Second quarter 2026 results1

All businesses delivering — best quarter in four years despite headwinds

Luxembourg, July 30, 2026 (07:00 CEST) - Aperam S.A. (referred to as “Aperam” or the “Company”) (Amsterdam, Luxembourg, Paris, Brussels: APAM, NYRS: APEMY), announced today results for the three months ended June 30, 2026.
 

Highlights

Strategic initiatives

Prospects[1]a

Financial Highlights (on the basis of financial information prepared under IFRS)

(1) Includes purchase consideration related to the acquisition of Universal of EUR (415) million.

(2) Mostly related to PIS/Cofins tax credits related to prior periods in Brazil of EUR 59 million and bargain purchase gain on Magnetec Group acquisition of EUR 5 million, partly offset by restructuring charges and legal provisions in Europe and Brazil for EUR (35) million.

(3) Primarily related to the non-cash reversal of the fair value adjustment of inventories related to the acquisition of Universal.

Health & Safety results

Health and Safety performance based on Aperam personnel figures and contractors’ lost time injury frequency rate was 1.8x in the second quarter of 2026 compared to 1.4x in the first quarter of 2026.

Financial results analysis for the three-month period ending June 30, 2026

Sales for the second quarter of 2026 increased by 7.2% at EUR 1,689 million, compared to EUR 1,575 million for the first quarter of 2026. Shipments decreased from 617 thousand tonnes in the first quarter of 2026 to 606 thousand tonnes in the second quarter of 2026 due to inventory build up for an investment in Stainless & Electrical Brazil and arbitrage in Services & Solutions due to weak underlying demand.

EBITDA reached EUR 159 million in the second quarter of 2026 from EUR 90 million in the first quarter of 2026, a substantial increase of 77% quarter on quarter.

Adjusted EBITDA increased to EUR 130 million (excluding a net exceptional gain of EUR 29 million) for the second quarter of 2026 from EUR 90 million in the first quarter of 2026, with a stronger contribution from all the segments. Major drivers were the good performance of Stainless Steel and Recycling, and supported by modest price recovery in Europe, seasonality in Brazil and positive valuation effects.

Depreciation and amortization expense was EUR (57) million for the second quarter of 2026.

Aperam had an operating income for the second quarter of 2026 of EUR 102 million compared to an operating income of EUR 34 million for the previous quarter.

Financing costs, net, including the FX and derivatives result for the second quarter of 2026 were EUR (7) million, including cash cost of financing of EUR (21) million and exceptional interest income of EUR 24 million for PIS/Cofins tax credits related to prior periods in Brazil (1).

Income tax benefit for the second quarter of 2026 was EUR 23 million, including EUR 41 million of deferred tax assets recognized on tax losses carried forward.

The net result recorded by Aperam was a profit of EUR 116 million for the second quarter of 2026, compared to a profit of EUR 3 million for the first quarter of 2026.

Cash flows from operations for the second quarter of 2026 were EUR 139 million, including a working capital decrease of EUR 55 million linked to higher activity and higher raw material prices. CAPEX for the second quarter was EUR (24) million.

Free cash flow before dividend for the second quarter of 2026 was EUR 106 million, compared to a negative amount of EUR (44) million for the first quarter of 2026.

During the second quarter of 2026, cash returns to shareholders amounted to EUR 36 million, fully consisting of dividends.

(1) PIS/Cofins tax credits related to prior periods in Brazil have been recognized in the consolidated statement of operation for a total amount of EUR 83 million, of which EUR 59 million in EBITDA as exceptional items and EUR 24 million in financing costs. These credits are expected to be offset against cash taxes from 2026 to 2030.

Operating segment results analysis

Stainless & Electrical Steel (1)