Second Quarter Highlights
- Strong sequential shipment growth, driven by increased silicon metal volumes in EMEA and the U.S.
- Reporting second quarter adjusted EBITDA of $13.1 million
- Ended the quarter with total cash of $93.2 million and net debt of $37.7 million
- Advancing strategic critical materials initiatives, leveraging existing assets to support growing demand for secure Western supply chains
- Paid quarterly dividend of $0.015 per share on June 30; Next dividend of $0.015 payable on September 29
LONDON, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading global producer of silicon metal, silicon-based and manganese-based specialty alloys, today announced financial results for the second quarter of 2026.
Financial Highlights
% % %($ in millions, except EPS)Q2 2026Q1 2026 Q/Q Q2 2025 Y/Y YTD 2026 YTD 2025 Y/Y Sales$378.6 $347.7 8.9% $386.9 (2.1)% $726.4 $694.0 4.7%Net profit (loss) attributable to the parent$60.4 $(7.1) 956.0% $(10.5) 677.7% $53.3 $(76.9) 169.3%Adj. EBITDA$13.1 $3.3 291.2% $21.6 (39.3)% $16.4 $(5.2) 416.2%Adjusted diluted EPS$0.00 $(0.07) 106.2% $(0.08) 105.4% $(0.07) $(0.28) 73.9%Operating cash flow$37.0 $(5.6) 764.0% $15.6 136.7% $31.4 $35.0 (10.3)%Capital expenditures1$16.6 $10.9 52.7% $15.6 6.3% $27.4 $29.9 (8.2)%Free cash flow2$20.4 $(16.4) 224.1% $0.0 n.m $4.0 $5.1 (22.5)%(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 second quarter results reflect solid execution of our strategy despite a challenging pricing environment. Strong volume growth, positive free cash flow generation, and further debt reduction reinforce the resilience of our operating platform and our disciplined approach to capital allocation.
“At the same time, we continue to advance the development of our critical materials strategy by leveraging our existing industrial footprint, metallurgical expertise, and established customer relationships to create new avenues for growth. Combined with increasing support for Western supply chains and domestic production, we believe Ferroglobe is uniquely positioned to benefit from the growing focus on critical materials, industrial security, and onshoring initiatives across the U.S. and Europe,” concluded Dr. Levi.
Consolidated Sales
In the second quarter of 2026, Ferroglobe reported sales of $378.6 million, an 8.9% increase from the prior quarter and a 2.1% decrease from the comparable prior-year period. The sequential improvement was mainly driven by higher sales volumes of silicon metal and silicon-based alloys, as well as higher average selling prices for manganese-based alloys, partially offset by lower sales volumes for manganese-based alloys and lower average selling prices for silicon metal and silicon-based alloys. Sales of silicon metal increased by $21.7 million, silicon-based alloys increased by $2.6 million, and manganese-based alloys increased by $0.5 million compared with the prior quarter.
Product Category Highlights
Silicon Metal
($,000)Q2 2026 Q1 2026 % Q/Q Q2 2025 % Y/Y YTD 2026 YTD 2025 % Y/YShipments in metric tons: 40,818 30,533 33.7% 44,610 (8.5)% 71,351 80,918 (11.8)%Average selling price ($/MT): 2,592 2,754 (5.9)% 2,916 (11.1)% 2,661 2,900 (8.2)% Silicon Metal Revenue 105,800 84,088 25.8% 130,083 (18.7)% 189,865 234,662 (19.1)%Silicon Metal Adj.EBITDA (2,658) (2,275) 16.8% 6,521 (140.8)% (4,933) (8,926) (44.7)%Silicon Metal Adj.EBITDA Margin (2.5)% (2.7)% 5.0% (2.6)% (3.8)%
Silicon metal revenue in the second quarter was $105.8 million, an increase of 25.8% from the prior quarter. The average selling price decreased by 5.9%, driven by lower pricing across the U.S. and EMEA, as elevated market availability and cautious customer purchasing continued to weigh on realized prices, particularly in Europe. Shipments increased 33.7%, reflecting higher volumes in both EMEA and the U.S. Adjusted EBITDA decreased to $(2.7) million in the second quarter, as compared with $(2.3) million in the prior quarter, primarily due to lower realized pricing. Adjusted EBITDA margin improved to (2.5%) in the second quarter from (2.7%) in the prior quarter.
Silicon-Based Alloys
Silicon-based alloy revenue in the second quarter was $124.9 million, an increase of 2.2% from the prior quarter. The average selling price decreased by 1.5%, as higher realized prices in South Africa were more than offset by softer pricing in Europe and the U.S. amid subdued steel demand and ample market availability. Shipments increased 3.7%, primarily reflecting stronger volumes in Europe, partially offset by lower volumes in South Africa and the U.S. Adjusted EBITDA increased to $14.5 million in the second quarter of 2026, compared with $6.8 million in the prior quarter, primarily driven by improved operating costs and higher shipments, partially offset by lower realized pricing. Adjusted EBITDA margin increased to 11.6% in the second quarter, compared with 5.6% in the prior quarter.
Manganese-Based Alloys
($,000)Q2 2026 Q1 2026 % Q/Q Q2 2025 % Y/Y YTD 2026 YTD 2025 % Y/YShipments in metric tons: 84,752 85,743 (1.2)% 88,188 (3.9)% 170,495 155,417 9.7%Average selling price ($/MT): 1,270 1,250 1.6% 1,204 5.5% 1,260 1,162 8.4% Manganese-based Alloys Revenue 107,635 107,179 0.4% 106,178 1.4% 214,824 180,595 19.0%Manganese-based Alloys Adj.EBITDA 13,014 10,014 30.0% 16,794 (22.5)% 23,028 11,220 105.2%Manganese-based Alloys Adj.EBITDA Margin 12.1% 9.3% 15.8% 10.7% 6.2%
Manganese-based alloy revenue in the second quarter was $107.6 million, an increase of 0.4% from the prior quarter. The average selling price increased by 1.6%, reflecting higher pricing in both Europe and the U.S. In Europe, pricing was supported by the impact of EU safeguard measures and additional duties on certain imports, despite continued weakness in underlying demand. Shipments decreased 1.2%, primarily reflecting lower volumes in Europe, partially offset by a modest increase in the U.S. Adjusted EBITDA increased to $13.0 million in the second quarter, compared with $10.0 million in the prior quarter, primarily reflecting higher realized pricing, improved operating performance, and a more favorable sales mix, partially offset by higher manganese ore, energy, and transportation costs. Adjusted EBITDA margin increased to 12.1% in the second quarter, compared with 9.3% in the prior quarter.
Raw materials and energy consumption for production
Raw materials and energy consumption for production decreased to 51.5% of sales in the second quarter of 2026, compared with 64.3% in the prior quarter. This improvement was primarily driven by the recognition of a $59.9 million positive fair value adjustment related to long-term energy contracts, compared with a $5.5 million gain recognized in the first quarter of 2026. Excluding the impact of power purchase agreements, raw materials and energy consumption represented 67.3% of sales in the second quarter of 2026, compared with 65.9% in the prior quarter, primarily reflecting pressure on realized selling prices across most product categories and changes in the sales mix, while raw material and energy costs did not decline at the same pace, resulting in a narrowing of the price-cost spread.
Net Profit (Loss) Attributable to the Parent
In the second quarter of 2026, net profit attributable to the parent was $60.4 million, or $0.32 per diluted share, compared to a net loss attributable to the parent of $7.1 million, or $(0.04) per diluted share, in the prior quarter. The return to profitability primarily reflected a $59.9 million positive fair value adjustment related to long-term energy contracts, as well as improved operating performance, partially offset by higher selling expenses associated with increased sales volumes. The Company reported breakeven adjusted diluted earnings per share for the second quarter of 2026, compared with an adjusted diluted loss per share of $(0.07) in the prior quarter.
Adjusted EBITDA
Adjusted EBITDA increased to $13.1 million in the second quarter of 2026, compared with $3.3 million in the prior quarter. The sequential improvement reflected stronger shipment volumes and improved operating performance across the portfolio, supported by continued cost efficiency initiatives. These benefits were partially offset by higher selling and distribution costs.
Total Cash, Adjusted Gross Debt and Working Capital
%($ in millions)Q2 2026 Q1 2026 $ % Q2 2025$Y/Y Total Cash1$93.2 $96.4 (3.2) (3.3)% $135.5 (42.3) (31.2)%Adjusted Gross Debt2$130.9 $151.0 (20.1) (13.3)% $125.2 5.7 4.6%Net (Debt) Cash$(37.7) $(54.6) 16.9 31.0% $10.3 (48.0) (465.8)%Total Working Capital3$398.4 $431.2 (32.8) (7.6)% $440.8 (42.4) (9.6)%(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 $93.2 million as of June 30, 2026, a decrease of $3.2 million from $96.4 million as of March 31, 2026. Adjusted gross debt decreased by $20.1 million to $130.9 million, resulting in net debt of $37.7 million as of June 30, 2026, representing a decrease of $16.9 million from the prior quarter.
During the second quarter, cash flows provided by operating activities were $37.0 million, and net cash used in investing activities was $13.6 million. Cash used in financing activities was $25.9 million as a result of lease payments of $3.9 million, dividend payments of $2.8 million, interest payments of $3.7 million, the principal repayments of other financing liabilities of $4.6 million, and financing facilities payments in South Africa, France and Spain totaling $11.4 million, partially offset by net cash proceeds from the sale of short-term commercial paper totaling $0.5 million.
Total working capital was $398.4 million as of June 30, 2026, a decrease of $32.8 million from $431.2 million at the end of the prior quarter. The decrease in our working capital balance during the quarter was primarily driven by a decrease of $12.8 million in inventories, $7.8 million in other receivables and an increase of $20.7 million in trade and other payables, partially offset by an $8.6 million increase in trade receivables.
Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “The second quarter reflected a meaningful improvement in operating performance, with adjusted EBITDA increasing to $13.1 million, from $3.3 million in the first quarter, free cash flow of $20.4 million, and net debt declining to $37.7 million. Higher shipment volumes, disciplined working capital management, and continued cost control drove solid cash generation and further strengthened our balance sheet. With ample liquidity, reduced leverage, and a consistent dividend, we remain focused on maintaining financial flexibility while supporting the growth opportunities emerging from our core business and strategic critical materials initiatives.”
Capital Returns
During the second quarter, Ferroglobe did not repurchase shares and paid a quarterly cash dividend of $ 0.015 per share on June 30, 2026. Our next cash dividend of $0.015 per share will be paid on September 29, 2026, to shareholders of record as of September 22, 2026.
Conference Call
Ferroglobe invites all interested persons to participate in our conference call at 8:30 AM, Eastern Time on August 5, 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/BI66a0208bb9f34859af10be34832acc52
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/ekm3qzst
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]
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
For the Six Months Ended
For the Six Months Ended
June 30, 2026
March 31, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Sales$378,620 $347,745 $386,862 $726,365 $694,041 Raw materials and energy consumption for production (195,066) (223,488) (253,212) (418,554) (491,553)Other operating income 33,606 20,492 26,893 54,098 35,965 Staff costs (68,063) (64,140) (68,797) (132,203) (139,247)Other operating expense (76,409) (71,765) (64,535) (148,174) (111,825)Depreciation and amortization (15,541) (16,601) (18,301) (32,142) (35,821)Impairment gain — — — — 268 Other (loss) gain (192) 42 (172) (150) 1,233 Operating profit (loss) 56,955 (7,715) 8,738 49,240 (46,939)Finance income 1,907 708 970 2,615 1,843 Finance costs (3,482) (5,922) (4,770) (9,402) (9,325)Exchange differences 5,138 1,783 (19,659) 6,921 (26,573)Profit (loss) before tax 60,518 (11,146) (14,721) 49,374 (80,994)Income tax (expense) / benefit 48 4,010 3,787 4,057 3,162 Total profit (loss) for the period 60,566 (7,136) (10,934) 53,431 (77,832) Profit (loss) attributable to the parent$60,374 $(7,053) $(10,451) $53,322 $(76,933)Profit (loss) attributable to non-controlling interest 192 (83) (483) 109 (899) EBITDA$77,634 $10,669 $7,380 $88,303 $(37,691)Adjusted EBITDA$13,093 $3,347 $21,562 $16,440 $(5,241) Weighted average number of shares outstanding Basic 188,281 188,286 188,142 188,284 188,583 Diluted 188,668 188,286 188,142 189,036 188,583 Profit (loss) per ordinary share Basic$0.32 $(0.04) $(0.06) $0.28 $(0.41)Diluted$0.32 $(0.04) $(0.06) $0.28 $(0.41)
Unaudited Condensed Consolidated Statement of Financial Position
(in thousands of U.S. dollars) As of June 30,
As of March 31,
As of December 31,
2026
2026
2025
ASSETS
Non-current assets Goodwill$12,472 $12,472 $12,472 Intangible assets 203,823 198,323 132,682 Property, plant and equipment 487,026 480,827 486,678 Other financial assets 71,718 46,054 26,717 Deferred tax assets — — — Receivables from related parties 1,709 1,725 1,763 Other non-current assets 21,550 21,516 21,436 Total non-current assets 798,298 760,917 681,748 Current assets Inventories 321,435 334,265 306,160 Trade receivables 220,987 212,387 191,536 Other receivables 83,664 91,534 74,665 Current income tax assets 3,330 4,922 5,564 Other financial assets 6 4 11,104 Other current assets 28,547 20,671 21,716 Restricted cash and cash equivalents 153 164 175 Cash and cash equivalents 93,079 96,228 122,812 Total current assets 751,201 760,175 733,732 Total assets$ 1,549,499 $ 1,521,092 $ 1,415,480 EQUITY AND LIABILITIES
Equity$ 717,895 $ 670,460 $ 692,257 Non-current liabilities Deferred income 61,003 75,478 26,394 Provisions 35,443 32,081 30,487 Provision for pensions 28,496 28,752 28,903 Bank borrowings 39,835 59,327 60,136 Lease liabilities 53,113 55,523 57,429 Other financial liabilities 20,170 21,022 22,035 Derivative financial liabilities 4,012 37,917 45,198 Other non-current liabilities 264 297 345 Deferred tax liabilities 5,876 8,202 11,005 Total non-current liabilities 248,212 318,599 281,932 Current liabilities Provisions 128,191 107,200 87,308 Provision for pensions 179 183 186 Bank borrowings 89,825 83,230 79,876 Lease liabilities 12,311 12,482 12,254 Debt instruments 28,731 29,430 26,014 Other financial liabilities 6,839 11,358 11,408 Derivative financial liabilities — — — Payables to related parties 1,875 2,726 2,577 Trade and other payables 227,678 206,997 144,853 Current income tax liabilities 4,048 889 970 Other current liabilities 83,715 77,538 75,845 Total current liabilities 583,392 532,033 441,291 Total equity and liabilities$ 1,549,499 $ 1,521,092 $ 1,415,480
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 For the Six Months Ended For the Six Months Ended June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025Cash flows from operating activities: Profit (loss) for the period$ 60,566 $ (7,136) $ (10,934) $ 53,431 $ (77,832)Adjustments to reconcile net profit (loss) to net cash (used) provided by operating activities: Income tax (benefit)/expense (48) (4,010) (3,787) (4,057) (3,162)Depreciation and amortization 15,541 16,601 18,301 32,142 35,821 Finance income (1,907) (708) (970) (2,615) (1,843)Finance costs 3,482 5,922 4,970 9,402 9,525 Exchange differences (5,138) (1,783) 19,659 (6,921) 26,573 Impairment (gain) — — — — (268)Share-based compensation (1,641) 947 692 (694) 1,988 Other loss (gain) 192 (42) (28) 150 (1,433)Write downs of inventories to net realizable value 3,888 2,614 3,325 6,502 15,137 Change in fair value of derivatives not designed as hedging instruments (59,903) (5,539) (1,384) (65,442) 1,384 Changes in operating assets and liabilities Decrease (increase) in inventories 8,098 (36,443) 139 (28,345) 28,496 (Increase) decrease in trade receivables (10,046) (24,100) (9,420) (34,146) (16,626)Decrease (increase) in other receivables 7,829 (18,322) (15,984) (10,493) (25,557)Decrease (increase) in energy receivable — 1,259 (440) 1,259 24,725 Increase (decrease) in trade payables 22,147 65,455 39,308 87,602 52,494 Other changes in operating assets and liabilities (8,705) (13) (15,758) (8,718) (22,801)Income taxes refunded (paid) 2,604 (268) (12,076) 2,336 (11,636)Net cash provided by / (used in) operating activities: 36,959 (5,566) 15,613 31,393 34,985 Cash flows from investing activities: Interest and finance income received 1,790 700 973 2,490 1,845 Payments due to investments: Intangible assets (42) (522) (163) (564) (720)Property, plant and equipment (16,540) (10,335) (15,435) (26,875) (29,185)Other financial assets — (7,000) (4,000) (7,000) (15,119)Disposals: Other non-current assets 1,189 72 — 1,261 1,559 Net cash used in investing activities (13,603) (17,085) (18,625) (30,688) (41,620)Cash flows from financing activities: Dividends paid (2,803) (2,803) (2,611) (5,606) (5,224)Payment for debt and equity issuance costs — (217) (4) (217) (99)Repayment of debt instruments (18,207) (14,649) (9,170) (32,856) (19,531)Proceeds from debt issuance 18,687 18,007 6,036 36,694 20,416 (Decrease) / Increase in bank borrowings: Borrowings 122,976 124,162 157,498 247,138 263,531 Payments (134,432) (120,724) (121,010) (255,156) (198,186)Payments for lease liabilities (3,870) (3,889) (3,174) (7,759) (6,272)(Repayments of) /payments from other financing liabilities (4,580) (675) (20,802) (5,255) (43,453)Other proceeds (payments) from financing activities — — 1,581 — 1,581 Payments to acquire own shares — (20) (1,988) (20) (4,691)Interest paid (3,656) (2,471) (2,905) (6,127) (7,436)Net cash (used in) / provided by financing activities (25,885) (3,279) 3,451 (29,164) 636 Total net (decrease) increase in cash and cash equivalents (2,529) (25,930) 439 (28,459) (5,999)Beginning balance of cash and cash equivalents 96,392 122,987 129,581 122,987 133,271 Foreign exchange (losses) gains on cash and cash equivalents (631) (665) 5,527 (1,296) 8,275 Ending balance of cash and cash equivalents$ 93,232 $ 96,392 $ 135,547 $ 93,232 $ 135,547 Restricted cash and cash equivalents 153 164 197 153 197 Cash and cash equivalents 93,079 96,228 135,350 93,079 135,350 Ending balance of cash and cash equivalents$ 93,232 $ 96,392 $ 135,547 $ 93,232 $ 135,547
Adjusted EBITDA ($,000):
Adjusted profit (loss) attributable to Ferroglobe ($,000):
Adjusted diluted profit (loss) per share: