Slides
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Q 3 2025 highlights page 4 Value Strategy 15 ESG 28 Business Overview 46 • S&E Europe 53 • S&E South America 62 • Services & Solutions 71 • Alloys & Specialties 80 • Recycling & Renewables 90 Aperam Recycling 95 Recyco 103 BioEnergia 106 Appendix 116
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• • • • • 2024 2025 2026 Q4 Q3 Q2 Q1
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▪ ▪ ▪ ▪ 1,045 ▪ ▪ ▪
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- - - ▪ ▪ ▪
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-135 217 -141 111 9 146 -150 157 138 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 FCF ∆ WC Capex EURm 290 147 -63 48 75 67 -26 468 491 544 716 1,143 1,045 492 519 0.6 0.3 -0.1 0.1 0.2 0.2 0.4 0.4 1.6 1.5 3.2 2.8 2.7 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Q2 25 Q3 25 NFD (m€) M&A NFD / LTM adj. EBITDA 19 55 55 86 99 116 86 112 74 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Other S&E A&S S&S R&R
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BioEnergia ~8t CO2/t elta ETS Price C Carbon B Border A Adjustment M Mechanism > > > > > > > > > > > BioEnergia
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23 EUR168m EUR293m EUR304m EUR310m EUR559m EUR1.1bn > - - > >
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• • • • • •
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S&E Europe S&S S&E S. America R&R A&S incl. USAP
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Products Process Environment Climate change Social Governance Ethics
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Reconfirmed as "AA" (Leadership level) Rated "A-“ (Climate Change) and “B” (Water Security) Award by the ICDA. Responsibly source chromium.
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✓ ✓ ✓ ✓ ✓
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• • •
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> > > > > > > > > > →
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> > > > > > > > >
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BioEnergia Aperam Recycling > > > >
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8% 5% 6% 5% 4% 2% 41% 29% N America France UK Benelux Germany Other Mittal Family Private & NA
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Aperam Business Overview
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}
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Stainless & Electrical Europe
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• • • • • • • • • • • • • • • • • • • •
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Stainless & Electrical South America
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71% 13% 10% 6% 10% 20% 23% 21% 20% 6%
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> > > > >
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> > > > > > > > > > >
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• • • • •
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Services & Solutions
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Apera m Stainle ss & Electric al Steel End - user s
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> > > > S&E S&S > > > > > → ✓ → ✓✓
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> > >
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• • • • •
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3843 45 199 83 70 80 mid-cycle 190 €/t 80 €/t+ 270 €/t Σ VS. 9% 14% 42% 818 kt 647 kt 93 37 32 739 kt
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Alloys & Specialties
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CAGR 3.2%*
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Recycling & Renewables
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SCRAP RECYCLING RENEWABLE ENERGY DUST & RESIDUES RECYCLING BioEnergia Aperam Recycling
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• • •
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BioEnergia Aperam Recycling
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Aperam Recycling (ELG) BotanickelBioEnergia Recyco 2021* 2030 x
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> ❑ ❑ > > > > > > > > +131% Global SS Prod. 2005 - 23 Becomes Future Scrap Volume Growth Aperam Recycling 50+ 18 5 Stainless Superalloys
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→ → → Aperam Recycling
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SCRAP SUPPLY MELTING, CASTING & ROLLING SCRAP RECYCLING COLLECTION PROCESSING DISTRIBUTION INDUSTRY PARTICIPANT GROUPS Sorting, sizing, shredding dilution of impurities & blending, laboratory tests and radiation control Just in-time logisticsPhysical intake, inbound radiation and quality check INDUSTRIAL SCRAP END-OF-LIFE SCRAP HOLISTIC WASTE RECYCLERS COLLECTORS (Exemplary) MANUFACTURING SUPERALLOYS MILLS / MELTERS STEEL MILLS …and others …and others …and other regional recyclers TITANIUM SPECIALISTS SUPERALLOYS & TITANIUM SPECIALISTS SCRAP METALSSCRAP METAL RECYCLERS & SERVICE PROVIDERS
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~4,000 suppliers world-wide Industrial “new” scrap Reclaimed “old” scrap incl. demolition scrap Pure metals Ferroalloys Alloyed & SS scrap containing > Nickel > Chrome > Molybdenum Solid > Clippings > Cuttings > Trimmings > Bundles Turnings Residues & shredder Tails HIGH EFFICIENCY LOW COST CREATE SCALE ASSUME RISK COORDI- NATE CERTIFY TIMING BRIDGE CREATE BLENDS (Producs) MATERIAL QUALITY PHYSICAL SHAPEDELIVERYTIMING
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FORGING, CASTING, FABRICATION PROCESSING OF METALS FOR THE FABRICATION OF SEMI-FINISHED PRODUCTS SELECTED APPLICATIONS Aerospace Oil&Gas Power Gen. CrTi Ni MoCo W Nb Final products END PRODUCT MANUFACTURERS VALUE CHAIN STEPS QUALITY MANAGEMENT & ENVIRONMENTAL MATTERS SOURCING 1 RECYCLING & PROCESSING 2 SALES 3 LOGISTICS 4 5 MELTERS MANUFACTURERS Automotive Production „Revert“ Scrap RECYCLERS EXTRACT VALUABLE MATERIALS FROM PRODUCTION- AND METALLURGICAL SCRAP TRADING BUSINESS (60%) TOLLING BUSINESS (40%) QUALITY MANAGEMENT & ENVIRONMENTAL MATTERS TOLLING INCL. RECYCLING & PROCESSING (Sourcing & Sales steps redundant due to contractual obligation with partner) 2 LOGISTICS 4 5 PRIMARY RAW MATERIALS Metallurgical „Off-cut“ Scrap MELTERS ENSURE OPTIMAL PROPORTION OF METALS (e.g. INGOTS) ~70%[1] ~30% Scrap sales to other outlets ■ >40 certifications from OEMs & melters. Each site is regularly re-certified for each material ■ Ability to manage global product flows ■ Know-how & labor intensive Success Factors … COMPETITORS CUSTOMERS Super Alloy & Titanium Specialists Titanium Specialists
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102 GLOBAL SCRAP RESERVE CONTINUES TO GROW DESPITE RECYCLING OF 300m t OF STAINLESS BY 2025 Scrap reserve Recycled scrap usage Cumulative Stainless Use Cumulative stainless usage to exceed 700 Mil t in 2025 Strong recycled scrap usage reaching 300m t in 2025 America Europe China ~15% ~33% ~25% Scrap Reserve/Material in Use. in m t 1995: 106 2005: 178 2015: 272 2025e: 440 ~20m t contained ~45m t contained Ni Cr
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PRODUCTION PROCESS BENEFITS GROWTH Recyco uses waste (sludge, shot, powdered dust) to produce metallic rich ferro- alloys Circular-recycling process for Aperam and tolling for external customers Equipped with a Briquetting unit, 2 EAFs and Ingot casting Capacity of 68kt/year > > > > Environmentally friendly re- use of otherwise obsolete steel plant A sustainable alternative to landfilling and mining Cost effective pyro- metallurgical recovery of valuable metals from waste Secures employment in an economically weak region > > > > Higher input flexibility and broader scope of treatable products Higher value stream of input material Position shielded by CAPEX & legal requirements > > >
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> > > > > > > >
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Forest R&D activities focused on the development of new high productivity eucalyptus clones, resistant to plagues, diseases, lack of water High quality seedling production (30 MM/year capacity), both for internal usage and external sale to the market Yearly planting of ~6.500 ha with modern techniques and sustainable water usage, by executing this activities only during the rainy season Forest care and maintenance to achieve highest productivity using high-tech equipment and a strong fire-fighting and surveillance structure 100% mechanized activity with use of modern and high productivity equipment, remotely monitored by central operation control room Own wood transportation fleet, monitored by the central operational control room (gamification, big data, IA, etc.) State of the art captive technology used for high quality charcoal production, with benchmark yield and productivity process indicators Low carbon steel production with Aperam’s BF’s using renewable zero net emission charcoal as a thermo-reducer
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Wood Density Growth 1990 2020 2050e +25% +30% 2015-22 2023-30 +18% +24% 2022 2030 > > > > >
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> > > > >
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> > > >
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Charcoal R&D & FSC Certification Electricity Scrap Sequestration Efficiency
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HDI - Human Development Index 0,598 0,633 0,653 0,597 0,5760,5820,646 0,632 0,638 0,682 0,620 0,632 0,628 0,622 0,624 0,571 0,541 0,618 0,542 0,581
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No credit arrangement contains earnings related covenants
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(EURm) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 Sales 4,556 4,089 3,856 4,125 4,249 3,854 4,481 4,677 4,240 3,624 5,102 8,156 6,592 6,255 1,658 1,654 1,410.0 Adj. EBITDA 286 168 220 368 451 455 559 504 340 293 1,060 1,129 304 356 86 112 74.0 - Adj. EBITDA margin % 6% 4% 6% 9% 11% 12% 12% 11% 8% 8% 21% 14% 5% 6% 5% 7% 5.2% Exceptional items** (26) - - 43 - (10) (8) - 17 50 126 (53) (11) 2 (36) - - EBITDA 260 168 220 411 451 445 551 504 357 343 1,186 1,076 293 358 50 112 74.0 Depreciation and impairment (223) (248) (228) (190) (157) (158) (152) (143) (150) (144) (144) (186) (204) (229) (61) (65) (65.0) Operating Income / (loss) 37 (80) (8) 221 294 287 399 361 207 199 1,042 890 89 129 (11) 47 9.0 - Operating margin % 1% -2% 0% 5% 7% 7% 9% 8% 5% 5% 20% 11% 1% 2% -1% 3% 0.6% Income / (loss) from other investments 2 2 (1) (40) (13) - (3) 1 1 (1) (1) (1) (2) (1) - - - Financing costs (116) (59) (98) (89) (76) (37) (41) (5) (23) 40 2 (137) 30 (50) (23) (19) (24.0) Income / (loss) before taxes and non-controlling interests (77) (137) (107) 92 205 250 355 357 185 238 1,043 752 117 78 (34) 28 (15.0) Income tax (expense) / benefit 33 51 33 (21) (49) (57) (35) (71) (37) (63) (74) (126) 87 154 17 (9) (6.0) - Effective tax rate % 43% 37% 31% 23% 24% 23% 10% 20% 20% 26% 7% 17% -74% -197% 50% 32% -40.0% Income / (loss) before non-controlling interests (44) (86) (74) 71 156 193 320 286 148 175 969 626 204 232 (17) 19 (21.0) Non-controlling interests (1) - - - (1) - - - - - (1) (1) (1) (1) (1) - - Net income / (loss) (45) (86) (74) 71 155 193 320 286 148 175 968 625 203 231 (18) 19 (21.0) Basic Earnings per Share (0.56) (1.08) (0.96) 0.90 1.91 2.48 4.00 3.39 1.82 2.19 12.21 8.33 2.81 3.20 (0.24) 0.25 (0.28) Diluted Earnings per Share (0.56) (1.08) (0.96) 0.87 1.81 2.34 3.80 3.03 1.82 2.19 12.16 8.29 2.79 3.17 (0.24) 0.25 (0.28)
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Cash Flow (EURm) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Q2 25 Q3 25 Operating Income / (loss) 37 (80) (8) 221 294 287 399 361 207 199 1,042 890 89 127 (11) 47 9 Depreciation and impairment 223 248 228 190 157 158 152 143 150 144 144 186 204 229 61 65 65 Changes in working capital 36 117 (15) (156) (1) (34) (162) (197) 81 (22) (485) (258) 248 44 (161) 61 114 Income tax (paid) / refund (12) (12) (11) (23) (16) (7) (30) (36) (5) (4) (56) (118) (34) (15) 3 (5) (3) Interest paid, (net) (50) (56) (57) (49) (23) (9) (8) (5) (5) (7) (4) 3 (5) (27) (11) (3) (15) Other operating activities (net) (90) (5) 15 1 (57) (18) 23 29 (28) (7) (91) (61) (31) (78) 14 31 (3) Net operating cash flow 144 212 152 184 354 377 374 295 400 303 550 642 471 280 (105) 196 167 CAPEX (114) (127) (94) (78) (119) (118) (164) (192) (151) (109) (152) (285) (250) (154) (45) (38) (25) Other investing activities (net) 7 4 4 6 6 1 1 5 32 1 (31) (12) (53) (1) (424) (1) (4) Net investing cash flow 366 (123) (90) (72) (113) (117) (163) (187) (119) (108) (183) (297) (303) (155) (469) (39) (29) Payments to banks and long term debt (364) (59) (1) (158) (253) (12) (11) (13) 139 (37) 57 (60) 8 (172) 579 (52) (16) Purchase of treasury stock - - - (2) (13) - (90) (70) (93) - (105) (194) - - - - - Dividends paid (44) (48) - (1) - (87) (106) (130) (142) (139) (140) (151) (145) (145) (36) (37) (36) Other financing activities (net) (5) (1) (6) (8) (3) - - (1) (8) (9) (9) (14) (16) (19) (5) (7) (7) Net financing cash flow (413) (108) (7) (169) (269) (99) (207) (214) (104) (185) (197) (419) (152) (336) 538 (96) (59) Effect of exchange rate changes 4 (1) (15) 8 2 11 (6) (1) (1) (27) (4) 7 (30) (15) 5 (7) 2 Change in cash and cash equivalents 101 (20) 40 (49) (26) 172 (2) (107) 176 (17) 166 (67) (15) (226) (31) 54 81 Free cash-flow 30 85 58 106 241 260 211 108 281 195 367 345 168 125 (150) 157 138 NFD 679 619 501 442 290 147 (63) 48 75 67 466 468 491 544 1,235 1,143 1,046 Total Cash return to shareholders 44 48 - 3 13 87 196 200 235 139 245 345 145 145 36 37 36 Cash conversion (adj. EBITDA) 50% 126% 69% 50% 78% 83% 67% 59% 118% 103% 52% 57% 155% 79% -122% 175% 226% DPS (gross) 0.56 0.61 0 0 0 1.19 1.33 1.54 1.75 1.75 1.75 2.00 2.00 2.00 0.50 0.50 0.50 stated EBITDA 260 168 220 411 451 445 551 504 357 343 1,186 1,076 293 359 50 112 74 Cash conversion stated EBITDA to op CF 55% 126% 69% 45% 78% 85% 68% 59% 112% 88% 46% 60% 161% 78% -210% 175% 226% CF tax paid + interest (62) (68) (68) (72) (39) (16) (38) (41) (10) (11) (60) (115) (39) (42) (8) (8) (18) P&L tax + interest (53) (6) (55) (108) (118) (96) (75) (76) (67) (14) (73) (141) 54 110 (2) (28) (22) CF tax & interest as % of P&L 54% 15% 79% 82% 82% -73% -38% 400% 29% 82% Market Cap at quarter end 2,567 3,392 3,670 1,971 2,399 1,915 2,297 2,569 1,849 2,198 2,010 2,021 FCF yield (annualized) 10% 6% 3% 14% 8% 19% 15% 6.5% 6.8% -27% 31% 27%
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(EURm) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Q2 25 Q3 25 Non current assets 3,213 3,036 2,690 2,653 2,427 2,630 2,478 2,363 2,345 2,130 2,405 2,587 2,915 2,966 3,285 3,187 3,172 Goodw ill and intangible assets 699 651 586 573 511 536 509 490 479 429 439 451 452 427 523 510 511 Property, plant and equipment (incl. Biological assets) (PPE) 2,167 1,977 1,732 1,669 1,517 1,604 1,573 1,589 1,653 1,522 1,726 1,910 2,111 2,051 2,290 2,241 2,232 ArcelorMittal tax indemnification - - - - - - - - - - - - - - - - - Investments & Other 347 408 372 411 399 490 396 284 213 179 240 226 352 488 472 436 429 Current assets & working capital 927 733 714 822 693 905 991 1,020 1,114 1,125 2,306 2,495 2,169 1,872 2,217 2,167 2,128 Inventories, trade receivables & trade payables (OWC) 624 460 408 525 428 490 603 744 655 616 1,688 1,871 1,580 1,499 1,832 1,717 1,613 Other assets 112 102 94 135 129 84 82 77 84 151 94 167 143 157 200 211 195 Amount receivable under cash-pooling arrangement - - - - - - - - - - - - - - - - - Restricted cash - - - - - - - - - - - - 3 - - - - Cash & cash equivalents 191 171 212 162 136 308 306 199 375 358 524 457 443 216 185 239 320 Assets held for sale - - - - - 23 - - - - - - - - - - - Shareholders' equity 2,659 2,397 2,145 2,204 2,041 2,358 2,544 2,519 2,418 2,204 2,953 3,392 3,450 3,366 3,339 3,200 3,209 Group share 2,654 2,394 2,141 2,201 2,036 2,354 2,540 2,515 2,414 2,200 2,945 3,385 3,442 3,354 3,324 3,185 3,194 Non-controlling interests 5 3 4 3 5 4 4 4 4 4 8 7 8 12 15 15 15 Non current liabilities 792 791 866 957 811 729 674 528 693 681 1,105 1,006 913 809 905 897 982 Interest bearing liabilities 454 460 561 571 413 261 238 181 365 372 719 667 574 516 594 599 687 Deferred employee benefits 138 160 160 175 169 164 159 148 146 148 186 136 153 147 143 141 140 Provisions and other 200 171 145 211 229 304 277 199 182 161 200 203 186 146 168 157 155 Current liabilities (excluding trade payables) 689 581 393 314 268 448 251 336 348 370 653 684 721 663 1,258 1,257 1,109 Interest bearing liabilities 416 330 152 33 13 194 5 66 85 53 271 258 360 244 826 783 678 Other liabilities 273 251 241 281 255 231 246 270 263 317 382 426 361 419 432 474 431 Liabilities held for sale - - - - - 23 - - - - - - - - - - - Invested Capital (Goodwill+Intangible assets+PPE+OWC) 3,490 3,088 2,726 2,767 2,456 2,630 2,684 2,823 2,787 2,567 3,853 4,232 4,143 3,977 4,645 4,468 4,356 Net financial debt / (Net Cash) 679 619 501 442 290 147 (63) 48 75 67 466 468 491 544 1,235 1,143 1,045 Working capital 624 460 408 525 428 490 603 744 655 616 1,688 1,871 1,580 1,499 1,832 1,717 1,613
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Shipment (000t) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Q2 25 Q3 25 Steel Shipment S&E 1,675 1,611 1,650 1,736 1,836 1,880 1,882 1,914 1,722 1,639 1,796 1,600 1,550 1,626 421 426 406 Steel Shipment A&S 37 36 36 35 34 30 33 36 36 31 30 27 33 38 15 17 14 Steel Shipment S&S 662 661 679 721 746 799 818 819 706 646 726 642 647 739 207 180 170 Shipment R&R 1,358 1,373 1,464 356 334 312 Other & Adjustment (625) (625) (637) (679) (730) (792) (797) (797) (678) (639) (733) (1,318) (1,405) (1,577) (424) (366) (335) Total shipments 1,749 1,683 1,728 1,813 1,886 1,917 1,936 1,972 1,786 1,677 1,819 2,309 2,198 2,290 575 591 567 Steel shipments 1,917 1,936 1,972 1,786 1,677 1,819 1,635 1,570 1,667 430 449 446 Scrap & Charcoal shipments 1,358 1,373 1,464 354 334 312 P&L (EURm) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Q2 25 Q3 25 Adj. EBITDA S&E 190 94 177 277 396 370 470 422 259 227 896 791 92 175 28 65 36 Adj. EBITDA A&S 51 43 44 44 39 26 46 46 50 45 58 53 49 83 29 38 25 Adj. EBITDA S&S 11 16 7 65 38 83 70 43 45 38 199 93 24 40 13 6 (1) Adj. EBITDA R&R 139 157 95 16 12 10 Adj. EBITDA Other & Elimination 34 15 (8) (18) (22) (24) (27) (7) (14) (17) (93) 53 (17) (37) - (9) 4 Adj. EBITDA total 286 168 220 368 451 455 559 504 340 293 1,060 1,129 305 356 86 112 74 CAPEX S&E 79 71 77 61 92 101 129 145 119 100 135 203 168 88 20 21 15 CAPEX A&S 8 18 9 9 11 9 10 11 10 5 10 30 34 27 15 9 6 CAPEX S&S 14 25 8 7 15 7 20 31 21 3 7 12 19 13 3 1 2 CAPEX R&R 51 79 38 15 9 7 CAPEX Other & Elimination 13 13 - 1 1 1 5 5 1 1 - - - - - - - CAPEX 114 127 94 78 119 118 164 192 151 109 152 296 300 165 53 40 30 Margin and Ratio (Group) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Q2 25 Q3 25 Adj. EBITDA Margin (%) 6.3% 4.1% 5.7% 8.9% 10.6% 11.8% 12.5% 10.8% 8.0% 8.1% 20.8% 13.8% 4.6% 5.7% 5.2% 6.8% 5.2% Operating margin (%) 0.8% -2.0% -0.2% 5.4% 6.9% 7.4% 8.9% 7.7% 4.9% 5.5% 20.4% 10.9% 1.4% 2.0% -0.7% 2.8% 0.6% Adj. EBITDA per t of steel (EUR/t) 164 100 127 203 239 237 289 256 190 175 583 691 194 213 200 249 174 Operating income / (loss) per tof steel (EUR/t) 21 (48) (5) 122 156 150 206 183 116 119 573 544 57 77 (26) 105 21 Adj. EBITDA / t yoy (15) (64) 27 76 36 (2) 51 (33) (65) (16) 408 108 (497) 19 74 48 (73)
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By weight Iron Molybdenum, Al, Cu Nickel Chromium Manganese Carbon
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Upstream activities Reporting company Downstream activities
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