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Aperam - Second quarter 2025 results : “Delivering on Promises despite Headwinds”

Aperam S.A. / Key word(s): Quarter Results
Aperam - Second quarter 2025 results : “Delivering on Promises despite Headwinds”

31-Jul-2025 / 06:58 CET/CEST

Second quarter 2025 results1

 

“Delivering on Promises despite Headwinds”

 

Luxembourg, July 31, 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 June 30, 2025.
 

Highlights

  • Health and Safety: LTI frequency rate of 0.8x in Q2 2025 compared to 1.7x in Q1 2025
  • Shipments of 591 thousand tonnes in Q2 2025, 3% increase compared to shipments of 575 thousand tonnes in Q1 2025
  • Adjusted EBITDA of EUR 112 million in Q2 2025, compared to Adjusted EBITDA of EUR 86 million in Q1 2025
  • Net income of EUR 19 million in Q2 2025, compared to Pro Forma net income of EUR 7 million in Q1 2025
  • Basic earnings per share of EUR 0.25 in Q2 2025, compared to Pro Forma Basic earnings per share of EUR 0.09 in Q1 2025
  • Free cash flow before dividend amounted to EUR 157 million in Q2 2025, compared to EUR (574) million, after EUR (415) million1a paid for the acquisition of Universal in Q1 2025
  • Net financial debt of EUR 1,143 million as of June 30, 2025, compared to EUR 1,235 million, including EUR 517 million for the absorption of the enterprise value of Universal, as of March 31, 2025

 

Strategic initiatives

  • Leadership Journey®3 Phase 5: Gains reached EUR 20 million in Q2 2025 and a cumulative EUR 136 million versus target gains of EUR 200 million over the period 2024 to 2026

 

Prospects[1]b

  • Q3 2025 adjusted EBITDA is expected at a lower level versus Q2 2025
  • We expect Q3 2025 net financial debt to slightly decrease

 

Timoteo Di Maulo, CEO of Aperam, commented:

 

"Aperam delivered a resilient performance in the second quarter, successfully improving our results and reducing leverage despite significant headwinds in Europe, where demand remains persistently depressed. Our differentiated portfolio with strong contributions from Brazil and Alloys has been the supporting factor. We've seen pricing pressure intensify throughout the quarter, adding another layer of complexity to an already challenging environment. As we look towards the second half of the year, the outlook remains full of uncertainties, however we are confident that with our trademark resilience and the added strength from our diversified portfolio we will continue to deliver value and further reduce our debt even in these difficult conditions."

 

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

(in millions of Euros, unless otherwise stated)

Q2 25

Q1 25

Q2 24

H1 25

H1 24

Sales

1,654

1,658

1,634

3,312

3,291

Operating income / (loss)

47

(11)

19

36

16

Net income / (loss) attributable to equity holders of the parent

19

(18)

59

1

40

Basic earnings per share (EUR)

0.25

(0.24)

0.82

0.01

0.56

Diluted earnings per share (EUR)

0.25

(0.24)

0.82

0.01

0.56

 

 

 

 

 

 

Free cash flow before dividend

157

(574)

111

(417)

(30)

Net Financial Debt (at the end of the period)

1,143

1,235

607

1,143

607

 

 

 

 

 

 

Adj. EBITDA

112

86

86

198

141

Exceptional items(1)

—

(36)

(8)

(36)

(8)

EBITDA

112

50

78

162

133

 

 

 

 

 

 

Adj. EBITDA/tonne (EUR)

190

150

148

170

121

EBITDA/tonne (EUR)

190

87

134

139

114

 

 

 

 

 

 

Shipments (000t)

591

575

583

1,166

1,168

(1) In Q1 2025, exceptional items primarily relate 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 0.8x in the second quarter of 2025 compared to 1.7x in the first quarter of 2025.

 

Financial results analysis for the three-month period ending June 30, 2025

Sales for the second quarter of 2025 marginally decreased by 0.2% at EUR 1,654 million, compared to EUR 1,658 million for the first quarter of 2025. Shipments increased from 575 thousand tonnes in the first quarter of 2025 to 591 thousand tonnes in the second quarter of 2025. The seasonally higher steel shipments were compensated by lower prices.

 

Adjusted EBITDA increased during the quarter to EUR 112 million from EUR 86 million (excluding an exceptional loss of EUR (36) million). Major drivers were scale effects, cost savings and the consolidation of Universal that more than compensated for lower prices.

 

Depreciation and amortization expense was EUR (65) million for the second quarter of 2025.

 

Aperam had an operating income for the second quarter of 2025 of EUR 47 million compared to an operating loss of EUR (11) million for the previous quarter.

 

Financing costs, net, including the FX and derivatives result for the second quarter of 2025 were EUR (19) million. Cash cost of financing was EUR (17) million during the quarter.

 

Income tax expense for the second quarter of 2025 was EUR (9) million.

 

The net result for the second quarter of 2025 was a profit of EUR 19 million, compared to a loss of EUR (18) million for the first quarter of 2025.

Cash flows from operations for the second quarter of 2025 were EUR 196 million, including a working capital decrease of EUR 61 million. CAPEX for the second quarter was EUR (38) million.

 

Free cash flow before dividend for the second quarter of 2025 was EUR 157 million, compared to a negative amount of EUR (574) million for the first quarter of 2025.

During the second quarter of 2025, 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)

Q2 25

Q1 25

Q2 24

H1 25

H1 24

Sales

1,013

1,069

1,058

2,082

2,080

Adjusted EBITDA

65

28

59

93

65

Exceptional items

—

—

(8)

—

(8)

EBITDA

65

28

51

93

57

Depreciation & amortization

(30)

(27)

(28)

(57)

(55)

Operating income

35

1

23

36

2

Steel shipments (000t)

426

421

419

Earnings Resilient Performance Shipments Second Quarter Results Aperam S.A.
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