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

Executive summary

• Q2 2025 results improved sequentially, supported by Brazil and Alloys, while weak European demand and intensified pricing pressure persisted.

• Adjusted EBITDA rose 31% sequentially to €112m; free cash flow was €157m and net financial debt fell €92m to €1,143m.

• Leadership Journey® Phase 5 delivered €20m in Q2 gains and €136m cumulatively toward a €200m target by 2026.

• The first CSRD-aligned Sustainability report was launched voluntarily on June 30, 2025.

Financial highlights

• Q2 sales were €1,654m, flat sequentially and up 1% year-over-year; shipments rose 3% sequentially to 591kt.

• Q2 adjusted EBITDA was €112m, up 31% sequentially and 44% year-over-year; margin improved to 6.8% from 5.2% in Q1.

• Q2 net income was €19m versus a €18m loss in Q1; basic EPS was €0.25 versus -€0.24.

• H1 sales were €3,312m, up 0.6% year-over-year, and adjusted EBITDA rose 40.4% to €198m; net income attributable to equity holders was €1m versus €40m.

• H1 free cash flow before dividends was -€417m, reflecting acquisition and investing outflows, including €415m paid net of cash acquired for Universal.

Outlook and guidance

• Q3 shipments are expected to be seasonally lower and adjusted EBITDA below Q2; net financial debt is expected to decrease slightly.

• No H2 2025 recovery is expected amid persistent manufacturing recession, weak demand and pricing pressure.

• FY 2025 CapEx guidance was reduced from €200m to €170m; allocation includes €120m sustenance, €20m productivity and €30m Alloys growth.

• FY 2025 base dividend remains €2.00/share; effective tax rate guidance is 20–25%.

• European Steel Action Plan, CBAM implementation and German infrastructure investment could support recovery from 2026.