Ferroglobe Reports Third Quarter 2025 Financial Results

Third Quarter Highlights

Encouraging progress on preliminary U.S. silicon metal trade case on antidumping and countervailing dutiesFinal EU safeguard decision expected by November 18Reported adjusted EBITDA of $18.3 millionTotal cash of $121.5 million, net debt of $5.2 millionDeclared dividend of $0.014 per share payable on December 29Coreshell began shipping pilot batteries to OEMs for testing; plans commercial battery deliveries for robotics and defense applications in early 2026

LONDON, Nov. 05, 2025 (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 third quarter of 2025.

Financial Highlights

($ in millions, except EPS) Q3 2025 Q2 2025 %
Q/Q Q3 2024 %
Y/Y YTD 2025 YTD 2024 %
Y/Y Sales $311.7 $386.9 (19.4)% $433.5 (28.1)% $1,005.7 $1,276.4 (21.2)%Net (loss) profit attributable to the parent $(12.8) $(10.5) (22.6)% $18.8 (168.1)% $(89.7) $51.7 (273.7)%Adj. EBITDA $18.3 $21.6 (15.3)% $60.4 (69.8)% $13.0 $144.0 (91.0)%Adjusted diluted EPS $(0.02) $(0.08) 67.6% $0.11 (122.1)% $(0.30) $0.25 (219.5)%Operating cash flow $20.8 $15.6 33.0% $11.1 86.8% $55.7 $211.2 (73.6)%Capital expenditures1 $19.1 $15.6 22.7% $21.2 (9.5)% $49.0 $61.2 (19.9)%Free cash flow2 $1.6 $0.0 10774.0% $(10.0) 116.2% $6.7 $149.9 (95.5)%

(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, “Market conditions remained challenging in the third quarter, with continued weak demand across our end markets, further pressured by aggressively low-priced imports to the EU. Encouragingly, the strong preliminary decision in the U.S. silicon metals antidumping and countervailing duty case bodes well for 2026. At the same time, we expect the final EU trade measures to be announced later this month. Together, these trade measures should help domestic producers regain market share. As the leading domestic producer in both Europe and the U.S., we are optimistic that 2026 market conditions will be significantly more favorable for Ferroglobe.

“We are further strengthening our partnership with Coreshell through a recently signed joint development agreement as they advance silicon anode technology in EV batteries. Pilot battery deliveries to leading OEMs have already begun, a key milestone toward commercialization. I’m also excited to announce that Coreshell won the prestigious Startup World Cup, a global competition featuring over 1000 regional competitors across more than 20 countries,” concluded Dr. Levi.

Consolidated Sales

In the third quarter of 2025, Ferroglobe reported sales of $311.7 million, a 19.4% decrease from the prior quarter and a 28.1% decrease from the comparable prior-year period. This decrease compared to the prior quarter was mainly driven by lower sales volumes, partially offset by higher pricing across our product portfolio. Sales of silicon metal, silicon-based alloys and manganese-based alloys decreased by $31.1 million, $19.3 million and $21.7 million, respectively, compared with the prior quarter.

Product Category Highlights

Silicon Metal

($,000) Q3 2025 Q2 2025 % Q/Q Q3 2024 % Y/Y YTD 2025 YTD 2024 % Y/YShipments in metric tons: 33,561 44,610 (24.8)% 56,910 (41.0)% 114,478 172,965 (33.8)%Average selling price ($/MT): 2,950 2,916 1.2% 3,401 (13.3)% 2,915 3,268 (10.8)% Silicon Metal Revenue 99,005 130,083 (23.9)% 193,551 (48.8)% 333,703 565,250 (41.0)%Silicon Metal Adj.EBITDA 11,614 6,521 78.1% 40,554 (71.4)% 2,688 91,209 (97.1)%Silicon Metal Adj.EBITDA Margin 11.7% 5.0% 21.0% 0.8% 16.1%

Silicon metal revenue in the third quarter was $99.0 million, a decrease of 23.9% from the prior quarter. The average selling price increased 1.2%, while shipments decreased 24.8% due to weaker demand primarily from the chemical sector. Adjusted EBITDA increased to $11.6 million for the third quarter, compared with $6.5 million for the prior quarter. Despite lower revenue, adjusted EBITDA margin improved, driven by higher average selling price, improved operational efficiency and continued cost optimization efforts.

Silicon-Based Alloys

($,000) Q3 2025 Q2 2025 % Q/Q Q3 2024 % Y/Y YTD 2025 YTD 2024 % Y/YShipments in metric tons: 42,968 53,048 (19.0)% 45,489 (5.5)% 138,880 143,613 (3.3)%Average selling price ($/MT): 2,149 2,105 2.1% 2,237 (3.9)% 2,123 2,221 (4.4)% Silicon-based Alloys Revenue 92,338 111,666 (17.3)% 101,759 (9.3)% 294,842 318,964 (7.6)%Silicon-based Alloys Adj.EBITDA 12,391 7,158 73.1% 2,356 425.9% 21,963 26,967 (18.6)%Silicon-based Alloys Adj.EBITDA Margin 13.4% 6.4% 2.3% 7.4% 8.5%

Silicon-based alloy revenue in the third quarter was $92.3 million, a decrease of 17.3% from the prior quarter. The average selling price increased by 2.1%, while shipments decreased by 19.0% compared to the prior quarter. Volumes decreased in EMEA and the U.S. due to lower activity in steel and foundry sectors, as well as increased competitive pressure from Asian imports into the EU. Adjusted EBITDA increased to $12.4 million for the third quarter of 2025, up 73.1% compared with $7.2 million in the prior quarter. Despite lower revenues, EBITDA margins improved due to a favorable product mix with higher realizations and better cost performance.

Manganese-Based Alloys

($,000) Q3 2025 Q2 2025 % Q/Q Q3 2024 % Y/Y YTD 2025 YTD 2024 % Y/YShipments in metric tons: 69,552 88,188 (21.1)% 64,495 7.8% 224,969 208,279 8.0%Average selling price ($/MT): 1,214 1,204 0.8% 1,391 (12.7)% 1,179 1,221 (3.4)% Manganese-based Alloys Revenue 84,436 106,178 (20.5)% 89,713 (5.9)% 265,238 254,309 4.3%Manganese-based Alloys Adj.EBITDA 4,391 16,794 (73.9)% 27,854 (84.2)% 15,611 47,206 (66.9)%Manganese-based Alloys Adj.EBITDA Margin 5.2% 15.8% 31.0% 5.9% 18.6%

Manganese-based alloy revenue in the third quarter was $84.4 million, a decrease of 20.5% from the prior quarter. The average selling price increased by 0.8%, while shipments decreased by 21.1% compared to the prior quarter due to reduced carbon steel production and weakness in the construction and automotive sectors. Adjusted EBITDA for the manganese-based alloys portfolio decreased to $4.4 million for the third quarter, compared with $16.8 million in the prior quarter. The adjusted EBITDA margin decreased due to weaker European steel demand, higher raw material costs and lower fixed cost absorption.

Raw materials and energy consumption for production

Raw materials and energy consumption for production was $180.4 million in the third quarter of 2025, compared to $253.2 million in the prior quarter, a decrease of 28.7%. As a percentage of sales, raw materials and energy consumption for production declined to 57.9% in the third quarter of 2025, compared to 65.5% in the second quarter. The decrease in costs as a percentage of sales was driven by enhanced operational efficiency, targeted cost optimization, and a more profitable product mix, improving overall profitability despite lower volumes.

Net (Loss) Attributable to the Parent

In the third quarter of 2025, net loss attributable to the parent was $12.8 million, or $(0.07) per diluted share, compared to a net loss attributable to the parent of $10.5 million, or $(0.06) per diluted share in the prior quarter. The quarterly result weakened compared to the previous quarter, reflecting lower sales volumes and reduced operating performance, partly mitigated by cost efficiencies and a favorable product mix. The Company reported adjusted diluted earnings per share of $(0.02) for the third quarter, compared with adjusted earnings per share of $(0.08) in the prior quarter.

Adjusted EBITDA

Adjusted EBITDA was $18.3 million for the third quarter of 2025 compared to $21.6 million for the prior quarter. Adjusted EBITDA was slightly down versus the previous quarter, reflecting ongoing market softness and reduced sales volumes, partially mitigated by operational efficiency improvements.

Total Cash, Adjusted Gross Debt and Working Capital

($ in millions) September 30,
2025 June 30, 2025 $ % September 30,
2024 $%
Y/Y Total Cash1 $121.5 $135.5 (14.1) (10.4)% $120.8 0.7 0.6%Adjusted Gross Debt2 $126.7 $125.2 1.5 1.2% $89.0 37.7 42.4%Net (Debt) Cash $(5.2) $10.3 (15.6) (150.6)% $31.8 (37.0) (116.4)%Total Working Capital3 $421.6 $440.8 (19.2) (4.4)% $528.6 (107.0) (20.2)%

(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 $121.5 million as of September 30, 2025, down $14.1 million from $135.5 million as of June 30, 2025. Adjusted gross debt increased by $1.5 million to $126.7 million, resulting in net debt of $5.2 million as of September 30, 2025, a decrease of $15.6 million from the prior quarter.

During the third quarter, cash flows from operating activities were $20.8 million, and net cash used in investing activities was $18.4 million. Cash used in financing activities was $15.8 million as a result of principal repayments on financing facilities in the U.S., South Africa, Norway, France and Spain of $17.3 million, lease payments of $3.4 million, dividend payments of $2.6 million, interest payments of $2.2 million, and the principal repayments of other financing liabilities of $0.6 million, partially offset by net cash proceeds from the sale of short-term commercial paper totaling $10.4 million.

Total working capital was $421.6 million as of September 30, 2025, a decrease of $19.2 million from $440.8 million on June 30, 2025. The decrease in our working capital balance during the quarter was due to a $63.9 million decrease in trade receivables and other receivables, partially offset by increases of $43.4 million in inventories and a $1.3 million decrease in trade and other payables.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “Despite a challenging market, we generated positive free cash flow and adjusted EBITDA in the third quarter. Our strong working capital management and prudent expense control enabled us to maintain a solid cash position. Due to the current business environment, the company abstained from share repurchases during the quarter. However, we remain committed to returning cash to shareholders through dividends and opportunistic share repurchases.”

Capital Returns

During the third quarter, Ferroglobe did not repurchase shares and paid a quarterly cash dividend of $ 0.014 per share on September 29, 2025. Our next cash dividend of $0.014 per share will be paid on December 29, 2025, to shareholders of record as of December 22, 2025.

Conference Call

Ferroglobe invites all interested persons to participate on our conference call at 8:30 AM, Eastern Time on November 6, 2025. 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/BI799033e77565403496222504c356e4e5

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/kbfjnvof

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: [email protected]

MEDIA CONTACT:

Cristina Feliu Roig
Vice President, Communications & Public Affairs
Email: [email protected]

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 For the Nine
Months Ended For the Nine
Months Ended September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024Sales $311,698 $386,862 $433,533 $1,005,739 $1,276,434 Raw materials and energy consumption for production (180,414) (253,212) (255,062) (671,967) (776,366)Other operating income 30,421 26,893 27,202 66,386 65,485 Staff costs (68,861) (68,797) (71,885) (208,107) (209,624)Other operating expense (74,705) (64,535) (74,475) (186,531) (212,893)Depreciation and amortization (19,953) (18,301) (18,899) (55,774) (56,443)Impairment (loss) gain (12) — — 255 — Other (loss) gain (177) (172) 189 1,056 1,125 Operating (loss) profit (2,003) 8,738 40,603 (48,943) 87,718 Finance income 830 970 829 2,673 3,715 Finance costs (3,881) (4,970) (2,983) (13,406) (18,853)Financial derivatives (loss) gain (203) 200 — (3) — Exchange differences 555 (19,659) (6,576) (26,018) (1,602)(Loss) profit before tax (4,702) (14,721) 31,873 (85,697) 70,978 Income tax (expense) benefit (8,566) 3,787 (13,301) (5,404) (20,627)Total (loss) profit for the period (13,268) (10,934) 18,572 (91,101) 50,351 (Loss) profit attributable to the parent $(12,812) $(10,451) $18,814 $(89,744) $51,671 (Loss) attributable to non-controlling interest (456) (483) (242) (1,357) (1,320) EBITDA $18,505 $7,380 $52,926 $(19,187) $142,559 Adjusted EBITDA $18,267 $21,562 $60,410 $13,025 $143,953 Weighted average number of shares outstanding Basic 188,075 188,142 188,325 188,386 188,168 Diluted 188,075 188,142 190,393 188,386 190,176 (Loss) profit per ordinary share Basic $(0.07) $(0.06) $0.10 $(0.48) $0.27 Diluted $(0.07) $(0.06) $0.10 $(0.48) $0.27

Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Financial Position
(in thousands of U.S. dollars) As of September 30, As of June 30, As of December 31, 2025 2025 2024ASSETSNon-current assets Goodwill $ 14,219 $14,219 $14,219Intangible assets 128,024 195,631 103,095Property, plant and equipment 521,219 519,165 487,196Other financial assets 28,529 27,519 19,744Deferred tax assets 5,716 9,290 6,580Receivables from related parties 1,761 1,758 1,558Other non-current assets 21,413 21,346 22,451Total non-current assets 720,881 788,928 654,843Current assets Inventories 369,392 325,960 347,139Trade receivables 183,777 221,070 188,816Other receivables 93,180 119,848 83,103Current income tax assets 4,943 8,475 7,692Other financial assets 12,520 12,530 5,569Other current assets 35,208 48,529 52,014Restricted cash and cash equivalents 186 197 298Cash and cash equivalents 121,290 135,350 132,973Total current assets 820,496 871,959 817,604Total assets $ 1,541,377 $1,660,887 $1,472,447 EQUITY AND LIABILITIESEquity $ 786,811 $812,639 $834,245Non-current liabilities Deferred income 33,100 57,589 8,014Provisions 31,020 29,310 24,384Provision for pensions 30,827 30,570 27,618Bank borrowings 52,412 45,941 13,911Lease liabilities 65,593 64,858 56,585Other financial liabilities 27,956 28,651 25,688Other non-current liabilities 194 14,033 13,759Deferred tax liabilities 18,061 18,507 19,629Total non-current liabilities 259,163 289,459 189,588Current liabilities Provisions 76,384 121,527 83,132Provision for pensions 174 177 168Bank borrowings 58,386 83,166 43,251Lease liabilities 13,648 13,704 12,867Debt instruments 22,784 12,368 10,135Other financial liabilities 9,313 7,720 48,117Payables to related parties 1,175 3,978 2,664Trade and other payables 224,778 226,077 158,251Current income tax liabilities 1,515 27 10,623Other current liabilities 87,246 90,045 79,406Total current liabilities 495,403 558,789 448,614Total equity and liabilities $ 1,541,377 $1,660,887 $1,472,447

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 For the Nine
Months Ended For the Nine
Months Ended September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024Cash flows from operating activities: (Loss) profit for the period $(13,268) $(10,934) $18,572 $(91,101) $50,351 Adjustments to reconcile net (loss) profit to net cash provided by operating activities: Income tax expense (benefit) 8,566 (3,787) 13,301 5,404 20,627 Depreciation and amortization 19,953 18,301 18,899 55,774 56,443 Finance income (830) (970) (829) (2,673) (3,715)Finance costs 3,881 4,970 2,983 13,406 18,853 Exchange differences (555) 19,659 6,576 26,018 1,602 Impairment loss (gain) 12 — — (255) — Net (gain) loss due to changes in the value of asset — — (193) — (301)(Gain) loss on disposal of non-current assets — — 4 — (42)Share-based compensation (82) 692 1,496 1,906 3,337 Other loss (gain) 380 (28) — (1,053) (782)Changes in operating assets and liabilities (Increase) decrease in inventories (44,640) 139 (5,414) (16,144) (23,099)Decrease (increase) in trade receivables 37,055 (9,420) 27,018 20,429 (8,991)Decrease (increase) in other receivables 25,770 (15,984) (28,656) 213 13,655 Decrease (increase) in energy receivable 6,734 (440) (10,508) 31,459 137,694 (Decrease) increase in trade payables (1,628) 39,308 (13,678) 50,866 1,784 Other changes in operating assets and liabilities (20,415) (13,817) (11,610) (26,695) (45,229)Income taxes (paid) received (170) (12,076) (6,847) (11,806) (11,023)Net cash provided by operating activities: 20,763 15,613 11,114 55,748 211,164 Cash flows from investing activities: Interest and finance income received 720 973 766 2,565 2,107 Payments due to investments: Intangible assets (459) (163) (850) (1,179) (2,169)Property, plant and equipment (18,673) (15,435) (20,302) (47,858) (59,075)Other financial assets — (4,000) — (15,119) (3,000)Disposals: Property, plant and equipment — — — 1,559 — Net cash used in investing activities (18,412) (18,625) (20,386) (60,032) (62,137)Cash flows from financing activities: Dividends paid (2,611) (2,611) (2,441) (7,835) (7,322)Payment for debt and equity issuance costs (7) (4) — (106) — Repayment of debt instruments (4,585) (9,170) — (24,116) (147,624)Proceeds from debt issuance 15,028 6,036 — 35,444 — (Decrease) increase in bank borrowings: Borrowings 103,868 157,498 145,804 367,399 386,377 Payments (121,192) (121,010) (144,292) (319,378) (358,076)Payments for lease liabilities (3,408) (3,174) (5,834) (9,680) (11,690)Payments from other financing liabilities (626) (20,802) — (44,079) (2,657)Other (payments) proceeds from financing activities — 1,581 (2,176) 1,581 (492)Payments to acquire own shares — (1,988) (492) (4,691) — Interest paid (2,232) (2,905) (6,955) (9,668) (24,163)Net cash (used) provided in financing activities (15,765) 3,451 (16,386) (15,129) (165,647)Total net (decrease) increase in cash and cash equivalents (13,414) 439 (25,658) (19,413) (16,620)Beginning balance of cash and cash equivalents 135,547 129,581 144,487 133,271 137,649 Foreign exchange (losses) gains on cash and cash equivalents (657) 5,527 1,981 7,618 (219)Ending balance of cash and cash equivalents $121,476 $135,547 $120,810 $121,476 $120,810 Restricted cash and cash equivalents 186 197 306 186 306 Cash and cash equivalents 121,290 135,350 120,504 121,290 120,504 Ending balance of restricted cash and cash and cash equivalents $121,476 $135,547 $120,810 $121,476 $120,810

Adjusted EBITDA ($,000): Q3´25 Q2´25 Q3´24 YTD´25 YTD´24(Loss) profit attributable to the parent $(12,812) $(10,451) $18,814 $(89,744) $51,671 (Loss) attributable to non-controlling interest (456) (483) (242) (1,357) (1,320)Income tax expense (benefit) 8,566 (3,787) 13,301 5,404 20,627 Finance income (830) (970) (829) (2,673) (3,715)Finance costs 3,881 4,970 2,983 13,406 18,853 Financial derivatives loss (gain) 203 (200) — 3 — Depreciation and amortization 19,953 18,301 18,899 55,774 56,443 EBITDA 18,505 7,380 52,926 (19,187) 142,559 Exchange differences (555) 19,659 6,576 26,018 1,602 Impairment loss (gain) 12 — — (256) — Restructuring and termination costs — (1,285) — (1,285) (4,540)New strategy implementation — — 1,413 682 3,786 Subactivity — — 657 — 1,708 PPA Energy 305 (1,384) (1,162) 1,689 (1,162)Fines inventory adjustment — (2,808) — 5,364 — Adjusted EBITDA $18,267 $21,562 $60,410 $13,025 $143,953

Adjusted (loss) profit attributable to Ferroglobe ($,000): Q3´25 Q2´25 Q3´24 YTD´25 YTD´24(Loss) profit attributable to the parent $(12,812) $(10,451) $18,814 $(89,744) $51,671 Tax rate adjustment 9,836 188 3,271 28,542 (1,710)Impairment (gain) 9 — — (187) — Restructuring and termination costs — (938) — (938) (3,111)New strategy implementation — — 968 498 2,595 Subactivity — — 450 — 1,170 PPA Energy 223 (1,010) (796) 1,233 (796)Fines inventory adjustment — (2,050) — 3,916 — Adjusted (loss) profit attributable to the parent $(2,745) $(14,262) $22,707 $(56,680) $49,819

Adjusted diluted (loss) profit per share: Q3'25 Q2´25 Q3´24 YTD´25 YTD´24Diluted (loss) profit per ordinary share $(0.07) $(0.06) $0.10 $(0.48) $0.27 Tax rate adjustment 0.05 0.00 0.02 0.15 (0.01)Impairment (gain) 0.00 — — (0.00) — Restructuring and termination costs — (0.00) — (0.00) (0.02)New strategy implementation — — 0.01 0.00 0.01 Subactivity — — 0.00 — 0.01 PPA Energy 0.00 (0.01) (0.00) 0.01 (0.00)Fines inventory adjustment — (0.01) — 0.02 — Adjusted diluted (loss) profit per ordinary share $(0.02) $(0.08) $0.11 $(0.30) $0.25