Performance in 2025 was constrained by muted demand and predatory imports, particularly from China and Angola, which doubled and quadrupled respectively in the European silicon metal market. Management secured critical trade safeguards in the EU and anti-dumping duties in the U.S., which are expected to reduce import volumes and restore domestic market share. Operational flexibility was enhanced by converting three furnaces from silicon metal to ferrosilicon to capitalize on better economics and trade ...

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 - 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]

Core Insights - Ferroglobe PLC reported a challenging third quarter in 2025, with significant declines in sales and net profit due to weak demand and competitive pressures from low-priced imports [2][5][12]. Financial Highlights - Sales for Q3 2025 were $311.7 million, down 19.4% from Q2 2025 and 28.1% year-over-year [3][5]. - Net loss attributable to the parent was $12.8 million, compared to a loss of $10.5 million in the previous quarter, reflecting a 22.6% increase in losses [3][12]. - Adjusted EBITDA decreased to $18.3 million from $21.6 million in Q2 2025, marking a 15.3% decline [3][13]. - Operating cash flow improved to $20.8 million, up 33.0% from the previous quarter [3][16]. - Free cash flow was $1.6 million, a significant increase from $0.0 million in Q2 2025 [3][16]. Product Category Highlights - **Silicon Metal**: Revenue decreased to $99.0 million, down 23.9% from Q2 2025, with shipments down 24.8% due to weaker demand [7]. - **Silicon-Based Alloys**: Revenue fell to $92.3 million, a 17.3% decrease from the prior quarter, with shipments down 19.0% [8]. - **Manganese-Based Alloys**: Revenue was $84.4 million, down 20.5% from Q2 2025, with shipments decreasing by 21.1% [10]. Market Conditions - The company faced weak demand across its end markets, particularly in the chemical sector and steel production, exacerbated by low-priced imports [2][5][6]. - A strong preliminary decision in the U.S. silicon metals antidumping case is expected to positively impact market conditions in 2026 [2][6]. Strategic Developments - Ferroglobe is strengthening its partnership with Coreshell through a joint development agreement focused on silicon anode technology for EV batteries, with pilot deliveries already initiated [4][6]. - The company declared a dividend of $0.014 per share, payable on December 29, 2025, indicating a commitment to returning cash to shareholders despite current market challenges [6][19]. Financial Position - Total cash as of September 30, 2025, was $121.5 million, down from $135.5 million at the end of Q2 2025 [14][15]. - Adjusted gross debt increased to $126.7 million, with net debt reported at $5.2 million [14][15].

Core Insights - Ferroglobe (GSM) shares increased by 11% to close at $5.04, supported by high trading volume, and have gained 8.6% over the past four weeks [1][2] Group 1: Regulatory Developments - The U.S. Department of Commerce issued favorable preliminary rulings regarding unfairly priced and subsidized silicon metal imports from several countries, which is crucial for the domestic industry [2] - Preliminary countervailing duties were imposed on imports from Australia (41.31%), Laos (240%), Norway (16.87%), and Thailand (31.27%), effective September 26, 2025, along with antidumping duties on imports from Angola (68.45%) and Laos (94.44%), effective September 30 [3] - Further rulings are anticipated, with preliminary antidumping decisions for Australia and Norway due on November 21, and final determinations for Angola, Laos, and Thailand on December 11, marking significant progress for the U.S. silicon metal market [4] Group 2: Financial Performance Expectations - Ferroglobe is expected to report quarterly earnings of $0.05 per share, reflecting a year-over-year decline of 54.6%, with revenues projected at $393.75 million, down 9.2% from the previous year [5] - The consensus EPS estimate for Ferroglobe has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [6] Group 3: Industry Context - Ferroglobe is categorized under the Zacks Mining - Miscellaneous industry, which includes other companies like Alpha Metallurgical (AMR), that saw a 1.1% increase in its stock price, closing at $169.6, with a 23.5% return over the past month [7]

Company Overview - Ferroglobe PLC (NASDAQ: GSM) is a global producer of silicon metal and ferrosilicon/ferromanganese alloys, primarily serving the aluminum and steel industries [1] - The company is vertically integrated, owning quartz and coal mines in the U.S. and Europe to support its operations, as well as hydroelectric facilities [1] Industry Insights - The company operates in a sector that is crucial for the production of materials used in various industrial applications, particularly in aluminum and steel manufacturing [1] - The focus on vertical integration allows Ferroglobe to maintain control over its supply chain, potentially leading to cost efficiencies and stability in production [1]

Company Overview - Ferroglobe PLC (NASDAQ: GSM) is a global producer of silicon metal and ferrosilicon/ferromanganese alloys, primarily serving the aluminum and steel industries [1] - The company is vertically integrated, owning quartz and coal mines in the U.S. and Europe to support its operations, as well as hydroelectric facilities [1] Industry Context - The company operates within the sectors of silicon metal and ferrosilicon production, which are critical for the aluminum and steel industries [1] - The focus on vertical integration allows Ferroglobe to manage supply chains effectively and reduce dependency on external sources for raw materials [1]

Company Announcement - Ferroglobe PLC will issue its second quarter 2025 financial results after market close on August 5, 2025 [1] - The quarterly earnings call is scheduled for August 6, 2025, at 8:30 a.m. Eastern Time [1] Company Overview - Ferroglobe PLC is a leading global producer of silicon metal, silicon- and manganese-based specialty alloys, and ferroalloys [2] - The company serves a diverse customer base in rapidly growing markets such as solar, electronics, automotive, consumer products, construction, and energy [2] - Ferroglobe is headquartered in London [2]

Core Viewpoint - Hoshine Silicon Industry Co., Ltd. emphasizes its commitment to sustainability and green development, showcasing its achievements in environmental, social, and governance (ESG) practices through its first annual Sustainability Report for 2024 [1][2]. Company Overview - Hoshine Silicon was established in 2005 and listed on the Shanghai Stock Exchange in 2017, focusing on silicon-based new materials and green energy solutions [1][2]. - The company operates multiple digital intelligent manufacturing bases and high-tech R&D centers, with a strong presence in various sectors including energy, silicon metal, and third-generation semiconductor silicon carbide (SiC) [2][3]. Governance - Hoshine Silicon prioritizes integrity in operations and is committed to enhancing its governance system, integrating sustainable development concepts into its core strategies [6][7]. - The company has established a three-layer ESG governance structure, with the Board of Directors overseeing ESG matters and a dedicated task force ensuring effective implementation [8][9]. Environmental Management - The company actively engages in energy and greenhouse gas management, pollutant control, and resource utilization, aiming for low-carbon and sustainable development [14][15]. - Hoshine Silicon has implemented a climate governance structure to address climate change risks and opportunities, aligning with national "dual carbon" goals [15]. Social Responsibility - Hoshine Silicon emphasizes the importance of business ethics and compliance, maintaining a zero-tolerance policy towards unethical conduct and actively promoting a culture of integrity [11][12]. - The company engages with stakeholders through various communication channels to ensure alignment with their expectations and enhance corporate influence [9][10]. Performance Metrics - The report includes a key performance table that outlines the company's achievements in various ESG areas, reflecting its commitment to responsible governance and sustainable practices [1][2].