GlobeNewswire Inc | Nov 16, 2021 04:30PM EST

November 16, 2021

-- Q3 2021 sales of $429.2 million, up 2.5% compared to $418.5 million in Q2 2021, and up 63.4% compared to $262.7 million in Q3 2020 -- Adjusted EBITDA of $37.6 million, up 10.3% compared to $34.1 million in Q2 2021, and up 69.1% compared to $22.2 million in Q3 2020 -- Net loss of ($97.6) million, compared to net profit of $0.7 million in Q2 2021, and net loss of ($46.8) million in Q3 2020 Net loss includes a one-time charge of $90.8 million related to the debt extinguishment from the refinancing -- Negative operating cash flow of ($34.7) million driven by an investment in working capital -- Pricing environment remains strong across all products; 2022 order book well positioned to capitalize on upside

LONDON, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (Ferroglobe, the Company, or the Parent), a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys, today announced results for the third quarter 2021.

Q3 2021 Earnings Highlights

In the third quarter of 2021, Ferroglobe reported net sales of $429.2 million, up 2.5% from the prior quarter and up 63.4% from the year-ago period.

Ferroglobe reported a net loss of ($97.6) million, or ($0.54) per share on a fully diluted basis in the third quarter 2021. The net loss includes a $90.8 million one-time charge relating to debt extinguishment. On an adjusted basis, the Q3 2021 net loss was ($64.2) million, or ($0.36) per share on a fully diluted basis.

At the completion of the comprehensive refinancing, we recognized a charge of $90.8 million. This relates to all the advisory fees and expenses, including equity granted to the noteholders and underwriters, incurred during the refinancing of the prior 9.375% Senior Notes due 2022, which were deemed to be extinguished at closing and replaced with new 9.375% million Senior Notes due 2025. This $90.8 million charge is deemed to be one-time, but adversely impacted our P&L during the quarter, resulting in a net loss of $97.6 million.

The Companys reported Q3 EBITDA of $35.2 million, is up 10.3% from $31.9 million in the prior quarter. On an adjusted basis, Q3 2021 EBITDA was $37.6 million, up 10.3% from the prior quarter adjusted EBITDA of $34.1 million. The Company reported an adjusted EBITDA margin of 8.8% for Q3 2021, up from 8.1% for Q2 2021.

QuarterEnded QuarterEnded QuarterEnded Nine Months Nine Months Ended Ended$,000 September 30, June 30, 2021 September 30, September 30, September 30,(unaudited) 2021 2020 2021 2020 Sales $ 429,210 $ 418,538 $ 262,673 $ 1,209,137 $ 823,899 Net profit $ (97,619 ) $ 730 $ (46,834 ) $ (165,405 ) $ (109,927 )(loss)Diluted EPS $ (0.54 ) $ 0.01 $ (0.28 ) $ (0.94 ) $ (0.63 )Adjusted netincome(loss) $ (64,214 ) $ 2,964 $ (9,331 ) $ (79,424 ) $ (58,109 )attributableto theparentAdjusted $ (0.36 ) $ 0.02 $ (0.14 ) $ (0.45 ) $ (0.34 )diluted EPSAdjusted $ 37,592 $ 34,088 $ 22,231 $ 93,747 $ 27,027 EBITDAAdjustedEBITDA 8.8 % 8.1 % 8.5 % 7.8 % 3.3 %margin

Ferroglobes Chief Executive Officer, Marco Levi Ph.D, commented, During the third quarter, we experienced stronger pricing across each of our segments as the market dynamics reflected very strong demand. Somewhat offsetting the strong pricing environment was higher costs, primarily energy as well as lower volumes in our silicon metal and silicon-based alloys segments driven by operational issues at certain facilities and delayed deliveries requested by some customers given the seasonal slowdown during the summer. Dr. Levi added, The end markets for each of our segments remain robust into the fourth quarter, resulting in strong momentum as we negotiate contracts for 2022. We expect to end the year on a favorable note, and are taking measures to ensure a step-change in our financial performance next year.

"Throughout the third quarter, we continued to execute on our strategic plan, finalizing the refinancing and focusing on improving Ferroglobes efficiencies company-wide. We have made significant progress, but there is more work to be done as we focus on growing our business and increasing our profitability, concluded Dr. Levi.

Cash Flow and Balance Sheet

Cash used from operations during Q3 2021 was$34.7 million, primarily driven by investments in working capital given the ramp-up in demand we are expecting.

Working capital increased by $61.6 million, from $334.3 million as of June 30, 2021 to $395.9 million as of September 30, 2021. The increase in working capital was driven by a $45 million increase in inventory and a $22 million increase in accounts receivable as a result of increased activity.

Net debt was $404 million as of September 30, 2021, up from $358 million as of June 30, 2021. This is primarily attributable to the issuance of the second tranche of the Super Senior notes amounting $20 million of an aggregate $60 million on July 29, 2021.

COVID-19

COVID-19 has been and continues to be a complex and evolving situation, with governments, public institutions and other organizations imposing or recommending, and businesses and individuals implementing, at various times and to varying degrees, restrictions on various activities or other actions to combat its spread, such as restrictions and bans on travel or transportation; limitations on the size of in-person gatherings, restrictions on freight transportations, closures of, or occupancy or other operating limitations on work facilities, and quarantines and lock-downs.

As a result of this pandemic and the strict confinement and other public health measures taken around the world, the demand for our products in the second and third quarters of 2020 was reduced significantly compared with the first and fourth quarters of the year. During the fourth quarter of 2020, demand level for our products increased to levels similar to those prior to the outbreak. In first, second and third quarter of 2021, demand for our products has increased even further than in the fourth quarter of 2020. However, COVID-19 has negatively impacted, and will in the future negatively impact to an extent we are unable to predict, our revenues.

Subsequent events

On October 6, 2021, the Company has entered into an equity distribution agreement (the Equity Distribution Agreement) with B. Riley Securities, Inc. and Cantor Fitzgerald & Co. relating to an at-the market offering of the ordinary shares, par value $0.01 per share, of Ferroglobe PLC, under which the Company may offer and sell ordinary shares having an aggregate offering price of up to $100,000,000 from time to time through B. Riley Securities, Inc. and Cantor Fitzgerald & Co. as our sales agents. The program expires upon expiry of the Form F-3 on June 15, 2024.

To date, the Company has sold 186,053 ordinary shares with a net proceeds of $1.4 million.

Beatriz Garca-Cos, Ferroglobes Chief Financial Officer, commented, Ferroglobe is at an interesting inflection point where we see attractive opportunities to position the business for growth going into 2022, on the heels of a strong operating environment. At the same time a number of headwinds, primarily energy prices in Spain and some inflationary pressures in key inputs, is consuming greater than expected cash. As such, this program offers a flexible way to raise capital if/when needed to pursue growth opportunities, but with no obligation to use the program.

On November 15, 2021 Ferroglobe reached an agreement with the French Government relating to its restructuring process. Under the agreement, Ferroglobe has the support from the government and projects to strengthen its competitiveness across the five manufacturing sites that would continue to operate in France. Specifically, Les Clavaux facility would remain operational with a clear plan to modernize the facility and improve its cost position. This facility would also benefit from a new commercial agreement with a long-standing customer. As planned in the initial project proposed in March 2021, the Chteau-Feuillet facility would stop production and the calcium silicon production capability would be transferred to Les Clavaux.

Marco Levi, Ferroglobes Chief Executive Officer commented, "I would like to acknowledge and thank all the efforts made by the various stakeholders, which have helped reduce the potential social impact in France. This includes the contributions and diligent work of the French government and in particular the Minister of Industry, the Minister of Labor and their respective teams at the national and local levels, the Interministerial Delegate for Restructuring, the Prefects and elected officials, and all Ferroglobe France (FerroPem) employees and social partners. We are collectively encouraged by this outcome and feel confident that the new environment and developments through the process should enable us to strengthen our competitiveness in France.

Discussion of Third Quarter 2021 Results

The financial results presented for the third quarter are unaudited.

Sales

Sales for Q3 2021 were $429.2 million, an increase of 2.5% compared to $418.5 million in Q2 2021.

Nine Nine QuarterEnded QuarterEnded QuarterEnded Months Months Ended Ended September 30, June 30, Change September 30, Change September September Change 2021 2021 2020 30, 2021 30, 2020Shipments in metric tons:Silicon Metal 61,713 67,322 (8.3 ) 51,215 20.5 % 190,311 152,420 24.9 % %Silicon-based 55,863 65,222 (14.3 ) 42,449 31.6 % 182,688 142,860 27.9 %Alloys %Manganese-based 76,454 68,323 11.9 % 53,980 41.6 % 217,386 182,995 18.8 %AlloysTotal 194,030 200,867 (3.4 ) 147,644 31.4 % 590,385 478,275 23.4 %shipments* % Average selling price ($/MT):Silicon Metal $ 2,467 $ 2,347 5.1 % $ 2,248 9.7 % $ 2,366 $ 2,225 6.3 %Silicon-based $ 1,992 $ 1,830 8.9 % $ 1,534 29.9 % $ 1,824 $ 1,510 20.8 %AlloysManganese-based $ 1,574 $ 1,414 11.3 % $ 1,009 56.0 % $ 1,390 $ 1,019 36.4 %AlloysTotal* $ 1,978 $ 1,862 6.3 % $ 1,590 24.4 % $ 1,839 $ 1,550 18.6 % Average selling price ($/lb.):Silicon Metal $ 1.12 $ 1.06 5.1 % $ 1.02 9.7 % $ 1.07 $ 1.01 6.3 %Silicon-based $ 0.90 $ 0.83 8.9 % $ 0.70 29.9 % $ 0.83 $ 0.68 20.8 %AlloysManganese-based $ 0.71 $ 0.64 11.3 % $ 0.46 56.0 % $ 0.63 $ 0.46 36.4 %AlloysTotal* $ 0.90 $ 0.84 6.3 % $ 0.72 24.4 % $ 0.83 $ 0.70 18.6 %

_________________* Excludes by-products and other

Sales Prices & Volumes By Product

During Q3 2021, the average selling prices across our product portfolio increased by 6.3% versus Q2 2021. During the quarter, the average selling prices of silicon metal increased 5.1%, silicon-based alloys prices increased 8.9%, and manganese-based alloys prices increased 11.3%.

Overall sales volumes in Q3 2021 decreased by 3.4% versus the prior quarter. Silicon metal volume in the third quarter was 61,713 tons, down 8.3% from the prior quarter. The decline in Q3 was a result of curtailments at Sabon (Spain) and Alloy, West Virginia (United States). Silicon-based alloys shipments during the third quarter were 55,863 tons, down 14.3% from the prior quarter, driven primarily by a combination of operational disturbances, as well as some seasonality in demand. Manganese-based alloys shipments of 76,787 were up 11.9% in Q3 versus Q2 2021. The strong volume trends in manganese-based alloys were a result of some shipment delays in the second quarter which show up in the third quarter figures.

Cost of Sales

Cost of sales was $295.3 million in Q3 2021, an increase from $267.9 million in the prior quarter. Cost of sales as a percentage of sales increased to 68.8% in Q3 2021 versus 64.0% for Q2 2021. The increase in the percentage of cost of sales in Q3 was mainly driven by higher energy cost in Spain.

Other Operating Expenses

Other operating expenses in Q3 2021 were $79.8 million, down from $93.2 million in Q3 2021. The decrease in other operating expenses was mainly due to the higher impact of the European free CO2 rights in Q2 2021.

Net Loss Attributable to the Parent

In Q3 2021, net loss attributable to the Parent was ($96.6) million, or ($0.54) per diluted share, compared to a net profit attributable to the Parent of $1.9 million , or $0.01 per diluted share in Q2 2021. The net loss in Q3 included a non-cash charge of ($90.8) million related to the debt extinguishment of the senior notes as part of the refinancing.

Adjusted EBITDA

In Q3 2021, adjusted EBITDA was $37.6 million, or 8.8% of sales, up 10.3% compared to adjusted EBITDA of $34.1 million, or 8.1% of sales in Q2 2021. The increase in the Q3 2021 Adjusted EBITDA is primarily driven by the improvement in average realized prices across the product portfolio.

Net finance expenses

Net finance expense amounted to $103.4 million in Q3 2021, an increase from $11.2 million in the prior quarter. The increase is due to the accounting charge relating to Senior Notes refinancing, amounting $90.8 million.

For accounting purposes the refinancing of the Senior Notes have been considered a debt extinguishment. As a consequence;

(i) The accounting rules do not allow to capitalize the fees incurred in the exchange of the notes, amounting $31.7 million Similarly to the transaction fees, the shares paid to bondholders and(ii) underwriters cannot be capitalized and has to be considered as a one-off expense, amounting $51.6million In the case of an extinguishment any outstanding upfront fees that were capitalized at the issuance of the original notes needs to be recycled in(iii) to P&L, this amounted $1 million. Additionally, the new notes were accounted at fair value amounting $6.5 million as the debt at the exchange date was trading with a premium. After the exchange the Senior notes will be accounted under the amortized cost method.

The transaction fees incurred in the issuance of the Super Senior has been capitalized as required by the accounting rules.

Conference Call

Ferroglobemanagement will review the third quarter during a conference call at 08:30a.m. U.S Eastern Standard Time on November 17, 2021.

The dial-in number for participants inthe United Statesis + 1 877-870-9135 (conference ID: 3867903). International callers should dial + 44 (0)-2071-928338 (conference ID: 3867903). Please dial in at least five minutes prior to the call to register. The call may also be accessed via an audio webcast available at https://edge.media-server.com/mmc/p/8ep3x3fm

AboutFerroglobe

Ferroglobeis one of the worlds leading suppliers of silicon metal, silicon-based and manganese-based specialty alloys and ferroalloys, serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, automotive, consumer products, construction and energy. The Company is based inLondon. For more information, visit http://investor.ferroglobe.com.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Companys future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as anticipate, believe, could, estimate, expect, forecast, guidance, intends, likely, may, plan, potential, predicts, seek, target, will andwords of similar meaning or the negative thereof.

Forward-looking statements contained in this press release are based on information currently available to the Company and assumptions that management believe to be reasonable, but are inherently uncertain. As a result, Ferroglobes actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Companys control.

Forward-looking financial information and other metrics presented herein represent the Companys goals and are not intended as guidance or projections for the periods referenced herein or any future periods.

All information in this press release is as of the date of its release.Ferroglobedoes not undertake any obligation to update publicly any of the forward-looking statements contained herein to reflect new information, events or circumstances arising after the date of this press release. You should not place undue reliance on any forward-looking statements, which are made only as of the date of this press release.

Non-IFRS Measures

Adjusted EBITDA, adjusted EBITDA margin, adjusted net profit, adjusted profit per share, working capital and net debt, are non-IFRS financial metrics that, we believe, are pertinent measures of Ferroglobes success. Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important because they eliminate items that have less bearing on the Companys current and future operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures.

INVESTORCONTACT:

Gaurav MehtaExecutive Vice President Investor RelationsEmail:investor.relations@ferroglobe.com

MEDIA CONTACT:

Cristina Feliu RoigExecutive Director Communications & Public AffairsEmail:corporate.comms@ferroglobe.com

Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Income Statement(in thousands of U.S. dollars, except per share amounts)

QuarterEnded QuarterEnded QuarterEnded Nine Months Nine Months Ended Ended September 30, June 30, 2021 September 30, September 30, September 2021 2020 2021 30, 2020Sales $ 429,210 $ 418,538 $ 262,673 $ 1,209,137 $ 823,899 Cost of sales (295,273 ) (267,939 ) (166,231 ) (813,377 ) (562,882 )Other operating 31,447 37,105 7,598 70,466 25,526 incomeStaff costs (50,386 ) (63,197 ) (56,329 ) (208,849 ) (160,338 )Other operating (79,785 ) (93,171 ) (26,896 ) (209,793 ) (102,915 )expenseDepreciationandamortizationcharges, (23,971 ) (23,523 ) (26,524 ) (72,779 ) (82,651 )operatingallowances andwrite-downsImpairment (363 ) ? (34,269 ) (363 ) (34,269 )lossesOther (loss) 381 608 1,212 1,056 625 gainOperating 11,260 8,421 (38,766 ) (24,502 ) (93,005 )profit (loss)Net finance (103,379 ) (11,178 ) (13,985 ) (130,420 ) (47,162 )expenseFinancialderivatives ? ? ? ? 3,168 gainExchange (6,180 ) 3,237 13,158 (12,257 ) 18,226 differencesProfit (loss) (98,299 ) 480 (39,594 ) (167,179 ) (118,773 )before taxIncome tax 680 250 (1,841 ) 1,774 14,245 benefit(Loss) profitfor the period (97,619 ) 730 (41,435 ) (165,405 ) (104,528 )from continuingoperationsProfit for theperiod from ? ? (5,399 ) ? (5,399 )discontinuedoperationsProfit (loss) (97,619 ) 730 (46,834 ) (165,405 ) (109,927 )for the periodProfitattributable to 1,023 1,180 (450 ) 3,338 2,638 non-controllinginterestProfit (loss)attributable to $ (96,596 ) $ 1,910 $ (47,284 ) $ (162,067 ) $ (107,289 )the parent EBITDA $ 35,231 $ 31,944 $ (12,243 ) $ 48,277 $ (10,354 )Adjusted EBITDA $ 37,592 $ 34,088 $ 22,231 $ 93,747 $ 27,027 Weightedaverage shares outstandingBasic 179,849 169,298 169,261 172,852 169,261 Diluted 179,849 169,298 169,261 172,852 169,261 Profit (loss)per ordinary shareBasic $ (0.54 ) $ 0.01 $ (0.28 ) $ (0.94 ) $ (0.63 )Diluted $ (0.54 ) $ 0.01 $ (0.28 ) $ (0.94 ) $ (0.63 )

Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Statement of Financial Position(in thousands of U.S. dollars)

September June 30, December 31 30, 2021 2021 2020 ASSETSNon-current assets Goodwill $ 29,702 $ 29,702 $ 29,702Other intangible assets 89,698 87,556 20,756Property, plant and equipment 567,876 587,602 620,034Other non-current financial assets 5,198 5,329 5,057Deferred tax assets 150 62 ?Non-current receivables from related 2,316 2,377 2,454partiesOther non-current assets 17,916 13,960 11,904Total non-current assets 712,856 726,588 689,907Current assets Inventories 284,488 239,750 246,549Trade and other receivables 305,453 283,990 242,262Current receivables from related 3,025 3,105 3,076partiesCurrent income tax assets 8,195 8,826 12,072Other current financial assets 903 1,003 1,008Other current assets 10,352 57,219 20,714Current restricted cash and cash 5,996 6,149 28,843equivalentsCash and cash equivalents 89,047 99,940 102,714Total current assets 707,459 699,982 657,238Total assets $ 1,420,315 $ 1,426,570 $ 1,347,145 EQUITY AND LIABILITIESEquity $ 281,910 $ 299,469 $ 365,719Non-current liabilities Deferred income 16,275 37,570 620Provisions 98,607 107,501 108,487Bank borrowings 3,998 4,061 5,277Lease liabilities 11,199 12,995 13,994Debt instruments 405,171 37,600 346,620Other financial liabilities 37,630 37,608 29,094Other non-current liabilities 13,035 16,955 16,767Deferred tax liabilities 22,868 23,956 27,781Total non-current liabilities 608,783 278,246 548,640Current liabilities Provisions 109,552 102,269 55,296Bank borrowings 86,262 85,825 102,330Lease liabilities 9,255 8,709 8,542Debt instruments 25,822 359,318 10,888Other financial liabilities 24,155 23,732 34,802Payables to related parties 9,079 6,131 3,196Trade and other payables 194,074 189,449 149,201Current income tax liabilities 1,464 513 2,538Other current liabilities 69,959 72,909 65,993Total current liabilities 529,622 848,855 432,786Total equity and liabilities $ 1,420,315 $ 1,426,570 $ 1,347,145

Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Statement of Cash Flows(in thousands of U.S. dollars)

QuarterEnded QuarterEnded QuarterEnded Nine Months Nine Months Ended Ended September 30, June 30, 2021 September 30, September September 2021 2020 30, 2021 30, 2020Cash flowsfrom operatingactivities:Profit(loss) for $ (97,619 ) $ 730 $ (46,834 ) $ (165,405 ) $ (109,927 )the periodAdjustmentsto reconcilenet (loss)profit to net cashused byoperatingactivities:Income tax(benefit) (680 ) (250 ) 1,841 (1,774 ) (14,245 )expenseDepreciationandamortizationcharges, 23,971 23,523 26,524 72,779 82,651 operatingallowancesandwrite-downsNet finance 103,379 11,178 13,985 130,420 47,162 expenseFinancialderivatives ? ? ? ? (3,168 )loss (gain)Exchange 6,180 (3,237 ) (13,158 ) 12,257 (18,226 )differencesImpairment 363 ? 34,269 363 34,269 lossesNet loss(gain) dueto changes (424 ) (243 ) ? (688 ) ? in the valueof assetBargainpurchase ? ? ? ? ? gainGain ondisposal of ? ? 5,399 ? 5,399 discontinuedoperationGain ondisposal of ? ? ? (351 ) ? non-currentassetsShare-based 1,269 673 323 2,163 1,749 compensationOther 43 (366 ) (8,774 ) (17 ) (8,188 )adjustmentsChanges inoperating ? ? assets andliabilities(Increase)decrease in (51,835 ) (8,770 ) 3,725 (49,159 ) 42,831 inventories(Increase)decrease in (27,683 ) (8,625 ) (4,731 ) (78,000 ) 124,638 tradereceivablesIncrease(decrease) 9,138 16,184 (20,359 ) 51,474 (50,738 )in tradepayablesOther (1,138 ) (32,783 ) 31,411 3,764 3,526 Income taxes 359 (1,178 ) (633 ) (876 ) 13,008 paidInterest ? ? ? ? ? paidNet cashprovided(used) by (34,677 ) (3,164 ) 22,988 (23,050 ) 150,741 operatingactivitiesCash flowsfrom investingactivities:Interest andfinance 21 128 278 184 617 incomereceivedPayments dueto - investments:Acquisitionof ? ? ? ? ? subsidiaryOtherintangible ? ? ? ? ? assetsProperty,plant and (8,189 ) (3,245 ) (8,734 ) (17,117 ) (18,396 )equipmentOther ? ? ? ? ? Disposals: ? ? Disposal of ? ? ? ? ? subsidiariesOthernon-current ? 543 46 543 46 assetsOther ? ? ? ? ? Net cash(used)provided by (8,168 ) (2,574 ) (8,410 ) (16,390 ) (17,733 )investingactivitiesCash flowsfrom financingactivities:Dividends ? ? ? ? ? paidPayment fordebt andequity (26,064 ) (11,093 ) (608 ) (43,755 ) (2,463 )issuancecostsProceedsfrom equity 40,000 ? ? 40,000 ? issuanceProceedsfrom debt 20,000 40,000 60,000 issuanceIncrease/(decrease) ? ? in bankborrowings:Borrowings 159,861 149,945 8,022 437,496 8,022 Payments (158,118 ) (144,983 ) (7,800 ) (460,565 ) (73,360 )Proceedsfrom stock ? ? ? ? ? optionexercisesAmounts paiddue to (2,602 ) (3,157 ) (2,463 ) (8,615 ) (7,342 )leasesOtheramountsreceived/ ? ? ? ? 3,608 (paid) dueto financingactivitiesPayments toacquire or ? ? ? ? ? redeem ownsharesInterest (1,125 ) (3,333 ) (17,130 ) (21,473 ) (37,085 )paidNet cash(used)provided by 31,952 27,379 (19,979 ) 3,088 (108,620 )financingactivitiesTotal netcash flows (10,893 ) 21,641 (5,401 ) (36,352 ) 24,388 for theperiodBeginningbalance ofcash and 106,089 84,367 153,242 131,557 123,175 cashequivalentsExchangedifferenceson cash andcash (153 ) 81 (416 ) (162 ) (138 )equivalentsin foreigncurrenciesEndingbalance ofcash and $ 95,043 $ 106,089 $ 147,425 $ 95,043 $ 147,425 cashequivalentsCash fromcontinuing 89,047 99,940 118,874 89,047 118,874 operationsCurrent/Non-currentrestricted 5,996 6,149 28,551 5,996 28,551 cash andcashequivalentsCash andrestrictedcash in the $ 95,043 $ 106,089 $ 147,425 $ 95,043 $ 147,425 statement offinancialposition

Adjusted EBITDA ($,000): QuarterEnded QuarterEnded QuarterEnded Nine Months Nine Months Ended Ended September 30, June 30, 2021 September 30, September September 2021 2020 30, 2021 30, 2020Profit (loss)attributable to $ (96,596 ) $ 1,910 $ (47,284 ) $ (162,067 ) $ (107,289 )the parentProfit (loss)for the periodfrom ? ? 5,399 ? 5,399 discontinuedoperationsProfit (loss)attributable to (1,023 ) (1,180 ) 450 (3,338 ) (2,638 )non-controllinginterestIncome tax(benefit) (680 ) (250 ) 1,841 (1,774 ) (14,245 )expenseNet finance 103,379 11,178 13,985 130,420 47,162 expenseFinancialderivatives ? ? ? ? (3,168 )loss (gain)Exchange 6,180 (3,237 ) (13,158 ) 12,257 (18,226 )differencesDepreciationandamortizationcharges, 23,971 23,523 26,524 72,779 82,651 operatingallowances andwrite-downsEBITDA 35,231 31,944 (12,243 ) 48,277 (10,354 )Impairment 363 ? 34,269 363 34,269 Restructuringand termination 1,313 2,144 ? 44,422 ? costsEnergy: France ? ? ? ? 70 Staff Costs: ? ? ? ? 155 South AfricaOther Idling ? ? 205 ? 2,887 CostsPension Plan 685 ? ? 685 buyoutAdjusted EBITDA $ 37,592 $ 34,088 $ 22,231 $ 93,747 $ 27,027

Adjusted profit attributable to Ferroglobe ($,000): QuarterEnded QuarterEnded QuarterEnded Nine Months Nine Months Ended Ended September 30, June 30, 2021 September 30, September September 2021 2020 30, 2021 30, 2020Profit (loss)attributable $ (96,596 ) $ 1,910 $ (47,284 ) $ (162,067 ) $ (107,289 )to the parentTax rate 30,776 (404 ) 14,511 51,723 23,761 adjustmentImpairment 247 ? 23,303 247 23,303 Restructuringand 893 1,458 ? 30,207 ? terminationcostsEnergy: ? ? ? ? 48 FranceEnergy: South ? ? ? ? ? AfricaStaff Costs: ? ? ? ? 105 South AfricaOther Idling ? ? 139 ? 1,963 CostsTolling ? ? ? ? ? agreementBargain ? ? ? ? ? purchase gainGain on saleof hydro ? ? ? ? ? plant assetsShare-based ? ? ? ? ? compensationPension Plan 466 466 buyoutAdjustedprofit (loss) $ (64,214 ) $ 2,964 $ (9,331 ) $ (79,424 ) $ (58,109 )attributableto the parent

Adjusted diluted profit per share: Nine Nine QuarterEnded QuarterEnded QuarterEnded Months Months Ended Ended September 30, June 30, 2021 September 30, September September 2021 2020 30, 2021 30, 2020Dilutedprofit (loss) $ (0.54 ) $ 0.01 $ (0.28 ) $ (0.94 ) $ (0.63 )per ordinaryshareTax rate 0.18 (0.00 ) (0.00 ) 0.31 0.14 adjustmentImpairment 0.00 ? 0.14 0.00 0.14 Restructuringand 0.00 0.01 ? 0.18 ? terminationcostsEnergy: ? ? ? ? 0.00 FranceStaff Costs: ? ? ? ? 0.00 South AfricaOther Idling ? ? 0.00 ? 0.01 CostsRestructuringand ? ? ? ? ? terminationcostsTolling ? ? ? ? ? agreementBargain ? ? ? ? ? purchase gainGain on saleof hydro ? ? ? ? ? plant assetsShare-based ? ? ? ? ? compensationPension Plan 0.00 ? ? 0.00 ? buyoutAdjusteddilutedprofit (loss) $ (0.36 ) $ 0.02 $ (0.14 ) $ (0.45 ) $ (0.34 )per ordinaryshare