Strong increase in ferroalloys due to trade measures and increasing steel production in the U.S.
EU Trade Commissioner committed to helping the silicon metal industry
Actively pursuing a potential restart of cost-competitive Venezuelan operations
Expertise in critical materials unlocks new growth opportunities as the U.S. and EU policy pivots toward domestically anchored supply chains
Reporting first quarter adjusted EBITDA of $3.3 million
Ended the quarter with total cash of $96.4 million and net debt of $54.6 million
Paid quarterly dividend of $0.015 per share on March 30; Next dividend of $0.015 payable on June 29
LONDON, May 05, 2026 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ:GSM) ("Ferroglobe", the "Company", or the "Parent"), a leading global producer of silicon metal, silicon-based and manganese-based specialty alloys, today announced financial results for the first quarter of 2026.
Financial Highlights
%
%
($ in millions, except EPS)
Q1 2026
Q4 2025
Q/Q
Q1 2025
Y/Y
Sales
$
347.7
$
329.4
5.6
%
$
307.2
13.2
%
Net (loss) attributable to the parent
$
(7.1
)
$
(81.0
)
91.3
%
$
(66.5
)
89.4
%
Adj. EBITDA
$
3.3
$
14.6
(77.1
)%
$
(26.8
)
112.5
%
Adjusted diluted EPS
$
(0.07
)
$
(0.06
)
(1.6
)%
$
(0.20
)
66.8
%
Operating cash flow
$
(5.6
)
$
(4.3
)
(29.9
)%
$
19.4
(128.7
)%
Capital expenditures1
$
10.9
$
14.2
(23.7
)%
$
14.3
(24.1
)%
Free cash flow2
$
(16.4
)
$
(18.5
)
11.3
%
$
5.1
(424.3
)%
(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, "We delivered a strong increase in first quarter ferroalloy shipment volumes in both the EU and the U.S, driven primarily by recently enacted trade measures. While volumes improved, pricing did not keep pace with higher costs, particularly in logistics and raw materials, resulting in margin compression. We view these cost pressures as temporary and expect pricing conditions to improve in the second half of the year.
"We see significant opportunities to diversify both our footprint and product mix, directly supporting our long-term strategic growth strategy. In Venezuela, we own four furnaces with more than 100,000 tons of incremental capacity, with the flexibility to produce across all our core product segments. Beyond this, we are actively evaluating which critical materials are most economically viable to produce, leveraging our established Western footprint and past production experience. The newly signed U.S. and EU strategic partnership on critical materials signals a structural shift, strengthening our position as markets increasingly prioritize secure, domestic supply chains for strategic materials," concluded Dr. Levi.
Consolidated Sales
In the first quarter of 2026, Ferroglobe reported sales of $347.7 million, a 5.6% increase from the prior quarter and a 13.2% increase from the comparable prior-year period. This improvement was mainly driven by higher sales volumes of silicon-based alloys and manganese-based alloys, as well as a higher average selling price for manganese-based alloys, partially offset by lower volumes and average selling price for silicon metals. Silicon-based alloys prices remained stable during the quarter. Sales of silicon metal decreased by $12.4 million from the prior quarter, while silicon-based alloys and manganese-based alloys increased by $18.7 million and $14.5 million, respectively, compared with the prior quarter.
Product Category Highlights
Silicon Metal
($,000)
Q1 2026
Q4 2025
% Q/Q
Q1 2025
% Y/Y
Shipments in metric tons:
30,533
32,634
(6.4
)%
36,308
(15.9
)%
Average selling price ($/MT):
2,754
2,957
(6.9
)%
2,881
(4.4
)%
Silicon Metal Revenue
84,088
96,499
(12.9
)%
104,603
(19.6
)%
Silicon Metal Adj.EBITDA
(2,275
)
885
(357.1
)%
(15,447
)
(85.3
)%
Silicon Metal Adj.EBITDA Margin
(2.7
)%
0.9
%
(14.8
)%
Silicon metal revenue in the first quarter was $84.1 million, a decrease of 12.9% from the prior quarter. The average selling price decreased 6.9%, driven by lower pricing in the U.S. and Europe amid a more competitive market environment and cautious customer purchasing in key end-markets, particularly in Europe, partially offset by a slight increase in South Africa. Shipments decreased 6.4%, primarily reflecting lower volumes in EMEA, partially offset by higher volumes in the U.S. Adjusted EBITDA decreased to $(2.3) million in the first quarter, compared with $0.9 million in the prior quarter, reflecting lower realized pricing and shipments, partially offset by strong cost performance in Canada. Adjusted EBITDA margin decreased to (2.7%) in the first quarter from 0.9% in the prior quarter.
Silicon-Based Alloys
($,000)
Q1 2026
Q4 2025
% Q/Q
Q1 2025
% Y/Y
Shipments in metric tons:
60,674
51,279
18.3
%
42,864
41.6
%
Average selling price ($/MT):
2,016
2,020
(0.2
)%
2,120
(4.9
)%
Silicon-based Alloys Revenue
122,319
103,584
18.1
%
90,872
34.6
%
Silicon-based Alloys Adj.EBITDA
6,850
15,503
(55.8
)%
2,414
183.8
%
Silicon-based Alloys Adj.EBITDA Margin
5.6
%
15.0
%
2.7
%
Silicon-based alloy revenue in the first quarter was $122.3 million, an increase of 18.1% from the prior quarter. The average selling price was stable, as higher realizations in Europe were largely offset by softer pricing in the U.S. and South Africa, where market conditions remained competitive. Shipments increased 18.3%, reflecting a broad-based improvement across regions, with the most significant increase in the U.S., supported by improved demand and customer restocking in steel and foundry applications. Adjusted EBITDA decreased to $6.8 million in the first quarter of 2026, down from $15.5 million in the prior quarter, primarily reflecting higher production costs, which more than offset the benefit from higher volumes. Adjusted EBITDA margin decreased to 5.6% in the first quarter, compared with 15.0% in the prior quarter.
Manganese-Based Alloys
($,000)
Q1 2026
Q4 2025
% Q/Q
Q1 2025
% Y/Y
Shipments in metric tons:
85,743
80,778
6.1
%
67,229
27.5
%
Average selling price ($/MT):
1,250
1,147
9.0
%
1,108
12.8
%
Manganese-based Alloys Revenue
107,179
92,652
15.7
%
74,490
43.9
%
Manganese-based Alloys Adj.EBITDA
10,014
8,681
15.4
%
(5,574
)
(279.7
)%
Manganese-based Alloys Adj.EBITDA Margin
9.3
%
9.4
%
(7.5
)%
Manganese-based alloy revenue in the first quarter was $107.2 million, an increase of 15.7% from the prior quarter. The average selling price increased 9.0%, driven by higher pricing in Europe, partially offset by a slight decrease in the U.S. Shipments increased 6.1%, reflecting solid volume growth in Europe as steel-related demand for domestic manganese alloys improved. Adjusted EBITDA increased to $10.0 million in the first quarter, compared with $8.7 million in the prior quarter, supported by higher volumes and prices, offset by higher manganese ore, energy, and transportation costs. Adjusted EBITDA margin was 9.3%, broadly in line with 9.4% in the prior quarter.
Raw materials and energy consumption for production
Raw materials and energy consumption for production decreased to 64.3% of sales in the first quarter of 2026, compared with 79.4% in the prior quarter. This improvement was primarily driven by the absence of the $40.2 million fair value loss related to long term energy contracts recognized in the fourth quarter of 2025, as well as the recognition of a positive fair value adjustment of $5.5 million in the first quarter of 2026. Improved production levels and better fixed cost absorption also contributed to the sequential improvement. Excluding the impact of power purchase agreements, raw materials and energy consumption represented 65.9% of revenue in the first quarter of 2026, compared with 67.2% in the prior quarter.
Net (Loss) Attributable to the Parent
In the first quarter of 2026, net loss attributable to the parent was $7.1 million, or $(0.04) per diluted share, compared to a net loss attributable to the parent of $81.0 million, or $(0.43) per diluted share, in the prior quarter. The quarter over quarter improvement was primarily driven by the absence of the $40.2 million negative fair value remeasurement impacts related to long-term energy contracts recorded in the fourth quarter, as well as the absence of an impairment charge of $17.7 million and additional depreciation of $12.6 million recognized in the prior quarter. Results in the first quarter of 2026 also benefited from improved operating leverage, partially offset by higher selling-related expenses associated with increased sales volumes. The Company reported adjusted diluted earnings per share of $(0.07) for the first quarter of 2026, compared with $(0.06) in the prior quarter.
Adjusted EBITDA
Adjusted EBITDA declined to $3.3 million in the first quarter of 2026, compared to $14.6 million for the prior quarter. The prior quarter benefited from a one time positive impact of approximately $12 million related to the modification of a lease liability agreement. During the first quarter of 2026, operating performance improved, supported by stronger volumes and continued cost efficiency initiatives, partially offset by higher selling and distribution costs.
Total Cash, Adjusted Gross Debt and Working Capital
%
($ in millions)
Q1 2026
Q4 2025
$
%
Q1 2025
$
Y/Y
Total Cash1
$
96.4
$
123.0
(26.6
)
(21.6
)%
$
129.6
(33.2
)
(25.6
)%
Adjusted Gross Debt2
$
151.0
$
152.8
(1.8
)
(1.2
)%
$
110.4
40.6
36.8
%
Net (Debt) Cash
$
(54.6
)
$
(29.8
)
(24.8
)
(83.3
)%
$
19.2
(73.8
)
(384.5
)%
Total Working Capital3
$
431.2
$
427.5
3.7
