Income and expenses (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Income and expenses |
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| Sales by geographical area |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | US$'000 | | US$'000 | | US$'000 | Spain | | 104,783 | | 169,541 | | 169,390 | Germany | | 186,808 | | 282,200 | | 276,333 | Luxembourg | | 114,446 | | 745 | | 46 | Other European Countries | | 215,047 | | 210,977 | | 199,743 | USA | | 534,870 | | 573,636 | | 670,854 | Rest of World | | 179,167 | | 406,840 | | 333,668 | Total | | 1,335,121 | | 1,643,939 | | 1,650,034 |
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| Schedule of raw materials and energy consumption for production |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | US$'000 | | US$'000 | | US$'000 | Purchases of raw materials, supplies and goods | | 588,245 | | 699,210 | | 732,661 | Changes in inventories | | 18,042 | | 19,738 | | 83,033 | Energy | | 122,267 | | 171,308 | | (28,651) | Others | | 182,040 | | 119,911 | | 78,556 | Write-down of raw materials | | 1,581 | | 3,377 | | 2,192 | Write-down of finished goods | | 21,356 | | 13,586 | | 11,495 | Total | | 933,531 | | 1,027,130 | | 879,286 |
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| Schedule of other operating income |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | US$'000 | | US$'000 | | US$'000 | Carbon dioxide emissions allowances | | 75,291 | | 75,903 | | 80,316 | Others | | 7,544 | | 8,475 | | 20,676 | Total | | 82,835 | | 84,378 | | 100,992 |
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| Schedule of staff costs |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | US$'000 | | US$'000 | | US$'000 | Wages, salaries and similar expenses | | 192,907 | | 201,720 | | 220,293 | Pension plan contributions | | 9,421 | | 7,952 | | 7,978 | Employee benefit costs | | 68,321 | | 70,192 | | 77,588 | Total | | 270,649 | | 279,864 | | 305,859 |
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| Schedule of Plan awards |
| | | | | Number of awards | Outstanding as of December 31, 2022 | | 3,801,706 | Granted during the period | | 1,044,449 | Exercised during the period | | (7,986) | Expired/forfeited during the period | | (277,576) | Outstanding as of December 31, 2023 | | 4,560,593 | Granted during the period | | 894,468 | Exercised during the period | | (617,463) | Expired/forfeited during the period | | (544,644) | Outstanding as of December 31, 2024 | | 4,292,954 | Granted during the period | | 962,880 | Exercised during the period | | (965,856) | Expired/forfeited during the period | | (463,033) | Outstanding as of December 31, 2025 | | 3,826,945 | | | | Exercisable as of December 31, 2025 | | 1,426,086 |
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| Schedule of share based payment arrangements |
| | | | | | | | | | | | | | | | | | | | | | Fair Value at | | | | | Grant Date | | Performance Period | | Expiration Date | | Exercise Price | | Grant Date | | 2025 | | 2024 | September 10, 2025 | | December 31, 2027 | | — | | nil | | $ | 4.03 | | 962,880 | | — | June 19, 2024 | | December 31, 2026 | | — | | 0.01 | | $ | 5.12 | | 885,868 | | 891,135 | May 30, 2023 | | December 31, 2025 | | — | | 0.01 | | $ | 4.56 | | 552,111 | | 966,346 | September 22, 2022 | | December 31, 2024 | | — | | 0.01 | | $ | 5.97 | | — | | 416,972 | September 9, 2021 | | December 31, 2021 | | September 9, 2031 | | 0.01 | | $ | 8.83 | | 642,219 | | 675,137 | December 16, 2020 | | December 31, 2020 | | December 16, 2030 | | nil | | $ | 1.23 | | 528,395 | | 1,058,698 | March 13, 2019 | | December 31, 2021 | | March 13, 2029 | | nil | | $ | 2.69 | | 110,114 | | 123,743 | March 21, 2018 | | December 31, 2020 | | March 21, 2028 | | nil | | $ | 22.56 | | 46,777 | | 50,689 | June 1, 2017 | | December 31, 2019 | | June 1, 2027 | | nil | | $ | 16.77 | | 70,464 | | 77,712 | November 24, 2016 | | December 31, 2018 | | November 24, 2026 | | nil | | $ | 16.66 | | 28,117 | | 32,522 | | | | | | | | | | | | 3,826,945 | | 4,292,954 |
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| Schedule of performance condition of share options granted |
The performance conditions for the shares granted in 2025 and 2024 can be summarized as follows: Vesting Conditions | 70% based on average ROCE (EBIT / (Equity + Gross Debt)) | 30% based on total shareholder return (TSR) relative to a comparator group |
The performance conditions for the shares granted in 2023 can be summarized as follows: | Vesting Conditions | 40% based on cumulative earnings before interest and tax (EBIT) | 40% based on cumulative operational cash flow | 20% based on total shareholder return (TSR) relative to a comparator group |
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| Schedule of assumptions used to estimate the fair value of Ferroglobe stock option |
| | | | | | | | | | | | | | | Grant date | | | September 10, 2025 | | June 19, 2024 | | May 30, 2023 | Grant date share price | | $ | 4.18 | | | $ | 5.17 | | | $ | 4.50 | | Exercise price | | | 0.00 | | | | 0.01 | | | | 0.01 | | Expected volatility | | | 44.07 | % | | | 59.40 | % | | | 87.68 | % | Option life | | | 3.00 years | | | 3.00 years | | | 3.00 years | Dividend yield | | | — | | | | — | | | | — | | Risk-free interest rate | | | 3.49 | % | | | 4.44 | % | | | 4.13 | % | Remaining performance period at grant date (years) | | | 3.00 | | | | 3.00 | | | | 3.00 | | Company TSR at grant date | | | (1.55) | % | | | (1.78) | % | | | 0.64 | % | Median comparator group TSR at grant date | | | 2.74 | | | | 8.41 | | | | 10.5 | |
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| Schedule of other operating expenses |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | US$'000 | | US$'000 | | US$'000 | Carbon dioxide credit | | 75,343 | | 75,756 | | 81,870 | Services of independent professionals | | 41,778 | | 52,692 | | 40,687 | Freight cost | | 59,101 | | 61,942 | | 51,415 | Insurance premiums | | 15,372 | | 14,982 | | 15,506 | Other taxes | | 11,578 | | 12,802 | | 11,280 | Other operating expenses | | 42,727 | | 47,008 | | 69,332 | Total | | 245,899 | | 265,182 | | 270,090 |
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| Schedule of depreciation and amortization charges, operating allowances and write-downs |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | US$'000 | | US$'000 | | US$'000 | Amortization of intangible assets (Note 7) | | 1,916 | | 474 | | 663 | Depreciation of property, plant and equipment (Note 8) | | 83,035 | | 74,989 | | 72,869 | Total | | 84,951 | | 75,463 | | 73,532 |
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| Schedule of finance income |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | US$'000 | | US$'000 | | US$'000 | Gain from financial assets measured at fair value (Note 9) | | — | | 3,237 | | — | Other finance income | | 3,474 | | 4,011 | | 5,422 | Total | | 3,474 | | 7,248 | | 5,422 |
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| Schedule of finance costs |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | US$'000 | | US$'000 | | US$'000 | Interest on debt instruments (Note 19) | | 1,036 | | 1,776 | | 24,414 | Interest on loans and bank borrowings (Note 17 and Note 20) | | 9,241 | | 7,198 | | 3,794 | Interest on leases (Note 18) | | 6,338 | | 5,935 | | 1,715 | Interest on note and bill discounting | | 307 | | 563 | | 127 | Loss from financial assets measured at fair value (Note 9) | | 1,576 | | — | | — | Other finance costs | | 2,277 | | 6,470 | | 8,743 | Total | | 20,775 | | 21,942 | | 38,793 |
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| Schedule of changes in impairment losses |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | US$'000 | | US$'000 | | US$'000 | Impairment loss of goodwill (Note 6) | | (1,747) | | (15,483) | | — | Impairment loss of property, plant and equipment (Note 8) | | (27,902) | | (24,940) | | (25,768) | Impairment reversal of property, plant and equipment (Note 8) | | 12,161 | | — | | — | Impairment (loss) reversal of non-current financial assets | | — | | (2,629) | | 478 | Impairment loss, net | | (17,488) | | (43,052) | | (25,290) |
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