ArcelorMittal (MT) investor relations material

Executive summary

• 1H 2026 EBITDA reached $3.7bn, with a margin of $143/t, and net income was $1.26bn, reflecting improved structural profitability and strong underlying cash generation.

• Safety performance improved, with LTIFR at a record low of 0.53x in 1H 2026, driven by ongoing safety transformation initiatives.

• Strategic growth projects and exposure to megatrends like electrification and infrastructure underpin medium- and long-term outlook, with $1.8bn incremental EBITDA expected from 2026 onwards.

• European business momentum is supported by new trade protection measures (CBAM, TRQ), higher capacity utilization, and profitability.

• Shareholder returns in 1H 2026 totaled $0.7bn, including buybacks and dividends, with further buybacks funded by Vallourec stake monetization.

Financial highlights

• 2Q 2026 EBITDA reached $2.1bn, up 22.9% sequentially, with a margin of $155/t; 1H 2026 EBITDA was $3.7bn (+8.8% YoY).

• Net income for 1H 2026 was $1.26bn, with basic EPS at $1.65.

• Net debt increased to $9.5bn at June 30, 2026, from $7.9bn at year-end 2025, mainly due to working capital investment and shareholder returns.

• Free cash outflow in 1H 2026 was $1.5bn, reflecting $2.4bn in capex and $0.7bn in shareholder returns.

• Liquidity remained robust at $10.4bn, including $4.9bn in cash and $5.5bn in credit lines.

Outlook and guidance

• Positive outlook for H2 2026, with shipments and earnings expected to increase across all segments, supported by improved order books and capacity restarts.

• European shipments projected to be stable or higher in Q3 2026, defying typical seasonal declines.

• Strategic growth projects and M&A expected to add $1.8bn to EBITDA from 2026 onwards.

• Capex guidance for 2026 remains $4.5bn–$5.0bn, with $1.7bn–$1.9bn for strategic projects.

• Free cash flow outlook for 2026 and beyond remains unchanged, with continued focus on shareholder returns and net debt reduction.