Aperam S.A. (APAM) Q4 2024 earnings summary

Executive summary

• FY 2024 shipments rose 4.2% to 2.290m tonnes and adjusted EBITDA increased to €356m from €304m, while sales fell 5.1% to €6.255bn.

• Q4 adjusted EBITDA rose 17% sequentially to €116m from €99m, despite intensified pricing pressure and challenging European conditions.

• Leadership Journey® Phase 5 delivered €49m in Q4 gains and €95m cumulative gains in 2024.

• Universal Stainless & Alloy Products joined Alloys & Specialties following the January 2025 acquisition, expanding U.S. and aerospace exposure.

• Received top ESG ratings from MSCI and Sustainalytics and recognition in TIME's list of leading companies.

Financial highlights

• Q4 sales were €1.471bn, down 1.5% sequentially; shipments were 505kt, down from 617kt in Q3.

• FY net income was €231m and basic EPS was €3.20; Q4 basic EPS was €2.47 and clean EPS was €0.33.

• Q4 free cash flow was €146m and operating cash flow €172m; FY free cash flow before dividends was €125m and operating cash flow €280m.

• Net financial debt was €544m at year-end, down €97m sequentially but up from €491m a year earlier.

• FY operating income was €129m versus €89m; adjusted EBITDA margin was 5.7% versus 4.6%.

Outlook and guidance

• Q1 2025 shipments are expected to rise sequentially, while adjusted EBITDA is forecast below Q4 due to European price pressure and Brazil seasonality.

• Q1 outlook assumes metal and product prices remain at current levels; net financial debt is expected to rise significantly following the Universal acquisition.

• Leadership Journey® Phase 5 targets €200m of gains over 2024–2026, with €75m expected in 2025.

• FY 2025 base dividend remains €2.00 per share; capex guidance is €200m.