Aperam S.A. (APAM) investor relations material

Executive summary

• Q2 2026 marked the best quarter in four years, with strong EBITDA growth across all segments, significant cash flow generation, and net income surging to EUR 116 million, despite challenging market and inflationary conditions.

• Leadership Journey Phase 6 delivered EUR 20 million in gains in Q2, totaling EUR 38 million in H1 2026, with ongoing transformation and value-over-volume focus.

• Stainless & Electrical Steel and Recycling & Renewables segments returned to strength, while Alloys & Specialties benefited from aerospace recovery and Magnetec acquisition.

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

Financial highlights

• Q2 2026 EBITDA reached EUR 130 million (adjusted), with total EBITDA at EUR 159 million, including EUR 59 million in Brazilian tax credits and EUR 24 million in interest; net income rose to EUR 116 million.

• Sales increased to EUR 1,689 million in Q2 2026 (+7% QoQ), with shipments at 606kt; free cash flow improved to EUR 106 million.

• Net financial debt reduced to EUR 993 million from EUR 1,057 million in Q1 2026; gearing stable at 30%.

• Dividends paid totaled EUR 36 million; capex for Q2 was EUR 24 million, with FY 2026 guidance at EUR 200 million.

• Basic EPS increased to EUR 1.61 in Q2 2026.

Outlook and guidance

• Q3 2026 adjusted EBITDA expected to be lower due to seasonality and absence of valuation effects; net financial debt projected to remain flat in Q3 and decrease by year-end.

• FY 2026 capex guidance at EUR 200 million; base dividend stable at EUR 2.00/share (~EUR 145 million).

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

• Capital Markets Day in November will focus on transformation, EBITDA targets of EUR 700-800 million over three years, and expansion into new markets.