published on 11/07/2025 at 06:58 from APERAM (isin : LU0569974404)

Aperam - Third quarter 2025 results: “Self-help generates cash and boosts competitiveness despite headwinds”

Aperam S.A. / Key word(s): Quarter Results
Aperam - Third quarter 2025 results: “Self-help generates cash and boosts competitiveness despite headwinds”

07-Nov-2025 / 06:58 CET/CEST

Third quarter 2025 results1

“Self-help generates cash and boosts competitiveness despite headwinds”

Luxembourg, November 7, 2025 (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 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

Prospects[1]a

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

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

(2) Primarily includes non-cash reversal of the fair value adjustment of inventories related to the acquisition of Universal in Q1 2025.

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

Competitiveness Results Third Quarter Aperam S.A. Self-Help

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