Introducing 2025 Adj. EBITDA guidance of $100-$170 million

Posted adjusted EBITDA of $153.8 million for the full year 2024 and $9.8 million for the fourth quarter
Generated $164.1 million of free cash flow for the full year and $14.1 million for the fourth quarter
Trade measures to ensure fair trade in the U.S. and Europe are progressing well
Increasing quarterly dividend by 7.7% to $0.014 per share
Paid quarterly cash dividend of $0.013 per share in December
Repurchased approximately 482,000 shares during the fourth quarter

LONDON, Feb. 19, 2025 (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 announces financial results for the fourth quarter and full year 2024.

Financial Highlights

							%					%						%
($ in millions, except EPS)	Q4 2024			Q3 2024			Q/Q		Q4 2023			Y/Y		YTD 2024		YTD 2023		Y/Y

Sales	$	367.5		$	433.5		(15.2	)%	$	376.0		(2.2	)%	$	1,643.9	$	1,650.0	(0.4	)%
Net (loss) income attributable to the parent	$	(46.4	)	$	18.8		(346.8	)%	$	(11.1	)	(317.6	)%	$	5.2	$	82.7	(93.7	)%
Adj. EBITDA	$	9.8		$	60.4		(83.7	)%	$	60.3		(83.7	)%	$	153.8	$	315.2	(51.2	)%
Adjusted diluted EPS	$	0.03		$	0.11		(75.7	)%	$	0.07		(60.7	)%	$	0.28	$	0.68	(58.8	)%
Operating cash flow	$	32.1		$	11.1		188.8	%	$	28.7		11.7	%	$	243.3	$	178.4	36.4	%
Capital expenditures¹	$	17.9		$	21.2		(15.2	)%	$	25.5		(29.7	)%	$	79.2	$	86.5	(8.4	)%
Free cash flow²	$	14.1		$	(10.0	)	241.0	%	$	3.2		341.1	%	$	164.1	$	91.9	78.5	%

(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, "2024 was a successful year for Ferroglobe with many accomplishments. We achieved an adjusted EBITDA per our guidance and generated strong free cash flow, which was used to repay our senior secured notes. This strong free cash flow and balance sheet enabled us to initiate the capital return program, including dividends and share repurchases, while positioning the company for growth. We are optimistic that, while there are uncertainties in the markets, demand will begin improving in the second half of 2025."

"Material progress has been made in implementing trade measures with the US Department of Commerce, imposing strong final anti-dumping and countervailing duties on Russian ferrosilicon imports while continuing to investigate the cases against Brazil, Kazakhstan, and Malaysia. The European Commission initiated its safeguard investigation into the imports of silicon metals, silicon alloys and manganese alloys into the EU. Ferroglobe, being a local producer in both the US and Europe, will be a beneficiary of these trade measures as they will reduce artificially low-priced competitive products in the market, helping the market to stabilize.

"We are issuing adjusted EBITDA guidance for 2025 of $100 million to $170 million. The wide variance in our guidance reflects uncertainties related to trade measures, market conditions and geopolitical factors," concluded Dr. Levi.

Consolidated Sales

In the fourth quarter of 2024, Ferroglobe reported sales of $367.5 million, a decrease of 15.2% over the prior quarter and a decrease of 2.2% from the comparable prior year period. This decrease compared to the prior quarter was primarily attributable to lower sales volumes in our portfolio of products, partially offset by higher tons sold in manganese-based alloys. Sales of silicon metal, silicon-based alloys and manganese-based alloys declined by $32.2 million, $16.7 million and $11.2 million, respectively, compared with the prior quarter.

For the full year 2024, sales were $1,644 million versus $1,650 million in the prior year, a decrease of 0.4%. This decrease was mainly driven by a 17.6% decrease in silicon-based alloys revenue, partially offset by a 28.4% increase in Manganese-Based Alloys revenues.

Product Category Highlights

Silicon Metal


($,000)	Q4 2024		Q3 2024		% Q/Q		Q4 2023		% Y/Y		YTD 2024		YTD 2023		% Y/Y
Shipments in metric tons:	49,797		56,910		(12.5	)%	49,761		0.1	%	222,762		194,385		14.6	%
Average selling price ($/MT):	3,240		3,401		(4.7	)%	3,371		(3.9	)%	3,262		3,715		(12.2	)%

Silicon Metal Revenue	161,342		193,551		(16.6	)%	167,744		(3.8	)%	726,650		722,140		0.6	%
Silicon Metal Adj.EBITDA	16,849		40,554		(58.5	)%	22,188		(24.1	)%	108,058		216,534		(50.1	)%
Silicon Metal Adj.EBITDA Margin	10.4	%	21.0	%			13.2	%			14.9	%	30.0	%

Silicon metal revenue in the fourth quarter was $161.3 million, a decrease of 16.6% over the prior quarter and a decrease of 3.8% from the year-ago period. The average selling price decreased by 4.7%, and shipments decreased by 12.5% due to lower volumes, mainly in EMEA. Adjusted EBITDA for silicon metal decreased 58.5% to $16.8 million during the fourth quarter, compared with $40.6 million in the prior quarter. The softening in adjusted EBITDA margin in the quarter was mainly driven by lower average selling prices and higher energy costs.

Silicon-Based Alloys


($,000)	Q4 2024		Q3 2024		% Q/Q		Q4 2023		% Y/Y		YTD 2024		YTD 2023		% Y/Y
Shipments in metric tons:	39,417		45,489		(13.3	)%	46,446		(15.1	)%	183,030		191,431		(4.4	)%
Average selling price ($/MT):	2,159		2,237		(3.5	)%	2,300		(6.1	)%	2,208		2,562		(13.8	)%

Silicon-based Alloys Revenue	85,101		101,759		(16.4	)%	106,826		(20.3	)%	404,130		490,446		(17.6	)%
Silicon-based Alloys Adj.EBITDA	3,093		2,356		31.3	%	34,973		(91.2	)%	30,060		114,111		(73.7	)%
Silicon-based Alloys Adj.EBITDA Margin	3.6	%	2.3	%			32.7	%			7.4	%	23.3	%

Silicon-based alloy revenue in the fourth quarter was $85.1 million, a decrease of 16.4% over the prior quarter and a decrease of 20.3% from the year-ago period. Shipments decreased by 13.3%, which was attributable to weak demand in the US and Europe, mainly in the auto and construction end markets. Adjusted EBITDA for silicon-based alloys increased to $3.1 million in the fourth quarter of 2024, an increase of 31.3% compared with $2.4 million in the prior quarter. Adjusted EBITDA margin improvement was primarily driven by lower raw material costs.

Manganese-Based Alloys


($,000)	Q4 2024		Q3 2024		% Q/Q		Q4 2023		% Y/Y		YTD 2024		YTD 2023		% Y/Y
Shipments in metric tons:	67,712		64,495		5.0	%	61,404		10.3	%	275,991		227,243		21.5	%
Average selling price ($/MT):	1,159		1,391		(16.7	)%	985		17.7	%	1,206		1,141		5.7	%

Manganese-based Alloys Revenue	78,478		89,713		(12.5	)%	60,483		29.8	%	332,845		259,284		28.4	%
Manganese-based Alloys Adj.EBITDA	7,091		27,854		(74.5	)%	23,886		(70.3	)%	54,297		37,994		42.9	%
Manganese-based Alloys Adj.EBITDA Margin	9.0	%	31.0	%			39.5	%			16.3	%	14.7	%

Manganese-based alloy revenue in the fourth quarter was $78.5 million, a decrease of 12.5% over the prior quarter and an increase of 29.8% from the year-ago period. The average realized selling price decreased by 16.7% and total shipments increased by 5.0%. Adjusted EBITDA for the manganese-based alloys portfolio decreased to $7.1 million in the fourth quarter of 2024, a decrease of 74.5% compared with $27.9 million in the prior quarter. The decrease in adjusted EBITDA margin was mainly driven by lower selling prices and higher manganese ore costs.

Raw materials and energy consumption for production

Raw materials and energy consumption for production was $250.8 million in the fourth quarter of 2024 versus $255.1 million in the prior quarter, a decrease of 1.7%. As a percentage of sales, raw materials and energy consumption for production was 68.2% in the fourth quarter of 2024, compared to 58.8% in the third quarter. The increase in cost as a percentage of sales was driven by higher energy and raw materials costs, including manganese ore.

For the full-year 2024, raw materials and energy consumption for production were $1,027 million, or 62.5% of sales, versus $879 million, or 53.3% of sales in 2023. The increase in these costs as a percent of sales was mainly driven by lower prices and higher energy costs.

Net (Loss) Income Attributable to the Parent

In the fourth quarter of 2024, net loss attributable to the parent was $46.4 million, or $(0.25) per diluted share, compared to a net income attributable to the parent of $18.8 million, or $0.10 per diluted share in the third quarter. This decrease is primarily attributable to $61.3 million recorded in impairment of the Company's cash-generating units which were not recorded in the prior period. The Company reported adjusted diluted earnings per share of $0.03 for the fourth quarter, compared with adjusted earnings per share of $0.11 per share in the prior quarter.

For the full year 2024, net profit attributable to the parent was $5.2 million, or $0.03 per diluted share, compared to $82.7 million, or $0.43 per diluted share for the full year 2023.

Adjusted EBITDA

In the fourth quarter of 2024, adjusted EBITDA was $9.8 million, or 2.7% of sales, a decrease of 11.3% compared to adjusted EBITDA of $60.4 million, or 13.9% of sales, from the third quarter of 2024. This was mainly driven by higher costs and reduced pricing.

For the full year 2024, adjusted EBITDA was $153.8 million, or 9.4% of sales, compared to adjusted EBITDA of $315.2 million, or 19.1% of sales, for the full year 2023. The reduction is largely related to lower average sales prices and an increase in energy costs.

Total Cash, Adjusted Gross Debt and Working Capital

														%
($ in millions)	Q4 2024		Q3 2024		$		%		Q4 2023			$		Y/Y

Total Cash¹	$	133.3	$	120.8	12.5		10.3	%	$	137.6		(4.4	)		(3.2	)%
Adjusted Gross Debt²	$	94.4	$	89.0	5.3		6.0	%	$	238.5		(144.1	)		(60.4	)%
Net Cash/ (Debt)	$	38.9	$	31.8	7.1		22.4	%	$	(100.9	)	139.7			138.6	%
Total Working Capital³	$	460.8	$	528.6	(67.8	)	(12.8	)%	$	510.7		(49.9	)		(9.8	)%

(1) Total cash is comprised of restricted cash, cash and cash equivalents

(2) Adjusted gross debt excludes bank borrowings on factoring program and impact of leasing standard IFRS16 for each of the periods presented

(3) Total working capital comprised of inventories, trade receivables and other receivables minus trade and other payables

The Company's total cash was $133.3 million as of December 31, 2024, up $12.5 million from $120.8 million as of September 30, 2024.

During the fourth quarter, the Company generated $32.1 million in cash flow from operating activities, used $4.8 million in cash flows from investing activities and used $9.9 million in cash flows from financing activities due to repayments of bank borrowings of $14.8 million, lease payments of $4.5 million, dividend payments of $2.4 million, interest payments of $2.0 million and share repurchases of $1.9 million, partially offset by cash proceeds from promissory notes of $10.3 million and sale-leaseback financing of $6.1 million.

For the full year 2024, the Company generated $243.3 million of operating cash flow and used $66.9 million of cash in investing activities and $175.5 million in financing activities.

Total working capital was $460.8 million on December 31, 2024, down from $528.6 million on September 30, 2024. The $67.8 million decrease in working capital balance during the quarter was due to a $60.6 million decrease in inventories, and a $37.3 million decrease in trade and other receivables, partially offset by a $30.1 million decrease in trade and other payables.

Beatriz García-Cos, Ferroglobe's Chief Financial Officer, commented, "We achieved many of our targets in 2024, including paying off our senior secured notes and achieving a net cash positive position, which was $38.9 million, at the end of the year. We reduced our total working capital by approximately $50 million during the year and initiated our capital return program consisting of quarterly dividends and share repurchases."

Capital Returns

During the fourth quarter, Ferroglobe repurchased 481,578 shares at an average price of $4.02 per share and paid a quarterly cash dividend of $0.013 per share on December 20, 2024. Our next cash dividend of $0.014 per share will be paid on March 26, 2025, to shareholders of record as of March 20, 2025.

Conference Call

Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, Eastern Time on February 20, 2025. 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.vevent.com/register/BIb6e61c804d2b45609dc3abc37310abd0

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/frvjkywe

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", "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-GAAP 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: investor.relations@ferroglobe.com

MEDIA CONTACT:

Cristina Feliu Roig

Vice President, Communications & Public Affairs

Email: corporate.comms@ferroglobe.com


Ferroglobe PLC and Subsidiaries 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 Twelve Months Ended			For the Twelve Months Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Sales	$	367,505		$	433,533		$	375,951		$	1,643,939		$	1,650,034
Raw materials and energy consumption for production		(250,763	)		(255,062	)		(199,572	)		(1,027,130	)		(879,286	)
Other operating income		18,892			27,202			34,944			84,378			100,992
Staff costs		(70,241	)		(71,885	)		(79,761	)		(279,864	)		(305,859	)
Other operating expense		(52,289	)		(74,475	)		(73,071	)		(265,182	)		(270,090	)
Depreciation and amortization		(19,020	)		(18,899	)		(20,090	)		(75,463	)		(73,532	)
Impairment loss		(61,348	)		—			(23,614	)		(61,348	)		(25,290	)
Other (loss) gain		(571	)		189			(563	)		555			(29	)
Operating (loss) profit		(67,835	)		40,603			14,224			19,885			196,940
Finance income		3,533			829			1,100			7,248			5,422
Finance costs		(3,089	)		(2,983	)		(13,431	)		(21,942	)		(38,793	)
Exchange differences		15,167			(6,576	)		(4,897	)		13,565			(7,551	)
Profit (loss) before tax		(52,224	)		31,873			(3,004	)		18,756			156,018
Income tax benefit/(expense)		4,376			(13,301	)		(4,160	)		(16,252	)		(57,540	)
Total (loss) profit for the period		(47,848	)		18,572			(7,164	)		2,504			98,478

(Loss) profit attributable to the parent	$	(46,430	)	$	18,814		$	(11,118	)	$	5,242		$	82,662
(Loss) profit attributable to non-controlling interest		(1,418	)		(242	)		3,954			(2,738	)		15,816

EBITDA	$	(33,648	)	$	52,926		$	29,417		$	108,913		$	262,921
Adjusted EBITDA	$	9,845		$	60,410		$	60,262		$	153,800		$	315,198


Weighted average number of shares outstanding
Basic		188,072			188,325			187,872			188,145			187,872
Diluted		188,072			190,393			190,801			188,809			190,290

(Loss) profit per ordinary share
Basic	$	(0.25	)	$	0.10		$	(0.06	)	$	0.03		$	0.44
Diluted	$	(0.25	)	$	0.10		$	(0.06	)	$	0.03		$	0.43


Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Financial Position (in thousands of U.S. dollars)

	As of December 31,		As of September 30,		As of December 31,
	2024		2024		2023
ASSETS
Non-current assets
Goodwill	$	14,219	$	29,702	$	29,702
Intangible assets		103,095		131,183		138,345
Property, plant and equipment		469,056		523,091		501,396
Other financial assets		19,744		16,492		19,792
Deferred tax assets		6,580		8,256		8,760
Receivables from related parties		1,558		1,679		1,658
Other non-current assets		22,451		24,288		22,156
Total non-current assets		636,703		734,691		721,809
Current assets
Inventories		347,139		407,782		383,841
Trade receivables		188,816		233,228		220,330
Other receivables		83,103		76,048		89,913
Receivables from related parties		—		2,808		2,772
Current income tax assets		7,692		7,890		15,977
Other financial assets		5,569		3,209		2
Other current assets		52,014		52,468		186,477
Restricted cash and cash equivalents		298		306		1,179
Cash and cash equivalents		132,973		120,504		136,470
Total current assets		817,604		904,243		1,036,961
Total assets	$	1,454,307	$	1,638,934	$	1,758,770

EQUITY AND LIABILITIES
Equity	$	816,105	$	915,707	$	869,886
Non-current liabilities
Deferred income		8,014		34,619		26,980
Provisions		24,384		25,964		19,970
Provision for pensions		27,618		31,213		29,805
Bank borrowings		13,911		14,207		14,913
Lease liabilities		56,585		57,864		54,483
Debt instruments		—		—		149,015
Other financial liabilities		25,688		27,280		65,231
Other non-current liabilities		13,759		6,359		1,903
Deferred tax liabilities		19,629		31,197		32,582
Total non-current liabilities		189,588		228,703		394,882
Current liabilities
Provisions		83,132		88,986		122,757
Provision for pensions		168		166		169
Bank borrowings		43,251		61,474		31,635
Lease liabilities		12,867		12,182		11,766
Debt instruments		10,135		—		5,765
Other financial liabilities		48,117		45,942		16,052
Payables to related parties		2,664		2,759		2,429
Trade and other payables		158,251		188,443		183,375
Current income tax liabilities		10,623		7,795		8,351
Other current liabilities		79,406		86,777		111,703
Total current liabilities		448,614		494,524		494,002
Total equity and liabilities	$	1,454,307	$	1,638,934	$	1,758,770


Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Cash Flows

	For the Three Months Ended			For the Three Months Ended			For the Three Months Ended			For the Twelve Months Ended			For the Twelve Months Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Cash flows from operating activities:
Profit for the period	$	(47,848	)	$	18,572		$	(7,164	)	$	2,504		$	98,478
Adjustments to reconcile net profit to net cash provided by operating activities:
Income tax (benefit)/expense		(4,376	)		13,301			4,160			16,252			57,540
Depreciation and amortization		19,020			18,899			20,090			75,463			73,532
Finance income		(3,533	)		(829	)		(1,100	)		(7,248	)		(5,422	)
Finance costs		3,089			2,983			13,431			21,942			38,793
Exchange differences		(15,167	)		6,576			4,897			(13,565	)		7,551
Impairment loss		61,348			—			23,614			61,348			25,290
Share-based compensation		1,587			1,496			683			4,924			7,402
Other loss (gain)		571			(189	)		562			(555	)		29
Changes in operating assets and liabilities
Decrease (increase) in inventories		23,146			(5,414	)		(1,746	)		47			102,179
Decrease (increase) in trade receivables		31,756			27,018			16,439			22,765			80,766
Decrease (increase) in other receivables		(12,885	)		(28,656	)		(21,838	)		770			45,692
Decrease (increase) in energy receivable		(5,735	)		(10,508	)		(33,456	)		131,959			(159,807	)
(Decrease) increase in trade payables		(19,039	)		(13,678	)		6,483			(17,255	)		(70,573	)
Other changes in operating assets and liabilities		4,936			(11,610	)		16,389			(40,294	)		(9,770	)
Income taxes paid		(4,776	)		(6,847	)		(12,701	)		(15,799	)		(113,308	)
Net cash provided by operating activities:		32,094			11,114			28,743			243,258			178,372
Cash flows from investing activities:
Interest and finance income received		692			766			1,349			2,799			3,725
Payments due to investments:
Intangible assets		(855	)		(850	)		(1,331	)		(3,024	)		(2,787	)
Property, plant and equipment		(17,090	)		(20,302	)		(24,204	)		(76,165	)		(83,679	)
Other financial assets		—			—			—			(3,000	)		—
Disposals:
Other non-current assets		—			—			935			—			935
Receipt of asset-related government grant		12,453			—			—			12,453			—
Net cash used in investing activities		(4,800	)		(20,386	)		(23,251	)		(66,937	)		(81,806	)
Cash flows from financing activities:
Dividends paid		(2,436	)		(2,441	)		—			(9,758	)		—
Payment for debt and equity issuance costs		(6	)								(6	)
Repayment of debt instruments		—			—			(1,050	)		(147,624	)		(179,075	)
Proceeds from debt issuance		10,255			—			—			10,255			—
Increase/(decrease) in bank borrowings:
Borrowings		122,809			145,804			39,239			509,186			432,274
Payments		(137,650	)		(144,292	)		(58,052	)		(495,726	)		(456,506	)
Payments for lease liabilities		(4,511	)		(5,834	)		(6,913	)		(16,201	)		(14,967	)
Proceeds from other financing liabilities		6,054			—			—			6,054			—
Other (payments) receipts from financing activities		(411	)		(2,176	)		(4,289	)		(3,068	)		(21,666	)
Payments to acquire own shares		(1,936	)		(492	)		—			(2,428	)		—
Interest paid		(2,029	)		(6,955	)		(2,923	)		(26,192	)		(42,207	)
Net cash (used in) financing activities		(9,861	)		(16,386	)		(33,988	)		(175,508	)		(282,147	)
Total net increase (decrease) in cash and cash equivalents		17,433			(25,658	)		(28,496	)		813			(185,581	)
Beginning balance of cash and cash equivalents		120,810			144,487			165,973			137,649			322,943
Foreign exchange (losses) gains on cash and cash equivalents		(4,972	)		1,981			172			(5,191	)		287
Ending balance of cash and cash equivalents	$	133,271		$	120,810		$	137,649		$	133,271		$	137,649
Restricted cash and cash equivalents		298			306			1,179			298			1,179
Cash and cash equivalents		132,973			120,504			136,470			132,973			136,470
Ending balance of cash and cash equivalents	$	133,271		$	120,810		$	137,649		$	133,271		$	137,649

Adjusted EBITDA ($,000):

	Q4´24			Q3´24			Q4´23			YTD´24			YTD´23
(Loss) profit attributable to the parent	$	(46,430	)	$	18,814		$	(11,118	)	$	5,242		$	82,662
(Loss) profit attributable to non-controlling interest		(1,418	)		(242	)		3,954			(2,738	)		15,816
Income tax expense		(4,376	)		13,301			4,160			16,252			57,540
Finance income		(3,533	)		(829	)		(1,100	)		(7,248	)		(5,422	)
Finance costs		3,089			2,983			13,431			21,942			38,793
Depreciation and amortization charges		19,020			18,899			20,090			75,463			73,532
EBITDA		(33,648	)		52,926			29,417			108,913			262,921
Exchange differences		(15,167	)		6,576			4,897			(13,565	)		7,551
Impairment		61,348			—			23,614			61,348			25,290
Restructuring and termination costs		(2,693	)		—			—			(7,233	)		5,535
New strategy implementation		1,629			1,413			(1,000	)		5,416			973
Subactivity		1,457			657			2,995			3,164			12,589
PPA Energy		(3,081	)		(1,162	)		339			(4,243	)		339
Adjusted EBITDA	$	9,845		$	60,410		$	60,262		$	153,800		$	315,198

Adjusted profit attributable to Ferroglobe ($,000):

	Q4´24			Q3´24			Q4´23			YTD´24			YTD´23
(Loss) Profit attributable to the parent	$	(46,430	)	$	18,814		$	(11,118	)	$	5,242		$	82,662
Tax rate adjustment		12,059			3,271			4,959			10,349			16,039
Impairment		41,209			—			17,333			41,209			18,563
Restructuring and termination costs		(1,846	)		—			—			(4,957	)		4,063
New strategy implementation		1,116			968			(734	)		3,712			714
Subactivity		998			450			2,198			2,168			9,240
PPA Energy		(2,111	)		(796	)		249			(2,908	)		249
Adjusted profit attributable to the parent	$	4,996		$	22,707		$	12,888		$	54,816		$	131,529

Adjusted diluted profit per share:

	Q4´24			Q3´24			Q4´23			YTD´24			YTD´23
Diluted (loss) profit per ordinary share	$	(0.25	)	$	0.10		$	(0.06	)	$	0.03		$	0.43
Tax rate adjustment		0.06			0.02			0.03			0.05			0.08
Impairment		0.22			—			0.09			0.22			0.10
Restructuring and termination costs		(0.01	)		—			—			(0.03	)		0.02
New strategy implementation		0.01			0.01			(0.00	)		0.02			0.00
Subactivity		0.01			0.00			0.01			0.01			0.05
PPA Energy		(0.01	)		(0.00	)		0.00			(0.02	)		0.00
Adjusted diluted profit per ordinary share	$	0.03		$	0.11		$	0.07		$	0.28		$	0.68

Ferroglobe Reports Fourth Quarter and Full Year 2024 Financial Results