Ferroglobe PLC (GSM) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Ferroglobe’s first-quarter 2026 earnings call. (Operator Instructions)

各位女士、先生，早安。歡迎參加 Ferroglobe 2026 年第一季財報電話會議。（接線員指示）

As a reminder, this conference call may be recorded. I would now like to turn the call over to Alex Rotonen, Ferroglobe’s Vice President of Investor Relations. You may begin.

提醒各位，本次電話會議可能會被錄音。現在我想把電話會議交給 Ferroglobe 投資人關係副總裁 Alex Rotonen。請開始。

Good morning, everyone, and thank you for joining Ferroglobe’s 1st quarter 2026 conference call. Joining me today are Marco Levi, our Chief Executive Officer, and Beatriz García-Cos, our Chief Financial Officer.

各位早安，感謝各位參加 Ferroglobe 2026 年第一季電話會議。今天與我一同出席的有我們的執行長 Marco Levi，以及財務長 Beatriz García-Cos。

Before we get started with 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 the exhibits to those filings, which are available at ferroglobe.com.

在開始宣讀事先準備的發言之前，我將先宣讀一段簡短聲明。請各位此時翻到投影片第 2 頁。管理層在本次電話會議中所作的前瞻性陳述係基於目前的預期。可能導致實際結果與這些前瞻性陳述存在重大差異的因素，載於 Ferroglobe 最新的 SEC 申報文件及其附件，相關文件可於 ferroglobe.com 查閱。

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

此外，本次討論亦包含對 EBITDA、調整後 EBITDA、調整後總債務、調整後淨債務，以及調整後稀釋每股盈餘等非 IFRS 指標的引用。非 IFRS 指標的調節表可於我們最新的 SEC 申報文件中查閱。

We’ll be participating in the B. Riley Annual Investor Conference in Los Angeles on May 20. We hope to see you there. With that, I’ll turn the call over to Marco.

我們將於 5 月 20 日在洛杉磯參加 B. Riley 年度投資人會議。期待與各位相見。接下來我把電話交給 Marco。

Thank you, Alex Rotonen, and thank you all for joining us today. We appreciate your continued interest in Ferroglobe. Overall, market conditions for ferroalloys have become more favorable, highlighted by our first quarter silicon-based alloys volumes, which grew 18 sequentially to the highest level in nearly five years. This segment was driven by growth in ferrosilicon in both Europe and North America.

謝謝你，Alex Rotonen，也感謝各位今天加入我們。我們感謝各位持續關注 Ferroglobe。整體而言，鐵合金市場狀況已轉趨有利，最突出的表現是我們第一季矽基合金出貨量較前一季成長 18%，達到近五年來最高水準。此分部的成長主要由歐洲與北美的矽鐵需求成長所帶動。

Our manganese-based segment was also strong, with volumes increasing 6%. The improvement in Europe was helped by recently implemented safeguards. Anti-dumping and countervailing duties, tariffs, and rising steel production have all strengthened demand for ferrosilicon in the US. This creates a more supportive silicon-based alloys market environment across our core regions.

我們的錳基分部同樣表現強勁，出貨量增加 6%。歐洲的改善受惠於近期實施的防衛措施。反傾銷與平衡稅、關稅，以及鋼鐵產量上升，皆強化了美國對矽鐵的需求。這使我們核心區域的矽基合金市場環境更具支撐。

While the silicon metal market in Europe remains under continuous attack from China and its proxy, Angola, we are encouraged by recent comments. European Trade Commissioner Maroš Šefčovič has reaffirmed a commitment to protecting the silicon metal industry and is actively evaluating measures addressing imports from China and Angola.

儘管歐洲的金屬矽市場仍持續受到中國及其代理國安哥拉的衝擊，我們仍對近期的相關發言感到鼓舞。歐盟貿易執委 Maroš Šefčovič 已重申將致力於保護金屬矽產業，並正積極評估針對來自中國與安哥拉進口的相關措施。

In the US, the silicon metal cases covering Angola and Laos are now final, with anti-dumping and anti-circumvention duties of 78.5% and 173.5% respectively, including the general tariff of 10%. The Department of Commerce is expected to set the final rates for Australia and Norway in late June, with the US ITC expected to announce its final decision in late July. These measures are critical to ensuring a level playing field and supporting the long-term health of our industry.

在美國，涵蓋安哥拉與寮國的金屬矽案件現已定案，反傾銷與反規避稅率分別為 78.5% 與 173.5%，其中包含 10% 的一般關稅。美國商務部預計將於 6 月下旬針對澳洲與挪威訂定最終稅率，而美國國際貿易委員會（ITC）預計於 7 月下旬公布最終裁決。這些措施對於確保公平競爭環境並支持本產業的長期健全發展至關重要。

Given recent events in Venezuela, we see a compelling opportunity to reopen our operations there. These assets offer strategic proximity to the US market, along with access to low-cost energy, raw materials, and attractive logistics. We are actively pursuing a potential restart of our operation in Venezuela to take advantage of its geographic proximity to the US.

鑑於近期委內瑞拉的事件，我們看到一個極具吸引力的機會，可重新啟動當地的營運。這些資產具備鄰近美國市場的策略優勢，同時可取得低成本能源、原料，以及具吸引力的物流條件。我們正積極推動委內瑞拉營運的潛在重啟，以利用其地理上接近美國的優勢。

At the same time, we are evaluating CapEx requirements, energy availability, and cost structure to determine the viability of restarting. As a reminder, we have three large ferrosilicon furnaces with a combined capacity of 90,000 tons and the flexibility to convert them to silicon metal when market conditions dictate. There is also a 30,000 ton manganese alloy furnace originally built as a silicon metal furnace.

同時，我們也在評估資本支出（CapEx）需求、能源供應可得性與成本結構，以判斷重啟的可行性。提醒各位，我們擁有三座大型矽鐵電爐，合計產能 90,000 噸，並可依市場狀況彈性轉換為生產金屬矽。此外，還有一座 30,000 噸的錳合金電爐，最初是以金屬矽電爐規格建造。

We are strategically positioning Ferroglobe to scale our platform to increase our capacity utilization. Our core capabilities, large-scale electric furnace operations, advantage access to raw materials, and decades of proprietary process expertise are directly applicable to a broader range of critical materials and alloys. This is why we are actively pursuing expansion beyond our traditional portfolio.

我們正以策略方式布局 Ferroglobe，以擴大我們的平台規模並提升產能利用率。我們的核心能力——大型電爐營運、具優勢的原料取得，以及數十年累積的專有製程技術——可直接應用於更廣泛的關鍵材料與合金。這也是我們積極尋求超越傳統產品組合擴張的原因。

We are building on a proven base, not starting from scratch. Our history of producing materials such as magnesium and ferrochrome combined with deep expertise in high-temperature reduction and related processes give us a strong technical and operational foundation. This is a natural evolution of our business. The same industrial platform that supports our leadership in silicon metal and ferroalloys can be redeployed to address growing supply gaps in other strategically important materials.

我們是在既有且經驗證的基礎上持續建構，而非從零開始。我們過去生產鎂與高碳鉻鐵等材料的歷史，加上在高溫還原及相關製程方面的深厚專業，為我們提供了強大的技術與營運基礎。這是我們業務的自然演進。支撐我們在金屬矽與鐵合金領域領先地位的同一套工業平台，也可重新部署，以因應其他具策略重要性材料日益擴大的供應缺口。

As demand accelerates and supply chains realign, this optionality materially extends Ferroglobe growth runway. Our Western asset footprint is a clear competitive advantage. It places us at the center of rising demand fueled by higher defense spending, AI adoption, the energy transition, and the need for secure domestically anchored supply chains. Recent US-EU agreements on critical materials reinforce a clear message: trusted local production is now a requirement, not a preference.

隨著需求加速成長、供應鏈重新調整，這種選擇權將實質延長 Ferroglobe 的成長跑道。我們在西方國家的資產布局是明確的競爭優勢。這使我們站在需求上升的核心位置，而需求上升的動能來自更高的國防支出、AI 採用、能源轉型，以及對安全且以國內為基礎之供應鏈的需求。近期美歐就關鍵材料達成的協議強化了一個明確訊息：可信賴的在地生產如今是「必須」，而非「偏好」。

Given that, it is crucial to understand what happened to critical materials production in the West, and how it lost its advantage. It was not as access to mines and critical minerals was lost. Rather, China became the dominant processor of these materials into critical materials. The market structure shifted to favor price over all other factors, rendering Western production unprofitable. All that is changing now to favor the reliability of a trusted supply chain.

因此，理解西方關鍵材料生產發生了什麼事、以及其如何失去優勢，至關重要。這並不是因為失去了礦山與關鍵礦物的取得。而是中國成為將這些原料加工成關鍵材料的主導者。市場結構轉向以價格凌駕於其他所有因素之上，使西方生產變得無利可圖。而現在，一切正開始改變，市場將轉而偏好可信賴供應鏈的可靠性。

Taken together, this positions Ferroglobe to play a larger role in the next phase of industrial and geopolitical realignment, leveraging assets we already own, capabilities we already have, and markets that are moving decisively in our favor. Moving to Coreshell. We continue to develop our partnership to advance the use of silicon in lightweight, high capacity, and fast charging batteries for EVs and drones.

綜合而言，這使 Ferroglobe 能在下一階段的產業與地緣政治重整中扮演更重要的角色，運用我們既有的資產、既有的能力，以及正明確朝有利於我們方向發展的市場。接著談 Coreshell。我們持續深化合作夥伴關係，以推動矽在輕量化、高容量與快速充電電池中的應用，涵蓋電動車與無人機。

In March, we co-led a Series B round with a $7 million investment, increasing our total to $70 million and representing an ownership stake of approximately 10%. Coreshell started production from its current 60 ampere plant, marking an important milestone, and has already begun selling batteries to robotics and defense customers.

3 月，我們共同主導了 B 輪融資並投資 700 萬美元，使我們的累計投資增至 7,000 萬美元，並代表約 10% 的持股比例。Coreshell 已在其現有的 60 安培工廠開始生產，這是一項重要里程碑，且已開始向機器人與國防客戶銷售電池。

In addition, Coreshell has signed multi-year sampling and qualification agreements with automotive OEM customers, positioning it to participate in the emerging growth area in critical materials. In March, we signed a binding term sheet for a multi-year silicon metal supply agreement with Coreshell. Overall, we are operating in an improving environment for ferroalloys, executing on our strategic priorities and positioning the company for sustainable growth across both our core and emerging businesses.

此外，Coreshell 已與汽車 OEM 客戶簽署多年期的送樣與認證協議，使其得以參與關鍵材料的新興成長領域。3 月，我們與 Coreshell 簽署了一份具約束力的條款清單，內容為多年期矽金屬供應協議。整體而言，我們正處於鐵合金景氣改善的環境中，持續推進策略優先事項，並使公司在核心與新興業務兩方面皆具備可持續成長的定位。

Next slide, please. Strong ferroalloy volume growth in the first quarter drove shipments up 7% to 177,000 tons, primarily due to an 18% increase in silicon-based alloys. This resulted in a 6% increase in quarterly revenue to $348 million. Adjusted EBITDA declined to $3 million, and free cash flow was a negative $60 million. Beatriz will provide more detailed comments in her section.

下一張投影片，謝謝。第一季鐵合金出貨量強勁成長，帶動出貨量增加 7% 至 177,000 噸，主要來自矽基合金增加 18%。因此，季度營收增加 6% 至 3.48 億美元。調整後 EBITDA 下降至 300 萬美元，自由現金流為負 6,000 萬美元。Beatriz 將在她的段落提供更詳細的說明。

Next slide, please. I will start updating our segments from silicon metal. The silicon metals market remains under pressure due to continued aggressive pricing by imports, mainly from China and Angola. These dynamics primarily impacted Europe, as silicon metal was excluded from recent safeguard protections. As a result, total volumes declined 6% from the fourth quarter, and we decided not to participate at uneconomic prices.

下一張投影片，謝謝。我先從矽金屬業務的分部更新開始。由於進口產品持續採取激進定價（主要來自中國與安哥拉），矽金屬市場仍承受壓力。這些動態主要影響歐洲，因為矽金屬未被納入近期的保障措施保護範圍。因此，總銷量較第四季下降 6%，我們也決定不以不具經濟性的價格參與市場。

We partially mitigated this by converting three silicon metal furnaces to ferrosilicon, allowing us to capitalize on better market conditions in this segment. Two of the furnaces were in Europe and one in the US was converted last year. This strategic shift underscores the value of Ferroglobe’s flexible operating model and our ability to respond dynamically to evolving market conditions.

我們部分透過將三座矽金屬電爐轉產為矽鐵來緩解影響，使我們得以把握該分部較佳的市場條件。其中兩座電爐位於歐洲，另有一座位於美國並已於去年完成轉產。此一策略性調整凸顯 Ferroglobe 彈性營運模式的價值，以及我們因應市場條件演變而動態調整的能力。

Silicon metal volumes declined 2,000 tons to approximately 31,000 tons in the first quarter. North American volumes grew a solid 15%, while EU volumes continue to face predatory import competition, resulting in a 23% decline. In addition to China and Angola, low price imports in Q1 came from Malaysia, Kazakhstan and Laos. Norway is the largest importer of silicon metal to the EU, accounting for more than 60% of total imports.

第一季矽金屬銷量減少 2,000 噸至約 31,000 噸。北美銷量穩健成長 15%，而歐盟銷量持續面臨掠奪性進口競爭，因而下滑 23%。除中國與安哥拉外，第一季的低價進口亦來自馬來西亞、哈薩克與寮國。挪威是歐盟最大的矽金屬進口來源國，占總進口量逾 60%。

The polysilicon market remains weak, with silicon prices reflecting soft demand and oversupply. The aluminum segment, on the other hand, is showing initial signs of improvement as some Middle Eastern production is offline due to the Iran conflict. The chemical sector remains soft due to Chinese imports of siloxanes and silicones into Europe and in the US. US index prices declined 3% in the first quarter compared to the fourth quarter, while EU prices declined by 6%.

多晶矽市場仍然疲弱，矽價反映需求偏軟與供給過剩。另一方面，鋁用市場則出現初步改善跡象，因伊朗衝突導致部分中東產能停產。化工領域仍偏弱，原因在於中國的矽氧烷與矽酮產品輸入歐洲及美國。美國指數價格第一季較第四季下跌 3%，歐盟價格則下跌 6%。

Although we remain cautious about the pace of recovery in Europe pending more decisive trade actions from the European Commission, recent comments from the Trade Commissioner regarding protecting the EU market are encouraging.

儘管在歐盟執委會採取更果斷的貿易行動之前，我們對歐洲復甦速度仍持審慎態度，但貿易執委近期關於保護歐盟市場的評論令人鼓舞。

In the US, we expect the market conditions to improve in the second half of 2026, bolstered by antidumping and countervailing measures. In the medium term, there is a significant growth opportunity for silicon metal in the US as Tesla aims to build a large, vertically integrated supply chain to produce 100 gigawatts of solar capacity by the end of 2028.

在美國，我們預期在反傾銷與平衡稅措施的支撐下，市場狀況將於 2026 年下半年改善。中期而言，美國矽金屬存在顯著成長機會，因特斯拉（Tesla）目標在 2028 年底前建立大型垂直整合供應鏈，以生產 100 吉瓦的太陽能產能。

Next slide, please. Silicon-based alloys volumes reached their highest levels since the second quarter of 2021, with total shipments increasing 18% to 61,000 tons, driven by 21% growth in Europe, despite a contraction in steel production in the first quarter.

下一張投影片，謝謝。矽基合金銷量達到自 2021 年第二季以來的最高水準，總出貨量增加 18% 至 61,000 噸；儘管第一季鋼鐵產量下滑，歐洲仍受 21% 成長帶動。

The North American growth was equally strong at 20%. After a 22% price jump from late October to early December, following the safeguard announcement, EU ferrosilicon index prices declined 9% in the first quarter. The reason for the recent price decline is two-fold. First, import volumes were high prior to November safeguards, leading to elevated inventory levels.

北美的成長同樣強勁，達 20%。在保障措施公告後（10 月下旬至 12 月上旬）價格上漲 22% 之後，歐盟矽鐵指數價格於第一季下跌 9%。近期價格下跌的原因有二。第一，11 月保障措施生效前進口量偏高，導致庫存水位上升。

Second, the use of low price silicon metal by steel producers to replace ferrosilicon is disrupting ferrosilicon market dynamics. They are still up 9% since the pre-safeguard announcement, and we expect pricing to be positively impacted in the second half due to safeguards as excess inventory is depleted. The US ferrosilicon index was flat in the first quarter. As I mentioned earlier, we converted one silicon furnace in US and two additional furnaces in Europe to ferrosilicon to take advantage of shifting demand.

第二，鋼廠使用低價矽金屬替代矽鐵，正在擾亂矽鐵市場的供需動態。不過，相較於保障措施公告前，價格仍上漲 9%；我們預期隨著過剩庫存消化，保障措施將在下半年對價格帶來正面影響。美國矽鐵指數第一季持平。如我先前所述，我們已將美國一座矽電爐及歐洲另外兩座電爐轉產為矽鐵，以掌握需求轉移帶來的機會。

Overall, we’re optimistic that 2026 will be a strong year for silicon-based alloy volumes for ferrosilicon. An additional catalyst for the second half of the year is anticipated from enhanced EU steel safeguards, which are expected to increase EU steel production by 12.5 million tons annually, representing approximately 10% growth. These measures are expected to take effect on July 1, 2026.

整體而言，我們對 2026 年矽基合金（矽鐵）銷量將是強勁的一年感到樂觀。下半年另一項預期催化因素來自歐盟鋼鐵保障措施的加強，預計可使歐盟鋼鐵年產量增加 1,250 萬噸，約相當於 10% 的成長。這些措施預計將於 2026 年 7 月 1 日生效。

Next slide, please. Our Q1 manganese shipments posted a strong quarter with a 6% volume increase to 86,000 tons, up from 81,000 tons in the prior quarter, helped by safeguards.

下一張投影片，謝謝。我們第一季錳產品出貨表現強勁，受保障措施帶動，銷量增加 6% 至 86,000 噸，高於前一季的 81,000 噸。

Europe accounts for the majority of the manganese sales. Manganese alloy index price surged after safeguards were announced in November and are up 18% since pre-safeguards, with year-to-date levels roughly flat. We are constructive about the 2026 manganese outlook and expect to report strong volumes for the remainder of the year. Strengthen steel safeguards are another catalyst, as they are expected to be implemented in July and improve EU demand.

歐洲占錳產品銷售的大宗。錳合金指數價格在 11 月宣布保障措施後大幅上揚，較保障措施前上漲 18%，年初至今水準大致持平。我們對 2026 年錳市場展望持正向看法，並預期今年剩餘期間將呈報強勁銷量。加強鋼鐵保障措施亦是另一項催化因素，預計將於 7 月實施並改善歐盟需求。

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

接下來我想把電話會議交給我們的財務長 Beatriz García-Cos，請她更詳細地說明財務結果。Beatriz？

Thank you, Marco. Please turn to slide 9 for a review of the first-quarter income statement. Total Q1 sales increased by 6% to $348 million, driven by a 7% increase in total volumes, with ferroalloys being the primary driver. More specifically, silicon and manganese-based alloys volumes increased 18% and 6% respectively, while silicon metal shipments declined as we prioritize price discipline in Europe.

謝謝你，Marco。請翻到第 9 張投影片，檢視第一季損益表。第一季總銷售額增加 6% 至 3.48 億美元，主要由總銷量增加 7% 所帶動，其中鐵合金為主要驅動因素。更具體而言，矽基與錳基合金銷量分別增加 18% 與 6%，而矽金屬出貨量下降，因我們在歐洲優先維持價格紀律。

Raw material and energy costs, after adjusting for the $5.5 million impact from power purchase agreement, declined to 66% of sales, down from 67% in the 4th quarter. As a reminder, the PPAs are marked to market using fair value, and we exclude them to better reflect comparable quarter-over-quarter performance. Despite a strong volume growth, adjusted EBITDA declined to $3 million. Higher energy, transportation costs, and raw material inflation began to impact costs in March as a result of the conflict in Iran.

原物料與能源成本在調整電力購買協議（PPA）造成的 550 萬美元影響後，占銷售額比重降至 66%，低於第四季的 67%。提醒一下，PPA 係以公允價值按市價評估（mark-to-market），我們將其排除以更能反映可比的季對季表現。儘管銷量強勁成長，調整後 EBITDA 仍下降至 300 萬美元。由於伊朗衝突，自 3 月起較高的能源與運輸成本，以及原物料通膨開始推升成本。

Next slide, please. Silicon metal revenue declined 13% to $84 million. Due to a 6% reduction in volumes and a 7% fall in prices to $2,754 per ton. Adjusted EBITDA declined $3 million in the first quarter to an EBITDA loss of $2 million, resulting in a negative margin of 3%. The margin contraction was driven by lower realized prices, partially offset by improved cost in Canada and the restart of furnaces in Spain and France. Next slide, please. Silicon-based alloys revenue post another strong quarter with an 18% increase to $122 million, driven by an 18% sequential increase in volumes to 61,000 tons.

下一張投影片，請。金屬矽營收下滑 13% 至 8,400 萬美元。主因為銷量減少 6%，以及價格下跌 7% 至每噸 2,754 美元。第一季調整後 EBITDA 減少 300 萬美元至 EBITDA 虧損 200 萬美元，導致負的 3% 利潤率。利潤率收縮主要由已實現售價較低所致，部分被加拿大成本改善以及西班牙與法國爐子重啟所抵銷。下一張投影片，請。矽基合金營收再度繳出強勁一季，成長 18% 至 1.22 億美元，主要由銷量季增 18% 至 61,000 噸所帶動。

Realized prices were essentially flat with the fourth quarter at $2,016 per ton. Adjusted EBITDA decreased by $9 million to $6 million sequentially due to higher production cost in Spain, energy and raw material cost in Spain and the US. Margins declined 9 percentage points to 6%.

已實現價格與第四季基本持平，為每噸 2,016 美元。調整後 EBITDA 較前一季減少 900 萬美元至 600 萬美元，原因為西班牙較高的生產成本，以及西班牙與美國的能源與原料成本上升。利潤率下滑 9 個百分點至 6%。

Next slide, please. Manganese-based alloys revenue increased 16% to $107 million from $93 million in the prior quarter. The improvement was due to a 9% increase in realized prices to $1,250 per ton and a 6% increase in volumes to 86,000 tons. Adjusted EBITDA in the first quarter was $10 million, up from $9 million in the fourth quarter. Adjusted EBITDA margins remained solid at 9%.

下一張投影片，請。錳基合金營收由前一季的 9,300 萬美元增加 16% 至 1.07 億美元。改善主要來自已實現價格上升 9% 至每噸 1,250 美元，以及銷量增加 6% 至 86,000 噸。第一季調整後 EBITDA 為 1,000 萬美元，高於第四季的 900 萬美元。調整後 EBITDA 利潤率維持穩健在 9%。

Inflation in manganese ore, combined with higher transportation and energy costs, offset most of the price gains. While the Iran conflict continues to affect near-term logistics and raw material cost, we expect this cost to be temporary.

錳礦石通膨，加上運輸與能源成本上升，抵銷了大部分的價格漲幅。雖然伊朗衝突持續影響短期物流與原料成本，但我們預期這些成本屬於暫時性。

Next slide, please. For the first quarter, our cash flow from operations was negative $6 million due to a $13 million investment in working capital as we built inventory and increased accounts receivable balance to support higher volumes. We reduced our CapEx by $3 million to $11 million in the fourth quarter. For the first quarter, our free cash flow was negative $16 million.

下一張投影片，請。第一季營運活動現金流為負 600 萬美元，原因是我們在營運資金上投入 1,300 萬美元，因應更高的銷量而建立庫存並增加應收帳款餘額。我們將資本支出（CapEx）較第四季減少 300 萬美元至 1,100 萬美元。第一季自由現金流為負 1,600 萬美元。

Next slide, please. As announced previously, we increased Q1 dividend payout by 7% to $3 million, which was paid on March 30. Our next dividend of $0.015 per share, in line with the previous quarter, is scheduled for June 29, payable to shareholders on record as of June 22. We fund strategic investments such as Coreshell to support near-term operating needs and long-term growth opportunities and repurchase a modest 5,000 shares in the first quarter. Although our net debt position increased to $55 million in the first quarter, we remain in a solid financial position to support our growth objectives.

下一張投影片，請。如先前公告，我們將第一季股利發放金額提高 7% 至 300 萬美元，並已於 3 月 30 日支付。下一次股利為每股 0.015 美元，與前一季一致，預計於 6 月 29 日發放，股權登記日為 6 月 22 日之股東可領取。我們為支援短期營運需求與長期成長機會，投入如 Coreshell 等策略性投資，並於第一季小幅回購 5,000 股。儘管第一季淨負債部位增加至 5,500 萬美元，我們仍維持穩健的財務狀況以支持成長目標。

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

此時，我將電話會議交回給 Marco。

Thank you, Beatriz. Before opening the call to Q&A, I’d like to provide key takeaways from today’s presentation on slide 15. We began to see the benefits of various trade measures in the first quarter, as evidenced by stronger volumes of silicon-based alloys and manganese alloys.

謝謝你，Beatriz。在開放問答之前，我想在第 15 頁投影片提供今天簡報的重點摘要。第一季我們開始看到各項貿易措施帶來的效益，從矽基合金與錳合金更強勁的銷量即可看出。

Unfortunately, the prices still reflect an imbalanced market environment. We believe that the pricing will strengthen in the second half of the year, as we have said before. Ferroglobe is uniquely positioned to lead the next era of critical materials supply with the asset platform footprint and expertise to serve Western markets where trusted local production has become a global imperative.

不幸的是，價格仍反映市場環境失衡。如同我們先前所說，我們相信下半年價格將走強。Ferroglobe 憑藉其資產平台版圖與專業能力，具備獨特優勢，可引領關鍵材料供應的新時代，服務西方市場；在這些市場中，可信賴的在地生產已成為全球性的迫切需求。

While geopolitical disruptions continue to create near-term volatility and pressure logistics and raw material costs, we believe these impacts are temporary. The structural improvements underway in our markets, such as strengthened steel safeguards, CBAM, and onshoring, underpin our confidence in a stronger second half and longer-term value creation.

儘管地緣政治干擾持續造成短期波動，並對物流與原料成本帶來壓力，我們認為這些影響是暫時性的。我們市場中正在進行的結構性改善，例如更強化的鋼鐵防護措施、CBAM（碳邊境調整機制）以及回流生產（onshoring），支撐我們對下半年轉強與長期價值創造的信心。

Operator, we are ready for questions.

接線員，我們準備好回答問題了。

(Operator Instructions) Martin Englert, Seaport Research Partners.

（接線員指示）Seaport Research Partners 的 Martin Englert。

Hello. Good day, everyone. I have a little question.

你好。各位好。我有一個小問題。

Hey, Martin.

嗨，Martin。

Good to hear from you again. You had discussions with the US and or EU governments regarding potential grant opportunities for growth when it comes to critical materials. If you could just touch on what specific metals or alloys you’re most strongly considering, maybe pursuing here.

很高興再次聽到你的聲音。你們曾與美國和／或歐盟政府就關鍵材料成長相關的潛在補助機會進行討論。能否談談你們目前最優先考量、可能會推進的具體金屬或合金是哪些？

Yeah, I mean, the different departments, government departments in US, we have been talking to. The recent agreement between US and Europe on planning this critical material partnership confirmed the intent of governments to increase the independence from China on critical materials.

是的，我的意思是，我們一直在與美國不同的政府部門溝通。近期美國與歐洲就規劃關鍵材料夥伴關係所達成的協議，確認了各國政府希望在關鍵材料上提高對中國依賴度的獨立性之意圖。

Today we produce gold, silicon metal, and manganese-based alloys, which are critical. In the past, we have been producing other materials in our furnaces, in particular ferrosilicon chrome and ferrochrome. A long time ago, FerroAtlántica was producing magnesium in Europe. On top of that, we have technologies that can be applied to our furnaces to produce other critical materials for Europe, critical minerals for US.

目前我們生產黃金、金屬矽以及錳基合金，這些都是關鍵材料。過去我們也曾在爐子中生產其他材料，特別是矽鉻鐵與鉻鐵。很久以前，FerroAtlántica 曾在歐洲生產鎂。此外，我們也擁有可應用於現有爐子的技術，用以生產其他對歐洲而言的關鍵材料，以及對美國而言的關鍵礦物。

At this stage, I cannot be disclosing which materials we’re going to produce. I can tell you that we went through a serious process where we started from more than 100 options, and now we are down to new 10 critical materials that we can produce either by in the current furnaces that we have or in slightly modified furnaces with minimum CapEx.

在這個階段，我無法揭露我們將要生產哪些材料。我可以告訴你的是，我們經歷了一個嚴謹的流程，從超過 100 個選項開始，現在已收斂到 10 種新的關鍵材料；我們可以在現有爐子中生產，或在僅需最低資本支出（CapEx）的輕微改造後生產。

In some cases, like magnesium, we will need to invest in a new plant. What we are doing right now, we are validating the market attractiveness of these 10 new materials. We plan to drive our conclusions in the next few weeks when we present to the board how we intend to start these critical minerals diversification at FerroAtlántica.

在某些情況下，例如鎂，我們將需要投資興建新廠。我們目前正在驗證這 10 種新材料的市場吸引力。我們計畫在未來幾週內形成結論，並向董事會簡報我們打算如何在 FerroAtlántica 啟動這項關鍵礦物多元化。

You touched on this, but the maybe goalposts for associated CapEx, correct me if I misheard you, but it sounds like several of the options for materials that you’re considering might be very minimal, where the furnaces wouldn’t need much. Others sound like they’re fairly nominal investments with some furnace upgrades. I believe you said magnesium would require more substantial investment, and I believe you said a new plant. Just goalposts on if you would decide to go forward as something and single digits, millions of dollars at the low end to tens of millions. What would it look like on the high end with CapEx?

你剛才有提到這點，但就相關資本支出的「大致範圍」而言，如果我沒聽錯的話，聽起來你們考量的幾個材料選項可能只需要非常少的投入，爐子不需要太多改動。其他選項則像是名目上不大的投資，搭配一些爐子升級。我記得你說鎂需要更大幅度的投資，而且需要一座新工廠。想請你給個大致區間：如果你們決定推進，低端可能是數百萬美元的個位數，到高一些可能是數千萬美元。那在資本支出（CapEx）的高端會是什麼樣子？

We are consolidating the numbers right now to go to the Board with some NPV estimates to select the most attractive opportunities. You got it right. Some of these materials really don’t need further investment. Probably they need some new permits because we have not been producing these products for a while. We need to assess the reliability of raw material, new raw material sources.

我們目前正在彙整數據，以便帶著一些 NPV（淨現值）估算提交董事會，從而選出最具吸引力的機會。你說得沒錯。其中一些材料其實不需要進一步投資。它們可能需要一些新的許可證，因為我們已有一段時間沒有生產這些產品了。我們需要評估原料供應的可靠性，以及新的原料來源。

You are correct. For some of these materials, we don’t need any additional CapEx. For other materials, we need a little bit of CapEx in the single digits million dollars. Of course, due to the pressure that we have from governments to start the production of these products, we will give priority to the easier and more profitable to produce critical materials or minerals.

你說得對。對於其中一些材料，我們不需要任何額外的資本支出（CapEx）。對於其他材料，我們需要少量資本支出，金額為數百萬美元的個位數。當然，鑑於各國政府施壓要求我們開始生產這些產品，我們會優先選擇較容易且更有利可圖的關鍵材料或礦物來生產。

Okay. Thank you for that detail. Be curious to learn more over the coming weeks or months as you have more to share. When it comes to the increased logistical expenses, are you implementing surcharges across your product offering to cover both the inbound and outbound inflation associated with this?

好的。謝謝你提供這些細節。未來幾週或幾個月，當你有更多資訊可分享時，我也很想進一步了解。關於物流費用上升，你們是否在整體產品組合中加收附加費，以涵蓋與此相關的進出貨通膨成本？

Yes, we are implementing surcharges both in Europe and in the US. We’re implementing a surcharge of EUR 30 per ton in Europe and $40 per ton in the US with different level of acceptance. There are businesses like chemicals who are doing that. They’re more used to this practice.

是的，我們在歐洲和美國都在加收附加費。我們在歐洲加收每噸 30 歐元，在美國加收每噸 40 美元，但接受程度不一。像化工這類業務正在這麼做。他們對這種做法更習慣。

Other businesses like steel, which are much more resistant to that. I think that to anyway, in the next few weeks, we are going to be forced to increase prices across our product mix as well, because the prices that we see today, particularly in Europe, particularly on silicon metal and ferrosilicon, are simply unacceptable for everybody. I think the market should move and there is a lot of cost pressure coming from freight. Gas is influencing the energy cost. All the critical raw materials of our supply chain have gone up. We need to try to pass these increases through the supply chain.

其他像鋼鐵這類業務，對此的抗拒就大得多。不過我認為，無論如何，在接下來幾週，我們也將被迫在整體產品組合上調漲價格，因為我們今天看到的價格，特別是在歐洲、尤其是金屬矽與矽鐵的價格，對所有人而言都完全無法接受。我認為市場應該要上行，而且運費帶來很大的成本壓力。天然氣正在影響能源成本。我們供應鏈中的所有關鍵原材料都上漲了。我們必須嘗試把這些漲幅沿著供應鏈轉嫁出去。

When it comes to the pricing dynamic, I mean, within the silicon-based alloys business, there’s been fairly favorable trade measures across your asset footprint. Underlying demand seems like it’s pretty favorable or moving in a quite a bit better direction. What do you think is the inhibiting factor that hasn’t allowed you to raise prices thus far in the EU and US market for products like ferrosilicon?

談到定價動態，我的意思是，在矽基合金業務中，你們的資產布局整體上受惠於相當有利的貿易措施。基本需求看起來相當不錯，或是正朝著更好的方向發展。你認為是什麼抑制因素，讓你們至今仍無法在歐盟與美國市場上調像矽鐵這類產品的價格？

Yeah. I would say that we have to consider different dynamics here. In Europe, before safeguards were announced, a lot of ferrosilicon has been moved by the usual countries, and inventories were pretty high. The second point is that Angola had been switching furnaces to ferrosilicon, dumping ferrosilicon in Europe. Angola is not subject to any kind of safeguard.

是的。我會說，我們必須在這裡考量不同的動態。在歐洲，在保障措施宣布之前，許多矽鐵已由傳統來源國大量運入，庫存相當高。第二點是，安哥拉一直在把爐子切換到生產矽鐵，並在歐洲傾銷矽鐵。安哥拉不受任何形式的保障措施約束。

The third element, due to the low price of silicon metal in Europe, we have seen significant ferrosilicon volumes being converted by the steel makers to silicon metal. We have seen imports in the first quarter from Malaysia and Kazakhstan going up.

第三個因素是，由於歐洲金屬矽價格偏低，我們看到鋼鐵製造商把相當多的矽鐵用量轉換為金屬矽。我們也看到第一季來自馬來西亞與哈薩克的進口量上升。

These are the main factors that have prevented the consolidation of the price increase that happened immediately after the safeguards on ferrosilicon. In the US, I think is -- now is really a matter of time with the recovery of the steel consumption in the US. The first quarter numbers have showed growth in the US in steel. We expect pricing to become more robust on ferrosilicon in the US near term.

這些是主要因素，導致矽鐵在實施保障措施後立即出現的那波漲價，未能進一步鞏固。在美國，我認為——現在真的只是時間問題，取決於美國鋼材消費的復甦。第一季數據顯示美國鋼鐵出現成長。我們預期短期內美國矽鐵的定價將更為強勁。

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

(接線員指示) Nick Giles，B. Riley Securities。

Appreciate you updated this morning. I guess just following up on some of Martin’s questions. You know, when we think about you pursuing new critical minerals with something like a price floor or government-related offtake or stockpiling efforts, would that be a part of the decision matrix, or is it really more a factor of kind of CapEx requirements and something more on the grant side? Just appreciate any color there.

感謝你今天早上提供最新資訊。我想只是延續 Martin 的一些問題。你知道，當我們想到你們在推進新的關鍵礦物時，若有像價格底線、或政府相關的承購（offtake）或戰略儲備（stockpiling）等措施，這會是決策矩陣的一部分嗎？還是其實更取決於資本支出需求，以及更偏向補助（grant）面的因素？希望你能提供一些看法。

Well, we are trying to be as fast as possible here. Clearly, we count on government support. Like I mentioned when I replied to Martin, Nick, we are looking at what we can control now and what we can control is which technologies are available to us, which technologies can be then implemented with minimum investment or zero investment, and current market attractiveness for these products.

嗯，我們正努力在這裡盡可能加快速度。很明顯，我們仰賴政府支持。如同我在回覆 Martin 時提到的，Nick，我們正在看目前我們能控制什麼；我們能控制的是：有哪些技術可用、哪些技術能以最低投資或零投資導入，以及這些產品在當前市場上的吸引力。

Clearly, I think pretty soon, deals like the critical material partnership between US and Europe will have tremendous weight on our decisions and strategy implementation. When you look at this kind of deal, yes, you talk about potential decision on price floors for these critical minerals in US and Europe.

很明顯，我認為很快，像美國與歐洲之間的關鍵材料夥伴協議這類交易，將對我們的決策與策略落地具有極大的影響力。當你看這類協議時，沒錯，你會談到在美國與歐洲對這些關鍵礦物設定價格底線的潛在決策。

They’re talking about joint mapping, meaning identifying new resource deposits in our geographies. We talk about defense. prioritizing NATO on the rest. We talk about very interesting, about harmonized ESG, especially when you talk about E, this can be an harmonization of the environmental measures can be extremely interesting, especially for Europeans.

他們也在談聯合測繪，也就是在我們所在的地理區域識別新的資源礦床。我們談到國防——優先考量北約，其次才是其他。我們也談到一個非常有意思的點：ESG 的一致化（harmonized），尤其談到 E（環境）時，環境衡量標準的一致化可能非常有吸引力，特別是對歐洲而言。

A focus on recycling is another key element of the deal. We have to see how this kind of agreement gets translated into measures, being it either price levels or environmental limits or whatever else refers to what I just mentioned. For me, there is a fact that certain products that we can produce either in Europe or in the US are not produced at all, like magnesium.

聚焦回收是該協議的另一個關鍵要素。我們必須看看這類協議會如何被轉化為具體措施，不論是價格水準、環境限制，或任何其他與我剛提到內容相關的事項。對我而言，有一個事實是：某些我們能在歐洲或美國生產的產品，目前根本沒有生產，例如鎂。

There is no active production of magnesium in the West at this stage. There are a few startups, but there is nothing. The current amount of products that are produced today are a minimal part of the demand. Being the intention of Europe and US to be more back integrated on these materials, I think will provide us a tremendous opportunity to position Ferroglobe like one of the key suppliers of critical minerals in the West.

現階段西方並沒有活躍的鎂生產。有一些新創公司，但除此之外沒有什麼。目前的產量只占需求的極小一部分。鑑於歐洲與美國希望在這些材料上提高上游整合程度，我認為這將為我們提供巨大的機會，使 Ferroglobe 能定位為西方關鍵礦物的主要供應商之一。

Marco, thanks a lot for all that detail. I really appreciate your perspective. Maybe switching gears, just you mentioned in your prepared remarks, Coreshell did another raise, and you obviously participated. Attached to that or alongside that, there is a multi-year silicon metal supply agreement.

Marco，非常感謝你提供這麼多細節。我非常感謝你的觀點。也許換個話題，你在事先準備的發言中提到，Coreshell 又完成了一輪募資，而你們顯然也參與了。與此相關或同時，還有一份多年期的金屬矽供應協議。

Can you just touch on maybe the overall progress for Coreshell, kind of what kind of customers are they signing and how you anticipate volumes within that supply agreement to ramp and what the margins look like there? I know that was a lot, but, I think you, I think you get where I’m going.

您能否簡要談一下 Coreshell 的整體進展，例如他們正在簽下哪些類型的客戶、您預期該供應協議下的出貨量將如何爬坡，以及那邊的毛利率大概會是什麼樣子？我知道問題有點多，但我想您明白我的意思。

Yeah. I mean, the volumes are not going to be significant until OEMs qualify the 16 ampere-hour batteries that we estimate happening between the end of 2027 and 2028. There we expect to develop business by 2030, 2031 to a level of about 70,000 tons of silicon metal for batteries, just related to Coreshell. The volumes are already flowing now, they are minimal volumes for their sales to batteries and drones. I think I can share that the budget of these sales for Coreshell next year is north of $60 million, it’s significant. The technology is validated.

好的。我的意思是，在 OEM 完成對我們預估將於 2027 年底到 2028 年間進行的 16 安培小時電池的認證之前，出貨量不會顯著。我們預期到 2030、2031 年，僅就 Coreshell 相關的電池用矽金屬業務，可發展到約 70,000 噸的規模。目前已經開始出貨，但量很小，主要用於他們在電池與無人機方面的銷售。我想我可以分享的是，Coreshell 明年的這些銷售預算超過 6,000 萬美元，規模相當可觀。這項技術已獲驗證。

Now we need the Series B, like I mentioned in the past, is related to building a bigger pilot plant that is going to be used to sample 16 ampere-hour batteries for qualifications by the automotive OEMs who are, who have shown interest in this technology.

接下來我們需要進行 B 輪融資（Series B），如我過去提到的，這是為了建置更大型的中試工廠，用來提供 16 安培小時電池樣品，供對此技術表達興趣的汽車 OEM 進行認證。

Understood. Appreciate that. Maybe just turning back to FeSi. I mean, volumes did improve pretty meaningfully in the 1st quarter. Can you just talk about what your volume expectations are in 2Q? What should we expect for manganese-based alloys as well?

了解。謝謝說明。再回到 FeSi（矽鐵）。第一季的出貨量確實有相當明顯的改善。您能談談第二季的出貨量預期嗎？錳系合金方面我們也應該如何看？

Well, we mentioned when we communicated the previous quarter about our expectation for 2026 that were related to a significant growth in alloys driven by safeguards in Europe, by the new safeguards measures on steel who are kicking in as of July 1, 2026, and a steel recovery in US. This is happening clearly on manganese. When you talk about safeguard, there is only one producer, I would say, of manganese alloys in the EU27 territory, which is Ferroglobe.

我們在上一季對外溝通時提到，對 2026 年的展望與合金需求顯著成長有關，主要由歐洲的保障措施所帶動，也就是針對鋼鐵的新保障措施將自 2026 年 7 月 1 日起生效，以及美國鋼鐵市場復甦。這在錳產品上表現得很明顯。談到保障措施，在 EU27 範圍內我會說只有一家錳合金生產商，也就是 Ferroglobe。

One of our competitors is a small plant in France, we are the guys that from a volume point of view benefit the most out of safeguards of manganese. On ferrosilicon, I already described in detail to Martin what happened in Europe and in US. I hope you were in the call, so I think I answered this question.

我們的一個競爭對手是在法國的一家小型工廠；從出貨量角度來看，我們是最能受惠於錳產品保障措施的公司。至於矽鐵，我已經向 Martin 詳細說明了歐洲與美國發生的情況。希望你有在線上，所以我認為我已回答了這個問題。

No, understood. That’s helpful. Maybe just one more, if I could. Just on the ferrosilicon costs, you kind of went through you’re looking to pass through some of the elevated costs within each segment. If we were to kind of isolate those cost pressures and just look at quarter-over-quarter, what kind of cost improvement would we expect to see in ferrosilicon specifically?

了解。這很有幫助。如果可以的話我再問一個。關於矽鐵成本，你提到你們正嘗試在各個事業部轉嫁部分上升的成本。如果我們把這些成本壓力單獨抽出來，只看季對季變化，矽鐵這一塊具體而言，我們應該預期看到什麼樣的成本改善？

Maybe it’s a point to notice, Nick, this is Beatriz speaking. In Q4 versus Q1, we have a huge one-off in Q4, a positive. Of course, in Q1 we don’t have any longer this non-recurrent. This is why you notice an increase in cost in Q1 2036 versus Q1 versus Q4 2035. What I’m saying is that not a like to like when you compare the two quarters.

Nick，這裡可能有一點需要注意，我是 Beatriz。第四季相較第一季，第四季有一筆很大的單次性（one-off）正面因素。當然，第一季就不再有這項非經常性項目。這就是為什麼你會看到 2036 年第一季的成本相較 2035 年第四季上升。我的意思是，兩個季度相比並不是同口徑（not a like to like）。

Going forward, I can confirm that of course, we are improving our cost. The challenge could be more on the logistic side and transportation costs, as you know, due to the Iran War. We expect this cost to potentially increase a little bit more in Q2 and then fade away on the second half of the year.

往後看，我可以確認我們當然正在改善成本。挑戰可能更多在物流與運輸成本端，如你所知，因為伊朗戰爭的影響。我們預期第二季這項成本可能還會再小幅上升，之後在下半年逐步消退。

Thanks for that, Beatriz. Just to clarify, costs in silicon-based alloys would actually rise in 2Q?

謝謝你，Beatriz。我想確認一下，矽基合金在第二季的成本其實會上升？

Yes.

是的。

before kind of declining in 3Q and 4Q. Okay.

然後在第三季和第四季再下降。好的。

Yes. You’re right.

是的。你說得沒錯。

Okay. Guys, I appreciate the update this morning and continued best of luck.

好的。各位，感謝今天早上的更新，也祝你們接下來一切順利。

Thank you.

謝謝。

Thank you. That concludes today’s question and answer session. I’ll now hand back for closing remarks.

謝謝。今天的問答環節到此結束。我現在把時間交回去做結語。

Thank you. We are excited about the medium-term potential to grow and diversify our business through a broader mix of critical materials and an expanded geographic presence. Thank you again for your participation. We look forward to updating you on the next call in August. Have a great day.

謝謝。我們對於中期透過更廣泛的關鍵材料組合以及擴大的地理布局來成長並多元化我們的業務之潛力感到振奮。再次感謝各位的參與。我們期待在八月的下一次電話會議中向各位更新。祝各位有美好的一天。

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。感謝各位參與。您現在可以掛線。