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Second Quarter 2026 Results 30 July 2026 Click for Management Podcast
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2 Disclaimer Forward Looking Statements This document may contain forward-looking information and statements about Aperam SA and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words ‘’believe’’, ‘’expect’’, ‘’anticipate’’, ‘’target’’ or similar expressions. Although Aperam’s management believes that the expectations reflected in such forward- looking statements are reasonable, investors and holders of Aperam’s securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of Aperam, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. The forward-looking information is also dependent on the continuation of a reasonable political environment. These risks and uncertainties include those discussed or identified in Aperam’s filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier). The information is valid only at the time of release and Aperam does not assume any obligation to update or revise its forward-looking statements on the basis of new information, future, events, subject to applicable regulation.
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3 Key Figures Q2 2026 – best quarter in four years Second Quarter 2026 Shipments 606kt vs. 617kt in Q1 2026 Sales €1,689m vs. €1,575m in Q1 2026 EBITDA €159m vs. €90m in Q1 2026 Working Capital €1.527m vs. €1,577m in Q1 2026 Capex* €33m vs. €33m in Q1 2026 Free Cash Flow €106m vs. €-44m in Q1 2026 Net Financial Debt €993m vs. €1,057 in Q1 2026 ➢ Shipments slightly lower due to S&S volumes ➢ Adj. EBITDA significantly higher driven by strong performance in all our businesses, with the Stainless & Electrical Steel and Recycling & Renewables segments returning to strength ➢ EBITDA of €159m including positive PIS/Cofins tax credits in Brazil partly offset by restructuring costs ➢ Significant cash flow generation of €106m despite increase in raw material prices ➢ Net Financial Debt reduction achieved led by higher earnings and focused working capital management ➢ Robust ramp up of Leadership Journey 6 ➢ Progressive dividend policy per plan Adjusted EBITDA €130m vs. €90m in Q1 2026 Dividends paid €36m Progressive dividend policy secured Leadership Journey #6 €20m Total €38m, on track to €150m by 2028 -2% +44% +7% unchanged +77% -3% +€150m -€64m * Capex and acquisition of biological assets
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4 Summary Q2 2026 – Solid QoQ EBITDA Growth Across All Segments Second Quarter 2026 Europe Favorable pricing development and valuation gains drives high quarter-over-quarter financial performance ± Alloys Progress across all segments. Electrical & Electronics strong Oil & Gas remains weak but aerospace with strong outlook -Energy Energy volatility continues to impact 2026 EBITDA by a low double-digit million amount per quarter + Brazil Robust development after the holiday quarter +EU Imports & Trade Defense Imports increased against Q1 up to 17.2% in Q2, but significantly down compared to 2025 +Recycling Aerospace recycling strengthening Stainless recycling strong in Europe, US and APAC
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5 Imports around post safeguard run-rate already in H1 2026 Comparison of old quotas and new quotas for CR Stainless Steel Second Quarter 2026 K E Y D R I V E R S ➢ Imports for H1 ~at post TRQ rate – 140kt ➢ CBAM first annual declaration on 30 Sept 2027 ➢ Significant domestic volume overhang from Q4‘25 ➢ Utilization 75-80% with low underlying demand ➢ Asia driven raw material price increase ➢ Energy cost headwinds NET MARGIN improves by 75€/t
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6 O U T L O O K Q 3 Lower • Global demand for stainless steel scrap surging and driving market strength • Favorable valuation effects • Operations in the US and Europe with improved volumes over 2025 • Destocking in the aerospace alloys recycling sector winding down, orderbook recovery expected Recycling & Renewables Second Quarter 2026 Scrap recycling BioEnergia • Regular demand for charcoal • Seedling and biochar sales ramping up into H2 QoQ: adj. EBITDA higher driven by higher scrap prices and some valuation effects YoY: adj. EBITDA with positive development supported by increased volumes and prices +39% QoQ · adj. EBITDA Q3 EBITDA expected to be lower due to seasonality and no support from valuation effects. M A R K E T
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7 Stainless & Electrical Steel Second Quarter 2026 QoQ: adj. EBITDA significantly higher supported by valuation effects and modest price recovery YoY: adj. EBITDA slightly lower due to higher positive valuation effects in Q2’25 • Europe: recovery still pending • Brazil: uptick in demand after seasonal low Industry, Energy, Chemical • Europe: Energy sector awaiting conflict resolution • Brazil: solid activity despite some projects being postponed Consumer Goods • Europe: Slight softening in demand • Brazil: post-holiday buyer interest acceleration Automotive & Transport • Europe: slowdown of car production continues • Brazil: resilient demand; support from government measures Food, Health & Catering • Europe: static demand has plateaued over the past few quarters Development in Europe is experiencing a seasonal slowdown due to the summer holidays, though performance in Brazil remains solid. While the seasonal impact might result in lower activity, EBITDA is expected to remain stable. O U T L O O K Q 3Construction Stable +69% QoQ · adj. EBITDA M A R K E T
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8 Alloys & Specialties Second Quarter 2026 QoQ: adj. EBITDA improved from better volume and strong mix effects YoY: lower adj. EBITDA due to weaker oil & gas market • Aerospace orderbook showing strong recovery for year end • Boeing shows first signs of structural recovery • Supply chain normalization underway Energy, Chemical • LNG demand remains consistently high • Oil & gas sector continues to subdued demand but positive momentum post conflict expected • Demand for chemicals remains below historical averages M A R K E T Aerospace Automotive and Electrical & Electronics • Strong demand in displays and magnetics • Vehicle production flat, but shift to EVs creates more demand QoQ · adj. EBITDA +7% Results expected to decrease in Q3 due to planned annual maintenance. Higher orderbook expected after the holiday quarter especially in aerospace. O U T L O O K Q 3 Lower
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9 Services & Solutions Second Quarter 2026 QoQ: adj. EBITDA slightly higher confirming strong segment performance, best quarter since Q3 2022 YoY: adj. EBITDA significantly higher due to partial price recovery and valuation effects • Spot prices driven higher by raw material price increases • Distributor competitors restocking in Q2 ahead of safeguards start • No signs of underlying market recovery visible • Imports significantly down compared to 2025 M A R K E T Distribution Segment QoQ · adj. EBITDA +5% EBITDA expected to be lower than in Q2 based on lower seasonal volumes. O U T L O O K Q 3 Lower
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10 Leadership Journey® Phase 6 (2026 – 2028) Self-Help Program €20m gains achieved in Q2 (H1: €38m) Total goal 2026-2028: €150m Strong start into LJ#6 program securing structural growth and allowing Aperam to remain profitable and competitive Recycling & Renewables ➢ Raw material efficiency and synergies with Stainless Europe Stainless & Electrical Steel ➢ Brazil purchasing gains ➢ Europe cost control and stronger productivity performance Alloys & Specialties Services & Solutions Differentiation and growth to fully capture market through the cycle Scaling sustainable businesses with tangible financial returns Competitive operations remaining cash accretive even in low cycles ONE APERAM - SYNERGIES: The most integrated supply chain in the industry CIRCULARITY: Only market player with circularity as an opportunity, not a cost INNOVATION: From Bio-Oil to OLED Screens, products that create value across the portfolio ➢ Universal integration ➢ Upstream synergies with Stainless Europe ➢ Improved digitalization and cost savings
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11 Transformation @Aperam Latest Developments S T A I N L E S S B R A Z I L Duplex for Pulp & Paper Enhancing performance in harsh environments What: A lean duplex stainless steel providing an elevated yield strength while maintaining sufficient ductility Why: Widely demanded material, especially in the pulp and paper sector, as it enables lower manufacturing costs through weight reduction Where: To supply the pulp and paper industry in Brazil, one of the world’s leading producers and exporters of pulp Impact: Demand expected to substantially increase following significant investments in P&P R E C Y C L I N G Titanium Center of Excellence Frankfort, New York, USA What: Aperam Recycling launches the Titanium Center of Excellence for Aerospace & Defense revert metal solutions Why: Strong foothold in the heart of high- performance alloys to capture aerospace growth US aerospace as a leading supplier to titanium smelters Where: Metropolitan Area of vibrant Mohawk Valley in Central New York — serving US aerospace market Impact: High single digit EBITDA in 2 years R E N E W A B L E S Water sustainability project Transforming discarded waste into an essential resource for operations What: Treatment and reuse of water from sanitary effluents Why: It guarantees continuous water supply for our forestry operations in Aperam BioEnergia, while reducing water collection from natural sources Where: Brazilian Jequitinhonha Valley, in a strategic partnership between Aperam BioEnergia and the Government of the State of Minas Gerais Impact: 35L/s of treated effluent for reuse, totaling 1.1 million m3 of water per year
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12 Q 3 2 0 2 6 O U T L O O K Shipments expected lower qoq driven by seasonality in Europe Adjusted EBITDA in Q3 is expected to be lower than in Q2 Brazil seasonal strong activity No foreseen support from valuation effects O T H E R I T E M S Phase 6 of the Leadership Journey® started in Q1 2026 Cumulated gains target €150m (of which €50m in 2026) FY 2026 group capex guidance ~€200m (including acquisition of biological assets) FY 2026 P&L effective tax rate 20–25% (excluding DTA recognition) FY 2026 base dividend stable at €2.00/share (~€145m) Further deleveraging on track for net debt year-end 2026 vs. 2025 (subject to change depending on the further raw material price development) Guidance & other Forward Looking Items Outlook Lower seasonal demand in Europe and related impact in European Stainless, Recycling, Services & Solutions and scheduled maintenance in Alloys Net Financial debt is expected to remain flat at quarter-end
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13 SHIPMENT VOLUMES ADJ. EBITDA & MARGIN CASH FROM OPERATING ACTIVITIES Quarterly Financial Results Q2 2026 impacted by higher prices, valuation gains and solid growth across all segments -105
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14 ADJ. EBITDA BY SEGMENT CASH FLOW NET FINANCIAL DEBT DEVELOPMENT Quarterly Financial Results II Higher EBITDA in Q2 2026: best quarter in 4 years – deleveraging continues
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15 Value Strategy BODEGA IRIUS Barbastro, Huesca – Espagne / Marino Pascual & Asociados Arquitectura © Adriana Landaluce / Executed using Aperam 316L Uginox Top finish
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16 15% 24% 18% 18% 21% 4% 1 Building & Construction Catering & Appliances General Industry Automotive Energy & Chemicals Transport €6.1bn Sales* ~1.0mt Scrap 14 steel service centers 2.5mt Capacity 13,203 Employees 51 Recycling Locations FSC Certified Forest in Brazil Revenue by business segment 2025 Revenue by industry 2025 7 6 5 4 3 2 Business Overview Aperam is Active in Stainless, Electrical & Specialty Steel & Scrap #2 in Europe and the Only Producer in South America Timóteo, Brazil Genk, Belgium Châtelet, Belgium Imphy, France Gueugnon, France I sbergues, France Universal, USA BioEnergia, Brazil1 2 4 5 63 7 excl . Aperam Recycling, Services & Solutions and Alloys sites in India and China
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17 Superior synergistic value chain = Higher Quality of Earnings RECYCLING & RENEWABLES SCRAP IS OUR KEY RAW MATERIAL, CHARCOAL OUR MAJOR ENERGY > Aperam Recycling enables 100% scrap based products at S&E > S&E order book transparency enables Recycling to supply tailor made material with cost & environmental benefits > BioEnergia substantially reduces decarbonization risks and supplies a competitive source of energy STAINLESS & ELECTRICAL ONE OF THE LARGEST & MOST PROFITABLE SS PRODUCERS GLOBALLY ALLOYS & SPECIALTIES TOP 3 PRODUCER IN STABLE & FAST GROWING NICKEL ALLOYS SERVICES & SOLUTIONS APERAM’S DISTRIBUTION ARM WITH HIGH GROWTH POTENTIAL > Europe and Brazil share common innovation portfolios > Best practices sharing and technology management across both regions > Ability to leverage supply chains during investments, maintenance or specific products > Global sourcing of raw materials, common goods and services > S&E provides S&S with material at shorter lead time > S&S proximity to customer provides S&E with market insight and reduces volatility > S&S promotes capital efficiency for S&E deliveries > S&S provides proximity to customer for closed loop systems + + + + > S&E provides low cost upstream capacity for A&S growth plan > Versatile S&E downstream rolling assets take over A&S products to provide growth opportunities in niche assets Diversified Segments Building a Resilient Future A Differentiated Value Chain
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18 FUEL CELLS SOLAR CELLS GEOTHERMAL COM- PRESSORS HEAT EXCHANGER TRANSFORMER PERFORMANCE MOTORSELECTRIC CARS WIND POWER HYDROGEN STORAGE HYDROGEN TRANSPORT ELECTROLYZER Photo Voltaic Solar: 2 to 5 t/MWe Stainless Steel 40 kg per car eg bipolar plates embedded tanks for heavy duties vehicles - 200 kg per truck H2 Electrolysis: 2t/MW Stainless Steel & Alloys Liquefied Natural Gas: 400-500t Stainless Steel or Alloys /vessel Liquefied H2 piping: 300 t per km Stainless Steel & Alloys 3t/MW + energy distribution GNO steel Power transformers: 0.3 to 0.4t/MVA of Grain Oriented Electrical Domestic brazed plate Heat Exchanger 2 - 30kg Stainless Steel Small Hermetic compressor 4 - 5 kg NGO Electrical Steel Geothermal: >50 t/MWe Stainless Steel & Alloys Alloys: 8 kg/motor, 6 motors/UAM, 2 motors/premium e-car Auxiliary Power Unit: 20 kg/APU DE- SALINATION Main parts of the plant (piping, lines, tanks) 450 t for a 100,000 m³/day facility Growth No Progress without Aperam‘s Products Electric motor: 1 to 500 hp; 3 to 600kg NGO Electrical Steel
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19 CYCLICAL BUSINESS GROWTH BUSINESS Boost Shareholder returns & fund re-investment in new earnings streams Drive base dividend growth & Solid balance sheet > Specialty > Sustainability > Supply Chain Maintenance CAPEX Organic Growth IRR min 15% M&A Strategic fit, Value creative OR Share Buyback or Special Dividend 1 2 3 4 Strong Balance Sheet through the cycle <1x NFD/EBITDA Dividend Progressive Policy €2.00/share = €145m Financial Policy Financial Policy balances Growth Opportunities and Shareholder Returns In the interest of shareholders we target a strong yet efficient balance sheet
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20 Aperam’s innovations create value for customers and the environment Innovation S T A I N L E S S S T E E L New Grade 316A by Aperam Cost-efficient alternative to standard 316L Balanced silicon-molybdenum alloy design Performance: Matches 316L on corrosion resistance, weldability, and mechanical properties via a clever silicon-to-molybdenum balance Cost: Significantly lowers the alloy surcharge — ideal for cost-sensitive applications needing marine-grade performance Sustainability: Fully aligned with EU carbon footprint rules and taxonomy objectives — enables decarbonisation without redesign E L E C T R I C M O T O R S “Slinky” Solution Iron-cobalt alloy for electric motors Process: New technology creates slinky stators and rotors through an in-plane helical winding process, designated for high-performance electric motors Efficiency: Avoids waste — metal scrap reduced by 10% to 30% versus conventional processes Impact: Enables design of more efficient, higher- performing electric motors
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21 Headcount related upgrade Other cost measure Growth measure Asset upgrade Footprint change SG&A reduction EU product portfolio Energy mix Brazil Quality & Yield Asset upgrades* Automation Brazil product portfolio De-bottlenecking Digital transformation New technology Automation / sensors Raw material purchasing Distribution growth & top line Procurement Brazil product portfolio Footprint change Sourcing & Procurement Alloys growth Specialty products *e.g. A&S wire rod mill, Brazil downstream, Genk & Gueugnon downstream upgrade, Isbergues LC2i upgrade S&E mix improvement SG&A reduction Sourcing & Procurement Alloys growth BioEnergia growth & new business models PHASE 1 2011-13 (€250M) Restructuring Realized: €277m PHASE 2 2014-17 (€200M) Asset upgrade Realized: €232m PHASE 3 2018-20 (€200M) Transformation Realized: €223m PHASE 4 2021-23 (€150M) Footprint & Growth Realized: €186m PHASE 5 2024-26 (€200M) Efficiency Realized: €195m Performance The Leadership Journey® - 5 Distinct Phases in Response to a Changing Market successfully finished
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22 Way forward: Path to Normalized EBITDA of €700-800m until 2028 From 2026 To Beyond €339m Adj. EBITDA 2025 2028 Target Support for Europe Trade defense measures + CBAM + market recovery drive margins back to normalized levels R&R, A&S, Stainless South America EBITDA uplift already demonstrated between 2020 and 2025 — structural: less cyclical; Alloys growing supported by Universal synergies All businesses Sourcing, operational synergies, new products €700-800m R&R A&S Stainless Brazil Stainless Europe S&S €150m €200-300m Schematic view of contribution of every business
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23 Innovation A team with a track record Synergies integra- ted value chain Circularity Focus on the balance sheet Value creation is our USP Continuous innovation in high-margin, low-carbon materials expands profit margins and secures the position in key growth markets Diverse, experienced with a proven track record of mastering growth and volatility The integrating value chain creates unique synergies that drive operational efficiency, lower costs, and maximize overall profitability Circularity is not just a process for Aperam - it is the core vision to build a zero-waste, fully closed-loop future for sustainable metals Aperam’s financial stability will continue to be the cornerstone for the way forward Strict criteria for capital allocation and project execution that ensure value creation for our stakeholders Why to invest in Aperam
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24 Silène luminaris sive Muflier de Borges, Miguel Chevalier Fondation Clément, Le François, Martinique – France Fabrication : Serrurerie La Parette, Roquefort-la Bédoule Aperam stainless steel used : Aperam 316 Hot Rolled ESG
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25 Responsible Low-GHG Stainless Steel Producer ENVIRONMENT SOCIAL GOVERNANCE Leading CO2 e footprint Clear improvement targets - Waste - Air - Water - Energy Production is based on recycled materials FSC® certified forest provides renewable energy Committed to net zero 2050 Superior product supporting the energy transition Health & Safety is our prime objective Human Rights, Inclusion & diversity Training & development Positive social dialogue & responsible variabilization Responsible supply chain High ethical standards with zero tolerance policy Corporate responsibility expressed in stakeholder engagement Majority of Board is independent Board Committees are exclusively independent Quality of life at work and employee satisfaction Biodiversity focus First Stainless Steel company with Responsible Steel ® certification (EU & BRA) ESG Overview
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26 Reconfirmed as "AA" (Leadership level) Rated "A-“ (Climate Change) and “B” (Water Security) Award by the ICDA. Responsibly source chromium. Rating Agency Result Water: B Climate: C 81 points “Gold”: Top 5% of rated steel companies Prime (B) Best possible result with rating level AAA Best steel company: “Best-in-Class” 57 points: “average performance” Top 3 in the steel industry group with 153 rated companies Net Zero Assessment at NZ-2 (consistent with 2015 Paris agreement); Alignment with LMA Sustainability Loan Principles: SQS2 (“very good”) ESG Ratings Aperam Achieved Top Results Aperam is a global frontrunner in sustainable stainless
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27 SUPERIOR PRODUCT RENEWABLE ENERGY RECYCLING Very long useful life 100% recyclable Non toxic The blast furnaces in Brazil uses 100% charcoal as fuel – produced from our sustainably cultivated & FSC® -certified forests Aperam’s main input in Europe is scrap & recycled materials (>80%) Aperam Recycling delivers scrap which substitutes high CO 2e emission raw mats Recyco unit recycles dust, sludges & residues for Aperam itself and third parties Best practice forest management, recognized by the Forest Stewardship Council’s (FSC®) certification, which standards and pri nciples conciliate ecological protection (flora and fauna, but also water reserves) with social benefits and economic feasibility. Our forests are made of selected cloned saplings which are con sidered among the best on the market and they are separated by firewalls and strips of natural vegetation to take into account both fire -prevention, biodiversity preservation and local develo pment (beekeeping). Corrosion resistant Acid resistant Fire proof Abrasion resistant Aesthetic Mechanically strong Product & Process Aperam Produces a Superior Product in a Sustainable and Responsible Way Renewable energy and recycling are key inputs in Aperam’s production process
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28 28 *e.g. electrodes in alkaline electrolyzers, catalysts for steam methane reforming, storage and transportation Due to its inert nature, stainless is the material of choice for water supply (e.g. tanks and fountains, water boilers, sanitary piping systems, etc.) and water treatment (e.g. sewerage, distillation, desalination) applications • Electrical steels enable high performing wind generators due to their high permeability. • The magnetic properties of alloys convert and shape an electrical signal from generation to end use • Anemometric towers built of stainless steel enjoy an increased life span, reduced maintenance costs, better safety Stainless and alloys help the marine transport sector minimizing emissions. Aperam offers scrubbing systems that remove over 90% of Sulphur and 80% of particles. Corrosion resistance grades with high mechanical properties are required Alloys are resistant to heat, corrosion, fatigue, and creep. It is the ideal material for the receiver tubes used to ensure the flow of molten salt and for glass metal sealing. Stainless, is the material of choice for the structural and fixing elements used in solar power systems Stainless steel and alloys are already used in a number of important hydrogen applications eg fuel cells, production and storage installations, and transportation*. Aperam is a big supporter of the shift to hydrogen and a proud member of HydrogenEurope They require a material that can withstand very low temperatures. Aperam solutions (stainless and INVAR M93 LNG tanker) are specially designed for cryogenic storage; transporting natural gas, ethane, or ethylene; and handling liquefied air gases like nitrogen, oxygen and argon Aperam’s solutions enable e-vehicle components such as converters, inverters, onboard-charges, motors, EPS, cooling systems, air conditioning systems, current sensors, charging stations, fuel cells and battery packs 28 e-Mobility solutions Clean air Cryogenic applications Sustainable water supply Solar power Renewable energy The hydrogen economy Products We are Part of the Solution Stainless steel is a high added-value material that has a key role in the energy transition
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29 300 SERIES 400 SERIES SCRAP USAGE REDUCES CO2 EMISSIONS SUBSTANTIALLY* APERAM ENERGY MIX 2025 ELECTRICITY IS KEY FOR DECARBONIZING (2023 DATA) 24% 30%13% 33% 51% Re- newable Energy 2025 Scrap Share GHG Recycling Content & Renewable Energy Share puts Aperam in a Best-in-Class position Source: Company data, Aperam estimates, EEA, Climate Transparency *scope 1 + 2 + 3a incl . raw material
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30 APERAM CO2 EMISSION BY SCOPE 0.28 te/tcs* Aperam Is Part Of The Steel Industry – In A Very Different Way MEASURES & CAPEX *Scope 1 (non-biogenic) + scope 2 (market-based) ; for change in methodology please refer to Aperam’s 2023 ESG report ²versus 2015 (0.54 tCO 2e/tcs ) including sequestration Target: <0.3 tCO2e/tcs in 2030*² SCOPE 2 0.10t/t SCOPE 1 0.42t/t Electricity Other (incl coke & electrodes) Carbon contained in raw mat Natural gas Forest Sequestration -0.24 t/t Our scrap & charcoal based production process emits: 1 / 5 of the average CO2 of the steel industry 1 / 3 of the average CO2 of the stainless steels sector Scrap & charcoal based low-CO2 production processes, allow a capex light roadmap to reach our SBTi commitments 0.41 tCO2/t -0.0 Worldsteel Aperam EU S. America -79% 1.91 tCO2/t Aperam Decarbonization Carbon Neutrality by 2050 is Capex Light and Technically Easy Aperam is covered with ETS Certificates till ~2030 and the plan is Capex Light
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31 Energy Efficiency > Use of AI and Deep Learning for improving our heating models > Thermal insulation > High efficiency burners, oxy-combustion Green Energy Generation > Maximize the use of renewables: solar, wind > Heat recovery (high and medium temperature) for heating or electricity generation purposes Fossil Energy Substitution > Electrification of a part of our heating furnaces (resistances and induction) > Replacement of coal used as reducing agent by another material (Si, Al, charcoal) External green energy sourcing > Long term contracts via PPA (Wind Offshore); short term coverage via GOO > Purchasing of biomethane, e-methane or hydrogen; short term coverage via BGOs Aperam CO2 Scope 1 - 2 CO2 Reduction Program Composition Decarbonization will not significantly increase production costs
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32 32 Actual and modelled carbon footprint for 1 t 304 grade black coil in EU, Indonesia and China (Indonesia, and China b is charg ing hot liquid NPI in AOD directly with some solid NPI for coolant) Usage of CO2 intensive Nickel-Pig-Iron can not be compensated for Stainless Steel Global CO2 Footprint The Share of Recycled Material Defines the CO2 Footprint – This is One Reason for Aperam’s Differentiated Value Chain CBAM will make the environmental costs of Nickel-Pig-Iron explicit
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33 Dust emissions (g/t crude steel) CO2 emissions (t/t crude steel)* Water intake (m3/t crude steel) 0.54 0.58 0.49 0.49 0.50 0.47 0.34 0.32 0.28 0.34 0.58 0.300.2 0.3 0.4 0.5 0.6 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2030 252 254 185 162 154 152 155 107 111 86 95 76 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2030 10.2 10.1 10.1 9.9 11.8 11.8 10.0 10.8 10.5 9.9 8.2 6.1 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2030 Environment Aperam has a convincing Environmental Track Record and Clear Improvement Targets 2030 Represents Aperam’s targets * Scope 1 (on-biogenic) + scope 2 (market-based), for change in methodology in 2021 please refer to the ESG report
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34 ISSF Aperam Prevent and control the risk of fatal and severe accidents Support and coordinate transversal actions Identify cultural maturity - Detailed improvement plan post a H&S audit of each site - Monthly monitoring Uses external framework to assess and improve H&S at each site individually Launch of single incident reporting and investigation tool * TRIR = Total Recordable Incident Rate; sectorial benchmark: Worldstainless ** Severity rate = total number of days lost for accidents/total/hours worked x 1,000,000 Scope change 2023 containing Aperam Recycling / Universal not included in 2025 ( unfortunately one fatality) TRIR IS CLEARLY BELOW THE SS INDUSTRY* … … WITH VERY LOW SEVERITY RATE** ROADMAPS WITH 3 STRATEGIC AXES 54 0 Fatality LTI Restricted work Declared accident First aid Unsafe acts 13 64 406 46,523 0 0.1 0.2 2012 2014 2016 2018 2020 2022 2024 Health & Safety Aperam’s Prime Objective Health & Safety Performance is reflected in Management Compensation
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35 Aperam is committed to a sustainable cohabitation with our neighboring communities allowing host cities to thrive and accommodate inhabitants’ legitimate requests Ethics are central values. Aperam complies with all applicable regulations, interact transparently with authorities and fight against corruption, money laundering and anti-competitive practices (among others) Lowering water consumption and improving the quality of discharge are key elements of our environmental strategy R&D and innovation are top priorities for Aperam. We also help our clients to adapt their own processes (welding, stamping, etc.) to make the most of their tools Our blast urnace uses charcoal, produced from our FSC certified forest which also acts as a carbon sink. We have ambitious reduction targets to 2030 and target carbon neutrality by 2050 Gender balance ranks highly on our priority list with a special commit- ment from Management. Aperam established specific objectives for creating more gender balance in our Workforce Almost 50% of Aperam’s energy comes from renewables, mainly as biomass (charcoal) and increasingly also, wind and solar Aperam is a recycling champion. We use the maximum amount of recycled material in our production and also recycle wastes and by- Products in line with our zero-waste target Social Environment Governance Health & Safety is Aperam’s primary concern and the priority in all our proceedings Aperam aims to develop for a solid and systematic approach at our main sites to raise awareness and promote biodiversity close to our operations. United Nations Sustainable Development Goals (SDG’s) Aperam Supports the United Nations’ Sustainable Development Goals, in Particular:
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36 KEY FACTS & COMPENSATION * incl. Aperam Recycling Aperam benefits from the experience and industry know-how of its Leadership Team Entrusted with day-to-day management of the Company Appointed by the Board of Directors Experience and industry know-how Average age: 53 / 5 nationalities CEO: responsible for Aperam’s sustainability performance and compliance CEO R&R also leading sustainability Compensation aligned with long-term interest of the Company and its stakeholders Multiplier for performance related bonus includes H&S factors (1 year plan) Long term incentive plans based on ESG targets, ROCE and TSR evolution (3 year plan) vs. relevant peers and index LEADERSHIP TEAM Governance Aperam’s Leadership Team is Diverse & Experienced
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37 PRINCIPLES OF THE BOARD Responsible for strategic direction and oversight of the business, as well as for appointing senior management Election subject to shareholder approval. Directors are elected for 3 year terms Chairman: Mr. Lakshmi N. Mittal 7 members with a majority of independent directors 4 male, 3 female board members Dr Ros Rivaz is lead independent director 2 Board Committees composed of 100% of independent directors and reporting to the Board of Directors: Audit, Risk and Sustainability Committee; Chair: Ms. Bernadette Baudier Remuneration, Nomination and Corporate Governance Committee; Chair: Mr. Alain Kinsch SHAREHOLDER STRUCTURE 8% 5% 6% 5% 4% 2% 41% 29% N America France UK Benelux Germany Other Mittal Family Private & NA Governance Aperam’s Diverse Board of Directors Ensures Effective Governance Source: IHS Markit, Bloomberg, Aperam
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38 Aperam Business Overview
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39 15% 24% 18% 18% 21% 4% 1 Building & Construction Catering & Appliances General Industry Automotive Energy & Chemicals Transport €6.1bn Sales* ~1.0mt Scrap 14 steel service centers 2.5mt Capacity 13,203 Employees 51 Recycling Locations FSC Certified Forest in Brazil Revenue by business segment 2025 Revenue by industry 2025 7 6 5 4 3 2 Business Overview Aperam is Active in Stainless, Electrical & Specialty Steel & Scrap #2 in Europe and the Only Producer in South America Timóteo, Brazil Genk, Belgium Châtelet, Belgium Imphy, France Gueugnon, France I sbergues, France Universal, USA BioEnergia, Brazil1 2 4 5 63 7 excl . Aperam Recycling, Services & Solutions and Alloys sites in India and China
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40 80kt production capacity 61kt of gross shipments 33% of group adjusted EBITDA 0.7mt of gross shipments 7% of group adjusted EBITDA 2.5mt production capacity 1.7mt of gross shipments 40% of group adjusted EBITDA 1.3mt Scrap & Charcoal shipments 20% of group adjusted EBITDA *gross shipments and adjusted EBITDA are before eliminations ** By production capacity ALLOYS & SPECIALTIESSTAINLESS & ELECTRICAL STEEL SERVICES & SOLUTIONSRECYCLING & RENEWABLES Amongst the largest producers of stainless steel globally** Europe: 2 Electric Arc Furnaces use scrap as major input material Stainless steel flat product output South America: 2 blast furnace use iron ore and charcoal produced from own forests 2 EAF use recycled scrap Stainless flat products & electrical steel Aperam’s distribution arm S&S provides value added and customized solutions in flat stainless steel & tubes S&S core activities: direct sale of Aperam products to end users distribution of Aperam and third party material transformation services, according to specific customer requirements Scrap is our key raw material, Charcoal our major energy Aperam Recycling is a global leader in the trading, processing and recycling of scrap for the stainless steel industry & market leader in the recycling of superalloys and titanium mainly for aerospace BioEnergia produces wood and charcoal from FSC certified eucalyptus forests (153,000 ha) Recyco recycles metal from dust, mud, residues, ashes etc. Top 3 producer of nickel alloys globally Aperam specializes in nickel alloys and specific stainless steels Our products take the form of bars, semis, cold-rolled strips, wire and wire rods, and plates, and are offered in a wide range of grades High value items that are often sold on a kg basis Business Overview Group Segments* Aperam covers the complete stainless value chain with industry leading assets
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41 Stainless & Electrical Steel Europe Alloys & Specialties Recycling & Renewables Stainless & Electrical Steel South America Services & Solutions Stainless & Electrical Steel} Genk 1.4Mt Châtelet 1.0Mt Timoteo 0.9Mt Imphy 0.06Mt Châtelet 2.8Mt (maximum historic capacity at 24/7 shift system) Timoteo 0.88Mt Chatelet Isbergues 0.35Mt Gueugnon 0.4Mt Electrical 0.18Mt Stainless 0.35Mt Imphy Stainless flat Electrical flat Stainless flat Ni alloys & specialties Steel service centers Transformation End customers Genk 0.7Mt Direct Sale Service Center Service Center Direct Sale Imphy Slabs & Billets Hot rolling Cold rolling / Finishing Service Service Center Raw. Mat. Aperam Recycling (Scrap) 1.2Mt BioEnergia (Forest & Charcoal) Universal 0.1Mt Universal Universal Business Overview Aperam’s Value Chain and How it Splits into Segments
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42 Isbergues, France Location & facts Cold-rolling mill Finishing Capacity Finished 350 kt LC2i: integrated line Timóteo, Brazil Location & facts Melt shop Cold-rolling mill Finishing Capacity* Slabs 900kt SS finished 350kt Electrical CR: Grain oriented 60kt Non GO 170kt SP Carbon 200kt *some lines are flexibly used for different products Imphy, France Location & facts Melt shop Cold-rolling mill Finishing Capacity EAF 60kt 1 VIM, 2 VAR, Rotary continuous Caster for long products Wire hot rolling mill: 40kt 6 Cold rolling mills Gueugnon, France Location & facts Cold-rolling mill Finishing Capacity Finished 400 kt Specialized in Bright Annealing (BA) products and stabilized ferritics Genk, Belgium Location & facts Melt shop Cold-rolling mill Finishing Capacity Slabs 1,400 kt 2 m wide capacity 316 and duplex grades Cold-rolling 700 kt Châtelet, Belgium Location & facts Melt shop Hot rolling mill Capacity Slabs 1,000 kt HSM 2,800 kt (maximum historic capacity at 24/7 shift system) Universal, USA** Location & facts Melt shop Bloomer and Radial Forging Finishing Capacity EAF 100 kt 1 VIM, 12 VAR, 4 ESR ** Bridgeville, PA Titusville , PA North Jackson, OH Dunkirk, NY Business Overview Main Production Sites State of the art production assets in Europe and South America
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43 ADJ. EBITDA BY SEGMENT 2025* REVENUE BY REGION 2025 REVENUE BY CUSTOMER INDUSTRY 2025 SHIPMENT BY SEGMENT 2025* 29% 16% 2%19% 34% S&E Europe S&E S. America A&S S&S R&R 19% 21% 33% 7% 20% S&E Europe S&E S. America A&S S&S R&R 15% 24% 18% 18% 21% 4% Energy Chemicals General Industry Building & Construction Automotive Catering & Appliances Transport 33% 57% 10% Americas Europe Asia & Africa Business Overview Balanced Risk Profile and Customer Structure * Gross data before eliminations
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44 ADJ. EBITDA BY SEGMENT (€m) ADJ. EBITDA/t (€) ADJ. EBITDA MARGIN SHIPMENT BY SEGMENT (KT) 237 289 256 190 175 583 489 139 155 148 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 S&E S&S A&S R&R Group 1,917 1,936 1,972 1,786 1,677 1,819 2,309 2,198 2,290 2,287 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 R&R S&S A&S S&E Group 455 559 504 340 293 1,060 1,129 305 356 339 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 R&R S&S A&S S&E Other & Elim. 11.8%12.5%10.8% 8.0% 8.1% 20.8% 13.8% 4.6% 5.7% 5.6% 0% 5% 10% 15% 20% 25% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 S&E A&S S&S R&R Group Business Overview Self-Help and Investing in a Differentiated Value Chain has Transformed Aperam Higher cash generation and profitability through the cycle
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45 Stainless & Electrical Europe
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46 European cost leader - Efficient footprint - Logistics advantages - Profitable even in the low of the cycle Flexible production set up Volatility reducing downstream integration into distribution Recycling backbone (since ELG integration) DIFFERENTIATORS Leading ESG position with future-proof footprint EARNINGS GROWTH & VALUE DRIVERS Product portfolio upgrade - Specialization - New product categories Organic growth Capex intensity NWC need Genk downstream ramp-up Footprint improvement & debottlenecking Synergies with Recycling FUTURE “NORMAL” VS PREVIOUS “NORMAL” Schematic 2016 – 2018 Future normal S&E Europe Summary Adding Product Differentiation to Cost Leadership
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47 COST LEADERSHIP COPES WITH LOWT VOLUMES LOW REAL DEMAND & DESTOCKING ALONG THE VALUE CHAIN IMPACTED SHIPMENTS COST INFLATION & RECESSION FEAR DEPRESSED 2025 DEMAND EVEN BELOW THE 2020 and 2023-25 TROUGH 2025 EBITDA SUFFERS BY LOW DEMAND, BUT STILL REASONALBE PROFITS BASED ON COST LEADERSHIP 19% 21% 33% 7% 20% S&E Europe S&E S. America A&S S&S R&R 3.0 4.0 5.0 6.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Pre-crisis level (2016) Stainless European ap. consumption (mt - slab equivalent) S&E Europe Track Record Footprint Upgrade has been Successfully Implemented but is Hidden by a Severe Price and Volume Squeeze Source: Aperam, CRU
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48 Aperam’s plants efficiently operate as one integrated supply chain LOCATED IN THE EU INDUSTRIAL CORE FLEXIBLE, EFFICIENT AND RISK MINIMIZING FOOTPRINT S&E Europe Assets The Share of Recycled Material Defines the CO2 Footprint: One Reason for Aperam’s Differentiated Value Chain
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49 We aim to be the European cost leader in every product we deliver Footprint changes will realize additional cost leadership potential We continuously improve our mix by increasing our special products portfolio Next footprint steps will enable substantial additional value creation We aim to further drastically improve our already best in class CO 2 position All footprint evolutions includes a CO 2 reduction component COST LEADER TOP LINE GHG S&E Europe Strategic Targets Footprint Improvement as Part of Leadership Journey® Phase 4 Strengthened Aperam’s Core Strategic Pillars
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50 CR5 CR4 LC2I CR3 CR4 CR5 HAP79 CAP10 BA6 CR6 BA8 BA11 SKP3 SKP1 HA&P lines CR mills CA&P / BA lines Skins Precision Footprint 2020: #22 tools + 2 swing* Footprint 2023 vs 2009: # tools -47%; capacity +10%* Genk Isbergues Gueugnon #5 tools - 35kt capacity #1 tool - 30kt capacity CAP4 CR3 BAL SKP1 HAP3 CR2 CAP2 CR4 CR2 CR3 CAP2 BAL SKP1 LC2I HAP3 CR3 CR4 CR5 HAP79 CAP10 BA6 CR6 BA8 BA11 SKP3 SKP1 Genk Isbergues Gueugnon Châtelet 1.4Mt Genk 1.0Mt Châtelet 2.8Mt (maximum historic capacity at 24/7 shift system) Stainless flat Direct Sale S&S Transformation* End Customer Slabs Hot rolling Cold rolling / Finishing Service & distribution 0.9M 0.3M Genk 0.7Mt Gueugnon 0.4Mt Isbergues 0.35Mt S&E Europe Product Portfolio Product Flow Optimization Secures Cost Leadership Positions & Enables Mix Improvement in Genk and Gueugnon Core Swing New Tool Revamp
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51 Consumer goods Automotive Austenitic BA Ferritic CR thin Ferritic BA Ferritic CR thick Precision strip Precision strip Consumer goods Automotive Austenitic BA Ferritic CR thin Ferritic BA Ferritic CR thick Precision strip Precision strip Market Standard products Top line products Capital goods Austenitic HR Austenitic CR thick Austenitic CR thin Duplex 2000 wide Martensitic Aust. 2000 wide Cost leading footprint 2020 Market Standard products Top line products Capital goods Austenitic HR Austenitic CR thick Austenitic CR thin Duplex 2000 wide Martensitic Aust. 2000 wide Improved footprint post LJ4 in 2023 HR: HOT ROLLED CR: COLD ROLLED BA: BRIGHT ANNEALED Strong cost position Cost leading position S&E Cost Position Targeting European Cost Leadership Position in all Standard & Top Line Products Cost improvement also drives mix improvement
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52 *Effective quota from 1 July 2021 to 30 June 2022. Quotas are quarterly from 07/20. There is one global SS Hot Rolled quotas since July 2020 SS CR: country quotas S. Korea, Taiwan, India, USA, Turkey, Malaysia, Vietnam **could be difference between domestic market price and export price or cost based ² “according to Article 18 of Regulation (EU) 2016/1037 Safeguard • Duty on imports that are priced below fair market value • Price focused Anti-dumping duties (AD) • Hot rolled: China, Indonesia, Taiwan since Oct. 2020 for 5 years, Turkey since Apr. 2023 for 5 years • Cold rolled: China, Taiwan since 2015, Indonesia, India since May 21 • HR: China 9.2% - 19.5%, Indonesia 17.3%, Taiwan 4.1% - 7.5%. Turkey 17.2% (04.2023) • CR: China 25.3%, Taiwan 6.8% (extended for 5 years to 09/2026 • CR: India (13.6-34.6%), Indonesia (10%-20.2%) • Maintain traditional trade flows • Volume focused • All countries globally (if not explicitly exempt) • Effective since February 2019 till June 2025 • HR quota 364kt pa* CR quota 861kt pa* • Largest importers have a country quota. A residual quota for all others • 25% duty for shipments > quota AimCountries affectedMeasure • Neutralize effect of subsidies that benefit certain imports • Price focused Countervailing duties (AS) • Cold rolled: India, Indonesia since March 2022 for 5 years² • Cold rolled: • India (4.3 - 7.5%) • Indonesia (0% - 21.4%) EU Trade Action Effective Measures Against Unfair Trade have been Put in Place New Safeguard with lower quotas and 50% tariffs expected as of 1 July 2026
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53 EU Stainless Steel Imports Anti-Dumping Measures are Effective and Necessary in Limiting Price Distortions
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54 Stainless & Electrical South America
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55 DIFFERENTIATORS EARNINGS GROWTH & VALUE DRIVERS Organic growth Capex intensity NWC need FUTURE “NORMAL” VS PREVIOUS “NORMAL” Schematic Engaged and performing team Unique market position Located in a generic growth market Flexible multi-product business Competitive cost position (local costs in BRL and local supply of raw materials, etc. Recognized ESG performance Competitiveness Debottleneck and upgrade investments: GO, HSM, etc Volume and mix improvements CO2 economy 2016 – 2018 Future normal S&E South America A Resilient, Profitable Business with Substantial Development Potential
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56 EARNINGS 2025 SUPPORTED BY PLANT REVAMP STABLE SHIPMENTS PAIRED WITH A BETTER MIX STAINLESS STEEL DEMAND WAS DRIVEN BY INFRASTRUCTURE AND INDUSTRIAL DEMAND BRAZIL IS A CONSISTENT HIGH EARNINGS CONTRIBUTOR Excl. BioEnergia* 19% 21% 33% 7% 20% S&E Europe S&E S. America A&S S&S R&R S&E South America Track Record A Flexible, Agile & Highly Profitable Asset * Since 2022 BioEnergia is reported within the Recycling & Renewables Segment
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57 BioEnergia Timóteo Minas Gerais State People > Engagement > Diversity & Inclusion Footprint > Flexibility & Integration > Sustainability > Competitiveness Market > Growth > Good Opportunities Aperam South America A Skilled Workforce, a Growth Market and a Competitive Footprint are Main Assets Aperam S. America: all ingredients to capitalise on a tremendous market opportunity
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58 Stainless Steels Electrical Steels (GO / NGO) Special Carbon Steels Automotive Tools Agricultural tools NGO for Electric Vehicle Construction / Architecture White goods Capital Goods / Biofuels Tubes Capital Goods / transport Automotive GO (Power & Distribution Transformers) GO (Charging station for electric vehicles) Product Portfolio A Diversified Range of High Added Value Products Aperam’s broad range of products is addressing all growth segments
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59 1 0 75% 13% 8% 5% 11% 22% 23% 17% 22% 4% Building & Constr. Automotive Catering & Appliances Energy & Chemicals General Industry Transport Stainless Steel Electrical steel GNO Carbon Specialties Electrical steel GO Stainless revenue by market segment 2025Revenue by product line 2025 Product Portfolio Flexible Multi-Product Set-Up Guarantees Capacity Utilisation Over the Cycle Mix will naturally improve with the growth of the domestic stainless steel market
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60 IDN BRA AUS UK IND FRA MEX THA USA TUR ESP JAP Ger ITA PRC KOR 0 5 10 15 20 25 30 Stainless Steel Brazilian market: high growth potential linked to: > GDP evolution & kg per capita potential > Specific projects replacing other materials Market Leadership > Sole domestic producer. Compared to imports we have logistic benefits and lower supply risk for customers Level competitive playing field > Well protected market with a long history of fighting unfair trade practices Excellent Cost Curve position > Labour & procurement is largely domestic. Bio charcoal is a competitive advantage Schematic Brazil Stainless Steel Market (kt) Flat SS per capita consumption Historic consumption & forecast (kt) Aperam Market share Stainless Steel Growth Stainless Steel Consumption in Brazil is Growing and Shows Enormous Potential for the Coming Years Aperam as the only stainless steel producer in South America is the main beneficiary
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61 Competitiveness increase > Scrap increase: lower charge cost, energy efficiency, consumables optimization > Productivity through automation of new lines > Investments in renewable energy production > Continuous improvement Mix Improvement > Continuous improvement in stainless grades > HGO with better magnetic loss with new lines > NGO ennoblement for EV application > Stainless Steel 1500mm wide products Capacity Increase > Clear Roadmap to capture market opportunities Sustainability / ESG > Continuous improvement in a sustainable way > CO2 Business Strategy Endur GO (Power & Distribution Transformers) Bio-Oil NGO for Electric Vehicle Forest removing CO2 Aperam South America: Our Strategy Cost Efficiency, Mix Improvement and Market Growth Drive our EBITDA Energy transition, green economy & Brazil growth: tailwind to Aperam’s strategy
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62 IMPORT DUTY LOGISTICS ANTI-DUMPING DUTY General import duty: • 12-14% import duty on stainless steel imports irrespective of origin (depends on category) Costly & time consuming transportation by truck only Aperam has the most comprehensive network of service centers and agents in South America Stainless flat products (for 5 years): • China: up to USD629/t, Taiwan up to USD705/t since Oct.19, Indonesia CR 18,79% Nov.22 Stainless steel welded tubes: • China & Taiwan: up to USD911/t since Jul.13 for 5 years. Renewal investigation launched Jul.18 • Malaysia, Thailand and Vietnam: USD367/t up to USD888/t since Jun.18, for 5 years Electrical steel (non grain oriented, for 5 yrs): • China, South Korea, Taiwan, Germany: USD90/t – USD166.3/t since Jul.19 Brazil Trade Protection Three Pillars of Trade Protection Against Unfair Market Behavior Sources: SBB/Platts, Steelfirst
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63 Services & Solutions
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64 DIFFERENTIATORS EARNINGS GROWTH & VALUE DRIVERS Expand successful business model: lowest cost to serve and lowest OWCR Strengthen e-Aperam and e-marketing/digital to accelerate and user capture Leverage on 100% recycling / carbon free offering and megatrends Largest and most profitable integrated stainless distributor Secure supply & largest product range due to upstream integration Quasi 100% recycled / carbon free offering Leading BtB platform in the industry Leading digital presence in the stainless industry Organic growth Capex intensity NWC need 20252016-18 FUTURE “NORMAL” VS PREVIOUS “NORMAL” +55m Schematic 2016 – 2018 Future normal S&S Summary Technology & Service Based Growth
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65 EARNINGS DECREASE IN 2025 BASED ON LOWER DEMAND 2025 VOLUMES SLIGHTLY LOWER DUE TO CONTINUED SOFT REAL DEMAND APERAM SHIPS THE MAJORITY OF VOLUMES DIRECTLY TO END USERS Direct distributionApera m Stainle ss & Electric al Steel End - user s Aperam Services & Solutions Independent distributors and other Aperam Stainless & Electrical Steel End- users LOWER CONTRIBUTION RESULTS FROM PRICE PRESSURE ON SPOT MARKET 19% 21% 33% 7% 20% S&E Europe S&E S. America A&S S&S R&R S&S Track Record Stronger Partnership With Customers Enhances Margins
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66 WE ARE > Aperam‘s distribution arm, ~1,500 FTE > 18 service centers , 15 agencies & rep offices in 36 countries > 6000+ active customers worldwide sell 40% of Aperam’s mill production > Largest online shop for stainless steel REVENUE BY INDUSTRY REVENUE BY COUNTRY S&E S&S W. Europe NAFTA E. Europe Tubes Construction Food, Bev, Catering Automotive Consumer Goods 1st transformation Distribution WE DO > Cutting, slitting, polishing, just in time > We provide market intelligence and leadership for the group > Deep & wide customer reach protects the mills from volatility > Integrated supply chain allows to operate with half the NWC of an independent distributor > EUR80/t EBITDA mid cycle on a very lean capital base generates very attractive returns: → worst year ROCE 9% ✓ → best year ROCE 42% ✓✓ LATAM Services & Solutions Aperam’s Downstream Distribution Arm
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67 EFFICIENT DISTRIBUTION PHYSICALLY & ONLINE > Aperam has the biggest and most profitable integrated distribution network in the stainless steel industry > Strong assets in all major industrial clusters across Europe > Service center presence in USA and South America Mill Fin. SSC Aperam Recycling Yard Tube Mill Main concentration of industrial customers Genk Gueugnon Sersheim Lusignan Viladecans Isbergues Rodange Haan Massalengo Podenzano Siemianowice Gebze GREECESPAINPORTUGAL FRANCE UNITED KINGDOM IRELAND NETHERLAND GERMANY ITALY CROATIA SERBIA BULGARIA ROMANIA MOLDOVA UKRAINE HUNGARY SLOVAKIA CZECHIA AUSTRIA POLAND LITHUANIA S&S Footprint S&S’s Wide Network Connects Aperam With all Industrial Centers
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68 MILLS (Stainless & Electrical) 2-4 month lead time 20-32 t full coils Prefer big accounts with several kt offtake pa Prefers agreed volumes annual/quarterly contracts Distribution • Market intelligence and development • Reduced volatility for the mill • Shorter lead time • Security of supply for S&S • Sharing most advanced Technology MAJOR INDUSTRIAL CUSTOMERS Accept few month lead time Accept full coils High contracted volumes SMALL/MEDIUM CUSTOMERS Require immediate delivery (same day up to 1-2 weeks) Cannot use full coils (need tailored strip, sheet, tube, etc) Have spot demands Require local proximity < 200 customers 30% 70%> 10,000 customers REAL DEMAND 4.5 mt (Europe) 30% S&E Independent 30% Integrated 40% S&E Synergies: Market Distribution is the Main Route to 70% of Aperam’s Market Combining steel production & distributions offers substantial synergies
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69 Mill supply SSCs Master Sheet Aperam S&S Other EU Vender Klöckner Imports Damstahl Thyssenkrupp ~50 companies ~50 companies Big End User Small End User Last km Small lots Stock Standard skids Complementary products Stock Cutting, Slitting, Polishing - Customized sized SSCs characteristic Have number of transformation tools Provide wide product offer in grades, finishing and forms Focus on big-midsize and/or contracts end users Master Sheet distributors characteristic Sheet distributors, mainly focused on commodities, often multi-products & multi-forms Could have their own distribution local network Value added: Delivery time Product Volume Risk mitigation Warehousing Cutting & Slitting Trading & hedging EU Stainless distribution MTL ~1,000 companies Capillary distribution Capillary distributors characteristic Local distribution, short lead time, small quantities Commodities sheet oriented, often multi-products and multi material (one-stop shopping) Spot business Roba Competitive Landscape Stainless Steel Distribution is Still Fragmented Medium term circular / CO2 free steel will be an additional lever for Aperam
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70 IMPROVING OUR SALES MIX IS OUR KEY GROWTH DRIVER EBITDA adjusted (€m) 3843 2018 45 20192016 2017 2020 2021 BEST 80 mid-cycle Mid-Cycle EBITDA Performance (2016-2020) 190 €/t S&E 80 €/t+ S&S 270 €/t Σ VS. 9% Trough 14% Mid cycle 42% Peak 818 kt 2018 BEST 647 kt 2023 2024 2025 TROUGH S&S Shipments (kt) Improve our sales mix with more ‘service’ customers Innovate and apply existing solutions to new target markets. Accompany megatrends Invest in growing market geography and / or capture growth spotting market inefficiencies 2022 37 2023 2024 2025 TROUGH 32 739 kt 25 716 kt Earnings Growth S&S is A Strong Contributor We Provide Stability, Depth and Reach 199 83 70 93 Strong Competitive Advantage generates EUR80/t mid cycle on a very lean capital base
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71 CONSIDERABLY HIGHER MARGINS DOWNSTREAM S&S COST COMPETITIVENESS + FLAT COST CURVE + LEAN INVENTORY + RIGHT STRATEGY Large Customers Medium Customers Small Customers x 3 x 6 Large Customer size Small Further expand industry benchmark cost to serve per ton & lower OWCR Accelerate acquisition of small and medium sized customers Leverage online sales via e-Aperam web shop “Our aim is to deliver in 24 hours one sheet anywhere at no increased cost and half of the OWCR of our competition.” Mill price of standard sheet Cost of distribution industry Cost of S&S Average Stock Reach (OWCR) ~ 120 dIndependent Distributors S&S 60 d Earnings Growth Aperam Pursues a Profitable Development Strategy Based on a Strong Business Model Target: +€55m normalized EBITDA
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72 Alloys & Specialties
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73 DIFFERENTIATORS Technology competence : A&S solves problems for customers Very strong position in cryogenic market (INVAR® grades) Market & technology leader in wire rod Stable business model with high resilience in downturns International business: 50% exports and plants in China and India EARNINGS GROWTH & VALUE DRIVERS Debottlenecking of operations in flat products Hot rolling mill upgrade further strengthens and differentiates long products Market growth in new energies, e-mobility, OLEDs Organic growth Capex intensity NWC need FUTURE “NORMAL” VS PREVIOUS “NORMAL” Schematic 2016 – 2018 Future normal A&S Summary Differentiated Assets, Products and Debottlenecking Make it Aperam’s Highest Growth Segment
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74 VALUE ADDED PRODUCTS & END USER ORIENTATION DRIVE PROFITABILITY FURTHER Increasing Shipments in combination with improving Mix Sales by Region A&S 2025 EBITDA REACHED NEW RECORD LEVEL *1993 - 2023 Americas Asia Europe RoW 19% 21% 33% 7% 20% S&E Europe S&E S. America A&S S&S R&R A&S Track Record Stable Niche Market with High Margins
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75 Universal A&S Locations A Truly Global Footprint Aperam sales office Other representation
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76 ALLOYS ARE AN ATTRACTIVE GROWTH MARKET Strip Plates Bars Wire Semis Long Products Flat Products * 2024 data, Aperam market intelligence, SMR Steel & Metals Research GmbH 1% kt Top 10: 62% combined market share* SPLIT BY PRODUCT CAGR 3.3%* A&S Competitive Position A&S Will Grow Organically and with Universal Stainless to Become a Bigger Producer Globally A&S leads the alloys sector in capital efficiency and stability
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77 Price sensitive Standardized Regional Value sensitive Tailor-made Global Understand total cost of ownership / life cycle costs Adapt commercial offer to customer needs, customize offering Diverse customer base, low sensitivity to transportation costs 1 2 3 Global presence Strong technical marketing & support Dedicated R&D Future markets Permanent product portfolio adaptation A&S IS FULLY SPECIALTY ORIENTED COMMODITIES SPECIALTIES A speciality provides a particular feature (e.g. size, physical properties, …) and is perceived by the customer as bringing a specific value above its primary purpose (e.g. service, image, …) Commodities vs. Specialties
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78 Meet technical requirements of electrification for cars, trains, flying taxis or planes, focusing on the efficiency of the drivetrain or the extended use of electrical control systems. Contribute to the challenge of efficiency yield in future power generation equipment for renewable energies, including H2. Respond to the high precision required for the production of new display devices such as Oled screens. Growth & Innovation E-Mobility, New Energies and OLEDs are A&S’s Growth Markets Ni alloys increase efficiency or enable advanced technologies by making them technologically or economically viable
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79 Aperam Alloy Grades (E-)Mobility Solutions
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80 Selected Customers Integrated production Establishing a strong US manufacturing footprint with powerful position in the US aerospace market and nickel alloys production Fully complementary with Aperam Alloys production technology, products and customer base; minimal integration costs High synergies of €27m annually makes transaction earnings, cash flow and value accretive Attractive valuation at 6.9x 2025e consensus EBITDA (excluding synergies) * vs. US alloy peers at 11.1x Closing on 23 January 2025 (purchase price including debt: €517m) *based on Bloomberg consensus EBITDA at acquisition announcement in October 2024 Synergies ramp-up (no additional capex necessary) EURm 20 Year 1 9 27 Year 3 Year 5 Acquisition of Universal Stainless Strategic Expansion into the US Aerospace Market Build a leading manufacturer of stainless & nickel alloys for aerospace applications
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81 Recycling & Renewables
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82 SCRAP RECYCLING RENEWABLE ENERGY DUST & RESIDUES RECYCLING BioEnergia Aperam Recycling Recycling & Renewables Aperam
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83 DIFFERENTIATORS EARNINGS GROWTH & VALUE DRIVERS Higher CO2 pricing Natural growth of recycling volumes worldwide Superalloys to Benefit from Aerospace Recovery New Areas: Closing Recycling Loops, Aperam Recycling & A&S Link Strong global Platform: • Top 3 in EU SS scrap • US: leading position • Superalloys: global leader Leading experience in Probing, Quality Management & Certification Capability to recycle & process a broad range of materials Excellent Reputation & Longstanding Customer Relationships Organic growth Capex intensity NWC need FUTURE “NORMAL” VS PREVIOUS “NORMAL” 20252017-20 State of the Art Sustainable Forest Management BioEnergia Growth (forest size & density) Schematic Future normal Recycling & Renewables: Summary Circular Economy & Strategic Supply
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84 GROWING FOREST BUSINESS; RECYCLING FACED WITH DEMAND DRIVEN LOWER VOLUMES AND PRICES R&R PROVIDES RENEWABLE & RECYCLING PRODUCTS FOR THE GROUP AND EXTERNAL CUSTOMERS IMPORTANT EBITDA CONTRIBUTOR BioEnergia Forest / Renewable Energy Recycled Nickel Stainless Steel ScrapAperam Recycling 19% 21% 33% 7% 20% S&E Europe S&E S. America A&S S&S R&R BIOENERGIA ADDS STABILITY WHILE APERAM RECYCLING VOLUMES FOLLOWS THE STAINLESS CYCLE Segment was formed in 2022 post the ELG acquisition Segment was formed in 2022 post the ELG acquisition R&R Track Record Strategic Addition & Relevant Performer
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85 Recycling & Renewables normalized adj. EBITDA Aperam Recycling BotanickelBioEnergia Recyco 2021* 2030 2.0x *post ELG Consolidation Schematic R&R Through the Cycle EBITDA Recycling & Renewables is a Major Strategic Growth Driver for Aperam during its transition Growing Recycling & Renewables EBITDA softens earnings volatility
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86 Aperam Recycling
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87 > Added YE 2021 via the ELG acquisition with EUR55m through-the-cycle EBITDA ❑ Stainless steel [Global #2, active in Europe, USA, Asia] ❑ Utica Alloys [Global #1, Nickel & Titanium recycling (mainly aerospace)] > Initial target of €24m synergies + €16m additional synergies to 2026* > Target >€100m through-the-cycle EBITDA to 2030 Recycling Growth is Supercharged by ESG > Global SS production drive volume growth > Asia needs to decarbonize Aperam Key Strengths & Actions > Global Footprint in Asia / USA / Europe > Further Network development > Matching raw material strategy > Closing loops +131% Global SS Prod. 2005 - 23 Becomes Future Scrap Volume Growth Aperam Recycling 50+ locations 18 countries 5 continents Stainless Superalloys Aperam Recycling Aperam Recycling is a Global Leader in Trading, Processing of Resources for Stainless Steel as well as High Performance Materials Aperam Recycling Target >€100m through-the-cycle EBITDA to 2030 * synergies mainly accrue to S&E Europe segment
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88 STAINLESS STEEL AMER | EMEA | APAC SUPERALLOYS APERAM RECYCLING ALLOYS (UTICA) Trading, processing and recycling of alloyed and stainless steel scraps Shipping of homogenous raw material Activities Nickel Chrome Resources Recovered Cobalt Tungsten Revert management of, trading, processing and recycling of titanium, Ti-based & Ni-based superalloys Focus on the aerospace supply chain Ni-, Fe-, Co-based superalloys Titanium and Titanium Alloys Ni, NiCo, Co Alloys Pures Others Nickel Cobalt Tungsten Niobium Materials treated Stainless steel, 300 and 400 series Cr, CrNi, CrNiMo alloys Tool and High speed steels Tungsten, Tungsten Carbide Ni, NiCo, Co Alloys Iron Moly Titanium Moly Chrome Others Aperam Recycling: Business Segments Delivering Value by Identifying the Best Usage of Collected Resources and Processing for the Most Suitable Application
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89 Source: Aperam, SMR, ISSF * see 2020 Sustainability report p.35 -37 for detail Stainless steel End product Customers (Fabrication & Manufacturing) APERAM Aperam uses ~90% scrap in its austenitic grades Scrap is sourced regionally in Europe Aperam’s location at the heart of Europe minimizes transportation costs & environmental impact Recyco recovers metal content from waste material* Recyco Recycles metal from dust, mud etc. * Scrap collection + others Cold rolling Hot rolling Steel making Life cycle → Recycling rate → % of end use → Old scrap ~70% Ø 27 years New scrap ~5-25% Ø 6 month Construction 50 years 85% 18% Machinery 25 years 90% 29% Appliances, Electronics 15 years 80% 8% Metal Goods 15 years 80% 29% Automotive 14 years 90% 12% Other Transport 30 years 90% 3% Aperam Recycling Revert scrap ~11%, <1 month Circular Economy Aperam is at the Heart of the European Circular Economy. Scrap and Recycled Material are the dominating Input Scrap is a closed loop in Europe and our primary input in our European operations
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90 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 Europe Stainless Steel & Superalloys Value Chain Aperam Recycling Takes a Key Role in the Value Chain to Supply High Quality Secondary Raw Material
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91 Note: [1] Elements having a detrimental effect on steel quality like copper, phosphor, lead SCRAP TYPES APERAM RECYCLING SERVICESMATERIALS SHAPES ~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 Input Material Mix Stainless Scrap is Complex: Various Shapes & Alloys Make it a Value Added Business Stainless steel scrap needs substantial processing in order to be usable by steel mills
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92 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 Superalloys Aperam Recycling Operates with Utica Alloys a Trading Model with a Classical Value Chain as well as a Tolling Model Certifications are the foundation of the business in the Zero defect Aerospace Industry
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93 [1] Basis 300 series austenitic / Sources: Aperam Recycling analysis 93 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 700m 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 2025: 440 ~20m t contained ~45m t contained Ni Cr Aperam Recycling: Scrap Reserve Growing Use of Stainless means Growing Scrap Reserve that Ensures Future Recycling A growing global scrap reserve forms the basis for future urban mining
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94 BioEnergia
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95 Subsidiary of Aperam South America 150 k ha 110k ha planted 40k ha native 121 ha FSC certified 29 ha to be certified Best pratices in charcoal production 450k ton/year 06 charcoal production units +45 patents on genetic material and carbonization technologie with R&D area 1,000 employees Measurable positive impact on regional prosperity Directly employed BioEnergia Large Scale, Sustainable Forest Operations Charcoal producer also selling technology (genetic and process)
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96 Acesita S.A. creation Start of eucalyptus R&D + genetic improvement Beginning of eucalyptus plantations Privatization FSC® Certification OHSAS (H&S) & ISO (quality) certifications Aperam 450 kton/year charcoal production 1940‘s 1960‘s 1970‘s 1990‘s 2008 2010 2011 2021 BioEnergia Time Line More Than 40 Years of History Technology & performance leader, both for forestry and charcoal production
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97 Aperam BioEnergia Vale do Jequitinhonha Region Aperam South America Timóteo City Distance: 350 km Travel time: ~5 hours 20km BioEnergia BioEnergia’s Operations Locations
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98 2 - Nursery 1 - R&D 3 - Planting 4 - Silviculture 5 - Harvesting 7 - Charcoal production 6 - Wood transportation 8 - Blast Furnaces 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 BioEnergia Applying State of the art Technology enabled to increase wood density by 25% Know-How and Technology Driven Forestry Operations
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99 Wood Density Growth 1990 2020 2050e +25% +30% 2015-22 2023-30 Annual Planting Area +18% Forest Area Expansion +24% 2022 2030 Forest area expansion completed to 150,000 ha; 14,000 ha re-forestation is WIP > Scale effects & cost optimization support Timoteo’s first quartile cost position > Optimization of harvesting operations underpin 20% Charcoal prod. growth to 2030 > Production growth enables scaling of new product streams & by-product upgrades > CAPEX light (mainly rollout of new Charcoal Technology) > Earnings Volatility Reduction as new streams follow different cycles BioEnergia Growth BioEnergia: Forest Growth is the basis for Significant new EBITDA Streams 20% Charcoal production growth to 2030
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100 3.75 t Humid wood 2.5 t Dry wood Kilns 1.25 t Steam water Gases ~1 t Charcoal Tar Pyroligneous NEW Gas burner Blast furnace Bio Oil facilities 100 Bio Production Oil Ramp-Up Renewable Fuel that Replaces Fossil Products > Nature-based > Low sulphur > High Value Added Product Commercial Agreement with: > Capex light > Double Digit EBITDA Contribution pa New Business Models 1 Aperam’s next Generation Charcoal Production Technology reduces the Environmental Impact and enables New Renewable Products BioEnergia is Bio Oil pioneer in Brazil: also benefits for Aperam’s own decarbonisation
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101 3.75 t humid wood 2.5 t dry wood Kilns 1.25 t steam water Forest ~1 t charcoal Issuance of Carbon Credits (Technology Based) 1t of Biochar stores 1.3t of CO2 for >100 years + acts as fertilizer Turn into Biochar Voluntary Offset Verified / Registered / Sold via* Blast Furnace Low margin product sold externally > Capex free by-product upgrade > Volume linked to forest area expansion > Core steel operation related but following a completely different cycle > Double Digit EBITDA contribution pa New Business Models 2 Carbon Capture via BioEnergia: turning low Value by-products into Essential Carbon Capture Goods *Other Platforms WIP
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102 Timoteo plant uses 100% charcoal as fuel since 2012 in both BFs Sustainable forest management guarantees long term benefit can be maintained More than 90% of Brazilian Electricity comes from renewable sources (hydro, wind and solar) Less in % than Europe but growing and ahead of other developing regions Our forests are capturing and storing carbon. Total accrual of 450,000 tons of CO2e externally verified for 2023 Initiatives have been taken to reduce emissions (heat recovery, inverters and motors), water consumption and to boost carbon removals (wood density, productivity, etc.) Charcoal R&D & FSC Certification Electricity Scrap Sequestration Efficiency * Scope 1 (on-biogenic) + scope 2 (market-based) Decarbonization Roadmap Brazil Operations have a Certified Negative Net GHG Footprint* Brazil has a Strikingly Advantageous CO2 Position
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103 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 Social Impact Aperam’s Activities have a Visible Positive Impact on Regional Prosperity Source: IBGE (Brazilian Institute for Geography and Statistics) 2010
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104 Appendix Résidence Hôtelière du Rail, Montparnasse Station, Paris - France / aasb_agence d‘architecture suzelbrout © Frédéric Delangle / Executed using grade 304L, with Uginox Mat finish
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105 Appendix Key Prices & Exchange Rates STAINLESS STEEL PRICEFERROCHROME NICKEL PIG IRONNICKEL STAINLESS SCRAP BRL/USD
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106 CAPEX: LOW MAINTENANCE + SOLID INVESTMENT IN GROWTH**SOLID AVERAGE 8% FREE CASH FLOW YIELD* BEST IN CLASS DISTRIBUTION TO SHAREHOLDERS 117 108 90 59 85 150 100 100 123 47 84 61 50 67 135 150 54 52 2017 2018 2019 2020 2021 2022 2023 2024 2025 Replacement & ESG² Growth / Improvement Aperam Track Record High Cash Flow, Low Maintenance Capex and High Cash Returns to Shareholders * calculated on year end market cap ** including Aperam Recycling, De-carbonization (EUR20m) other environment and social capex (EUR20m)
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107 No credit arrangement contains earnings related covenants BALANCED MATURITY PROFILE & AMPLE LIQUIDITY** A VERY SOLID MIX OF FINANCING INSTRUMENTS A STRONG BALANCE SHEET CREATED ROOM FOR ACQUISITONS* Aperam Track Record Maintaining a Solid Balance Sheet Forms the Basis of Aperam’s Financial Policy Aperam intends to maintain a strong balance sheet that is consistent with investment grade ratios **Financing documentati on is in line with investment grade standards and contains no pledges of assets or earnings covenants
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108 P&L €m 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 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 6,080 1,575 1,689.0 Adj. EBITDA 286 168 220 368 451 455 559 504 340 293 1,060 1,129 304 356 339 90 130.0 - Adj. EBITDA margin % 6% 4% 6% 9% 11% 12% 12% 11% 8% 8% 21% 14% 5% 6% 6% 6% 7.7% Exceptional items** (26) - - 43 - (10) (8) - 17 50 126 (53) (11) 2 (64) - 29.0 EBITDA 260 168 220 411 451 445 551 504 357 343 1,186 1,076 293 358 275 90 159.0 Depreciation and impairment (223) (248) (228) (190) (157) (158) (152) (143) (150) (144) (144) (186) (204) (229) (259) (56) (57.0) Operating Income / (loss) 37 (80) (8) 221 294 287 399 361 207 199 1,042 890 89 129 16 34 102.0 - Operating margin % 1% -2% 0% 5% 7% 7% 9% 8% 5% 5% 20% 11% 1% 2% 0% 2% 6.0% Income / (loss) from other investments 2 2 (1) (40) (13) - (3) 1 1 (1) (1) (1) (2) (1) (1) - (1.0) Financing costs (116) (59) (98) (89) (76) (37) (41) (5) (23) 40 2 (137) 30 (50) (90) (15) (7.0) Income / (loss) before taxes and non-controlling interests (77) (137) (107) 92 205 250 355 357 185 238 1,043 752 117 78 (75) 19 94.0 Income tax (expense) / benefit 33 51 33 (21) (49) (57) (35) (71) (37) (63) (74) (126) 87 154 85 (16) 23.0 - Effective tax rate % 43% 37% 31% 23% 24% 23% 10% 20% 20% 26% 7% 17% -74% -197% 113% 84% -24% Income / (loss) before non-controlling interests (44) (86) (74) 71 156 193 320 286 148 175 969 626 204 232 10 3 117.0 Non-controlling interests (1) - - - (1) - - - - - (1) (1) (1) (1) (1) - (1.0) Net income / (loss) (45) (86) (74) 71 155 193 320 286 148 175 968 625 203 231 9 3 116.0 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 0.13 0.04 1.61 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 0.13 0.04 1.59
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109 Cash Flow €m 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 26 Q2 26 Operating Income / (loss) 37 (80) (8) 221 294 287 399 716 207 210 1,042 890 89 127 16 34 97 Depreciation and impairment 223 248 228 190 157 158 152 143 150 144 144 186 204 229 259 56 57 Changes in working capital 36 117 (15) (156) (1) (34) (162) (197) 81 (22) (485) (258) 248 44 176 (112) 55 Income tax (paid) / refund (12) (12) (11) (23) (16) (7) (30) (36) (5) (4) (56) (118) (34) (15) (9) (4) (5) Interest paid, (net) (50) (56) (57) (49) (23) (9) (8) (5) (5) (7) (4) 3 (5) (27) (40) (7) (22) Other operating activities (net) 173 (5) 15 1 (57) (18) 23 29 (28) (7) (91) (61) (31) (78) 20 22 (43) Net cash provided by / (used in) operating activities 144 212 152 184 354 377 374 295 400 303 550 642 471 280 422 (11) 139 Purchase of property, plant & equipment, intangible assets and biological assets (CAPEX) (114) (127) (94) (78) (119) (118) (164) (192) (151) (109) (152) (285) (250) (154) (137) (33) (25) Other investing activities (net) 161 4 86 2 6 104 671 5 32 200 (31) (12) (53) (1) (452) (3) (8) Net Cash provided by / (used in) investing activities 366 (123) (90) (72) (113) (117) (163) (187) (119) (108) (183) (297) (303) (155) (589) (33) (33) Proceed / (payments) from payable to banks and long term debt (364) (59) (1) (158) (253) (12) (11) (13) 139 (37) 57 (60) 8 (172) 449 (7) 34 Purchase of treasury stock - - - 2 (13) - 375 853 (93) - (105) (194) - - - - - Dividends paid (44) (48) - (1) - (87) (106) (130) (142) (139) (140) (151) (145) (145) (144) (37) (36) Other financing activities (net) (5) (1) (6) (8) (3) - - (1) (8) (9) (9) (14) (16) (19) 1 (6) (9) Net cash (used in) / provided by financing activities (413) (108) (7) 2 (269) (99) (207) 762 (104) (185) (197) (419) (152) (336) 279 (50) (11) Effect of exchange rate changes 4 (1) (15) 8 2 11 (6) (1) (1) (27) (4) 7 (30) (15) - 6 2 Change in cash and cash equivalents 101 (20) 40 (49) (26) 172 (2) 722 176 (17) 166 (67) (15) (226) 109 (88) 97 Free cash-flow ** (Cash-flow from operations less cash-flow used in investing activities) 30 85 58 106 241 260 211 108 281 195 367 345 168 125 249 (44) 106 NFD 679 619 501 442 290 147 (63) 48 75 67 466 468 491 544 978 1,057 993 Total Cash return to shareholders 44 48 - (1) 13 87 (269) (723) 235 139 245 345 145 145 144 37 36 Cash conversion (adj. EBITDA) 50% 126% 69% 50% 78% 83% 67% 59% 118% 103% 52% 57% 155% 79% 124% -12% 107% 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 2.00 0.50 0.50
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110 Balance Sheet €m 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 31.03.2026 30.06.2026 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 3,237 3,247 3,347 Goodwill and intangible assets 699 651 586 573 511 536 509 490 479 429 439 451 452 427 505 513 514 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 2,226 2,246 2,242 ArcelorMittal tax indemnification - - - - - - - - - - - - - - - - - Investments & Other 347 408 372 411 399 490 396 284 213 179 240 226 352 488 506 488 591 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 1,938 2,015 2,082 Inventories, trade receivables & trade payables (OWC) 624 460 408 525 428 490 603 744 655 616 1,688 1,871 1,580 1,499 1,433 1,577 1,527 Other assets 112 102 94 135 129 84 82 77 84 151 94 167 143 157 180 200 221 Amount receivable under cash-pooling arrangement - - - - - - - - - - - - - - - - - Restricted cash - - - - - - - - - - - - 3 - - 1 - Cash & cash equivalents 191 171 212 162 136 308 306 199 375 358 524 457 443 216 325 237 334 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 3,210 3,253 3,287 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 3,195 3,238 3,272 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 1,350 1,373 1,391 Interest bearing liabilities 454 460 561 571 413 261 238 181 365 372 719 667 574 516 1,070 1,106 1,103 Deferred employee benefits 138 160 160 175 169 164 159 148 146 148 186 136 153 147 135 134 146 Provisions and other 200 171 145 211 229 304 277 199 182 161 200 203 186 146 145 133 142 Current liabilities (excluding trade payables) 689 581 393 314 268 448 251 336 348 370 653 684 721 663 615 636 751 Interest bearing liabilities 416 330 152 33 13 194 5 66 85 53 271 258 360 244 233 188 224 Other liabilities 273 251 241 281 255 231 246 270 263 317 382 426 361 419 382 448 527 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 4,164 4,336 4,283 Net financial debt / (Net Cash) 679 619 501 442 290 147 (63) 48 75 67 466 468 491 544 978 1,057 993 Working capital 624 460 408 525 428 490 603 744 655 616 1,688 1,871 1,580 1,499 1,433 1,577 1,527
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111 Segment Split Shipment (000t) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 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 1,668 430 430.0 Shipment A&S 37 36 36 35 34 30 33 36 36 31 30 27 33 38 61 16 16.6 Shipment S&S 662 661 679 721 746 799 818 819 706 646 726 642 647 739 716 191 174.0 Shipment R&R - - - - - - - - - - - 1,358 1,373 1,464 1,292 357 374.0 Other & Adjustment (625) (625) (637) (679) (730) (792) (797) (797) (678) (639) (733) (1,318) (1,405) (1,577) (1,450) (377) (388.6) Shipment total 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 2,287 617 606.0 Change 0% -4% 3% 5% 4% 2% 1% 2% -9% -6% 8% 27% -5% 4% 0% 11% -2% P&L (€m) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 Adj. EBITDA S&E 190 94 177 277 396 370 470 422 259 227 896 791 92 175 140 35 59 Adj. EBITDA A&S 51 43 44 44 39 26 46 46 50 45 58 53 49 83 114 27 29 Adj. EBITDA S&S 11 16 7 65 38 83 70 43 45 38 199 93 24 40 25 20 21 Adj. EBITDA R&R - - - - - - - - - - - 139 156 95 70 23 32 Adj. EBITDA Other & Elimination 34 15 (8) (18) (22) (24) (27) (7) (14) (17) (93) 53 (17) (37) (10) (15) -11 Adj. EBITDA total 286 168 220 368 451 455 559 504 340 293 1,060 1,129 304 356 339 90 130 CAPEX S&E 79 71 77 61 92 101 129 145 119 100 135 203 168 87 81 20 16 CAPEX A&S 8 18 9 9 11 9 10 11 10 5 10 30 34 27 39 6 4 CAPEX S&S 14 25 8 7 15 7 20 31 21 3 7 12 19 13 9 2 1 CAPEX R&R - - - - - - - - - - - 51 79 38 45 8 11 CAPEX Other & Elimination 13 13 - 1 1 1 5 5 1 1 - - - - 1 - 1 CAPEX 114 127 94 78 119 118 164 192 151 109 152 296 300 165 175 36 33 Margin and Ratio 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 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% 5.6% 5.7% 7.7% 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% 2.1% 0.3% 2.2% 6.0% Adj. EBITDA per ton (EUR/t) 164 100 127 203 239 237 289 256 190 175 583 489 138 155 148 146 215 Operating income / (loss) per ton (EUR/t) 21 (48) (5) 122 156 150 206 183 116 119 573 385 40 56 7 55 168
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112 AUSTENO-FERRITICS (DUPLEX) AUSTENITIC WITH MANGANESE (200 SERIES) LEGEND By weight Iron Molybdenum, Al, Cu Nickel Chromium Manganese Carbon Exceptionally hard steel Cutlery, razor blades, cutting tools, surgical instruments, construction tools… Resistant to stress corrosion & cheap Car exhausts, conveyor chains, cooking utensils, boilers, electrical appliances, trim, dishware, washing drums, heating, tanks, tubes… Tough & strong in a wide temperature range Boiler, aeronautics, electronic components, railway, tubes, chemical tanks, food vats, marine applications, furnace, heating… High strength applications Asphalt tankers, tubes, food containers, silos, conveyor chains, safety soles… Extreme corrosion resistance Oil & gas equipment, papermaking, pulp, desalination sector, chemical plants… Ferritic (400 SERIES) MARTENSITIC AUSTENITIC (300 SERIES) Appendix Key Stainless Product Categories by Alloy Content
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113 GHG Scope 1 – 2 - 3 Understand the Definitions Upstream activities Reporting company Downstream activities Scope 2 INDIRECT Scope 1 DIRECT Scope 3 INDIRECT Investments Purchased goods and services Transportation & distribution Capital goods Fuel & energy related activities Waste generated in operations Business travel Employee commuting Leased assets Purchase electricity, steam, heating & cooling for own use Company facilities Transportation & distribution Company vehicles Processing of sold products Use of sold products End-of-life treatment of sold products Leased assets Franchises Scope 3 INDIRECT Scope 1 – All Direct Emissions from the activities of an organisation or under their control. Including fuel combustion on site such as gas boilers, fleet vehicles and air- conditioning leaks Scope 2 – Indirect Emissions from electricity purchased and used by the organisation. Emissions are created during the production of the energy and eventually used by the organisation Scope 3 – All Other Indirect Emissions from activities of the organisation, occurring from sources that they do not own or control. These are usually the greatest share of the carbon footprint, covering emissions associated with business travel, procurement, waste and water
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114 R&R HR bandSlab Scope 1 – All Direct Emissions from the activities of an organization or under their control. 0.42 tCO2e/tcs – less sequestration 0.23 tCO2e/tcs = 0.18 tCO2e/tcs Scope 2 – Indirect Emissions from electricity purchased and used by the organization. 0.10 tCO2e/tcs Scope 3 – All Other Indirect Emissions from activities of the organization, occurring from sources that they do not own or control. (3a: Upstream, ie mostly raw materials 1.49 tCO2e/tcs Scope 2 emissions Scope 1 Emissions (non biogenic) Scope 3a emissions Product Process / equipment Raw materials Stainless scrap Ferronickel Ferrochrome Other alloys Electricity Nat. gas Consumables: Graphite Electrode Natural gas Wood Raw materials Iron ore Limestone Dolomite Molten metal Raw materials SS scrap Pig iron Raw materials Ferronickel Ferrochrome Other alloys EAF & Second Metallurgy Nat. gas Electricity Electricity Nat. gas Electricity Consumables Graphite Electrode Electricity Raw materials Silicon Slab Caster StainlessElectrica l Nat. gas Electricity Second Metallurgy Second Metallurgy Slab Caster Furnace Hot rolling Cold rolling Annealing & Pickling Furnace Hot rolling Cold rolling High temp. Annealing Decarb. Annealing FSC certified forest Charcoal production Blast Furnace Electric Arc Furnace Slab Caster Hot rolling Cold rolling Annealing & PicklingFurnace Electricity Nat. gas Electricity Electricity EU ETS (= scope 1) Charcoal Molten metal Slab CR band HR bandSlabMolten metal Slab CR band CR band HR bandSlabMolten metal Slab Sequestration R&R (BioEnergia) Scope 1 Emissions (biogenic) Aperam Recycling Recyco Scrap FeNi Europe 0.41 t CO2e/t* Brazil -0.0 t CO2e /t* Aperam has an Industry Leading CO2E Footprint1 Aperam’s CO2 Footprint 1) per tonne of slab, scope 1 + 2 (Scope 1 non-biogenic, Scope 2 “market-based”) based on ISO14404 (incl. purchased tons processed internall y and hire-work)
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115 Contact and Share Information Aperam Investor Relations > Roberta de Aguiar Faria > Henrik von Lukowicz > 24-26 Boulevard d’Avranches > L-1160 Luxembourg > Phone: +352 661 430 838 > ir@aperam.com Annual & ESG Report > Aperam Annual Report 2025 > Corporate Sustainability Report 2025 Europe Listed at Euronext (Amsterdam, Brussels and Paris) and also in Luxembourg and Madrid; symbol: APAM New York Aperam shares are traded as New York registry shares on the OTC: symbol APEMY Aperam’s Vision We are committed to establish Aperam as the leading value creator in the circular economy of infinite, world-changing materials.