Key Points – Ferroglobe’s Q2 performance improved sequentially: Shipments rose 7% to 188,000 tons, revenue increased 9% to $379 million, adjusted EBITDA reached $13 million, and free cash flow improved to $20 million.
Higher volumes and fixed-cost absorption offset ongoing pricing pressure from imports. – Profitability varied by segment amid difficult trade conditions: Silicon metal volumes jumped 34% but the segment remained loss-making, while silicon-based and manganese-based alloys posted significant EBITDA gains
Management said Chinese and other imports continue to weigh on silicon prices, although manganese benefits from higher prices and safeguards. – The company is pursuing growth and cost-optimization initiatives: Ferroglobe is testing critical materials such as ferromolybdenum and magnesium, targeting initial commercial activity before year-end, while evaluating a restart of four Venezuelan furnaces and further working-capital releases. It does not plan to resume share repurchases under current market conditions. Ferroglobe (NASDAQ:GSM) reported higher shipments, revenue, adjusted EBITDA and free cash flow in the second quarter of 2026, as increased silicon metal volumes and stronger fixed-cost absorption helped offset continued pricing pressure from imports.
Total shipments rose 7% sequentially to 188,000 tons, while revenue increased 9% from the prior quarter to $379 million. Adjusted EBITDA improved by $10 million to $13 million, and free cash flow improved by $37 million to $20 million, Chief Executive Officer Marco Levi said during the company’s earnings call. “Our second quarter results reflect solid execution despite a challenging market environment,” Levi said. He added that silicon metal shipments increased 34% quarter over quarter, helping drive the overall volume gain.