Slide 1: Third Quarter 2025 Results
t>—, operem = OO Third Quarter 207g Basal
Slide 2: Q3 2025 highlights, Value Strategy, ESG, Business Overview
Q3 2025 highlights page 4 Value Strategy 15 ESG 28 Business Overview 46 • S&E Europe 53 • S&E South America 62 • Services & Solutions 71 • Alloys & Specialties 80 • Recycling & Renewables 90 Aperam Recycling 95 Recyco 103 BioEnergia 106 Appendix 116
Slide 3: Disclaimer
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
Slide 4: EU Steel Action Plan
EU STEEL ACTION PLAN oPeroM REGULATORY ENVIRONMENT WITH POSITIVE IMPLICATIONS FOR THE EU STAINLESS STEEL INDUSTRY r r r r Le : d “ead TA TIGHTENED MELTED & POURED SCRAP AS CRITICAL RAW SAFEGUARD CLAUSE CBAM ON TRACK MATERIAL Enhanced trade Potential to reduce Levels the playing field EU scrap regula
Slide 5: Q3 2025 Highlights
Q3 2025 HIGHLIGHTS operom PERFORMANCE REFLECTS IMPACT OF SEASONALITY AND CONTINUED PRICING PRESSURE IN EUROPE Europe: Volumes seasonally down due to the summer quarter and continued pricing pressure Brazil: Performance supported by seasonality and solid demand Alloys segment impacted by summer shutd
Slide 6: Q3 2025 Market Update
Q3 2025 MARKET UPDATE operom SOFTNESS IN EUROPEAN DEMAND CONTINUES, RELIABLE PERFORMANCE IN BRAZIL; IMPORT VOLUMES CONTINUED TO RAISE; INVENTORIES DOWN CONSTRUCTION e@ CONSUMER e@ AUTOMOTIVE & PHYSICAL INVENTORY DECREASED GOODS TRANSPORT 80,000 100 > EU: Price and cost > EU: stable demand > EU: Slow
Slide 7: Q3 2025 Financial Highlights
Q3 2025 FINANCIAL HIGHLIGHTS Oper om FULLY IN LINE WITH GUIDANCE: EBITDA LOWER, DELEVERAGING CONTINUES EURm Q325 Q225 qoq Q324 yoy Q3-25 KEY COMMENTS Sales 1410 1654 15% 1493 -6% Steel shipments: Lower volumes due to seasonality in Europe, Adj. EBITDA 74 112 -34% 99-25% but higher volumes in Brazil
Slide 8: Q3 2025 Segments
r . Recycling & Renewables adj. EBITDA (EURM) 32 madj EBITDA 39 36 5 (EURm) 16 adj. EBITDA/t ic Q324 Q225 9325 > Shipments -7% qoq, -24% yoy due to low demand from weak European market and seasonality > qoq: adj. EBITDA softer resulting from lower volumes and lower selling prices > yoy: adj. EBITDA
Slide 9: Q4 Q3 Q2 Q1 2024 2025 2026 • • • • •
Q4 Q3 Q2 Q1 2024 2025 2026 • • • • •
Slide 10: Net Financial Debt
NET FINANCIAL DEBT operom SECOND SUCCESSFUL DELEVERAGING STEP IN Q3 2025 DESPITE SEASONALITY AND VERY CHALLENGING MARKET ENVIRONMENT NET FINANCIAL DEBT (NFD) Schematic > Net financial debt decreased further in Q3 2025 = Working capital optimization = Cost control efficiency > Q4 2025 and 2026 = Robu
Slide 11: Sustainability
SUSTAINABILITY oper om APERAM’S COMMITMENT TO SUSTAINABLE FINANCE MOODY’S Sustainability quality score . . one. . . . S$Qss SQs4 SQs3 SQS2 S$Qsi SQS2 Aperam established a Sustainability-Linked Financing Framework: Weak Intermediate Good Very good Excellent Alignment with principles misomaoarvcunes C
Slide 12: Outlook
OUTLOOK Oper om GUIDANCE & OTHER FORWARD LOOKING ITEMS : <——— r 04 2025 OUTLOOK r OTHER ITEMS > Q4 shipments are expected seasonally higher > FY 2025 base dividend stable at qoq EUR2.00/share (~EUR145 million) > Q42025 adj. EBITDA is expected slightly lower > FY 2025 group capex guidance ~EUR170m: t
Slide 13: Quarterly Financial Results
QUARTERLY FINANCIAL RESULTS aperam Q3 2025 REFLECTS SEASONALITY, PRICE PRESSURE AND MAINTENANCE r r ADJ. EBITDA & MARGIN NET INCOME & EPS* SHIPMENT VOLUMES 112 74 3 Q4 QL Q2 O3 Q4 Ql gz 3 Q3 Q4 Ql Q2 Q3 Q4 Q1 Q2 93 24 24 24 24 25 25 25 23. 23 24 24 «24 «24 «25 «25 25 23.23 m Net result (me) @H EPS)
Slide 14: EURm Q3 25 Q2 25
112 EURm 3.2 86 116 519 2.8 2.7 55 99 86 74 1,143 55 217 146 138 1.6 1.5 716 111 157 0.4 0.4 1,045 19 9 -141 544 -135 -150 0.6 492 491 468 0.3 290 147 0.1 0.2 0.2 -0.1 48 75 67 -63 -26 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Q2 25 Q3 25 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25
Slide 15: Value Strategy
VALUE STRATEGY operom BODEGA IRIUS Barbastro, Huesca - Espagne / Marino Pascual & Asociados Arquitectura © Adriana Landaluce / Executed using Aperam 316L Uginox Top finish 15
Slide 16: Business Overview
2.5mt Capacity @ Timcteo, Brazil BUSINESS OVERVIEW operom APERAM IS ACTIVE IN STAINLESS, ELECTRICAL & SPECIALTY STEEL & SCRAP #2 IN EUROPE AND THE ONLY PRODUCER IN SOUTH AMERICA Revenue by industry 2024 12,207 Employees @ Building & Construction MM Automotive E . MH Catering & Appliances ‘Ml Energy
Slide 17: A Differentiated Value Chain
A DIFFERENTIATED VALUE CHAIN operom APERAM IS STAINLESS AND MUCH MORE TODAY ee, ne > Aperam Recycling enables 100% > Europe and Brazil share common > S&€E provides low cost upstream > S&E provides S&S with material at scrap based products at S&E innovation portfolios capacity for A&S growth plan sho
Slide 18: Growth: No Progress Without Aperam's Products
GROWTH Oper om NO PROGRESS WITHOUT APERAM’S PRODUCTS Photo Voltaic Solar: 2 to 5 t/Mwe Geothermal: Stainless Steel >50 t/MWe Stainless Steel & Alloys 40 kg per car eg bipolar plates 1 io duties vehicles - 200 kg per truck lines, tanks) 450 t for a 100,000 m?/day facility H2 Electrolysis: 2uMW Stainl
Slide 19: Financial Policy
FINANCIAL POLICY operom FINANCIAL POLICY BALANCES GROWTH OPPORTUNITIES AND SHAREHOLDER RETURNS GROWTH BUSINESS 1 f Strong Balance Maintenance > Specialty Sheet CAPEX > Sustainability Drive base dividend Cres 2025: €UR120m growth & Solid balance sheet 2 Supply Chain Dividend Progressive Policy EUR2.0
Slide 20: Megatrends (Growth)
MEGATRENDS (GROWTH) operom PROFOUND AND LASTING CHANGE DRIVES UNPRECEDENTED GROWTH OF STAINLESS & ELECTRICAL STEEL CONSUMPTION Very long useful life 100% recyclable Corrosion resistant Abrasion resistant Acid resistant Fire proof Mechanically strong Non toxic Aesthetic Decrease CO, Footprint of Ener
Slide 21: BioEnergia and CBAM
> BioEnergia C Carbon B Border > > A Adjustment > M Mechanism > > ETS ~8t CO2/t > Price elta > > > > BioEnergia
Slide 22: Performance: The Leadership Journey
PERFORMANCE THE LEADERSHIP JOURNEY? - 5 DISTINCT PHASES IN RESPONSE TO A CHANGING MARKET PHASE 3 2018-20 (€200M) Transformation Realized: €223m PHASE 1 2011-13 (€250M) PHASE 2 2014-17 (€200M) Restructuring Realized: €277m Asset upgrade Realized: €232m New technology . ; 7 » feotprint change Asset up
Slide 23: EUR1.1bn EUR559m EUR310m
EUR1.1bn > - EUR559m EUR304m - > EUR310m EUR293m > EUR168m 23
Slide 24: Strategy 2025
STRATEGY 2025 oPeroM THE LEADERSHIP JOURNEY® IS OUR MAIN LEVER TO TURN APERAM IN A MORE RESILIENT AND PROFITABLE COMPANY r q OUR PLAN TRANSITIONS APERAM TO A HIGHER NORMALIZED EARNINGS LEVEL” More Our industrial plan will Profitable create significant value Our plan ~€300m Future normal Cash Higher
Slide 25: S&E Europe S&E S. America A&S incl. USAP
S&E Europe S&E S. America A&S incl. USAP S&S R&R
Slide 26: Products, Process, Environment
Products Process Environment Climate change Social Governance Ethics
Slide 27: Why to Invest in Aperam
r Our products will serve the future Our responsible - produced solution are best positioned to serve customers in an environmentally conscious economy We have a plan How to grow Aperam into a more profitable, cash generative and resilient company WHY TO INVEST IN APERAM r r A team witha track recor
Slide 28: ESG
ESG Siléne luminaris sive Muflier de Borges, Miguel Chevalier Fondation Clément, Le Francois, Martinique Aperam stainless steel used : Aperam 316 Hot Rolled France Fabrication : Serrurerie La Parette, Roquefort-la Bédoule 28
Slide 29: ESG Overview
Responsible Low-GHG Stainless Steel Producer ESG OVERVIEW APERAM APPROACHES ESG HOLISTICALLY r r ENVIRONMENT SOCIAL > Health & Safety is our prime objective > Leading CO, e footprint > Clear improvement targets - Waste - Air - Water - Energy > Human Rights, Inclusion & diversity > Biodiversity focus
Slide 30: ESG ratings and awards
Award by the ICDA. Reconfirmed as "AA" Rated "A-“ (Climate Change) Responsibly source (Leadership level) and “B” (Water Security) chromium.
Slide 31: ESG Status & Targets
ESG STATUS & TARGETS oPeroM A BEST IN CLASS FOOTPRINT & CLEAR IMPROVEMENT TARGETS2 CRITERIA 2030 TARGET APERAM 2024 vs 2015 Energy intensity 6.9G)/tcs? -11%vs 2015 8.5* GJ/tcs? +10% CO, intensity? 0.30 te/tcs? New objective 0.34" te/tcs? -37% Water consumption 6.1 m3 /tcs? -40% vs 2015 8.5* m3/tcs?
Slide 32: Product & Process
PRODUCT & PROCESS operom APERAM PRODUCES A SUPERIOR PRODUCT IN A SUSTAINABLE AND RESPONSIBLE WAY SUPERIOR Hf Very long useful life Mi Corrosion resistant Hi Abrasion resistant PRODUCT 100% recyclable W Acid resistant BH Aesthetic Mi Non toxic Mi Fire proof @ Mechanically strong Our blast furnace in
Slide 33: Products: We Are Part of the Solution
PRODUCTS oper om WE ARE PART OF THE SOLUTION e-Mobility Aperam’s solutions enable e-vehicle components such as converters, inverters, onboard-charges, motors, EPS, cooling solutions systems, air conditioning systems, current sensors, charging stations, fuel cells and battery packs . Stainless and al
Slide 34: GHG: Recycling content and renewable energy
d GHG RECYCLING CONTENT & RENEWABLE ENERGY SHARE PUTS APERAM IN A BEST-IN-CLASS POSITION r SCRAP USAGE REDUCES CO, EMISSIONS SUBSTANTIALLY* Co,/t oo HH 300 SERIES Integrated producers with blast furnaces or RKF for NPI (Asia) | EAF process route (mostly Europe) af 4 o eet ‘Scrap Share 400 SERIES Sou
Slide 35: Decarbonization
DECARBONIZATION oper om CARBON NEUTRALITY BY 2050 IS CAPEX LIGHT AND TECHNICALLY EASY r r r APERAM CO; EMISSION BY SCOPE Aperam Is Part Of The Steel MEASURES & CAPEX 0.28 te/tcs* Industry - In A Very Different Way Ne Target: <0.3 tCO,e/tcs in 2030” ws - 5 a a secu > Our scrap & charcoal based ae Sen
Slide 36: Energy is still a major CO2e driver
EMERGY IS STILL A MAJOR CO, E Natural Gas : ~50% APERAM ENERGY NEEDS & CO, RENEWABLE SOURCES ~20% Electricity ~15% Raw Materials r operom MISSON DRIVER DESPITE SHARE OF 50% FROM ~15% Others > €fficiency increase > Electrification (renewable electricity) > Hydrogen Technical feasibility: | Medium Pro
Slide 37: Aperam CO2 Scope 1-2
APERAM CO, SCOPE 1-2 operom co, REDUCTION PROGRAM COMPOSITION Energy Efficiency Green Energy Generation > Use of Al and Deep Learning for improving our heating > Maximize the use of renewables: solar, wind models > Heat recovery (high and medium temperature) for heating > Thermal insulation or elect
Slide 38: Stainless Steel Global CO2 Footprint
STAINLESS STEEL GLOBAL CO, FOOTPRINT operom SCOPE 3 MAKES ALL THE DIFFERENCE IN STAINLESS STEEL 2020 Stainless Steel Industry - CO, Intensity Breakdown by Scope* Steam | Coal eer Scope 1 Others Nat. gas / Piglron Stainless total —> 025 05 O75 10 125 15 #175 20 225 25 275 3.0 tCO, / steel *Worldsteel
Slide 39: Stainless Steel Global CO2 Footprint
STAINLESS STEEL GLOBAL CO, FOOTPRINT operom THE SHARE OF RECYCLED MATERIAL DEFINES THE CO, FOOTPRINT - THIS IS ONE REASON FOR APERAM’S DIFFERENTIATED VALUE CHAIN Actual and modelled carbon footprint for 1 t 304 black coil in EU, Indonesia and China (kg CO,-eq) €U (actual) eu Indonesia 10,536 Chinaa
Slide 40: BioEnergia
Aperam Recycling BioEnergia > > > >
Slide 41: Environment
ENVIRONMENT oPeroM APERAM HAS A CONVINCING ENVIRONMENTAL TRACK RECORD AND CLEAR IMPROVEMENT TARGETS d r r Dust emissions (g/t crude steel) CO, emissions (t/t crude steel)* Water intake (m3/t crude steel) 06 0.55 0s 0.45 04 0.35 03 0.25 & a = i=} wo 02 MORBHROANMT OC NOK OD uns © NOROMOHNMS OC SESRBS
Slide 42: Health & Safety
HEALTH & SAFETY operom OUR PRIME OBJECTIVE r r TRIR IS CLEARLY BELOW THE SS INDUSTRY”... Fatality Restricted work Declared accident fo} N ZS a foo} B ° 2012 2013 2014 7 201 2016 201, 201! 2019 2020 2021 2022 0. 0. M@ ISSF mf Aperam * TRIR = Total Recordable Incident Rate; sectorial benchmark: Worlds
Slide 43: UN SDGs
UN SDG'S APERAM SUPPORTS THE UNITED NATIONS’ SUSTAINABLE DEVELOPMENT GOALS, IN PARTICULAR: operon (¥ >) Health & Safety is Aperam’s primary concern and the priority in all our proceedings (t ) Gender balance ranks highly on our priority list with a special commit- ment from Management. Aperam establ
Slide 44: Governance
GOVERNANCE oper om OUR LEADERSHIP TEAM IS DIVERSE & EXPERIENCED r r LEADERSHIP TEAM KEY FACTS & COMPENSATION > €ntrusted with day-to-day management of the Company > Appointed by the Board of Directors > €xperience and industry know-how > Average age: 53/5 nationalities yee PY Frederico Ayres > CEO:
Slide 45: N America France UK
8% 5% 29% 6% 5% 4% 2% 41% N America France UK Benelux Germany Other Mittal Family Private & NA
Slide 46: Aperam Business Overview
OPpefom Aperam Business Overview
Slide 47: Business Overview
2.5mt Capacity @ Timcteo, Brazil BUSINESS OVERVIEW operom APERAM IS ACTIVE IN STAINLESS, ELECTRICAL & SPECIALTY STEEL & SCRAP #2 IN EUROPE AND THE ONLY PRODUCER IN SOUTH AMERICA 12,207 Employees 51 Recycling Locations FSC Certified Forest in Brazil a O Genk, Belgium © Chatelet, Belgium Revenue by in
Slide 48: Recycling & Renewables
P RECYCLING & RENEWABLES 1.5mt Scrap & Charcoal shipments 24% of group adjusted EBITDA Scrap is our key raw material, Charcoal our major energy > €LGis a global leader in the trading, processing and recycling of scrap for the stainless steel industry & market leader in the recycling of superalloys a
Slide 49: Aperam's Value Chain and Segments
BUSINESS OVERVIEW oPeroM APERAM'S VALUE CHAIN AND HOW IT SPLITS INTO SEGMENTS Raw. Mat. Hot rolling Cold rolling / Finishing Service Isbergues Chatelet 0.35Mt 1.4Mt Chiatelet 2.8Mt (maximum historic capacity at 24/7 shift system) Stainless flat Gueugnon Ost Steel service centers Chatelet Ni alloys &
Slide 50: Main Production Sites
BUSINESS OVERVIEW MAIN PRODUCTION SITES operom Chatelet, Belgium Location & facts Melt shop Hot rolling mill Capacity Slabs 1,400 kt HSM 2,800 kt (maximum historic capacity at 24/7 shift system) Genk, Belgium Location & facts Melt shop Cold-rolling mill Finishing Capacity Slabs 1,000 kt 2 m wide cap
Slide 51: A Balanced Risk Profile and Customer Structure
BUSINESS OVERVIEW oPeroM A BALANCED RISK PROFILE AND CUSTOMER STRUCTURE SHIPMENT BY SEGMENT 2024* ADJ. EBITDA BY SEGMENT 2024* m SRE Europe m SRE S. America m SRE Europe m SRE S. America = ARS m ARS = S&S = S&S = R&R = R&R mBrazil Asia & nus = Energy Chemicals Africa Other Americas = General Industr
Slide 52: Self-help and Differentiated Value Chain
BUSINESS OVERVIEW oPeroM SELF-HELP AND INVESTING INA DIFFERENTIATED VALUE CHAIN HAS TRANSFORMED THE GROUP SHIPMENT BY SEGMENT (KT) ADJ. EBITDA BY SEGMENT (EURm) 2,309 2198 2290 1060 1429 _ 1,917 1,936 1,972 | 796 1677 1813 = _ = “ mem aus mam ARS mmm SRE —— Group mmm SRE 2016 2017 2018 2019 2020 202
Slide 53: Stainless & Electrical Europe
Stainless & Electrical Europe
Slide 54: S&E Europe Summary
S&E EUROPE SUMMARY operom ADDING PRODUCT DIFFERENTIATION TO COST LEADERSHIP DIFFERENTIATORS > European cost leader - Efficient footprint - Logistics advantages Flexible production set up Volatility reducing downstream integration into distribution Recycling backbone (since ELG integration) Leading E
Slide 55: S&E Europe Track Record
S&E EUROPE TRACK RECORD operom FOOTPRINT UPGRADE HAS BEEN SUCCESSFULLY IMPLEMENTED BUT IS HIDDEN BY A SEVERE PRICE AND VOLUME SQUEEZE 2024 EBITDA SUFFERS IMPROVED BY BETTER PRODUCT MIX AND COST LEADERSHIP m= S&€ Europe S&ES. America 24% A&S 10%, ses 21% R&R LOW REAL DEMAND & HEAVY DESTOCKING ALONG T
Slide 56: S&E Europe Assets
_S&E EUROPE ASSETS operom HIGHLY FLEXIBLE INTEGRATED MULTI-PLANT FOOTPRINT WITH SUPERIOR INBOUND AND OUTBOUND LOGISTICS r r LOCATED IN THE EU FLEXIBLE, EFFICIENT INDUSTRIAL CORE AND RISK MINIMIZING FOOTPRINT Steel Plants Hot Rolling Cold Rolling Mill Mill | Genk | Customers Customers | Chatelet | a
Slide 57: S&E Europe Strategic Targets
1 2 TOP LINE S&E EUROPE STRATEGIC TARGETS operou FOOTPRINT IMPROVEMENT THROUGH LEADERSHIP JOURNEY® PHASE 4 STRENGTHENS OUR CORE STRATEGIC PILLARS We aim to be the European cost leader in every product we deliver COST LEADER Footprint changes will realize additional cost leadership potential We conti
Slide 58: S&E Europe Product Portfolio 2024
S&E EUROPE PRODUCT PORTFOLIO 2024 Oe PRODUCT FLOW OPTIMIZATION SECURES COST LEADERSHIP POSITIONS & ENABLES MIX IMPROVEMENT IN GENK AND GUEUGNON Cold rolling / Finishing oN & distribution | direct sale Sale | GenkO.7Mt 0.7Mt Stainless flat ses | Gueugnon 0.4Mt_— | Gueugnon 0.4Mt_— 4mMt Transformation
Slide 59: S&E Cost Position 2023
S&E COST POSITION 2023 Oe co)il| TARGETING EUROPEAN COST LEADERSHIP POSITION IN ALL STANDARD & TOP LINE PRODUCTS “u o ry J a=) x °o a c ral Austenitic HR Capital goods Austenitic CR thick Aust. 2000 wide Austenitic CR thin Austenitic BA Consumer goods Consumer goods Ferritic CR thin Ferritic BA Auto
Slide 60: EU Trade Action
|| Anti-dumping duties (AD) Countervailing duties (AS) Aim Countries affected Measure *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 USA, Turkey, Malaysia, Vietnam **could be difference between domestic mar
Slide 61: EU Stainless Steel Imports
EU STAINLESS STEEL IMPORTS oPeroM ANTI-DUMPING MEASURES ARE EFFECTIVE AND NECESSARY IN LIMITING PRICE DISTORTIONS d r 4 HOT ROLLED COLD ROLLED TOTAL STAINLESS IMPORTS & MARKET SHARE IMPORTS & MARKET SHARE IMPORTS & MARKET SHARE so% 400 40% = 500 40% z 8 _ 40 = 35% 8 soo 35% & 120 40% S 300 30% 400 3
Slide 62: Stainless & Electrical South America
Stainless & Electrical South America
Slide 63: S&E South America
S&E SOUTH AMERICA operom A RESILIENT, PROFITABLE BUSINESS WITH SUBSTANTIAL DEVELOPMENT POTENTIAL DIFFERENTIATORS > 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
Slide 64: S&E South America Track Record
S&E SOUTH AMERICA TRACK RECORD Oper om A FLEXIBLE, AGILE & HIGHLY PROFITABLE ASSET BRAZIL IS A CONSISTENT HIGH EARNINGS CONTRIBUTOR EARNINGS 2024 REFLECT PLANT REVAMP Excl. BioEngrgia* 37% 33% Log S&E Europe 32% mSBES. America 14% 13% oy ARS 5% we Fad sas Sin a% " R&R 2016 2017 2018 2019 2020 2021 2
Slide 65: Aperam South America
APERAM SOUTH AMERICA operom A SKILLED WORKFORCE, A GROWTH MARKET AND A COMPETITIVE FOOTPRINT ARE MAIN ASSETS People EQ > €ngagement > Diversity & Inclusion Market @ > Growth > Good Opportunities BioEnergia Timoteo Minas Gerais Footprint State > Flexibility & Integration > Sustainability > Competitiv
Slide 66: Product Portfolio
Stainless Steels PRODUCT PORTFOLIO operom A DIVERSIFIED RANGE OF HIGH ADDED VALUE PRODUCTS r ~ Electrical Steels (GO / NGO) Special Carbon Steels "5 “t F , Vi Automotive Construction / Architecture GO (Power & Distribution GO (Charging station for Transformers) electric vehicles) Capital Goods / Bio
Slide 67: 6% 6% 10% 10% 20% 20% 13% 71% 21% 23%
6% 6% 10% 10% 20% 20% 13% 71% 21% 23%
Slide 68: Stainless Steel Growth
STAINLESS STEEL GROWTH operom STAINLESS STEEL CONSUMPTION IN BRAZIL IS GROWING AND SHOWS ENORMOUS POTENTIAL FOR THE COMING YEARS Stainless Steel Brazilian market: Brazil Stainless Steel Market (kt) Flat SS per capita consumption high growth potential linked to: 50% 60% 70% 80% 90% > GDP evolution &
Slide 69: Aperam South America: Our Strategy
APERAM SOUTH AMERICA: OUR STRATEGY operom COST EFFICIENCY, MIX IMPROVEMENT AND MARKET GROWTH DRIVE OUR EBITDA Competitiveness increase > Scrap increase: lower charge cost, energy efficiency, consumables optimization > Productivity through automation of new lines > Investments in renewable energy pro
Slide 70: Brazil Trade Protection
BRAZIL TRADE PROTECTION Oper om THREE PILLARS OF TRADE PROTECTION AGAINST UNFAIR MARKET BEHAVIOR r r ANTI-DUMPING DUTY ys IMPORT DUTY LOGISTICS 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 Brazil eu 28 . Stainless stee
Slide 71: Services & Solutions
OPpefom Services & Solutions
Slide 72: S&S Summary
TECHNOLOG DIFFERENTIATORS > 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 r adj.
Slide 73: Aperam Stainless & Electrical Steel to End User
Apera m Stainle End ss & - user Electric s al Steel
Slide 74: Services & Solutions
SERVICES & SOLUTIONS operom APERAM’S DOWNSTREAM DISTRIBUTION ARM r WE ARE WE DO > Aperam’s distribution arm, ~1,500 FTE > Cutting, slitting, polishing, just in time > 18 service centers , 15 agencies & rep offices > We provide market intelligence and leadership in 36 countries for the group > 6000+
Slide 75: S&S Footprint
S&S FOOTPRINT oPeroM S&S'S WIDE NETWORK CONNECTS APERAM WITH ALL INDUSTRIAL CENTERS EFFICIENT DISTRIBUTION PHYSICALLY via & ONLINE xin - a \ ce) un 6 > Aperam has the biggest and most profitable integrated distribution network in the stainless steel industry >) Sersheim > Strong assets in all major
Slide 76: Market
MARKET operom DISTRIBUTION IS THE MAIN ROUTE TO 70% OF OUR MARKET MILLS MAJOR INDUSTRIAL (Stainless & Electrical) CUSTOMERS Accept few month lead time < 200 customers Accept full coils 2-4 month lead time Distribution High contracted volumes 20-32 t full coils Prefer big accounts with several kt off
Slide 77: Competitive Landscape
COMPETITIVE LANDSCAPE operom STAINLESS STEEL DISTRIBUTION IS STILL FRAGMENTED Robi Lo ad Woe Customized sized Medium term Cutting, Slitting, Polishing Master Sheet Thyssenkrup| MTL Com 1, 0 Companies Last km Small lots Stock Standard skids Complementary products Stock ular / CO2 free steel will be a
Slide 78: kt kt kt
818 199 kt 739 647 80 mid-cycle 93 kt 83 kt 70 43 45 38 37 32 80 270 €/t €/t 42% + 190 €/t VS. 14% 9% Σ
Slide 79: Earnings Growth
EARNINGS GROWTH operom WE PURSUE A PROFITABLE DEVELOPMENT STRATEGY BASED ON A STRONG BUSINESS MODEL 4 r 4 CONSIDERABLY HIGHER MARGINS S&S COST COMPETITIVENESS + RIGHT STRATEGY DOWNSTREAM + FLAT COST CURVE F > Further expand industry benchmark 6 + LEAN INVENTORY a cost to serve per ton & lower OWCR x
Slide 80: Alloys & Specialties
OPpefom Alloys & Specialties
Slide 81: A&S Summary
A&S SUMMARY Oper om DIFFERENTIATED ASSETS, PRODUCTS AND DEBOTTLENECKING MAKE IT OUR HIGHEST GROWTH SEGMENT DIFFERENTIATORS r 7 , EARNINGS GROWTH & FUTURE NORMAL VS VALUE DRIVERS > Technology competence : PREVIOUS “NORMAL 5 A&S solves problems for Debottlenecking of operations customers 3 J in flat p
Slide 82: A&S Track Record
A&S TRACK RECORD operom STABLE NICHE MARKET WITH HIGH MARGINS 2024 EBITDA OF APERAM'S REACHED NEW RECORD LEVEL S&E Europe oy 32% S&ES. America ARS 10% S&S 13% R&R Increasing Shipments in combination with improving Mix 38 ELT: 2016 2017 2018 2019 2020 2021 2022 2023 2024 MARS shipments (kt) *1993 - 2
Slide 83: A&S Locations
Downstream =) Industrial sites Pithampur (In) Products ka Industrial sites A&S LOCATIONS A TRULY GLOBAL FOOTPRINT Products a4 @ Aperam sales office operon © Other representation 83
Slide 84: A&S Sales Split
A&S SALES SPLIT SUPPLYING A HIGHLY DIVERSIFIED RANGE OF INDUSTRIES 0. om —< Process ind. oPeroM 84
Slide 85: A&S Competitive Position
ARS COMPETITIVE POSITION Oper om A&S WILL GROW ORGANICALLY AND WITH UNIVERSAL TO BECOME A BIGGER PRODUCER GLOBALLY v r kt ea Top 10: Have a 76% Wi Long Products ALLOYS ARE AN ATTRACTIVE GROWTH MARKET 40 Ee = combined market share* Flat Products I cs 400 CAGR 3.2% og, 35 [ Fe Ee 300 cy => ( ) <200 wa
Slide 86: Commodities vs. Specialties
COMMODITIES VS. SPECIALTIES operon 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 SPECIALTIES B Price sensitive Value sensitive Understand
Slide 87: Growth & Innovation
GROWTH & INNOVATION Oper om €-MOBILITY, NEW ENERGIES AND OLEDS ARE A&S's GROWTH MARKETS 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. Ni alloys by maki r Contrib
Slide 88: Aperam Alloy Grades: (E-)Mobility Solutions
IMPHY N42, 42%NI IMPHY DILVER, 29%NI, 17%CO Signal sensor, Antenna INVAR, 36%NI Hydrogen tank IMPHY SUPRA 50, 48%Ni IMPHY AFK A, 27%Co in-wheel motor PERMIMPHY, 80%Ni Mag. concentrator IMPHY AFK, 18%Co IMPHY AFK 502, 49%Co Propulsion E-motor APERAM ALLOY GRADES (E-)MOBILITY SOLUTIONS INVAR, 36%Ni OL
Slide 89: Acquisition of Universal Stainless
ACQUISITION OF UNIVERSAL STAINLESS operom STRATEGIC EXPANSION INTO THE US AEROSPACE MARKET + 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 cu
Slide 90: Recycling & Renewables
OPpefom Recycling & Renewables
Slide 91: Scrap Recycling, Dust & Residues Recycling, Renewable Energy
DUST & SCRAP RENEWABLE RESIDUES RECYCLING RECYCLING ENERGY Aperam BioEnergia Recycling
Slide 92: R&R Summary
R&R SUMMARY operom CIRCULAR ECONOMY & STRATEGIC SUPPLY DIFFERENTIATORS r ; ; EARNINGS GROWTH & FUTURE “NORMAL VS VALUE DRIVERS > Strong global Platform: PREVIOUS “NORMAL’ * Top 3 in EU SS scrap volumes worldwide + US: leading position a * Global leader in superalloys > Superalloys to Benefit from Le
Slide 93: BioEnergia
Aperam Recycling BioEnergia
Slide 94: Aperam Recycling, Recyco, BioEnergia
x 2021* 2030 Aperam Recycling (ELG) Recyco BioEnergia Botanickel
Slide 95: Aperam Recycling
oPeroM ~APERAM RECYCLING
Slide 96: Global stainless steel production and scrap volume growth
> +131% Global SS Prod. 2005 - 23 > > Becomes Future Scrap Volume Growth > > Aperam Recycling 50+ 18 > 5 > > > Stainless Superalloys
Slide 97: Aperam Recycling: Business Divisions
r Activities Materials treated Resources Recovered vvvyvyv APERAM RECYCLING: BUSINESS DIVISIONS DELIVERING VALUE BY IDENTIFYIN oPeroM G THE BEST USAGE OF COLLECTED RESOURCES AND PROCESSING FOR THE MOST SUITABLE APPLICATION STAINLESS STEEL AMER | EMEA | APAC and stainless steel scraps Shipping of hom
Slide 98: Aperam at the Heart of the European Circular Economy
APERAM IS AT THE HEAR CIRCULAR ECONOMY operom T OF THE EUROPEAN CIRCULAR ECONOMY. SCRAP AND RECYCLED MATERIAL ARE OUR DOMINATING INPUT Customers (Fabrication & Manufacturing) a Revert Strap ™~ ~11%, <1 mo Steel Hot making rolling APERAM Automotive Construction Other Transport 14 years 50 years 30 ye
Slide 99: Scrap Recycling
SCRAP RECYCLING SCRAP SUPPLY MELTING, CASTING COLLECTION PROCESSING DISTRIBUTION Physical intake, inbound Sorting, sizing, shredding dilution of impurities & Just in-time logistics & ROLLING radiation and quality check blending, laboratory tests and radiation control STEEL MILLS INDUSTRY PARTICIPANT
Slide 100: ~4,000 suppliers world-wide
~4,000 suppliers world-wide Solid MATERIAL Industrial “new” QUALITY scrap Pure metals > Clippings > Cuttings COORDI- > Trimmings NATE > Bundles Ferroalloys PHYSICAL ASSUME CREATE SHAPE RISK SCALE Alloyed & SS scrap containing HIGH Turnings EFFICIENCY DELIVERY Reclaimed “old” scrap LOW COST incl. dem
Slide 101: Value chain, competitors and manufacturers
Ti Co Ni W Cr Nb Mo COMPETITORS PRIMARY RAW MATERIALS ~30% Super Alloy & Titanium Specialists MELTERS ENSURE FORGING, CASTING, FABRICATION ~70%[1] OPTIMAL PROPORTION OF METALS PROCESSING OF METALS FOR THE FABRICATION (e.g. INGOTS) OF SEMI-FINISHED PRODUCTS Metallurgical „Off-cut“ Scrap END PRODUCT M
Slide 102: Global Scrap Reserve Continues to Grow
GLOBAL SCRAP RESERVE CONTINUES TO GROW DESPITE RECYCLING OF 300m t OF STAINLESS BY 2025 Cumulative stainless usage to exceed Scrap Reserve/Material in 700 Mil t in 2025 Use. in m t 1995: 106 America Europe China 2005: 178 Scrap reserve ~20m t contained Ni 2015: 272 2025e: 440 Recycled scrap usage ~4
Slide 103: Recyco
operom RECYCO
Slide 104: Recyco: Production Process, Benefits, Growth
PRODUCTION PROCESS BENEFITS GROWTH > Recyco uses waste (sludge, > Environmentally friendly re- > Higher input flexibility and shot, powdered dust) to use of otherwise obsolete broader scope of treatable produce metallic rich ferro- steel plant products alloys > A sustainable alternative to > Higher
Slide 105: BioEnergia
> > > > > > > >
Slide 106: BioEnergia
Slide 107: Large Scale, Sustainable Forest Operations
Slide 108: More Than 40 Years of History
Slide 109: BioEnergia's Operations Locations
Slide 110: Forest R&D and operations
Forest R&D activities focused on High quality seedling production Yearly planting of ~6.500 ha with Forest care and maintenance to the development of new high (30 MM/year capacity), both for modern techniques and sustainable achieve highest productivity using productivity eucalyptus clones, internal
Slide 111: Wood, Density and Growth
> > > > > Wood Density Growth +24% +30% +18% +25% 2022 2030 2015-22 2023-30 1990 2020 2050e
Slide 112: > > > > >
> > > > >
Slide 113: > > > >
> > > >
Slide 114: Charcoal R&D & FSC Certification
Charcoal R&D & FSC Certification Electricity Scrap Sequestration Efficiency
Slide 115: HDI - Human Development Index
HDI - Human Development Index 0,632 0,628 0,622 0,624 0,598 0,682 0,633 0,632 0,571 0,542 0,638 0,541 0,653 0,597 0,618 0,646 0,582 0,620 0,576 0,581
Slide 116: Appendix
Slide 117: Key Prices & Exchange Rates
Slide 118: Aperam Is a Solid Performer in Every Phase of the Cycle
Slide 119: High Cash Flow, Low Maintenance Capex and High Cash Returns
Slide 120: No credit arrangement contains earnings related covenants
No credit arrangement contains earnings related covenants
Slide 121: Financial summary (P&L)
(EURm ) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 Sales 4,556 4,089 3,856 4,125 4,249 3,854 4,481 4,677 4,240 3,624 5,102 8,156 6,592 6,255 1,658 1,654 1,410.0 Adj. EBITDA 286 168 220 368 451 455 559 504 340 293 1,060 1,129 304 356 86 112 74.0 - Ad
Slide 122: Cash Flow
Cash Flow (EURm ) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Q2 25 Q3 25 Operating Income / (loss) 37 (80) (8) 221 294 287 399 361 207 199 1,042 890 89 127 (11) 47 9 Depreciation and impairment 223 248 228 190 157 158 152 143 150 144 144 186 204 229 61 65 65 Changes
Slide 123: Balance sheet
(EURm ) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Q2 25 Q3 25 Non current assets 3,213 3,036 2,690 2,653 2,427 2,630 2,478 2,363 2,345 2,130 2,405 2,587 2,915 2,966 3,285 3,187 3,172 Goodw ill and intangible assets 699 651 586 573 511 536 509 490 479 429 439 451 452
Slide 124: Shipments and P&L by segment
Shipm ent (000t) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Q2 25 Q3 25 Steel Shipment S&E 1,675 1,611 1,650 1,736 1,836 1,880 1,882 1,914 1,722 1,639 1,796 1,600 1,550 1,626 421 426 406 Steel Shipment A&S 37 36 36 35 34 30 33 36 36 31 30 27 33 38 15 17 14 Steel Ship
Slide 125: Stainless steel composition by weight
By weight Iron Molybdenum, Al, Cu Nickel Chromium Manganese Carbon
Slide 126: Upstream activities, Reporting company, Downstream activities
Upstream activities Reporting company Downstream activities
Slide 127: Aperam's CO2 Footprint
Slide 128: > > > > > > > >
> > > > > > > >