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]