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Ferroglobe Reports Second Quarter 2025 Financial Results

1. GSM's Q2 2025 sales increased 25.9%, driven by higher sales volumes. 2. Adjusted EBITDA improved to $21.6 million, up 180.4% from Q1. 3. Net loss decreased significantly from $66.5 million to $10.5 million. 4. Dividend of $0.014 per share to be paid on September 29. 5. GSM added to Russell 2000 and 3000 indexes on June 30.

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Why Bullish?

The significant improvement in adjusted EBITDA and reduction in net loss indicate strong recovery from prior performance. Historical context shows that similar rebounds in EBITDA led to price appreciation for GSM.

How important is it?

The article provides critical financial performance metrics and strategic insights that directly correlate to stock market performance, impacting investor decisions significantly.

Why Short Term?

The immediate recognition of improved financial health can lead to investor optimism, affecting price in the near term. Historically, stock reactions to earnings reports typically manifest quickly.

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Ferroglobe PLC (GSM)other similar stocks in silicon and ferrosilicon production
Second Quarter Highlights Withdrawing guidance due to elevated macro uncertainty and limited visibilityOngoing EU safeguard investigation expected to reduce import-driven price pressureU.S. antidumping duties positively impacting the ferrosilicon marketReported adjusted EBITDA of $21.6 millionTotal cash of $135.5 million, net cash of $10.3 millionRepurchased 600,434 shares during the second quarterDeclared dividend of $0.014 per share payable on September 29        Added to the Russell 2000 and 3000 indexes on June 30         LONDON, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading global producer of silicon metal, silicon-based and manganese-based specialty alloys, today announced financial results for the second quarter of 2025. Financial Highlights ($ in millions, except EPS) Q2 2025 Q1 2025 %Q/Q Q2 2024 %Y/Y YTD 2025 YTD 2024 %Y/Y                         Sales $386.9  $307.2   25.9% $451.0   (14.2)% $694.0  $842.9  (17.7)%Net (loss) profit attributable to the parent $(10.5) $(66.5)  84.3% $34.9   130.0% $(76.9) $32.9  (334.2)%Adj. EBITDA $21.6  $(26.8)  180.4% $57.7   (62.7)% $(5.2) $83.5  (106.3)%Adjusted diluted EPS $(0.08) $(0.20)  (61.9)% $0.13   (159.6)% $(0.28) $0.13  (307.1)%Operating cash flow $15.6  $19.4   (19.4)% $2.0   678.3% $35.0  $200.1  (82.5)%Capital expenditures1 $15.6  $14.3   9.0% $21.9   (28.7)% $29.9  $40.1  (25.4)%Free cash flow2 $0.0  $5.1   (99.7)% $(19.9)  (100.1)% $5.1  $160.0  (96.8)% (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, “While the second quarter was marked by significant external challenges, including aggressive silicon metal imports into Europe from China and broader geopolitical uncertainty, we remain focused on managing what we can control. We are encouraged by the early benefits that we are seeing from U.S. trade actions, and we believe upcoming decisions in both the U.S. and the EU could provide meaningful support for fair competition and improved pricing. As we look ahead to 2026, we expect these tailwinds, along with disciplined execution and prudent capital allocation, to position Ferroglobe for stronger performance and long-term value creation for our shareholders,” concluded Dr. Levi. Consolidated Sales In the second quarter of 2025, Ferroglobe reported sales of $386.9 million, an increase of 25.9% over the prior quarter and a decrease of 14.2% from the comparable prior year period. This increase compared to the prior quarter was primarily attributable to higher sales volumes across our portfolio products and higher pricing in silicon metal and manganese-based alloys, partially offset by lower pricing in silicon-based alloys. Sales of silicon metal, silicon-based alloys and manganese-based alloys increased by $25.5 million, $20.8 million and $31.7 million, respectively, compared with the prior quarter. Product Category Highlights Silicon Metal ($,000) Q2 2025 Q1 2025 % Q/Q Q2 2024 % Y/Y YTD 2025 YTD 2024 % Y/YShipments in metric tons:  44,610   36,308  22.9%  62,872  (29.0)%  80,918   116,055  (30.3)%Average selling price ($/MT):  2,916   2,881  1.2%  3,244  (10.1)%  2,900   3,203  (9.5)%                      Silicon Metal Revenue  130,083   104,603  24.4%  203,957  (36.2)%  234,662   371,724  (36.9)%Silicon Metal Adj.EBITDA  6,521   (15,447) 142.2%  34,584  (81.1)%  (8,926)  50,655  (117.6)%Silicon Metal Adj.EBITDA Margin  5.0%  (14.8)%    17.0%    (3.8)%  13.6%                              Silicon metal revenue in the second quarter was $130.1 million, an increase of 24.4% over the prior quarter. The average selling price increased by 1.2%, and shipments increased by 22.9% due to higher volumes mainly in EMEA, compared to the prior quarter. Adjusted EBITDA for silicon metal increased to $6.5 million for the second quarter, compared with $(15.5) million for the prior quarter. Adjusted EBITDA margin rose due to higher fixed cost absorption, resulting from increased production volumes. Silicon-Based Alloys ($,000) Q2 2025 Q1 2025 % Q/Q Q2 2024 % Y/Y YTD 2025 YTD 2024 % Y/YShipments in metric tons:  53,048   42,864  23.8%  46,953  13.0%  95,913   98,124  (2.3)%Average selling price ($/MT):  2,105   2,120  (0.7)%  2,241  (6.1)%  2,112   2,213  (4.6)%                      Silicon-based Alloys Revenue  111,666   90,872  22.9%  105,222  6.1%  202,568   217,148  (6.7)%Silicon-based Alloys Adj.EBITDA  7,158   2,414  196.5%  10,199  (29.8)%  9,572   24,611  (61.1)%Silicon-based Alloys Adj.EBITDA Margin  6.4%  2.7%    9.7%    4.7%  11.3%                              Silicon-based alloy revenue in the second quarter was $111.7 million, an increase of 22.9% over the prior quarter. The average selling price decreased by (0.7)% and shipments increased by 23.8% compared to the prior quarter. Volumes increased due to higher demand in the U.S. and EMEA. Adjusted EBITDA for silicon-based alloys increased to $7.2 million for the second quarter of 2025, an increase of 196.5% compared with $2.4 million for the prior quarter. Adjusted EBITDA margin increased driven by improved fixed cost absorption resulting from a significant increase in production volumes. Manganese-Based Alloys ($,000) Q2 2025 Q1 2025 % Q/Q Q2 2024 % Y/Y YTD 2025 YTD 2024 % Y/YShipments in metric tons:  88,188   67,229  31.2%  81,464  8.3%  155,417   143,784  8.1%Average selling price ($/MT):  1,204   1,108  8.7%  1,204  0.0%  1,162   1,144  1.6%                      Manganese-based Alloys Revenue  106,178   74,490  42.5%  98,083  8.3%  180,595   164,489  9.8%Manganese-based Alloys Adj.EBITDA  16,794   (5,574) 401.3%  13,832  21.4%  11,220   19,352  (42.0)%Manganese-based Alloys Adj.EBITDA Margin  15.8%  (7.5)%    14.1%    6.2%  11.8%                              Manganese-based alloy revenue in the second quarter was $106.2 million, an increase of 42.5% over the prior quarter. The average selling price increased by 8.7% and shipments increased by 31.2% compared to the prior quarter. Adjusted EBITDA for the manganese-based alloys portfolio increased to $16.8 million for the second quarter, compared with $(5.6) million in the prior quarter. The adjusted EBITDA margin increased, driven by the restart of our French assets, which yielded higher volumes and improved fixed cost absorption. Raw materials and energy consumption for production Raw materials and energy consumption for production was $253.2 million in the second quarter of 2025 compared to $238.3 million in the prior quarter, an increase of 6.2%. As a percentage of sales, raw materials and energy consumption for production was 65.5% in the second quarter of 2025, compared to 77.6% in the first quarter. The decrease in costs as a percentage of sales was driven by increased sales volumes and favorable pricing dynamics, which enhanced the absorption of fixed production costs and contributed to improved operating leverage. Net (Loss) Profit Attributable to the Parent In the second quarter of 2025, net loss attributable to the parent was $(10.5) million, or $(0.06) per diluted share, compared to a net loss attributable to the parent of $(66.5) million, or $(0.36) per diluted share in the prior quarter. This improvement is primarily attributable to increased shipments of our main products as described above. The Company reported adjusted diluted earnings per share of $(0.08) for the second quarter, compared with adjusted earnings per share of $(0.20) in the prior quarter. Adjusted EBITDA Adjusted EBITDA was $21.6 million for the second quarter of 2025 compared to $(26.8) million for the prior quarter. The improvement was largely due to higher volumes and realized prices. Total Cash, Adjusted Gross Debt and Working Capital ($ in millions) June 30, 2025 March 31, 2025 $ % June 30, 2024 $%Y/Y                        Total Cash1 $135.5  $129.6   5.9   4.6% $144.5   (9.0) (6.2)%Adjusted Gross Debt2 $125.2  $110.4   14.8   13.5% $80.7   44.5  55.1%Net Cash $10.3  $19.2   (8.9)  (46.2)% $63.7   (53.4) 83.8%Total Working Capital3 $440.8  $435.7   5.1   1.2% $499.1   (58.3) (11.7)% (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 $135.5 million as of June 30, 2025, up $5.9 million from $129.6 million as of March 31, 2025. Adjusted gross debt increased by $14.8 million to $125.2 million, resulting in net cash of $10.3 million as of June 30, 2025, a decrease of $8.9 million over the prior quarter. During the second quarter, cash flows from operating activities were $15.6 million, and net cash used in investing activities was $18.6 million. Cash provided from financing activities was $3.5 million as a result of cash proceeds from financing facilities and liabilities in the U.S., South Africa, France, Norway and Spain of $38.1 million, partially offset by net cash payment of promissory notes of $3.1 million, lease payments of $3.2 million, dividend payments of $2.6 million, interest payments of $2.9 million, share repurchases of $2.0 million and repayment of other financing liabilities of $20.8 million Total working capital was $440.8 million as of June 30, 2025, up from $435.7 million on March 31, 2025. The $5.1 million increase in working capital balance during the quarter was due to increases of $11.1 million in inventories and $44.1 million increase in trade receivables and other receivables of, offset by a $50.1 million increase in trade and other payables. Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “We delivered a strong sequential rebound in adjusted EBITDA, driven by volume growth and margin expansion across our portfolio of products. Despite persistent market volatility and regulatory uncertainty, we maintained a solid cash position of $135.5 million and ended the quarter in a net cash position for the sixth consecutive quarter. We continue to prioritize disciplined capital allocation, balancing investments with shareholder returns. As we move into the second half of the year, we remain focused on operational efficiency, working capital optimization, and maintaining a strong liquidity profile.” Capital Returns During the second quarter, Ferroglobe repurchased 600,434 shares at an average price of $3.31 per share and paid a quarterly cash dividend of $ 0.014 per share on June 26, 2025. Our next cash dividend of $0.014 per share will be paid on September 29, 2025 to shareholders of record as of September 22, 2025. Conference Call Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, Eastern Time on August 6, 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-conf.media-server.com/register/BI76a327a79962400a8669dbeffc854d7a 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/wd5snyo8 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, 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 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, 2025 March 31, 2025  June 30, 2024  June 30, 2025 June 30, 2024Sales $386,862  $307,179  $451,048  $694,041  $842,902 Raw materials and energy consumption for production  (253,212)  (238,341)  (262,015)  (491,553)  (521,304)Other operating income  26,893   9,072   27,448   35,965   38,284 Staff costs  (68,797)  (70,450)  (67,220)  (139,247)  (137,739)Other operating expense  (64,535)  (47,290)  (86,071)  (111,825)  (138,419)Depreciation and amortization  (18,301)  (17,520)  (18,875)  (35,821)  (37,544)Impairment gain (loss)  —   268   —   268   — Other (loss) gain  (172)  1,405   238   1,233   934 Operating profit (loss)  8,738   (55,677)  44,553   (46,939)  47,114 Finance income  970   873   16,471   1,843   39,000 Finance costs  (4,970)  (4,555)  (21,786)  (9,525)  (51,984)Financial derivatives gain  200   —   —   200   — Exchange differences  (19,659)  (6,914)  3,591   (26,573)  4,974 (Loss) profit before tax  (14,721)  (66,273)  42,829   (80,994)  39,104 Income tax benefit (expense)  3,787   (625)  (8,481)  3,162   (7,326)Total (loss) profit for the period  (10,934)  (66,898)  34,348   (77,832)  31,778                 (Loss) profit attributable to the parent $(10,451) $(66,482) $34,880  $(76,933) $32,856 (Loss) attributable to non-controlling interest  (483)  (416)  (532)  (899)  (1,078)                EBITDA $7,380  $(45,071) $67,019  $(37,691) $89,632 Adjusted EBITDA $21,562  $(26,803) $57,739  $(5,241) $83,542                                 Weighted average number of shares outstanding               Basic and diluted  188,142   187,008   189,298   188,583   189,237                 Loss per ordinary share               Basic and diluted $(0.06) $(0.36) $0.18  $(0.41) $0.17                        Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Statement of Financial Position(in thousands of U.S. dollars)               As of June 30, As of March 31, As of December 31,  2025 2025 2024ASSETSNon-current assets            Goodwill $14,219  $14,219  $14,219 Intangible assets  195,631   178,583   103,095 Property, plant and equipment  519,165   495,285   487,196 Other financial assets  27,519   25,375   19,744 Deferred tax assets  9,290   7,997   6,580 Receivables from related parties  1,758   1,622   1,558 Other non-current assets  21,346   23,019   22,451 Total non-current assets  788,928   746,100   654,843 Current assets            Inventories  325,960   314,843   347,139 Trade receivables  221,070   200,526   188,816 Other receivables  119,848   96,308   83,103 Receivables from related parties  —   —   — Current income tax assets  8,475   5,191   7,692 Other financial assets  12,530   8,564   5,569 Other current assets  48,529   39,385   52,014 Restricted cash and cash equivalents  197   300   298 Cash and cash equivalents  135,350   129,281   132,973 Total current assets  871,959   794,398   817,604 Total assets $1,660,887  $1,540,498  $1,472,447              EQUITY AND LIABILITIESEquity $812,639  $780,568  $834,245 Non-current liabilities            Deferred income  57,589   71,764   8,014 Provisions  29,310   26,390   24,384 Provision for pensions  30,570   28,383   27,618 Bank borrowings  45,941   32,299   13,911 Lease liabilities  64,858   59,766   56,585 Other financial liabilities  28,651   29,487   25,688 Other non-current liabilities  14,033   14,279   13,759 Deferred tax liabilities  18,507   18,834   19,629 Total non-current liabilities  289,459   281,202   189,588 Current liabilities            Provisions  121,527   91,416   83,132 Provision for pensions  177   168   168 Bank borrowings  83,166   56,214   43,251 Lease liabilities  13,704   12,572   12,867 Debt instruments  12,368   14,311   10,135 Other financial liabilities  7,720   27,168   48,117 Payables to related parties  3,978   3,074   2,664 Trade and other payables  226,077   176,017   158,251 Current income tax liabilities  27   10,337   10,623 Other current liabilities  90,045   87,451   79,406 Total current liabilities  558,789   478,728   448,614 Total equity and liabilities $1,660,887  $1,540,498  $1,472,447                Ferroglobe PLC and SubsidiariesUnaudited 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, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024Cash flows from operating activities:               (Loss) profit for the period $(10,934) $(66,898) $34,348  $(77,832) $31,778 Adjustments to reconcile net (loss) to net cash provided by operating activities:               Income tax expense (benefit)  (3,787)  625   8,481   (3,162)  7,326 Depreciation and amortization  18,301   17,520   18,875   35,821   37,544 Finance income  (970)  (873)  (16,472)  (1,843)  (39,000)Finance costs  4,970   4,555   21,787   9,525   51,984 Exchange differences  19,659   6,914   (3,591)  26,573   (4,974)Impairment (gain) loss  —   (268)  —   (268)  — Share-based compensation  692   1,296   913   1,988   1,841 Other (gain) loss  (28)  (1,405)  (238)  (1,433)  (934)Changes in operating assets and liabilities               Decrease (increase) in inventories  139   28,357   (36,696)  28,496   (17,685)(Increase) decrease in trade receivables  (9,420)  (7,206)  (38,413)  (16,626)  6,302 (Increase) decrease in other receivables  (15,984)  (9,573)  44,395   (25,557)  — (Increase) decrease in energy receivable  (440)  25,165   —   24,725   — Increase in trade payables  39,308   13,186   17,387   52,494   15,462 Other changes in operating assets and liabilities  (13,817)  7,537   (40,014)  (6,280)  114,582 Income taxes received (paid)  (12,076)  440   (8,756)  (11,636)  (4,176)Net cash provided by operating activities:  15,613   19,372   2,006   34,985   200,050 Cash flows from investing activities:               Interest and finance income received  973   872   600   1,845   1,341 Payments due to investments:               Intangible assets  (163)  (557)  (735)  (720)  (1,319)Property, plant and equipment  (15,435)  (13,750)  (21,132)  (29,185)  (38,773)Other financial assets  (4,000)  (11,119)  (3,000)  (15,119)  (3,000)Disposals:               Property, plant and equipment  —   1,559   —   1,559   (935)Net cash used in investing activities  (18,625)  (22,995)  (24,267)  (41,620)  (41,751)Cash flows from financing activities:               Dividends paid  (2,611)  (2,613)  (2,443)  (5,224)  (4,881)Payment for debt and equity issuance costs  (4)  (95)  —   (99)  — Repayment of debt instruments  (9,170)  (10,361)  —   (19,531)  (147,624)Proceeds from debt issuance  6,036   14,380   —   20,416   — Increase (decrease) in bank borrowings:               Borrowings  157,498   106,033   145,962   263,531   240,573 Payments  (121,010)  (77,176)  (130,772)  (198,186)  (213,784)Payments for lease liabilities  (3,174)  (3,098)  (2,883)  (6,272)  (5,856)(Payments) proceeds from other financing liabilities  (20,802)  (22,651)  —   (43,453)  — Other proceeds (payments) from financing activities  1,581   —   (289)  1,581   (481)Payments to acquire own shares  (1,988)  (2,703)  —   (4,691)  — Interest paid  (2,905)  (4,531)  (2,574)  (7,436)  (17,208)Net cash provided (used) in financing activities  3,451   (2,815)  7,001   636   (149,261)Total net increase (decrease) in cash and cash equivalents  439   (6,438)  (15,260)  (5,999)  9,038 Beginning balance of cash and cash equivalents  129,581   133,271   159,768   133,271   137,649 Foreign exchange gains (losses) on cash and cash equivalents  5,527   2,748   (21)  8,275   (2,200)Ending balance of cash and cash equivalents $135,547  $129,581  $144,487  $135,547  $144,487 Restricted cash and cash equivalents  197   300   301   197   301 Cash and cash equivalents  135,350   129,281   144,186   135,350   144,186 Ending balance of restricted cash and cash and cash equivalents $135,547  $129,581  $144,487  $135,547  $144,487                       Adjusted EBITDA ($,000):   Q2´25 Q1´25 Q2´24 YTD´25 YTD´24(Loss) profit attributable to the parent $(10,451) $(66,482) $34,880  $(76,933) $32,856 (Loss) attributable to non-controlling interest  (483)  (416)  (532)  (899)  (1,078)Income tax (benefit) expense  (3,787)  625   8,481   (3,162)  7,326 Finance income  (970)  (873)  (16,471)  (1,843)  (39,000)Finance costs  4,970   4,555   21,786   9,525   51,984 Financial derivatives (gain)  (200)  —   —   (200)  — Depreciation and amortization charges  18,301   17,520   18,875   35,821   37,544 EBITDA  7,380   (45,071)  67,019   (37,691)  89,632 Exchange differences  19,659   6,914   (3,591)  26,573   (4,974)Impairment (gain)  —   (268)  —   (268)  — Restructuring and termination costs  (1,285)  —   (4,540)  (1,285)  (4,540)New strategy implementation  —   682   1,012   682   2,373 Subactivity  —   —   109   —   1,051 PPA Energy  (1,384)  2,768   (2,270)  1,384   — Fines inventory adjustment  (2,808)  8,172   —   5,364   — Adjusted EBITDA $21,562  $(26,803) $57,739  $(5,241) $83,542                       Adjusted profit attributable to Ferroglobe ($,000):   Q2´25 Q1´25 Q2´24 YTD´25 YTD´24(Loss) profit attributable to the parent $(10,451) $(66,482) $34,880  $(76,933) $32,856 Tax rate adjustment  188   21,481   (4,997)  18,706   (4,980)Impairment (gain)  —   (184)  —   (196)  — Restructuring and termination costs  (938)  —   (3,111)  (938)  (3,111)New strategy implementation  —   467   694   498   1,626 Subactivity  —   —   75   —   720 PPA Energy  (1,010)  1,897   (1,556)  1,010   — Fines inventory adjustment  (2,050)  5,600   —   3,916   — Adjusted (loss) profit attributable to the parent $(14,262) $(37,220) $25,984  $(53,936) $27,111                       Adjusted diluted profit per share:   Q2´25 Q1´25 Q2´24 YTD´25 YTD´24Diluted (loss) profit per ordinary share $(0.06) $(0.36) $0.18  $(0.41) $0.17 Tax rate adjustment  0.00   0.11   (0.03)  0.10   (0.03)Impairment (gain)  —   (0.00)  —   (0.00)  — Restructuring and termination costs  (0.00)  —   (0.02)  (0.00)  (0.02)New strategy implementation  —   0.00   0.00   0.00   0.01 Subactivity  —   —   0.00   —   0.00 PPA Energy  (0.01)  0.01   (0.01)  0.01   — Fines inventory adjustment  (0.01)  0.03   —   0.02   — Adjusted diluted (loss) profit per ordinary share $(0.08) $(0.20) $0.13  $(0.28) $0.13                      

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