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 2026		Q1 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

($,000)	Q2 2026			Q1 2026			% Q/Q		Q2 2025			% Y/Y		YTD 2026			YTD 2025			% Y/Y
Shipments in metric tons:		40,818			30,533		33.7	%		44,610		(8.5	)%		71,351			80,918		(11.8	)%
Average selling price ($/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

($,000)	Q2 2026			Q1 2026			% Q/Q		Q2 2025			% Y/Y		YTD 2026			YTD 2025			% Y/Y
Shipments in metric tons:		62,915			60,674		3.7	%		53,048		18.6	%		123,589			95,913		28.9	%
Average selling price ($/MT):		1,986			2,016		(1.5	)%		2,105		(5.7	)%		2,001			2,112		(5.3	)%

Silicon-based Alloys Revenue		124,949			122,319		2.2	%		111,666		11.9	%		247,302			202,568		22.1	%
Silicon-based Alloys Adj.EBITDA		14,516			6,850		111.9	%		7,158		102.8	%		21,366			9,572		123.2	%
Silicon-based Alloys Adj.EBITDA Margin		11.6	%		5.6	%				6.4	%				8.6	%		4.7	%

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

($,000)	Q2 2026			Q1 2026			% Q/Q		Q2 2025			% Y/Y		YTD 2026			YTD 2025			% Y/Y
Shipments in metric tons:		84,752			85,743		(1.2	)%		88,188		(3.9	)%		170,495			155,417		9.7	%
Average selling price ($/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: 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 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	)


Ferroglobe PLC and Subsidiaries 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


Ferroglobe PLC and Subsidiaries 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, 2025
Cash 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):

	Q2´26			Q1´26			Q2´25			YTD´26			YTD´25
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	)
Income tax (benefit) expense		(48	)		(4,010	)		(3,787	)		(4,057	)		(3,162	)
Finance income		(1,907	)		(708	)		(970	)		(2,615	)		(1,843	)
Finance costs		3,482			5,922			4,770			9,402			9,325
Depreciation and amortization		15,541			16,601			18,301			32,142			35,821
EBITDA		77,634			10,669			7,380			88,303			(37,691	)
Exchange differences		(5,138	)		(1,783	)		19,659			(6,921	)		26,573
Impairment		—			—			—			—			(268	)
Restructuring and termination costs		—			—			(1,285	)					(1,285	)
New strategy implementation		—			—			—						682
PPA Energy		(59,903	)		(5,539	)		(1,384	)		(65,442	)		1,384
Fines Inventory Adjustment		—			—			(2,808	)					5,364
New ERP implementation		500			—			—			500			—
Adjusted EBITDA	$	13,093		$	3,347		$	21,562		$	16,440		$	(5,241	)

Adjusted profit (loss) attributable to Ferroglobe ($,000):

	Q2´26			Q1´26			Q2´25			YTD´26			YTD´25
Profit (loss) attributable to the parent	$	60,374		$	(7,053	)	$	(10,451	)	$	53,321		$	(76,933	)
Tax rate adjustment		(15,178	)		(1,224	)		188			(16,401	)		18,706
Impairment		—			—			—			—			(196	)
Restructuring and termination costs		—			—			(938	)		—			(938	)
New strategy implementation		—			—			—			—			498
PPA Energy		(44,927	)		(4,154	)		(1,010	)		(49,082	)		1,010
Fines Inventory Adjustment		—			—			(2,050	)		—			3,916
New ERP implementation		375			—			—			375			—
Adjusted profit (loss) attributable to the parent	$	644		$	(12,431	)	$	(14,262	)	$	(11,787	)	$	(53,936	)

Adjusted diluted profit (loss) per share:

	Q2´26			Q1´26			Q2´25			YTD´26			YTD´25
Diluted profit (loss) per ordinary share	$	0.32		$	(0.04	)	$	(0.06	)	$	0.28		$	(0.41	)
Tax rate adjustment		(0.08	)		(0.01	)		0.00			(0.09	)		0.10
Impairment		—			—			—			—			(0.00	)
New strategy implementation		—			—			—			—			0.00
PPA Energy		(0.24	)		(0.02	)		(0.01	)		(0.26	)		0.01
Fines Inventory Adjustment		—			—			(0.01	)		—			0.02
New ERP implementation		0.00			—			—			0.00			—
Adjusted diluted profit (loss) per ordinary share	$	0.00		$	(0.07	)	$	(0.08	)	$	(0.07	)	$	(0.28	)