UK’s Ferroglobe Q1 sales rise 13% as margins narrow; company to pursue Venezuelan restart

Ferroglobe

05/05/2026 22:11

Overview

UK silicon alloys producer's Q1 sales rose 13% yr/yr on higher alloy volumes

Adjusted EBITDA for Q1 fell sharply from prior quarter, reflecting margin compression and higher costs

Company ended Q1 with $96.4 mln cash and net debt of $54.6 mln

Outlook

Company expects pricing conditions to improve in the second half of the yr

Ferroglobe is actively pursuing a potential restart of Venezuelan operations

Company sees opportunities from U.S. and EU policy shifts toward domestic supply chains

Result Drivers

ALLOY VOLUME GROWTH - Higher shipments of silicon-based and manganese-based alloys, particularly in the U.S., boosted Q1 sales, per CEO Levi

MARGIN COMPRESSION - Profitability was pressured by higher logistics, raw material, and energy costs, and lower silicon metal prices, according to CFO García-Cos

ONE-TIME GAIN PRIOR QUARTER - Prior quarter's adjusted EBITDA benefited from a one-time $12 mln gain from a lease liability modification, not repeated in Q1

Company press release: ID:nGNX8kL8Sj

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Sales
Beat
$347.70 mln
$341.50 mln (2 Analysts)
Q1 Adjusted EPS
Meet
-$0.07
-$0.07 (2 Analysts)
Q1 Adjusted EBITDA
Miss
$3.30 mln
$6.80 mln (2 Analysts)
Q1 Adjusted EBITDA Margin
-2.70%
Q1 Operating Free Cash Flow
-$5.60 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the specialty mining & metals peer group is "buy"

Wall Street's median 12-month price target for Ferroglobe PLC is $6.00, about 27.9% above its May 4 closing price of $4.69

The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 43 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)