publié le 30/07/2026 à 06:58 par APERAM (isin : LU0569974404)

Aperam - Second quarter 2026 results: “All businesses delivering — best quarter in four years despite headwinds”

Aperam S.A. / Mot-clé(s) : Résultat trimestriel
Aperam - Second quarter 2026 results: “All businesses delivering — best quarter in four years despite headwinds”

30-Juil-2026 / 06:58 CET/CEST

Second quarter 2026 results1

All businesses delivering — best quarter in four years despite headwinds

Luxembourg, July 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 June 30, 2026.

Highlights

Health and Safety: LTI frequency rate of 1.8 in Q2 2026 compared to 1.4 in Q1 2026

Shipments of 606 thousand tonnes in Q2 2026, 1.8% decrease compared to shipments of 617 thousand tonnes in Q1 2026
EBITDA of EUR 159 million in Q2 2026, compared to EBITDA of EUR 90 million in Q1 2026

Adjusted EBITDA of EUR 130 million in Q2 2026, compared to Adjusted EBITDA of EUR 90 million in Q1 2026
Net income of EUR 116 million in Q2 2026, compared to EUR 3 million in Q1 2026
Basic earnings per share of EUR 1.61 in Q2 2026, compared to EUR 0.04 in Q1 2026
Free cash flow before dividend amounted to EUR 106 million in Q2 2026, compared to EUR (44) million in Q1 2026

Net financial debt of EUR 993 million as of June 30, 2026, compared to EUR 1,057 million as of March 31, 2026

Strategic initiatives

Leadership Journey®2 Phase 6: Gains reached EUR 20 million in Q2 2026 totalling to EUR 38 million in H1 2026; target gains of EUR 150 million over the period 2026 to 2028

Prospects [1]a

Q3 2026 adjusted EBITDA is expected to be lower compared to Q2 2026 due to seasonal pattern
Net financial debt expected to remain flat at Q3 2026, with further reduction by year-end 2026

Sud Sivaji, CEO of Aperam, commented:

“I am proud to report that the second quarter of 2026 has been our best quarter in four years, highlighted by a 44% surge in Adjusted EBITDA to EUR 130 million, driven by strong performance in all our businesses, with the Stainless & Electrical Steel and Recycling & Renewables segments returning to strength. Our benchmark-focus on converting performance into cash across our integrated value chain continues to reduce our debt despite increase in raw material prices across H1.

Looking ahead to the third quarter, while we are encouraged by supportive EU safeguards, we anticipate that the typical summer seasonality will result in a lower EBITDA compared to our exceptional Q2 performance. Nevertheless, our performance in a quarter with no demand support and inflationary effects from energy shows the structural improvements from our ongoing Leadership Journey® 6 and signals that we remain resilient, agile and well-positioned for the future.”

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

(in millions of Euros, unless otherwise stated)	Q2 26	Q1 26	Q2 25	H1 26	H1 25
Sales	1,689	1,575	1,654	3,264	3,312
Operating income	102	34	47	136	36
Net income attributable to equity holders of the parent	116	3	19	119	1
Basic earnings per share (EUR)	1.61	0.04	0.25	1.65	0.01
Diluted earnings per share (EUR)	1.59	0.04	0.25	1.63	0.01

Free cash flow before dividend	106	(44)	157	62	(417)(1)
Net Financial Debt (at the end of the period)	993	1,057	1,143	993	1,143

Adj. EBITDA	130	90	112	220	198
Exceptional items	29(2)	—	—	29(2)	(36)(3)
EBITDA	159	90	112	249	162f

Adj. EBITDA/tonne (EUR)	215	146	190	180	170
EBITDA/tonne (EUR)	262	146	190	204	139

Shipments (000t)	606	617	591	1,223	1,166

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

(2) Mostly related to PIS/Cofins tax credits related to prior periods in Brazil of EUR 59 million and bargain purchase gain on Magnetec Group acquisition of EUR 5 million, partly offset by restructuring charges and legal provisions in Europe and Brazil for EUR (35) million.

(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 1.8x in the second quarter of 2026 compared to 1.4x in the first quarter of 2026.

Financial results analysis for the three-month period ending June 30, 2026

Sales for the second quarter of 2026 increased by 7.2% at EUR 1,689 million, compared to EUR 1,575 million for the first quarter of 2026. Shipments decreased from 617 thousand tonnes in the first quarter of 2026 to 606 thousand tonnes in the second quarter of 2026 due to inventory build up for an investment in Stainless & Electrical Brazil and arbitrage in Services & Solutions due to weak underlying demand.

EBITDA reached EUR 159 million in the second quarter of 2026 from EUR 90 million in the first quarter of 2026, a substantial increase of 77% quarter on quarter.

Adjusted EBITDA increased to EUR 130 million (excluding a net exceptional gain of EUR 29 million) for the second quarter of 2026 from EUR 90 million in the first quarter of 2026, with a stronger contribution from all the segments. Major drivers were the good performance of Stainless Steel and Recycling, and supported by modest price recovery in Europe, seasonality in Brazil and positive valuation effects.

Depreciation and amortization expense was EUR (57) million for the second quarter of 2026.

Aperam had an operating income for the second quarter of 2026 of EUR 102 million compared to an operating income of EUR 34 million for the previous quarter.

Financing costs, net, including the FX and derivatives result for the second quarter of 2026 were EUR (7) million, including cash cost of financing of EUR (21) million and exceptional interest income of EUR 24 million for PIS/Cofins tax credits related to prior periods in Brazil (1).

Income tax benefit for the second quarter of 2026 was EUR 23 million, including EUR 41 million of deferred tax assets recognized on tax losses carried forward.

The net result recorded by Aperam was a profit of EUR 116 million for the second quarter of 2026, compared to a profit of EUR 3 million for the first quarter of 2026.

Cash flows from operations for the second quarter of 2026 were EUR 139 million, including a working capital decrease of EUR 55 million linked to higher activity and higher raw material prices. CAPEX for the second quarter was EUR (24) million.

Free cash flow before dividend for the second quarter of 2026 was EUR 106 million, compared to a negative amount of EUR (44) million for the first quarter of 2026.

During the second quarter of 2026, cash returns to shareholders amounted to EUR 36 million, fully consisting of dividends.

(1) PIS/Cofins tax credits related to prior periods in Brazil have been recognized in the consolidated statement of operation for a total amount of EUR 83 million, of which EUR 59 million in EBITDA as exceptional items and EUR 24 million in financing costs. These credits are expected to be offset against cash taxes from 2026 to 2030.

Operating segment results analysis

Stainless & Electrical Steel (1)

(in millions of Euros, unless otherwise stated)	Q2 26	Q1 26	Q2 25	H1 26	H1 25
Sales	1,082	993	1,013	2,075	2,082
Adjusted EBITDA	59	35	65	94	93
Exceptional items	27	—	—	27	—
EBITDA	86	35	65	121	93
Depreciation & amortization	(24)	(24)	(30)	(48)	(57)
Operating income

EBITDA Performance Résultats Aperam S.A. Trimestre 2026

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