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NASDAQ: GSM Third Quarter 2026 Results November 4, 2026 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 3, 2026 accompanying this presentation, which is incorporated by reference herein.
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NASDAQ: GSM 378.6 369.8 Q2 26 Q3 26 20.4 5.6 Q2 26 Q3 26 13.1 (2.4) Q2 26 Q3 26 GENERATED FREE CASH FLOW DESPITE SIGNIFICANT INCREASE IN ENERGY PRICES 3 Shipments (I) (kt) Quarterly revenues ($´m) Quarterly Adj. EBITDA ($´m) Free cash flow ($´m) 188.5 183.0 Q2 26 Q3 26 $(14.8) (5.4) (I) Excludes by-products and other products Note: numbers may not add due to rounding $(8.9) $(15.5) Excluding $18.5M impact from high energy prices, Adj. EBITDA would have been ~$16M
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NASDAQ: GSM TAKING DECISIVE ACTIONS TO IMPROVE PROFITABILITY 4 • Overhead reduction and plant consolidation expected to enhance adj. EBITDA by $100M +/- 15% at full run rate • Successfully shipped ferromolybdenum in Q3, with additional critical materials shipments expected in Q4 • Trade measures starting to improve business conditions; EU China AD interim review & annual EU safeguard review • Coreshell’s $50M DOE award highlights product potential Key Highlights
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NASDAQ: GSM SILICON METAL UPDATE 49,797 36,308 44,610 33,561 32,634 30,533 40,818 38,173 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 CRU SiMe index spot pricing trends (I) ($/mt) SiMe shipment trends Q/Q by region SiMe volume trends (mt) Outlook Total 6% Other 13% Europe 3% N. America 8% 5 • Volume decline in Europe and the U.S. mainly due to seasonality; up 14% from Q3 2025 • Silicon market prices improved in Q3 in key markets • Outlook is improving as we recently entered the key negotiating period for 2027 (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 39,417 42,864 53,048 42,968 51,279 60,674 62,915 59,171 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 CRU FeSi index spot pricing trends (I) ($/mt) Si-based alloys shipment trends Q/Q by region Si-based alloys volume trends (mt) Outlook Total 6% Other 2% Europe 24% N. America 12% 6 • Our volumes in Europe continue to be impacted by low- priced imports; US demand remains solid; up 38% YoY • Index prices in Q3 are up 1% in the US and down 2% in Europe • While the US volume outlook remains positive, Europe continues to be impacted by excess supply (I) Calculated using average monthly prices 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 USA EU
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NASDAQ: GSM • Volumes remained strong in Q3, up 1% from Q2 2026 and 23% from Q3 2025 • Index prices remain positive for the year despite a moderate ~1% pullback in Q3 • Expect solid volumes to continue in Q4 MANGANESE BASED ALLOYS UPDATE 67,712 67,229 88,188 69,552 80,778 85,743 84,752 85,696 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 CRU EU Mn index spot pricing trends (I) ($/mt) Mn-based alloys shipment trends Q/Q by region Mn-based alloys volume trends (mt) Outlook Total 1% Other 61% Europe 2% N. America 64% 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 HIGHER ENERGY COSTS IMPACTING ADJ. EBITDA 9 (in USD million, except EPS) Q3 2026 Q2 2026 Sales $369.8 $378.6 Raw materials & energy for prod. $(268.0)* $(255.0)* Raw materials / sales % 72.5%* 67.3%* Adj. EBITDA $(2.4) $13.1 Adj. EBITDA margin % (0.6)% 3.5% Adj. diluted EPS $(0.06) $0.00 * Excluding $(76.8) million Q3 2026 and $(59.9) million Q2 2026 impact of power purchase agreements Adjusted EBITDA bridge ($´m) 13.1 (0.5) 6.0 (26.3) 5.3 (2.4) Q2 26 Volume Price Cost HQ & Others Q3 26
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NASDAQ: GSM Revenue declined 4% to $102 million, driven by: • a 6% drop in shipments primarily due to a 3% decline in Europe and an 8% decline in North America; • Partially offset by an average selling price improvement of 3% versus the second quarter Costs deteriorated primarily due to increased energy and electrode prices in North America SILICON METAL ADJUSTED EBITDA BRIDGE Q3-26 VS. Q2-26 ($m) 10 (2.7) 0.6 2.4 (2.6) (2.3) Q2 26 Volume Price Cost Q3 26
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NASDAQ: GSM Revenue declined 7% to $117 million, driven by: • 6% reduction in shipments; • 1% selling price decline Costs increased due to higher energy costs and lower fixed cost absorption. Q2 costs benefited from a $5 million litigation gain in Spain SILICON BASED ALLOYS ADJUSTED EBITDA BRIDGE Q3-26 VS. Q2-26 ($m) 11 14.5 (0.7) (1.5) (14.3) (2.0) Q2 26 Volume Price Cost Q3 26
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NASDAQ: GSM Revenue increased 6% to $114 million, driven by: • 1% increase in shipments • 5% increase in average selling price Costs deteriorated due to higher energy costs, mainly in Spain MANGANESE ALLOYS ADJUSTED EBITDA BRIDGE Q3-26 VS. Q2-26 ($m) 12 13.0 0.1 5.1 (6.8) 11.4 Q2 26 Volume Price Cost Q3 26
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NASDAQ: GSM WORKING CAPITAL IMPROVEMENTS DRIVING FCF 13 Cash flow summary ($´M) Changes in working capital Free cash flow (I) CAPEX Taxes & others Cash from operations Q3 26 $77.0 $32.3 $(6.5) $25.9 $5.6 $(20.3) EBITDA PPA mark-to-market $(76.8) • Release of working capital generated $32.3 million of CFO • PPA mark-to-market adjustment related to energy was $76.8 million • CAPEX increased by $3.7 million to $20.3 million • Free cash flow came in at $5.6 million in the third quarter Q2 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 $77.6 $28.0 $(8.8) $37.0 $20.4 $(16.6) $(59.9)
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NASDAQ: GSM DEBT LEVELS REMAINED STABLE 14 Total distributions BALANCED CAPITAL ALLOCATION Cash CAPEX Buybacks $0 in Q3-26; Total $7.1m Dividend $2.8m in Q3-26 Coreshell Total $17m; 11.5% ownership Disciplined CAPEX $20.3m in Q3-26 37.7 42.1 Net debt evolution ($´m) Adjusted gross debt ($´m) 130.9 135.3 Q2 26 Q3 26 $4.4m Strategic investments Note: numbers may not add due to rounding $4.4m
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NASDAQ: GSM NASDAQ: GSM Key Takeaways Trade protection beginning to yield results in both the U.S. and the EU 15 Decisive action to improve our performance through asset rationalization and overhead reductions Fundamentals are expected to improve with increased steel and aluminum production forecast for 2027 Critical materials expansion ahead of schedule; discussions with governments advancing Coreshell $50M award supports building of the first U.S. gigafactory dedicated to 100% graphite-free silicon anode batteries
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NASDAQ: GSM Q&A
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NASDAQ: GSM Appendix ─ Supplemental Information
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NASDAQ: GSM ADJUSTED EBITDA RECONCILIATION 18 ($ in millions) Q3 26 Q2 26 EBITDA 77.0 77.6 Exchange differences1 (3.8) (5.1) New ERP Implementation 1.2 0.5 PPA Energy2 (76.8) (59.9) Adjusted EBITDA3 (2.4) 13.1 (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) May not add due to rounding
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NASDAQ: GSM QUARTERLY SALES AND ADJUSTED EBITDA 19 Adjusted EBITDA Quarterly Sales $ millions Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Silicon Metal 161 105 130 99 96 84 106 102 Silicon Alloys 85 91 112 92 104 122 125 117 Mn Alloys 78 74 106 84 93 107 108 114 Other Business 43 37 39 37 36 34 40 37 Total Revenue 368 307 387 312 329 348 379 370 10 (27) 22 18 15 3 13 (2) Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3 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.comNASDAQ: GSM