Aperam - Full year and fourth quarter 2025 results: “Aperam’s differentiated value chain delivers even in a weak macro environment”

Full year and fourth quarter 2025 results1

“Aperam’s differentiated value chain delivers even in a weak macro environment”

Luxembourg, February 6, 2026 (07:00 CET) - Aperam (referred to as “Aperam” or the “Company”) (Amsterdam, Luxembourg, Paris, Brussels: APAM, NYRS: APEMY), announced today the results for the three months and full year ended December 31, 2025.
 

Highlights

Strategic initiatives

Prospects[1]b

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

(1) Includes purchase consideration related to the acquisition of Universal of EUR (415) million in Q1 2025.

(2) Mostly related to EUR (15) million restructuring costs and EUR (10) million inventory adjustments.

(3) Primarily includes EUR (36) million in Q1 2025 of non-cash reversal of the fair value adjustment of inventories related to the acquisition of Universal and EUR (28) million in Q4 2025 mostly related to EUR (15) million restructuring costs and EUR (10) million inventory adjustments.

Health & Safety results

Health and Safety performance based on Aperam personnel figures and contractors’ lost time injury frequency rate was 2.0x in the fourth quarter of 2025 compared to 2.4x in the third quarter of 2025.

Financial results analysis for the full year period ended on December 31, 2025

Sales for the year ended December 31, 2025 decreased by 2.8% at EUR 6,080 million compared to EUR 6,255 million for the year ended December 31, 2024, due to lower prices and flat shipments. Shipments in 2025 remained stable at 2,287 thousand tonnes compared to 2,290 thousand tonnes in 2024.

Adjusted EBITDA reached EUR 339 million for the year ended December 31, 2025 (excluding a net exceptional loss of EUR (64)(4) million), compared to EUR 356 million for the year ended December 31, 2024 (excluding a net exceptional gain of EUR 2 million). Group Adjusted EBITDA decreased by 4.8% mainly due to pricing pressure, low demand in Europe and weak Oil and Gas industry for Alloys. Phase 5 of the Leadership Journey® - the Transformation Program - realized EUR 100 million gains in 2025 reaching EUR 195 million in two years versus the target of EUR 200 million in three years.

Depreciation and amortization expense was EUR (259) million for the year ended December 31, 2025, including an impairment loss of EUR (4) million.

Aperam had an operating income for the year ended December 31, 2025 of EUR 16 million compared to an operating income of EUR 129 million for the year ended December 31, 2024.

(4) Primarily includes EUR (36) million in Q1 2025 of non-cash reversal of the fair value adjustment of inventories related to the acquisition of Universal and EUR (28) million in Q4 2025 mostly related to EUR (15) million restructuring costs and EUR (10) million inventory adjustments.

Financing costs, net, including the FX and derivatives result for the year ended December 31, 2025 were at EUR (90) million, including cash cost of financing of EUR (62) million.

Income tax benefit for the year ended December 31, 2025 was EUR 85 million (including EUR 61 million of net deferred tax assets recognized on tax losses carried forward and other tax benefits).

Aperam recorded a net income of EUR 9 million for the year ended December 31, 2025.

Cash flows from operations for the year ended December 31, 2025 were positive at EUR 422 million, including a working capital release of EUR 176 million. CAPEX for the year ended December 31, 2025 was EUR (137) million.

Free cash flow before dividend for the year 2025 amounted to EUR (167) million in 2025, after EUR (415) million1a paid for the acquisition of Universal, compared to EUR 125 million for the year 2024.

As of December 31, 2025, total equity amounted to EUR 3,210 million and net financial debt was EUR 978 million. Gross financial debt as of December 31, 2025 was EUR 1,303 million. Cash & cash equivalents were EUR 325 million.

Total cash returns to shareholders in 2025 amounted to EUR 145 million, fully consisting of dividends (of which EUR 1 million paid to non-controlling interests).

Aperam had liquidity of EUR 1,378 million as of December 31, 2025, consisting of cash and cash equivalents of EUR 325 million, undrawn credit lines of EUR 700 million and EUR 353 million of undrawn portion of loan agreements.

Financial results analysis for the three-month period ended on December 31, 2025

Sales for the fourth quarter of 2025 decreased by 3.7% at EUR 1,358 million, compared to EUR 1,410 million for the third quarter of 2025. Shipments decreased from 567 thousand tonnes in the third quarter of 2025 to 554 thousand tonnes in the fourth quarter of 2025, due to seasonality in Brazil and low demand in Europe.

Adjusted EBITDA decreased during the quarter to EUR 67 million (excluding an exceptional loss of EUR (28) million) from EUR 74 million. Major drivers were price pressure, seasonality and annual maintenance in Brazil, low demand in Europe and weak Oil & Gas industry. Valuation effects were positive in Q4 2025.

Depreciation and amortization expense was EUR (68) million for the fourth quarter of 2025, including an impairment loss of EUR (4) million.

Aperam had an operating loss for the fourth quarter of 2025 of EUR (29) million compared to an operating income of EUR 9 million for the previous quarter.

Financing costs, net, including the FX and derivatives result for the fourth quarter of 2025 were EUR (24) million. Cash cost of financing was EUR (15) million during the quarter.

Income tax benefit for the fourth quarter of 2025 was EUR 83 million (including EUR 60 million of net deferred tax assets recognized on tax losses carried forward and other tax benefits).

The net result recorded by Aperam was a profit of EUR 29 million for the fourth quarter of 2025, compared to a loss of EUR (21) million for the third quarter of 2025.

Cash flows from operations for the fourth quarter of 2025 were at EUR 164 million, including a working capital release of EUR 162 million. CAPEX for the fourth quarter was EUR (39) million.

Free cash flow before dividend for the fourth quarter of 2025 was EUR 112 million, compared to an amount of EUR 138 million for the third quarter of 2025.

During the fourth quarter of 2025, cash returns to shareholders amounted to EUR 36 million, fully consisting of dividends.
 

Operating segment results analysis

Stainless & Electrical Steel (1)