Aperam S.A. (APAM) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 adjusted EBITDA is expected to increase from Q4 2025’s €67m, with consensus at €89m for Q1 2026.

• H1 2026 EBITDA run-rate guidance remains at €200m, despite recent energy cost increases.

• Geopolitical instability, notably the Iran war, is creating a volatile demand environment.

• Leadership Journey Phase 5 goals were achieved early; Phase 6 launched in 2026, targeting €150m gains by 2028.

Financial highlights

• Adjusted EBITDA for Q1 2026 is forecasted to rise compared to Q4 2025.

• Financial debt is expected to increase in Q1 and Q2 due to working capital needs, with deleveraging targeted by year-end.

Outlook and guidance

• Q1 2026 adjusted EBITDA consensus stands at €89m; H1 2026 run-rate guidance of €200m remains valid.

• Guidance assumes stable commodity prices.