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Ferroglobe Reports First Quarter 2026 Financial Results

First Quarter Highlights

  • Strong increase in ferroalloys due to trade measures and increasing steel production in the U.S.
  • EU Trade Commissioner committed to helping the silicon metal industry
  • Actively pursuing a potential restart of cost-competitive Venezuelan operations
  • Expertise in critical materials unlocks new growth opportunities as the U.S. and EU policy pivots toward domestically anchored supply chains
  • Reporting first quarter adjusted EBITDA of $3.3 million
  • Ended the quarter with total cash of $96.4 million and net debt of $54.6 million
  • Paid quarterly dividend of $0.015 per share on March 30; Next dividend of $0.015 payable on June 29


LONDON, May 05, 2026 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading global producer of silicon metal, silicon-based and manganese-based specialty alloys, today announced financial results for the first quarter of 2026.

Financial Highlights
                               
            %       %
($ in millions, except EPS)   Q1 2026   Q4 2025   Q/Q   Q1 2025   Y/Y
                               
Sales   $ 347.7     $ 329.4       5.6 %   $ 307.2       13.2 %
Net (loss) attributable to the parent   $ (7.1 )   $ (81.0 )     91.3 %   $ (66.5 )     89.4 %
Adj. EBITDA   $ 3.3     $ 14.6       (77.1 )%   $ (26.8 )     112.5 %
Adjusted diluted EPS   $ (0.07 )   $ (0.06 )     (1.6 )%   $ (0.20 )     66.8 %
Operating cash flow   $ (5.6 )   $ (4.3 )     (29.9 )%   $ 19.4       (128.7 )%
Capital expenditures1   $ 10.9     $ 14.2       (23.7 )%   $ 14.3       (24.1 )%
Free cash flow2   $ (16.4 )   $ (18.5 )     11.3 %   $ 5.1       (424.3 )%

(1)   Cash outflows for capital expenditures
(2)   Free cash flow is calculated as operating cash flow less capital expenditures

Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “We delivered a strong increase in first quarter ferroalloy shipment volumes in both the EU and the U.S, driven primarily by recently enacted trade measures. While volumes improved, pricing did not keep pace with higher costs, particularly in logistics and raw materials, resulting in margin compression. We view these cost pressures as temporary and expect pricing conditions to improve in the second half of the year.

“We see significant opportunities to diversify both our footprint and product mix, directly supporting our long-term strategic growth strategy. In Venezuela, we own four furnaces with more than 100,000 tons of incremental capacity, with the flexibility to produce across all our core product segments. Beyond this, we are actively evaluating which critical materials are most economically viable to produce, leveraging our established Western footprint and past production experience. The newly signed U.S. and EU strategic partnership on critical materials signals a structural shift, strengthening our position as markets increasingly prioritize secure, domestic supply chains for strategic materials,” concluded Dr. Levi.

Consolidated Sales

In the first quarter of 2026, Ferroglobe reported sales of $347.7 million, a 5.6% increase from the prior quarter and a 13.2% increase from the comparable prior-year period. This improvement was mainly driven by higher sales volumes of silicon-based alloys and manganese-based alloys, as well as a higher average selling price for manganese-based alloys, partially offset by lower volumes and average selling price for silicon metals. Silicon-based alloys prices remained stable during the quarter. Sales of silicon metal decreased by $12.4 million from the prior quarter, while silicon-based alloys and manganese-based alloys increased by $18.7 million and $14.5 million, respectively, compared with the prior quarter.                

Product Category Highlights

Silicon Metal
                           
                     
($,000)   Q1 2026   Q4 2025   % Q/Q   Q1 2025   % Y/Y
Shipments in metric tons:     30,533       32,634     (6.4 )%     36,308     (15.9 )%
Average selling price ($/MT):     2,754       2,957     (6.9 )%     2,881     (4.4 )%
                           
Silicon Metal Revenue     84,088       96,499     (12.9 )%     104,603     (19.6 )%
Silicon Metal Adj.EBITDA     (2,275 )     885     (357.1 )%     (15,447 )   (85.3 )%
Silicon Metal Adj.EBITDA Margin     (2.7 )%     0.9 %         (14.8 )%    


Silicon metal revenue in the first quarter was $84.1 million, a decrease of 12.9% from the prior quarter. The average selling price decreased 6.9%, driven by lower pricing in the U.S. and Europe amid a more competitive market environment and cautious customer purchasing in key end-markets, particularly in Europe, partially offset by a slight increase in South Africa. Shipments decreased 6.4%, primarily reflecting lower volumes in EMEA, partially offset by higher volumes in the U.S. Adjusted EBITDA decreased to $(2.3) million in the first quarter, compared with $0.9 million in the prior quarter, reflecting lower realized pricing and shipments, partially offset by strong cost performance in Canada. Adjusted EBITDA margin decreased to (2.7%) in the first quarter from 0.9% in the prior quarter.                

Silicon-Based Alloys
                           
                     
($,000)   Q1 2026   Q4 2025   % Q/Q   Q1 2025   % Y/Y
Shipments in metric tons:     60,674       51,279     18.3 %     42,864     41.6 %
Average selling price ($/MT):     2,016       2,020     (0.2 )%     2,120     (4.9 )%
                           
Silicon-based Alloys Revenue     122,319       103,584     18.1 %     90,872     34.6 %
Silicon-based Alloys Adj.EBITDA     6,850       15,503     (55.8 )%     2,414     183.8 %
Silicon-based Alloys Adj.EBITDA Margin     5.6 %     15.0 %         2.7 %    


Silicon-based alloy revenue in the first quarter was $122.3 million, an increase of 18.1% from the prior quarter. The average selling price was stable, as higher realizations in Europe were largely offset by softer pricing in the U.S. and South Africa, where market conditions remained competitive. Shipments increased 18.3%, reflecting a broad-based improvement across regions, with the most significant increase in the U.S., supported by improved demand and customer restocking in steel and foundry applications. Adjusted EBITDA decreased to $6.8 million in the first quarter of 2026, down from $15.5 million in the prior quarter, primarily reflecting higher production costs, which more than offset the benefit from higher volumes. Adjusted EBITDA margin decreased to 5.6% in the first quarter, compared with 15.0% in the prior quarter.

Manganese-Based Alloys
                           
                     
($,000)   Q1 2026   Q4 2025   % Q/Q   Q1 2025   % Y/Y
Shipments in metric tons:     85,743       80,778     6.1 %     67,229     27.5 %
Average selling price ($/MT):     1,250       1,147     9.0 %     1,108     12.8 %
                           
Manganese-based Alloys Revenue     107,179       92,652     15.7 %     74,490     43.9 %
Manganese-based Alloys Adj.EBITDA     10,014       8,681     15.4 %     (5,574 )   (279.7 )%
Manganese-based Alloys Adj.EBITDA Margin     9.3 %     9.4 %         (7.5 )%    


Manganese-based alloy revenue in the first quarter was $107.2 million, an increase of 15.7% from the prior quarter. The average selling price increased 9.0%, driven by higher pricing in Europe, partially offset by a slight decrease in the U.S. Shipments increased 6.1%, reflecting solid volume growth in Europe as steel-related demand for domestic manganese alloys improved. Adjusted EBITDA increased to $10.0 million in the first quarter, compared with $8.7 million in the prior quarter, supported by higher volumes and prices, offset by higher manganese ore, energy, and transportation costs. Adjusted EBITDA margin was 9.3%, broadly in line with 9.4% in the prior quarter.

Raw materials and energy consumption for production

Raw materials and energy consumption for production decreased to 64.3% of sales in the first quarter of 2026, compared with 79.4% in the prior quarter. This improvement was primarily driven by the absence of the $40.2 million fair value loss related to long term energy contracts recognized in the fourth quarter of 2025, as well as the recognition of a positive fair value adjustment of $5.5 million in the first quarter of 2026. Improved production levels and better fixed cost absorption also contributed to the sequential improvement. Excluding the impact of power purchase agreements, raw materials and energy consumption represented 65.9% of revenue in the first quarter of 2026, compared with 67.2% in the prior quarter.

Net (Loss) Attributable to the Parent

In the first quarter of 2026, net loss attributable to the parent was $7.1 million, or $(0.04) per diluted share, compared to a net loss attributable to the parent of $81.0 million, or $(0.43) per diluted share, in the prior quarter. The quarter over quarter improvement was primarily driven by the absence of the $40.2 million negative fair value remeasurement impacts related to long-term energy contracts recorded in the fourth quarter, as well as the absence of an impairment charge of $17.7 million and additional depreciation of $12.6 million recognized in the prior quarter. Results in the first quarter of 2026 also benefited from improved operating leverage, partially offset by higher selling-related expenses associated with increased sales volumes. The Company reported adjusted diluted earnings per share of $(0.07) for the first quarter of 2026, compared with $(0.06) in the prior quarter.               

Adjusted EBITDA 

Adjusted EBITDA declined to $3.3 million in the first quarter of 2026, compared to $14.6 million for the prior quarter. The prior quarter benefited from a one time positive impact of approximately $12 million related to the modification of a lease liability agreement. During the first quarter of 2026, operating performance improved, supported by stronger volumes and continued cost efficiency initiatives, partially offset by higher selling and distribution costs.

Total Cash, Adjusted Gross Debt and Working Capital
                                         
                            %
($ in millions)   Q1 2026   Q4 2025   $   %   Q1 2025   $ Y/Y
                                         
Total Cash1   $ 96.4     $ 123.0       (26.6 )     (21.6 )%   $ 129.6     (33.2 )   (25.6 )%
Adjusted Gross Debt2   $ 151.0     $ 152.8       (1.8 )     (1.2 )%   $ 110.4     40.6     36.8 %
Net (Debt) Cash   $ (54.6 )   $ (29.8 )     (24.8 )     (83.3 )%   $ 19.2     (73.8 )   (384.5 )%
Total Working Capital3   $ 431.2     $ 427.5       3.7       0.9 %   $ 435.7     (4.5 )   (1.0 )%

(1)  Total cash is comprised of restricted cash and cash and cash equivalents
(2)  Adjusted gross debt excludes bank borrowings on our factoring program and the impact of leasing standard IFRS16
(3)  Total working capital is comprised of inventories, trade receivables and other receivables minus trade and other payables        

Total cash was $96.4 million as of March 31, 2026, a decrease of $26.6 million from $123.0 million as of December 31, 2025. Adjusted gross debt decreased by $1.8 million to $151.0 million, resulting in net debt of $54.6 million as of March 31, 2026. This represents an increase of $24.8 million from the prior quarter.

During the first quarter, cash flows used in operating activities were $5.6 million, and net cash used in investing activities was $17.1 million. Cash used in financing activities was $3.3 million as a result of lease payments of $3.9 million, dividend payments of $2.8 million, interest payments of $2.4 million, and the principal repayments of other financing liabilities of $0.7 million, partially offset proceeds from financing facilities in South Africa, France and Spain totaling $3.4 million, net cash proceeds from the sale of short-term commercial paper totaling $3.1 million.

Total working capital was $431.2 million as of March 31, 2026, an increase of $3.7 million from $427.5 million at the end of the prior quarter. The increase in our working capital balance during the quarter was primarily driven by increases of $28.1 million in inventories, $20.9 million in trade receivables, and $16.8 million in other receivables, partially offset by a $62.1 million increase in trade and other payables.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “We delivered solid sales in the first quarter, with revenue increasing almost 6%, driven by higher volumes in our silicon-based alloy and manganese-based alloy segments. However, lower silicon metal prices and margin compression in silicon-based alloys impacted profitability, resulting in adjusted EBITDA of $3.3 million, compared with $14.6 million in the fourth quarter. The conflict in Iran created a challenging operating environment during the quarter, with higher transportation, logistics, and raw material costs, primarily manganese ore and coal, without a corresponding improvement in our realized prices. While these pressures affected adjusted EBITDA and resulted in negative free cash flow, we maintained disciplined capital expenditure management. Importantly, we ended the quarter with a solid liquidity position, including $96.4 million of total cash and a manageable net debt level of $54.6 million.”

Capital Returns

During the first quarter, Ferroglobe repurchased 5,140 shares at an average price of $3.90 per share and paid a quarterly cash dividend of $ 0.015 per share on March 30, 2026. Our next cash dividend of $0.015 per share will be paid on June 29, 2026, to shareholders of record as of June 22, 2026.

Conference Call

Ferroglobe invites all interested persons to participate on our conference call at 8:30 AM, Eastern Time on May 6, 2026. The call may also be accessed via an audio webcast.

To join via phone:
Conference call participants should pre-register using this link:
https://register-conf.media-server.com/register/BIa208b4cf9feb40e1baae1852662f7210

Once registered, you will receive the dial-in numbers and a personal PIN, which are required to access the conference call.

To join via webcast:

A simultaneous audio webcast and replay will be accessible here:
https://edge.media-server.com/mmc/p/sfxcprpy

About Ferroglobe

Ferroglobe PLC is a leading global producer of silicon metal, silicon- and manganese- based specialty alloys and ferroalloys, serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, electronics, automotive, consumer products, construction, and energy. The Company is based in London. For more information, visit http://investor.ferroglobe.com.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company’s future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “should”,“forecast”, “guidance”, “intends”, “likely”, “may”, “plan”, “potential”, “predicts”, “seek”, “target”, “will” and words of similar meaning or the negative thereof.

Forward-looking statements contained in this press release are based on information currently available to the Company and assumptions that management believe to be reasonable, but are inherently uncertain. As a result, Ferroglobe’s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control.

Forward-looking financial information and other metrics presented herein represent the Company’s goals and are not intended as guidance or projections for the periods referenced herein or any future periods.

All information in this press release is as of the date of its release. Ferroglobe does not undertake any obligation to update publicly any of the forward-looking statements contained herein to reflect new information, events or circumstances arising after the date of this press release. You should not place undue reliance on any forward-looking statements, which are made only as of the date of this press release.

Non-IFRS Measures

This document may contain summarized, non-audited or non-IFRS financial information. The information contained herein should therefore be considered as a whole and in conjunction with all the public information regarding the Company available, including any other documents released by the Company that may contain more detailed information. Adjusted EBITDA, adjusted EBITDA as a percentage of sales, working capital as a percentage of sales, adjusted EBITDA margin, working capital, adjusted net profit, adjusted diluted EPS, adjusted gross debt and net cash/(debt), are non-IFRS financial metrics that management uses in its decision making. Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important and useful to investors because they eliminate items that have less bearing on the Company’s current and future operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures.

INVESTOR CONTACT:

Alex Rotonen, CFA
Vice President, Investor Relations
Email: investor.relations@ferroglobe.com

MEDIA CONTACT:

Cristina Feliu Roig
Vice President, Communications & Public Affairs
Email: corporate.comms@ferroglobe.com

Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Income Statement
(in thousands of U.S. dollars, except per share amounts)
                     
      For the Three Months Ended     For the Three Months Ended     For the Three Months Ended  
    March 31, 2026   December 31, 2025     March 31, 2025
Sales   $ 347,745     $ 329,382     $ 307,179    
Raw materials and energy consumption for production     (223,488 )     (261,564 )     (238,341 )  
Other operating income     20,492       16,450       9,072    
Staff costs     (64,140 )     (62,542 )     (70,450 )  
Other operating expense     (71,765 )     (59,367 )     (47,290 )  
Depreciation and amortization     (16,601 )     (29,177 )     (17,520 )  
Impairment (loss) gain           (17,743 )     268    
Other gain     42       48       1,405    
Operating (loss)     (7,715 )     (84,513 )     (55,677 )  
Finance income     708       801       873    
Finance costs     (5,922 )     (7,365 )     (4,555 )  
Exchange differences     1,783       2,132       (6,914 )  
(Loss) before tax     (11,146 )     (88,945 )     (66,273 )  
Income tax benefit / (expense)     4,010       2,936       (625 )  
Total (loss) for the period     (7,136 )     (86,009 )     (66,898 )  
                     
(Loss) attributable to the parent   $ (7,053 )   $ (80,953 )   $ (66,482 )  
(Loss) attributable to non-controlling interest     (83 )     (5,056 )     (416 )  
                     
EBITDA   $ 10,669     $ (53,204 )   $ (45,071 )  
Adjusted EBITDA   $ 3,347     $ 14,590     $ (26,803 )  
                     
                     
Weighted average number of shares outstanding                    
Basic and diluted     188,286       188,291       187,008    
                     
(Loss) per ordinary share                    
Basic and diluted   $ (0.04 )   $ (0.43 )   $ (0.36 )  


Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Financial Position
(in thousands of U.S. dollars)
                     
    As of March 31,   As of December 31,   As of March 31,
    2026   2025   2025
ASSETS
Non-current assets                    
Goodwill   $   12,472   $ 12,472   $ 14,219
Intangible assets       198,323     132,682     178,583
Property, plant and equipment       480,827     486,678     495,285
Other financial assets       46,054     26,717     25,375
Deferred tax assets               7,997
Receivables from related parties       1,725     1,763     1,622
Other non-current assets       21,516     21,436     23,019
Total non-current assets       760,917     681,748     746,100
Current assets                    
Inventories       334,265     306,160     314,843
Trade receivables       212,387     191,536     200,526
Other receivables       91,534     74,665     96,308
Current income tax assets       4,922     5,564     5,191
Other financial assets       4     11,104     8,564
Other current assets       20,671     21,716     39,385
Restricted cash and cash equivalents       164     175     300
Cash and cash equivalents       96,228     122,812     129,281
Total current assets       760,175     733,732     794,398
Total assets   $   1,521,092   $ 1,415,480   $ 1,540,498
                     
EQUITY AND LIABILITIES
Equity   $   670,460   $ 692,257   $ 780,568
Non-current liabilities                    
Deferred income       75,478     26,394     71,764
Provisions       32,081     30,487     26,390
Provision for pensions       28,752     28,903     28,383
Bank borrowings       59,327     60,136     32,299
Lease liabilities       55,523     57,429     59,766
Other financial liabilities       21,022     22,035     24,957
Derivate financial liabilities       37,917     45,198     4,530
Other non-current liabilities       297     345     14,279
Deferred tax liabilities       8,202     11,005     18,834
Total non-current liabilities       318,599     281,932     281,202
Current liabilities                    
Provisions       107,200     87,308     91,416
Provision for pensions       183     186     168
Bank borrowings       83,230     79,876     56,214
Lease liabilities       12,482     12,254     12,572
Debt instruments       29,430     26,014     14,311
Other financial liabilities       11,358     11,408     24,763
Derivate financial liabilities               2,405
Payables to related parties       2,726     2,577     3,074
Trade and other payables       206,997     144,853     176,017
Current income tax liabilities       889     970     10,337
Other current liabilities       77,538     75,845     87,451
Total current liabilities       532,033     441,291     478,728
Total equity and liabilities   $   1,521,092   $ 1,415,480   $ 1,540,498


Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Cash Flows
(in thousands of U.S. dollars)
                   
    For the Three Months Ended   For the Three Months Ended   For the Three Months Ended
    March 31, 2026   December 31, 2025   March 31, 2025
Cash flows from operating activities:                  
(Loss) for the period   $ (7,136 )   $ (86,009 )   $ (66,898 )
Adjustments to reconcile net (loss) to net cash (used) provided by operating activities:                  
Income tax (benefit)/expense     (4,010 )     (2,936 )     625  
Depreciation and amortization     16,601       29,177       17,520  
Finance income     (708 )     (801 )     (873 )
Finance costs     5,922       7,365       4,555  
Exchange differences     (1,783 )     (2,132 )     6,914  
Impairment loss (gain)           17,743       (268 )
Share-based compensation     947       (92 )     1,296  
Other (gain)     (42 )     (48 )     (1,405 )
Write downs of inventories to net realizable value     2,614       4,742       11,812  
Change in fair value of derivatives not designed as hedging instruments     (5,539 )     40,218       2,768  
Changes in operating assets and liabilities                  
(Increase) decrease in inventories     (36,443 )     59,903       28,357  
(Increase) decrease in trade receivables     (24,100 )     (7,015 )     (7,206 )
(Increase) decrease in other receivables     (18,322 )     18,816       (9,573 )
Decrease (increase) in energy receivable     1,259       (418 )     25,165  
Increase (decrease) in trade payables     65,455       (79,548 )     13,186  
Other changes in operating assets and liabilities     (13 )     (4,727 )     (7,043 )
Income taxes (paid) refunded     (268 )     1,477       440  
Net cash (used in) / provided by operating activities:     (5,566 )     (4,285 )     19,372  
Cash flows from investing activities:                  
Interest and finance income received     700       991       872  
Payments due to investments:                  
Intangible assets     (522 )     (377 )     (557 )
Property, plant and equipment     (10,335 )     (13,845 )     (13,750 )
Other financial assets     (7,000 )           (11,119 )
Disposals:                  
Other non-current assets     72       131       1,559  
Net cash used in investing activities     (17,085 )     (13,100 )     (22,995 )
Cash flows from financing activities:                  
Dividends paid     (2,803 )     (2,616 )     (2,613 )
Payment for debt and equity issuance costs     (217 )     (99 )     (95 )
Repayment of debt instruments     (14,649 )     (11,644 )     (10,361 )
Proceeds from debt issuance     18,007       14,800       14,380  
Increase/(decrease) in bank borrowings:                  
Borrowings     124,162       154,871       106,033  
Payments     (120,724 )     (126,663 )     (77,176 )
Payments for lease liabilities     (3,889 )     (6,505 )     (3,098 )
(Repayments of)/payments from other financing liabilities     (675 )     (669 )     (22,651 )
Payments to acquire own shares     (20 )           (2,703 )
Interest paid     (2,471 )     (2,882 )     (4,531 )
Net cash (used in) / provided by financing activities     (3,279 )     18,593       (2,815 )
Total net (decrease) increase in cash and cash equivalents     (25,930 )     1,208       (6,438 )
Beginning balance of cash and cash equivalents     122,987       121,477       133,271  
Foreign exchange (losses) gains on cash and cash equivalents     (665 )     302       2,748  
Ending balance of cash and cash equivalents   $ 96,392     $ 122,987     $ 129,581  
Restricted cash and cash equivalents     164       175       300  
Cash and cash equivalents     96,228       122,812       129,281  
Ending balance of cash and cash equivalents   $ 96,392     $ 122,987     $ 129,581  


Adjusted EBITDA ($,000):
                   
             
    Q1´26   Q4´25   Q1´25
(Loss) attributable to the parent   $ (7,053 )   $ (80,953 )   $ (66,482 )
(Loss) attributable to non-controlling interest     (83 )     (5,056 )     (416 )
Income tax (benefit) expense     (4,010 )     (2,936 )     625  
Finance income     (708 )     (801 )     (873 )
Finance costs     5,922       7,365       4,555  
Depreciation and amortization     16,601       29,177       17,520  
EBITDA     10,669       (53,204 )     (45,071 )
Exchange differences     (1,783 )     (2,132 )     6,914  
Impairment           29,710       (268 )
New strategy implementation                 682  
PPA Energy     (5,539 )     40,216       2,768  
Fines Inventory Adjustment                 8,172  
Adjusted EBITDA   $ 3,347     $ 14,590     $ (26,803 )


Adjusted (loss) attributable to Ferroglobe ($,000):
                   
             
    Q1´26   Q4´25   Q1´25
(Loss) attributable to the parent   $ (7,053 )   $ (80,953 )   $ (66,482 )
Tax rate adjustment     (1,224 )     21,079       21,481  
Impairment           18,286       (184 )
New strategy implementation                 467  
PPA Energy     (4,154 )     29,358       1,897  
Fines Inventory Adjustment                 5,600  
Adjusted (loss) attributable to the parent   $ (12,431 )   $ (12,230 )   $ (37,220 )


Adjusted diluted (loss) per share:  
                     
               
    Q1´26   Q4´25   Q1´25  
Diluted (loss) per ordinary share   $ (0.04 )   $ (0.43 )   $ (0.36 )  
Tax rate adjustment     (0.01 )     0.11       0.11    
Impairment           0.10       (0.00 )  
New strategy implementation                 0.00    
PPA Energy     (0.02 )     0.16       0.01    
Fines Inventory Adjustment                 0.03    
Adjusted diluted (loss) per ordinary share   $ (0.07 )   $ (0.06 )   $ (0.20 )  



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