Aperam S.A. (APAM) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked the strongest start in three years, with robust performance and value growth across all segments despite global volatility and energy shocks.

• Growth was driven by higher European shipments, valuation effects, and the absence of exceptional items.

• Strategic transformation and the launch of Leadership Journey® Phase 6 diversified the business, targeting EUR 150 million in gains by 2028, with EUR 18 million achieved in Q1.

• Dividend distributions remain steady, supporting a progressive dividend policy.

Financial highlights

• Shipments reached 617 kilotons, up 11% over Q4, driven by European seasonality.

• Sales increased 16% quarter-over-quarter to EUR 1,575 million.

• Adjusted EBITDA rose to EUR 90 million, a 34% increase quarter-on-quarter.

• Free cash flow before dividend was negative EUR 44 million, impacted by a EUR 112 million working capital increase.

• Net financial debt increased to EUR 1,057 million from EUR 978 million at year-end 2025.

Outlook and guidance

• Q2 2026 adjusted EBITDA is guided to be significantly higher than Q1, with Brazil's seasonal strength and European trade defense measures as catalysts.

• Net financial debt is expected to decrease slightly in Q2 and by year-end 2026, supported by earnings strength.

• FY 2026 capex guidance is ~EUR 200 million, including biological asset acquisitions.

• FY 2026 base dividend maintained at EUR 2.00/share (~EUR 145 million total).