Aperam publishes its Q4 & Full Year 2022 results

Full year and fourth quarter 2022 results “Resilient in the cyclical trough quarter” Luxembourg, February 10, 2023 (07:00 CET) – Aperam (referred to as “Aperam” or the “Company”) (Amsterdam, Luxembourg, Paris, Brussels: APAM, NYRS: APEMY), announced today results for the three months and full year ended December 31, 2022.

Highlights

• Health and Safety: LTI frequency rate of 1.8x in 2022 compared to 2.3x in 2021
• Shipments of 2,309 thousand tonnes, including the addition of Recycling & Renewables in 2022. Comparable shipments of 1,635 thousand tonnes in 2022 versus 1,819 thousand tonnes in 2021
• EBITDA of EUR 1,076 million in 2022, including an exceptional loss of EUR (53) million, compared to EBITDA of EUR1,186 million in 2021, including an exceptional gain of EUR 126 million
• EBITDA of EUR 129 million in Q4 2022, compared to EUR 235 million in Q3 2022 and EUR 462 million in Q4 2021, including an exceptional gain of EUR 117 million
• Net income of EUR 625 million in 2022, compared to EUR 968 million in 2021
• Basic earnings per share of EUR 8.33 in 2022, compared to EUR 12.21 in 2021
• Free cash flow before dividend and share buy-back amounted to EUR 345 million in 2022, compared to EUR 367million in 2021, after EUR (30) million paid for the acquisition of ELG
• Net financial debt of EUR 468 million, as of December 31, 2022, compared to EUR 466 million, added from the ELG acquisition as of December 31, 2021

Strategic initiatives

Leadership Journey® Phase 4: Gains reached EUR 25 million in Q4 2022 and a cumulative EUR 122 million
compared to target gains of EUR 150 million over the period 2021 to 2023.

Cash deployment

Dividend of EUR 2.00 per share (subject to AGM approval) and Share Buy Back to continue in line with financial
policy

Prospects

• Q1 2023 EBITDA is expected at a higher level versus Q4 2022
• We guide for comparable Q1 2023 net financial debt

Timoteo Di Maulo, CEO of Aperam, commented: “Q4 has been a demanding quarter. Destocking and recession fear affected demand while cost inflation and valuation effects additionally burdened earnings. We think that we crossed the cyclical trough. It proved again the value and resilience of our differentiated business model. The integration of raw materials and distribution activities enable us to react without delay to market changes. Q4 is a further proof point that our value chain and our progress on the Leadership Journey® will continue help us weather external shocks and deliver higher value as we transform Aperam towards 2025”

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