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ArcelorMittal
ArcelorMittal (MT) investor relations material
ArcelorMittal Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
FY 2025 EBITDA reached $6.5bn, supported by $0.7bn from strategic growth projects, with adjusted net income of $2.9bn and net income of $3.2bn, reflecting resilient performance despite market headwinds and a 1.7% sales decline.
Strategic focus on renewables, electrification, and decarbonization, with portfolio optimization and major investments driving structurally higher margins and improved returns.
Safety performance improved, with a three-year transformation program and LTIF rate down to 0.65x.
Share buybacks reduced fully diluted share count by 38% since September 2020, supporting shareholder value.
Board proposes to increase annual base dividend to $0.60/sh in FY 2026, doubling over five years.
Financial highlights
FY 2025 EBITDA was $6.5bn ($121/t), more than double previous cycle lows, with adjusted net income of $2.9bn and adjusted EPS of $3.85.
Sales for 2025 were $61.4bn, down 1.7% year-over-year, mainly due to a 2.3% drop in average steel selling prices.
Operating income rose 9.6% to $3.6bn, driven by $1.0bn in exceptional items and impairments.
Free cash flow for 2025 was $0.4bn, with net cash from operations at $4.8bn and capex at $4.3bn.
Net debt at year-end was $7.9bn, with total liquidity of $11.0bn and average debt maturity of 7.7 years.
Outlook and guidance
Apparent steel demand (ex-China) is expected to grow by 2% in 2026, with higher production and shipments forecast across all regions.
Capex for 2026 projected at $4.5–$5.0bn, focused on energy transition, infrastructure, and mobility.
Recently completed and ongoing projects expected to add $1.6bn in EBITDA potential ($0.7bn in 2026, $0.9bn from 2027 onward).
Board proposes to increase annual base dividend to $0.60/sh in FY 2026, with at least 50% of post-dividend free cash flow to be returned via share buybacks.
Positive outlook for European steel due to CBAM and TRQ, with higher domestic utilization and profitability expected.
When will Europe see full CBAM/TRQ benefits?
Detail 2026 EBITDA uplift from new projects.
What is Liberia's long-term iron ore capacity plan?
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Next ArcelorMittal earnings date
Q1 202630 Apr, 2026
ArcelorMittal
Next ArcelorMittal earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
ArcelorMittal S.A., owns and operates steel manufacturing and mining facilities in many parts of the world. The company engages in the production of flat steel products, long products, and coated products, as well as processing operations related to steel and other metals. It operates through Europe & North America, Asia Pacific, African Operations, Indian Subcontinent & Middle East, and Latin America segments. ArcelorMittal S.A., is based in Luxembourg city, Luxembourg.
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