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]

Financial Data and Key Metrics Changes - The company reported a negative adjusted EBITDA of $27 million for the first quarter, a decline of $37 million compared to the previous quarter [5][25][32] - Revenue decreased by 16% sequentially, driven by a 35% decrease in silicon metal revenue and a 5% decrease in manganese-based alloys [14][23] - The adjusted EBITDA margin was negative 9%, with raw materials as a percentage of sales increasing to 77.6% from 68.2% in the prior quarter [23][25] Business Line Data and Key Metrics Changes - Silicon metal shipments declined by 27% due to weak demand and increased imports, resulting in a 35% drop in silicon metal revenue [4][15][25] - Silicon-based alloys revenue increased by 7%, driven by a 9% increase in volume, while manganese-based alloys revenues decreased by 5% due to lower prices [19][23][28] - The manganese segment showed strong demand, but delays in receiving manganese ore negatively impacted volumes [21][22] Market Data and Key Metrics Changes - The US silicon metal index pricing decreased by 9% quarter over quarter and 22% from the third quarter [5] - Imports of silicon metal into the US grew by 68,000 tons year-over-year, significantly impacting pricing and volumes [16][17] - The European market is expected to benefit from a safeguard investigation into silicon metal and alloys, with a provisional ruling expected by June [9][10] Company Strategy and Development Direction - The company is maintaining its full-year 2025 guidance, anticipating a strong adjusted EBITDA recovery in the second quarter and continued momentum in Q3 [5][32] - Regulatory trade measures are being introduced to curb low-priced imports, which are expected to stabilize the market [6][10] - The company is focusing on improving demand forecasting and supply planning through sales and operational planning initiatives [12] Management's Comments on Operating Environment and Future Outlook - Management noted that market conditions have remained challenging, significantly impacting first-quarter results, but expressed optimism for recovery in the second half of the year [4][5][32] - The company believes it is at or near the bottom of the current cycle and expects positive adjusted EBITDA in the second quarter [5][32] - Management highlighted the importance of trade measures in creating a more balanced market and benefiting local producers [38] Other Important Information - The company generated $5 million of free cash flow in the first quarter, driven by a $25 million reduction in working capital [28] - The dividend was increased by 8%, and the company repurchased 720,000 shares at an average price of $3.75 [29][30] - Adjusted gross debt increased to $110 million from $94 million in the prior quarter [31] Q&A Session Summary Question: How should investors think about the cadence of improvement in Q2, Q3, and Q4 in 2025? - Management indicated that the negative results were expected and in line with the budget, maintaining guidance of $100 million to $170 million for adjusted EBITDA [37][38] Question: Can you provide an update on the outlook for the Asian polysilicon market? - Management noted that while there are measures blocking exports from certain Southeast Asian countries, other countries like Indonesia may see increased business opportunities [40][42] Question: What would be needed to increase the magnitude of shareholder returns? - Management emphasized the importance of maintaining enough cash to run the company and indicated that share repurchases would depend on cash availability and market conditions [44][46]