Ferroglobe PLC (GSM) 2024 Q4 法說會逐字稿

Good morning, everyone, and thank you for joining Ferroglobe's fourth quarter and full year 2024 conference call.

大家早安，感謝您參加 Ferroglobe 2024 年第四季和全年電話會議。

Joining me today are Marco Levi, our Chief Executive Officer; and Beatriz Garcia-Cos, our Chief Financial Officer.

今天與我一起的還有我們的執行長 Marco Levi；以及我們的財務長 Beatriz Garcia-Cos。

Before we get started with our prepared remarks, I'm going to read a brief statement.

在我們開始發表準備好的發言之前，我將宣讀一份簡短的聲明。

Please turn to slide 2 at this time.

現在請翻到投影片 2。

Statements made by management during this conference call that are forward-looking are based on current expectations.

管理階層在本次電話會議中所作的前瞻性陳述均基於目前的預期。

Factors that could cause actual results to differ materially from these forward-looking statements can be found in Ferroglobe's most recent SEC filings and the exhibits to those filings, which are available on our web page at ferroglobe.com.

可能導致實際結果與這些前瞻性陳述有重大差異的因素可以在 Ferroglobe 最新的 SEC 文件及其附件中找到，這些文件及其附件可在我們的網頁 ferroglobe.com 上找到。

In addition, this discussion includes references to EBITDA, adjusted EBITDA, adjusted gross debt, adjusted net debt and adjusted diluted earnings per share, among other non-IFRS measures.

此外，本次討論還涉及 EBITDA、調整後的 EBITDA、調整後的總債務、調整後的淨債務和調整後的每股稀釋收益以及其他非國際財務報告準則指標。

Reconciliations of these non-IFRS measures may be found in our most recent SEC filings.

在我們最近的 SEC 文件中找到這些非國際財務報告準則指標的對帳表。

Before I turn the call over to Marco Levi, our CEO, I want to announce that we'll be participating in the BMO Global Market Metals, Mining and Critical Minerals Conference in Florida on February 24 and 25.

在我將電話轉給我們的執行長 Marco Levi 之前，我想宣布我們將於 2 月 24 日至 25 日參加在佛羅裡達舉行的 BMO 全球市場金屬、採礦和關鍵礦產會議。

We hope to see you there.

我們希望在那裡見到您。

Marco?

馬可？

Thank you, Alex.

謝謝你，亞歷克斯。

Thanks for joining us on the call today.

感謝您今天的電話會議。

We appreciate your interest in Ferroglobe.

感謝您對 Ferroglobe 的關注。

Before I provide a recap of our 2024 accomplishments, I want to thank all Ferroglobe employees for a successful year.

在回顧我們 2024 年的成就之前，我想感謝所有 Ferroglobe 員工的成功。

We posted revenue of $1.6 billion and adjusted EBITDA of $154 million and free cash flow of $164 million.

我們公佈的營收為 16 億美元，調整後 EBITDA 為 1.54 億美元，自由現金流為 1.64 億美元。

We used our strong cash flow generation to repay the remaining senior secured notes.

我們利用強勁的現金流償還剩餘的優先擔保票據。

Eliminating these notes saves us $32 million in annual interest.

取消這些票據每年可為我們節省 3,200 萬美元的利息。

And in the first quarter of 2024, we became net cash positive for the first time in Ferroglobe's history and maintain our strong balance sheet throughout the year.

2024 年第一季度，我們在 Ferroglobe 歷史上首次實現淨現金為正，並在全年保持強勁的資產負債表。

This strong balance sheet enables us to initiate a capital return program consisting of quarterly dividends and share buybacks.

強勁的資產負債表使我們能夠啟動由季度股息和股票回購組成的資本回報計劃。

We paid our initial dividend in the first quarter of 2024 and are increasing it by approximately 8% in the first quarter of 2025.

我們在 2024 年第一季支付了初始股息，並將在 2025 年第一季將其增加約 8%。

In addition, we began our share repurchase program in the third quarter, which we will continue to execute selectively in 2025.

此外，我們在第三季開始了股票回購計劃，並將在 2025 年繼續選擇性地執行該計劃。

We also intend to continue complementing our discretionary repurchases with a 10b5-1 plan.

我們也打算透過 10b5-1 計畫繼續補充我們的自由裁量回購。

While our share buybacks have been modest, we intend to get more aggressive as we gain visibility and see improvement in our end markets.

雖然我們的股票回購規模不大，但隨著我們知名度的提高和終端市場的改善，我們打算更加積極地回購。

Maintaining a strong balance sheet to ensure that we have the ability to navigate any downturn is our top priority.

保持強勁的資產負債表以確保我們有能力應對任何經濟衰退是我們的首要任務。

One of the most important developments taking place is changing global trade, including potential antidumping and countervailing duties, tariffs and safeguards.

正在發生的最重要的發展之一是改變全球貿易，包括潛在的反傾銷和反補貼稅、關稅和保障措施。

This creates uncertainty until they become better defined.

這就產生了不確定性，直到它們得到更好的定義。

It is clear that governments are taking these measures seriously.

顯然，各國政府正在認真看待這些措施。

And this heightened focus is likely to make tariffs and safeguards more prevalent going forward.

這種高度關注可能會使關稅和保障措施在未來變得更加普遍。

Some actions have already taken place and some are under consideration.

有些行動已開始實施，有些正在考慮中。

These trade measures enacted by governments are expected to benefit domestic producers as the trade flows are altered across the globe.

隨著全球貿易流向發生改變，各國政府制定的這些貿易措施預計將使國內生產商受益。

As the largest Western producer with significant local operations, which are back integrated in North America and Europe, we have historically been significantly impacted by an uneven playing field.

作為西方最大的生產商，我們在北美和歐洲擁有大量本地業務，因此，我們歷來受到不公平競爭環境的嚴重影響。

Equally importantly, we serve customers who buy mostly local.

同樣重要的是，我們服務的客戶大多是本地購買者。

With the recent government announcements in North America and in Europe within the European community, we are optimistic that these actions will positively impact our market in the coming quarters, providing a tailwind for our business and driving future growth.

根據北美和歐洲政府最近發布的聲明，我們樂觀地認為這些舉措將在未來幾季對我們的市場產生積極影響，為我們的業務提供順風並推動未來的成長。

While the trade uncertainty is difficult to handicap, we believe these trade measures are imperative and will transform our industry for the better.

儘管貿易不確定性難以消除，但我們相信這些貿易措施是必不可少的，並將使我們的行業變得更好。

In the US, the International Trade Commission determined that Russia, Malaysia, Kazakhstan and Brazil unfairly priced ferrosilicon adversely impacting local producer.

在美國，國際貿易委員會裁定俄羅斯、馬來西亞、哈薩克和巴西對矽鐵進行不公平定價，對當地生產商造成不利影響。

As a result, combined antidumping and countervailing duties of more than 1,000% were placed on Russia.

結果，俄羅斯被徵收了總計超過1000%的反傾銷和反補貼稅。

Final antidumping and countervailing duties against Malaysia, Kazakhstan and Brazil will be announced by the Department of Commerce on March 21.

美國商務部將於3月21日宣布馬來西亞、哈薩克和巴西的最終反傾銷和反補貼稅裁決。

Combined, these four countries in 2023 imported approximately 140,000 tons of ferrosilicon into the US, accounting for approximately 65% of the market share.

2023年，這四個國家共進口了美國約14萬噸矽鐵，約佔市佔率的65%。

Overall, these measures are expected to benefit us significantly going forward.

總體而言，這些措施預計將為我們未來帶來巨大利益。

European market has also been damaged by low-priced imports, particularly from Eastern countries.

歐洲市場也受到了低價進口產品的損害，尤其是來自東方國家的進口產品。

In December 2024, the European Commission initiated a safeguard investigation into silicon metal, silicon-based alloys and manganese alloy imports.

2024年12月，歐盟委員會對金屬矽、矽基合金和錳合金進口發起保障措施調查。

While the potential magnitude of these measures is yet to be determined, we expect the provisional decision in Q2 with the final determination anticipated in Q4.

雖然這些措施的潛在規模尚未確定，但我們預計將在第二季做出初步決定，並在第四季做出最終決定。

To put things into perspective, EU's total consumption of silicon metal, silicon alloys and manganese alloys declined approximately 12% or 300,000 tons between 2019 and 2024.

具體來說，2019年至2024年間，歐盟的金屬矽、矽合金和錳合金總消費量下降了約12%或30萬噸。

Combined with an estimated 7% point increase in the market share of imports from Eastern countries, this has had a material impact on European markets, which has reflected in pricing.

再加上來自東方國家的進口市場份額預計增加 7%，這對歐洲市場產生了重大影響，並反映在定價上。

Total imports have increased by 70,000 tons since 2019, accounting for 40% market share.

2019年以來進口總量增加7萬噸，佔40%的市佔率。

As the largest domestic European producer, these measures, if enacted, are expected to positively impact the quality of the business and provide Ferroglobe with a great opportunity to increase our market share.

作為歐洲最大的國內生產商，這些措施一旦實施，預計將對業務品質產生積極影響，並為 Ferroglobe 提供增加市場份額的絕佳機會。

Moving to current market conditions; it has been a challenging environment in Europe and North America in the recent months.

轉向當前的市場狀況；近幾個月來，歐洲和北美的環境充滿挑戰。

While we expect market conditions to persist through the first half of 2025, we are beginning to see signs of market bottom as indexes have stabilized and prices for FeSi ferrosilicon in Europe and manganese alloys are trending higher.

雖然我們預計市場狀況將持續到 2025 年上半年，但隨著指數趨於穩定以及歐洲矽鐵矽鐵和錳合金價格呈走高，我們開始看到市場觸底的跡象。

One key factor contributing to our more optimistic outlook is the consistent growth of European steel production over the past several months.

使我們的前景更加樂觀的關鍵因素是過去幾個月歐洲鋼鐵產量的持續成長。

The World Steel Association forecast continued growth of 3.5% in 2025 with North American steel production expected to grow at a rate of 1.6% in 2025.

世界鋼鐵協會預測，2025年北美鋼鐵產量將持續成長3.5%，預計2025年成長率為1.6%。

In addition, the EU steel safeguard measure of 2019 is currently under review, and the aluminum industry has requested a safeguard investigation into imports.

此外，歐盟2019年鋼鐵保障措施目前正在接受審查，鋁業已要求對進口產品進行保障措施調查。

A positive decision would encourage more steel and aluminum production in the EU, further ramping demand for all our products.

積極的決定將鼓勵歐盟增加鋼鐵和鋁的生產，進一步增加我們所有產品的需求。

Another encouraging sign is the improved manufacturing PMIs.

另一個令人鼓舞的跡像是製造業PMI有所改善。

In January, global PMI posted its highest level in seven months with the US increasing to 51.2%, representing solid growth, boosted by a 34-month high in the expected production outlook.

1月份，全球PMI創下七個月來最高水平，其中美國增長至51.2%，顯示出穩健的增長，受預期生產前景創34個月新高的推動。

In addition, Europe's current contraction is expected to show improvement in the coming months.

此外，預計歐洲當前的經濟萎縮狀況將在未來幾個月內得到改善。

Next, I will discuss the outlook for 2025.

接下來我將討論2025年的展望。

On our last call, I mentioned Sales and Operation Planning or simply S&OP as another tool to drive incremental improvement across all phases of Ferroglobe.

在我們上次通話中，我提到銷售和營運計劃或簡稱 S&OP，是推動 Ferroglobe 各個階段逐步改進的另一種工具。

We are in the early innings of its implementation, but have already seen benefits with reduced working capital in the fourth quarter.

我們正處於實施的初期，但已經看到了第四季度營運資本減少的好處。

Once implemented across all our businesses, we expect to see material operational efficiency with improved cash flow, lower working capital and cost benefits.

一旦在我們所有業務中實施，我們預計會看到實質的營運效率，現金流改善，營運資本降低和成本效益。

For a brief update on Coreshell; we continue to see promising tech results from this partnership.

有關 Coreshell 的簡要更新；我們繼續看到此次合作帶來的有希望的技術成果。

And as a result, we recently increased our investment.

因此，我們最近增加了投資。

We look forward to continued collaboration as we drive innovation with this exciting technology.

我們期待繼續合作，利用這項令人興奮的技術推動創新。

We are bullish about silicon metal role as a disruptive breakthrough in EV batteries.

我們看好金屬矽在電動車電池領域的顛覆性突破。

And as a leader in silicon metal, we are well-positioned to capitalize on industry shift from graphite to silicon-rich anodes in EV batteries.

作為金屬矽領域的領導者，我們有能力利用電動車電池從石墨到富矽陽極的產業轉變。

This will significantly enhance the performance of EVs, including lower cost, longer ranges and shorter charging times.

這將顯著提高電動車的性能，包括降低成本、增加續航里程和縮短充電時間。

Next, I will provide a brief update on 2025 guidance.

接下來，我將簡要介紹 2025 年的指導。

We are initiating adjusted EBITDA guidance of $100 million to $170 million.

我們啟動 1 億美元至 1.7 億美元的調整後 EBITDA 預期。

The wider range of guidance is a result of uncertainty related to market conditions, timing of trade cases, potential tariffs and geopolitical issues.

更廣泛的指導範圍是由於與市場條件、貿易案件時機、潛在關稅和地緣政治問題相關的不確定性。

Beatriz will walk you through on our main assumptions related to guidance.

貝阿特麗斯 (Beatriz) 將向您介紹與指導相關的主要假設。

Next slide, please.

請看下一張投影片。

Our fourth quarter revenue declined compared to the third quarter due to lower volumes across all three segments.

由於三個部門的銷售量下降，我們第四季的營收與第三季相比有所下降。

Adjusted EBITDA was $10 million, down from $60 million, impacted by lower prices, higher costs and softer volumes.

調整後的 EBITDA 為 1000 萬美元，低於 6000 萬美元，受到價格下跌、成本上升和銷售疲軟的影響。

Operating cash flow improved by $21 million, reaching $32 million in the fourth quarter.

第四季營運現金流改善2,100萬美元，達3,200萬美元。

Free cash flow increased to $14 million, an improvement of $24 million over the prior quarter.

自由現金流增加至 1,400 萬美元，較上一季增加 2,400 萬美元。

Next slide, please.

請看下一張投影片。

Let's talk about silicon metal.

我們來談談金屬矽。

Silicon metal revenue declined 17% in Q4 to $161 million, down from $194 million in the third quarter.

第四季矽金屬營收從第三季的 1.94 億美元下降 17% 至 1.61 億美元。

Adjusted EBITDA declined to $17 million in the fourth quarter due to higher costs, lower prices and reduced volumes.

由於成本上升、價格下降和銷售減少，第四季度調整後 EBITDA 下降至 1700 萬美元。

Realized prices declined 5% over the prior quarter.

實際價格較上一季下降了 5%。

During the fourth quarter, Index prices decreased approximately 16% in the US, while the European Index was unchanged.

第四季度，美國指數價格下跌約16%，而歐洲指數維持不變。

Overall, volumes were down 12% with all regions reporting lower shipments.

整體而言，所有地區的出貨量均下降，共下降 12%。

European and US shipments declined 13% and 3%, respectively.

歐洲和美國出貨量分別下降13%和3%。

The outlook for silicon metal continues to be soft.

金屬矽的前景持續疲軟。

The aluminum sector in Europe and US is expected to remain flat in the short-term.

預計短期歐美鋁市場將維持平緩走勢。

A high level of imports is impacting the North American and European regions.

高水準的進口正在影響北美和歐洲地區。

In addition, uncertainties related to potential US tariffs have resulted in some of our solar customers postponing purchasing decisions.

此外，與潛在美國關稅相關的不確定性導致我們的一些太陽能客戶推遲了購買決定。

Despite these short-term issues, we anticipate that the silicon market will improve once the destocking cycle is completed, which we expect to take a few months.

儘管有這些短期問題，我們預計一旦去庫存週期完成，矽市場就會好轉，這預計需要幾個月的時間。

As a result, we are optimistic that demand will pick up in the second half of 2025.

因此，我們樂觀地認為需求將在 2025 年下半年回升。

Next slide, please.

請看下一張投影片。

Our silicon-based alloys segment adjusted EBITDA improved slightly to $3 million in Q4, primarily driven by cost improvement.

我們的矽基合金部門調整後 EBITDA 在第四季小幅改善至 300 萬美元，主要得益於成本改善。

Average realized prices declined by 3% over the third quarter.

平均實現價格較第三季下降了 3%。

Volumes were pressured by low demand and aggressively priced imports, especially in Europe, where shipments declined by 25% in the fourth quarter.

由於需求低迷和進口價格過高，出口量受到壓力，尤其是在歐洲，第四季出口量下降了 25%。

The European FeSi Standard Index was down 7%, while the US Index was down 6%.

歐洲矽鐵標準指數下跌7%，美國指數下跌6%。

Looking ahead, we are encouraged by the recent 5% increase in European index price since the end of 2024.

展望未來，自 2024 年底以來歐洲指數價格近期上漲 5%，令我們感到鼓舞。

Combined with the various trade measures and forecasted growth in steel production, we expect demand and prices to improve in both Europe and US as the year progresses.

結合各種貿易措施和預測的鋼鐵產量成長，我們預計隨著時間的推移，歐洲和美國的鋼鐵需求和價格都將改善。

Turning now to manganese alloys.

現在來談談錳合金。

Next slide, please.

請看下一張投影片。

Revenue declined 13% to $78 million in Q4, driven by a 17% decrease in prices, partially offset by a 5% increase in shipments.

第四季營收下降 13% 至 7,800 萬美元，主要原因是價格下降 17%，但出貨量增加 5% 部分抵消了這一影響。

Adjusted EBITDA decreased $9 million, primarily driven by tighter spreads and the impact of working through higher cost manganese ore inventory.

調整後 EBITDA 減少 900 萬美元，主要由於價差縮小和高成本錳礦庫存的影響。

The recent tightening of manganese ore supply is boosting prices, which have risen four months high.

近期錳礦供應收緊推高了價格，目前價格已漲至四個月高點。

We are optimistic about the Manganese segment outlook for 2025, supported by improvements in pricing and higher spreads.

由於價格改善和價差擴大，我們對 2025 年錳產業前景持樂觀態度。

The recent uptick in demand is encouraging, and we expect the trend to continue in the coming quarters.

最近需求的上升令人鼓舞，我們預計這一趨勢將在未來幾季持續下去。

I would now like to turn the call over to Beatriz Garcia-Cos, our CFO, to review the financial results and guidance in more detail.

現在，我想將電話轉給我們的財務長 Beatriz Garcia-Cos，以更詳細地審查財務結果和指導。

Beatriz?

比阿特麗斯？

Thank you, Marco.

謝謝你，馬可。

Please turn to slide 10 for a review of the income statement.

請翻到投影片 10 檢視損益表。

Sales decreased 18% sequentially in the fourth quarter to $368 million, driven by a 13% decrease in volumes for both silicon metal and silicon alloys and lower prices in all segments, ranging from 4% for silicon alloys to 17% for manganese alloys.

第四季銷售額季減 18% 至 3.68 億美元，其中矽金屬和矽合金的銷量均下降 13%，且所有細分市場價格均有所下降，其中矽合金的降幅為 4%，錳合金的降幅為 17%。

Manganese alloys volumes grew 5% quarter over quarter.

錳合金產量較上季成長5%。

For the full year, sales were flat versus 2023 with growth in the Manganese Alloy segment, offsetting declines in ferrosilicon sales.

全年銷售額與 2023 年持平，錳合金部門的成長抵消了矽鐵銷售額的下滑。

Silicon metal sales were up slightly for the full year.

全年金屬矽銷量小幅上漲。

In the fourth quarter, raw material and energy consumption for production increased to 69% of sales versus 58% in the prior quarter, primarily driven by lower production, higher energy costs and increased manganese ore prices.

第四季度，生產原材料和能源消耗佔銷售額的 69%，高於上一季的 58%，主要原因是產量下降、能源成本上升以及錳礦價格上漲。

For the full year, raw material and energy increased 9 percentage points to 62% of sales due to lower prices and higher energy cost in France.

全年來看，由於法國價格較低及能源成本較高，原物料和能源佔銷售額的比例增加了 9 個百分點，達到 62%。

Adjusted EBITDA in the fourth quarter was $10 million, down from $60 million in the prior quarter.

第四季調整後 EBITDA 為 1,000 萬美元，低於上一季的 6,000 萬美元。

The full year 2024 adjusted EBITDA was $154 million compared to $315 million in 2023, attributable mainly to higher energy costs in France and lower realized prices.

2024 年全年調整後 EBITDA 為 1.54 億美元，而 2023 年為 3.15 億美元，主要歸因於法國能源成本上漲和實際價格下降。

Next slide, please.

請看下一張投影片。

Approximately 60% of the EBITDA decline is attributable to lower pricing with realized prices down by 5%, 3% and 17% in silicon metal, silicon-based alloys and manganese alloys, respectively.

EBITDA下降約有60%歸因於價格下降，矽金屬、矽基合金和錳合金的實際價格分別下降了5%、3%和17%。

Lower index prices in the third quarter adversely impact the fourth quarter sales prices due to a two- to three-month lag between indexes and realized prices.

由於指數與實際價格之間存在兩到三個月的滯後，第三季的指數價格下降對第四季的銷售價格產生了不利影響。

Cost increases primarily due to higher energy costs, idling in France and elevated manganese ore costs reduced our EBITDA by approximately $11 million.

成本增加主要由於能源成本上升、法國工廠停產以及錳礦石成本上升導致我們的 EBITDA 減少了約 1,100 萬美元。

Lower volumes impacted our adjusted EBITDA by $3 million, mainly due to soft demand across silicon metal and silicon-based alloys, which experienced volume declines of 12% and 13%, respectively.

銷量下降對我們的調整後 EBITDA 造成了 300 萬美元的影響，主要原因是對金屬矽和矽基合金的需求疲軟，其銷量分別下降了 12% 和 13%。

This was partially offset by a 5% increase in volumes in the manganese alloys segment.

但錳合金部門的銷售成長 5% 部分抵銷了這一影響。

Head office and noncore business reduced 4% adjusted EBITDA by $6 million. slide 12, please.

總部和非核心業務導致調整後 EBITDA 減少 4%，即 600 萬美元。請看第 12 張投影片。

Adjusted EBITDA for the full year was $154 million versus $315 million in 2023 and EBITDA margin was 9%, down from 19% in 2023.

全年調整後 EBITDA 為 1.54 億美元，而 2023 年為 3.15 億美元，EBITDA 利潤率為 9%，低於 2023 年的 19%。

While the stronger volumes contributed $29 million to adjusted EBITDA, average selling prices had the biggest impact on our 2024 adjusted EBITDA, reducing it by approximately $128 million.

雖然銷量增加為調整後的 EBITDA 貢獻了 2,900 萬美元，但平均銷售價格對我們 2024 年調整後的 EBITDA 的影響最大，使其減少了約 1.28 億美元。

Higher costs impacted EBITDA for the year by $83 million, mostly related to higher energy expenses in Europe.

成本上升對當年的 EBITDA 造成了 8,300 萬美元的影響，主要與歐洲能源費用的增加有關。

Head office and noncore business contribute to 2024 adjusted EBITDA driven by lower head office-related costs and improved mining operations.

總部和非核心業務為 2024 年調整後 EBITDA 做出貢獻，這得益於總部相關成本的降低和採礦業務的改善。

Next slide, please.

請看下一張投影片。

During the fourth quarter, we recognized a $61 million noncash impairment and goodwill write-off related to our operations.

在第四季度，我們確認了與我們的營運相關的 6,100 萬美元的非現金減損和商譽註銷。

Our operating cash flow was $32 million, benefiting from a $23 million release of working capital.

我們的營運現金流為 3,200 萬美元，受益於 2,300 萬美元的營運資本釋放。

Our decision to idle our French operations earlier, combined with effective energy management resulted in an energy rebate of $21 million in the fourth quarter.

我們決定提前暫停法國業務，再加上有效的能源管理，使我們在第四季度獲得了 2,100 萬美元的能源回扣。

The remaining $34 million was collected in January 2025.

剩餘的 3,400 萬美元於 2025 年 1 月收取。

CapEx in the fourth quarter was $18 million, down from $21 million in the third quarter.

第四季的資本支出為 1800 萬美元，低於第三季的 2100 萬美元。

For the full year, we generated $243 million of operating cash flow and spent $79 million in CapEx, resulting in $164 million of free cash flow.

全年我們產生了 2.43 億美元的營運現金流，並花費了 7,900 萬美元的資本支出，產生了 1.64 億美元的自由現金流。

We used $150 million of this cash flow to redeem the remaining senior secured notes.

我們利用其中的 1.5 億美元現金流贖回了剩餘的優先擔保票據。

We paid $2.4 million or $0.013 per share dividend on December 27, and we are declaring the first quarter 2025 dividend of $0.014 per share, representing an 8% increase.

我們於 12 月 27 日支付了 240 萬美元或每股 0.013 美元的股息，我們宣布 2025 年第一季的股息為每股 0.014 美元，成長 8%。

The dividend will be paid on February 26 for shareholders on record on February 20.

2 月 20 日登記在冊的股東，股利將於 2 月 26 日支付。

Next slide, please.

請看下一張投影片。

We ended the fourth quarter with a cash balance of $133 million, up from $121 million at the end of the third quarter.

在第四季末，我們的現金餘額為 1.33 億美元，高於第三季末的 1.21 億美元。

Our positive net cash position improved to $39 million, sorry, up from $32 million in the prior quarter, while our adjusted gross debt increased slightly, ending the quarter at $94 million as of December 31.

我們的淨現金狀況從上一季的 3,200 萬美元改善至 3,900 萬美元，而我們的調整後總債務略有增加，截至 12 月 31 日，本季末為 9,400 萬美元。

Before I turn the call over to Marco, I want to provide some more insights related to our 2025 outlook.

在將電話轉給馬可之前，我想提供一些與我們 2025 年展望相關的見解。

We are targeting a working capital improvement of $50 million in 2025 as we continue the implementation of the S&OP process.

隨著我們繼續實施 S&OP 流程，我們的目標是到 2025 年將營運資本改善至 5,000 萬美元。

We expect our 2025 CapEx to be in the range of $60 million, $65 million and cash tax rate to be around 24%.

我們預計 2025 年的資本支出將在 6,000 萬美元至 6,500 萬美元之間，現金稅率將在 24% 左右。

Our outstanding Spanish loan or SEPI loan with a principal balance of $36 million is due in 2025.

我們未償還的西班牙貸款或 SEPI 貸款本金餘額為 3,600 萬美元，將於 2025 年到期。

The first principal payment of $90 million is due in March with the remaining $17 million due in June.

首筆本金 9,000 萬美元將於 3 月到期，剩餘 1,700 萬美元將於 6 月到期。

As Marco mentioned earlier, we anticipate our 2025 adjusted EBITDA to range between $100 million and $170 million.

正如 Marco 之前提到的，我們預計 2025 年調整後的 EBITDA 將在 1 億美元至 1.7 億美元之間。

For the first quarter, we expect our adjusted EBITDA to be negative due to the impact of low prices, weak demand and idling operations in France.

對於第一季度，我們預計調整後的 EBITDA 將為負值，原因是受到價格低迷、需求疲軟和法國業務閒置的影響。

This is consistent with our budget.

這與我們的預算一致。

Our 2025 outlook reflects a partial benefit from trade measures and an expected improvement in market conditions during the second half of the year.

我們對 2025 年的展望反映了貿易措施的部分好處以及下半年市場狀況的預期改善。

Next slide, please.

請看下一張投影片。

At this time, I will turn the call back to Marco.

這時，我會把電話轉回給馬可。

Thank you, Beatriz.

謝謝你，比阿特麗斯。

Moving to the key takeaways on slide 16.

前往投影片 16 上的重點內容。

Ferroglobe had a successful 2024.

Ferroglobe 於 2024 年取得了成功。

Despite unfavorable market conditions, we posted solid adjusted EBITDA, which strengthened our balance sheet significantly, initiated quarterly dividends and a share buyback program while focusing on innovation in advanced silicon metal as critical material for the energy transition.

儘管市場條件不利，我們仍公佈了穩健的調整後 EBITDA，這大大增強了我們的資產負債表，啟動了季度股息和股票回購計劃，同時專注於先進矽金屬作為能源轉型關鍵材料的創新。

As evidence of the changing global trade environment, the US Trade Commission and European Commission initiated broad trade measures to level the playing field against predatory trade practices.

作為全球貿易環境變化的證據，美國貿易委員會和歐盟委員會採取了廣泛的貿易措施，以創造公平的競爭環境，打擊掠奪性貿易行為。

We expect to capitalize from these measures in the second half of this year.

我們預計今年下半年這些措施將會取得成效。

There are early signs that the demand environment might be bottoming.

有早期跡象表明需求環境可能正在觸底。

Manganese and FeSi price in Europe has picked up in recent weeks.

近幾週歐洲錳和矽鐵價格有所回升。

We foresee broader improvement in the second half of 2025.

我們預計 2025 年下半年將出現更廣泛的改善。

Ferroglobe has positioned the company for long-term success by making strides in developing advanced uses for silicon, including a partnership with Coreshell and implementing S&OP tools to increase efficiency and lower working capital.

Ferroglobe 在開發矽的先進用途方面取得了長足進步，包括與 Coreshell 合作以及實施 S&OP 工具以提高效率和降低營運資本，從而使公司獲得了長期成功。

Operator, we are ready for questions.

接線員，我們已經準備好回答問題了。

(Operator Instructions) Nick Giles, B. Riley Securities.

（操作員指示）Nick Giles，B. Riley Securities。

I wanted to start with your annual guidance.

我想從您的年度指導開始。

This is a wider range.

這個範圍比較廣。

So I was hoping you could give us a sense for what's baked into the lower end versus the higher end, specifically as it relates to pricing and volume?

所以我希望您能讓我們了解低端產品和高端產品的區別，特別是與價格和數量相關的區別？

And then how much of the high end could be determined by implications of trade measures versus improved demand?

那麼，貿易措施的影響與需求改善之間的差距有多大？

Yeah.

是的。

Thank you, Nick.

謝謝你，尼克。

Let me start answering this question.

讓我開始回答這個問題。

By coincidence, we give the same guidance of last year, but the point is that we are facing an even more volatile environment, not only in terms of demand, but in terms of uncertainty on the trade measures that are going to be set by the authorities, both in US and in Europe.

巧合的是，我們給出了與去年相同的指導，但關鍵是我們面臨著更動蕩的環境，不僅在需求方面，而且在美國和歐洲當局將要製定的貿易措施的不確定性方面。

So let's say that first quarter, like Beatriz mentioned, is going to be particularly tough because we start from very low prices, extremely low volumes and the usual opportunity issue of having our French plant down in the first quarter, right?

所以，就像 Beatriz 提到的那樣，可以說第一季將會特別艱難，因為我們從非常低的價格、極低的銷售開始，而且第一季我們的法國工廠停工這一常見的機會問題，對嗎？

So -- and then for the second quarter, we see the environment improvement with some decisions that should be taken in US.

因此，對於第二季度，我們看到環境有所改善，美國應該做出一些決定。

And the third quarter, I think both geographic areas are going to be impacted by these decisions.

我認為第三季這兩個地理區域都將受到這些決定的影響。

So if you look at the low side of the guidance is a conservative forecast based on today's situation.

因此，如果您看一下指導意見的低端，那麼它就是基於當今情況的保守預測。

The higher end is based on, like we say, on a partial success of the government to impose duties.

正如我們所說，較高端是基於政府徵收關稅的部分成功。

And we have estimated prices and volumes that drive towards the range that we have mentioned, $100 million, $170 million.

我們估計價格和數量將達到我們提到的範圍，即 1 億美元至 1.7 億美元。

That's helpful.

這很有幫助。

Maybe just a follow-up on that.

也許只是對此的一個後續行動。

Would there be any sensitivity that you may be able to provide in terms of volumes or pricing and maybe anchoring near the midpoint?

您能否提供一些關於數量或定價的敏感度，或者可能錨定在中間點附近？

Yeah.

是的。

Hi Nick, this is Beatriz speaking.

你好，尼克，我是碧翠絲。

Maybe I'm going to be sharing a data point that I think you have already, but let me go through.

也許我將要分享一個我認為您已經擁有的數據點，但請讓我先講一下。

So for every 1% of variance in pricing, more or less this hits positively our EBITDA by $14 million.

因此，定價每出現 1% 的差異，我們的 EBITDA 就會多出 1,400 萬美元。

This is the number that you have to keep in your mind, if this makes sense.

如果這有意義的話，這就是你必須記住的數字。

Got it.

知道了。

No, that's very helpful, Beatriz.

不，這非常有幫助，比阿特麗斯。

I really appreciate that.

我真的很感激。

Maybe my next question, Marco, I was wondering if you could speak to some of the key growth markets in silicon metal in the context of your desire for further expansion.

馬可，也許我的下一個問題是，我想知道您是否可以談談矽金屬的一些關鍵成長市場，以說明您進一步擴張的願望。

Solar markets do appear somewhat softer.

太陽能市場確實顯得有些疲軟。

So curious if this changes your appetite for expansion or potential timing?

所以好奇這是否會改變您對擴張或潛在時機的興趣？

And alongside this, if you'd have any updates as it relates to the brownfield expansion?

除此之外，您是否有任何與棕地擴建相關的最新消息？

Okay.

好的。

So just to try to stay focused, we firmly believe in silicon penetrating much more substantially than the battery business.

因此，為了保持專注，我們堅信矽的滲透力遠大於電池業務。

And there are existing technologies, but also new technologies under development that move the graphite replacement from a 5% to even 100% graphite replacement to the anode.

此外，還有現有技術，以及正在開發的新技術，這些技術可將陽極的石墨替代率從 5％ 提高到 100％。

And we are working with several companies.

我們正在與多家公司合作。

Of course, we have announced our cooperation with Coreshell, but we work with a number of players, particularly in US.

當然，我們已經宣布與 Coreshell 合作，但我們與許多參與者合作，特別是在美國。

And I think that the level of progress is amazing.

我認為進步的程度是驚人的。

It's just that it takes time before a new technology is adopted in batteries.

只是新技術在電池領域的應用還需要時間。

So we firmly believe in that, and we are totally committed to that.

因此，我們堅信這一點，並全心全意地致力於此。

When you talk about the solar business, well, the current business -- existing business is mainly impacted by big structural overcapacity of polysilicon in China.

當您談到太陽能業務時，目前的業務 - 現有業務主要受到中國多晶矽產能過剩的影響。

And for our business is impacted by the current investigation on the imports on solar cells and modules in US that is expected to be concluded sometime in April this year based on what we know.

我們的業務受到美國目前對太陽能電池和模組進口的調查的影響，根據我們目前掌握的信息，調查預計將在今年 4 月左右結束。

And this should reopen our sales opportunity in Asia.

這將重新開啟我們在亞洲的銷售機會。

But talking in bigger terms, clearly, the overcapacity of polysilicon has caused a crash of the price of polysilicon.

但從更大角度來說，顯然多晶矽產能過剩造成了多晶矽價格暴跌。

I think mostly below cost for most of the players.

我認為對於大多數玩家來說這大多低於成本。

And this has been slowing down some of the polysilicon projects, new polysilicon projects outside of China.

這導致一些多晶矽工程以及中國以外新的多晶矽工程的建設進度減緩。

So there is a time factor.

因此，存在一個時間因素。

I think that at least Europe is still quite interested in setting a solar supply chain, the same for other countries in the Middle East.

我認為至少歐洲對建立太陽能供應鏈還是很感興趣的，中東其他國家也是如此。

In US, for sure, there is going to be more production on cells and modules.

在美國，電池和模組的產量肯定會增加。

So we expect the overall demand of silicon metal benefit to benefit out of these trends.

因此，我們預期金屬矽的整體需求將受益於這些趨勢。

Talking about the US expansion, we are working on the submission for the papers for the permit.

談到美國擴張，我們正在努力提交許可證文件。

And so it's a question of a few months.

所以這是一個幾個月的問題。

And then we expect to get the permit in a timeframe of 1.5 years since we started the process.

我們預計從開始這項流程開始，1.5年內就能獲得許可證。

And then it will take about a couple of years to build the new plant in US.

然後大約需要幾年時間在美國建造新工廠。

But the project is going on as aggressively as we can, and we're going to make it.

但我們正在盡可能積極地推進這個項目，我們會成功的。

Marco, I really appreciate all the color there.

馬可，我真的很欣賞那裡的一切色彩。

One more, if I could.

如果可以的話，再說一個。

It's good to see some initial share repurchases.

很高興看到一些初始股票回購。

Obviously, you're waiting for more certainty in the market.

顯然，您正在等待市場出現更多的確定性。

But how should we think about magnitude of potential buybacks if markets were to turn?

但如果市場發生轉變，我們該如何考慮潛在回購的規模呢？

Is there a minimum cash balance in mind that would imply potential cash that could be set aside for capital returns?

是否存在最低現金餘額，這意味著可以留作資本回報的潛在現金？

I know, Beatriz, you mentioned a working capital release of $50 million, if I heard you correctly.

我知道，比阿特麗斯，如果我沒聽錯的話，你提到了 5000 萬美元的營運資金釋放。

Thank you for the question.

感謝您的提問。

Nick, this is Beatriz speaking.

尼克，我是比阿特麗斯。

So just to recap, so we bought in 2024, almost 600,000 shares.

總結一下，我們在 2024 年購買了近 60 萬股。

And up to now, we have been continuing on Q1 to buy some shares, right?

到目前為止，我們在第一季一直在繼續買一些股票，對嗎？

I think we continue -- we plan to continue the opportunistic approach to the share buyback.

我認為我們將繼續——我們計劃繼續採取機會主義方式進行股票回購。

And as we have been commenting on the previous quarters, Nick, there is -- we don't plan to take additional debt to support the share buyback program, right?

正如我們在前幾季所評論的那樣，尼克，我們不打算承擔額外的債務來支持股票回購計劃，對嗎？

So -- and on the other side, you know more or less what is our liquidity needs for the company.

所以 — — 另一方面，您或多或少知道我們公司對流動性的需求是什麼。

So we will always go through an opportunistic approach to the share buyback.

因此，我們將始終採取機會主義的方式進行股票回購。

So hopefully, this year as we release working capital, et cetera, as you said, we can do a little bit more.

所以希望今年當我們釋放營運資金等等時，正如你所說，我們可以做更多的事情。

Martin Englert, Seaport Research Partners.

馬丁‧恩格勒特（Martin Englert），海港研究夥伴。

Just circling back to the annual guidance, if spot prices for silicon and alloys remain unchanged from current levels, do you still achieve the $100 million low end of the guidance range?

回到年度指導方針，如果矽和合金的現貨價格保持在當前水平不變，您還能實現 1 億美元的指導範圍低端嗎？

We do expect that because there is also a question, Martin, of mix, right?

我們確實期待這一點，因為馬丁，還有一個混合的問題，對嗎？

The first quarter is particularly impacted not only by demand and low pricing, but also by the fact that all our French plants are down.

第一季不僅受到需求和低價的嚴重影響，也受到我們所有法國工廠停產的影響。

And the other factor is that we expect to recover some business in the second half of the year, which is not there today, which is our business in Asia.

另一個因素是，我們預計下半年將恢復一些業務，這是我們目前還沒有實現的，也就是我們在亞洲的業務。

So it's a question of mix.

所以這是一個混合的問題。

But anyway, even keeping the current conditions, we expect to achieve at least the bottom of the range that I have mentioned.

但無論如何，即使保持目前的條件，我們預計至少能達到我提到的範圍的底部。

And I would add that the volume is also a factor.

我想補充一點，音量也是一個因素。

What is factored in as far as volumes or a range with -- for the full year with $100 million to $170 million across your business units?

就交易量或範圍而言，您考慮了哪些因素？

Well, we are talking about volumes pretty much aligned to 2024.

嗯，我們討論的數量與 2024 年基本一致。

Okay.

好的。

Can you walk me through the contribution of the quarterly French energy credit for 2024, just going through one through 4Q I believe you said earlier, it was $21 million for 4Q and what's targeted for 2025?

您能否向我介紹一下 2024 年法國季度能源信貸的貢獻，僅從第四季度來看，我相信您之前說過，第四季度的能源信貸為 2100 萬美元，那麼 2025 年的目標是多少？

Hi Martin, this is Beatriz speaking.

你好，馬丁，我是比阿特麗斯。

So as you know, we have from 2023 to 2024, the compensation has been a little bit lower.

如你所知，從 2023 年到 2024 年，我們的薪水會略低一些。

So total for the year is $60 million or $61 million.

因此，今年的總收入為 6,000 萬美元或 6,100 萬美元。

In the Q4, the impact -- the P&L impact is $24 million, right?

在第四季度，影響——損益影響是 2,400 萬美元，對嗎？

And from a cash perspective, we got already in 2024 $32 million, south of $60 million of the rest in January 2025.

從現金角度來看，我們在 2024 年已經獲得了 3,200 萬美元，其餘的 6,000 萬美元將於 2025 年 1 月獲得。

And what are you factoring into the guidance for the credit for 2025?

您在製定 2025 年信貸指導時考慮了哪些因素？

Well, this year is going to be lower than in 2024.

嗯，今年的產量將低於 2024 年。

I think the good news here is that we are negotiating already the contract for -- starting 1st of January 2026, and we expect to get a very good contract.

我認為好消息是我們已經開始談判從 2026 年 1 月 1 日開始的合同，我們期待獲得一份非常好的合同。

Kyle Mowery, GrizzlyRock Capital.

凱爾·莫韋裡 (Kyle Mowery)，GrizzlyRock Capital。

So if the European quota system is finalized as proposed, your European production volume should increase.

因此，如果歐洲配額制度按照提議最終得以實施，那麼你們歐洲的生產量應該會增加。

The question is, as the utilization level increases, how would this impact cost per ton of your European production?

問題是，隨著利用率的提高，這將如何影響您歐洲每噸生產的成本？

You mean you asked for price per ton impact.

你的意思是你詢問的是每噸價格的影響。

Is this your question?

這是你的問題嗎？

The question is production cost per ton in Europe.

問題在於歐洲每噸的生產成本。

Okay.

好的。

Well, the -- let me say that we don't know which measures EU is going to adopt and if they get approved by the 27 countries, right?

嗯，我想說的是，我們不知道歐盟將採取哪些措施，以及這些措施是否得到 27 個國家的批准，對嗎？

So we are in the process.

我們正在進行這一過程。

We are still answering a lot of questions that come from suppliers, countries, states that have seen the document.

我們仍在回答來自已看到該文件的供應商、國家和州的許多問題。

We are in this phase.

我們正處於這個階段。

So I cannot anticipate what the EU is going to propose.

所以我無法預測歐盟會提出什麼建議。

But they mentioned safeguards in their announcement on December 19.

但他們在12月19日的聲明中提到了保障措施。

And safeguards usually mean quotas for countries and specific producers in countries back to a certain year.

保障措施通常意味著對某一國家和某一國家的特定生產者實施某一年份的配額限制。

And as a consequence, part of the demand is going to be freed up for the European suppliers.

結果是，部分需求將會釋放給歐洲供應商。

I remind you that it is -- the EU has already decided that for critical and strategic raw materials like the ones that we have in our portfolio, they want to have a back integration of 40%.

我提醒你，歐盟已經決定，對於我們投資組合中的關鍵戰略原料，他們希望實現 40% 的後向整合。

And today, the market share of the EU producers is far below this level.

而目前歐盟生產商的市佔率遠低於這一水平。

It is 14%, 15%, probably worse in first quarter.

第一季可能更糟，為 14%、15%。

So there is going to be a big impact on volume and capacity utilization.

因此這將對產量和產能利用率產生很大影響。

Now factoring at this stage how fast this demand is going to come to us is very difficult.

現在，在這個階段考慮這種需求會以多快的速度到達我們是十分困難的。

And also because in the meantime, it's not clear if there are going to be some retroactive measures imposed to the different importers outside of the EU.

而且同時，還不清楚是否會對歐盟以外的不同進口商實施一些追溯措施。

I'm sorry for not being precise, but you have to assume that our capacity utilization in the second half of the year in Europe will go up and will go up favoring a much better cost absorption at all our plants.

很抱歉我說得不夠準確，但你必須假設我們今年下半年在歐洲的產能利用率將會上升，這將有利於我們所有工廠更好地吸收成本。

Yes.

是的。

That makes sense.

這很有道理。

In terms of the United States with the ferrosilicon rulings, have you started to see the reduced imports flowing through now?

就美國的矽鐵裁決而言，您是否已經開始看到進口量減少？

And then how should we think about this -- the cadence of pricing through '25?

那麼，我們該如何思考這個問題──25 年的定價節奏呢？

Yeah.

是的。

Well, first of all, if you look at the import statistics of 2024, there is the expected dramatic reduction of imports from Russia.

首先，如果你看看 2024 年的進口統計數據，預計來自俄羅斯的進口將大幅減少。

On the other side, there was a lot of inventory in US of Russian material based on our knowledge and understanding which has impacted the overall pricing of FeSi and the reduction of FeSi price.

另一方面，據我們所知，美國有大量俄羅斯材料庫存，這影響了矽鐵的整體定價和矽鐵價格的下降。

Decisions on Kazakhstan, Malaysia and Brazil are pending with the (technical difficulty) department and they are expected, like I say, on March 21 this year.

關於哈薩克、馬來西亞和巴西的決定尚待（技術難度）部門做出，正如我所說，預計這些決定將於今年 3 月 21 日做出。

And when you put the imports of these three countries together in 2023, they equalize to one-third of the market.

如果將2023年的這三個國家的進口量加在一起，那麼它們的市佔率將達到三分之一。

So there is uncertainty on these volumes.

因此這些數量存在不確定性。

What is clear looking at the statistics is that in the last -- in September, the volumes of Kazakhstan, in particular and Malaysia as well, have gone down almost to zero.

從統計數據可以清楚看出，去年九月份，哈薩克和馬來西亞的進口量幾乎降至零。

So this is why we think that if you combine that with the weak steel production in the last months of the year in US, we think that inventories are getting depleted pretty quickly.

因此，我們認為，如果將其與今年最後幾個月美國鋼鐵產量疲軟結合起來，庫存很快就會耗盡。

So we should see an impact on ferrosilicon demand.

因此我們應該看到對矽鐵需求的影響。

Our demand for ferrosilicon in US, talking about Ferroglobe is going up.

就 Ferroglobe 而言，美國對矽鐵的需求正在上升。

We have signed two new contracts with customers who are not used to buy ferrosilicon from us.

我們與以前不向我們購買矽鐵的客戶簽訂了兩份新合約。

So this is another good sign.

這又是一個好兆頭。

That's good to hear.

我很高興聽到這個消息。

Last question for me, just since it came up on the potential new United States facility, what rate of return would you want to see to go forward with that investment?

我的最後一個問題是，既然談到潛在的美國新工廠，您希望這項投資的回報率是多少？

What -- is it a per ton type of an approach on pricing?

什麼——這是按噸計算的定價方法嗎？

I know you had talked about longer term volume contracts.

我知道您曾談論過長期批量合約。

But what returns should shareholders expect should you choose to go forward with that investment?

但是，如果您選擇繼續進行這項投資，股東應該期望什麼樣的回報呢？

Yeah.

是的。

We would expect a much higher return than any previous investment that we have made in silicon metal.

我們期望獲得的回報將比我們之前在金屬矽領域所做的任何投資都要高得多。

And the reason is that we think that we have the capabilities to build the most powerful in terms of performance, not in terms of energy consumption, the most powerful furnace that you can build in terms of output versus size versus energy consumption.

原因是我們認為我們有能力建造性能最強大、而不是能耗最強大的熔爐，建造產量、尺寸和能耗之比最強大的熔爐。

But for sure, we are going to expect a return which is higher than our WACC and our cost of capital.

但可以肯定的是，我們預期的回報將高於我們的加權平均資本成本和資本成本。

Due to time constraints, we will not be taking any further questions.

由於時間限制，我們不再回答任何其它問題。

And I would now like to hand back to Marco Levi for any closing remarks.

現在我想將發言權交還給 Marco Levi，請他做最後發言。

Thank you.

謝謝。

I want to emphasize Ferroglobe's resilience in being able to navigate successfully this uncertain market environment, while at the same time, strengthening our balance sheet and positioning the company for growth.

我想強調的是，Ferroglobe 能夠成功應對這種不確定的市場環境，同時加強我們的資產負債表並為公司的成長做好準備。

Thank you for participation.

感謝您的參與。

We look forward to hearing from you on our next call.

我們期待在下次通話中聽到您的聲音。

Have a great day.

祝你有美好的一天。