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Aperam - First quarter 2026 results: “Strong performance from the diversified value chain”

Aperam S.A. / Mot-clé(s) : Résultat trimestriel
Aperam - First quarter 2026 results: “Strong performance from the diversified value chain”

30-Avr-2026 / 06:59 CET/CEST

First quarter 2026 results1

 

“Strong performance from the diversified value chain”

 

Luxembourg, April 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 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, 11% increase compared to shipments of 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®2 Phase 6: Gains reached already EUR 18 million in Q1 2026; target gains of EUR 150 million over the period 2026 to 2028

 

Prospects[1]a

  • 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 efficient integrated value chain

 

Sud Sivaji, CEO of Aperam, commented:

 

“Aperam has delivered its best start to a year in three years, with a strong Q1 performance that serves as a powerful validation of our diversified business model. Despite the undeniable geopolitical challenges and energy volatility in 2026, every one of our segments is contributing to our value growth, proving again that we are much more than just a European stainless steel story. In Europe, we are not just waiting for a market recovery - we are benefiting from a structural shift. The combination of upcoming Trade Defense regulation provides a secure framework for Aperam to capture the 'Europe Upside' while we continue to deliver on our global transformation projects.”

 

 

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

(in millions of Euros, unless otherwise stated)

Q1 26

Q4 25

Q1 25

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 (at the end of the 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 for the three-month period ending March 31, 2026

Sales for the first quarter of 2026 increased by 16.0% at 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), compared to an amount of 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 analysis

 

Stainless & Electrical Steel (1)

 

(in millions of Euros, unless otherwise stated)

Q1 26

Q4 25

Q1 25

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 are shown prior to intra-group eliminations

 

The Stainless & Electrical Steel segment had sales of EUR 993 million for the first quarter of 2026. This represents a 13.7% increase compared to sales of EUR 873 million for the fourth quarter of 2025. Steel shipments during the first quarter were 430 thousand tonnes, an increase of 3.6% compared to shipments of 415 thousand tonnes during the previous quarter. Shipments in Europe improved seasonally, while in Brazil shipments were seasonally lower. Average steel selling prices for the Stainless & Electrical Steel segment increased by 10.3% compared to the previous quarter.

 

The segment generated an Adjusted EBITDA of EUR 35 million for the first quarter of 2026 compared to an Adjusted EBITDA of EUR 11 million (excluding an exceptional loss of EUR (5) million) for the fourth quarter of 2025. Adjusted EBITDA increased due to higher utilization and supported by positive valuation effects.

 

Depreciation and amortization expense was EUR (24) million for the first quarter of 2026.

 

The Stainless & Electrical Steel division had an operating income of EUR 11 million for the first quarter of 2026 compared to an operating loss of EUR (24) million for the fourth quarter of 2025.

 

 

Services & Solutions (1)

 

(in millions of Euros, unless otherwise stated)

Q1 26

Q4 25

Q1 25

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 (

Financial Performance First Quarter Aperam Results Shipments
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