ArcelorMittal (MT) Q3 2025 earnings summary

Executive summary

• 3Q 2025 EBITDA was $1.5bn with a margin of $111/ton, reflecting asset optimization, diversification, and strategic growth investments, including record iron ore production in Liberia.

• Net income for 3Q 2025 was $377m (EPS $0.50), with adjusted net income at $474m (adjusted EPS $0.62).

• Net debt rose to $9.1bn, mainly due to working capital and M&A investments; liquidity remains robust at $11.2bn.

• Share buybacks reduced fully diluted shares by 38% since September 2020; 8.8m shares repurchased in 2025.

• Safety transformation program underway, with improved lost time injury frequency rate and new contractor safety standards.

Financial highlights

• 3Q 2025 sales were $15.7bn, down 1.7% sequentially; 9M 2025 sales were $46.4bn.

• Operating income for 3Q 2025 was $544m, down from $1.9bn in 2Q 2025, impacted by lower shipments and prices.

• EBITDA margin for 3Q 2025 was 9.6%, compared to 11.7% in 2Q 2025.

• Adjusted net income for 9M 2025 reached $2.3bn, with adjusted EPS of $2.99.

• Book value per share increased to $72, with 38% of shares repurchased since September 2020.

Outlook and guidance

• EU trade policy and CBAM reforms expected to support European profitability and capacity utilization.

• Strategic growth projects and M&A expected to add $2.1bn to future EBITDA, with $0.7bn in 2025 and $0.8bn in 2026.

• Free cash flow outlook for 4Q 2025 is strong, with working capital investment expected to unwind.

• EU capacity utilization expected to rise to 80-85% with new trade tools, supporting profitability.

• Base dividend of $0.55/share, with at least 50% of post-dividend FCF returned to shareholders.