Ferroglobe PLC

Third quarter sales were $370 million, down 2% sequentially and up 19% versus the third quarter of 2025. Adjusted EBITDA was negative $2 million versus positive $13 million in Q2, with adjusted EBITDA margin at negative 0.6% versus positive 3.5% in Q2; management said energy costs reduced adjusted EBITDA by nearly $19 million, and excluding those costs adjusted EBITDA would have been about $16 million. Total shipments were 183 thousand tons, down 3% quarter over quarter; silicon metal revenue was $102 million with volume down 6% and ASP up to about $2.67 thousand per ton, silicon-based alloys revenue was $117 million with volume down 6%, and manganese-based alloys revenue was $114 million with volume up 1% and ASP up 5%. Cash flow from operations was $20 million, free cash flow was positive $6 million, cash ended at about $93 million, adjusted gross debt was $135 million, and net debt was $42 million. For the fourth quarter, management said it expects the quarter to remain challenging due to energy costs and a weak ferrosilicon market in Europe; it does not expect material changes in working capital in Q4 and expects CapEx to decline significantly. Longer term, the company expects the cost reduction program to improve annual EBITDA by approximately $100 million, plus or minus 15%, and said it aims to increase capacity utilization to 80% from less than 60% today.

Marco Levi said the quarter was disappointing, but emphasized that the company is taking decisive action to improve profitability. His focus was on consolidating production at the most competitive plants, reducing the workforce by about 20%, and lowering fixed costs so the business can generate stronger cash flow even if the market stays difficult. He also framed the strategy around building a western critical materials platform, noting early shipments of ferromolybdenum and continued progress on Venezuela, trade protection, and government discussions.

Beatriz Garcia-Cos Muntanola said third-quarter sales declined to $370 million on lower volumes, while adjusted EBITDA fell to negative $2 million mainly because of nearly $19 million of higher energy costs, especially in Spain. She broke out segment results, including silicon metal revenue of $102 million, silicon-based alloys revenue of $117 million, and manganese-based alloys revenue of $114 million, and noted that the company’s adjusted EBITDA margin was negative 0.6%. On cash flow, she highlighted $20 million from operations, a $32 million working-capital release, $20 million of CapEx, positive $6 million free cash flow, roughly $93 million of cash, $135 million of adjusted gross debt, and $42 million of net debt. She also said the quarterly dividend of $0.015 per share was paid on September 29 and the next $0.015 dividend is scheduled for December.

Analysts focused on whether the planned five plant closures reflect a structural demand problem in Europe or are tied to expected backfill from Venezuela, and management said it is trying to increase utilization to 80% across its flexible footprint while keeping further asset details limited until stakeholder consultations proceed. On Venezuela, Marco Levi said the company should get the OFAC license soon, but reliable electricity remains a key requirement for restarting operations. Questions on critical materials centered on shipment ramp-up and product breadth; management said ferromolybdenum is already in industrial production, while ferrovanadium, ferrochrome, and ferrotitanium are still in trials or validation, so it is too early to quantify volumes. The final question was about EU antidumping action on Chinese silicon metal; Levi said registration of imports could prevent stockpiling and could allow retroactive measures, which he viewed as a good result even though the company is not yet where it wants to be.