Equity (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Equity |
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| Summary of majority shareholders |
| | | | | | | | Number of Shares | | Percentage of | | Name | | Beneficially Owned | | Outstanding Shares (*) | | Grupo Villar Mir, S.A.U. | | 67,515,434 | | 36.1 | % | Cooper Creek Partners Management LLC | | 14,921,946 | | 8.0 | % | Hosking Partners LLP | | 10,633,729 | | 6.0 | % | Others | | 95,811,207 | | | | Shares in Treasury | | (2,021,799) | | — | | Total ordinary shares outstanding | | 186,860,517 | | | | (*) 186,860,517 ordinary shares were outstanding at 31 December 2025, comprising 188,882,316 shares in issue less 2,021,799 shares held in treasury |
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| Schedule of change in reserves |
| | | | | | | | | | | Reserves | | | Historical | | Share-based comp | | Other | | | | | Retained Earnings | | Reserves | | Reserves | | Total | | | US$'000 | | US$'000 | | US$'000 | | US$'000 | Balance at January 1, 2024 | | (261,140) | | 28,795 | | 1,044,939 | | 812,594 | Share-based compensation | | — | | 4,848 | | — | | 4,848 | Recording of 2023 profit in reserves | | 82,662 | | — | | — | | 82,662 | Dividends paid | | (9,758) | | — | | — | | (9,758) | Balance at December 31, 2024 | | (188,236) | | 33,643 | | 1,044,939 | | 890,346 | Share-based compensation | | — | | 1,775 | | — | | 1,775 | Recording of 2024 profit in reserves | | 23,538 | | — | | — | | 23,538 | Dividends paid | | (10,451) | | — | | — | | (10,451) | Other changes | | — | | — | | 35 | | 35 | Balance at December 31, 2025 | | (175,149) | | 35,418 | | 1,044,974 | | 905,243 |
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| Summary of valuation adjustments |
Valuation adjustments comprise the following at December 31: | | | | | | | 2025 | | 2024 | | | US$'000 | | US$'000 | Actuarial gains | | 10,083 | | 7,924 | Hedging instruments | | (7,025) | | (135) | Deferred tax income (See Note 24) | | 1,619 | | 841 | Total | | 4,677 | | 8,630 |
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| Schedule of changes in non-controlling interests |
| | | | | Balance | | | US$'000 | Balance at January 1, 2024 | | 121,825 | Loss for the year | | (2,738) | Dividends paid | | (2,917) | Translation differences | | (2,939) | Other | | 507 | Balance at December 31, 2024 | | 113,738 | Loss for the year | | (6,412) | Dividends paid | | (12,740) | Translation differences | | 1,807 | Other | | 247 | Balance at December 31, 2025 | | 96,640 |
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| Summary of financial information for non-controlling interests |
| | | | | | | | | | | | | | | 2025 | | 2024 | | 2023 | | | WVA | | QSLP | | WVA | | QSLP | | WVA | | QSLP | | | US$'000 | | US$'000 | | US$'000 | | US$'000 | | US$'000 | | US$'000 | Statements of Financial Position | | | | | | | | | | | | | Non-current assets | | 78,106 | | 44,643 | | 79,123 | | 34,440 | | 87,698 | | 39,543 | Current assets | | 53,987 | | 50,441 | | 74,289 | | 53,667 | | 71,329 | | 68,073 | Non-current liabilities | | 3,757 | | 21,756 | | 5,079 | | 17,317 | | 6,660 | | 11,908 | Current liabilities | | 19,655 | | 7,805 | | 26,632 | | 11,529 | | 26,770 | | 26,378 | Income Statements | | | | | | | | | | | | | Sales | | 185,660 | | 95,936 | | 194,643 | | 108,582 | | 211,118 | | 148,313 | Operating (loss) profit | | (2,742) | | 1,227 | | (4,513) | | 2,640 | | 13,513 | | 22,151 | (Loss) profit before taxes | | (1,812) | | 1,081 | | (4,516) | | 2,500 | | 13,513 | | 21,561 | Net income (loss) | | 631 | | 434 | | (1,434) | | 1,035 | | 5,466 | | 10,679 | Cash Flow Statements | | | | | | | | | | | | | Cash flows (used in) provided by operating activities | | (11,737) | | 93 | | 17,497 | | (4,097) | | 18,712 | | 31,000 | Cash flows used in investing activities | | (4,495) | | (6,597) | | (8,054) | | (7,484) | | (13,107) | | (6,725) | Cash flows (used in) provided by financing activities | | — | | (657) | | — | | (786) | | — | | — | Exchange differences on cash and cash equivalents in foreign currencies | | — | | (435) | | — | | (424) | | — | | — | Beginning balance of cash and cash equivalents | | 36,169 | | 17,433 | | 26,726 | | 30,224 | | 21,122 | | 5,949 | Ending balance of cash and cash equivalents | | 19,937 | | 9,837 | | 36,169 | | 17,433 | | 26,727 | | 30,224 |
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