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 ...

Q3 2025 Financial Performance - Q3 2025 sales decreased by 24% to $311.7 million compared to $386.9 million in Q2 2025[36] - Adjusted EBITDA for Q3 2025 was $18.3 million, compared to $21.6 million in Q2 2025[36] - Adjusted EBITDA margin increased slightly to 5.9% in Q3 2025 from 5.6% in Q2 2025[36] - The company generated $1.6 million in free cash flow in Q3 2025[14,48] Segment Performance - Silicon Metal revenue decreased to $99 million in Q3 2025, driven by a 51% decline in shipments in Europe[40] - Silicon Based Alloys revenue decreased by 17% to $92 million in Q3 2025, with a 19% decrease in shipments across all regions[43] - Manganese Based Alloys revenue decreased by 21% to $84 million in Q3 2025, due to a 21% decrease in shipments[45] Market Outlook and Trade Measures - U S preliminary Silicon Metal AD/CVD decision is positive for the industry, with preliminary CVD duties ranging from 17% to 240%[12] - Preliminary AD duties on Angola of 68% and Laos of 94%[12] - EU market was disrupted by an influx of low-priced Chinese imports[18] - The company expects trade measures to improve market trends in 2026[18,53] Strategic Initiatives - Coreshell began delivering pilot batteries to OEMs and plans commercial battery deliveries in early 2026[12,53] - The company secured a cost-competitive multi-year energy agreement in France[12,53]