Slide 1: Q2 and 1H 2025 Results
Q2 and 1H 2Q 2025 2023 Results Financial financial results Leadership presentation July 31, 2025 27th July 2023 Genuino Christino, Chief Financial Officer Daniel Fairclough, Head of Investor Relations
Slide 2: Protecting employee health and safety is a core value
Protecting employee health and safety is a core value of the Company Implementation of the safety audit recommendations is underway early progress encouraging Year 1- Laying the foundations for change: Group lost time injuries frequency rate (LTIFR)1 • ~20 sites completed second-line audits by 1H'
Slide 3: ArcelorMittal posting improved results despite continued challenges
ArcelorMittal posting improved results despite continued challenges Benefits of optimised + diversified asset portfolio and impact of growth investments ArcelorMittal continues to deliver higher margins despite challenging conditions: $125 EBITDA/tonne in 1H’25 Key 1H’25 figures: compared to Arcelor
Slide 4: Navigating challenging market conditions
Navigating challenging market conditions Optimized & diversified asset portfolio supported by contributions from growth investments EBITDA/t ($/t) Market conditions remain challenging: Given tariff headwinds, economic activity has remained subdued 343 350 China’s steel industry capacity remains
Slide 5: ArcelorMittal North America: 100% Calvert ownership + long-term slab supply contract
ArcelorMittal North America: 100% Calvert ownership + long-term slab supply contract Significantly bolsters our competitiveness in the strategically important US market ArcelorMittal Calvert: One of the most advanced steel making t: Successful Calvert:Calvert finished first Successful slab firstcast
Slide 6: ArcelorMittal Europe: strategically positioned to capture defense + infrastructure demand
ArcelorMittal Europe: strategically positioned to capture defense + infrastructure demand Leading market positions and product portfolio German infrastructure investments: ArcelorMittal is one of the largest steel producers in Germany, and well placed to supply the steels required to support infra
Slide 7: Strategic growth: high quality projects supporting outlook for profitability and cash flows
Strategic growth: high quality projects supporting outlook for profitability and cash flows High-quality, value-accretive strategic projects expected to further boost Group EBITDA potential by $2.1bn EBITDA from M&A increased by $0.3bn (vs. last Qtr) Potential EBITDA1,2 impact from strategic project
Slide 8: Strategic growth: Liberia shipment record achieved; 20Mt expansion progressing well
Strategic growth: Liberia shipment record achieved; 20Mt expansion progressing well Liberia iron ore shipments1 (Mt) 20.0 8.4 10.0 3.5 2024 1H’25 2025F 2026F 10 engine powerplant generating ~100MW of Annualised power and with next generation control room Group iron ore production (Mt) ~25% 42 2024 2
Slide 9: Strategic growth: AMNS India transformational expansion underway
Strategic growth: AMNS India transformational expansion underway Investments driving high-added value capabilities to access higher margin products 2Q’25 performance improved: Steel prices recovered following the CGL3 commissioned in Jul’25 introduction of 12% steel import safeguard duty in Apr’25 T
Slide 10: Strategic growth: Tuper and AMTB Americas now fully consolidated
Strategic growth: Tuper (Brazil) and AMTB Americas now fully consolidated Capturing incremental downstream value-add margins Tuper boosts ArcelorMittal’s value add downstream reach in Brazil Acquired the remaining 60% stake in Tuper for $0.2bn and now consolidated within the Brazil segment 2 pla
Slide 11: Balanced capital allocation: strong balance sheet is fundamental to our strategy
Balanced capital allocation: strong balance sheet is fundamental to our strategy Investing for growth + returning capital to shareholders whilst maintaining a strong balance sheet Movement in net debt reflects growth investments Net debt movement YoY ($bn) Over the past 12 months the Company has
Slide 12: Per-share value creation: consistent application of capital returns policy
Per-share value creation: consistent application of capital returns policy Value accretive share buyback have enhanced book value by $18/share Diluted no. of shares outstanding (millions) Book value per-share (US$)1 38% 1,224 135 18 2 23 1,089 72 769 760 54 29 Sept 30, 2020 Dec 31, 2024 Jun 30, 20
Slide 13: ArcelorMittal uniquely positioned to create value through the cycle
ArcelorMittal uniquely positioned to create value through the cycle Safety first: Best in class operations: • 3-year transformation underway • Uniquely diversified asset portfolio • “One safety culture” being embedded • Well-invested, cost-competitive assets • Determined to achieve zero fatalities •
Slide 14: Appendix
Appendix 2Q 2025 FINANCIAL PERFORMANCE | page 15 Page 14
Slide 15: EBITDA up QoQ
EBITDA1 up QoQ improved spreads in Europe offset by weaker N.America and Mining North America: EBITDA down QoQ primarily reflecting the EBITDA bridge 1Q’25 vs. 2Q’25 ($m) additional costs due to S232 tariffs (further increased to 50% from 1,860 June 4, 2025), impact of unplanned maintenance in
Slide 16: 1H'25 EBITDA to adjusted net result
1H’25 EBITDA to adjusted net result ($ million) BASIC EPS 1H’25 Weighted Av. No. of shares (millions) 765 Adjusted earnings per share $2.37 Related to the divestment of Zenica steel 48 123 (1,353) plant and (121) (507) Prijedor iron ore mine in 1,162 Bosnia (788) (194) 3,440 Includes $1.7bn gain fro
Slide 17: 1H'25 EBITDA to free cash flow
1H’25 EBITDA to free cash flow ($ million) (1,491) 3,440 (887) 1,062 (1,853) (837) (46) EBITDA Change in Net financial cost, Cash flow from Capex Minority dividends Free cash flow working capital1 tax and others operations Page 17 1. Change in working capital: trade accounts receivable plus inventor
Slide 18: $21.4bn in investable cashflow generated since 2021
$21.4bn in investable cashflow1 generated since 2021 allocated to growth and shareholders return Acquired low-cost/highest quality assets: Pecem (Brazil) – 3Mt highest quality, lowest cost steel capacity + HBI Texas (US) – 2Mt strategic, low-cost metallics c.28.4% stake in Vallourec – Premiu
Slide 19: Balance sheet strength supports consistent investment and returns
Balance sheet strength supports consistent investment and returns Net debt movement YoY ($bn) $3.4bn Invested in growth $2.3bn $1.1bn 8,260 Investable cash flow Shareholder returns 554 2,311 5,224 1,099 299 403 672 (4,941) 2,639 Net debt Jun CFO1 Maintenance / Share Dividends Decarb. capex Strategic
Slide 20: 1H'25 Net debt analysis
1H’25 Net debt analysis ($ million) 210 360 262 1,512 837 Includes Calvert ($1.2bn), Tuper and AMTBA investments 8,260 5,079 Net debt at Free cash flow1 M&A Share buyback Dividends paid Forex and other Net debt at December 31, 2024 to ArcelorMittal June 30, 2025 shareholders Page 20 1. Free cash flo
Slide 21: Robust balance sheet and strong liquidity
Robust balance sheet and strong liquidity Liquidity1 at June 30, 2025 ($bn) Debt maturities at June 30, 2025 ($bn) 11.0 Other loans Commercial paper Cash and cash equivalents 5.5 Bonds 2.3 Unused credit lines 5.5 0.7 4.2 0.8 0.3 0.8 0.2 0.6 0.9 1.1 1.2 0.6 Liquidity 2025 2026 2027 2028 ≥2029 Liquidi
Slide 22: Capex discipline in support of growth and decarbonization
Capex discipline in support of growth and competitive decarbonization 1H’25 capex of $1.9bn. FY’25 capex guidance range of $4.5bn-$5.0bn maintained ~26% of capex is being spent on strategic growth projects in 1H’25 Strategic growth capex envelope 1H’251 4.5 - 5.0 Decarbonization 0.3 - 0.4 Strate
Slide 23: What is driving ArcelorMittal's future growth?
What is driving ArcelorMittal’s future growth? Population growth Energy transition Driven by emerging markets Steel is a vital enabler 300Mt (+35%) Ex-China steel demand Improving living Supply chain security growth over next decade standards Driven by all markets +100Mt (100%) India Driven by emerg
Slide 24: ArcelorMittal Europe: policy direction is encouraging
ArcelorMittal Europe: policy direction is encouraging EC’s “Steel and Metals Action Plan” recognises the critical issues required to revitalise European steel industry European Commission's Steel and Metals Action Plan Stronger Stronger trade Domestically Competitive Development enforcement of Effec
Slide 25: Disclaimer
Disclaimer Forward-Looking Statements This document contains forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations wit