Ferroglobe PLC (GSM) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Ferroglobe's second-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference call may be recorded. I would now like to hand the call over to Alex Rotonen, Ferroglobe's Vice President of Investor Relations. You may begin.

女士們、先生們，早安，歡迎參加 Ferroglobe 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次電話會議可能會被錄音。現在我想將電話交給 Ferroglobe 投資者關係副總裁 Alex Rotonen。你可以開始了。

Good morning, everyone, and thank you for joining Ferroglobe's second-quarter 2025 conference call. Joining me today are Marco Levi, our Chief Executive Officer; and Beatriz Garcia-Cos, our Chief Financial Officer.

大家早安，感謝您參加 Ferroglobe 2025 年第二季電話會議。今天與我一起出席的還有我們的執行長 Marco Levi 和我們的財務長 Beatriz Garcia-Cos。

Before we get started with some prepared remarks, I'm going to read a brief statement. Please turn to slide 2 at this time. Statements made by management during this conference call that are forward-looking are based on current expectations. 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 exhibits to those filings, which are available on our website ferroglobe.com.

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。現在請翻到投影片 2。管理階層在本次電話會議中所做的前瞻性聲明均基於目前的預期。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，這些文件和附件可在我們的網站 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. Reconciliation of non-IFRS measures may be found in our most recent SEC files.

此外，本次討論還包括對 EBITDA、調整後 EBITDA、調整後總債務、調整後淨債務和調整後每股攤薄收益以及其他非國際財務報告準則指標的引用。在我們最新的 SEC 文件中找到非 IFRS 指標的對帳表。

Before I turn the call over to Marco Levi, our Chief Executive Officer, I want to announce that we'll be participating in the Seaport Virtual Conference on August 19 and 20. And the IDEAS Midwest Conference in Chicago on August 27. We hope to see you there.

在我將電話轉給我們的執行長馬可·列維 (Marco Levi) 之前，我想宣布我們將參加 8 月 19 日和 20 日的海港虛擬會議。以及 8 月 27 日在芝加哥舉行的 IDEAS 中西部會議。我們希望在那裡見到您。

Marco?

馬可？

Thank you, Alex, and thank you all for joining us today. We appreciate your continued interest in Ferroglobe. There is a rapidly evolving market environment, particularly on the trade, resulting in elevated uncertainty and limited visibility around global trade policy and regulatory development. This was particularly evident as it relates to global tariffs, safeguards, and trade measures, both in Europe and in the US, adding complexity to an already challenging market environment.

謝謝你，亞歷克斯，也謝謝大家今天加入我們。感謝您對 Ferroglobe 的持續關注。市場環境，尤其是貿易環境正在迅速變化，導致全球貿易政策和監管發展的不確定性增加，可見度有限。這一點尤其明顯，因為它涉及歐洲和美國的全球關稅、保障措施和貿易措施，使本已充滿挑戰的市場環境變得更加複雜。

Despite these head winds, we are pleased with the recent progress as evidenced by the newly agreed trade framework between the US and the EU, signaling a shift toward greater clarity and cooperation. This development is expected to reduce disruptions and provide improved visibility across global markets.

儘管有這些不利因素，但我們對近期的進展感到滿意，美國和歐盟之間新達成的貿易框架標誌著雙方關係朝著更清晰和合作的方向轉變。預計這一發展將減少干擾並提高全球市場的可見性。

As these measures take effect, we are optimistic that the uncertainties will be resolved in the near-term, creating a stronger and more stable market environment heading into 2026. However, given the current uncertainty and limited visibility of market dynamics, trade measures, and tariff structures, we believe that it is prudent to withdraw our 2025 guidance at this time. We will revisit it once we have greater clarity on these key matters.

隨著這些措施的生效，我們樂觀地認為，不確定性將在短期內得到解決，為2026年創造一個更強勁、更穩定的市場環境。然而，鑑於當前的不確定性以及市場動態、貿易措施和關稅結構的有限可見性，我們認為此時撤回 2025 年指引是謹慎之舉。一旦我們對這些關鍵問題有了更清晰的認識，我們就會重新審視它。

I now walk through several key developments and uncertainties, many of which, we believe, will ultimately support a strong outlook for our industry. As discussed previously, the European Commission launched a safeguard investigation last December into Silicon Metal, Silicon Based Alloys, and Manganese Based Alloys, a significant and necessary step to address unfair trade practices.

我現在要介紹幾個關鍵的發展和不確定因素，我們相信其中許多因素最終將支持我們行業的強勁前景。如前所述，歐盟委員會去年12月對金屬矽、矽基合金和錳基合金啟動了保障措施調查，這是解決不公平貿易行為的重要且必要的一步。

The preliminary decision, which was initially expected in May, has not been officially announced. At this time, we don't know what measures will be adopted or what the timing will be. As a result of delays, we believe that Ferroglobe will benefit from these measures in 2026. As Chairman of (inaudible), I am actively engaged with its industry participants, EU member states, and other stakeholders to advocate for a positive outcome to ensure necessary protections for our industry.

該初步決定最初預計將於 5 月公佈，但尚未正式宣布。目前我們還不知道會採取什麼措施，也不知道具體時間是什麼時候。由於延遲，我們相信 Ferroglobe 將在 2026 年受益於這些措施。身為（聽不清楚）的主席，我積極與產業參與者、歐盟成員國和其他利害關係人接觸，倡導正面成果，確保為我們的產業提供必要的保護。

Our products play an essential role in many key industries such as aluminum, chemicals, steel, solar, microchips, and most critically, defense. With the final EU decision due by the end of November, we are optimistic that the strategic importance of our industry will result in a favorable outcome. The final implementation of safeguards requires approval from at least 15 of the 27 EU member states and by states representing at least 65% of the population.

我們的產品在鋁、化學品、鋼鐵、太陽能、微晶片以及最重要的國防等許多關鍵產業中發揮著重要作用。歐盟將於 11 月底做出最終決定，我們樂觀地認為，我們行業的戰略重要性將帶來有利的結果。保障措施的最終實施需要得到歐盟27個成員國中至少15個國家的批准，並且需要獲得佔其總人口至少65%的國家的批准。

Adding to the uncertainty are trade tensions involving the United States. While a key preliminary trade deal was reached with the EU, many others remain undecided. One of the key US trade negotiations is with Canada, which is an important supplier of aluminum and steel to the United States. There is a lack of clarity regarding how and when these trade policies would be finalized, which affects our business and overall global trade.

美國的貿易緊張局勢加劇了不確定性。雖然與歐盟達成了一項重要的初步貿易協議，但許多其他協議仍未確定。美國與加拿大進行的關鍵貿易談判之一是與加拿大進行的，加拿大是美國鋁和鋼鐵的重要供應國。目前尚不清楚這些貿易政策將如何以及何時最終確定，這影響了我們的業務和整體全球貿易。

In addition, We are waiting for the outcome of the US Silicon Metal trade case, which was filed in April, with the preliminary countervailing duties decision expected in late September, an anti-dumping decision expected two months later in late November. The countries investigated are Angola, Australia, Laos, Norway, and Thailand.

此外，我們正在等待4月份提起的美國金屬矽貿易案的結果，初步反補貼稅裁定預計將於9月底公佈，反傾銷裁定預計將於兩個月後的11月底公佈。受調查的國家包括安哥拉、澳洲、寮國、挪威和泰國。

One of the key developments this quarter was a notable decline in European Silicon Metal prices, which was driven by a substantial increase in imports from China. These aggressively low-price imports have placed considerable pressure on the market, where EU 27 producers' market share has dropped from 40%, just a few years ago, to approximately 15% today.

本季的一個關鍵發展是歐洲金屬矽價格顯著下降，這是由於來自中國的進口量大幅增加所致。這些極低價的進口產品給市場帶來了相當大的壓力，歐盟 27 國生產商的市佔率已從幾年前的 40% 下降到如今的約 15%。

This surge in imports is not only undermining local producers but also destabilizing pricing across the region. As a result, Silicon Metal indexes in Europe have declined by approximately 20% in just the past month. This sharp drop has created a considerable market disruption, making visibility into future supply and pricing very difficult.

進口量的激增不僅損害了當地生產商的利益，也破壞了整個地區的價格穩定。結果，歐洲金屬矽指數僅在過去一個月就下跌了約 20%。這種急劇下降造成了相當大的市場混亂，使得未來的供應和定價變得非常難以預測。

While macro conditions remain challenging and unpredictable, we continue to focus on things that we can control and manage the business with discipline, maintaining operational efficiency and a strong focus on discretionary cost control. Our actions, combined with our operational excellence, enabled us to deliver positive adjusted EBITDA in the second quarter.

儘管宏觀環境依然充滿挑戰且難以預測，我們仍將專注於能夠控制的事物，並嚴格管理業務，保持營運效率，並高度重視可自由支配的成本控制。我們的行動加上卓越的運營，使我們能夠在第二季度實現正的調整後 EBITDA。

At the same time, we remain committed to returning capital to shareholders. In the second quarter, we purchased 600,000 shares for $2 million and paid $2.6 million in dividends.

同時，我們仍然致力於向股東返還資本。第二季度，我們以 200 萬美元的價格購買了 60 萬股，並支付了 260 萬美元的股息。

Looking ahead to 2026, we see several positive developments on the horizon that are expected to significantly enhance our performance. First, we are beginning to see tangible benefits in the US market from the anti-dumping and countervailing duties imposed last year on ferrosilicon imports from Russia, Kazakhstan, Brazil, and Malaysia.

展望 2026 年，我們看到即將出現的一些積極發展，預計這些發展將顯著提升我們的業績。首先，我們開始看到美國市場去年對俄羅斯、哈薩克、巴西和馬來西亞進口的矽鐵徵收反傾銷和反補貼稅而獲得實際利益。

Additionally, newly announced tariffs targeting major Asian ferrosilicon importers to the US, like Vietnam and Malaysia, plus India, will be imposed with minimum tariffs ranging from 20% to 40% along with any applicable anti-dumping duties. But these ferrosilicon producers by comparison, face 50% tariffs, plus both anti-dumping and countervailing duties.

此外，美國還將對越南、馬來西亞和印度等亞洲主要矽鐵進口國徵收新宣布的關稅，最低關稅稅率為 20% 至 40%，並徵收任何適用的反傾銷稅。但相較之下，這些矽鐵生產商面臨50%的關稅，外加反傾銷稅和反補貼稅。

These tariffs should further improve the market dynamics in the US. In fact, during the second quarter, we recorded the highest volume of ferrosilicon sales in the past eight quarters, a clear indication of how the US trade actions are supporting domestic producers. We expect this trend to continue in the coming quarters.

這些關稅應該會進一步改善美國的市場動態。事實上，第二季度，我們創下了過去八個季度以來矽鐵銷售量的最高紀錄，這清楚地表明了美國的貿易行動如何支持國內生產商。我們預計這一趨勢將在未來幾季持續下去。

Another reason for the positive outlook for 2026 is the expected benefit from EU safeguard measures, as previously mentioned. Besides this trade-related events, there are additional encouraging macro developments anticipated to benefit Ferroglobe.

如前所述，對 2026 年前景持樂觀態度的另一個原因是歐盟保障措施的預期效益。除了這些與貿易相關的事件之外，預計還有其他令人鼓舞的宏觀發展將使 Ferroglobe 受益。

Production containments of Silicon Metal are taking place in China, Europe, and Brazil, indicating that the current price level is unsustainable. We are optimistic that these actions will help stabilize the market and reverse the recent price trend.

中國、歐洲和巴西正在限制金屬矽的生產，這表明當前的價格水平是不可持續的。我們樂觀地認為，這些舉措將有助於穩定市場並扭轉近期的價格趨勢。

Another important factor for the coming months is that NATO is committed to increasing defense-related spending substantially, which is expected to booster the steel and aluminum industries. Importantly, the NATO countries are in our key markets, Europe and North America. In addition, Germany has committed to investing more than $500 billion in its infrastructure.

未來幾個月的另一個重要因素是北約致力於大幅增加國防相關開支，預計將提振鋼鐵和鋁業。重要的是，北約國家是我們的關鍵市場—歐洲和北美。此外，德國也承諾向基礎建設投資超過5,000億美元。

More specific to Ferroglobe, our operational flexibility to optimize production enables us to better match the market needs. Recently, we switched two Silicon Metal furnaces to Ferroglobe, one in the US and one in Europe, due to better economics. This allows us to increase ferrosilicon production by approximately 35,000, 40,000 tons annually.

更具體地說，對於 Ferroglobe 而言，我們優化生產的營運彈性使我們能夠更好地滿足市場需求。最近，由於經濟效益較好，我們將兩座金屬矽爐改用了 Ferroglobe 熔爐，一座位於美國，一座位於歐洲。這使得我們每年可以增加約35,000至40,000噸矽鐵產量。

To reiterate our strategic advantage, being a local company with a vertical supply chain integration positions as well to take advantage of any tariffs or trade restrictions in the US or Europe. Ferroglobe reached an important milestone on June 30 by joining the Russell 2000 and 3,000 indexes. This increases our visibility among institutional investors and improves trading liquidity, delivering sustainable value to our shareholders.

為了重申我們的策略優勢，作為一家擁有垂直供應鏈整合優勢的本地公司，我們也能利用美國或歐洲的任何關稅或貿易限制。6 月 30 日，Ferroglobe 加入羅素 2000 和 3000 指數，達到了一個重要里程碑。這提高了我們在機構投資者中的知名度並提高了交易流動性，為我們的股東帶來了可持續的價值。

Next slide please. As we anticipated on our last earning call, the second quarter showed substantial improvement in our performance, with a 27% increase in volumes and a 26% increase in revenue. Our adjusted EBITDA rebounded to a positive $22 million from a loss in the first quarter, while remaining net cash positive.

請看下一張投影片。正如我們在上次財報電話會議上所預測的那樣，第二季度我們的業績大幅改善，銷量成長了 27%，營收成長了 26%。我們的調整後 EBITDA 從第一季的虧損反彈至正 2,200 萬美元，同時淨現金仍為正。

Next slide please. Moving to our segment update, I'll start with Silicon Metal on slide 5. While shipments increased substantially over the first quarter, Q2 volumes were still impacted by weak demand and low-price Silicon Metal imports from China into the EU.

請看下一張投影片。轉到我們的片段更新，我將從幻燈片 5 上的矽金屬開始。儘管第一季出貨量大幅增加，但第二季的出貨量仍受到需求疲軟和歐盟從中國低價進口金屬矽的影響。

Overall volumes improved 23% over the previous quarter, mainly as a result of our contra structure due to the restart of our French operation at the beginning of April. The main driver of this predatory imports was the collapse of the polysilicon market in Asia, which continues into the third quarter.

整體銷量較上一季成長了 23%，這主要得益於我們 4 月初重啟法國業務後形成的對銷結構。這次掠奪性進口的主要驅動力是亞洲多晶矽市場的崩潰，這種崩潰持續到了第三季。

Our silicon comprises every quarter from their lows, but they remain well below earlier levels. Until the Asian polysilicon market recovers further, or relevant [safeguards] become effective, Silicon Metal imports from China to the EU are likely to continue.

我們的矽片從每季的低點開始上漲，但仍遠低於之前的水平。在亞洲多晶矽市場進一步復甦或相關措施生效之前，歐盟從中國進口金屬矽的情況可能會持續下去。

The chemical sector weakness persists as aggressive silos and imports have resulted in oversupply in the US and Europe. Our increased focus on the Aluminum segment is building positive results on volumes.

由於美國和歐洲的激進囤貨和進口導致供應過剩，化學工業持續疲軟。我們對鋁業的關注度不斷提高，銷量也取得了正面成果。

The impact of Chinese imports was pronounced in Europe with index prices declining 33% from EUR2,450 to EUR1,650 in the second quarter. At the same time, the US index increased by 3%.

中國進口對歐洲的影響十分明顯，第二季指數價格從 2,450 歐元下跌 33% 至 1,650 歐元。同時，美國指數上漲了3%。

Next slide, please. The Silicon Based Alloys market also showed [acrobat] volume increase in the second quarter. We had 24% jump in overall volumes. The main reason for the increase was the start of our French operations, followed by improved demand in the US, which was owned by the trade decision against Russia, Kazakhstan, and Malaysia, and Brazil.

請看下一張投影片。矽基合金市場在第二季也出現了銷售成長。我們的整體銷量成長了 24%。成長的主要原因是我們在法國的業務開始，其次是美國的需求增加，這要歸功於對俄羅斯、哈薩克、馬來西亞和巴西的貿易決定。

The second quarter was the strongest shipment quarter in three years with the UN-US improving volumes by 43% and 6%, respectively, over the first quarter. While shipments were up across our footprint, the pricing was a tale of two markets.

第二季度是三年來出貨量最強勁的一個季度，聯合國和美國的出貨量分別比第一季成長了 43% 和 6%。儘管我們的出貨量不斷增加，但定價卻呈現出兩種市場特徵。

In the US, the demand was driven by higher steel production and polysilicon trade decisions, which bolstered the index price by 10% to $1.26 per pound. In contrast, the European prices declined by 8%, primarily due to weakness in the regional steel production. We expect the EU market to begin improving in 2026 for both volumes and prices as the safeguard decision becomes effective.

在美國，鋼鐵產量增加和多晶矽貿易決策推動了需求，導致指數價格上漲 10% 至每磅 1.26 美元。相較之下，歐洲價格下跌了8%，主要原因是該地區鋼鐵產量疲軟。我們預計，隨著保障措施決定生效，歐盟市場在 2026 年的銷售和價格方面都將開始改善。

Next slide, please. Our Manganese segment was our strongest segment with volume increasing 31% over the first quarter. This was our highest shipment volume quarter in three years. Part of the improvement over Q1 was the restart of French operations and delayed shipments carried over from Q1 due to low manganese ore inventories.

請看下一張投影片。我們的錳業務是我們最強勁的業務，其銷售量比第一季成長了 31%。這是我們三年來出貨量最高的一個季度。與第一季相比，部分改善是由於法國業務重啟以及由於錳礦庫存低導致第一季結轉的發貨延遲。

Manganese Alloy index prices declined in the second quarter by 6% and 11%, respectively, for ferromanganese and silicon manganese. The outlook for Manganese demand remains strong, and we expect a robust performance from this segment in the coming quarters, further supported by potential safeguards, which could serve as a catalyst for accelerated growth.

第二季錳合金指數價格分別下跌6%（錳鐵）和11%（矽錳）。錳需求前景仍然強勁，我們預計未來幾季該領域將表現強勁，並受到潛在保障措施的進一步支持，這可能成為加速成長的催化劑。

Now, I would like to turn the call over to Beatriz Garcia-Cos, our Chief Financial Officer, to review the financial results in more detail. Beatriz?

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。比阿特麗斯？

Thank you, Marco. Please turn to slide 9 for a review of the income statement. Sales increased 26% in the second quarter to $387 million. While raw material costs increased only 6%, driving significant improvement in margin with raw materials as a percentage of sales declining to 66% from 78% in the previous quarter. This improvement reflects better fixed cost absorption as production ramp up, particularly in France and also lower energy costs.

謝謝你，馬可。請翻到投影片 9 檢視損益表。第二季銷售額成長 26%，達到 3.87 億美元。雖然原物料成本僅成長了6%，但利潤率卻大幅提高，原物料佔銷售額的比例從上一季的78%下降到66%。這種改善反映出隨著產量的增加（特別是在法國），固定成本吸收效果更好，而且能源成本也更低。

Top line growth was driven by a 27% increase in volumes across all product categories, along with higher average selling prices, primarily in the Manganese Based Alloy segment, which was up 9%. The increasing volumes was primarily attributable to the restart of our French operations.

營業收入的成長得益於所有產品類別銷售成長 27%，以及平均售價上漲，其中主要是錳基合金部門上漲了 9%。銷售量的成長主要歸因於我們法國業務的重啟。

Adjusted the EBITDA for Q2 improved substantially, increasing to $22 million versus a loss of $27 million in Q1, an improvement of $48 million. Adjusted EBITDA margin in the second quarter was 6%. The margin increase was largely cost-driven, supported by both volume and price improvements.

調整後的第二季 EBITDA 大幅改善，增至 2,200 萬美元，而第一季虧損 2,700 萬美元，改善了 4,800 萬美元。第二季調整後的 EBITDA 利潤率為 6%。利潤率的成長主要是由成本推動的，這得益於銷售和價格的改善。

Next slide, please. Silicon Metal revenue increased to $130 million in the second quarter, up 24% over Q1. The increase was driven by a 23% increase in shipments, combined with a 1% increase in average selling prices. Volume gains were the strongest in the EMEA, supported by the restart of our French operations.

請看下一張投影片。第二季金屬矽營收增至 1.3 億美元，較第一季成長 24%。成長的原因是出貨量增加了 23%，同時平均售價增加了 1%。得益於法國業務重啟，歐洲、中東和非洲地區的銷售量增幅最為強勁。

Adjusted EBITDA for Silicon Metal, so from $15 million lost in Q1 to a $7 million gain in Q2 with margins improving to 5%, up from 50% in the first quarter. This primarily reflects cost improvement resulting from stronger production levels, lower energy cost, and better fixed cost absorption.

調整後的金屬矽 EBITDA 從第一季的虧損 1,500 萬美元變為第二季的獲利 700 萬美元，利潤率從第一季的 50% 提高至 5%。這主要反映了生產水準提高、能源成本降低和固定成本吸收改善所帶來的成本改善。

Next slide please. Silicon Based Alloys revenue rose 23% to $112 million, supported by a 24% increase in shipments. Pricing was slightly lower, down 1% versus the prior quarter. Adjusted EBITDA, increased significantly from $2 million in Q1 to $7 million in Q2, trickling quarter over quarter. Margins expanded from 3% to 6%, driven by improved fixed cost absorption, resulting from a significant increase in production volumes as a result of our French operations.

請看下一張投影片。矽基合金營收成長 23%，達到 1.12 億美元，這得益於出貨量成長 24%。價格略低，較上一季下降 1%。調整後的 EBITDA 從第一季的 200 萬美元大幅增加至第二季的 700 萬美元，且逐季遞減。由於法國業務的開展導致產量大幅增加，固定成本吸收能力增強，利潤率從 3% 擴大至 6%。

Next slide, please. Manganese Based Alloys caused the strongest improvement with revenue up 43% to $106 million. This was driven by a 31% increase in volumes, combined with a 9% increase in average selling prices.

請看下一張投影片。錳基合金的銷售額成長最為強勁，營收成長 43%，達到 1.06 億美元。這是由於銷量成長了 31%，同時平均售價上漲了 9%。

Adjusted EBITDA improved from a $6 million loss to a profit of $17 million with margins reaching [16%]. These gains were fueled by higher throughput, improved cost absorption, and contribute from the resumed French operations, partially offset by the higher cost of manganese.

調整後的 EBITDA 從虧損 600 萬美元轉為獲利 1,700 萬美元，利潤率達到[16%]。這些收益是由更高的產量、更好的成本吸收以及恢復法國業務的貢獻所推動的，但被錳成本的上升部分抵消。

Next slide, please. During the second quarter, we generated $16 million in operating cash flow, reflecting a working capital release of $14 million. Please note that the difference in working capital between cash flow and balance sheet is a decline or depreciation in the US dollar.

請看下一張投影片。第二季度，我們產生了 1,600 萬美元的營運現金流，反映了 1,400 萬美元的營運資本釋放。請注意，現金流和資產負債表之間的營運資本差異是美元的下跌或貶值。

In addition, we collected a $7 billion energy rebate related to our 2025 energy contract and pay $12 million of income taxes. Capital expenditures total $16 million in Q2, up slightly from the prior quarter. Despite the tough market conditions, our free cash flow for the second quarter was neutral.

此外，我們還獲得了與 2025 年能源合約相關的 70 億美元能源回扣，並繳納了 1,200 萬美元的所得稅。第二季資本支出總計 1,600 萬美元，較上一季略有成長。儘管市場環境嚴峻，但我們第二季的自由現金流保持中性。

Next slide, please. During the second quarter, we preserved a strong balance sheet while maintaining our dividend and continuing our shared refugees program. During the quarter, we repurchased 600,000 shares at an average price of $3.31 for a total of $2 million.

請看下一張投影片。在第二季度，我們維持了強勁的資產負債表，同時維持了股息並繼續實施共享難民計畫。本季度，我們以平均 3.31 美元的價格回購了 60 萬股，總計 200 萬美元。

Since initiating share buybacks in the third quarter of 2024, we have repurchased a total of 1.9 million shares for approximately $7 million. We will continue to do so opportunistically.

自 2024 年第三季開始股票回購以來，我們已回購了總計 190 萬股，耗資約 700 萬美元。我們將繼續抓住機會這樣做。

We also made an additional $4 million investment in Coreshell, bringing our total to $10 million to support the 60-amp pilot plant. We remained net cash positive at the end of the quarter with a balance of $10 million versus $19 million at the end of the first quarter.

我們也向 Coreshell 額外投資了 400 萬美元，使我們的總投資達到 1,000 萬美元，用於支援 60 安培試驗工廠。本季末我們的淨現金餘額為 1,000 萬美元，而第一季末為 1,900 萬美元。

Adjusted gross debt at the end of the second quarter was $125 million, up from $110 million in the prior quarter. In addition, in June, we made the final SEPI loan principal repayment of [$80 million]. Our year-to-date CapEx was $30 million.

第二季末調整後總負債為 1.25 億美元，高於上一季的 1.1 億美元。此外，6 月份，我們償還了 SEPI 貸款的最後一筆本金[8000萬美元]我們今年迄今的資本支出為 3000 萬美元。

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. Before opening the call to Q&A, I'd like to provide key takeaways from today's presentation on slide 15.

謝謝你，比阿特麗斯。在開始問答環節之前，我想在第 15 張投影片上提供今天演講的要點。

First, due to increased uncertainty in the market, particularly around trade actions and volatile pricing in Europe, we are withdrawing our annual guidance. Visibility remains limited, and we believe this is the most prudent course of action until we have a greater clarity.

首先，由於市場不確定性增加，尤其是歐洲的貿易行動和價格波動，我們撤回了年度指引。可見性仍然有限，我們認為，在我們獲得更清晰的認識之前，這是最謹慎的行動方針。

However, we expect the ongoing EU safeguard decision to reduce price pressure from imports, paving the way for robust market conditions in 2026. In the US, where we have seen a tangible improvement in the pharmaceutical market, we expect trade policies and anti-dumping actions to improve the market further.

不過，我們預期歐盟正在進行的保障措施決定將減輕進口產品的價格壓力，為 2026 年強勁的市場狀況鋪路。在美國，我們看到醫藥市場有了明顯改善，我們預期貿易政策和反傾銷行動將進一步改善市場。

Despite some internal headwinds, we continue to navigate the environment effectively, as highlighted by our second quarter adjusted EBITDA of $22 million. Our operational discipline, cost control, and a strong balance sheet, along with our flexible global footprint, position us well to manage through near-term volatility.

儘管存在一些內部阻力，我們仍能繼續有效應對環境，這一點從我們第二季調整後的 EBITDA 達到 2,200 萬美元可以看出。我們的營運紀律、成本控制和強勁的資產負債表，加上我們靈活的全球影響力，使我們能夠很好地應對短期波動。

Looking ahead, we are optimistic about 2026 and expect meaningful tailwinds from trade decisions in both US and Europe, along with early signs of supply containment. These developments should significantly improve the operating environment next year.

展望未來，我們對 2026 年持樂觀態度，並預期美國和歐洲的貿易決策將帶來有意義的推動力，同時也將出現供應控制的早期跡象。這些發展應該會顯著改善明年的經營環境。

Operator, we're ready for questions.

接線員，我們已經準備好回答問題了。

(Operator Instructions) Martin Englert, Seaport Research Partners.

（操作員指示）Martin Englert，海港研究合作夥伴。

Hello. Good day, everyone. Wanted to quickly touch on why -- I know the annual EBITDA guide was withdrawn. Do you have any visibility wherein you can speak to any forward-looking metrics like price, volume, cost, or broader qualitative views on the second half of this year for the company?

你好。大家好。想快速談談原因——我知道年度 EBITDA 指南被撤回了。您是否可以談談公司今年下半年的前瞻性指標，例如價格、數量、成本或更廣泛的定性觀點？

Well, at this stage, Martin -- and look, thank you for the question. At this stage, like we say, we are in a extreme uncertain environment, like I said in my speech. Uncertainty on overall global trade tariffs, but also tariffs related to our business, right, both in terms of safeguards and anti-dumping.

好吧，馬丁，現在，謝謝你的提問。正如我在演講中所說，現階段我們正處於一個極端不確定的環境。全球貿易關稅整體存在不確定性，與我們的業務相關的關稅也存在不確定性，包括保障措施和反傾銷方面。

The big emerging factor in the second quarter has been the massive import of Silicon Metal from China. It's extremely low prices. We are talking about $1,100, $1,200 import price. You have to add duties and transportation. So we have faced market prices of EUR1,400 to EUR1600 per ton that we could not simply match.

第二季出現的一個重要因素是從中國大量進口金屬矽。價格極為低廉。我們討論的是 1,100 美元、1,200 美元的進口價格。您必須添加關稅和運輸費。因此，我們面臨的市場價格為每噸 1,400 歐元至 1,600 歐元，我們無法簡單地匹配。

And by the way, it's not only Ferroglobe, it's most of the industry that cannot match these prices. This is why we keep on hearing about production curtailments in Ireland, in Germany, in Brazil, and also China because I think at this price, import price level, basically, you get to the cash cost of the best Chinese producers. So also most of the Chinese players lose money at this level.

順便說一句，不僅是 Ferroglobe，大多數行業都無法匹敵這樣的價格。這就是為什麼我們不斷聽到愛爾蘭、德國、巴西和中國減產的消息，因為我認為在這個價格，進口價格水平，基本上，你就能得到最好的中國生產商的現金成本。所以大多數中國選手也在這個級別輸錢。

So as a consequence, waiting for more clear decisions. It's very difficult to project volume and prices for the rest of the year. And from there, our suffered decision to withdraw the guidance for the rest of the year.

因此，我們需要等待更明確的決定。預測今年剩餘時間的產量和價格非常困難。從那時起，我們做出了撤回今年剩餘時間的指導的決定。

Do you feel like there's any risk that EBITDA could revert negative again before the end of the year, or is that just unknown right now?

您是否認為 EBITDA 有可能在年底前再次變為負值，還是目前還無法確定？

Well, we don't know the amount of EBITDA, but we know that we're going to deliver positive EBITDA. Again, giving the forecast is impossible due to the current situations.

嗯，我們不知道 EBITDA 的金額，但我們知道我們將實現正的 EBITDA。再次，由於目前的情況，無法給出預測。

Okay. Understood. Appreciate that the visibility is challenged out there because of the tariffs. Along those lines, with US tariffs, can you touch on any exposure you might have here in the supply chain, meaning on the cost side of the business and implications for your facilities? And also how it's impacted back in Core?

好的。明白了。意識到由於關稅，可見度受到了挑戰。順著這個思路，對於美國關稅，您能否談談您在供應鏈中可能遇到的任何風險，即業務成本方面以及對您的設施的影響？它對核心有何影響？

Yeah, apart from the Core marketing, at this point in time, [Bancor] is not impacted because Silicon Metal imports from Canada to the US are not impacted at this stage with any trade measure. Talking about critical raw materials, as you know, we are fully back integrated on key materials in US and we don't have any specific problem in Europe.

是的，除了核心行銷之外，目前，[Bancor] 並未受到影響，因為目前從加拿大到美國的金屬矽進口並未受到任何貿易措施的影響。談到關鍵原材料，如您所知，我們在美國已完全整合關鍵原材料，並且在歐洲沒有遇到任何具體問題。

We have to face some -- we have to make some corrective actions on small raw materials like specifics rare earths, but we have been solving the problem. So this has not been impacting, overall, our supply chain at this at this stage.

我們必須面對一些問題——我們必須對特定稀土等小原料採取一些糾正措施，但我們一直在解決這個問題。因此，目前這總體上還沒有對我們的供應鏈產生影響。

Can you remind us of what specific rare earth exposure you might have?

您能否提醒我們可能接觸過哪些特定的稀土元素？

A lot depends on the founder from Malaysia, but we're talking about bismuth, germanium, tellurium, mainly these three products. Then, of course, we have to see what happens with magnesium because the major producer of magnesium, guess what, is China. But at the moment, we have been able to secure supply. By the way, magnesium is not a rare earth.

很大程度上取決於來自馬來西亞的創始人，但我們談論的是鉍、鍺、碲，主要是這三種產品。當然，我們必須看看鎂的情況，因為鎂的主要生產國是中國。但目前，我們已經能夠確保供應。順便說一句，鎂不是稀土。

All right. I appreciate the detail. Good luck. Thank you.

好的。我很欣賞這個細節。祝你好運。謝謝。

Nick Giles, B. Riley Securities.

尼克吉爾斯 (Nick Giles)，B. Riley 證券。

Thank you, operator, good morning, everyone. My first question on the EU safeguards, it's encouraging to hear of the progress thus far.

謝謝接線員，大家早安。我的第一個問題是關於歐盟保障措施，聽到迄今為止的進展令人鼓舞。

Should we have a price floor or a minimum import price in mind? Or how should we think about overall structure?

我們是否應該考慮價格下限或最低進口價格？或者說整體結構該怎麼思考？

And then I was curious if you could speak to how volumes could respond in each of your product categories? And then any clarifying points on timing, when this could really be implemented? Thank you.

然後我很好奇，您是否可以談談每個產品類別的銷售反應如何？那麼，關於時間安排，有什麼可以澄清的要點嗎？什麼時候可以真正實施？謝謝。

Okay. First of all, we don't know what is included in the decision of the European community. There have been a lot of leaks, speculations on the products covered on the mechanism to protect our industry in Europe, but there is no final decision. And as a consequence, I don't want to speculate on that.

好的。首先，我們不知道歐洲共同體的決議具體包括哪些內容。關於歐洲保護我國工業的機制所涵蓋的產品，已經出現了許多洩漏的消息和猜測，但還沒有最終的決定。因此，我不想對此進行猜測。

I just want to confirm that we keep on asking for safeguards covering our complete product mix, Silicon Metal, Manganese Alloys, [polysilicon] and ferrosilicon and foundry. And we are -- we expect a decision, a preliminary decision on August 18, 19, and the final decision on November 20.

我只是想確認，我們一直在要求涵蓋我們全部產品組合的保障措施，包括金屬矽、錳合金、[多晶矽]、矽鐵和鑄造廠。我們預計將於 8 月 18 日、19 日做出初步決定，並於 11 月 20 日做出最終決定。

Speculating now on the impact, I think It's not a good exercise at this stage. But what I want to underline is that we are still engaged with the European community on working on their final decision and this makes us feel rather optimistic about having an outcome. Which outcome? We will see and we will talk at the right time.

現在推測其影響，我認為在現階段這不是一個好的做法。但我想強調的是，我們仍在與歐洲共同體合作，努力做出最終決定，這讓我們對最終結果感到相當樂觀。哪種結果？我們將會觀察並在適當的時候進行交談。

Fair enough. Well, thanks for that, Marco. I guess, maybe a follow up to that. I mean, as we look across your three main product categories, which of your assets in Europe should we think about as best positioned to respond with higher volumes, assuming a favorable outcome in the safeguards?

很公平。好吧，謝謝你，馬可。我想，也許可以對此進行跟進。我的意思是，當我們審視您的三大主要產品類別時，假設保障措施取得有利結果，我們應該認為您在歐洲的哪些資產最適合以更高的產量做出反應？

Yeah, there was a -- I want to remind you that the overall safeguard initiative is related to restore local supply of critical and strategic raw materials at a rate of maximum 40%. So 60% will still be imported. This is not a critical thing.

是的，我想提醒你，整體保障措施與恢復當地關鍵策略原物料供應有關，最高恢復速度為 40%。因此60%仍將依賴進口。這並不是什麼關鍵的事情。

Talking about our plants, of course, in particular, the Silicon Metal plants, [Koran] at a much higher rate, starting from [Savon] in Spain, moving to [Maurice] and (inaudible) and [Lake Labo] in France. We have converted most of low-down production already to ferrosilicon.

當然，談到我們的工廠，特別是矽金屬工廠，[Koran] 的速度要快得多，從西班牙的 [Savon] 開始，轉移到法國的 [Maurice] 和（聽不清楚）和 [Lake Labo]。我們已經將大部分低價產品轉化為矽鐵。

The other plants are either manganese plants or foundry plants. Manganese is running well, volume wise. Then when you move safeguard Europe, it may impact also, to a certain extent, our production from the products in South Africa. But at this stage, we are not operating any smelting facility in South Africa.

其他工廠要不是錳廠，就是鑄造廠。從產量來看，錳的運作良好。那麼，當你轉向歐洲保障措施時，它也可能在一定程度上影響我們在南非的產品生產。但現階段，我們尚未在南非營運任何冶煉設施。

That's helpful. Maybe just on the -- more on the US side. I mean, you mentioned switching some furnaces from Silicon Metal to ferrosilicon and, apologies if I missed it, but what's the overall volume impact and any color on what the potential impact to EBITDA could be at current prices?

這很有幫助。或許只是──多站在美國這邊。我的意思是，您提到將一些熔爐從金屬矽轉換為矽鐵，如果我錯過了，請原諒，但這對整體產量有何影響？在當前價格下，這對 EBITDA 可能造成什麼影響？

Well, the -- yes, we have switched [wateriness] in Beverly, Ohio from Silicon Metal to ferrosilicon due to the increased amount of ferrosilicon in the US. And we have reached one of the large furnaces in them from Silicon Metal to ferrosilicon, right?

嗯，是的，由於美國的矽鐵產量增加，我們已經將俄亥俄州貝弗利的[水質]從金屬矽轉換為矽鐵。我們已經到達了其中一個大型的熔爐，從金屬矽到矽鐵，對嗎？

So the -- now, the US, the margin is supported by the price restoration in the second quarter at about 10%. So it's positive [EBITDA] while the decision all of them is related to market opportunities in ferrosilicon due to our advantage cost position in France versus lack of business in the Silicon Metal arena.

因此，現在，美國利潤率受到第二季價格恢復的支撐，約 10%。因此，EBITDA 為正值，而所有這些決定都與矽鐵的市場機會有關，因為我們在法國具有成本優勢，而在金屬矽領域缺乏業務。

Thank you for that. And then one more if I could. You did have an update on your Coreshell investment and, apologies if I missed it there, but is there anything to highlight from a safeguard or trade case perspective that would ultimately benefit Coreshell or silicon-rich technology more broadly? Thank you.

謝謝你。如果可以的話，我還會再說一次。您確實對 Coreshell 投資進行了更新，如果我錯過了，請見諒，但從保障措施或貿易案例的角度來看，有什麼值得強調的，最終會使 Coreshell 或富矽技術更廣泛地受益嗎？謝謝。

Yeah, well, first of all, you have to consider that very high percentage, ultra-high percentage of graphite is -- comes from China. So there is a natural positive push toward replacing graphite with silicon. As mentioned in our speech, we have increased our participation in Coreshell.

是的，首先，你必須考慮到非常高比例、超高比例的石墨來自中國。因此，用矽取代石墨自然會得到積極的推動。正如我們在演講中提到的，我們增加了對 Coreshell 的參與。

And during the second quarter, the new pilot plants started operating very smoothly. The first cells were produced and now, the first results in cycle efficiency are simply outstanding. And so we are in the process of assembling the first sales to major OEMs in the United States and in Europe.

第二季度，新的試驗工廠開始順利運作。第一批電池已經生產出來，現在，循環效率的初步結果非常出色。因此，我們正在組裝第一批產品並將其銷售給美國和歐洲的主要原始設備製造商。

Guys, thank you so much for the update today and continued best of luck.

夥計們，非常感謝你們今天的更新，祝你們好運。

Thank you. There are no further questions at this time. I would like to hand back over to Marco Levi for closing remarks.

謝謝。目前沒有其他問題。我想將發言權交還給 Marco Levi 作最後發言。

All of you, thank you again for your participation. We look forward to updating you on the next call in November. Have a great day.

再次感謝大家的參與。我們期待在 11 月的下次電話會議上向您通報最新情況。祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。