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 and strong momentum despite global headwinds and inflationary pressures.

• Net income surged to EUR 116 million in Q2 2026 from EUR 3 million in Q1 2026, reflecting strong operational execution.

• Strategic transformation into a diversified high-value materials player is progressing, reducing reliance on any single market.

• Leadership Journey® Phase 6 delivered EUR 20 million in Q2 gains, EUR 38 million YTD, targeting EUR 150 million by 2028.

• Successfully acquired Magnetec Group, strengthening the Alloys & Specialties segment and expanding into advanced magnetic solutions.

Financial highlights

• EBITDA reached EUR 159 million, up 77% sequentially; adjusted EBITDA rose 44% to EUR 130 million, with all segments contributing.

• Free cash flow swung from negative EUR 44 million in Q1 to positive EUR 106 million in Q2.

• Net financial debt reduced by EUR 64 million to EUR 993 million.

• Sales increased to EUR 1,689 million in Q2 2026, up 7% sequentially.

• Capital expenditure held at EUR 33 million; EUR 36 million paid out in quarterly dividends.

Outlook and guidance

• Q3 2026 adjusted EBITDA expected to be lower than Q2 due to seasonal slowdown in Europe, but slightly above Q1 2026, with Brazil partially offsetting.

• Net financial debt projected to remain flat at quarter end; deleveraging target on track.

• Long-term EBITDA target of EUR 700–800 million by 2028 reaffirmed.

• FY 2026 capex guidance is ~EUR 200 million, and the base dividend is expected to remain stable at EUR 2.00/share.

• Strategic focus remains on competitiveness, selective investment, and sustainable value creation amid ongoing market uncertainty.