Ferroglobe Q4 Shipments Up 13% to 165k Tons While EBITDA Slides
Ferroglobe’s Q4 shipments rose 13% to 165,000 tons while revenue climbed 6% to $329 million, yet adjusted EBITDA declined to $15 million. The company forecasts 2026 revenue of $1.5–$1.7 billion, raised its dividend to $0.015 per share and cited US and EU trade measures underpinning a ferroalloys volume rebound.
1. Q4 Financial Results
In the fourth quarter, Ferroglobe shipped 165,000 tons of product, up 13% year-over-year, generating $329 million in revenue. Adjusted EBITDA declined to $15 million as raw material and energy costs rose to 67% of sales. Segment EBITDA benefited from higher volumes in silicon-based and manganese alloys, offsetting margin pressure in silicon metal.
2. 2026 Outlook and Capital Returns
For 2026, management projects revenue of $1.5–$1.7 billion and has increased the quarterly dividend to $0.015 per share while maintaining share buybacks. The company generated $51 million of operating cash flow in 2025, reduced capital expenditures by 20% to $63 million, and expects similar or slightly lower CapEx next year to support sustaining investments.
3. Strategic and Operational Initiatives
Recent trade actions include US antidumping and countervailing duties on ferrosilicon imports and EU safeguards targeting a 25% reduction in ferroalloy imports. Ferroglobe converted three furnaces from silicon metal to ferrosilicon, secured a 10-year French energy agreement for year-round production flexibility, and increased its Coreshell investment to $10 million to advance silicon-rich EV battery anode development.