Ferroglobe Reports Fourth Quarter and Full Year 2024 Financial Results

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 quarterGenerated $164.1 million of free cash flow for the full year and $14.1 million for the fourth quarterTrade measures to ensure fair trade in the U.S. and Europe are progressing wellIncreasing quarterly dividend by 7.7% to $0.014 per sharePaid quarterly cash dividend of $0.013 per share in DecemberRepurchased approximately 482,000 shares during the fourth quarter LONDON, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading global producer of silicon metal, silicon-based and manganese-based specialty alloys, today announces financial results for the fourth quarter and full year 2024. Financial Highlights % % %($ 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/YShipments 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/YShipments 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/YShipments 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 linkhttps://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, CFAVice President, Investor Relations Email: investor.relations@ferroglobe.com MEDIA CONTACT: Cristina Feliu RoigVice President, Communications & Public AffairsEmail: corporate.comms@ferroglobe.com Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Income Statement(in thousands of U.S. dollars, except per share amounts) For the ThreeMonths Ended For the ThreeMonths Ended For the ThreeMonths Ended For the TwelveMonths Ended For the TwelveMonths Ended December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023Sales $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 SubsidiariesUnaudited 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 2023ASSETSNon-current assets Goodwill $14,219 $29,702 $29,702Intangible assets 103,095 131,183 138,345Property, plant and equipment 469,056 523,091 501,396Other financial assets 19,744 16,492 19,792Deferred tax assets 6,580 8,256 8,760Receivables from related parties 1,558 1,679 1,658Other non-current assets 22,451 24,288 22,156Total non-current assets 636,703 734,691 721,809Current assets Inventories 347,139 407,782 383,841Trade receivables 188,816 233,228 220,330Other receivables 83,103 76,048 89,913Receivables from related parties — 2,808 2,772Current income tax assets 7,692 7,890 15,977Other financial assets 5,569 3,209 2Other current assets 52,014 52,468 186,477Restricted cash and cash equivalents 298 306 1,179Cash and cash equivalents 132,973 120,504 136,470Total current assets 817,604 904,243 1,036,961Total assets $ 1,454,307 $ 1,638,934 $ 1,758,770 EQUITY AND LIABILITIESEquity $ 816,105 $ 915,707 $ 869,886Non-current liabilities Deferred income 8,014 34,619 26,980Provisions 24,384 25,964 19,970Provision for pensions 27,618 31,213 29,805Bank borrowings 13,911 14,207 14,913Lease liabilities 56,585 57,864 54,483Debt instruments — — 149,015Other financial liabilities 25,688 27,280 65,231Other non-current liabilities 13,759 6,359 1,903Deferred tax liabilities 19,629 31,197 32,582Total non-current liabilities 189,588 228,703 394,882Current liabilities Provisions 83,132 88,986 122,757Provision for pensions 168 166 169Bank borrowings 43,251 61,474 31,635Lease liabilities 12,867 12,182 11,766Debt instruments 10,135 — 5,765Other financial liabilities 48,117 45,942 16,052Payables to related parties 2,664 2,759 2,429Trade and other payables 158,251 188,443 183,375Current income tax liabilities 10,623 7,795 8,351Other current liabilities 79,406 86,777 111,703Total current liabilities 448,614 494,524 494,002Total equity and liabilities $ 1,454,307 $ 1,638,934 $ 1,758,770 Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Statement of Cash Flows For the ThreeMonths Ended For the ThreeMonths Ended For the ThreeMonths Ended For the TwelveMonths Ended For the TwelveMonths Ended December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023Cash 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´23Diluted (loss) profit per ordinary share $(0.25) $0.10 $(0.06) $0.03 $0.43Tax rate adjustment 0.06 0.02 0.03 0.05 0.08Impairment 0.22 — 0.09 0.22 0.10Restructuring and termination costs (0.01) — — (0.03) 0.02New strategy implementation 0.01 0.01 (0.00) 0.02 0.00Subactivity 0.01 0.00 0.01 0.01 0.05PPA Energy (0.01) (0.00) 0.00 (0.02) 0.00Adjusted 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

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