Résultats du troisième trimestre 20251
“Les mesures d'auto-assistance génèrent des liquidités et stimulent la compétitivité malgré les vents contraires.”
Summary in French
Luxembourg, le 7 novembre 2025 (07:00 CEST) - Aperam S.A. (« Aperam », ou la « Société») (Amsterdam, Luxembourg, Paris, Bruxelles: APAM et NYRS: APEMY), a annoncé aujourd’hui ses résultats pour le trimestre se terminant le 30 septembre 2025.
Faits marquants
- Taux de fréquence en matière de santé et sécurité de 2.4x au 3ème trimestre 2025 contre 0.8x au 2ème trimestre 2025
- Expéditions de 567 milliers tonnes au 3ème trimestre 2025, en baisse de 4.1% par rapport à des expéditions de 591 milliers de tonnes au 2ème trimestre 2025
- EBITDA de 74 millions d’euros au 3ème trimestre 2025, par rapport à un EBITDA de 112 millions d’euros au 2ème trimestre 2025
- Perte nette de 21 millions d’euros au 3ème trimestre 2025, par rapport à un bénéfice net de 19 millions d’euros au 2ème trimestre 2025
- Perte de base par action de (0.28) euro au 3ème trimestre 2025, par rapport à un bénéfice de base par action de 0.25 au 2ème trimestre 2025
- Le flux de trésorerie disponible avant dividendes s’est élevé à 138 millions d’euros au 3ème trimestre 2025, par rapport à 157 millions d’euros au 2ème trimestre 2025
- Dette financière nette de 1 045 millions d’euros au 30 septembre 2025 par rapport à 1 143 millions d’euros au 30 juin 2025
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Initiatives Stratégiques
- Leadership Journey®2 Phase 5: Les gains réalisés ont atteint 29 millions d’euros au 3ème trimestre 2025 pour un total cumulé de 165 millions d’euros, et ce, par rapport à l’objectif de 200 millions d’euros pour la période 2024-2026
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Perspectives[1]a
- Il est prévu que l’EBITDA Ajusté au 4ème trimestre 2025 soit légèrement inférieur par rapport au troisième trimestre 2025
- La dette financière nette devrait diminuer de plus de 200 millions d'euros à la fin de 2025 par rapport au pic atteint au premier trimestre 2025 (objectif précédent : 200 millions d'euros)
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Timoteo Di Maulo, CEO d’Aperam, a commenté : “Bien que nos résultats du troisième trimestre reflètent clairement le ralentissement saisonnier et la pression continue sur les prix à travers toutes nos activités en Europe, nous restons concentrés sur notre transformation et les facteurs que nous pouvons contrôler. Je suis heureux d'annoncer que nous avons généré un flux de trésorerie disponible solide de 138 millions d'euros, ce qui nous a permis de réduire considérablement notre dette nette à 1 045 millions d'euros. Cette forte génération de trésorerie, associée aux excellents progrès réalisés dans le cadre de nos initiatives de Leadership Journey®, démontre la force et la résilience de notre modèle économique alors que nous traversons ces conditions de marché difficiles et que nous nous positionnons pour une reprise.” |
English Version below
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
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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
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Prospects[2]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)
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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." |
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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 |
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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 |
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Adj. EBITDA | 74 | 112 | 99 | 272 | 240 |
Exceptional items | — | — | 8 | (36)(2) | — |
EBITDA | 74 | 112 | 107 | 236 | 240 |
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Adj. EBITDA/tonne (EUR) | 131 | 190 | 160 | 157 | 134 |
EBITDA/tonne (EUR) | 131 | 190 | 173 | 136 | 134 |
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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 | |
