Aperam - Full year and fourth quarter 2025 results: “Aperam’s differentiated value chain delivers even in a weak macro environment”
06.02.2026 - 06:59:04
Aperam S.A. / LU0569974404
Aperam S.A. / Key word(s): Quarter Results
06-Feb-2026 / 06:59 CET/CEST
Full year and fourth quarter 2025 results1 “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.
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.”
Financial Highlights (on the basis of financial information prepared under IFRS)
(in millions of Euros, unless otherwise stated)
Q4 25
Q3 25
Q4 24
12M 25
12M 24
Sales
1,358
1,410
1,471
6,080
6,255
Operating income / (loss)
(29)
9
64
16
129
Net income attributable to equity holders of the parent
29
(21)
12
9
231
Basic earnings per share (EUR)
0.40
(0.28)
0.17
0.13
3.20
Diluted earnings per share (EUR)
0.40
(0.28)
0.17
0.13
3.17
Free cash flow before dividend
112
138
146
(167)(1)
125
Net Financial Debt (at the end of the period)
978
1,045
544
978
544
Adj. EBITDA
67
74
116
339
356
Exceptional items
(28)(2)
—
2
(64)(3)
2
EBITDA
39
74
118
275
358
Adj. EBITDA/tonne (EUR)
121
131
230
148
155
EBITDA/tonne (EUR)
70
131
234
120
156
Shipments (000t)
554
567
505
2,287
2,290
(1) Includes purchase consideration related to the acquisition of Universal of EUR (415) million in Q1 2025. (2) Mostly related to EUR (15) million restructuring costs and EUR (10) million inventory adjustments. (3) Primarily includes EUR (36) million in Q1 2025 of non-cash reversal of the fair value adjustment of inventories related to the acquisition of Universal and EUR (28) million in Q4 2025 mostly related to EUR (15) million restructuring costs and EUR (10) million inventory adjustments. Health & Safety results Health and Safety performance based on Aperam personnel figures and contractors’ lost time injury frequency rate was 2.0x in the fourth quarter of 2025 compared to 2.4x in the third quarter of 2025. Financial results analysis for the full year period ended on December 31, 2025 Sales for the year ended December 31, 2025 decreased by 2.8% at EUR 6,080 million compared to EUR 6,255 million for the year ended December 31, 2024, due to lower prices and flat shipments. Shipments in 2025 remained stable at 2,287 thousand tonnes compared to 2,290 thousand tonnes in 2024. Adjusted EBITDA reached EUR 339 million for the year ended December 31, 2025 (excluding a net exceptional loss of EUR (64)(4) million), compared to EUR 356 million for the year ended December 31, 2024 (excluding a net exceptional gain of EUR 2 million). Group Adjusted EBITDA decreased by 4.8% mainly due to pricing pressure, low demand in Europe and weak Oil and Gas industry for Alloys. Phase 5 of the Leadership Journey® - the Transformation Program - realized EUR 100 million gains in 2025 reaching EUR 195 million in two years versus the target of EUR 200 million in three years. Depreciation and amortization expense was EUR (259) million for the year ended December 31, 2025, including an impairment loss of EUR (4) million. Aperam had an operating income for the year ended December 31, 2025 of EUR 16 million compared to an operating income of EUR 129 million for the year ended December 31, 2024. (4) Primarily includes EUR (36) million in Q1 2025 of non-cash reversal of the fair value adjustment of inventories related to the acquisition of Universal and EUR (28) million in Q4 2025 mostly related to EUR (15) million restructuring costs and EUR (10) million inventory adjustments. Financing costs, net, including the FX and derivatives result for the year ended December 31, 2025 were at EUR (90) million, including cash cost of financing of EUR (62) million. Income tax benefit for the year ended December 31, 2025 was EUR 85 million (including EUR 61 million of net deferred tax assets recognized on tax losses carried forward and other tax benefits). Aperam recorded a net income of EUR 9 million for the year ended December 31, 2025. Cash flows from operations for the year ended December 31, 2025 were positive at EUR 422 million, including a working capital release of EUR 176 million. CAPEX for the year ended December 31, 2025 was EUR (137) million. Free cash flow before dividend for the year 2025 amounted to EUR (167) million in 2025, after EUR (415) million1a paid for the acquisition of Universal, compared to EUR 125 million for the year 2024. As of December 31, 2025, total equity amounted to EUR 3,210 million and net financial debt was EUR 978 million. Gross financial debt as of December 31, 2025 was EUR 1,303 million. Cash & cash equivalents were EUR 325 million. Total cash returns to shareholders in 2025 amounted to EUR 145 million, fully consisting of dividends (of which EUR 1 million paid to non-controlling interests). Aperam had liquidity of EUR 1,378 million as of December 31, 2025, consisting of cash and cash equivalents of EUR 325 million, undrawn credit lines of EUR 700 million and EUR 353 million of undrawn portion of loan agreements. Financial results analysis for the three-month period ended on December 31, 2025 Sales for the fourth quarter of 2025 decreased by 3.7% at EUR 1,358 million, compared to EUR 1,410 million for the third quarter of 2025. Shipments decreased from 567 thousand tonnes in the third quarter of 2025 to 554 thousand tonnes in the fourth quarter of 2025, due to seasonality in Brazil and low demand in Europe. Adjusted EBITDA decreased during the quarter to EUR 67 million (excluding an exceptional loss of EUR (28) million) from EUR 74 million. Major drivers were price pressure, seasonality and annual maintenance in Brazil, low demand in Europe and weak Oil & Gas industry. Valuation effects were positive in Q4 2025. Depreciation and amortization expense was EUR (68) million for the fourth quarter of 2025, including an impairment loss of EUR (4) million. Aperam had an operating loss for the fourth quarter of 2025 of EUR (29) million compared to an operating income of EUR 9 million for the previous quarter. Financing costs, net, including the FX and derivatives result for the fourth quarter of 2025 were EUR (24) million. Cash cost of financing was EUR (15) million during the quarter. Income tax benefit for the fourth quarter of 2025 was EUR 83 million (including EUR 60 million of net deferred tax assets recognized on tax losses carried forward and other tax benefits). The net result recorded by Aperam was a profit of EUR 29 million for the fourth quarter of 2025, compared to a loss of EUR (21) million for the third quarter of 2025. Cash flows from operations for the fourth quarter of 2025 were at EUR 164 million, including a working capital release of EUR 162 million. CAPEX for the fourth quarter was EUR (39) million. Free cash flow before dividend for the fourth quarter of 2025 was EUR 112 million, compared to an amount of EUR 138 million for the third quarter of 2025. During the fourth 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)
Q4 25
Q3 25
Q4 24
12M 25
12M 24
Sales
873
868
994
3,823
4,007
Adjusted EBITDA
11
36
42
140
175
Exceptional items
(5)
—
11
(5)
11
EBITDA
6
36
53
135
186
Depreciation & amortization
(30)
(29)
(28)
(116)
(111)
Operating income / (loss)
(24)
7
25
19
75
Steel shipments (000t)
415
406
401
1,668
1,626
Average steel selling price (EUR/t)
1,995
2,040
2,382
2,180
2,359
(1) Amounts are shown prior to intra-group eliminations The segment recorded Adjusted EBITDA of EUR 140 million (of which EUR 65 million were generated in Europe and EUR 75 million in South America) for the year 2025, compared to Adjusted EBITDA of EUR 175 million (of which EUR 126 million were generated in Europe and EUR 49 million in South America) for the year 2024. Adjusted EBITDA decreased by 20.0% due to price pressure and low demand in Europe, partly compensated by Brazil following the successful hot rolling mill upgrade in the second half of 2024. The Stainless & Electrical Steel segment had sales of EUR 873 million for the fourth quarter of 2025. This represents a 0.6% increase compared to sales of EUR 868 million for the third quarter of 2025. Steel shipments during the fourth quarter were 415 thousand tonnes, a 2.2% increase compared to shipments of 406 thousand tonnes during the previous quarter. Shipments in Europe recovered seasonally while Brazil recorded a seasonally softer quarter. Average steel selling prices for the Stainless & Electrical Steel segment decreased by 2.2% compared to the previous quarter. The segment generated an Adjusted EBITDA of EUR 11 million for the fourth quarter of 2025 compared to an Adjusted EBITDA of EUR 36 million for the third quarter of 2025. EBITDA decreased due to price pressure in Europe and seasonality in Brazil. The segment recognized an exceptional loss of EUR (5) million for restructuring provisions. Depreciation and amortization expense was EUR (30) million for the fourth quarter of 2025. The Stainless & Electrical Steel segment had an operating loss of EUR (24) million for the fourth quarter of 2025 compared to an operating income of EUR 7 million for the third quarter of 2025. Services & Solutions (1)
(in millions of Euros, unless otherwise stated)
Q4 25
Q3 25
Q4 24
12M 25
12M 24
Sales
451
500
553
2,133
2,382
Adjusted EBITDA
7
(1)
4
25
40
Exceptional items
(1)
—
—
(1)
—
EBITDA
6
(1)
4
24
40
Depreciation, amortization & impairment
(4)
(4)
(5)
(15)
(16)
Operating income / (loss)
2
(5)
(1)
9
24
Steel shipments (000t)
159
170
169
716
739
Average steel selling price (EUR/t)
2,635
2,756
3,071
2,812
3,067
(1) Amounts are shown prior to intra-group eliminations The segment recorded Adjusted EBITDA of EUR 24 million for the year 2025, compared to EUR 40 million for the year 2024. The lower result was mainly attributable to price pressure, lower demand and valuation loss. The Services & Solutions segment had sales of EUR 451 million for the fourth quarter of 2025, representing a decrease of 9.8% compared to sales of EUR 500 million for the third quarter of 2025. For the fourth quarter of 2025, steel shipments were 159 thousand tonnes compared to 170 thousand tonnes during the previous quarter. Average steel selling prices for the Services & Solutions segment were 4.4% lower during the fourth quarter of 2025 compared to the third quarter of 2025. The Adjusted EBITDA of the segment was EUR 7 million for the fourth quarter of 2025 compared to an Adjusted EBITDA of EUR (1) million for the third quarter of 2025. Adjusted EBITDA increased despite price pressure due to lower valuation charge compared to last quarter. The segment recognized an exceptional loss of EUR (1) million due to restructuring costs. Depreciation and amortization expense was EUR (4) million for the fourth quarter of 2025. The Services & Solutions segment had an operating income of EUR 2 million for the fourth quarter of 2025 compared to an operating loss of EUR (5) million for the third quarter of 2025. Alloys & Specialties(1)
