Aperam - Third quarter 2026 results: “Transformation drives the best third quarter performance in four years”

Third quarter 2026 results1

Transformation drives the best third quarter performance in four years

Luxembourg, November 6, 2026 (07:00 CET) - 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, 2026.
 

Highlights

Strategic initiatives

Prospects[1]a

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.

(2) Related to the non-cash reversal of the fair value adjustment of inventories related to the acquisition of Magnetec Group.

(3) 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.

(4) 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 1.7x in the third quarter of 2026 compared to 1.8x in the second quarter of 2026.

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

Sales for the third quarter of 2026 decreased by 10.6% at EUR 1,510 million, compared to EUR 1,689 million for the second quarter of 2026. Shipments decreased from 606 thousand tonnes in the second quarter of 2026 to 540 thousand tonnes in the third quarter of 2026 impacted by the typical seasonal slowdown across key markets.

EBITDA reached EUR 103 million in the third quarter of 2026 from EUR 159 million in the seasonally stronger second quarter of 2026. Compared to the third quarter of 2025 of EUR 74 million, EBITDA increased by 39% driven by Leadership Journey® structural gains and support from trade defense measures.

Adjusted EBITDA decreased to EUR 105 million (excluding an exceptional loss of EUR (2) million) for the third quarter of 2026 from EUR 130 million (excluding a net exceptional gain of EUR 29 million) in the second quarter of 2026, with the European seasonality leading to lower activity based performance in Stainless, Recycling and Services and Solutions, alongside effects of scheduled maintenance in Alloys.

Depreciation and amortization expense was EUR (61) million for the third quarter of 2026.

Aperam had an operating income for the third quarter of 2026 of EUR 42 million compared to an operating income of EUR 102 million for the previous quarter.

Financing costs, net, including the FX and derivatives result for the third quarter of 2026 were EUR (21) million, including cash cost of financing of EUR (17) million.

Income tax expense for the third quarter of 2026 was EUR (14) million.

The net result recorded by Aperam was a profit of EUR 7 million for the third quarter of 2026, compared to a profit of EUR 116 million for the second quarter of 2026.

Cash flows from operations for the third quarter of 2026 were EUR 103 million, including a working capital decrease of EUR 19 million. CAPEX for the third quarter was EUR (27) million.

Free cash flow before dividend for the third quarter of 2026 was EUR 68 million, compared to EUR 106 million for the second quarter of 2026.

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

Operating segment results analysis

Stainless & Electrical Steel (1)