ArcelorMittal (MT) investor relations material

Executive summary

• Q1 2026 delivered structurally improved earnings power, with EBITDA per ton up $15 year-over-year to $131/t and total EBITDA of $1.7 billion, supported by strategic investments and asset optimization.

• Net income reached $575 million (EPS $0.76), up from $177 million in 4Q 2025, with improved safety performance (LTIFR 0.45x vs. 0.63x in 1Q 2025).

• Strategic investments in decarbonization, renewables, energy transition, and capacity expansions underpin future EBITDA growth and margin improvement.

• Record iron ore production and shipments in Liberia; North America returned to normalized operating levels.

• Robust liquidity at $9.9 billion and positive free cash flow outlook for 2026 and beyond.

Financial highlights

• Q1 EBITDA reached $1,679 million ($131/t), up 5.4% sequentially and about 50% above historical average margins.

• Net income attributable to equity holders was $575 million, with basic EPS of $0.76.

• Sales rose 3.2% sequentially to $15.5 billion, mainly due to higher average steel prices.

• Free cash outflow of $1.3 billion in Q1 2026 due to $1.5 billion seasonal working capital investment; net debt increased to $9.3 billion.

• Liquidity at $9.9 billion, including $4.4 billion cash and $5.5 billion available credit lines.

Outlook and guidance

• All steel segments expected to show improved EBITDA in Q2, with higher volumes and prices across Europe, North America, Brazil, and India.

• FY 2026 guidance unchanged: production and shipments to grow across all regions year-over-year.

• Strategic projects, including new EAFs in Dunkirk, Sestao, and Gijón, expected to add €1.8 billion incremental EBITDA from 2026 onwards.

• Free cash flow outlook for 2026 and beyond remains positive, supporting potential resumption of share buybacks.

• European market outlook strengthened by CBAM and TRQ, expected to boost capacity utilization and profitability from July 2026.