA Energy2 (59.9) (5.5) Fines inventory adjustment3 — — Adjusted EBITDA4 13.1 3.3 (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 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Silicon Metal 194 161 105 130 99 96 84 106 Silicon Alloys 102 85 91 112 92 104 122 125 Mn Alloys 90 78 74 106 84 93 107 108 Other Business 49 43 37 39 37 36 34 40 Total Revenue 434 368 307 387 312 329 348 379 60 10 -27 22 18 15 3 13 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26
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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.com NASDAQ: GSM