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Aperam S.A. (APAM) investor relations material

Aperam S.A. Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary31 Jul, 2025

Executive summary

  • Q2 2025 delivered solid results in Brazil and Alloys, offsetting European market headwinds and intensified pricing pressure.

  • Leadership initiatives over the past 18 months, including Leadership Journey® Phase 5, achieved €20m in gains this quarter, with €136m cumulated out of a €200m target.

  • First CSRD-aligned Sustainability report launched, reinforcing ESG leadership.

  • Shipments rose 3% to 591k tonnes sequentially, with strong contributions from Brazil and Alloys.

  • Net income improved to EUR 19 million from a loss of EUR 18 million in the previous quarter.

Financial highlights

  • Q2 2025 sales were €1,654m, flat sequentially and up 1% year-over-year; shipments increased to 591k tonnes.

  • Adjusted EBITDA rose to €112m, up 31% sequentially and 44% year-over-year; margin improved to 6.8%.

  • Free cash flow reached €157m, covering dividends, capex, and reducing net financial debt by €92m.

  • Net financial debt at €1,143m, down from €1,235m in Q1 2025; NFD/LTM EBITDA at 2.8x.

  • Basic EPS was €0.25, rebounding from a loss in Q1 2025 but down 69% year-over-year.

Outlook and guidance

  • Q3 2025 adjusted EBITDA and shipments expected to decline due to seasonally lower demand and ongoing price pressure in Europe.

  • FY 2025 base dividend maintained at €2.00/share (~€145m); capex guidance reduced to ~€170m.

  • Effective tax rate for FY 2025 guided at 20–25%.

  • Leadership Journey® Phase 5 targets over €200m in cumulative gains by 2026.

  • Outlook remains uncertain due to volatile metal and product prices.

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Frequently asked questions

Aperam S.A. is a Luxembourg-based company engaged in the production of stainless, electrical, and specialty steel. Catering to a global market, Aperam focuses on delivering high value-added specialty products, including grain-oriented and non-grain-oriented electrical steels, nickel alloys, as well as a variety of stainless steel formats such as tubes, discs, flat bars, coils, and sheets. The company operates through four main segments: Stainless & Electrical Steel, Services & Solutions, Alloys & Specialties, and Recycling & Renewables.

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