Aperam S.A. (APAM) Q2 2026 earnings summary

Executive summary

• Achieved the best quarterly performance in four years in Q2 2026, with all business segments contributing to strong momentum despite global headwinds and inflationary pressures.

• Net income surged to €119 million in H1 2026 and €116 million in Q2 2026, driven by higher operating income, valuation gains, and non-recurring items.

• Strategic transformation into a diversified high-value materials player is progressing, supported by the Magnetec Group acquisition and Leadership Journey® Phase 6, which delivered €38 million in H1 2026.

• Free cash flow rebounded to €106 million in Q2 2026 from negative €44 million in Q1, reflecting robust cash generation.

• Recognized for sustainability, innovation, and employer excellence, including inclusion in the BEL 20 index and major industry awards.

Financial highlights

• EBITDA reached €159 million in Q2 2026, up 77% sequentially; adjusted EBITDA rose 44% to €130 million, with margin improving to 7.7%.

• Sales increased 7.2% quarter-over-quarter to €1,689 million in Q2 2026.

• Net financial debt reduced by €64 million to €993 million at Q2 2026 quarter-end.

• Free cash flow before dividend reached €106 million in Q2 2026.

• €36 million paid out in dividends for the quarter; dividend policy maintained at €2.00/share.

Outlook and guidance

• Q3 2026 adjusted EBITDA and shipments expected to be lower due to seasonality in Europe, with Brazil partially offsetting.

• Net financial debt anticipated to remain flat in Q3, with further deleveraging targeted by year-end 2026.

• Long-term EBITDA target of €700–800 million by 2028 reaffirmed; FY 2026 capex guidance is ~€200 million.