Sales Performance - Sales decreased by $308,818 thousand, or 18.8%, to $1,335,121 thousand for the year ended December 31, 2025, primarily driven by a 40.8% decrease in silicon metals revenue [418]. - Silicon metal sales revenue decreased by $296,495 thousand, or 40.8%, with average selling prices falling by 10.4% to $2,924/MT in 2025 from $3,262/MT in 2024 [419]. - Manganese-based alloys sales revenue increased by $24,879 thousand, or 7.5%, despite a 3.0% decrease in average selling prices to $1,170/MT in 2025 [421]. - Sales in North America – Silicon Metals decreased by $102,034 thousand, or 26.4%, to $284,395 thousand for the year ended December 31, 2025, driven by a 4.1% decline in average selling prices and a 23.0% decrease in total shipments [434][435]. - Sales in North America – Silicon Alloys decreased by $13,973 thousand, or 5.0%, to $265,833 thousand for the year ended December 31, 2025, despite a 27.2% increase in total shipments [443][444]. - Sales in Europe – Manganese decreased by $3,569 thousand, or 1.0%, to $363,929 thousand for the year ended December 31, 2025, with total shipments increasing by 6.1% [451][452]. - Sales in Europe – Silicon Metals decreased by $172,332 thousand, or 43.8%, to $220,946 thousand for the year ended December 31, 2025, with average selling prices down by 16.2% [461][462]. - Sales in South Africa's Silicon Metals segment decreased by $60,100 thousand, or 88.5%, to $7,844 thousand for the year ended December 31, 2025, primarily due to the idling of the Polokwane facility [479]. - Sales in South Africa's Silicon Alloys segment decreased by $11,497 thousand, or 12.6%, to $79,524 thousand for the year ended December 31, 2025, with average selling prices down by 6.5% to $1,771/MT [488]. - Sales decreased by $32,186 thousand, or 17.7%, to $149,516 thousand for the year ended December 31, 2025, with average selling prices down by 3.3% to $1,898/MT [470]. Cost and Expenses - Raw materials and energy consumption for production decreased by $93,599 thousand, or 9.1%, to $933,531 thousand, with raw materials and energy consumption as a percentage of sales rising to 70% from 62% in 2024 [422]. - Staff costs decreased by $9,215 thousand, or 3.3%, to $270,649 thousand, primarily due to a reduction in variable remuneration reflecting weaker operating performance [424]. - Depreciation and amortization increased by $9,488 thousand, or 12.6%, to $84,951 thousand, driven by accelerated depreciation at the Alloys plant in the U.S. [426]. - Other operating expenses decreased by $23,154 thousand, or 27.5%, to $61,055 thousand for the year ended December 31, 2025, mainly due to lower CO2 consumption costs and reduced selling and distribution costs [467]. - Staff costs decreased by $9,797 thousand, or 13.7%, to $61,850 thousand for the year ended December 31, 2025, driven by lower variable remuneration in France and reduced costs at the Sabón facility [466]. - Raw materials decreased by $19,772 thousand, or 13.4%, to $127,870 thousand for the year ended December 31, 2025, driven by lower shipments and a favorable product mix [471]. Financial Performance - EBITDA for 2025 was $(72,392) thousand, compared to $127,209 thousand in 2024, reflecting a significant decline in performance [507]. - FX Adjusted EBITDA for 2025 was $(48,506) thousand, down from $113,644 thousand in 2024 [507]. - Cash flows from operating activities decreased by $191,794 thousand, to $51,464 thousand for the year ended December 31, 2025, primarily due to a net loss of $177,112 thousand compared to a net profit of $20,800 thousand in 2024 [540]. - Cash flows used in investing activities increased by $6,195 thousand to an outflow of $73,132 thousand for the year ended December 31, 2025, driven by financial investments in Norway and the U.S. [541]. - Total outstanding debt as of December 31, 2025, was $269,152 thousand, with $129,551 thousand in short-term debt and $112,431 thousand in long-term debt [517]. - Cash and cash equivalents, including restricted cash, amounted to $122,987 thousand as of December 31, 2025 [513]. - Cash and cash equivalents at the end of the period decreased to $122,987 thousand from $133,271 thousand in 2024 [539]. - Total contractual obligations as of December 31, 2025, amounted to $885,535 thousand, with significant future cash outlays required [536]. Impairment and Losses - Impairment losses decreased by $25,564 thousand, or 59.4%, to $17,488 thousand for the year ended December 31, 2025, with significant impairments recognized in the Silicon Metal cash-generating unit [427]. - Impairment losses in Europe – Manganese increased by $5,062 thousand, or 192.6%, to $7,691 thousand for the year ended December 31, 2025, reflecting updated market conditions [460]. - The Company recorded a $5,862 thousand impairment loss in its Puertollano facility for the year ended December 31, 2024, which did not repeat in 2025 [503]. - Operating loss for the Silicon Alloys segment was $33,876 thousand in 2025, compared to a loss of $7,441 thousand in 2024 [469]. - Overall operating loss for the Other Segments increased to $25,941 thousand for the year ended December 31, 2025, compared to a loss of $34,892 thousand in 2024 [495]. Tax and Finance - Finance income decreased by $3,774 thousand, or 52.1%, to $3,474 thousand, while finance costs decreased by $1,167 thousand, or 5.3%, to $20,775 thousand [428][429]. - Income tax expense decreased by $13,784 thousand, or 71.8%, to $2,468 thousand for the year ended December 31, 2025, primarily due to a $101,428 thousand decline in pre-tax results in France [431]. Market Conditions - The decline in sales was attributed to increased competition from low-priced imports and weak steel demand, particularly in construction and automotive sectors [470]. - The company experienced a significant reduction in CO2 emissions linked to lower production levels, contributing to overall cost savings [465].

Core Viewpoint - Ferroglobe's stock saw a more than 4% increase following the release of its latest earnings report, indicating positive market sentiment despite challenges faced in the fourth quarter of 2025 [1]. Financial Performance - Ferroglobe experienced a 10% decline in revenue, totaling slightly over $329 million, due to challenges such as an influx of low-priced materials in key markets. Analysts had anticipated a worse performance, with a consensus estimate of under $294 million [2]. - The company reported a net loss of $0.06 per share, which was better than the expected loss of $0.07 per share. This loss contrasts with a profit of $0.03 per share in the same quarter of 2024 [4]. Competitive Landscape - The competitive environment for Ferroglobe is improving, with newly introduced anti-dumping duties from the U.S. and the European Union aimed at addressing previous market challenges [5]. Dividend Announcement - Ferroglobe announced a 7% increase in its quarterly dividend to nearly $0.02 per share, which will be payable on March 30 to shareholders of record as of March 23. This increase reflects confidence in the company's future performance and results in a yield of 1.2% based on the most recent closing share price [6].

Core Insights - Ferroglobe signed a new 10-year energy agreement in France effective January 1, 2026, aimed at providing competitive energy prices and increased production flexibility, which could enhance earnings potential by leveraging fixed operating costs in a protected EU ferroalloy market [1] - The company converted three furnaces from silicon metal to ferrosilicon to capitalize on improving ferrosilicon economics, with one conversion in the U.S. and two in Europe, optimizing production amid changing market conditions [2] - The U.S. International Trade Commission ruled in favor of antidumping and countervailing duties on ferrosilicon imports from Brazil, Kazakhstan, and Malaysia, which is expected to support domestic producers [3] - The European Commission implemented safeguards targeting a 25% reduction in ferroalloy imports, presenting an opportunity for domestic producers to regain market share [4] Quarterly Results - In Q4, Ferroglobe reported a 13% increase in shipments to 165,000 tons and a 6% rise in revenue to $329 million, although adjusted EBITDA declined to $15 million from $18 million in the prior quarter [6] - Raw materials and energy costs as a percentage of sales increased to 67% from 58%, primarily due to temporary idling in France [7] - By segment, silicon metal revenue declined 3% to $96 million, silicon-based alloys revenue increased 12% to $104 million, and manganese-based alloys revenue rose 10% to $93 million [8] Full-Year Performance - For the full year 2025, adjusted EBITDA was $28 million, down from $154 million in 2024, with price declines accounting for over 80% of the decline [9] - The company generated $51 million in cash from operations, supported by a $48 million improvement in net working capital, but free cash flow was negative $12 million [10] - Capital expenditures were reduced by 20% to $63 million, with expectations for similar or slightly lower CapEx in 2026 [10] 2026 Outlook - Ferroglobe anticipates considerable growth in most segments for 2026, projecting revenue between $1.5 billion and $1.7 billion, a 20% increase at the midpoint compared to 2025, driven by volume growth in silicon-based and manganese-based alloys [12] - The company increased its dividend by 8% to $0.014 per share for Q1 2025 and plans to raise it to $0.015 per share starting Q1 2026 [13] Strategic Initiatives - The company is selectively restarting European silicon metal furnaces based on contracted demand, while pursuing additional measures in Europe for silicon metal to address import pressures [14] - Ferroglobe is finalizing a multi-year supply agreement with Coreshell, having increased its investment in the company to $10 million, focusing on silicon-rich EV battery technology [5]

Financial Data and Key Metrics Changes - Fourth quarter sales increased by 6% to $329 million compared to the previous quarter, driven by strong volumes in silicon-based and manganese-based alloys [12][19] - Adjusted EBITDA declined by 20% from the prior quarter to $15 million, with an Adjusted EBITDA margin of 4% [19][22] - Free cash flow for the fourth quarter was -$19 million, while for the full year, free cash flow was -$12 million [22][23] Business Line Data and Key Metrics Changes - Silicon metal revenue decreased by 3% sequentially to $96 million, with shipments down by 3% to 33,000 tons [20] - Silicon-based alloys revenue grew by 12% to $104 million, with a 19% increase in volumes to 51,000 tons [20] - Manganese-based alloys revenue increased by 10% to $93 million, driven by a 16% increase in volumes to 81,000 tons [21] Market Data and Key Metrics Changes - In Europe, ferrosilicon index prices rose by 22% following the implementation of safeguards, while U.S. prices retreated by 4% [16][19] - The European market for manganese is expected to grow by 3% in 2026, supported by strong demand from steel customers [18] - The U.S. silicon market is anticipated to grow modestly, with improvements expected in the second half of 2026 [8][15] Company Strategy and Development Direction - The company is focusing on optimizing production by converting furnaces from silicon metal to ferrosilicon to capitalize on improving market conditions [6][9] - A new competitive 10-year energy agreement in France is expected to enhance operational flexibility and reduce costs [9][27] - The company is investing in long-term opportunities, including advanced silicon-rich EV batteries, reflecting a commitment to innovation and strategic growth [10] Management's Comments on Operating Environment and Future Outlook - Management highlighted that 2025 faced significant external challenges, but strategic progress was made, particularly with trade measures in the EU and U.S. [4][26] - The outlook for 2026 is optimistic, with expected revenue growth to a range of $1.5 billion to $1.7 billion, a 20% increase at the midpoint over 2025 [11][12] - Management emphasized the importance of demand recovery and the impact of trade actions on future performance [40][63] Other Important Information - The company increased its dividend by 7% to $0.015 per share starting in the first quarter of 2026, reflecting confidence in its financial position [11][24] - The net debt position increased to $30 million in 2025, but the company maintains a solid financial position to support growth [24][68] Q&A Session Summary Question: Volume expectations across the three businesses for 2026 - Management indicated that safeguards in Europe will free up 25% of imports, creating opportunities for local producers [34] Question: Component of minimum prices with EU safeguards for ferroalloys - Management noted that demand is critical for price recovery, with expectations of improved steel demand in Europe in the second half of 2026 [39] Question: EU's appetite to revisit inclusion of silicon metal in safeguards - Management explained that the exclusion was due to energy footprint concerns and opposition from the chemical industry [54] Question: High-level breakdown of end market exposure - Management stated that 70%-80% of the business is protected, with only 20% exposed to silicon metal in Europe [62] Question: Working capital perspective and CapEx expectations - Management expects continued release of working capital and similar levels of CapEx in 2026 compared to 2025 [66][69]

Financial Data and Key Metrics Changes - In Q4 2025, sales increased by 6% quarter-over-quarter to $329 million, while adjusted EBITDA declined by 20% to $15 million, resulting in an adjusted EBITDA margin of 4% [12][19][24] - Free cash flow for the year was -$12 million, with a fourth-quarter cash flow consumption of $4 million due to weak EBITDA and an increase in net working capital [23][24] - The company expects revenues in 2026 to improve to a range of $1.5 billion to $1.7 billion, representing a 20% increase at the midpoint over 2025 [11][12] Business Line Data and Key Metrics Changes - Silicon metal revenue declined by 3% sequentially to $96 million, with shipments down to 33,000 tons, while adjusted EBITDA dropped from $12 million to $1 million [20] - Silicon-based alloys revenue grew by 12% to $104 million, driven by a 19% increase in volumes to 51,000 tons, with adjusted EBITDA increasing to $60 million [20] - Manganese-based alloys revenue increased by 10% to $93 million, with a 16% volume increase to 81,000 tons, and adjusted EBITDA doubled to $9 million [21] Market Data and Key Metrics Changes - In Europe, ferrosilicon index prices rose by 22% following the implementation of safeguards, while U.S. prices retreated by 4% in Q4 [16][19] - The European market for manganese is expected to grow by 3% in 2026, driven by solid demand from steel customers and safeguards [18] - The company noted that imports of silicon metal from China doubled in 2025, impacting pricing and demand negatively [13] Company Strategy and Development Direction - The company has converted three furnaces from silicon metal to ferrosilicon to optimize production in response to market dynamics [6][9] - A new competitive 10-year energy agreement in France is expected to enhance operational flexibility and improve earnings potential [9][27] - The company is actively pursuing long-term opportunities in Venezuela, which could become strategically meaningful due to its proximity to the U.S. market [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook due to trade measures in the EU and U.S. that are expected to improve competitive conditions [4][26] - The company anticipates considerable growth in most segments in 2026, driven by strong volume growth in silicon-based and manganese-based alloys [11][12] - Management acknowledged the challenges posed by muted demand and elevated levels of predatory imports but emphasized proactive cost control measures [4][8] Other Important Information - The company increased its dividend by 7% to $0.015 per share starting in Q1 2026, reflecting confidence in the business [11][24] - The company has invested a total of $10 million in Coreshell for the development of advanced silicon-rich EV batteries, indicating a focus on long-term technological advancements [10] Q&A Session Summary Question: Volume expectations across the three businesses for 2026 and plans for EU silicon assets - Management indicated that safeguards would free up 25% of imports, providing significant opportunities for local producers [34] - The company has converted furnaces to ferrosilicon and is selectively restarting others based on demand [36] Question: Component of minimum prices with EU safeguards for ferroalloys - Management noted that demand is critical for price recovery and that there is sufficient capacity in the EU to meet the safeguards [38][39] Question: EU's appetite to revisit inclusion of silicon metal in safeguards - Management explained that the exclusion was due to technical and political reasons, but they are working on new measures for silicon metal [54][56] Question: High-level breakdown of end market exposure - Management stated that 70-80% of the business is protected, with only 20% exposed to silicon metal in Europe [62][63] Question: Working capital and CapEx expectations - Management expects to continue releasing working capital while maintaining similar levels of CapEx as in 2025 [66][69]

Financial Data and Key Metrics Changes - Fourth quarter sales grew 6% over the prior quarter to $329 million, while adjusted EBITDA declined 20% to $15 million [12][18] - Adjusted EBITDA margin decreased to 4%, driven by lower prices and elevated costs [18] - For the full year, adjusted EBITDA was $28 million, down from $154 million in 2024, with a significant impact from price decline and reduced volumes [21][22] Business Line Data and Key Metrics Changes - Silicon metal revenue declined 3% sequentially to $96 million, with shipments down to 33,000 tons [19] - Silicon-based alloys revenue grew 12% to $104 million, driven by a 19% increase in volumes to 51,000 tons [19] - Manganese-based alloys revenue increased 10% to $93 million, with a 16% volume increase to 81,000 tons [20] Market Data and Key Metrics Changes - In Europe, ferrosilicon index prices jumped approximately 20% after the EU safeguard announcement, while U.S. prices retreated modestly [7][15] - The European Commission's safeguards target a 25% reduction in imports, creating opportunities for domestic producers [4][5] - U.S. ferrosilicon market outlook improved due to antidumping duties on imports from Brazil, Kazakhstan, and Malaysia [5] Company Strategy and Development Direction - The company is focusing on optimizing production by converting furnaces from silicon metal to ferrosilicon in response to market dynamics [6][9] - A new competitive 10-year energy agreement in France is expected to enhance operational flexibility and earnings potential [9] - Continued investment in Coreshell for advanced silicon-rich EV batteries reflects the company's commitment to long-term growth opportunities [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting revenue to improve to a range of $1.5 billion to $1.7 billion, a 20% increase at the midpoint over 2025 [11] - The company anticipates considerable growth in most segments, driven by strong volume growth in silicon-based and manganese-based alloys [12] - Management highlighted the importance of demand recovery in Europe and the U.S. for future pricing and volume expectations [37][38] Other Important Information - The company increased its dividend by 7% to $0.015 per share starting in Q1 2026, reflecting confidence in business performance [11][24] - The company executed selective share repurchases, acquiring 1.3 million shares at an average price of $3.55 per share [11][24] - The balance sheet remains strong, with a net debt position of $30 million, supporting growth initiatives [24] Q&A Session Summary Question: Volume expectations across the three businesses for 2026 - Management indicated that safeguards in Europe will free up 25% of imports, creating opportunities for local producers [33] - Expectations for gains in ferrosilicon volumes in the U.S. are based on improving customer demand [34] Question: EU's appetite to revisit silicon metal safeguards - Management noted that the exclusion of silicon metal from safeguards was due to its higher energy footprint and relative import levels [50][52] - The company is actively working on new measures for silicon metal in Europe and has submitted data to the European Commission [53] Question: Context on EU carbon credits - Management explained that the CBAM currently impacts only high carbon ferromanganese and discussed the complexities of CO2 emissions calculations [40][41] Question: Working capital and CapEx expectations - Management expects to continue releasing working capital while maintaining a similar level of CapEx as in 2025 [62][66]

Driving innovation of critical materials essential to a sustainable future Fourth Quarter and Full Year 2025 Results February 18, 2026 NASDAQ: GSM NASDAQ: GSM Forward-Looking Statements and Non-IFRS Financial Metrics NASDAQ: GSM 2 FERROGLOBE WELL-POSITIONED TO CAPITALIZE ON IMPROVED MARKET DYNAMICS This presentation contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 193 ...

Core Viewpoint - Globe Specialty Metals reported a quarterly loss of $0.06 per share, slightly better than the Zacks Consensus Estimate of a loss of $0.07, compared to earnings of $0.03 per share a year ago [1] Financial Performance - The company experienced an earnings surprise of +14.29% for the quarter, having previously been expected to post earnings of $0.05 per share but instead reported a loss of $0.02, resulting in a surprise of -140% [2] - Revenues for the quarter were $329.38 million, exceeding the Zacks Consensus Estimate by 12.19%, but down from $367.51 million in the same quarter last year [3] Stock Performance - Globe Specialty Metals shares have increased by approximately 13.8% since the beginning of the year, while the S&P 500 has declined by 0.1% [4] Future Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.05 on revenues of $332.4 million, and for the current fiscal year, it is $0.12 on revenues of $1.59 billion [8] - The estimate revisions trend for Globe Specialty Metals was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [7] Industry Context - The Mining - Miscellaneous industry, to which Globe Specialty Metals belongs, is currently ranked in the top 23% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [9]

Financial Performance - Ferroglobe reported Q4 2025 sales of $329.4 million, a 5.7% increase from Q3 2025 but a 10.4% decrease year-over-year [7]. - The net loss attributable to the parent for Q4 2025 was $81.0 million, compared to a loss of $12.8 million in Q3 2025, reflecting a significant decline in profitability [18]. - Adjusted EBITDA for Q4 2025 was $14.6 million, down 20.1% from Q3 2025, primarily due to higher energy costs and lower fixed cost absorption [20]. - For the full year 2025, sales totaled $1,335 million, an 18.8% decrease from $1,644 million in 2024, driven by declines in silicon metal and silicon-based alloys revenue [11]. - The company reported a total loss of $86.0 million for Q4 2025, compared to a loss of $13.3 million in Q4 2024 [39]. - The total loss attributable to the parent for the full year 2025 was $170.7 million, compared to a profit of $23.5 million in 2024 [39]. - Adjusted EBITDA for FY 2025 was $28 million, down from $154 million in FY 2024, resulting in an adjusted EBITDA margin of 2.1% compared to 9.4% [75]. - The company reported a net loss of $(0.39) per diluted share for FY 2025, compared to a profit of $0.28 per diluted share in FY 2024 [75]. Revenue Breakdown - Silicon metal revenue in Q4 2025 was $96.5 million, a 40.2% decrease year-over-year, with shipments down 34.5% compared to Q4 2024 [12]. - Manganese-based alloys revenue increased by 9.7% in Q4 2025 to $92.7 million, supported by a 16.1% increase in shipments [14]. - Revenue for Q4 2025 increased by 5.4% to $329.4 million from $311.7 million in Q3 2025, driven by improved ferroalloys volumes [65]. - Total sales for FY 2025 were $1,335 million, down from $1,644 million in FY 2024, with raw materials and energy costs accounting for 66.8% of sales [75]. Cash Flow and Financial Position - The company ended 2025 with total cash of $123.0 million and net debt of $29.8 million, indicating a strong balance sheet [10]. - Operating cash flow for the full year 2025 was $51.5 million, while cash used in investing activities was $73.1 million [25]. - Cash flows from operating activities showed a net cash used of $4,285 thousand for the three months ended December 31, 2025, a significant decrease from $32,094 thousand provided in the same period of 2024 [43]. - Cash flow from operations for FY 2025 was $51.5 million, a decrease from $243.3 million in FY 2024 [76]. - Cash flows from financing activities were $18.6 million, driven by principal proceeds from financing facilities totaling $28.2 million [24]. Dividends and Shareholder Returns - Ferroglobe announced a 7% increase in the quarterly dividend to $0.015 per share, payable on March 30, 2026 [10]. - The company paid a quarterly cash dividend of $0.014 per share on December 29, 2025, with the next dividend set at $0.015 per share on March 30, 2026 [28]. - Strategic capital allocation includes $24.6 million in dividends and $10 million in buybacks planned for FY 2025 [78]. Operational Efficiency - Raw materials and energy consumption for production in Q4 2025 totaled $261.6 million, representing 79.4% of sales, up from 57.9% in Q3 2025 [16]. - The company emphasized financial discipline and balance sheet strength, ending the period with modest net debt [27]. - The company successfully navigated a challenging year through proactive cost control measures, which contributed to improved financial performance [48]. - New 10-year French energy contract enhances operational flexibility and reduces costs [48]. Market Conditions and Future Outlook - Silicon metal shipment trends showed a decline in U.S. market conditions, with expectations for trade measures to impact market trends in the second half of 2024 [54]. - Manganese-based alloys shipments increased by 13% in Q4 2025, benefiting from market safeguards [62]. - The company anticipates a favorable market positioning for ferroalloys, indicating potential for strong improvement in the upcoming year [80]. - The company is poised for growth in 2026, supported by improved cost structure and operational leverage [80].

Financial Performance - In Q4 2025, Ferroglobe reported sales of $329.4 million, a 5.7% increase from Q3 2025 but a 10.4% decrease from Q4 2024. Year-to-date sales for 2025 were $1,335.1 million, down 18.8% from $1,643.9 million in 2024 [3][5][8] - The net loss attributable to the parent for Q4 2025 was $81.0 million, compared to a loss of $12.8 million in Q3 2025, reflecting a significant decline in profitability [15][16] - Adjusted EBITDA for Q4 2025 was $14.6 million, down from $18.3 million in Q3 2025, while for the full year, adjusted EBITDA was $27.6 million, a sharp decline from $153.8 million in 2024 [17][18] Product Category Highlights - Silicon metal revenue in Q4 2025 was $96.5 million, a decrease of 2.5% from Q3 2025, with shipments down 2.8% and an average selling price increase of 0.2% [9] - Silicon-based alloys revenue increased by 12.2% in Q4 2025 to $103.6 million, driven by a 19.3% increase in shipments, despite a 6.0% decrease in average selling price [10][11] - Manganese-based alloys revenue rose by 9.7% in Q4 2025 to $92.7 million, with shipments up 16.1%, although the average selling price decreased by 5.5% [12] Market Conditions and Outlook - The company noted that market conditions remained challenging in Q4 2025, but there was optimism due to trade enforcement actions in the U.S. and EU that could improve market conditions in 2026 [4][6] - The implementation of EU ferroalloy safeguard measures is expected to reduce import pressure and support improving market conditions in Europe [6] Financial Position - As of December 31, 2025, total cash was $123.0 million, with adjusted gross debt increasing to $152.8 million, resulting in net debt of $29.8 million [19][22] - The company ended the year with a strong balance sheet, reflecting financial discipline and the ability to manage near-term volatility [23][24]