Sequential growth in shipments and positive free cash flow are early recovery signs, but YoY revenue and adjusted EBITDA declines reflect persistent pricing headwinds, especially in silicon metal. Watch for pricing stabilization in silicon metal and further cost improvements. The maintained dividend signals management confidence in cash generation.
Price Chart
Executive Summary
Ferroglobe reported Q2 2026 sales of $378.6M, up 8.9% sequentially but down 2.1% YoY, with adjusted EBITDA of $13.1M improving from $3.3M in Q1 but declining 39.3% from $21.6M in Q2 2025. Net profit of $60.4M was boosted by a $59.9M fair value adjustment on energy contracts, while free cash flow turned positive to $20.4M and net debt fell to $37.7M. Results are mixed — sequential operational improvement is offset by YoY revenue and earnings declines amid a challenging pricing environment.
Key Facts
- Q2 2026 sales $378.6M, +8.9% Q/Q, -2.1% YoY from $386.9M
- Net profit attributable to parent $60.4M vs loss of $10.5M in Q2 2025; includes $59.9M energy contract fair value gain
- Adjusted EBITDA $13.1M vs $3.3M Q1 2026 and $21.6M Q2 2025 (-39.3% YoY)
- Adjusted diluted EPS $0.00 vs -$0.08 in Q2 2025
- Free cash flow $20.4M vs -$16.4M in Q1 2026
- Net debt reduced to $37.7M from $54.6M at Q1 2026 and cash of $93.2M
- Silicon metal segment remained in negative adjusted EBITDA of -$2.7M despite volume growth
- Quarterly dividend maintained at $0.015 per share
Financial Impact
Sales down 2.1% YoY, adjusted EBITDA down 39.3% YoY. Net profit swing to $60.4M largely from non-cash energy contract adjustments. Free cash flow positive at $20.4M.
Risk Factors
- Continued weakness in silicon metal pricing and elevated market availability
- Silicon metal segment still generating negative adjusted EBITDA
- YoY revenue and adjusted EBITDA declines indicate challenging demand environment
- Import competition in EU markets pressuring pricing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-090465 |
| Document: 0001104659-26-090465-index-headers.html | 0001104659-26-090465 |
| Document: 0001104659-26-090465-index.html | 0001104659-26-090465 |
| Document: 0001104659-26-090465.txt | 0001104659-26-090465 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | SC 13G/A | $3.99 | awaiting T+5 | — | $4.03 (+1.13%) |
Oct 20, 2026 6d ago | Press Release | $4.19 | awaiting T+5 | — | $4.03 (−3.70%) |
Oct 9, 2026 17d ago | SC 13G/A | $4.10 $4.20 | ▲ +2.44% | ▲ +3.93% | $4.03 (−1.59%) |
Aug 11, 2026 11w ago | Court Ruling | $4.45 $4.05 | ▼ −8.99% | ▼ −8.54% | $4.03 (−9.33%) |
Aug 4, 2026 11w ago | 6-K | $4.15 $4.45 | ▲ +7.23% | ▲ +6.88% | $4.03 (−2.77%) |
Aug 4, 2026 11w ago | Press Release | $4.15 $4.45 | ▲ +7.23% | ▲ +6.88% | $4.03 (−2.77%) |
Jun 18, 2026 18w ago | 6-K | $3.91 $3.42 | ▼ −12.53% | ▼ −10.87% | $4.03 (+3.20%) |
May 5, 2026 24w ago | 6-K | $4.73 $4.01 | ▼ −15.22% | ▼ −16.35% | $4.03 (−14.69%) |
May 5, 2026 24w ago | Press Release | $4.73 $4.01 | ▼ −15.22% | ▼ −16.35% | $4.03 (−14.69%) |
Mar 26, 2026 30w ago | 20-F | $4.28 $4.07 | ▲ +4.91% | ▲ +6.54% | $4.03 (+5.72%) |
US Market Status
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