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Aperam S.A.
Aperam S.A. (APAM) investor relations material
Aperam S.A. Q4 2025 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 (Q&A) earnings summary6 Feb, 2026
Executive summary
Order books in Europe are recovering in Q1 2026 due to seasonal effects, but structural demand remains weak.
Q4 2025 delivered solid results with accelerated deleveraging and strong cash generation, despite a trough market and challenging conditions in Europe.
Achieved stable shipments of 2,287 thousand tonnes in 2025, but profitability and net income declined sharply due to pricing pressure and low demand.
Leadership Journey® Phase 5 delivered EUR 195 million in gains, nearly completing the three-year plan in two years; Phase 6 launched with a EUR 150 million target for 2026–2028.
Universal Stainless acquisition closed in January 2025, with expected annual synergies of EUR 27 million over five years.
Financial highlights
Q4 2025 sales were EUR 1,358 million, down 4% sequentially and 8% year-over-year; adjusted EBITDA was EUR 67 million, down 9% sequentially and 42% year-over-year.
Adjusted EBITDA for 2025 was EUR 339 million, down 4.8% year-over-year, with a margin of 5.6%.
EBITDA guidance for Q1 2026 is higher than Q4 2025, with a EUR 100 million quarterly run rate expected in H1 2026.
Net financial debt reduced to EUR 978 million at year-end 2025, a 6% sequential decrease, but up from EUR 544 million in 2024.
Free cash flow before dividend was EUR 248 million in 2025, but after the Universal acquisition, it was EUR (167) million.
Outlook and guidance
Q1 2026 EBITDA and shipments are expected to increase sequentially, driven by higher seasonal volumes in Europe.
Normalized EBITDA guidance is EUR 700 million–EUR 800 million, reflecting a conservative outlook due to CBAM and trade defense uncertainties.
Annual guidance is limited due to short order book visibility and market variables; only H1 guidance provided.
FY 2026 capex guidance is EUR 200 million; base dividend to remain stable at EUR 2.00/share (~EUR 145 million).
Net financial debt is expected to rise in Q1 2026 due to seasonally higher working capital needs.
What drives current EU market inventory drawdown?
Quantify expected utilization lift from EU trade measures
Reconcile normalized EBITDA guidance change
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Next Aperam S.A. earnings date
Q1 202630 Apr, 2026
Aperam S.A.
Next Aperam S.A. earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Aperam S.A. is a Luxembourg-based company engaged in the production of stainless, electrical, and specialty steel. Catering to a global market, Aperam focuses on delivering high value-added specialty products, including grain-oriented and non-grain-oriented electrical steels, nickel alloys, as well as a variety of stainless steel formats such as tubes, discs, flat bars, coils, and sheets. The company operates through four main segments: Stainless & Electrical Steel, Services & Solutions, Alloys & Specialties, and Recycling & Renewables.
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