Aperam S.A. (APAM) Q2 2025 (Q&A) earnings summary

Executive summary

• Q2 2025 sales were €1,654m and adjusted EBITDA was €112m, up 31% sequentially; Brazil and Alloys performance offset European headwinds.

• Q2 shipments rose 3% QoQ to 591kt; net financial debt fell €92m to €1,143m.

• H1 sales were €3,312m, up 0.6% YoY, and adjusted EBITDA rose 40.4% to €198m; net income was €1m versus €40m.

• A plant failure in Alloys is expected to cause a €10m impact, split between repairs and lost production, mainly in Q3 and partly in Q4.

Financial highlights

• Q2 sales were €1,654m, versus €1,658m in Q1 and €1,634m in Q2 2024; adjusted EBITDA was €112m versus €86m in Q1, with margin at 6.8%.

• Q2 operating income was €47m versus an €11m loss in Q1; net income attributable to parent equity holders was €19m versus an €18m loss.

• Basic and diluted EPS were €0.25; free cash flow before dividend was €157m, and operating cash flow was €196m.

• H1 operating income improved to €36m from €16m; IFRS EBITDA was €162m versus €133m.

• No exceptional items were recorded in Q2 2025.

Outlook and guidance

• Q3 adjusted EBITDA and shipments are expected to decline versus Q2, reflecting seasonality, European price pressure and the Alloys plant failure; net financial debt is expected to decrease slightly.

• Brazil is expected to operate at full load in Q3; seasonality is expected to affect Q4 and Q1, with no major pricing or volume changes anticipated.

• European volumes may improve slightly sequentially in Q4, though December seasonality will limit gains.

• FY 2025 base dividend maintained at €2.00/share; capex guidance reduced to €170m and effective tax rate guided at 20–25%.

• CBAM starts in January 2026 with progressive implementation; final parameters remain uncertain, while EU trade measures are expected to support clean European producers.