0001104659-26-034859
SEC filingFerroglobe PLC reported FY 2025 sales of $1.34B, down 18.8% YoY from $1.64B in 2024, driven by a 40.8% drop in silicon metal revenues to $430.2M amid weakened global demand and pricing pressures. Operating loss widened to $133.5M from a $38.2M profit, reflecting higher raw materials costs (69.9% of sales vs. 62.5%) and $17.5M impairment losses. Net loss attributable to parent reached $170.7M, or -$0.91 EPS, versus $23.5M profit and $0.13 EPS prior year, impacted by $23.9M exchange losses and reduced French energy benefits ($29.2M vs. $63.0M). Cash from operations fell to $51.5M from $243.3M, with net cash used in investing at $73.1M mainly for $61.7M capex. Total assets stood at $1.42B, equity $692.3M. Forward-looking, FY 2025 challenges from oversupply and tariffs persist, but EU safeguards and PPAs aim to stabilize costs; decarbonization capex of $29.1M targets 26% Scope 1/2 emissions cut by 2030.
Ferroglobe PLC's FY 2025 results showed significant deterioration, with sales falling 18.8% YoY to $1.34B from $1.64B, driven by a 40.8% plunge in silicon metal revenues to $430.2M amid global oversupply, weak demand in chemicals/aluminum, and pricing convergence with Asia. Operating loss expanded to $133.5M from $38.2M profit, as raw materials/energy costs rose to 70% of sales (vs. 62%). Net loss to parent hit $170.7M (-$0.91 EPS) vs. $23.5M profit ($0.13 EPS), exacerbated by $23.9M FX losses and halved French energy benefits ($29.2M vs. $63M). Cash ops dropped to $51.5M from $243.3M; investing outflow $73.1M (capex $61.7M). Balance sheet: assets $1.42B, equity $692.3M. Challenges from tariffs/imports persist, but EU safeguards and PPAs offer cost stability.
Silicon metal (32% of sales) declined 40.8% to $430.2M, shipments -34% to 147k tons, ASP -10.4% to $2,924/MT; polysilicon demand fell to 12% of segment (vs. 29%). Manganese alloys rose 7.5% to $357.7M (shipments +10.8% to 306k tons, ASP -3% to $1,170/MT) amid EU adjustments. Ferrosilicon +3.7% to $282.6M (shipments +6.7%, ASP -2.8%). North America Silicon Metal -26.4% to $284.4M; Europe Silicon Metal -43.8% to $220.9M. Geographic: US 40% ($535M), Europe 47% ($621M). No YoY growth; oversupply/imports pressured volumes/pricing.
Gross margin eroded to ~30% implied (raw materials 70% of sales vs. 62%). Operating margin swung to -10% from +2.3%, with impairments $17.5M (goodwill $1.7M, PPE $27.9M offset $12.2M reversal). Staff costs -3.3% to $270.6M; other op ex -7.3% to $245.9M. Finance costs stable at $20.8M; FX loss $23.9M vs. gain $13.6M. Tax expense $2.5M (effective ~1.4%). EBITDA -$72.4M vs. $127.2M, reflecting cycle downturn.
Ops cash $51.5M (down from $243.3M) on lower profits, WC improvement $43.8M inventory release. Investing -$73.1M (capex $61.7M). Financing +$3.5M (dividends -$10.5M, buybacks -$4.7M, net debt paydown). Cash $122.8M + restricted $0.2M. Debt $269.2M (net debt $39.6M); equity $692.3M. Current ratio ~1.7x; liquidity solid despite loss.
No explicit guidance; challenges from Chinese imports, tariffs, weak steel/auto demand persist. EU ferroalloy safeguards (Nov 2025) limit imports 75% of 2022-24 avg. French PPAs (Q4 2025) index to silicon/CO2 for cost predictability. Decarbonization: €28M biocarbon plant (Spain grant €11.7M), targeting 26% Scope 1/2 cut by 2030. Risks: energy volatility, FX, impairments.