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Ferroglobe (GSM) investor relations material
Ferroglobe Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 was marked by weak demand and aggressive low-priced imports, especially in the EU, leading to significant declines in shipments, revenue, and profitability.
Regulatory actions and trade cases in the U.S. and EU resulted in preliminary duties on silicon metal imports from several countries, with further decisions expected soon.
Collaboration with Coreshell advanced, with pilot battery shipments to OEMs, a joint development agreement, and commercial deliveries planned for early 2026.
A new multi-year energy agreement in France was signed, ensuring competitive pricing and operational flexibility from 2026.
Financial highlights
Q3 sales declined 19% sequentially to $311.7 million, with adjusted EBITDA at $18.3 million and margin at 5.9%.
Operating cash flow increased to $20.8 million, with free cash flow of $1.6 million despite market headwinds.
Net debt was $5.2 million at quarter-end, with total cash at $121.5 million and adjusted gross debt at $127 million.
Adjusted diluted EPS improved to $(0.02) from $(0.08) in the prior quarter.
Dividend of $0.014 per share declared for Q4, consistent with prior quarter.
Outlook and guidance
Trade measures in the U.S. and EU are expected to significantly improve market conditions in 2026, with EU decisions expected by November 18.
Steel production in Europe and North America is forecasted to grow by 3.2% and 2.2% respectively in 2026, supporting higher demand for silicon and manganese alloys.
Working capital improvements and inventory management are expected to release substantial cash in Q4.
Share buybacks may resume when market conditions improve, with a continued focus on prudent capital allocation.
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- BPT
H1 FY26 revenue hit $1B, with strong gas prices and LNG cargoes offsetting lower production. - CPAY
Record 2025 results and 2026 outlook driven by strong segment growth and capital deployment. - 032640
Net income surged 61.9% year-over-year, with strong wireless and enterprise growth. - LOT
A$76M equity raise supports Kayelekera ramp-up and Letlhakane development amid strong uranium demand. - SYM
Revenue up 29% to $630M, net income $13.36M, $22.3B backlog, strong cash, legal risks persist. - TENB
Record 2025 results with double-digit growth, strong cash flow, and expanding AI-driven platform. - DHX
Q4 2025 revenue down 10% YoY; FY 2026 guidance targets $118M–$122M revenue. - COHR
Q2 FY26 revenue up 17% to $1.69B, with strong EPS growth and robust datacenter demand. - ALGT
Q4 2025 saw record results and margin growth, with 2026 outlook boosted by Sun Country deal. - STC
Record bookings, strong cash flow, and margin expansion drive improved outlook.
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