Levi also said Ferroglobe signed a new 10-year French energy agreement effective Jan. 1, 2026. In addition to “competitive energy prices,” the contract is intended to provide more flexibility, allowing production in France for up to 12 months per year, which management said could improve earnings potential by increasing volumes to better leverage fixed operating costs—particularly in a more protected EU ferroalloy market.To “capitalize on improving ferrosilicon economics,” Levi said Ferroglobe converted thr ...

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 - 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 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View - The cost of ferrosilicon is expected to rise, and it will fluctuate widely; the raw material price of silicomanganese is slightly adjusted, and it will also fluctuate widely [1] 3. Summary by Relevant Catalog 3.1 Fundamental Tracking - **Futures Data**: The closing prices of ferrosilicon 2603, ferrosilicon 2605, silicomanganese 2603, and silicomanganese 2605 are 5610, 5586, 5772, and 5814 respectively. Their trading volumes are 108,864, 35,054, 71,826, and 141,601 respectively, and their open interests are 232,311, 85,154, 195,831, and 356,074 respectively [1] - **Spot Data**: The price of ferrosilicon FeSi75 - B in Inner Mongolia is 5300 yuan/ton (+20.0), the price of silicomanganese FeMn65Si17 in Inner Mongolia is 5680 yuan/ton, the price of manganese ore Mn44 block is 42.7 yuan/ton - degree (-0.1), and the price of semi - coke small material in Shenmu is 760 yuan/ton [1] - **Price Difference Data**: The spot - futures price difference of ferrosilicon (spot - 03 futures) is - 310 yuan/ton (-34), and that of silicomanganese is - 92 yuan/ton (-24). The near - far month price difference of ferrosilicon 2603 - 2605 is 24 yuan/ton (+10), and that of silicomanganese 2603 - 2605 is - 42 yuan/ton (-4). The cross - variety price difference of silicomanganese 2603 - ferrosilicon 2603 is 162 yuan/ton (-30), and that of silicomanganese 2605 - ferrosilicon 2605 is 228 yuan/ton (-16) [1] 3.2 Macro and Industry News - **Ferrosilicon and Silicomanganese Price News**: On January 22, the price range of 72 ferrosilicon in different regions was 5200 - 5300 yuan/ton, and that of 75 was 5700 - 5900 yuan/ton. The FOB price of 72 ferrosilicon was 1060 - 1080 dollars/ton (+10), and that of 75 was 1100 - 1140 dollars/ton (+10). The northern quotation of 6517 silicomanganese was 5650 - 5750 yuan/ton, and the southern quotation was 5800 - 5850 yuan/ton (+25) [1] - **South32 Manganese Ore Report**: South32's South African manganese ore salable output in Q4 2025 was 506,000 wet tons (down 8% quarter - on - quarter), and the sales volume was 546,000 tons (down 0.37% quarter - on - quarter). The Australian manganese ore salable output was 806,000 tons (down 5.62% quarter - on - quarter), and the sales volume was 865,000 tons (down 8.37% quarter - on - quarter). The 2026 fiscal year output guidance of South African manganese ore remains 2 million tons, and further maintenance work is planned for Q1 2026. The 2026 fiscal year output guidance of Australian manganese ore remains 3.2 million tons, but the impact of the rainy season needs to be considered [1][3] - **Steel Mill Procurement News**: A steel mill in Jiangsu set the price of silicomanganese at 5800 yuan/ton (acceptance tax - included delivered to the factory) with a procurement volume of 700 tons. A steel mill in Shandong set the price at 5720 yuan/ton (cash tax - included delivered to the factory) with a procurement volume of 2000 tons. An East China steel mill group set the price in the East China region at 5848 - 5850 yuan/ton and in the South China region at 5950 yuan/ton. Another East China steel mill set the price at 5848 yuan/ton [1][3] 3.3 Trend Intensity - The trend intensity of ferrosilicon is 0, and that of silicomanganese is 0 [3]

仓单 最新 日变化 周变化 出厂价折盘面 日变化 周变化 宁夏#72 5250 0 -70 5550 主力合约 5610 54 0 内蒙#72 5300 20 -50 5650 01合约 5744 #N/A 288 青海#72 5250 0 -50 5580 05合约 5586 44 -10 陕西#72 5300 0 0 5600 09合约 5656 36 -22 陕西#75 5850 0 0 主力月基差 -60 -54 -70 江苏#72 5700 50 -50 1-5月差 158 #N/A 298 天津#72 5800 20 -50 5-9月差 -70 8 12 天津#72 1045 0 20 9-1月差 -88 #N/A -310 天津#75 1110 0 5 双硅主力价差 -204 26 56 内蒙#6517 5680 0 -70 5980 主力合约 5814 28 -56 宁夏#6517 5570 0 -60 5970 01合约 5910 -4 82 广西#6517 5750 0 -100 6220 05合约 5814 28 -84 贵州#6517 5700 0 -100 6230 09合约 586 ...

2026 年 1 月 6 日 硅铁：结算电价下移，价格偏弱震荡 锰硅：节后询价情绪浓厚，等待钢招落地 | | 李亚飞 | 投资咨询从业资格号：Z0021184 | liyafei2@gtht.com | | --- | --- | --- | --- | | | 金园园（联系人） | 期货从业资格号：F03134630 | jinyuanyuan2@gtht.com | | 【基本面跟踪】 | | | | 硅铁、锰硅基本面数据 | | 项 目 | | 价 格 | 较前一交易日 | 单 位 | | --- | --- | --- | --- | --- | --- | | 现 货 | 硅 铁:FeSi7 | 5-B:汇总价格:内 蒙 | 5280 | -40.0 | 元/吨 | | | 硅 锰:FeMn6 | 5S i1 7:内 蒙 | 5650 | - | 元/吨 | | | 锰 矿:M n4 4块 | | 42.8 | +0.3 | 元/吨 度 | | | 兰 炭:小 料:神 | 木 | 760 | - | 元/吨 | | | 期现价差 | 硅 铁 （现 货-0 3期 货） | -344 | + 8 | 元 ...

Financial Data and Key Metrics Changes - For the first half of 2025, the company reported an EBITDA of $19.1 million, a significant decrease from $46.6 million in the same period of 2024, reflecting industry-wide margin compression due to falling ferrosilicon prices [6][10] - The company recorded a loss per share of $0.0125 for the first half of 2025, indicating a challenging financial environment [6] Business Line Data and Key Metrics Changes - Revenue growth was modest, driven by higher manganese ore volumes, but was offset by lower alloy volumes and weaker prices, particularly for ferrosilicon [5][10] - Manganese alloys and silicon alloys are critical for steel production, with the Sarawak plant producing these alloys as additives to strengthen steel [4] Market Data and Key Metrics Changes - Ferrosilicon prices have decreased by approximately 10.4% year-on-year compared to the first half of 2024, driven by weaker downstream demand and increased competition from Russian-origin materials [7][8] - Silicon manganese prices have remained stable, supported by stable manganese ore prices, with expectations for firm prices throughout the rest of 2025 and into early 2026 [8] Company Strategy and Development Direction - The company focuses on sustainability initiatives, including repurposing by-products to support a circular economy and maintaining ISO certifications for operational standards [12] - The company aims to leverage its competitive edge through access to affordable renewable energy and a strong customer base, positioning itself as a beneficiary in the transition to renewables [13][14] Management's Comments on Operating Environment and Future Outlook - Management anticipates stabilization of ferrosilicon prices in the near term, as current prices are viewed as unsustainably low [8] - The company is actively monitoring the implementation of a carbon tax in Malaysia, which may impact production costs in the ferroalloy sector [16][17] Other Important Information - The Bootu Creek manganese mine in Australia remains under care and maintenance, with ongoing rehabilitation efforts [9] - The company has successfully refinanced its project finance loans and reduced total debt, aligning with its strategy to lower the debt profile [11] Q&A Session Summary Question: Will the carbon tax in Malaysia impact the ferroalloy sector? - Management indicated that the carbon tax will be introduced by 2026, and OM Sarawak will likely be included under the carbon levy, awaiting further details from authorities [16][17] Question: What are the tariffs on ferrosilicon and manganese alloys exports to the U.S.? - The U.S. does not apply reciprocal tariffs on manganese alloys, while ferrosilicon is subject to a 19% tariff from Malaysia. OM Holdings has a competitive advantage over Brazil and India due to lower tariffs [18] Question: Has OMH implemented any hedging policy on ferroalloy prices? - Currently, the company does not have any hedging policies on ferroalloy prices, as there are no relevant international futures markets [19] Question: How much does the manganese supply from Shippee and Braia contribute? - Shippee's manganese ore supply is primarily exported to China, with an annual traded volume of approximately 420,000 to 460,000 tons. Braia is still under exploration with no current production [20][22]

Group 1: Report Information - Report Date: July 30, 2025 [2] - Research Team: United Futures Research Center Black Team [2] Group 2: Silicon Iron Market Spot Prices - Ningxia 72: 5700 yuan/ton, daily change +150, weekly change +150, monthly change +600 [3] - Inner Mongolia 72: 5650 yuan/ton, daily change +100, weekly change +150, monthly change +550 [3] - Qinghai 72: 5700 yuan/ton, daily change +150, weekly change +200, monthly change +600 [3] - Shaanxi 72: 5650 yuan/ton, daily change +200, weekly change +150, monthly change +570 [3] - Shaanxi 75: 6000 yuan/ton, daily change +100, weekly change +250, monthly change +400 [3] - Jiangsu 72: 5950 yuan/ton, daily change +50, weekly change +150, monthly change +350 [3] - Tianjin 72 (trader price): 6100 yuan/ton, daily change +50, weekly change +350, monthly change +750 [3] - Tianjin 72 (export price in USD): 1025, daily change 0, weekly change 0, monthly change +5 [3] - Tianjin 75 (export price in USD): 1075, daily change +5, weekly change +51, monthly change 0 [3] Futures Prices - Main contract: 6008 yuan/ton, daily change -102, weekly change +176, monthly change +738 [3] - 01 contract: 6140 yuan/ton, daily change -76, weekly change +224, monthly change +894 [3] - 05 contract: 6160 yuan/ton, daily change -70, weekly change +194, monthly change +880 [3] - 09 contract: 6008 yuan/ton, daily change -102, weekly change +176, monthly change +738 [3] Basis and Spreads - Main month basis: -8, daily change +252, weekly change -26, monthly change -138 [3] - 1 - 5 month spread: -20, daily change -6, weekly change +30, monthly change +14 [3] - 5 - 9 month spread: 152, daily change +32, weekly change +18, monthly change +142 [3] - 9 - 1 month spread: -132, daily change -26, weekly change -48, monthly change -156 [3] - Double - silicon main spread: -108, daily change -6, weekly change -2, monthly change +246 [3] Group 3: Silicon Manganese Market Spot Prices - Inner Mongolia 6517: 5800 yuan/ton, daily change 0, weekly change +300, monthly change +300 [3] - Ningxia 6517: 6000 yuan/ton, daily change +150, weekly change +200, monthly change +550 [3] - Guangxi 6517: 5850 yuan/ton, daily change 0, weekly change +130, monthly change +350 [3] - Guizhou 6517: 5820 yuan/ton, daily change +20, weekly change +120, monthly change +370 [3] - Yunnan 6517: 5800 yuan/ton, daily change 0, weekly change +100, monthly change +350 [3] - Shanxi 6014: 5150 yuan/ton, daily change 0, weekly change +50, monthly change +50 [3] - Jiangsu 6517 (trader price): 6150 yuan/ton, daily change +50, weekly change +210, monthly change +600 [3] Futures Prices - Main contract: 6116 yuan/ton, daily change -96, weekly change +178, monthly change +492 [3] - 01 contract: 6208 yuan/ton, daily change -78, weekly change +220, monthly change +546 [3] - 05 contract: 6238 yuan/ton, daily change -68, weekly change +194, monthly change +550 [3] - 09 contract: 6116 yuan/ton, daily change -96, weekly change +178, monthly change +492 [3] Basis and Spreads - Main month basis: -16, daily change +96, weekly change -128, monthly change -192 [3] - 1 - 5 month spread: -30, daily change -10, weekly change +26, monthly change -4 [3] - 5 - 9 month spread: 122, daily change +28, weekly change +18, monthly change +58 [3] - 9 - 1 month spread: -92, daily change -18, weekly change -42, monthly change -54 [3] Group 4: Manganese Ore Market Tianjin Port - South Africa 36.5%: 35.5 yuan/ton - degree, daily change +0.7, weekly change +0.8, monthly change +1.7 [3] - Australia 45%: 41.0 yuan/ton - degree, daily change +1.0, weekly change +1.0, monthly change +1.5 [3] - Gabon 44.5%: 40.5 yuan/ton - degree, daily change +0.5, weekly change +0.5, monthly change +2.2 [3] Qinzhou Port - South Africa 36.5%: 36.5 yuan/ton - degree, daily change +0.5, monthly change +2.5 [3] - Australia 45%: 40.0 yuan/ton - degree, daily change 0 [3] - Gabon 44.5%: 40.5 yuan/ton - degree, daily change +0.5 [3]

Core Viewpoint - The global market for titanium iron used in steelmaking is projected to reach $390 million by 2031, with a compound annual growth rate (CAGR) of 4.8% in the coming years [2]. Market Overview - Titanium iron is primarily composed of iron and titanium and is widely used in the steel industry to remove impurities and refine steel [1]. - The major producers of titanium iron globally include AMG Chrome, Jinzhou Kailite Titanium Industry, and VSMPO-AVISMA, with the top five manufacturers holding approximately 58.0% of the market share in 2024 [7]. - The most significant product type is titanium iron with a titanium content of 65%-75%, accounting for about 83.3% of the market share [8]. Application Segments - The primary application for titanium iron is as a stabilizer in stainless steel, which constitutes around 80.1% of the demand [12]. Driving Factors - The growth of the steel industry, particularly in emerging markets, is a key driver for the titanium iron market due to the increasing demand for high-quality specialty steel [14]. - Infrastructure projects such as buildings, bridges, and railways require durable materials, leading to a growing demand for titanium iron in construction applications [15]. - The trend towards lightweight and durable materials in end-user industries is pushing steel manufacturers to use titanium iron, especially in energy-efficient vehicles and environmentally friendly infrastructure projects [16]. Challenges - The complex production process and high energy consumption associated with titanium iron lead to elevated production costs, which may limit its use in cost-sensitive applications [17]. - Price volatility of raw materials used in titanium iron production can affect supply chain stability and cost structures for manufacturers and end-users [18]. - Environmental impacts from the production process, including emissions and waste generation, pose challenges for manufacturers in adhering to regulatory requirements and adopting sustainable practices [19]. Industry Trends - The titanium iron market is thriving due to its critical role in enhancing steel quality, with increasing demand for high-strength, corrosion-resistant steel across various industries, particularly automotive, construction, and aerospace [20]. - The steel production process is evolving towards more sustainable and cost-effective methods, with the use of recycled titanium scrap becoming more common, aligning with global sustainability goals [23]. - Rapid industrial growth and urbanization in developing economies, especially in Asia, are driving stable demand for titanium iron, while advancements in alloy formulation technology and clean production methods are influencing growth in mature markets [23].