2,47%
Second quarter 2025 results¹
“Delivering on Promises despite Headwinds”
Highlights
- Health and Safety: LTI frequency rate of **0.8x** in Q2 2025 compared to 1.7x in Q1 2025
- Shipments of **591 thousand tonnes** in Q2 2025, **3% increase** compared to shipments of 575 thousand tonnes in Q1 2025
- Adjusted EBITDA of **EUR 112 million** in Q2 2025, compared to Adjusted EBITDA of EUR 86 million in Q1 2025
- Net income of **EUR 19 million** in Q2 2025, compared to Pro Forma net income of EUR 7 million in Q1 2025
- Basic earnings per share of **EUR 0.25** in Q2 2025, compared to Pro Forma Basic earnings per share of EUR 0.09 in Q1 2025
- Free cash flow before dividend amounted to **EUR 157 million** in Q2 2025, compared to EUR (574) million, after EUR (415) million paid for the acquisition of Universal in Q1 2025
- Net financial debt of **EUR 1,143 million** as of June 30, 2025, compared to EUR 1,235 million, including EUR 517 million for the absorption of the enterprise value of Universal, as of March 31, 2025
Strategic initiatives
- Leadership Journey®³ Phase 5: Gains reached **EUR 20 million** in Q2 2025 and a cumulative **EUR 136 million** versus target gains of EUR 200 million over the period 2024 to 2026
Prospects¹ᵇ
- Q3 2025 adjusted EBITDA is expected at a **lower level** versus Q2 2025
- We expect Q3 2025 net financial debt to **slightly decrease**
(1a) Purchase consideration of EUR 422 million, net of deferred payment of EUR 4 million and cash acquired of EUR 3 million.
(1b)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 (on the basis of financial information prepared under IFRS)
| (in millions of Euros, unless otherwise stated) | Q2 25 | Q1 25 | Q2 24 | H1 25 | H1 24 |
|---|---|---|---|---|---|
| Sales | 1,654 | 1,658 | 1,634 | 3,312 | 3,291 |
| Operating income / (loss) | 47 | (11) | 19 | 36 | 16 |
| Net income / (loss) attributable to equity holders of the parent | 19 | (18) | 59 | 1 | 40 |
| Basic earnings per share (EUR) | 0.25 | (0.24) | 0.82 | 0.01 | 0.56 |
| Diluted earnings per share (EUR) | 0.25 | (0.24) | 0.82 | 0.01 | 0.56 |
| Free cash flow before dividend | 157 | (574) | 111 | (417) | (30) |
| Net Financial Debt (at the end of the period) | 1,143 | 1,235 | 607 | 1,143 | 607 |
| Adj. EBITDA | 112 | 86 | 86 | 198 | 141 |
| Exceptional items (1) | (36) | (8) | (36) | (8) | |
| EBITDA | 112 | 50 | 78 | 162 | 133 |
| Adj. EBITDA/tonne (EUR) | 190 | 150 | 148 | 170 | 121 |
| EBITDA/tonne (EUR) | 190 | 87 | 134 | 139 | 114 |
| Shipments (000t) | 591 | 575 | 583 | 1,166 | 1,168 |
(1) In Q1 2025, exceptional items primarily relate 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 **0.8x** in the second quarter of 2025 compared to 1.7x in the first quarter of 2025.
Financial results analysis for the three-month period ending June 30, 2025
Sales for the second quarter of 2025 marginally decreased by **0.2%** at **EUR 1,654 million**, compared to EUR 1,658 million for the first quarter of 2025. Shipments increased from 575 thousand tonnes in the first quarter of 2025 to **591 thousand tonnes** in the second quarter of 2025. The seasonally higher steel shipments were compensated by lower prices.
Adjusted EBITDA increased during the quarter to **EUR 112 million** from EUR 86 million (excluding an exceptional loss of EUR (36) million). Major drivers were scale effects, cost savings and the consolidation of Universal that more than compensated for lower prices.
Depreciation and amortization expense was **EUR (65) million** for the second quarter of 2025.
Aperam had an operating income for the second quarter of 2025 of **EUR 47 million** compared to an operating loss of EUR (11) million for the previous quarter.
Financing costs, net, including the FX and derivatives result for the second quarter of 2025 were **EUR (19) million**. Cash cost of financing was EUR (17) million during the quarter.
Income tax expense for the second quarter of 2025 was **EUR (9) million**.
The net result for the second quarter of 2025 was a **profit of EUR 19 million**, compared to a loss of EUR (18) million for the first quarter of 2025.
Cash flows from operations for the second quarter of 2025 were **EUR 196 million**, including a working capital decrease of EUR 61 million.
CAPEX for the second quarter was **EUR (38) million**.
Free cash flow before dividend for the second quarter of 2025 was **EUR 157 million**, compared to a negative amount of EUR (574) million for the first quarter of 2025.
During the second quarter of 2025, cash returns to shareholders amounted to **EUR 37 million**, fully consisting of dividends.
Operating segment results analysis
Stainless & Electrical Steel (1)
| (in millions of Euros, unless otherwise stated) | Q2 25 | Q1 25 | Q2 24 | H1 25 | H1 24 |
|---|---|---|---|---|---|
| Sales | 1,013 | 1,069 | 1,058 | 2,082 | 2,080 |
| Adjusted EBITDA | 65 | 28 | 59 | 93 | 65 |
| Exceptional items | (8) | (8) | |||
| EBITDA | 65 | 28 | 51 | 93 | 57 |
| Depreciation & amortization | (30) | (27) | (28) | (57) | (55) |
| Operating income | 35 | 1 | 23 | 36 | 2 |
| Steel shipments (000t) | 426 | 421 | 419 | 847 | 834 |
| Average steel selling price (EUR/t) | 2,260 | 2,417 | 2,412 | 2,338 | 2,385 |
The Stainless & Electrical Steel segment had sales of **EUR 1,013 million** for the second quarter of 2025. This represents a **5.2% decrease** compared to sales of EUR 1,069 million for the first quarter of 2025. Steel shipments during the second quarter were **426 thousand tonnes**, an increase of 1.2% compared to shipments of 421 thousand tonnes during the previous quarter. Shipments in Brazil were seasonally higher at a solid level, whereas shipments in Europe decreased slightly. Average steel selling prices for the Stainless & Electrical Steel segment decreased by **6.5%** compared to the previous quarter.
The segment generated an Adjusted EBITDA of **EUR 65 million** for the second quarter of 2025 compared to an Adjusted EBITDA of EUR 28 million for the first quarter of 2025. EBITDA increased due to scale effects and lower costs that compensated for intensifying pricing pressure in Europe.
Depreciation and amortization expense was **EUR (30) million** for the second quarter of 2025.
The Stainless & Electrical Steel segment had an operating income of **EUR 35 million** for the second quarter of 2025 compared to an operating income of EUR 1 million for the first quarter of 2025.
Services & Solutions (1)
| (in millions of Euros, unless otherwise stated) | Q2 25 | Q1 25 | Q2 24 | H1 25 | H1 24 |
|---|---|---|---|---|---|
| Sales | 539 | 643 | 638 | 1,182 | 1,254 |
| EBITDA | 6 | 13 | 16 | 19 | 31 |
| Depreciation & amortization | (3) | (4) | (3) | (7) | (7) |
| Operating income | 3 | 9 | 13 | 12 | 24 |
| Steel shipments (000t) | 180 | 207 | 195 | 387 | 396 |
| Average steel selling price (EUR/t) | 2,840 | 2,968 | 3,113 | 2,909 | 3,023 |
The Services & Solutions segment had sales of **EUR 539 million** for the second quarter of 2025, representing a **decrease of 16.2%** compared to sales of EUR 643 million for the first quarter of 2025. Steel shipments were **180 thousand tonnes** compared to 207 thousand tonnes during the previous quarter. Average steel selling prices for the Services & Solutions’ segment were **4.3% lower** during the second quarter of 2025 compared to the first quarter of 2025.
The segment generated an EBITDA of **EUR 6 million** for the second quarter of 2025 compared to an EBITDA of EUR 13 million for the first quarter of 2025. EBITDA decreased mainly due to lower volumes and a price/cost squeeze.
Depreciation and amortization expense was **EUR (3) million** for the second quarter of 2025.
The Services & Solutions segment had an operating income of **EUR 3 million** for the second quarter of 2025 compared to an operating income of EUR 9 million for the first quarter of 2025.
Alloys & Specialties (1)
| (in millions of Euros, unless otherwise stated) | Q2 25 | Q1 25 | Q2 24 | H1 25 | H1 24 |
|---|---|---|---|---|---|
| Sales | 323 | 284 | 238 | 607 | 520 |
| Adjusted EBITDA | 38 | 29 | 21 | 67 | 45 |
| Exceptional items | (36) | (36) | |||
| EBITDA | 38 | (7) | 21 | 31 | 45 |
| Depreciation, amortization & impairment | (10) | (9) | (5) | (19) | (8) |
| Operating income / (loss) | 28 | (16) | 16 | 12 | 37 |
| Steel shipments (000t) | 17 | 15 | 9 | 32 | 20 |
| Average steel selling price (EUR/t) | 18,619 | 17,745 | 23,820 | 18,200 | 24,573 |
The Alloys & Specialties segment had sales of **EUR 323 million** for the second quarter of 2025, representing an **increase of 13.7%** compared to EUR 284 million for the first quarter of 2025. Steel shipments increased by **9.2%** during the second quarter of 2025 at 17 thousand tonnes. Average steel selling prices for the Alloys & Specialties’ segment were **4.9% higher** during the second quarter of 2025.
The Alloys & Specialties segment achieved Adjusted EBITDA of **EUR 38 million** for the second quarter of 2025 compared to EUR 29 million for the first quarter of 2025. Adjusted EBITDA increased due to higher volumes, better margins and the consolidation of Universal on a whole quarter.
Depreciation and amortization expense for the second quarter of 2025 was **EUR (10) million**.
The Alloys & Specialties segment had an operating income of **EUR 28 million** for the second quarter of 2025 compared to an operating loss of EUR (16) million for the first quarter of 2025.
Recycling & Renewables (1)
| (in millions of Euros, unless otherwise stated) | Q2 25 | Q1 25 | Q2 24 | H1 25 | H1 24 |
|---|---|---|---|---|---|
| Sales | 422 | 456 | 556 | 878 | 1,039 |
| EBITDA | 12 | 16 | 20 | 28 | 38 |
| Depreciation & amortization | (22) | (21) | (22) | (43) | (46) |
| Operating loss | (10) | (5) | (2) | (15) | (8) |
| Shipments (000t) | 334 | 356 | 397 | 690 | 740 |
| Average selling price (EUR/t) | 1,263 | 1,281 | 1,401 | 1,272 | 1,404 |
The Recycling & Renewables segment had sales of **EUR 422 million** for the second quarter of 2025, representing a **decrease of 7.4%** compared to EUR 456 million sales for the first quarter of 2025. Shipments decreased by **6.2%** during the second quarter of 2025 to 334 thousand tonnes. Average selling prices for the Recycling & Renewables’ segment were **1.4% lower** during the second quarter of 2025.
The EBITDA decreased during the quarter to **EUR 12 million** compared to EBITDA of EUR 16 million in the first quarter of 2025. EBITDA decrease was mainly due to lower volumes and selling prices. Depreciation and amortization expense for the second quarter of 2025 was **EUR (22) million**.
The Recycling & Renewables segment had an operating loss of **EUR (10) million** for the second quarter of 2025 compared to an operating loss of EUR (5) million for the first quarter of 2025.
Recent developments during the quarter
- On May 6, 2025, Aperam announced that the Annual General Meeting of Shareholders of Aperam approved all resolutions on the agenda by a large majority.
- On May 27, 2025, Aperam was recognized in the Financial Times and Statista’s inaugural **Europe’s Best Employers 2025** ranking, securing its place among the continent’s top companies for workplace excellence.
- On June 30, 2025, Aperam announced the publication of its new Corporate Sustainability Report for 2024 (Link).
- On July 1, 2025, Aperam proudly announced that it has been awarded “**Best IR During a Corporate Transaction**” at the prestigious IR Impact Awards – Europe 2025, held in London on June 26, 2025.
- On July 3, 2025, in preparation of the upcoming quarterly results release scheduled for Thursday, 31 July 2025, Aperam confirmed to market participants the standing guidance, earnings drivers and events that should be considered.
Investor conference call / webcast
Pre-recorded management comments are available as from publication of this earnings release on our website at www.aperam.com, section Investors > Reports & Presentations > Quarterly results > Q2-2025 (Link to Q2 2025 management podcast).
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, 31 July 2025 | 09:00 | 14:00 | 15:00 |
Link to the webcast: https://www.webcast-egs.com/aperam-2025-02
To join the conference call a registration is necessary to receive dial-in-numbers and an individual passcode:
Contacts
Investor Relations / Thorsten Zimmermann: IR@aperam.com
Communication / Ana Escobedo Conover: Ana. Escobedo@aperam.com
About Aperam
Aperam is a global player in **stainless, electrical and specialty steel and recycling**, with customers in over 40 countries. Starting from 1 January 2022, 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 & 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 ELG, a global leader in collecting, trading, processing and recycling of stainless steel scrap and high performance alloys, Aperam’s places sustainability at the heart of its business, helping customers worldwide to excel in the circular economy. In 2024, Aperam had sales of **EUR 6,255 million** and shipments of **2.29 million tonnes**. For further information, please refer to our website at 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.
APERAM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| (in million of EURO) | June 30, 2025 | March 31, 2025 | June 30, 2024 |
|---|---|---|---|
| ASSETS | |||
| Cash & cash equivalents (C) | 239 | 185 | 279 |
| Inventories, trade receivables and trade payables | 1,717 | 1,832 | 1,571 |
| Prepaid expenses and other current assets | 211 | 200 | 163 |
| Total Current Assets & Working Capital | 2,167 | 2,217 | 2,013 |
| Goodwill and intangible assets | 510 | 523 | 436 |
| Property, plant and equipment (incl. Biological assets) | 2,241 | 2,290 | 2,058 |
| Investments in associates, joint ventures and other | 4 | 5 | 7 |
| Deferred tax assets | 342 | 355 | 263 |
| Other non-current assets | 90 | 112 | 131 |
| Total Assets (net of Trade Payables) | 5,354 | 5,502 | 4,908 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
| Short-term debt and current portion of long-term debt (B) | 783 | 826 | 325 |
| Accrued expenses and other current liabilities | 474 | 432 | 479 |
| Total Current Liabilities (excluding Trade Payables) | 1,257 | 1,258 | 804 |
| Long-term debt, net of current portion (A) | 599 | 594 | 561 |
| Deferred employee benefits | 141 | 143 | 152 |
| Deferred tax liabilities | 87 | 97 | 85 |
| Other long-term liabilities | 70 | 71 | 63 |
| Total Liabilities (excluding Trade Payables) | 2,154 | 2,163 | 1,665 |
| Equity attributable to the equity holders of the parent | 3,185 | 3,324 | 3,235 |
| Non-controlling interest | 15 | 15 | 8 |
| Total Equity | 3,200 | 3,339 | 3,243 |
| Total Liabilities and Shareholders’ Equity (excluding Trade Payables) | 5,354 | 5,502 | 4,908 |
| Net Financial Debt $(D=A+B-C)$ | 1,143 | 1,235 | 607 |
APERAM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
| (in million of EURO) | June 30, 2025 | March 31, 2025 | Pro Forma March 31, 2025 without Universal | June 30, 2024 | June 30, 2025 (6M) | June 30, 2024 (6M) |
|---|---|---|---|---|---|---|
| Sales | 1,654 | 1,658 | 1,600 | 1,634 | 3,312 | 3,291 |
| Adjusted EBITDA $(E=C-D)$ | 112 | 86 | 77 | 86 | 198 | 141 |
| Adjusted EBITDA margin (%) | 6.8% | 5.2% | 4.8% | 5.3% | 6.0% | 4.3% |
| Exceptional items (D) | (36) | (8) | (36) | (8) | ||
| EBITDA $(C=A-B)$ | 112 | 50 | 77 | 78 | 162 | 133 |
| EBITDA margin (%) | 6.8% | 3.0% | 4.8% | 4.8% | 4.9% | 4.0% |
| Depreciation, amortization and impairment (B) | (65) | (61) | (55) | (59) | (126) | (117) |
| Operating income / (loss) (A) | 47 | (11) | 22 | 19 | 36 | 16 |
| Operating margin (%) | 2.8% | (0.7)% | 1.4% | 1.2% | 1.1% | 0.5% |
| Loss from associates, joint ventures and other investments | (1) | (1) | ||||
| Financing costs, (net) | (19) | (23) | (22) | (16) | (42) | (32) |
| Income / (loss) before taxes and non-controlling interests | 28 | (34) | 2 | (6) | (17) | |
| Income tax (expense) / benefit | (9) | 17 | 7 | 57 | 8 | 58 |
| Effective tax rate % | 32.1% | 50.0% | $n/a$ | $n/a$ | $n/a$ | $n/a$ |
| Net income / (loss) including non-controlling interests | 19 | (17) | 7 | 59 | 2 | 41 |
| Non-controlling interests | (1) | (1) | (1) | |||
| Net income / (loss) attributable to equity holders of the parent | 19 | (18) | 7 | 59 | 1 | 40 |
| Basic earnings per share (EUR) | 0.25 | (0.24) | 0.09 | 0.82 | 0.01 | 0.56 |
| Diluted earnings per share (EUR) | 0.25 | (0.24) | 0.09 | 0.82 | 0.01 | 0.56 |
| Weighted average common shares outstanding (in thousands) | 72,298 | 72,289 | 72,289 | 72,254 | 72,314 | 72,252 |
| Diluted weighted average common shares outstanding (in thousands) | 72,982 | 72,826 | 72,826 | 72,792 | 72,997 | 72,789 |
APERAM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
| (in million of EURO) | June 30, 2025 (3M) | March 31, 2025 (3M) | June 30, 2024 (3M) | June 30, 2025 (6M) | June 30, 2024 (6M) |
|---|---|---|---|---|---|
| Operating income / (loss) | 47 | (11) | 19 | 36 | 16 |
| Depreciation, amortization & impairment | 65 | 61 | 59 | 126 | 117 |
| Change in working capital | 61 | (161) | 92 | (100) | 11 |
| Income tax (paid) / refund | (5) | 3 | (5) | (2) | (12) |
| Interest paid, (net) | (3) | (11) | (6) | (14) | (11) |
| Exceptional items | 36 | 8 | 36 | 8 | |
| Other operating activities (net) | 31 | (22) | (31) | 9 | (54) |
| Net cash provided by (used in) operating activities (A) | 196 | (105) | 136 | 91 | 75 |
| Purchase of PPE and intangible assets (CAPEX) | (38) | (45) | (26) | (83) | (103) |
| Acquisition of net assets of subsidiaries, net of cash acquired | (415) | (415) | |||
| Purchase of biological assets and other investing activities (net) | (1) | (9) | 1 | (10) | (2) |
| Net cash used in investing activities (B) | (39) | (469) | (25) | (508) | (105) |
| (Payments to) / Proceeds from payable to banks and long term debt | (52) | 579 | 8 | 527 | (46) |
| Dividends paid | (37) | (36) | (37) | (73) | (73) |
| Other financing activities (net) | (7) | (5) | (4) | (12) | (8) |
| Net cash used in financing activities | (96) | 538 | (33) | 442 | (127) |
| Effect of exchange rate changes on cash | (7) | 5 | (6) | (2) | (7) |
| Change in cash and cash equivalent | 54 | (31) | 72 | 23 | (164) |
| Free cash flow before dividend $(C=A+B)$ | 157 | (574) | 111 | (417) | (30) |
Appendix 1a – Health & Safety statistics
| Health & Safety Statistics | June 30, 2025 | March 31, 2025 | December 31, 2024 |
|---|---|---|---|
| Frequency Rate | 0.8 | 1.7 | 1.2 |
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
| Stainless & Electrical Steel | Services & Solutions | Alloys & Specialties | Recycling & Renewables | Others & Eliminations | Total | |
|---|---|---|---|---|---|---|
| Operational information | ||||||
| Shipment (000t) | 426 | 180 | 17 | 334 | (366) | 591 |
| Average selling price (EUR/t) | 2,260 | 2,840 | 18,619 | 1,263 | 2,799 | |
| Financial information (EUR million) | ||||||
| Sales | 1,013 | 539 | 323 | 422 | (643) | 1,654 |
| Adjusted EBITDA | 65 | 6 | 38 | 12 | (9) | 112 |
| Exceptional items | ||||||
| EBITDA | 65 | 6 | 38 | 12 | (9) | 112 |
| Depreciation & amortization | (30) | (3) | (10) | (22) | (65) | |
| Operating income / (loss) | 35 | 3 | 28 | (10) | (9) | 47 |
| Stainless & Electrical Steel | Services & Solutions | Alloys & Specialties | Recycling & Renewables | Others & Eliminations | Total | |
|---|---|---|---|---|---|---|
| Operational information | ||||||
| Shipment (000t) | 421 | 207 | 15 | 356 | (424) | 575 |
| Average selling price (EUR/t) | 2,417 | 2,968 | 17,745 | 1,281 | 2,883 | |
| Financial information (EUR million) | ||||||
| Sales | 1,069 | 643 | 284 | 456 | (794) | 1,658 |
| Adjusted EBITDA | 28 | 13 | 29 | 16 | 86 | |
| Exceptional items | (36) | (36) | ||||
| EBITDA | 28 | 13 | (7) | 16 | 50 | |
| Depreciation & amortization | (27) | (4) | (9) | (21) | (61) | |
| Operating income / (loss) | 1 | 9 | (16) | (5) | (11) | |
Appendix 2 – Terms and definitions⁴
Unless indicated otherwise, or the context otherwise requires, references in this earnings release report to the following terms have the meanings set out next to them below:
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: refers to 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: refers to Adjusted Net Income divided by Weighted average common shares outstanding.
Average selling prices: calculated as sales divided by shipments.
Average steel selling prices: calculated as steel sales divided by steel shipments.
Cash and cash equivalents: represents cash and cash equivalents, restricted cash and short-term investments.
CAPEX: relates to capital expenditures and is defined as purchase of property plant and equipment and intangible assets.
EBITDA: operating income before depreciation and amortization expenses and impairment losses.
EBITDA/tonne: calculated as 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 equivalent 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: Refers to Net financial debt divided by last twelve months EBITDA calculation.
Shipments: information at segment and group level eliminates inter-segment shipments (which are primarily between (i) Recycling & Renewables and Stainless & Electrical Steel (ii) Stainless & Electrical Steel and Services & Solutions) and intra-segment shipments, respectively.
Working capital: trade accounts receivable plus inventories less trade accounts payable.
1 The financial information in this press release and Appendix 1 has been prepared in accordance with the measurement and recognition criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union. However, this press release includes also certain non-IFRS measures which Aperam management uses to evaluate the Company’s performance. These non-IFRS measures should not be considered as a substitute for measures of performance in accordance with IFRS. In addition, as not all companies calculate non-IFRS measures in the same way, Aperam’s non-IFRS measures may not be comparable to those used by other companies. Detailed explanations and reconciliations of these non-IFRS measures are available on request and in our latest annual report on Form 20-F. Financial figures for the second and third quarter 2025 and 9 months 2025 reflect the consolidation of Universal Stainless & Alloy Products (Universal) and subsequent effects of Purchase Price Allocation (PPA) while financial figures for the second and third quarter 2024 and 9 months 2024 have been presented on an actual basis (without Universal). Universal has been consolidated since 31 January 2025. Please refer to note (2) on page 2.
Such non-GAAP measures may not be comparable to similarly titled measures applied by other companies. The APM’s used are defined under Appendix 2 “Terms & definitions”.
A QUOTE
Timoteo Di Maulo, CEO of Aperam, commented:
“Aperam delivered a resilient performance in the second quarter, successfully improving our results and reducing leverage despite significant headwinds in Europe, where demand remains persistently depressed. Our differentiated portfolio with strong contributions from Brazil and Alloys has been the supporting factor. We’ve seen pricing pressure intensify throughout the quarter, adding another layer of complexity to an already challenging environment. As we look towards the second half of the year, the outlook remains full of uncertainties, however we are confident that with our trademark resilience and the added strength from our diversified portfolio we will continue to deliver value and further reduce our debt even in these difficult conditions.”