Aperam S.A. (APAM) investor relations material

Executive summary

• Q2 2026 marked the best quarter in four years, with EBITDA of EUR 130 million and net income rising to EUR 116 million, driven by strong operational execution, transformation efforts, and contributions from all business segments despite challenging market conditions.

• Leadership Journey Phase 6 delivered EUR 20 million in gains in Q2, on track for EUR 150 million by 2028.

• Strategic focus remains on value over volume, margin preservation, and selective sales through independent distributors.

• Magnetec Group acquisition strengthened the Alloys & Specialties segment and expanded advanced magnetic solutions.

• Recognized for sustainability, innovation, and employer excellence, including major industry awards and inclusion in the BEL 20 index.

Financial highlights

• Q2 2026 EBITDA reached EUR 130 million, with total EBITDA at EUR 159 million including EUR 59 million in Brazilian tax credits and EUR 24 million in positive interest.

• Sales increased to EUR 1,689 million (+7% QoQ), with shipments at 606kt; free cash flow improved to EUR 106 million from -EUR 44 million in Q1.

• Net financial debt reduced to EUR 993 million from EUR 1,057 million in Q1; cash and cash equivalents stood at EUR 334 million.

• EUR 35 million in restructuring charges and legal provisions were recorded, split between Europe and global litigation.

• Dividends paid totaled EUR 36 million; capex for Q2 was EUR 24 million.

Outlook and guidance

• Q3 2026 adjusted EBITDA and shipments expected to be lower due to seasonality and absence of valuation effects; net financial debt projected to remain flat in Q3 and decrease by year-end.

• FY 2026 capex guidance at ~EUR 200 million, with spending back-end loaded into Q4.

• Base dividend stable at EUR 2.00/share (~EUR 145 million); further deleveraging targeted for year-end 2026.

• Strategic focus remains on competitiveness, selective investment, and sustainable value creation amid ongoing market uncertainty.