Ferroglobe Reports Strong Third Quarter 2023 Financial Results

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 financial results for the third quarter 2023.

FINANCIAL HIGHLIGHTS

Reported Q3-23 revenue of $416.8 million, down 9% over the prior quarter
Q3-23 Adjusted EBITDA of $104.5 million, down 1% over the prior quarter
Q3-23 Adjusted EBITDA margin improved to 25.1% versus 23.2% in Q2-23
Q3-23 Adjusted EPS was $0.27 versus $0.30 in Q2-23
Gross debt was $237 million at Sep-23, down from $400 million at Jun-23 and $431 million at Sep-22
$100 million available from our ABL facility which remained undrawn in Q3-23
Total cash decreased to $166 million primarily due to the $150 million partial redemption of the 9 ¾ senior secured notes, down from $363 million at Jun-23

BUSINESS HIGHLIGHTS

Acquired a high-quality quartz mine in the U.S. to ensure access to this critical material, enabling Ferroglobe to meet the increasing demand for high-quality silicon metal by the solar and EV battery markets
Continue to develop strategic partnerships and alliances to enhance the company’s growth opportunities
Finalized an additional long-term power agreement to improve the cost competitiveness of the Spanish plants
Favorable U.S. policies continue to benefit Ferroglobe
Implementing a capital allocation policy with details to be announced in the first quarter

“The company continued to perform well in a difficult market environment,” commented Dr. Marco Levi, Ferroglobe’s Chief Executive Officer. “Our strong EBITDA of $104 million benefited from our proactive energy agreements, strong operating efficiency and effective energy management at our plants. Overall, our operations in all regions continue to perform at a high level amid the global uncertainty and tepid end markets.

“The high-quality quartz mine that we acquired in South Carolina positions us to take advantage of the shift toward increased production and adoption of solar panels and lithium-ion EV batteries in the U.S. in the coming years. Recently, there has been weakness in these end markets; however, we continue to believe the long-term growth story is intact.

“We reiterate our guidance for full year adjusted EBITDA of $270 to $300 million,” concluded Dr. Levi.

Third Quarter 2023 Financial Highlights

	Quarter Ended			Quarter Ended			Quarter Ended			%			%			Nine Months Ended			Nine Months Ended			%
$,000 (unaudited)	September 30, 2023			June 30, 2023			September 30, 2022			Q/Q			Y/Y			September 30, 2023			September 30, 2022			Y/Y

Sales	$	416,810		$	456,441		$	593,218			(9	%)		(30	%)	$	1,274,083		$	2,149,291		(41	%)
Raw materials and energy consumption for production	$	(195,600	)	$	(229,077	)	$	(285,210	)		(15	%)		(31	%)	$	(679,714	)	$	(995,514	)	(32	%)
Energy consumption for production (PPA impact)		—			(23,193	)		—									—			—
Operating profit (loss)	$	75,419		$	62,846		$	154,424			20	%		(51	%)	$	182,716		$	630,853		(71	%)
Operating margin		18.1	%		13.8	%		26.0	%								14.3	%		29.4	%
Adjusted net income attributable to the parent	$	53,721		$	56,737		$	118,264			(5	%)		(55	%)	$	118,642		$	496,737		(76	%)
Adjusted diluted EPS	$	0.27		$	0.30		$	0.64								$	0.63		$	2.66
Adjusted EBITDA	$	104,496		$	105,674		$	185,293			(1	%)		(44	%)	$	254,937		$	729,568		(65	%)
Adjusted EBITDA margin		25.1	%		23.2	%		31.2	%								20.0	%		33.9	%
Operating cash flow	$	(8,727	)	$	23,572		$	54,972			(137	%)		(116	%)	$	149,628		$	285,698		(48	%)
Free cash flow1	$	(27,357	)	$	939		$	40,141			(3.013	%)		(168	%)	$	91,073		$	248,033		(63	%)

Working Capital	$	510,064		$	474,971		$	717,283			7	%		(29	%)	$	510,064		$	717,283		(29	%)
Cash and Restricted Cash	$	165,973		$	363,181		$	236,789			(54	%)		(30	%)	$	165,973		$	236,789		(30	%)
Adjusted Gross Debt2	$	237,056		$	400,066		$	431,207			(41	%)		(45	%)	$	237,056		$	431,207		(45	%)
Equity	$	859,723		$	823,595		$	700,340			4	%		23	%	$	859,723		$	700,340		23	%

(1) Free cash flow is calculated as operating cash flow plus investing cash flow(2) Adjusted gross debt excludes factoring program and impact of leasing standard IFRS16

Sales

Ferroglobe reported third quarter net sales of $417 million, a decrease of 9% over the prior quarter and a decrease of 30% over Q3-22. The $40 million decrease in sales over the prior quarter was primarily driven by manganese-based alloys, which accounted for $19 million of the decrease, and silicon-based alloys, which accounted for $18 million, partially offset by silicon metal, which increased by $3 million.

Raw materials and energy consumption for production

Raw materials and energy consumption for production was $196 million in the third quarter of 2023 versus $253 million in the prior quarter, a decrease of 22%. As a percentage of sales, raw materials and energy consumption for production improved to 47% in the third quarter of 2023 versus 55% in the prior quarter. Excluding the PPA impact, raw materials and energy consumption for production was 50% of sales in the second quarter.

Net Income (Loss) Attributable to the Parent

In the third quarter, net income attributable to the parent was $41 million, or $0.21 per diluted share, compared to $32 million, or $0.17 per diluted share, in the second quarter.

Adjusted EBITDA

Adjusted EBITDA in the third quarter was $104 million, down 1% over the second quarter. Adjusted EBITDA margin was 25% in the third quarter, up from 23% in the second quarter.

Total Cash

The total cash balance was $166 million as of September 30, 2023, down $197 million from $363 million as of June 30, 2023. The decline was primarily due to the $150 million partial redemption of the 9 3/8% Senior Secured Notes on July 31, 2023.

During the third quarter, operating cash flow was negative $9 million, cash flow from investing activities was negative $19 million, and cash flow from financing activities was negative $170 million. The significant negative cash flow from financing activities was primarily due to the redemption of the senior secured notes in July.

Total Working Capital

Total working capital was $510 million at September 30, 2023 versus $475 million at June 30, 2023. The $35 million increase in working capital during the quarter was primarily due to a decrease in trade and other payables of $25 million and an increase in trade and other receivables of $11 million.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “During the quarter, we continued deleveraging our balance sheet by reducing our gross debt to $237 million, down from $400 million in the prior quarter, which was a result of redeeming $150 million of our 9 3/8% senior secured notes. This redemption saves us approximately $14 million in annual interest expenses.

“As we commented last quarter, we expect to build inventory in preparation for the gradual idling of our French operations toward the end of the fourth quarter as planned, as we optimize our energy costs. The French plants are scheduled to be idle during the first quarter,” concluded Mrs. Garcia-Cos.

Product Category Highlights

Silicon Metal

	Quarter Ended			Quarter Ended					Quarter Ended					Nine Months Ended			Nine Months Ended
	September 30, 2023			June 30, 2023			% Q/Q		September 30, 2022			% Y/Y		September 30, 2023			September 30, 2022			% Y/Y
Shipments in metric tons:		57,031			50,651		12.6	%		50,545		12.8	%		144,624			169,883		(14.9	)%
Average selling price ($/MT):		3,481			3,855		(9.7	)%		5,220		(33.3	)%		3,834			5,489		(30.2	)%

Silicon Metal Revenue ($,000)		198,525			195,260		1.7	%		263,845		(24.8	)%		554,488			932,488		(40.5	)%
Silicon Metal Adj.EBITDA ($,000)		80,823			82,403		(1.9	)%		113,151		(28.6	)%		194,347			439,920		(55.8	)%
Silicon Metal Adj.EBITDA Mgns		40.7	%		42.2	%				42.9	%				35.0	%		47.2	%

Silicon metal revenue in the third quarter was $199 million, an increase of 1.7% over the prior quarter. Average realized prices declined 9.7%, driven by lower market index pricing in the U.S. and Europe. Volumes increased 12.6% over the prior quarter as a result of strong shipments in North America. Adjusted EBITDA for this segment was $81 million, approximately flat versus the prior quarter and adjusted EBITDA margin was 41%, down slightly from the second quarter. An improvement in costs was primarily attributable to the higher energy compensation, offsetting the price declines.

Silicon-Based Alloys

	Quarter Ended			Quarter Ended					Quarter Ended					Nine Months Ended			Nine Months Ended
	September 30, 2023			June 30, 2023			% Q/Q		September 30, 2022			% Y/Y		September 30, 2023			September 30, 2022			% Y/Y
Shipments in metric tons:		46,427			49,457		(6.1	)%		48,977		(5.2	)%		144,984			164,230		(11.7	)%
Average selling price ($/MT):		2,475			2,697		(8.2	)%		3,655		(32.3	)%		2,645			3,819		(30.7	)%

Silicon-based Alloys Revenue ($,000)		114,907			133,386		(13.9	)%		179,011		(35.8	)%		383,483			627,194		(38.9	)%
Silicon-based Alloys Adj.EBITDA ($,000)		25,402			31,812		(20.1	)%		59,668		(57.4	)%		79,138			235,220		(66.4	)%
Silicon-based Alloys Adj.EBITDA Mgns		22.1	%		23.8	%				33.3	%				20.6	%		37.5	%

Silicon-based alloy revenue in the third quarter was $115 million, a decrease of 13.9% over the prior quarter. Shipments decreased by 6.1% versus the prior quarter while average realized selling prices declined by 8.2% over the same period. Adjusted EBITDA for the silicon-based alloys portfolio decreased to $25 million in the third quarter, a decrease of 20.1% compared with $32 million in the prior quarter. EBITDA margin decreased slightly in the quarter, as costs were positive impacted by lower raw material prices, primarily coal.

Manganese-Based Alloys

	Quarter Ended			Quarter Ended					Quarter Ended					Nine Months Ended			Nine Months Ended
	September 30, 2023			June 30, 2023			% Q/Q		September 30, 2022			% Y/Y		September 30, 2023			September 30, 2022			% Y/Y
Shipments in metric tons:		56,399			62,573		(9.9	)%		61,583		(8.4	)%		165,839			233,672		(29.0	)%
Average selling price ($/MT):		1,046			1,248		(16.2	)%		1,584		(34.0	)%		1,198			1,860		(35.6	)%

Manganese-based Alloys Revenue ($,000)		58,993			78,091		(24.5	)%		97,547		(39.5	)%		198,675			434,630		(54.3	)%
Manganese-based Alloys Adj.EBITDA ($,000)		11,000			1,065		932.9	%		14,681		(25.1	)%		14,107			67,923		(79.2	)%
Manganese-based Alloys Adj.EBITDA Mgns		18.6	%		1.4	%				15.1	%				7.1	%		15.6	%

Manganese-based alloy revenue in the third quarter was $59 million, a decrease of 24.5% over the prior quarter. Average realized selling prices decreased by 16.2% linked to continued index price declines while total shipments decreased 9.9%. Adjusted EBITDA for the manganese-based alloys portfolio increased to $11 million in the third quarter versus $1 million for the prior quarter. EBITDA margin in the quarter increased as costs were positively impacted by higher energy and CO2 compensation in France and lower manganese ore prices.

Subsequent Events

Acquisition of a strategic high-quality quartz mine in the U.S.

On October 27, 2023, the company announced that it had acquired a high-quality quartz mine in the U.S. for approximately $11 million. The South Carolina mine has the capacity to produce more than 300kt of quartz per year, with more than ten years of reserve life. It is located near a rail line with a lower cost of production than Ferroglobe’s existing quartz operations in Alabama. Production is expected to begin in the second half of 2024.

This acquisition helps ensure that Ferroglobe has access to this critical material, enabling it to meet the increasing demand for high-quality silicon metal, while its proximity to our operations secures the long-term competitiveness of our US footprint.

Conference Call

Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, Eastern Time on November 8, 2023. Please dial in at least five minutes prior to the call to register. The call may also be accessed via an audio webcast.

To join via phone:Conference call participants should pre-register using this link: https://register.vevent.com/register/BI5d42f1befd9f406fbbd89e0d59f58215Once registered, you will receive the dial-in numbers and a personal PIN, which are required to access the conference call.

To join via webcast:A simultaneous audio webcast and replay will be accessible here:https://edge.media-server.com/mmc/p/6vdhrozz

About Ferroglobe

Ferroglobe PLC is a leading global producer of silicon metal, silicon- and manganese- based specialty alloys and ferroalloys, serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, electronics, automotive, consumer products, construction, and energy. The Company is based in London. 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 Company’s 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” and words 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, Ferroglobe’s 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 Company’s control.

Forward-looking financial information and other metrics presented herein represent the Company’s 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. Ferroglobe does 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

This document may contain summarized, non-audited or non-GAAP financial information. The information contained herein should therefore be considered as a whole and in conjunction with all the public information regarding the Company available, including any other documents released by the Company that may contain more detailed information. Adjusted EBITDA, adjusted EBITDA as a percentage of sales, working capital as a percentage of sales, adjusted EBITDA margin, adjusted net profit, adjusted profit per share, working capital, adjusted gross debt and net debt, are non-IFRS financial metrics that management uses in its decision making. Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important and useful to investors because they eliminate items that have less bearing on the Company’s 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.INVESTOR CONTACT:

Alex Rotonen, CFAVice President, Investor Relations Email: 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)

	Quarter Ended			Quarter Ended			Quarter Ended			Nine Months Ended			Nine Months Ended
	September 30, 2023			June 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Sales	$	416,810		$	456,441		$	593,218		$	1,274,083		$	2,149,291
Raw materials and energy consumption for production		(195,600	)		(229,077	)		(285,210	)		(679,714	)		(995,514	)
Energy consumption for production (PPA impact)		—			(23,193	)		—			—			—
Other operating income		23,546			27,689			19,711			66,049			68,942
Staff costs		(83,582	)		(74,972	)		(75,689	)		(226,097	)		(238,379	)
Other operating expense		(65,708	)		(77,202	)		(77,954	)		(197,020	)		(292,122	)
Depreciation and amortization charges, operating allowances and write-downs		(19,000	)		(16,452	)		(19,719	)		(53,442	)		(61,012	)
Impairment (loss) gain		(1,035	)		(887	)		—			(1,676	)		—
Other gain (loss)		(12	)		499			67			533			(353	)
Operating profit		75,419			62,846			154,424			182,716			630,853
Net finance income (expense)		(9,165	)		(895	)		(16,630	)		(21,041	)		(41,914	)
Exchange differences		1,258			(5,367	)		(1,770	)		(2,654	)		(14,045	)
Profit before tax		67,512			56,584			136,024			159,021			574,894
Income tax (loss)		(23,399	)		(20,520	)		(37,184	)		(53,380	)		(140,207	)
Profit for the period		44,113			36,064			98,840			105,641			434,687
Profit (loss) attributable to non-controlling interest		(3,229	)		(4,156	)		(1,212	)		(11,862	)		(570	)
Profit attributable to the parent	$	40,884		$	31,908		$	97,628		$	93,779		$	434,117


EBITDA	$	94,419		$	79,298		$	174,143		$	236,158		$	691,865
Adjusted EBITDA	$	104,496		$	105,674		$	185,293		$	254,937		$	729,568


Weighted average shares outstanding
Basic		187,872			187,872			187,424			187,872			187,454
Diluted		190,531			190,174			188,850			190,242			188,804

Profit (loss) per ordinary share
Basic	$	0.22		$	0.17		$	0.52		$	0.50		$	2.32
Diluted	$	0.21		$	0.17		$	0.52		$	0.49		$	2.30

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

	September 30,		June 30,		December 31,
	2023		2023		2022
ASSETS
Non-current assets
Goodwill	$	29,702	$	29,702	$	29,702
Other intangible assets		120,602		125,403		111,797
Property, plant and equipment		494,912		500,546		486,247
Other non-current financial assets		15,591		14,175		14,186
Deferred tax assets		7,169		8,683		7,136
Non-current receivables from related parties		1,589		1,630		1,600
Other non-current assets		19,410		19,633		18,218
Non-current restricted cash and cash equivalents		2,119		2,173		2,133
Total non-current assets		691,094		701,945		671,019
Current assets
Inventories		383,452		384,526		500,080
Trade and other receivables		293,234		281,821		425,474
Current receivables from related parties		2,657		2,726		2,675
Current income tax assets		12,500		16,290		6,104
Other current financial assets		359		2		3
Other current assets		155,767		104,237		30,608
Assets and disposal groups classified as held for sale		795		1,087		1,067
Current restricted cash and cash equivalents		2,406		2,406		2,875
Cash and cash equivalents		161,448		358,602		317,935
Total current assets		1,012,618		1,151,697		1,286,821
Total assets	$	1,703,712	$	1,853,642	$	1,957,840

EQUITY AND LIABILITIES
Equity	$	859,723	$	823,595	$	756,813
Non-current liabilities
Deferred income		49,467		77,514		3,842
Provisions		52,515		52,664		47,670
Bank borrowings		15,073		15,354		15,774
Lease liabilities		11,570		11,634		12,942
Debt instruments		150,167		302,572		330,655
Other financial liabilities		64,592		66,558		38,279
Other Obligations		30,363		31,763		37,502
Other non-current liabilities		166		137		12
Deferred tax liabilities		35,449		34,265		35,854
Total non-current liabilities		409,362		592,461		522,530
Current liabilities
Provisions		84,308		55,935		145,507
Bank borrowings		52,071		64,793		62,059
Lease liabilities		7,058		7,551		8,929
Debt instruments		2,321		11,668		12,787
Other financial liabilities		13,538		12,500		60,382
Financial Instruments		—		—		—
Payables to related parties		3,065		2,521		1,790
Trade and other payables		166,622		191,376		219,666
Current income tax liabilities		11,901		3,494		53,234
Other Obligations		11,780		13,589		9,580
Other current liabilities		81,963		74,159		104,563
Total current liabilities		434,627		437,586		678,497
Total equity and liabilities	$	1,703,712	$	1,853,642	$	1,957,840

Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Statement of Cash Flows

	Quarter Ended			Quarter Ended			Quarter Ended			Nine Months Ended			Nine Months Ended
	September 30, 2023			June 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Cash flows from operating activities:
Profit for the period	$	44,113		$	36,064		$	98,840		$	105,641		$	434,687
Adjustments to reconcile net (loss) profit to net cash used by operating activities:
Income tax (benefit) expense		23,399			20,520			37,184			53,380			140,207
Depreciation and amortization charges, operating allowances and write-downs		19,000			16,452			19,719			53,442			61,012
Net finance expense		9,165			895			16,630			21,041			41,914
Exchange differences		(1,258	)		5,367			1,770			2,654			14,045
Impairment losses		1,035			887			—			1,676			—
Net loss (gain) due to changes in the value of asset		4			(344	)		(124	)		(365	)		(140	)
Gain on disposal of non-current assets		—			(161	)		142			(183	)		444
Share-based compensation		2,773			2,041			1,118			6,719			3,895
Other adjustments		8			6			(85	)		14			48
Changes in operating assets and liabilities
(Increase) decrease in inventories		(12,482	)		30,132			(129,210	)		103,925			(262,389	)
(Increase) decrease in trade receivables		(16,183	)		29,326			60,654			131,857			(87,076	)
Increase (decrease) in trade payables		(22,361	)		19,169			1,656			(77,056	)		30,770
Other		(46,796	)		(61,617	)		(40,841	)		(152,510	)		(47,650	)
Income taxes paid		(9,144	)		(75,165	)		(12,481	)		(100,607	)		(44,069	)
Net cash provided (used) by operating activities		(8,727	)		23,572			54,972			149,628			285,698
Cash flows from investing activities:
Interest and finance income received		739			969			1,055			2,376			1,263
Payments due to investments:
Other intangible assets		(516	)		(940	)		(229	)		(1,456	)		(229	)
Property, plant and equipment		(18,853	)		(22,662	)		(15,657	)		(59,475	)		(38,705	)
Other		—			—			—			—			6
Net cash (used) provided by investing activities		(18,630	)		(22,633	)		(14,831	)		(58,555	)		(37,665	)
Cash flows from financing activities:
Payment for debt and equity issuance costs		—			—			(693	)		—			(793	)
Repayment of other financial liabilities		(150,000	)		—			—			(150,000	)		—
Proceeds from debt issuance		—			—			—			—			(4,943	)
Repayment of debt instruments					(1,742	)					(28,025	)		—
Increase/(decrease) in bank borrowings:
Borrowings		131,063			152,210			193,502			393,035			739,026
Payments		(129,714	)		(126,840	)		(218,593	)		(398,454	)		(748,473	)
Amounts paid due to leases		(2,956	)		(2,851	)		(2,412	)		(8,054	)		(7,207	)
Proceeds from other financing liabilities		—			—
Other amounts received/(paid) due to financing activities		—			—			(60,655	)		(17,377	)		(41,476	)
Interest paid		(19,371	)		(1,721	)		(20,078	)		(39,284	)		(57,253	)
Net cash (used) provided by financing activities		(170,978	)		19,056			(108,929	)		(248,159	)		(121,119	)
Total net cash flows for the period		(198,335	)		19,995			(68,788	)		(157,086	)		126,914
Beginning balance of cash and cash equivalents		363,181			344,197			306,511			322,943			116,663
Exchange differences on cash and cash equivalents in foreign currencies		1,127			(1,011	)		(934	)		116			(6,788	)
Ending balance of cash and cash equivalents	$	165,973		$	363,181		$	236,789		$	165,973		$	236,789
Cash from continuing operations		161,448			358,602			234,839			161,448			234,839
Current/Non-current restricted cash and cash equivalents		4,525			4,579			1,950			4,525			1,950
Cash and restricted cash in the statement of financial position	$	165,973		$	363,181		$	236,789		$	165,973		$	236,789

Adjusted EBITDA ($,000):

	Quarter Ended			Quarter Ended			Quarter Ended		Nine Months Ended		Nine Months Ended
	September 30, 2023			June 30, 2023			September 30, 2022		September 30, 2023		September 30, 2022
Profit attributable to the parent	$	40,884		$	31,908		$	97,628	$	93,779	$	434,117
Profit (loss) attributable to non-controlling interest		3,229			4,156			1,212		11,862		570
Income tax expense		23,399			20,520			37,184		53,380		140,207
Net finance expense		9,165			895			16,630		21,041		41,914
Exchange differences		(1,258	)		5,367			1,770		2,654		14,045
Depreciation and amortization charges, operating allowances and write-downs		19,000			16,452			19,719		53,442		61,012
EBITDA		94,419			79,298			174,143		236,158		691,865
Impairment		1,035			887			—		1,676		—
Restructuring and termination costs		5,535			—			—		5,535		9,315
New strategy implementation		—			(77	)		7,354		1,973		24,592
Subactivity		3,507			2,373			3,796		9,595		3,796
PPA Energy		—			23,193			—		—		—
Adjusted EBITDA	$	104,496		$	105,674		$	185,293	$	254,937	$	729,568

Adjusted profit attributable to Ferroglobe ($,000):

	Quarter Ended		Quarter Ended			Quarter Ended		Nine Months Ended		Nine Months Ended
	September 30, 2023		June 30, 2023			September 30, 2022		September 30, 2023		September 30, 2022
Profit attributable to the parent	$	40,884	$	31,908		$	97,628	$	93,779	$	434,117
Tax rate adjustment		5,441		5,469			11,584		11,080		32,012
Impairment		760		651			—		1,230		—
Restructuring and termination costs		4,063		—			—		4,063		7,562
New strategy implementation		—		(57	)		5,970		1,448		19,964
Subactivity		2,574		1,742			3,082		7,043		3,082
PPA Energy		—		17,024					—
Adjusted profit attributable to the parent	$	53,721	$	56,737		$	118,264	$	118,642	$	496,737

Adjusted diluted profit per share:

	Quarter Ended		Quarter Ended		Quarter Ended		Nine Months Ended		Nine Months Ended
	September 30, 2023		June 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Diluted profit per ordinary share	$	0.21	$	0.17	$	0.52	$	0.49	$	2.30
Tax rate adjustment		0.03		0.03		0.06		0.06		0.18
Impairment		0.00		0.00		—		0.01		—
Restructuring and termination costs		0.02		—		0.01		0.02		0.04
New strategy implementation		—		—		0.03		0.01		0.12
Subactivity		0.01		0.01		0.02		0.04		0.02
PPA Energy		—		0.09		—		—
Adjusted diluted profit per ordinary share	$	0.27	$	0.30	$	0.64	$	0.63	$	2.66