4,27%
First Quarter 2026 Results
“Strong performance from the diversified value chain”
Luxembourg, April 30, 2026 (07:00 CEST) — Aperam S.A. (“Aperam” or the “Company”) (Amsterdam, Luxembourg, Paris, Brussels: APAM, NYRS: APEMY) announced today results for the three months ended March 31, 2026.
Highlights
- Health and Safety: LTI frequency rate of 1.4x in Q1 2026 compared to 2.0x in Q4 2025.
- Shipments of 617 thousand tonnes in Q1 2026, an 11% increase compared to 554 thousand tonnes in Q4 2025.
- Adjusted EBITDA of EUR 90 million in Q1 2026, compared to Adjusted EBITDA of EUR 67 million in Q4 2025.
- Net income of EUR 3 million in Q1 2026, compared to EUR 29 million in Q4 2025.
- Basic earnings per share of EUR 0.04 in Q1 2026, compared to EUR 0.40 in Q4 2025.
- Free cash flow before dividend amounted to EUR (44) million in Q1 2026, compared to EUR 112 million in Q4 2025.
- Net financial debt of EUR 1,057 million as of March 31, 2026, compared to EUR 978 million as of December 31, 2025.
Strategic initiatives
Leadership Journey® Phase 6: Gains reached already EUR 18 million in Q1 2026; target gains of EUR 150 million over the period 2026 to 2028.
Prospects
- Q2 2026 adjusted EBITDA is expected to be significantly higher compared to Q1 2026.
- We guide for a slightly lower Q2 2026 net financial debt despite working capital seasonality thanks to earnings strength and an efficient integrated value chain.
The outlook for the quarter depends on the future development of metal and product prices. Both are assumed as constant at their current level.
Financial highlights
Financial information prepared under IFRS.
| Q1 2026 | Q4 2025 | Q1 2025 | |
|---|---|---|---|
| Sales | 1,575 | 1,358 | 1,658 |
| Operating income / (loss) | 34 | (29) | (11) |
| Net income / (loss) attributable to equity holders of the parent | 3 | 29 | (18) |
| Basic earnings per share (EUR) | 0.04 | 0.40 | (0.24) |
| Diluted earnings per share (EUR) | 0.04 | 0.40 | (0.24) |
| Free cash flow before dividend | (44) | 112 | (574)(1) |
| Net Financial Debt (end of period) | 1,057 | 978 | 1,235 |
| Adj. EBITDA | 90 | 67 | 86 |
| Exceptional items | — | (28)(2) | (36)(3) |
| EBITDA | 90 | 39 | 50 |
| Adj. EBITDA/tonne (EUR) | 146 | 121 | 150 |
| EBITDA/tonne (EUR) | 146 | 70 | 87 |
| Shipments (000t) | 617 | 554 | 575 |
(1) Includes purchase consideration related to the acquisition of Universal
of EUR (415) million.
(2) Mostly related to EUR (15) million restructuring costs and EUR
(10) million inventory adjustments.
(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 1.4x in the first quarter of 2026 compared to 2.0x in the fourth quarter of 2025.
Financial results analysis
Sales for the first quarter of 2026 increased by 16.0% to EUR 1,575 million, compared to EUR 1,358 million for the fourth quarter of 2025. Shipments increased from 554 thousand tonnes in the fourth quarter of 2025 to 617 thousand tonnes in the first quarter of 2026, largely due to seasonality in Europe.
Adjusted EBITDA increased to EUR 90 million for the first quarter of 2026 from EUR 67 million (excluding an exceptional loss of EUR (28) million) in the fourth quarter of 2025. Major drivers were seasonally higher shipments in Europe, positive valuation effects and efficient cost management, partly offset by seasonally lower shipments in Brazil.
Depreciation and amortization expense was EUR (56) million for the first quarter of 2026.
Aperam had an operating income for the first quarter of 2026 of EUR 34 million compared to an operating loss of EUR (29) million for the previous quarter.
Financing costs, net, including the FX and derivatives result for the first quarter of 2026 were EUR (15) million. Cash cost of financing was EUR (16) million during the quarter.
Income tax expense for the first quarter of 2026 was EUR (16) million.
The net result recorded by Aperam was a profit of EUR 3 million for the first quarter of 2026, compared to a profit of EUR 29 million for the fourth quarter of 2025.
Cash flows from operations for the first quarter of 2026 were negative at EUR (11) million, affected by a working capital increase of EUR 112 million linked to higher activity and higher raw material prices. CAPEX for the first quarter was EUR (30) million.
Free cash flow before dividend for the first quarter of 2026 was negative at EUR (44) million, compared to EUR 112 million for the fourth quarter of 2025.
During the first quarter of 2026, cash returns to shareholders amounted to EUR 37 million, fully consisting of dividends.
Operating segment results
Stainless & Electrical Steel
| (in millions of Euros, unless otherwise stated) | Q1 2026 | Q4 2025 | Q1 2025 |
|---|---|---|---|
| Sales | 993 | 873 | 1,069 |
| Adjusted EBITDA | 35 | 11 | 28 |
| Exceptional items | — | (5) | — |
| EBITDA | 35 | 6 | 28 |
| Depreciation & amortization | (24) | (30) | (27) |
| Operating income / (loss) | 11 | (24) | 1 |
| Steel shipments (000t) | 430 | 415 | 421 |
| Average steel selling price (EUR/t) | 2,200 | 1,995 | 2,417 |
(1) Amounts shown prior to intra-group eliminations.
Sales of EUR 993 million for the first quarter of 2026, a 13.7% increase compared to EUR 873 million for Q4 2025. Steel shipments were 430 thousand tonnes (+3.6% vs prior quarter). Shipments in Europe improved seasonally, while shipments in Brazil were seasonally lower. Average steel selling prices rose by 10.3% versus the previous quarter. Adjusted EBITDA of EUR 35 million benefited from higher utilization and positive valuation effects. Operating income reached EUR 11 million, compared to a EUR (24) million loss in Q4 2025.
Services & Solutions
| (in millions of Euros, unless otherwise stated) | Q1 2026 | Q4 2025 | Q1 2025 |
|---|---|---|---|
| Sales | 555 | 451 | 643 |
| Adjusted EBITDA | 20 | 7 | 13 |
| Exceptional items | — | (1) | — |
| EBITDA | 20 | 6 | 13 |
| Depreciation & amortization | (4) | (4) | (4) |
| Operating income / (loss) | 16 | 2 | 9 |
| Steel shipments (000t) | 191 | 159 | 207 |
| Average steel selling price (EUR/t) | 2,733 | 2,635 | 2,968 |
(1) Amounts shown prior to intra-group eliminations.
Sales of EUR 555 million in Q1 2026, +23.1% vs Q4 2025. Steel shipments rose to 191 kt (vs 159 kt). Average steel selling prices were 3.7% higher quarter-over-quarter. Adjusted EBITDA of EUR 20 million was supported by higher demand and positive valuation effects. Operating income reached EUR 16 million versus EUR 2 million in the prior quarter.
Alloys & Specialties
| (in millions of Euros, unless otherwise stated) | Q1 2026 | Q4 2025 | Q1 2025 |
|---|---|---|---|
| Sales | 273 | 255 | 284 |
| Adjusted EBITDA | 27 | 22 | 29 |
| Exceptional items | — | — | (36) |
| EBITDA | 27 | 22 | (7) |
| Depreciation & amortization | (9) | (11) | (9) |
| Operating income / (loss) | 18 | 11 | (16) |
| Steel shipments (000t) | 16 | 16 | 15 |
| Average steel selling price (EUR/t) | 15,846 | 16,345 | 17,745 |
(1) Amounts shown prior to intra-group eliminations.
Sales of EUR 273 million in Q1 2026, +7.1% vs Q4 2025. Steel shipments stable at 16 kt. Average steel selling prices were 3.1% lower quarter-over-quarter. Adjusted EBITDA improved to EUR 27 million, despite higher maintenance costs, supported by the seasonal pick-up. Operating income of EUR 18 million versus EUR 11 million in Q4 2025.
Recycling & Renewables
| (in millions of Euros, unless otherwise stated) | Q1 2026 | Q4 2025 | Q1 2025 |
|---|---|---|---|
| Sales | 431 | 348 | 456 |
| Adjusted EBITDA | 23 | 32 | 16 |
| Exceptional items | — | (20) | — |
| EBITDA | 23 | 12 | 16 |
| Depreciation, amortization & impairment | (19) | (24) | (21) |
| Operating income / (loss) | 4 | (12) | (5) |
| Shipments (000t) | 357 | 290 | 356 |
| Average selling price (EUR/t) | 1,207 | 1,200 | 1,281 |
(1) Amounts shown prior to intra-group eliminations.
Sales of EUR 431 million in Q1 2026, +23.9% vs Q4 2025. Shipments rose 23.1% to 357 kt. Average selling prices were 0.6% higher quarter-over-quarter. Adjusted EBITDA decreased to EUR 23 million against the seasonal Q4 quarter, which had been bolstered by exceptionally strong end-of-year valuation effects. Operating income of EUR 4 million versus a EUR (12) million loss in Q4 2025.
Recent developments
- On February 20, 2026, Aperam announced its inclusion, for the second consecutive year, in the prestigious 2026 Clean200™ list by Corporate Knights. Ranked 113th among the world’s 200 most sustainable companies, Aperam is placed in the top 2% of more than 8,000 companies evaluated worldwide.
- On March 12, 2026, Aperam announced its inclusion in the BEL 20 stock market index, effective March 23, 2026, following the results of the 2026 annual review of the BEL Family indices conducted by Euronext.
- On March 26, 2026, Aperam announced the publication of its Annual Report 2025.
- On April 1, 2026, Aperam announced that it had acquired the Magnetec Group (Magnetec), a producer of nanocrystalline soft magnetic components. Magnetec was subject to preliminary insolvency proceedings. The transaction supports the continued development of Aperam’s Alloys & Specialties division by expanding its downstream activities and strengthening its position in electrical engineering and electronics markets globally.
- On April 2, 2026, before entering its quiet period ahead of the upcoming Q1 2026 quarterly results announcement on April 30, 2026, Aperam reminded market participants of the standing guidance, earnings drivers and events that should be considered.
- On April 3, 2026, Aperam announced the publication of the convening notice for its Annual General Meeting of shareholders to be held on May 5, 2026.
Investor conference call / webcast
Pre-recorded management comments are available from publication of this earnings release at www.aperam.com, section Investors > Reports & Presentations > Quarterly results > Q1-2026.
Aperam management will host a conference call / webcast for members of the investment community to discuss the financial performance of the quarter under report at the following time:
| Date | New York | London | Luxembourg |
|---|---|---|---|
| Thursday, 30 April | 8:00 | 13:00 | 14:00 |
Webcast: https://www.webcast-eqs.com/aperam-2026-q1
Conference call registration (required to receive dial-in numbers and an individual passcode): Register here
Contacts
Investor Relations — Roberta de Aguiar Faria: IR@aperam.com
Communication — Ana Escobedo
Conover: Ana.Escobedo@aperam.com
Condensed Consolidated Statement of Financial Position
| March 31, 2026 | December 31, 2025 | March 31, 2025 | |
|---|---|---|---|
| ASSETS | |||
| Cash & cash equivalents (C) | 237 | 325 | 185 |
| Inventories, trade receivables and trade payables | 1,577 | 1,433 | 1,832 |
| Prepaid expenses and other current assets | 201 | 180 | 200 |
| Total Current Assets & Working Capital | 2,015 | 1,938 | 2,217 |
| Goodwill and intangible assets | 513 | 505 | 523 |
| Property, plant and equipment (incl. Biological assets) | 2,246 | 2,226 | 2,290 |
| Investments in associates, joint ventures and other | 3 | 4 | 5 |
| Deferred tax assets | 382 | 408 | 355 |
| Other non-current assets | 103 | 94 | 112 |
| Total Assets (net of Trade Payables) | 5,262 | 5,175 | 5,502 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
| Short-term debt and current portion of long-term debt (B) | 188 | 233 | 826 |
| Accrued expenses and other current liabilities | 448 | 382 | 432 |
| Total Current Liabilities (excluding Trade Payables) | 636 | 615 | 1,258 |
| Long-term debt, net of current portion (A) | 1,106 | 1,070 | 594 |
| Deferred employee benefits | 134 | 135 | 143 |
| Deferred tax liabilities | 62 | 75 | 97 |
| Other long-term liabilities | 71 | 70 | 71 |
| Total Liabilities (excluding Trade Payables) | 2,009 | 1,965 | 2,163 |
| Equity attributable to the equity holders of the parent | 3,238 | 3,195 | 3,324 |
| Non-controlling interest | 15 | 15 | 15 |
| Total Equity | 3,253 | 3,210 | 3,339 |
| Total Liabilities and Shareholders’ Equity (excl. Trade Payables) | 5,262 | 5,175 | 5,502 |
| Net Financial Debt (D = A+B−C) | 1,057 | 978 | 1,235 |
Condensed Consolidated Statement of Operations
| March 31, 2026 | December 31, 2025 | March 31, 2025 | |
|---|---|---|---|
| Sales | 1,575 | 1,358 | 1,658 |
| Adjusted EBITDA (E = C−D) | 90 | 67 | 86 |
| Adjusted EBITDA margin (%) | 5.7% | 4.9% | 5.2% |
| Exceptional items (D) | — | (28) | (36) |
| EBITDA (C = A−B) | 90 | 39 | 50 |
| EBITDA margin (%) | 5.7% | 2.9% | 3.0% |
| Depreciation, amortization and impairment (B) | (56) | (68) | (61) |
| Operating income / (loss) (A) | 34 | (29) | (11) |
| Operating margin (%) | 2.2% | (2.1%) | (0.7%) |
| Results from associates and other investments | — | (1) | — |
| Financing costs, (net) | (15) | (24) | (23) |
| Income / (loss) before taxes and non-controlling interests | 19 | (54) | (34) |
| Income tax benefit / (expense) | (16) | 83 | 17 |
| Effective tax rate % | 84.2% | 153.7% | 50.0% |
| Net income / (loss) including non-controlling interests | 3 | 29 | (17) |
| Non-controlling interests | — | — | (1) |
| Net income / (loss) attributable to equity holders of the parent | 3 | 29 | (18) |
| Basic earnings per share (EUR) | 0.04 | 0.40 | (0.24) |
| Diluted earnings per share (EUR) | 0.04 | 0.40 | (0.24) |
| Weighted average common shares outstanding (in thousands) | 72,342 | 72,342 | 72,289 |
| Diluted weighted average common shares outstanding (in thousands) | 73,085 | 73,093 | 72,826 |
Condensed Consolidated Statement of Cash Flows
| March 31, 2026 | December 31, 2025 | March 31, 2025 | |
|---|---|---|---|
| Operating income / (loss) | 34 | (29) | (11) |
| Depreciation, amortization and impairment | 56 | 68 | 61 |
| Change in working capital | (112) | 162 | (161) |
| Income tax (paid) / refund | (4) | (3) | 3 |
| Interest paid, (net) | (7) | (11) | (11) |
| Exceptional items | — | 28 | 36 |
| Other operating activities (net) | 22 | (51) | (22) |
| Net cash provided by operating activities (A) | (11) | 164 | (105) |
| Purchase of PPE and intangible assets (CAPEX)(1) | (30) | (39) | (40) |
| Acquisition of net assets of subsidiaries, net of cash acquired | — | — | (415) |
| Purchase of biological assets and other investing activities (net)(1) | (3) | (13) | (14) |
| Net cash used in investing activities (B) | (33) | (52) | (469) |
| Net proceeds / (payments) relating to payable to banks and long-term debt | (7) | (62) | 579 |
| Dividends paid | (37) | (36) | (36) |
| Other financing activities (net) | (6) | (6) | (5) |
| Net cash provided by / (used) in financing activities | (50) | (104) | 538 |
| Effect of exchange rate changes on cash | 6 | (3) | 5 |
| Change in cash and cash equivalents | (88) | 5 | (31) |
| Free cash flow before dividend (C = A+B) | (44) | 112 | (574) |
(1) Bearer plants were transferred from Purchase of PPE and intangible assets (CAPEX) to Purchase of biological assets and other investing activities (net) in Q3 2025. Previous periods have been recast for comparison.
Appendix 1a — Health & Safety statistics
| March 31, 2026 | December 31, 2025 | September 30, 2025 | |
|---|---|---|---|
| Frequency Rate | 1.4 | 2.0 | 2.4 |
Lost time injury frequency rate equals lost time injuries per 1,000,000 worked hours, based on own personnel and contractors.
Appendix 1b — Key operational and financial information
Quarter ending March 31, 2026
| Stainless & Electrical Steel | Services & Solutions | Alloys & Specialties | Recycling & Renewables | Others & Eliminations | Total | |
|---|---|---|---|---|---|---|
| Operational information | ||||||
| Shipment (000t) | 430 | 191 | 16 | 357 | (377) | 617 |
| Average selling price (EUR/t) | 2,200 | 2,733 | 15,846 | 1,207 | 2,553 | |
| Financial information (EUR million) | ||||||
| Sales | 993 | 555 | 273 | 431 | (677) | 1,575 |
| Adjusted EBITDA | 35 | 20 | 27 | 23 | (15) | 90 |
| Exceptional items | — | — | — | — | — | — |
| EBITDA | 35 | 20 | 27 | 23 | (15) | 90 |
| Depreciation & amortization | (24) | (4) | (9) | (19) | — | (56) |
| Operating income / (loss) | 11 | 16 | 18 | 4 | (15) | 34 |
Quarter ending December 31, 2025
| Stainless & Electrical Steel | Services & Solutions | Alloys & Specialties | Recycling & Renewables | Others & Eliminations | Total | |
|---|---|---|---|---|---|---|
| Operational information | ||||||
| Shipment (000t) | 415 | 159 | 16 | 290 | (326) | 554 |
| Average selling price (EUR/t) | 1,995 | 2,635 | 16,345 | 1,200 | 2,451 | |
| Financial information (EUR million) | ||||||
| Sales | 873 | 451 | 255 | 348 | (569) | 1,358 |
| Adjusted EBITDA | 11 | 7 | 22 | 32 | (5) | 67 |
| Exceptional items | (5) | (1) | — | (20) | (2) | (28) |
| EBITDA | 6 | 6 | 22 | 12 | (7) | 39 |
| Depreciation, amortization & impairment | (30) | (4) | (11) | (24) | 1 | (68) |
| Operating income / (loss) | (24) | 2 | 11 | (12) | (6) | (29) |
Appendix 2 — Terms and definitions
Adjusted EBITDA: operating income before depreciation and amortization expenses, impairment losses and exceptional items.
Adjusted EBITDA/tonne: calculated as Adjusted EBITDA divided by total shipments.
Adjusted Net Income: reported net income less exceptional items, net recognition of deferred tax assets on tax losses carried forward and other tax benefits, change in tax rate in Luxembourg, financial income effect and deferred tax effect on exceptional items.
Adjusted Basic Earnings per Share: Adjusted Net Income divided by Weighted average common shares outstanding.
Average selling prices: sales divided by shipments.
Average steel selling prices: steel sales divided by steel shipments.
Cash and cash equivalents: cash and cash equivalents, restricted cash and short-term investments.
CAPEX: capital expenditures, defined as purchase of property plant and equipment and intangible assets.
EBITDA: operating income before depreciation and amortization expenses and impairment losses.
EBITDA/tonne: EBITDA divided by total shipments.
Exceptional items: consists of (i) inventory write-downs equal to or exceeding 10% of total related inventories values before write-down at the considered quarter end, (ii) restructuring (charges)/gains equal to or exceeding EUR 10 million for the considered quarter, (iii) capital (loss)/gain on asset disposals equal to or exceeding EUR 10 million for the considered quarter, or (iv) other non-recurring items equal to or exceeding EUR 10 million for the considered quarter.
Financing costs, (net): Net interest expense, other net financing costs and foreign exchange and derivative results.
Free cash flow before dividend: net cash provided by operating activities less net cash used in investing activities.
Gross financial debt: long-term debt plus short-term debt.
Liquidity: Cash and cash equivalents and undrawn credit lines.
LTI frequency rate: Lost time injury frequency rate equals lost time injuries per 1,000,000 worked hours, based on own personnel and contractors.
Net financial debt: long-term debt, plus short-term debt less cash and cash equivalents.
Net financial debt/EBITDA or Gearing: Net financial debt divided by last twelve months EBITDA calculation.
Shipments: information at segment and group level eliminates inter-segment and intra-segment shipments.
Working capital: trade accounts receivable plus inventories less trade accounts payable.
About Aperam
Aperam is a global player in stainless, electrical and specialty steel and recycling, with customers in over 40 countries. The business is organized in four primary reportable segments: Stainless & Electrical Steel, Services & Solutions, Alloys & Specialties and Recycling & Renewables. Aperam is fully committed to be the leading value creator in the circular economy of infinite, world-changing materials.
Aperam has a flat Stainless and Electrical steel capacity of 2.5 million tonnes in Brazil and Europe and is a leader in Alloys & high value specialty products with presence in France, China, India and the United States. In addition to its industrial network — spread over sixteen production facilities in Brazil, Belgium, France, the United States, India and China — Aperam has a highly integrated distribution, processing and services network and a unique capability to produce low-carbon-footprint stainless and special steels from biomass, stainless steel scrap and high performance alloys scrap. With Bioenergia and its unique capability to produce charcoal made from its own FSC®-certified forestry, and with Aperam Recycling — a global leader in collecting, trading, processing and recycling of stainless steel scrap and high performance alloys — Aperam places sustainability at the heart of its business.
In 2025, Aperam had sales of EUR 6,080 million and shipments of 2.29 million tonnes. For further information, please refer to www.aperam.com.
Forward-looking statements
This document may contain forward-looking information and statements about Aperam and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words “believe”, “expect”, “anticipate”, “target” or similar expressions. Although Aperam’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Aperam’s securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of Aperam, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in Aperam’s filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier). Aperam undertakes no obligation to publicly update its forward-looking statements or information, whether as a result of new information, future events, or otherwise.