Earnings release
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Ferroglobe Reports Third Quarter 2026 Financial Results and Announces Actions to Improve Profitability Third Quarter Highlights ● Total sales were $369.8 million, up 18.6% year over year and down 2.3% sequentially● Adjusted EBITDA was negative $2.4 million due to substantially higher energy prices, impacting adjusted EBITDA by nearly $19 million● Generated positive operating cash flow of $25.9 million and free cash flow of $5.6 million, supported by a $34.8 million sequential reduction in working capital● Taking decisive actions to improve profitability by increasing capacity utilization and reducing overhead costs, targeting an adjusted EBITDA improvement of $100 million +/- 15% atfull run rate● Continued progress on new strategic critical materials initiatives, with initial customer shipments during the third quarter● Paid quarterly dividend of $0.015 per share on September 29; Next dividend of $0.015 payable on December 30 LONDON, November 3, 2026 (GLOBE NEWSWIRE) – Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading global producer of silicon metal,silicon-based and manganese-based specialty alloys, today announced financial results for the third quarter of 2026. Financial Highlights % % %($ in millions, except EPS) Q3 2026 Q2 2026 Q/Q Q3 2025 Y/Y YTD 2026 YTD 2025 Y/Y Sales $ 369.8 $ 378.6 (2.3)%$ 311.7 18.6%$ 1,096.1 $ 1,005.7 9.0%Net profit (loss) attributable to theparent $ 57.9 $ 60.4 (4.1)%$ (12.8) 552.1%$ 111.3 $ (89.7) 224.0%Adj. EBITDA $ (2.4) $ 13.1 (118.0)%$ 18.3 (112.9)%$ 14.1 $ 13.0 8.1%Adjusted diluted EPS $ (0.06) $ 0.00 n.m $ (0.02) (131.9)%$ 0.37 $ (0.30) 222.3%Operating cash flow $ 25.9 $ 37.0 (30.0)%$ 20.8 24.6%$ 57.3 $ 55.7 2.7%Capital expenditures1 $ 20.3 $ 16.6 22.5%$ 19.1 6.1%$ 47.7 $ 49.0 (2.6)%Free cash flow2 $ 5.6 $ 20.4 (72.7)%$ 1.6 241.0%$ 9.5 $ 6.7 41.8%(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, “Third quarter results reflect a challenging operating environment driven by external factors, primarily higher energycosts resulting from the Middle East conflict, and excess ferrosilicon imports into Europe. We are focused on managing what we can control, and today we are announcing decisive actionsto improve our cost structure. “We are rationalizing our footprint, planning to close five plants* and shifting production to our most competitive facilities with the goal of improving our capacity utilization toapproximately 80%. As a result of this action, together with a 20% overhead reduction, we expect to enhance our adjusted EBITDA by $85 to $115 million at full run rate, with minimalchanges to our annual volumes. Simultaneously, we continue to pursue trade measures to protect our markets from predatory imports, while continuing to make great strides in advancingour critical materials strategy,” concluded Dr. Levi. * Subject to information and consultation processes with employee representative bodies in the relevant jurisdictions Consolidated Sales Third quarter sales were $369.8 million, a 2.3% decrease from the prior quarter and an 18.6% increase from the comparable prior-year period. The sequential decrease in revenue wasprimarily driven by lower shipments of silicon metal and silicon-
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based alloys, together with slightly lower pricing in silicon-based alloys. This was partially offset by higher sales volumes of manganese-based alloys and improved realized prices for bothsilicon metal and manganese-based alloys. Sales of silicon metal decreased by $3.9 million and silicon-based alloys by $8.2 million, while manganese-based alloys increased by $6.3 millioncompared with the prior quarter. Product Category Highlights Silicon Metal ($,000) Q3 2026 Q2 2026 % Q/Q Q3 2025 % Y/Y YTD 2026 YTD 2025 % Y/YShipments in metric tons: 38,173 40,818 (6.5)% 33,561 13.7% 109,524 114,478 (4.3)%Average selling price ($/MT): 2,669 2,592 3.0% 2,950 (9.5)% 2,664 2,915 (8.6)% Silicon Metal Revenue 101,884 105,800 (3.7)% 99,005 2.9% 291,772 333,703 (12.6)%Silicon Metal Adj.EBITDA (2,255) (2,658) 15.2% 11,614 (119.4)% (7,188) 2,688 (367.4)%Silicon Metal Adj.EBITDA Margin (2.2)% (2.5)% 11.7% (2.5)% 0.8% Silicon metal revenue in the third quarter was $101.9 million, a decrease of 3.7% from the prior quarter. The average selling price increased by 3.0%, reflecting higher realized prices acrossboth the U.S. and EMEA. Shipments decreased by 6.5%, primarily driven by reductions in U.S. and European volumes. Market conditions in Europe remained challenging, with subdueddemand and continued pressure from low-priced imports, particularly from China and emerging alternative suppliers. The interim EU review of antidumping duties on Chinese silicon metalhighlights increasing efforts to address unfair trade practices and protect domestic production. Meanwhile, persistent overcapacity in China's polysilicon industry continued to weigh on thebroader silicon value chain, despite initiatives aimed at improving supply discipline. Adjusted EBITDA improved to $(2.3) million in the third quarter, compared with $(2.7) million in theprior quarter. Adjusted EBITDA margin improved to (2.2)% in the third quarter from (2.5)% in the prior quarter. Silicon-Based Alloys ($,000) Q3 2026 Q2 2026 % Q/Q Q3 2025 % Y/Y YTD 2026 YTD 2025 % Y/YShipments in metric tons: 59,171 62,915 (6.0)% 42,968 37.7% 182,760 138,880 31.6%Average selling price ($/MT): 1,973 1,986 (0.7)% 2,149 (8.2)% 1,992 2,123 (6.2)% Silicon-based Alloys Revenue 116,744 124,949 (6.6)% 92,338 26.4% 364,058 294,842 23.5%Silicon-based Alloys Adj.EBITDA (1,959) 14,516 (113.5)% 12,391 (115.8)% 19,407 21,963 (11.6)%Silicon-based Alloys Adj.EBITDA Margin (1.7)% 11.6% 13.4% 5.3% 7.4% Silicon-based alloy revenue in the third quarter was $116.7 million, a decrease of 6.6% from the prior quarter. The average selling price decreased slightly by 0.7%, as higher realized pricesin Argentina were offset by a significant decline in EMEA and a modest decrease in the U.S. Shipments decreased by 6.0%, primarily driven by lower volumes in EMEA, partially offset byincreased shipments in the U.S. European market conditions remained weak, reflecting subdued steel production, cautious customer purchasing and continued competitive pressure. Despitethe implementation of EU safeguard measures on certain ferroalloy imports, the European steel industry has yet to experience a meaningful recovery in underlying demand. In addition,higher energy costs across the ferroalloy value chain continued to create pressure on producers’ operating margins. Adjusted EBITDA turned negative at $(2.0) million in the third quarter,compared with $14.5 million in the prior quarter. Adjusted EBITDA margin declined to (1.7)%, from 11.6% in the prior quarter.
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Manganese-Based Alloys ($,000) Q3 2026 Q2 2026 % Q/Q Q3 2025 % Y/Y YTD 2026 YTD 2025 % Y/YShipments in metric tons: 85,696 84,752 1.1% 69,552 23.2% 256,191 224,969 13.9%Average selling price ($/MT): 1,330 1,270 4.7% 1,214 9.6% 1,283 1,179 8.8% Manganese-based Alloys Revenue 113,976 107,635 5.9% 84,436 35.0% 328,693 265,238 23.9%Manganese-based Alloys Adj.EBITDA 11,368 13,014 (12.6)% 4,391 158.9% 34,396 15,611 120.3%Manganese-based Alloys Adj.EBITDA Margin 10.0% 12.1% 5.2% 10.5% 5.9% Manganese-based alloy revenue in the third quarter was $114.0 million, an increase of 5.9% from the prior quarter. The average selling price increased by 4.7%, reflecting higher realizedprices across both Europe and the U.S. Shipments increased by 1.1%, driven by higher volumes in the U.S., partially offset by a decline in Europe. In Europe, pricing continued to benefitfrom the implementation of trade safeguard measures aimed at limiting the impact of low-priced ferroalloy imports. However, higher energy costs offset the benefit of improved pricing. TheU.S. market showed comparatively stronger commercial momentum, supporting an overall increase in shipments despite continued weakness in Europe. Adjusted EBITDA decreased to$11.4 million, compared with $13.0 million in the prior quarter, with the adjusted EBITDA margin declining to 10.0% from 12.1%. Raw materials and energy consumption for production Raw materials and energy consumption for production increased slightly to 51.7% of sales in the third quarter of 2026, compared with 51.5% in the prior quarter, despite a higher positivefair value adjustment related to long-term energy contracts of $76.8 million, compared with $59.9 million in the second quarter. Excluding the impact of these adjustments, raw materials andenergy consumption represented 72.5% of sales, compared with 67.3% in the prior quarter, primarily reflecting higher production due to substantially higher energy costs, mainly in Spain. Net Profit Attributable to the Parent In the third quarter of 2026, net profit attributable to the parent was $57.9 million, or $0.31 per diluted share, compared to a net profit attributable to the parent of $60.4 million, or $0.32 perdiluted share, in the prior quarter. The slight decrease was primarily driven by softer operating performance, partially offset by the higher positive fair value adjustment related to long-termenergy contracts. The Company reported an adjusted diluted loss per share of $(0.06) for the third quarter of 2026, compared to breakeven adjusted diluted earnings per share in the previousquarter. Adjusted EBITDA Adjusted EBITDA turned negative at $(2.4) million in the third quarter of 2026, compared with $13.1 million in the prior quarter, primarily due to higher energy costs in Spain and, to alesser degree, a challenging ferrosilicon market. Total Cash, Adjusted Gross Debt and Working Capital %($ in millions) Q3 2026 Q2 2026 $ % Q3 2025 $ Y/Y Total Cash1 $ 93.3 $ 93.2 0.1 0.0% $ 121.5 (28.2) (23.2)%Adjusted Gross Debt2 $ 135.3 $ 130.9 4.4 3.4% $ 126.7 8.6 6.8%Net (Debt) Cash $ (42.1) $ (37.7) (4.4) (11.7)%$ (5.2) (36.9) (709.1)%Total Working Capital3 $ 363.6 $ 398.4 (34.8) (8.7)%$ 421.6 (58.0) (13.8)%(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 IFRS16 (3) Total working capital is comprised of inventories, trade receivables and other receivables minus trade and other payables
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Total cash was $93.3 million as of September 30, 2026, an increase of $0.1 million from $93.2 million as of June 30, 2026. Adjusted gross debt increased by $4.4 million to $135.3 million,resulting in net debt of $42.1 million as of September 30, 2026, representing an increase of $4.4 million from the prior quarter. During the third quarter, cash flows provided by operating activities were $25.9 million, and net cash used in investing activities was $18.3 million. Cash used in financing activities was$8.0 million as a result of lease payments of $3.9 million, dividend payments of $2.8 million, interest payments of $2.4 million, the principal repayments of other financing liabilities of $0.4million, and financing facilities payments in France and Spain totaling $1.6 million, partially offset by net cash proceeds from the sale of short-term commercial paper totaling $3.1 million. Total working capital was $363.6 million as of September 30, 2026, a decrease of $34.8 million from $398.4 million at the end of the prior quarter. The decrease in our working capitalbalance during the quarter was primarily driven by a decrease of $23.6 million in inventories, $20.0 million in trade receivables and an increase of $5.0 million in trade and other payables,partially offset by a $13.8 million increase in other receivables. Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “Despite the negative third quarter adjusted EBITDA of $2.4 million, we generated $5.6 million of free cash flowwith net debt slightly increasing to $42.1 million. We maintain our financial discipline while we continue to rein in costs within our control. From a cash flow perspective, we expect tofurther reduce working capital needs in the coming quarters as we consolidate our production footprint.” Capital Returns During the third quarter, Ferroglobe did not repurchase shares and paid a quarterly cash dividend of $0.015 per share on September 29, 2026. Our next cash dividend of $0.015 per share willbe paid on December 30, 2026, to shareholders of record as of December 22, 2026. Management Update Thomas Wiesner, Chief Legal Officer and Group Company Secretary, will step down from his role effective November 4, 2026, to pursue other opportunities. Dr. Marco Levi commented,“On behalf of the Board and the management team, I want to thank Thomas for his significant contributions to Ferroglobe over the past six years and wish him every success in the future.”The Company is in the final stages of selecting a successor and expects to announce an appointment in the coming weeks. Conference Call Ferroglobe invites all interested persons to participate in our conference call at 8:30 AM, Eastern Time on November 4, 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/BI36c7b5339ba84b0ca798a27bf90a6238 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/yd3eswuy
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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, visithttp://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 ofmanagement 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 meaningor the negative thereof. Forward-looking statements contained in this press release are based on information currently available to the Company and assumptions that management believes to be reasonable, but areinherently uncertain. As a result, Ferroglobe’s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, whichare 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 orany 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 toreflect 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 asof 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 conjunctionwith 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 debtand 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 itsperformance. 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 operatingperformance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures.
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INVESTOR CONTACT: Alex Rotonen, CFAVice President, Investor RelationsEmail: investor.relations@ferroglobe.com MEDIA CONTACT: Cristina Feliu RoigVice President, Communications & Public AffairsEmail: corporate.comms@ferroglobe.com
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Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Income Statement(in thousands of U.S. dollars, except per share amounts) For the Three MonthsEnded For the Three MonthsEnded For the Three Months Ended For the Nine Months Ended For the Nine Months Ended September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025Sales $ 369,762 $ 378,620 $ 311,698 $ 1,096,127 $ 1,005,739Raw materials and energy consumption for production (191,182) (195,066) (180,414) (609,735) (671,967)Other operating income 37,409 33,606 30,421 91,507 66,386Staff costs (63,160) (68,063) (68,861) (195,363) (208,107)Other operating expense (79,860) (76,409) (74,705) (228,033) (186,531)Depreciation and amortization (15,024) (15,541) (19,953) (47,167) (55,774)Impairment (loss) — — (12) — 255Other gain (loss) 261 (192) (177) 111 1,056Operating profit (loss) 58,206 56,955 (2,003) 107,447 (48,943)Finance income 2,167 1,907 830 4,783 2,673Finance costs (5,244) (3,482) (4,084) (14,647) (13,409)Exchange differences 3,810 5,138 555 10,730 (26,018)Profit (loss) before tax 58,939 60,518 (4,702) 108,313 (85,697)Income tax (expense) / benefit (703) 48 (8,566) 3,354 (5,404)Total profit (loss) for the period 58,236 60,566 (13,268) 111,667 (91,101) Profit (loss) attributable to the parent $ 57,928 $ 60,374 $ (12,812) $ 111,250 $ (89,744)Profit (loss) attributable to non-controlling interest 308 192 (456) 417 (1,357) EBITDA $ 77,040 $ 77,634 $ 18,505 $ 165,344 $ (19,187)Adjusted EBITDA $ (2,360) $ 13,093 $ 18,267 $ 14,080 $ 13,025 Weighted average number of shares outstandingBasic 188,294 188,281 188,075 188,282 188,386Diluted 188,759 188,668 188,075 188,815 188,386 Profit (loss) per ordinary shareBasic $ 0.31 $ 0.32 $ (0.07) $ 0.59 $ (0.48)$Diluted $ 0.31 $ 0.32 $ (0.07) $ 0.59 $ (0.48)$
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Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Statement of Financial Position(in thousands of U.S. dollars) As of September 30, As of June 30, As of December 31, 2026 2026 2025ASSETSNon-current assetsGoodwill $ 12,472 $ 12,472 $ 12,472Intangible assets 184,134 203,823 132,682Property, plant and equipment 484,222 487,026 486,678Other financial assets 158,463 71,718 26,717Receivables from related parties 1,703 1,709 1,763Other non-current assets 21,511 21,550 21,436Total non-current assets 862,505 798,298 681,748Current assetsInventories 297,863 321,435 306,160Trade receivables 200,976 220,987 191,536Other receivables 97,439 83,664 74,665Current income tax assets 2,369 3,330 5,564Other financial assets 5 6 11,104Other current assets 29,466 28,547 21,716Restricted cash and cash equivalents 142 153 175Cash and cash equivalents 93,130 93,079 122,812Total current assets 721,390 751,201 733,732Total assets $ 1,583,895 $ 1,549,499 $ 1,415,480 EQUITY AND LIABILITIESEquity $ 780,680 $ 717,895 $ 692,257Non-current liabilitiesDeferred income 83,299 61,003 26,394Provisions 37,089 35,443 30,487Provision for pensions 28,466 28,496 28,903Bank borrowings 39,517 39,835 60,136Lease liabilities 51,189 53,113 57,429Other financial liabilities 19,477 20,170 22,035Derivative financial liabilities — 4,012 45,198Other non-current liabilities 1,572 264 345Deferred tax liabilities 5,478 5,876 11,005Total non-current liabilities 266,087 248,212 281,932Current liabilitiesProvisions 83,194 128,191 87,308Provision for pensions 179 179 186Bank borrowings 88,257 89,825 79,876Lease liabilities 12,041 12,311 12,254Debt instruments 32,181 28,731 26,014Other financial liabilities 7,211 6,839 11,408Payables to related parties 7,499 1,875 2,577Trade and Other payables 232,655 227,678 144,853Current income tax liabilities 4,074 4,048 970Other current liabilities 69,837 83,715 75,845Total current liabilities 537,128 583,392 441,291Total equity and liabilities $ 1,583,895 $ 1,549,499 $ 1,415,480
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Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Statement of Cash Flows(in thousands of U.S. dollars) For the Three MonthsEnded For the Three MonthsEnded For the Three MonthsEnded For the Nine MonthsEnded For the Nine MonthsEnded September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025Cash flows from operating activities:Profit (loss) for the period $ 58,236$ 60,566$ (13,268)$ 111,667$ (91,101)Adjustments to reconcile net profit (loss) to net cash provided by operating activities:Income tax expense / (benefit) 703 (48) 8,566 (3,354) 5,404Depreciation and amortization 15,024 15,541 19,953 47,167 55,774Finance income (2,167) (1,907) (830) (4,783) (2,673)Finance costs 5,244 3,482 3,881 14,647 13,406Exchange differences (3,810) (5,138) (555) (10,730) 26,018Impairment loss (gain) — — 12 — (255)Share-based compensation (1,502) (1,641) (82) (2,196) 1,906Other loss (gain) (261) 192 380 (111) (1,053)Write down of inventories to net realizable value 2,183 3,888 3,057 8,685 18,194Change in fair value of derivatives not designated as hedging instruments (76,752) (59,903) 305 (142,196) 1,689Changes in operating assets and liabilities — Decrease (increase) in inventories 21,063 8,098 (44,640) (7,282) (16,144) Decrease (increase) in trade receivables 20,045 (10,046) 37,055 (14,101) 20,429(Increase) decrease in other receivables (14,054) 7,829 25,770 (24,547) 213Decrease (increase) in energy receivable — — 6,734 1,259 31,459Increase (decrease) in trade payables 5,255 22,147 (1,628) 92,857 50,866Other changes in operating assets and liabilities (3,153) (8,705) (23,777) (11,871) (46,578)Income taxes (paid) refunded (187) 2,604 (170) 2,149 (11,806)Net cash provided by operating activities: 25,867 36,959 20,763 57,260 55,748Cash flows from investing activities:Interest and finance income received 456 1,790 720 2,946 2,565Payments due to investments: —Intangible assets (636) (42) (459) (1,200) (1,179)Property, plant and equipment (19,669) (16,540) (18,673) (46,544) (47,858)Other financial assets — — — (7,000) (15,119)Disposals: —Other non-current assets 261 1,189 — 1,522 1,559Receipt of asset-related government grant 1,316 — — 1,316 —Net cash used in investing activities (18,272) (13,603) (18,412) (48,960) (60,032)Cash flows from financing activities:Dividends paid (2,803) (2,803) (2,611) (8,409) (7,835)Payment for debt and equity issuance costs — — (7) (217) (106)Repayment of debt instruments (18,725) (18,207) (4,585) (51,581) (24,116)Proceeds from debt issuance 21,802 18,687 15,028 58,496 35,444(Decrease) / Increase in bank borrowings: —Borrowings 90,238 122,976 103,868 337,376 367,399Payments (91,816) (134,432) (121,192) (346,972) (319,378)Payments for lease liabilities (3,871) (3,870) (3,408) (11,630) (9,680)Repayments of other financing liabilities (626) (4,580) (626) (5,881) (44,079)Other proceeds (payments) from financing activities — — — — 1,581Other amounts received due to financing activities 168 — — 168 —Payments to acquire own shares — — — (20) (4,691)Interest paid (2,353) (3,656) (2,232) (8,480) (9,668)Net cash (used in) financing activities (7,986) (25,885) (15,765) (37,150) (15,129)Total net (decrease) in cash and cash equivalents (391) (2,529) (13,414) (28,850) (19,413)Beginning balance of cash and cash equivalents 93,232 96,392 135,547 122,987 133,271Foreign exchange gains on cash and cash equivalents 431 (631) (657) (865) 7,618Ending balance of cash and cash equivalents $ 93,272$ 93,232$ 121,476$ 93,272$ 121,476Restricted cash and cash equivalents 142 153 186 142 186Cash and cash equivalents 93,130 93,079 121,290 93,130 121,290Ending balance of cash and cash equivalents $ 93,272$ 93,232$ 121,476$ 93,272$ 121,476
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Adjusted EBITDA ($,000): Q3´26 Q2´26 Q3´25 YTD´26 YTD´25Profit (loss) attributable to the parent $ 57,928 $ 60,374 $ (12,812) $ 111,250 $ (89,744)Profit (loss) attributable to non-controlling interest 308 192 (456) 417 (1,357)Income tax expense (benefit) 703 (48) 8,566 (3,354) 5,404Finance income (2,167) (1,907) (830) (4,783) (2,673)Finance costs 5,244 3,482 4,084 14,647 13,409Depreciation and amortization 15,024 15,541 19,953 47,167 55,774EBITDA 77,040 77,634 18,505 165,344 (19,187)Exchange differences (3,810) (5,138) (555) (10,730) 26,018Impairment — — 12 — (256)Restructuring and termination costs — — — — (1,285)New strategy implementation — — — — 682PPA Energy (76,752) (59,903) 305 (142,196) 1,689Fines Inventory Adjustment — — — — 5,364New ERP implementation 1,162 500 — 1,662 —Adjusted EBITDA $ (2,360) $ 13,093 $ 18,267 $ 14,080 $ 13,025 Adjusted (loss) profit attributable to Ferroglobe ($,000): Q3´26 Q2´26 Q3´25 YTD´26 YTD´25Profit (loss) attributable to the parent $ 57,928 $ 60,374 $ (12,812) $ 111,250 $ (89,744)Tax rate adjustment (14,032) (15,178) 9,836 61,414 28,542Impairment — — 9 — (187)Restructuring and termination costs — — — — (938)New strategy implementation — — — — 498PPA Energy (57,564) (44,927) 223 (106,647) 1,233Fines Inventory Adjustment — — — — 3,916New ERP implementation 872 375 — 1,247 —Adjusted (loss) profit attributable to the parent $ (12,796) $ 644 $ (2,745) $ 67,263 $ (56,680) Adjusted diluted (loss) profit per share: Q3´26 Q2´26 Q3´25 YTD´26 YTD´25Diluted profit (loss) per ordinary share $ 0.31 $ 0.32 $ (0.07) $ 0.59 $ (0.48)Tax rate adjustment (0.07) (0.08) 0.05 0.33 0.15Impairment — — 0.00 — (0.00)Restructuring and termination costs — — — — (0.00)New strategy implementation — — — — 0.00PPA Energy (0.30) (0.24) 0.00 (0.56) 0.01Fines Inventory Adjustment — — — — 0.02New ERP implementation 0.00 — — 0.01 —Adjusted diluted (loss) profit per ordinary share $ (0.06) $ 0.00 $ (0.02) $ 0.37 $ (0.30)