GSM · Ferroglobe PLC

Ferroglobe PLC delivered Q1 2026 sales of $347.7 million, up 5.6% from Q4 2025, primarily from higher volumes of silicon-based alloys (up 18.3% to 60,674 MT) and manganese-based alloys (up 6.1% to 85,743 MT), with manganese ASP rising 9.0% to $1,250/MT. Silicon metal sales fell 12.9% to $84.1 million due to 6.4% lower shipments and 6.9% softer pricing amid competitive pressures in the U.S. and Europe. Adjusted EBITDA dropped to $3.3 million from $14.6 million, reflecting margin compression in silicon-based alloys (5.6% vs. 15.0%) from elevated production costs outpacing volume gains, despite manganese-based alloys contributing $10.0 million (9.3% margin). CEO Marco Levi highlighted strong ferroalloy volume growth from U.S. trade measures and increasing steel production, but noted temporary cost pressures in logistics, raw materials, and energy, expecting pricing relief in H2 2026. Raw materials and energy costs improved to 64.3% of sales sequentially, aided by a $5.5 million positive fair value adjustment on energy contracts versus a prior $40.2 million loss. Net loss narrowed sharply to $7.1 million from $81.0 million, absent prior impairments and remeasurements. Balance sheet showed $96.4 million cash and $54.6 million net debt, with negative free cash flow of $16.4 million from $5.6 million operating outflow and $10.9 million capex. CFO Beatriz García-Cos emphasized disciplined capex and liquidity amid Iran-related disruptions hiking manganese ore and coal costs. Strategic initiatives include pursuing Venezuelan furnace restarts for 100,000+ tons capacity and leveraging critical materials expertise amid U.S./EU supply chain shifts. Quarterly $0.015/share dividend continues, signaling capital return confidence.