First quarter 2026 results1  “Strong performance from the diversified value chain”  Luxembourg, April 30, 2026 (07:00 CEST) - Aperam S.A. (referred to as “Aperam” or the “Company”) (Amsterdam, Luxembourg, Paris, Brussels: APAM, NYRS: APEMY), announced today results for the three months ended March 31, 2026.
 Highlights
| Health and Safety: LTI frequency rate of 1.4x in Q1 2026 compared to 2.0x in Q4 2025 Shipments of 617 thousand tonnes in Q1 2026, 11% increase compared to shipments of 554 thousand tonnes in Q4 2025 Adjusted EBITDA of EUR 90 million in Q1 2026, compared to Adjusted EBITDA of EUR 67 million in Q4 2025 Net income of EUR 3 million in Q1 2026, compared to EUR 29 million in Q4 2025 Basic earnings per share of EUR 0.04 in Q1 2026, compared to EUR 0.40 in Q4 2025 Free cash flow before dividend amounted to EUR (44) million in Q1 2026, compared to EUR 112 million in Q4 2025 Net financial debt of EUR 1,057 million as of March 31, 2026, compared to EUR 978 million as of December 31, 2025 |
 Strategic initiatives
| Leadership Journey®2 Phase 6: Gains reached already EUR 18 million in Q1 2026; target gains of EUR 150 million over the period 2026 to 2028 |
 Prospects
[1]a
| Q2 2026 adjusted EBITDA is expected to be significantly higher compared to Q1 2026 We guide for a slightly lower Q2 2026 net financial debt despite working capital seasonality thanks to earnings strength and efficient integrated value chain |
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| Sud Sivaji, CEO of Aperam, commented:  “Aperam has delivered its best start to a year in three years, with a strong Q1 performance that serves as a powerful validation of our diversified business model. Despite the undeniable geopolitical challenges and energy volatility in 2026, every one of our segments is contributing to our value growth, proving again that we are much more than just a European stainless steel story. In Europe, we are not just waiting for a market recovery - we are benefiting from a structural shift. The combination of upcoming Trade Defense regulation provides a secure framework for Aperam to capture the 'Europe Upside' while we continue to deliver on our global transformation projects.”   |
Financial Highlights (on the basis of financial information prepared under IFRS)
| (in millions of Euros, unless otherwise stated) | Q1 26 | Q4 25 | Q1 25 |
| Sales | 1,575 | 1,358 | 1,658 |
| Operating income / (loss) | 34 | (29) | (11) |
| Net income / (loss) attributable to equity holders of the parent | 3 | 29 | (18) |
| Basic earnings per share (EUR) | 0.04 | 0.40 | (0.24) |
| Diluted earnings per share (EUR) | 0.04 | 0.40 | (0.24) |
| Â | Â | Â | Â |
| Free cash flow before dividend | (44) | 112 | (574)(1) |
| Net Financial Debt (at the end of the period) | 1,057 | 978 | 1,235 |
| Â | Â | Â | Â |
| Adj. EBITDA | 90 | 67 | 86 |
| Exceptional items | — | (28)(2) | (36)(3) |
| EBITDA | 90 | 39 | 50 |
| Â | Â | Â | Â |
| Adj. EBITDA/tonne (EUR) | 146 | 121 | 150 |
| EBITDA/tonne (EUR) | 146 | 70 | 87 |
| Â | Â | Â | Â |
| Shipments (000t) | 617 | 554 | 575 |
(1) Includes purchase consideration related to the acquisition of Universal of EUR (415) million. (2) Mostly related to EUR (15) million restructuring costs and EUR (10) million inventory adjustments. (3) Primarily related to the non-cash reversal of the fair value adjustment of inventories related to the acquisition of Universal.  Health & Safety results  Health and Safety performance based on Aperam personnel figures and contractors’ lost time injury frequency rate was 1.4x in the first quarter of 2026 compared to 2.0x in the fourth quarter of 2025.  Financial results analysis for the three-month period ending March 31, 2026 Sales for the first quarter of 2026 increased by 16.0% at EUR 1,575 million, compared to EUR 1,358 million for the fourth quarter of 2025. Shipments increased from 554 thousand tonnes in the fourth quarter of 2025 to 617 thousand tonnes in the first quarter of 2026 largely due to seasonality in Europe.  Adjusted EBITDA increased to EUR 90 million for the first quarter of 2026 from EUR 67 million (excluding an exceptional loss of EUR (28) million) in the fourth quarter of 2025. Major drivers were seasonally higher shipments in Europe, positive valuation effects and efficient cost management, partly offset by seasonally lower shipments in Brazil.  Depreciation and amortization expense was EUR (56) million for the first quarter of 2026.  Aperam had an operating income for the first quarter of 2026 of EUR 34 million compared to an operating loss of EUR (29) million for the previous quarter.  Financing costs, net, including the FX and derivatives result for the first quarter of 2026 were EUR (15) million. Cash cost of financing was EUR (16) million during the quarter.  Income tax expense for the first quarter of 2026 was EUR (16) million.  The net result recorded by Aperam was a profit of EUR 3 million for the first quarter of 2026, compared to a profit of EUR 29 million for the fourth quarter of 2025. Cash flows from operations for the first quarter of 2026 were negative at EUR (11) million, affected by a working capital increase of EUR 112 million linked to higher activity and higher raw material prices. CAPEX for the first quarter was EUR (30) million.  Free cash flow before dividend for the first quarter of 2026 was negative at EUR (44), compared to an amount of EUR 112 million for the fourth quarter of 2025. During the first quarter of 2026, cash returns to shareholders amounted to EUR 37 million, fully consisting of dividends.  Operating segment results analysis  Stainless & Electrical Steel (1) Â
| (in millions of Euros, unless otherwise stated) | Q1 26 | Q4 25 | Q1 25 |
| Sales | 993 | 873 | 1,069 |
| Adjusted EBITDA | 35 | 11 | 28 |
| Exceptional items | — | (5) | — |
| EBITDA | 35 | 6 | 28 |
| Depreciation & amortization | (24) | (30) | (27) |
| Operating income / (loss) | 11 | (24) | 1 |
| Steel shipments (000t) | 430 | 415 | 421 |
| Average steel selling price (EUR/t) | 2,200 | 1,995 | 2,417 |
(1) Amounts are shown prior to intra-group eliminations  The Stainless & Electrical Steel segment had sales of EUR 993 million for the first quarter of 2026. This represents a 13.7% increase compared to sales of EUR 873 million for the fourth quarter of 2025. Steel shipments during the first quarter were 430 thousand tonnes, an increase of 3.6% compared to shipments of 415 thousand tonnes during the previous quarter. Shipments in Europe improved seasonally, while in Brazil shipments were seasonally lower. Average steel selling prices for the Stainless & Electrical Steel segment increased by 10.3% compared to the previous quarter.  The segment generated an Adjusted EBITDA of EUR 35 million for the first quarter of 2026 compared to an Adjusted EBITDA of EUR 11 million (excluding an exceptional loss of EUR (5) million) for the fourth quarter of 2025. Adjusted EBITDA increased due to higher utilization and supported by positive valuation effects.  Depreciation and amortization expense was EUR (24) million for the first quarter of 2026.  The Stainless & Electrical Steel division had an operating income of EUR 11 million for the first quarter of 2026 compared to an operating loss of EUR (24) million for the fourth quarter of 2025.   Services & Solutions (1) Â
| (in millions of Euros, unless otherwise stated) | Q1 26 | Q4 25 | Q1 25 |
| Sales | 555 | 451 | 643 |
| Adjusted EBITDA | 20 | 7 | 13 |
| Exceptional items | — | (1) | — |
| EBITDA | 20 | 6 | 13 |
| Depreciation & amortization | (4) | (4) | (4) |
| Operating income / (loss) | 16 | 2 | 9 |
| Steel shipments (000t) | 191 | 159 | 207 |
| Average steel selling price (EUR/t) | 2,733 | 2,635 | 2,968 |
(1) Amounts are shown prior to intra-group eliminations  The Services & Solutions segment had sales of EUR 555 million for the first quarter of 2026, representing an increase of 23.1% compared to sales of EUR 451 million for the fourth quarter of 2025. Steel shipments were 191 thousand tonnes compared to 159 thousand tonnes during the previous quarter. Average steel selling prices for the Services & Solutions’ segment were 3.7% higher during the first quarter of 2026 compared to the fourth quarter of 2025.               The segment generated an Adjusted EBITDA of EUR 20 million for the first quarter of 2026 compared to an Adjusted EBITDA of EUR 7 million (excluding an exceptional loss of EUR (1) million) for the fourth quarter of 2025. Adjusted EBITDA supported by higher demand and positive valuation effects.  Depreciation and amortization expense was EUR (4) million for the first quarter of 2026.  The Services & Solutions segment had an operating income of EUR 16 million for the first quarter of 2026 compared to an operating income of EUR 2 million for the fourth quarter of 2025.                Alloys & Specialties(1) Â
| (in millions of Euros, unless otherwise stated) | Q1 26 | Q4 25 | Q1 25 |
| Sales | 273 | 255 | 284 |
| Adjusted EBITDA | 27 | 22 | 29 |
| Exceptional items | — | — | (36) |
| EBITDA | 27 | 22 | (7) |
| Depreciation & amortization | (9) | (11) | (9) |
| Operating income / (loss) | 18 | 11 | (16) |
| Steel shipments (000t) | 16 | 16 | 15 |
| Average steel selling price (EUR/t) | 15,846 | 16,345 | 17,745 |
(1) Amounts are shown prior to intra-group eliminations  The Alloys & Specialties segment had sales of EUR 273 million for the first quarter of 2026, representing an increase of 7.1% compared to EUR 255 million for the fourth quarter of 2025. Steel shipments remained stable during the first quarter of 2026 at 16 thousand tonnes. Average steel selling prices for the Alloys & Specialties’ segment were 3.1% lower during the first quarter of 2026.  The Alloys & Specialties segment achieved Adjusted EBITDA of EUR 27 million for the first quarter of 2026 compared to EUR 22 million for the fourth quarter of 2025. Adjusted EBITDA improved, despite higher maintenance costs supported by seasonal pick up.  Depreciation and amortization expense for the first quarter of 2026 was EUR (9) million.  The Alloys & Specialties segment had an operating income of EUR 18 million for the first quarter of 2026 compared to an operating income of EUR 11 million for the fourth quarter of 2025.   Recycling & Renewables (1) Â
| (in millions of Euros, unless otherwise stated) | Q1 26 | Q4 25 | Q1 25 |
| Sales | 431 | 348 | 456 |
| Adjusted EBITDA | 23 | 32 | 16 |
| Exceptional items | — | (20) | — |
| EBITDA | 23 | 12 | 16 |
| Depreciation, amortization & impairment | (19) | (24) | (21) |
| Operating income / (loss) | 4 | (12) | (5) |
| Shipments (000t) | 357 | 290 | 356 |
| Average selling price (EUR/t) | 1,207 | 1,200 | 1,281 |
(1) Amounts are shown prior to intra-group eliminations  The Recycling & Renewables segment had sales of EUR 431 million for the first quarter of 2026, representing an increase of 23.9% compared to EUR 348 million sales for the fourth quarter of 2025. Shipments increased by 23.1% during the first quarter of 2026 to 357 thousand tonnes. Average selling prices for the Recycling & Renewables’ segment were 0.6% higher during the first quarter of 2026.  Adjusted EBITDA decreased during the quarter to EUR 23 million compared to Adjusted EBITDA of EUR 32 million (excluding an exceptional loss of EUR (20) million) in the fourth quarter of 2025. Adjusted EBITDA decreased against the seasonal quarter which was bolstered by exceptionally strong end-of-year valuation effects.  Depreciation and amortization expense for the first quarter of 2026 was EUR (19) million.  The Recycling & Renewables segment had an operating income of EUR 4 million for the first quarter of 2026 compared to an operating loss of EUR (12) million for the fourth quarter of 2025.    Recent developments  On February 20, 2026, Aperam proudly announced its inclusion, for the second consecutive year, in the prestigious 2026 Clean200™ list by Corporate Knights. Ranked 113th among the world’s 200 most sustainable companies, Aperam is placed in the top 2% of more than 8,000 companies evaluated worldwide and stands as one of the leaders in sustainable stainless steel and alloys production. On March 12, 2026, Aperam announced its inclusion in the BEL 20 stock market index, effective March 23, 2026, following the results of the 2026 annual review of the BEL Family indices conducted by Euronext. On March 26, 2026, Aperam announced the publication of its Annual Report 2025 (
Link). On April 1, 2026, Aperam announced that it had acquired the Magnetec Group (Magnetec), a producer of nanocrystalline soft magnetic components. Magnetec was subject to preliminary insolvency proceedings. The transaction supports the continued development of Aperam’s Alloys & Specialties division by expanding its downstream activities and strengthening its position in electrical engineering and electronics markets globally. On April 2, 2026, before entering its quiet period ahead of the upcoming Q1 2026 quarterly results announcement on April 30, 2026, Aperam reminded market participants of the standing guidance, earnings drivers and events that should be considered. On April 3, 2026, Aperam announced the publication of the convening notice for its Annual General Meeting of shareholders to be held on May 5, 2026.  Investor conference call / webcast  Pre-recorded management comments are available as from publication of this earnings release on our website at
www.aperam.com, section Investors > Reports & Presentations > Quarterly results > Q1-2026 (
Link to Q1 2026 management podcast). Â Aperam management will host a conference call / webcast for members of the investment community to discuss the financial performance of the quarter under report at the following time: Â
| Date | New York | London | Luxembourg |
| Thursday, 30 April | 8:00 | 13:00 | 14:00 |
 Link to the webcast:
https://www.webcast-eqs.com/aperam-2026-q1 Â To join the conference call a registration is necessary to receive dial-in-numbers and an individual passcode:
https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=3878275&linkSecurityString=b03ba8ff2     Contacts  Investor Relations / Roberta de Aguiar Faria:
IR@aperam.comCommunication / Ana Escobedo Conover:
Ana.Escobedo@aperam.com    About Aperam  Aperam is a global player in stainless, electrical and specialty steel and recycling, with customers in over 40 countries. The business is organized in four primary reportable segments: Stainless & Electrical Steel, Services & Solutions, Alloys & Specialties and Recycling & Renewables. Aperam is fully committed to be the leading value creator in the circular economy of infinite, world-changing materials.  Aperam has a flat Stainless and Electrical steel capacity of 2.5 million tonnes in Brazil and Europe and is a leader in Alloys & high value specialty products with presence in France, China, India and the United States. In addition to its industrial network, spread over sixteen production facilities in Brazil, Belgium, France, the United States, India & China, Aperam has a highly integrated distribution, processing and services network and a unique capability to produce low carbon footprint stainless and special steels from biomass, stainless steel scrap and high performance alloys scrap. With Bioenergia and its unique capability to produce charcoal made from its own FSC®-certified forestry and with Aperam Recycling, a global leader in collecting, trading, processing and recycling of stainless steel scrap and high performance alloys, Aperam places sustainability at the heart of its business, helping customers worldwide to excel in the circular economy.  In 2025, Aperam had sales of EUR 6,080 million and shipments of 2.29 million tonnes.  For further information, please refer to our website at
www.aperam.com.   Forward-looking statements  This document may contain forward-looking information and statements about Aperam 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. 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). Aperam undertakes no obligation to publicly update its forward-looking statements or information, whether as a result of new information, future events, or otherwise.
APERAM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Â
| (in million of EURO) | March 31, 2026 | December 31, 2025 | March 31, 2025 |
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fr | LU0569974404 | APERAM S.A. | boerse | 69261763 |
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