-1,71%
Third quarter 2025 results¹
“Self-help generates cash and boosts competitiveness despite headwinds”
Luxembourg, November 7, 2025 (07:00 CET) 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 September 30, 2025.
Highlights
- Health and Safety: LTI frequency rate of 2.4x in Q3 2025 compared to 0.8x in Q2 2025
- Shipments of 567 thousand tonnes in Q3 2025, 4.1% decrease compared to shipments of 591 thousand tonnes in Q2 2025
- EBITDA of EUR 74 million in Q3 2025, compared to EBITDA of EUR 112 million in Q2 2025
- Net loss of EUR (21) million in Q3 2025, compared to net income of EUR 19 million in Q2 2025
- Basic earnings per share of EUR (0.28) in Q3 2025, compared to Basic earnings per share of EUR 0.25 in Q2 2025
- Free cash flow before dividend amounted to EUR 138 million in Q3 2025, compared to EUR 157 million in Q2 2025
- Net financial debt of EUR 1,045 million as of September 30, 2025, compared to EUR 1,143 million as of June 30, 2025
Strategic initiatives
Leadership Journey®² Phase 5: Gains reached EUR 29 million in Q3 2025 and a cumulative EUR 165 million versus target gains of EUR 200 million over the period 2024 to 2026
Prospects¹ª
- Adjusted EBITDA in Q4 2025 is expected to be slightly lower compared to Q3 2025
- Net financial debt to decrease by more than 200 million as of end of 2025 compared to Q1 2025 peak (previous target EUR 200 million)
Timoteo Di Maulo, CEO of Aperam, commented:
“While our third-quarter performance clearly reflects the seasonal slowdown and continued price pressure across all our businesses in Europe, we remain focused on our transformation and the factors within our control. I am pleased to report that we generated strong free cash flow of EUR 138 million, which allowed us to significantly reduce our net debt to EUR 1,045 million. This robust cash generation, along with excellent progress on our Leadership Journey® initiatives, demonstrates the underlying strength and resilience of our business model as we navigate these challenging market conditions and position ourselves for a recovery.”
Financial Highlights (on the basis of financial information prepared under IFRS)
| (in millions of Euros, unless otherwise stated) | Q3 25 | Q2 25 | Q3 24 | 9M 25 | 9M 24 |
|---|---|---|---|---|---|
| Sales | 1,410 | 1,654 | 1,493 | 4,722 | 4,784 |
| Operating income | 9 | 47 | 49 | 45 | 65 |
| Net income / (loss) attributable to equity holders of the parent | (21) | 19 | 179 | (20) | 219 |
| Basic earnings per share (EUR) | (0.28) | 0.25 | 2.47 | (0.27) | 3.03 |
| Diluted earnings per share (EUR) | (0.28) | 0.25 | 2.44 | (0.27) | 3.00 |
| Free cash flow before dividend | 138 | 157 | 9 | (279)¹ | (21) |
| Net Financial Debt (at the end of the period) | 1,045 | 1,143 | 641 | 1,045 | 641 |
| Adj. EBITDA | 74 | 112 | 99 | 272 | 240 |
| Exceptional items | 8 | (36)² | |||
| EBITDA | 74 | 112 | 107 | 236 | 240 |
| Adj. EBITDA/tonne (EUR) | 131 | 190 | 160 | 157 | 134 |
| EBITDA/tonne (EUR) | 131 | 190 | 173 | 136 | 134 |
| Shipments (000t) | 567 | 591 | 617 | 1,733 | 1,785 |
Health & Safety results
Health and Safety performance based on Aperam personnel figures and contractors’ lost time injury frequency rate was 2.4x in the third quarter of 2025 compared to 0.8x in the second quarter of 2025.
Financial results analysis for the three-month period ending September 30, 2025
Sales for the third quarter of 2025 decreased by 14.8% at EUR 1,410 million, compared to EUR 1,654 million for the second quarter of 2025. Shipments decreased from 591 thousand tonnes in the second quarter of 2025 to 567 thousand tonnes in the third quarter of 2025. The main reason is the seasonality in the European holiday quarter and the continued market weakness.
EBITDA decreased during the third quarter to EUR 74 million from EUR 112 million in the second quarter. Major drivers were lower seasonal volumes in Europe, intensifying price pressure in Europe and temporary soft Alloys contribution.
Depreciation and amortization expense was EUR (65) million for the third quarter of 2025.
Aperam had an operating income for the third quarter of 2025 of EUR 9 million compared to an operating income of EUR 47 million for the previous quarter.
Financing costs, net, including the FX and derivatives result for the third quarter of 2025 were EUR (24) million. Cash cost of financing was EUR (15) million during the quarter.
Income tax expense for the third quarter of 2025 was EUR (6) million.
The net result for the third quarter of 2025 was a loss of EUR (21) million, compared to a profit of EUR 19 million for the second quarter of 2025.
Cash flows from operations for the third quarter of 2025 were EUR 167 million, including a working capital decrease of EUR 114 million.
CAPEX for the third quarter was EUR (25) million.
Free cash flow before dividend for the third quarter of 2025 was EUR 138 million, compared to EUR 157 million for the second quarter of 2025.
During the third quarter of 2025, cash returns to shareholders amounted to EUR 36 million, fully consisting of dividends.
Operating segment results analysis
Stainless & Electrical Steel (1)
| (in millions of Euros, unless otherwise stated) | Q3 25 | Q2 25 | Q3 24 | 9M 25 | 9M 24 |
|---|---|---|---|---|---|
| Sales | 868 | 1,013 | 933 | 2,950 | 3,013 |
| Adjusted EBITDA | 36 | 65 | 68 | 129 | 133 |
| Exceptional items | 8 | ||||
| EBITDA | 36 | 65 | 76 | 129 | 133 |
| Depreciation & amortization | (29) | (30) | (28) | (86) | (83) |
| Operating income | 7 | 35 | 48 | 43 | 50 |
| Steel shipments (000t) | 406 | 426 | 391 | 1,253 | 1,225 |
| Average steel selling price (EUR/t) | 2,040 | 2,260 | 2,279 | 2,241 | 2,351 |
The Stainless & Electrical Steel segment had sales of EUR 868 million for the third quarter of 2025, a 14.3% decrease compared to the previous quarter. Steel shipments decreased by 4.7% to 406 thousand tonnes The segment generated an EBITDA of EUR 36 million down from EUR 65 million, due to lower volumes and lower selling prices.
Services & Solutions (1)
| (in millions of Euros, unless otherwise stated) | Q3 25 | Q2 25 | Q3 24 | 9M 25 | 9M 24 |
|---|---|---|---|---|---|
| Sales | 500 | 539 | 575 | 1,682 | 1,829 |
| EBITDA | (1) | 6 | 5 | 18 | 36 |
| Depreciation & amortization | (4) | (3) | (4) | (11) | (11) |
| Operating income / (loss) | (5) | 3 | 1 | 7 | 25 |
| Steel shipments (000t) | 170 | 180 | 174 | 557 | 570 |
| Average steel selling price (EUR/t) | 2,756 | 2,840 | 3,164 | 2,862 | 3,066 |
The Services & Solutions segment had sales of EUR 500 million a decrease of 7.2%. The segment generated an EBITDA of EUR (1) million (compared to EUR 6 million), mainly due to continuous weak spot market prices and low volumes. It posted an operating loss of EUR (5) million.
Alloys & Specialties (1)
| (in millions of Euros, unless otherwise stated) | Q3 25 | Q2 25 | Q3 24 | 9M 25 | 9M 24 |
|---|---|---|---|---|---|
| Sales | 251 | 323 | 181 | 858 | 701 |
| Adjusted EBITDA | 25 | 38 | 11 | 92 | 56 |
| Exceptional items | (36) | ||||
| EBITDA | 25 | 38 | 11 | 56 | 56 |
| Depreciation, amortization & impairment | (10) | (10) | (2) | (29) | (10) |
| Operating income | 15 | 28 | 9 | 27 | 46 |
| Steel shipments (000t) | 14 | 17 | 8 | 46 | 28 |
| Average steel selling price (EUR/t) | 17,019 | 18,619 | 21,443 | 17,840 | 23,762 |
The Alloys & Specialties segment had sales of EUR 251 million, a 22.3% decrease. Shipments decreased by 17.4% to 14 thousand tonnes. EBITDA was EUR 25 million (compared to EUR 38 million), driven by lower volumes and annual maintenance.
Recycling & Renewables (1)
| (in millions of Euros, unless otherwise stated) | Q3 25 | Q2 25 | Q3 24 | 9M 25 | 9M 24 |
|---|---|---|---|---|---|
| Sales | 349 | 422 | 507 | 1,227 | 1,546. |
| EBITDA | 10 | 12 | 16 | 38 | 54 |
| Depreciation & amortization | (21) | (22) | (24) | (64) | (70) |
| Operating loss | (11) | (10) | (8) | (26) | (16) |
| Shipments (000t) | 312 | 334 | 412 | 1,002 | 1,152 |
| Average selling price (EUR/t) | 1,119 | 1,263 | 1,231 | 1,225 | 1,342 |
The Recycling & Renewables segment had sales of EUR 349 million, a 17.3% decrease. Shipments decreased by 6.6% to 312 thousand tonnes. EBITDA decreased to EUR 10 million (from EUR 12 million) resulting from lower volumes and lower selling prices.
Recent developments
- On September 12, 2025, Aperam announced that CEO Timoteo “Tim” Di Maulo will retire effective January 1, 2026, and will join the Board of Directors and serve as strategic advisor on public affairs for Europe.
- Sudhakar “Sud” Sivaji, currently Chief Financial Officer, was appointed as Aperam’s next Chief Executive Officer, effective January 1, 2026.
- Nicolas Changeur, currently CEO for Service and Solutions and Chief Marketing Officer for Aperam Stainless Europe, will become Aperam’s new Chief Financial Officer.
- On October 8, 2025, Aperam welcomed the proposal by the European Commission to establish a new instrument aimed at addressing the negative effects of global overcapacities on the European steel sector.
Investor conference call / webcast
Pre-recorded management comments are available on the Aperam website.
A conference call / webcast will be hosted on Friday, 7 November 2025 at:
| Date | New York | London | Luxembourg |
|---|---|---|---|
| Friday, 7 November | 08:00 | 13:00 | 14:00 |
Link to the webcast: https://www.webcast-eqs.com/aperam-2025-q3
To join the conference call, registration is necessary: https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=6982516&linkSecurityString=11861dbd3c
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. In 2024, Aperam had sales of EUR 6,255 million and shipments of 2.29 million tonnes.
Forward-looking statements
This document may contain forward-looking information and statements about Aperam and its subsidiaries. These statements include financial projections and estimates. Investors and holders of Aperam’s securities are cautioned that forward-looking information is subject to numerous risks and uncertainties that could cause actual results to differ materially and adversely from those expressed or implied. Aperam undertakes no obligation to publicly update its forward-looking statements.
APERAM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| (in million of EURO) | September 30, 2025 | June 30, 2025 | September 30, 2024 |
|---|---|---|---|
| ASSETS | |||
| Cash & cash equivalents (C) | 320 | 239 | 199 |
| Inventories, trade receivables and trade payables | 1,613 | 1,717 | 1,655 |
| Prepaid expenses and other current assets | 195 | 211 | 137 |
| Total Current Assets & Working Capital | 2,128 | 2,167 | 1,991 |
| Goodwill and intangible assets | 511 | 510 | 434 |
| Property, plant and equipment (incl. Biological assets) | 2,232 | 2,241 | 2,020 |
| Investments in associates, joint ventures and other | 4 | 4 | 7 |
| Deferred tax assets | 332 | 342 | 396 |
| Other non-current assets | 93 | 90 | 129 |
| Total Assets (net of Trade Payables) | 5,300 | 5,354 | 4,977 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
| Short-term debt and current portion of long-term debt (B) | 678 | 783 | 311 |
| Accrued expenses and other current liabilities | 431 | 474 | 439 |
| Total Current Liabilities (excluding Trade Payables) | 1,109 | 1,257 | 750 |
| Long-term debt, net of current portion (A) | 687 | 599 | 529 |
| Deferred employee benefits | 140 | 141 | 152 |
| Deferred tax liabilities | 83 | 87 | 76 |
| Other long-term liabilities | 72 | 70 | 64 |
| Total Liabilities (excluding Trade Payables) | 2,091 | 2,154 | 1,571 |
| Equity attributable to the equity holders of the parent | 3,194 | 3,185 | 3,398 |
| Non-controlling interest | 15 | 15 | 8 |
| Total Equity | 3,209 | 3,200 | 3,406 |
| Total Liabilities | |||
APERAM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
| (in million of EURO) | Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|---|
| September 30, 2025 | June 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |
| Sales | 1,410 | 1,654 | 1,493 | 4,722 | 4,784 |
| Adjusted EBITDA (E=C-D) | 74 | 112 | 99 | 272 | 240 |
| Adjusted EBITDA margin (%) | 5.2% | 6.8% | 6.6% | 5.8% | 5.0% |
| Exceptional items (D) | 8 | (36) | |||
| EBITDA (C=A-B) | 74 | 112 | 107 | 236 | 240 |
| EBITDA margin (%) | 5.2% | 7.2% | 6.8% | 5.0% | 5.0% |
| Depreciation, amortization and impairment (B) | (65) | (65) | (58) | (191) | (175) |
| Operating income (A) | 9 | 47 | 49 | 45 | 65 |
| Operating margin (%) | 0.6% | 2.8% | 3.3% | 1.0% | 1.4% |
| Loss from associates, joint ventures and other investments | (1) | ||||
| Financing costs, (net) | (24) | (12) | (19) | (66) | (44) |
| Income / (loss) before taxes and non-controlling interests | (15) | 28 | 37 | (21) | 20 |
| Income tax (expense) / benefit | (6) | (9) | 142 | 2 | 200 |
| Effective tax rate % | (40.0)% | n/a | 383.8% | n/a | 1000.0% |
| Net income / (loss) | (21) | 19 | 179 | (19) | 220 |
| Attributable to non-controlling interests | (1) | (1) | |||
| Net income / (loss) attributable to equity holders of the parent | (21) | 19 | 179 | (20) | 219 |
APERAM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
| (in Million of EURO) | Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|---|
| September 30, 2025 | June 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |
| Operating income | 9 | 47 | 49 | 45 | 65 |
| Depreciation, amortization & impairment | 65 | 65 | 58 | 191 | 175 |
| Change in working capital | 114 | 61 | (100) | (89) | 14 |
| Income tax paid | (3) | (5) | (5) | (12) | |
| Interest paid, (net) | (15) | (3) | (9) | (29) | (20) |
| Exceptional items | (8) | 36 | |||
| Other operating activities (net) | (3) | 31 | 43 | (11) | 6 |
| Net cash provided by operating activities (A) | 167 | 196 | 33 | 108 | 258 |
| Purchase of PPE and intangible assets (CAPEX) (1) | (25) | (33) | (21) | (98) | (117) |
| Acquisition of net assets of subsidiaries, net of cash acquired | (415) | ||||
| Purchase of biological assets and other investing activities (net) (1) | (4) | (6) | (3) | (24) | (12) |
| Net cash used in investing activities (B) | (29) | (39) | (24) | (129) | (537) |
| (Payments to) / Proceeds from payable to banks and long-term debt | (16) | (52) | (44) | (90) | 511 |
| Dividends paid | (36) | (37) | (36) | (109) | (109) |
| Other financing activities (net) | (7) | (7) | (5) | (19) | (13) |
| Net cash provided by (used in) financing activities | (59) | (96) | (85) | (212) | 383 |
| Effect of exchange rate changes on cash | 2 | (7) | (4) | (11) | |
| Change in cash and cash equivalent | 81 | 54 | (80) | (244) | 104 |
| Free cash flow before dividend (C=A+B) | 138 | 157 | 9 | (279) | (21) |
Appendix 1a – Health & Safety statistics
| Health & Safety Statistics | September 30, 2025 | Three Months Ended June 30, 2025 | March 31, 2025 |
|---|---|---|---|
| Frequency Rate | 2.4 | 0.8 | 1.7 |
Appendix 1b Key operational and financial information
Quarter Ending September 30, 2025
| Stainless & Electrical Steel | Services & Solutions | Alloys & Specialties | Recycling & Renewables | Others & Eliminations | Total | |
|---|---|---|---|---|---|---|
| Operational information | ||||||
| Shipment (000t) | 406 | 170 | 14 | 312 | (335) | 567 |
| Average selling price (EUR/t) | 2,040 | 2,756 | 17,019 | 1,119 | 2,487 | |
| Financial information (EUR million) | ||||||
| Sales | 868 | 500 | 251 | 349 | (558) | 1,410 |
| Adjusted EBITDA | 36 | (1) | 25 | 10 | 4 | 74 |
| Exceptional items | ||||||
| EBITDA | 36 | (1) | 25 | 10 | 4 | 74 |
| Depreciation & amortization | (29) | (4) | (10) | (21) | (1) | (65) |
| Operating income / (loss) | 7 | (5) | 15 | (11) | 3 | 9 |
Quarter Ending June 30, 2025
| 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 |
Appendix 2 – Terms and definitions³
- 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 in the European Union. While the interim financial information included in this announcement has been prepared in accordance with IFRS applicable to interim periods, this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standard 34, “Interim Financial Reporting”. Unless otherwise noted the numbers and information in the press release have not been audited. The financial information and certain other information presented in a number of tables in this press release have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this press release reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers.
(2)The Leadership Journey® is an initiative launched on December 16, 2010, and subsequently accelerated and increased, to target management gains and profit enhancement. The fourth phase of the Leadership Journey® targeted EUR 150 million gains for the period 2021 2023 via a combination of cost, growth and mix improvement measures. Some additional investments, as announced in 2021 as part of the Strategy 2025 program, have been accelerated to achieve earnings growth already in 2022 contributing to the Leadership Journey® Phase 4. We concluded Phase 4 of the Leadership Journey® above target with EUR 186 million gains. We announced targeted gains of EUR 200 million for Phase 5 to be realized over the period 2024 2026. Gains will come from a combination of variable and fixed cost savings, as well as purchasing and mix improvements. Phase 5 includes a structural cost reduction plan of EUR 50 million. To the extent that this plan would affect employment we will consult with our social partners on the social impact.
(3)This press release also includes **Alternative Performance Measures (“APM” hereafter)**. The Company believes that these APMs are relevant to enhance the understanding of its financial position and provides additional information to investors and management with respect to the Company’s financial performance, capital structure and credit assessment. These non-GAAP financial measures should be read in conjunction with and not as an alternative for, Aperam’s financial information prepared in accordance with IFRS. 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”.