Full year and fourth quarter 2025 results:
“Aperam’s differentiated value chain delivers even in a weak macro environment”
Luxembourg, February 6, 2026 (07:00 CET) – Aperam (referred to as “Aperam” or the “Company”) (Amsterdam, Luxembourg, Paris, Brussels: APAM, NYRS: APEMY), announced today the results for the three months and full year ended December 31, 2025.

Highlights

• Health and Safety: LTI frequency rate of 1.7x in 2025 compared to 1.8x in 2024
• Shipments of 2,287 thousand tonnes in 2025 remained stable compared to shipments of 2,290 thousand tonnes in 2024
• Adjusted EBITDA of EUR 339 million in 2025, compared to Adjusted EBITDA of EUR 356 million in 2024
• Adjusted EBITDA of EUR 67 million in Q4 2025, compared to EUR 74 million in Q3 2025 and EUR 116 million in Q4 2024
• Net income of EUR 9 million in 2025, compared to EUR 231 million in 2024
• Basic earnings per share of EUR 0.13 in 2025, compared to EUR 3.20 in 2024
• Free cash flow before dividend amounted to EUR 248 million in 2025 compared to EUR 125 million in 2024. After EUR (415) million1a paid for the acquisition of Universal, free cash flow before dividend in 2025 amounted to EUR (167) million
• Net financial debt of EUR 978 million as of December 31, 2025, compared to EUR 544 million as of December 31, 2024

Strategic initiatives

Leadership Journey®2 Phase 5: Gains reached EUR 30 million in Q4 2025 and a cumulative EUR 195 million versus target gains of EUR 200 million, 1 year ahead of target.

Leadership Journey® Phase 6: Officially launched for 2026 to 2028 with target gains of EUR 150 million

Prospects

• Q1 2026 EBITDA is expected at a higher level versus Q4 2025
• We guide for increasing Q1 2026 net financial debt due to the seasonally higher need for working capital

Sud Sivaji, CEO of Aperam, commented: “I am delighted that despite a challenging macro environment across all segments, we delivered a solid trough EBITDA thanks to structural improvement from the Leadership Journey® Phase 5. We also delivered benchmark cash performance, with an operating cash flow of EUR 422 million, and made a big step towards de-leveraging. Having achieved our target one year ahead of schedule on the Leadership Journey® Phase 5, we are officially launching the next chapter – Phase 6, with a focus on leveraging our value chain and innovation. More importantly, the successful completion of the Leadership Journey® Phase 5 gives us a headstart on competitiveness and productivity as we gear up to deliver on the positive momentum from trade defense into the second half of 2026.”  

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