Slide 1: First Quarter 2026 Results
Click for Management First Quarter 2026 Results Podcast 30 April 2026
Slide 2: 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 3: Key Figures Q1 2026 – best Q1 in three years
First Quarter 2026 Key Figures Q1 2026 – best Q1 in three years Shipments Sales 617kt +11% €1.575m +16% ➢ Shipments higher driven by seasonality in Europe vs. 554kt in Q4 2025 vs. €1.358m in Q4 2025 ➢ EBITDA increase from higher shipments supported Adjusted EBITDA Operating income by valuation effec
Slide 4: Summary Q1 2026 – Strong performance from a diversified value chain
First Quarter 2026 Summary Q1 2026 – Strong performance from a diversified value chain Europe + Volumes seasonally higher, however underlying demand remained challenging with further aggravation from geopolitical instability Brazil Seasonal weakest quarter, but solid development Alloys ± Progress ac
Slide 5: Recycling & Renewables
First Quarter 2026 Recycling & Renewables MARKET Scrap recycling OUTLOOK Q2 Q2 EBITDA expected 110 • Rising demand for stainless scrap 64 to maintain robust Q1 45 strengthening globally level, without year 32 adj. EBITDA (€m) • Positive valuation effects 23 end valuation effects. 16 adj. EBITDA/t (€
Slide 6: Stainless & Electrical Steel
First Quarter 2026 Stainless & Electrical Steel MARKET Construction OUTLOOK Q2 • Europe: no recovery so far (cost inflation) Lower imports in 110 • Brazil: lower due to seasonality 81 64 Europe driving higher 67 45 27 Consumer Goods capacity utilization and 32 adj. EBITDA adj. EBITDA (€m) (€m) 35 23
Slide 7: Alloys & Specialties
First Quarter 2026 Alloys & Specialties MARKET Aerospace OUTLOOK Q2 • Normal market development Results expected to 110 • Boeing production stabilized but recovery to increase in Q2 as the 45 64 historical levels not yet visible market stabilization 32 adj. EBITDA (€m) • Structural parts continue to
Slide 8: Services & Solutions
First Quarter 2026 Services & Solutions MARKET OUTLOOK Q2 EBITDA expected to 110 105 64 be stronger than Q1 63 45 44 supported by lower 32 20 adj. EBITDA adj. EBITDA (€m) (€m) 13 23 imports and higher 16 7 adj. EBITDA/t (€) adj. EBITDA/t (€) short term demand. Q1 25 Q1 25 25 Q4 25 Q4 Q1 26 Q1 26 QoQ
Slide 9: Leadership Journey Phase 6 (2026 – 2028)
Self-Help Program Leadership Journey® Phase 6 (2026 – 2028) ONE APERAM - SYNERGIES: €18m gains achieved already in Q1 The most integrated supply chain in Total goal 2026-2028: €150m the industry Strong start into LJ#6 program securing structural growth Competitive operations remaining and allowing A
Slide 10: Transformation @Aperam
Latest Developments Transformation @Aperam STAINLESS & ELECTRICAL STEEL ALLOYS — M&A Brazil Downstream Acquisition of Magnetec Debottlenecking Creation of Aperam Magnetic Components Timóteo upgrade Closing as of 1 April 2026 Scope: Upgrade a key cold-rolling bottleneck Profile: Specialist in nanocry
Slide 11: Way forward: Path to Normalized EBITDA of €700-800m until 2028
From 2026 To Beyond Way forward: Path to Normalized EBITDA of €700-800m until 2028 Schematic view of contribution of every business S&S €700-800m Stainless Europe Stainless Brazil A&S R&R €339m €150m €200-300m Adj. EBITDA 2028 2025 Target R&R, A&S, Stainless South America All businesses Support for
Slide 12: Guidance & other Forward Looking Items
Outlook Guidance & other Forward Looking Items Q2 2026 OUTLOOK OTHER ITEMS Phase 6 of the Leadership Journey® started in Shipments expected seasonally higher qoq Q1 2026 Cumulated gains target €150m (of which €50m in 2026) Adjusted EBITDA in Q2 expected significantly higher than Q1 FY 2026 group cap
Slide 13: Q1 2026 impacted by seasonality in Brazil, but higher shipments in Europe
Quarterly Financial Results Q1 2026 impacted by seasonality in Brazil, but higher shipments in Europe and first results from increasing prices SHIPMENT VOLUMES ADJ NET INCOME & EPS* *Q2-24 €8m restructuring costs, €35m DTA, clean EPS €0.13 *Q3-24 €8m tax gains Brazil, €155m DTA, clean EPS €0.20 *Q4-
Slide 14: Higher EBITDA in Q1 2026 – working capital needs to be ready for business
Quarterly Financial Results II Higher EBITDA in Q1 2026 – working capital needs to be ready for business in Q2 – deleveraging will continue until end of 2026 ADJ. EBITDA BY SEGMENT CASH FLOW NET FINANCIAL DEBT DEVELOPMENT 14
Slide 15: Value Strategy
Value Strategy BODEGA IRIUS Barbastro, Huesca – Espagne / Marino Pascual & Asociados Arquitectura © Adriana Landaluce / Executed using Aperam 316L Uginox Top finish 15
Slide 16: Aperam is Active in Stainless, Electrical & Specialty Steel & Scrap
Business Overview Aperam is Active in Stainless, Electrical & Specialty Steel & Scrap #2 in Europe and the Only Producer in South America Revenue by industry 2025 2 6 3 21% 4 18% 4% €6.1bn 5 Sales* 15% 13,203 18% Employees 24% 2.5mt Building & Construction Automotive Capacity Catering & Appliances E
Slide 17: Aperam is Stainless and much more Today
A Differentiated Value Chain Aperam is Stainless and much more Today + + + + RECYCLING & RENEWABLES STAINLESS & ELECTRICAL ALLOYS & SPECIALTIES SERVICES & SOLUTIONS SCRAP IS OUR KEY RAW ONE OF THE LARGEST & MOST TOP 3 PRODUCER IN STABLE & APERAM’S DISTRIBUTION MATERIAL, CHARCOAL OUR PROFITABLE SS PR
Slide 18: No Progress without Aperam's Products
Growth No Progress without Aperam‘s Products Photo Voltaic Solar: 2 to 5 t/MWe Geothermal: Stainless Steel SOLAR >50 t/MWe GEOTHERMAL Stainless Steel & Alloys CELLS 40 kg per car eg bipolar plates FUEL embedded tanks for heavy CELLS Main parts of the plant (piping, DE- duties vehicles - 200 kg per l
Slide 19: Financial Policy balances Growth Opportunities and Shareholder Returns
Financial Policy Financial Policy balances Growth Opportunities and Shareholder Returns GROWTH BUSINESS 1 Strong Balance Sheet Maintenance > Specialty > Sustainability Drive base dividend through the cycle <1x CAPEX NFD/EBITDA > Supply Chain growth & Solid balance sheet 2 Dividend Progressive Policy
Slide 20: Profound and Lasting Change Drives Unprecedented Growth of Stainless & Electrical Steel Consumption
Megatrends (Growth) Profound and Lasting Change Drives Unprecedented Growth of Stainless & Electrical Steel Consumption We produce a We Empower We ignite We offer Sustainable & Safe S Superior Product the Energy Transition the Mobility Revolution Packaging Solutions > Very long useful life > 100% re
Slide 21: Decarbonization & Environmental Improvements open Significant Earnings Potential
Aperam’s Economics of the “E” Decarbonization & Environmental Improvements open Significant Earnings Potential for Aperam Product Differentiation Cost Curve Shift New Business Models Business Growth > Scrap growth & synergies BioEnergia Aperam Recycling C Carbon B Border > Recycled Nickel Growth Pla
Slide 22: The Leadership Journey - Distinct Phases in Response to a Changing Market
Performance The Leadership Journey® - 5 Distinct Phases in Response to a Changing Market successfully finished PHASE 1 PHASE 2 PHASE 3 PHASE 4 PHASE 5 2011-13 (€250M) 2014-17 (€200M) 2018-20 (€200M) 2021-23 (€150M) 2024-26 (€200M) Restructuring Asset upgrade Transformation Footprint & Growth Efficie
Slide 23: Leadership Journey Raises Peaks and Troughs over Time
Resilience Leadership Journey® Raises Peaks and Troughs over Time Schematic 2023 vs 2020 Demonstrates the Change in Earnings Composition EUR1.1bn > Leadership Journey® - €286m gains 2020-23 EUR559m EUR304m Fixed cost variabilization Adj. EBITDA - > Addition of Aperam Recycling EUR310m EUR293m (scrap
Slide 24: Low Cycle Resilience Demonstrated, Path to Value Growth 2028
Transition through 2026 and Beyond Low Cycle Resilience Demonstrated, Path to Value Growth 2028 Growth & Innovation – beyond stainless Shareholder value from growth beyond stainless ➢ Market Cap 2020 ➔2025: +€280m ➢ Leadership Journey Phase 6 focus to scale and ➢ EBITDA Alloys and R&R 2020: €45m con
Slide 25: Convincing Reasons to Look at Aperam from an ESG Perspective
ESG Summary Convincing Reasons to Look at Aperam from an ESG Perspective Products Non toxic, long lifespan and 100% infinitely recyclable without loss of quality Process Ambitious ESG targets and a convincing track record Environment Recycling champion and >52% of our energy intake is renewable Clim
Slide 26: Why to invest in Aperam
Why to invest in Aperam Our products will A team with a Agility is our serve the future track record mantra Our responsible – produced Diverse, experienced with We focus on adapting quickly solution are best positioned a proven track record of to changing business to serve customers in an mastering
Slide 27: ESG
ESG Silène luminaris sive Muflier de Borges, Miguel Chevalier Fondation Clément, Le François, Martinique – France Fabrication : Serrurerie La Parette, Roquefort-la Bédoule Aperam stainless steel used : Aperam 316 Hot Rolled 27
Slide 28: Responsible Low-GHG Stainless
ESG Overview ENVIRONMENT SOCIAL GOVERNANCE Leading CO2 e footprint Health & Safety is our prime High ethical standards with objective zero tolerance policy Clear improvement targets - Waste - Air Human Rights, Inclusion & Responsible supply chain - Water - Energy diversity Majority of Board is Train
Slide 29: Aperam Achieved Top Results
ESG Ratings Aperam Achieved Top Results Rating Agency Result Water:Reconfirmed Award by the ICDA. B as "AA" Rated "A-“ (Climate Change) Climate: B (Leadership level) Responsibly source chromium. and “B” (Water Security) 78 points “Gold”: Top 3% of rated steel companies Prime (B-) Net Zero Assessment
Slide 30: A Best in Class Footprint & Clear Improvement Targets
ESG Status & Targets A Best in Class Footprint & Clear Improvement Targets2 We aim to exceed environmental legislation and are committed to continuous improvement CRITERIA 2030 TARGET APERAM 2024 vs 2015 Energy intensity1 6.9 GJ/tcs2 -11% vs 2015 8.5* GJ/tcs2 +10% ! CO2 intensity³ 0.30 te/tcs2 New o
Slide 31: Aperam Produces a Superior Product in a Sustainable and Responsible Way
Product & Process Aperam Produces a Superior Product in a Sustainable and Responsible Way Very long useful life Corrosion resistant Abrasion resistant SUPERIOR 100% recyclable Acid resistant Aesthetic PRODUCT Non toxic Fire proof Mechanically strong RENEWABLE The blast furnaces in Brazil uses 100% c
Slide 32: We are Part of the Solution
Products We are Part of the Solution e-Mobility Aperam’s solutions enable e-vehicle components such as converters, inverters, onboard-charges, motors, EPS, solutions cooling systems, air conditioning systems, current sensors, charging stations, fuel cells and battery packs Stainless and alloys help
Slide 33: Recycling Content & Renewable Energy Share puts Aperam in a Best-in-Class position
GHG Recycling Content & Renewable Energy Share puts Aperam in a Best-in-Class position SCRAP USAGE REDUCES APERAM ENERGY MIX 2024 ELECTRICITY IS KEY FOR CO2 EMISSIONS SUBSTANTIALLY* DECARBONIZING (2023 DATA) 24% 33% 48% Re- newable Energy 2024 13% 30% Scrap Share 300 400 SERIES SERIES Source: Compan
Slide 34: Carbon Neutrality by 2050 is Capex Light and Technically Easy
Decarbonization Carbon Neutrality by 2050 is Capex Light and Technically Easy APERAM CO2 EMISSION BY SCOPE Aperam Is Part Of The Steel MEASURES & CAPEX 0.28 te/tcs* Industry – In A Very Different Way Target: <0.3 tCO2e/tcs in 2030*² SCOPE 2 0.10t/t Electricity Our scrap & charcoal based Other (incl
Slide 35: Energy is still a Major CO2 Emission Driver
Energy Energy is still a Major CO2 Emission Driver despite Share of 50% from Renewable Resources Natural Gas : ~50% ~20% Electricity ~15% Raw Materials ~15% Others > Efficiency increase > Efficiency increase > Higher recycling content > No replacement > Electrification (renewable > Asset replacement
Slide 36: CO2 Reduction Program Composition
Aperam CO2 Scope 1 - 2 CO2 Reduction Program Composition Energy Efficiency Green Energy Generation > Use of AI and Deep Learning for improving our heating > Maximize the use of renewables: solar, wind models > Heat recovery (high and medium temperature) for > Thermal insulation heating or electricit
Slide 37: Scope 3 makes all the Difference in Stainless Steel
Stainless Steel Global CO2 Footprint Program Scope 3 makes all the Difference in Stainless Steel 2020 Stainless Steel Industry – CO2 Intensity Breakdown by Scope* Steam FeCr Coal Scope 1 Others Nat. gas Scope 2 Electricity Pig Iron Scope 3 Ferrochrome Ferronickel Others Stainless total Scope 1 Scope
Slide 38: The Share of Recycled Material Defines the CO2 Footprint
Stainless Steel Global CO2 Footprint The Share of Recycled Material Defines the CO2 Footprint – This is One Reason for Aperam’s Differentiated Value Chain Usage of CO2 intensive Nickel-Pig-Iron can not be compensated for Actual and modelled carbon footprint for 1 t 304 grade black coil in EU, Indone
Slide 39: Scope 3: The Real Differentiator
Aperam’s Differentiated Value Chain Scope 3: The Real Differentiator Aperam Recycling BioEnergia SCRAP DUST & RESIDUES RENEWABLE PLANTS TO FERRO ALLOYS RECYCLING RECYCLING ENERGY EXTRACT NICKEL SOURCING > Increase scrap ratios (via Aperam Recycling) > Treat waste & valorise by-products (via Recyco)
Slide 40: Aperam has a convincing Environmental Track Record and Clear Improvement Targets
Environment Aperam has a convincing Environmental Track Record and Clear Improvement Targets Dust emissions (g/t crude steel) CO2 emissions (t/t crude steel)* Water intake (m3/t crude steel) 0.6 0.5 0.4 0.3 0.54 0.58 0.49 0.49 0.50 0.47 0.34 0.32 0.28 0.34 0.30 10.2 10.1 10.1 11.8 11.8 10.0 10.8 10.
Slide 41: Health & Safety: Aperam's Prime Objective
Health & Safety Aperam’s Prime Objective ROADMAPS TRIR IS CLEARLY BELOW … WITH VERY LOW WITH 3 STRATEGIC AXES THE SS INDUSTRY* … SEVERITY RATE** Prevent and control the risk 0 Fatality of fatal and severe accidents 54 LTI - Detailed improvement plan 13 Restricted work 64 Declared accident post a H&S
Slide 42: Aperam Supports the United Nations' Sustainable Development Goals
United Nations Sustainable Development Goals (SDG’s) Aperam Supports the United Nations’ Sustainable Development Goals, in Particular: Gender balance R&D and ranks highly on Almost 50% of innovation are Health & Safety our priority list Lowering water Aperam’s energy top priorities for is Aperam’s p
Slide 43: Aperam's Leadership Team is Diverse & Experienced
Governance Aperam’s Leadership Team is Diverse & Experienced KEY FACTS & COMPENSATION LEADERSHIP TEAM Entrusted with day-to-day management of the Company Appointed by the Board of Directors Experience and industry know-how Average age: 53 / 5 nationalities CEO: responsible for Aperam’s sustainabilit
Slide 44: Aperam's Diverse Board of Directors Ensures Effective Governance
Governance Aperam’s Diverse Board of Directors Ensures Effective Governance PRINCIPLES OF THE BOARD SHAREHOLDER STRUCTURE Responsible for strategic direction and oversight of the business, as well as for appointing senior management Election subject to shareholder approval. Directors are 8% elected
Slide 45: Aperam Business Overview
gperom Aperam Business Overview
Slide 46: Aperam is Active in Stainless, Electrical & Specialty Steel & Scrap
Business Overview Aperam is Active in Stainless, Electrical & Specialty Steel & Scrap #2 in Europe and the Only Producer in South America Revenue by industry 2025 2 6 3 21% 4 18% 4% €6.1bn 5 Sales* 15% 13,203 18% Employees 24% 2.5mt Building & Construction Automotive Capacity Catering & Appliances E
Slide 47: Group Segments
Business Overview Group Segments* RECYCLING & STAINLESS & SERVICES & SOLUTIONS ALLOYS & SPECIALTIES RENEWABLES ELECTRICAL 80kt production capacity 2.5mt production capacity 1.3mt Scrap & Charcoal shipments 0.7mt of gross shipments 61kt of gross shipments 1.7mt of gross shipments 20% of group adjuste
Slide 48: Aperam's Value Chain and How it Splits into Segments
Business Overview Aperam’s Value Chain and How it Splits into Segments Slabs & Raw. Mat. Billets Hot rolling Cold rolling / Finishing Service Isbergues Direct Sale Genk 0.35Mt 1.4Mt Châtelet 2.8Mt Stainless Genk (maximum historic capacity flat at 24/7 shift system) 0.7Mt Service Aperam Center Recycl
Slide 49: Main Production Sites
Business Overview Main Production Sites Châtelet, Belgium Genk, Belgium Gueugnon, France Isbergues, France Timóteo, Brazil Imphy, France Universal, USA** Location & facts Location & facts Location & facts Location & facts Location & facts Location & facts Location & facts Melt shop Melt shop Cold-ro
Slide 50: Balanced Risk Profile and Customer Structure
Business Overview Balanced Risk Profile and Customer Structure SHIPMENT BY SEGMENT 2025* ADJ. EBITDA BY SEGMENT 2025* S&E Europe 20% 19% S&E Europe 29% 34% S&E S. America S&E S. America A&S 7% A&S S&S 21% S&S R&R 16% R&R 19% 33% 2% REVENUE BY REGION 2025 REVENUE BY CUSTOMER INDUSTRY 2025 21% Energy
Slide 51: Self-Help and Investing in a Differentiated Value Chain has Transformed Aperam
Business Overview Self-Help and Investing in a Differentiated Value Chain has Transformed Aperam SHIPMENT BY SEGMENT (KT) ADJ. EBITDA BY SEGMENT (€m) 2,309 2,198 2,290 2,287 1,060 1,129 R&R 1,917 1,936 1,972 1,786 R&R 1,819 1,677 S&S S&S 559 504 A&S 455 340 293 305 356 339 A&S S&E Group S&E 2016 201
Slide 52: Stainless & Electrical Europe
Stainless & Electrical Europe 52
Slide 53: Adding Product Differentiation to Cost Leadership
S&E Europe Summary Adding Product Differentiation to Cost Leadership DIFFERENTIATORS EARNINGS GROWTH FUTURE “NORMAL” VS & VALUE DRIVERS European cost leader PREVIOUS “NORMAL” - Efficient footprint Genk downstream ramp-up - Logistics advantages Footprint improvement & - Profitable even in the low deb
Slide 54: Footprint Upgrade Successfully Implemented but Hidden by Severe Price and Volume Squeeze
S&E Europe Track Record Footprint Upgrade has been Successfully Implemented but is Hidden by a Severe Price and Volume Squeeze 2025 EBITDA SUFFERS BY LOW DEMAND, BUT STILL COST LEADERSHIP COPES WITH LOWT VOLUMES REASONALBE PROFITS BASED ON COST LEADERSHIP S&E Europe 20% 19% S&E S. America 7% A&S 21%
Slide 55: The Share of Recycled Material Defines the CO2 Footprint
S&E Europe Assets The Share of Recycled Material Defines the CO2 Footprint: One Reason for Aperam’s Differentiated Value Chain LOCATED IN THE EU FLEXIBLE, EFFICIENT INDUSTRIAL CORE AND RISK MINIMIZING FOOTPRINT Aperam’s plants efficiently operate as one integrated supply chain 55
Slide 56: Footprint Improvement Strengthened Aperam's Core Strategic Pillars
S&E Europe Strategic Targets Footprint Improvement as Part of Leadership Journey® Phase 4 Strengthened Aperam’s 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 continuously imp
Slide 57: Product Flow Optimization Secures Cost Leadership Positions
S&E Europe Product Portfolio Product Flow Optimization Secures Cost Leadership Positions & Enables Mix Improvement in Genk and Gueugnon Slabs Hot rolling Cold rolling / Finishing Service & distribution Isbergues 0.35Mt Direct Sale Customer Châtelet 1.4Mt Châtelet 2.8Mt End (maximum historic capacity
Slide 58: Targeting European Cost Leadership Position in all Standard & Top Line Products
S&E Cost Position Targeting European Cost Leadership Position in all Standard & Top Line Products Cost leading footprint 2020 Improved footprint post LJ4 in 2023 Market Standard products Top line products Market Standard products Top line products Austenitic HR Duplex 2000 wide Austenitic HR Duplex
Slide 59: Effective Measures Against Unfair Trade have been Put in Place
EU Trade Action Effective Measures Against Unfair Trade have been Put in Place Safeguard Anti-dumping duties (AD) Countervailing duties (AS) • Maintain traditional trade flows • Duty on imports that are priced • Neutralize effect of subsidies that below fair market value benefit certain imports • Vo
Slide 60: Anti-Dumping Measures are Effective and Necessary in Limiting Price Distortions
EU Stainless Steel Imports Anti-Dumping Measures are Effective and Necessary in Limiting Price Distortions 60
Slide 61: Stainless & Electrical South America
Stainless & Electrical South America 61
Slide 62: A Resilient, Profitable Business with Substantial Development Potential
S&E South America A Resilient, Profitable Business with Substantial Development Potential DIFFERENTIATORS FUTURE “NORMAL” VS EARNINGS GROWTH PREVIOUS “NORMAL” & VALUE DRIVERS Engaged and performing Competitiveness team Debottleneck and upgrade Unique market position investments: GO, HSM, etc Located
Slide 63: A Flexible, Agile & Highly Profitable Asset
S&E South America Track Record A Flexible, Agile & Highly Profitable Asset BRAZIL IS A CONSISTENT HIGH EARNINGS EARNINGS 2025 SUPPORTED BY PLANT REVAMP CONTRIBUTOR Excl. BioEnergia* S&E Europe 20% 19% S&E S. America 7% A&S 21% S&S 33% R&R STABLE SHIPMENTS PAIRED WITH A BETTER MIX STAINLESS STEEL DEM
Slide 64: A Skilled Workforce, a Growth Market and a Competitive Footprint
Aperam South America A Skilled Workforce, a Growth Market and a Competitive Footprint are Main Assets People > Engagement > Diversity & Inclusion Market > Growth BioEnergia > Good Opportunities Timóteo Minas Gerais Footprint State > Flexibility & Integration > Sustainability > Competitiveness Aperam
Slide 65: A Diversified Range of High Added Value Products
Product Portfolio A Diversified Range of High Added Value Products Stainless Steels Electrical Steels (GO / NGO) Special Carbon Steels Construction / White goods Automotive Architecture GO (Power & Distribution GO (Charging station for Transformers) electric vehicles) Capital Goods / Tubes Tools Bio
Slide 66: Flexible Multi-Product Set-Up Guarantees Capacity Utilisation Over the Cycle
Product Portfolio Flexible Multi-Product Set-Up Guarantees Capacity Utilisation Over the Cycle Revenue by product line 2025 Stainless revenue by market segment 2025 5% 4% 8% 11% 22% 13% 22% 1 0 17% 75% 23% Building & Constr. Automotive Stainless Steel Electrical steel GNO Catering & Appliances Energ
Slide 67: Stainless Steel Consumption in Brazil is Growing
Stainless Steel Growth 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: > GDP evolution & kg per capita KOR potential
Slide 68: Cost Efficiency, Mix Improvement and Market Growth Drive our EBITDA
Aperam South America: Our Strategy Cost Efficiency, Mix Improvement and Market Growth Drive our EBITDA Competitiveness increase GO (Power & Distribution Endur > Scrap increase: lower charge cost, energy efficiency, Transformers) consumables optimization > Productivity through automation of new lines
Slide 69: Three Pillars of Trade Protection Against Unfair Market Behavior
Brazil Trade Protection Three Pillars of Trade Protection Against Unfair Market Behavior IMPORT DUTY LOGISTICS ANTI-DUMPING DUTY 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 Stainless steel welded tubes: • China & Taiw
Slide 70: Services & Solutions
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Slide 71: Technology & Service Based Growth
S&S Summary Technology & Service Based Growth DIFFERENTIATORS FUTURE “NORMAL” VS EARNINGS GROWTH PREVIOUS “NORMAL” & VALUE DRIVERS Largest and most profitable integrated Expand successful business stainless distributor model: lowest cost to serve +55m and lowest OWCR Secure supply & largest product
Slide 72: Stronger Partnership With Customers Enhances Margins
S&S Track Record Stronger Partnership With Customers Enhances Margins LOWER CONTRIBUTION RESULTS FROM PRICE EARNINGS DECREASE IN 2025 BASED ON LOWER PRESSURE ON SPOT MARKET DEMAND S&E Europe 20% 19% S&E S. America 7% A&S 21% S&S 33% R&R 2025 VOLUMES SLIGHTLY LOWER DUE TO APERAM SHIPS THE MAJORITY OF
Slide 73: Aperam's Downstream Distribution Arm
Services & Solutions Aperam’s Downstream Distribution Arm 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 in 36 countries leadership for the group > 6000+ active cu
Slide 74: S&S's Wide Network Connects Aperam With all Industrial Centers
S&S Footprint S&S’s Wide Network Connects Aperam With all Industrial Centers EFFICIENT DISTRIBUTION PHYSICALLY LITHUANIA & ONLINE UNITED KINGDOM IRELAND NETHERLAND POLAND > Aperam has the biggest and GERMANY most profitable integrated Genk Haan distribution network in the Isbergues CZECHIA Siemianow
Slide 75: Distribution is the Main Route to 70% of Aperam's Market
Market Distribution is the Main Route to 70% of Aperam’s Market MILLS MAJOR INDUSTRIAL REAL (Stainless & Electrical) CUSTOMERS DEMAND 30% Accept few month lead time < 200 30% customers Accept full coils 2-4 month lead time Distribution High contracted volumes 20-32 t full coils Independent Prefer bi
Slide 76: Stainless Steel Distribution is Still Fragmented
Competitive Landscape Stainless Steel Distribution is Still Fragmented EU Stainless distribution SSCs characteristic Have number of transformation tools Provide wide product offer in grades, finishing and forms Mill supply Big End User Focus on big-midsize and/or contracts end users SSCs Master Shee
Slide 77: S&S is A Strong Contributor: Stability, Depth and Reach
Earnings Growth S&S is A Strong Contributor We Provide Stability, Depth and Reach S&S Shipments (kt) EBITDA adjusted (€m) IMPROVING OUR SALES MIX IS OUR KEY 199 GROWTH DRIVER 818 kt 739 716 647 80 mid-cycle 93 kt kt 83 Improve our sales mix with more ‘service’ customers kt 70 43 45 38 37 32 25 Innov
Slide 78: Aperam Pursues a Profitable Development Strategy Based on a Strong Business Model
Earnings Growth Aperam Pursues a Profitable Development Strategy Based on a Strong Business Model CONSIDERABLY HIGHER MARGINS S&S COST COMPETITIVENESS + RIGHT STRATEGY DOWNSTREAM + FLAT COST CURVE Further expand industry benchmark + LEAN INVENTORY cost to serve per ton & lower OWCR x6 Accelerate acq
Slide 79: Alloys & Specialties
gperom Alloys & Specialties
Slide 80: Differentiated Assets, Products and Debottlenecking Make it Aperam's Highest Growth Segment
A&S Summary Differentiated Assets, Products and Debottlenecking Make it Aperam’s Highest Growth Segment DIFFERENTIATORS EARNINGS GROWTH FUTURE “NORMAL” VS & VALUE DRIVERS Technology competence : PREVIOUS “NORMAL” Debottlenecking of operations A&S solves problems for in flat products customers Very s
Slide 81: Stable Niche Market with High Margins
A&S Track Record Stable Niche Market with High Margins A&S 2025 EBITDA REACHED VALUE ADDED PRODUCTS & END USER NEW RECORD LEVEL ORIENTATION DRIVE PROFITABILITY FURTHER S&E Europe 20% 19% S&E S. America 7% A&S 21% S&S 33% R&R Increasing Shipments in combination with Sales by Region improving Mix Amer
Slide 82: A Truly Global Footprint
A&S Locations A Truly Global Footprint Universal Aperam sales office Other representation 82
Slide 83: Supplying a Highly Diversified Range of Industries
A&S Sales Split Supplying a Highly Diversified Range of Industries Other Electric & Electronic Marine Aero Auto Process ind. O&G 83
Slide 84: A&S Will Grow Organically and with Universal Stainless
A&S Competitive Position A&S Will Grow Organically and with Universal Stainless to Become a Bigger Producer Globally Top 10: Long Products ALLOYS ARE AN ATTRACTIVE GROWTH 62% combined market Flat Products MARKET share* CAGR 3.3%* kt SPLIT BY PRODUCT 1% Strip Plates Bars Wire Semis * 202$ data, Apera
Slide 85: Commodities vs. Specialties
Commodities vs. Specialties 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 1 Price sensitive Value sensitive Understand total cost
Slide 86: E-Mobility, New Energies and OLEDs are A&S's Growth Markets
Growth & Innovation E-Mobility, New Energies and OLEDs are A&S’s Growth Markets Meet technical requirements of Contribute to the challenge of Respond to the high precision required electrification for cars, trains, flying efficiency yield in future power for the production of new display taxis or pl
Slide 87: (E-)Mobility Solutions
Aperam Alloy Grades (E-)Mobility Solutions 87
Slide 88: Strategic Expansion into the US Aerospace Market
Acquisition of Universal Stainless 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 Integrated production Fully complementary with Aperam Alloys production technology, prod
Slide 89: Recycling & Renewables
Recycling & Renewables 89
Slide 90: Recycling & Renewables
Recycling & Renewables Aperam DUST & SCRAP RENEWABLE RESIDUES RECYCLING RECYCLING ENERGY Aperam BioEnergia Recycling 90
Slide 91: Circular Economy & Strategic Supply
Recycling & Renewables: Summary Circular Economy & Strategic Supply DIFFERENTIATORS FUTURE “NORMAL” VS EARNINGS GROWTH PREVIOUS “NORMAL” & VALUE DRIVERS Strong global Platform: Natural growth of recycling • Top 3 in EU SS scrap volumes worldwide • US: leading position • Superalloys: global leader Su
Slide 92: Strategic Addition & Relevant Performer
R&R Track Record Strategic Addition & Relevant Performer IMPORTANT EBITDA CONTRIBUTOR GROWING FOREST BUSINESS; RECYCLING FACED WITH DEMAND DRIVEN LOWER VOLUMES AND PRICES S&E Europe 20% 19% S&E S. America 7% Segment was formed in A&S 21% 2022 post the ELG S&S acquisition 33% R&R BIOENERGIA ADDS STAB
Slide 93: Recycling & Renewables is a Major Strategic Growth Driver
R&R Through the Cycle EBITDA Recycling & Renewables is a Major Strategic Growth Driver for Aperam during its transition Recycling & Renewables normalized adj. EBITDA 2.0x 2021* 2030 Aperam Recycling Recyco BioEnergia Botanickel Schematic *post ELG Consolidation Growing Recycling & Renewables EBITDA
Slide 94: Aperam Recycling
Aperam Recycling 94
Slide 95: Aperam Recycling is a Global Leader in Trading, Processing of Resources
Aperam Recycling Aperam Recycling is a Global Leader in Trading, Processing of Resources for Stainless Steel as well as High Performance Materials > Added YE 2021 via the ELG acquisition with EUR55m through-the-cycle EBITDA ❑ Stainless steel [Global #2, active in Europe, USA, Asia] +131% Global SS ❑
Slide 96: Delivering Value by Identifying the Best Usage of Collected Resources
Aperam Recycling: Business Segments Delivering Value by Identifying the Best Usage of Collected Resources and Processing for the Most Suitable Application STAINLESS STEEL SUPERALLOYS AMER | EMEA | APAC APERAM RECYCLING ALLOYS (UTICA) Trading, processing and recycling of Revert management of, trading
Slide 97: Aperam is at the Heart of the European Circular Economy
Circular Economy Aperam is at the Heart of the European Circular Economy. Scrap and Recycled Material are the dominating Input Automotive Construction Other Aperam uses ~90% scrap in Customers Transport its austenitic grades 14 years 50 years 30 years 90% 85% 90% Scrap is sourced regionally in 12% 1
Slide 98: Europe Stainless Steel & Superalloys Value Chain
Europe Stainless Steel & Superalloys Value Chain Aperam Recycling Takes a Key Role in the Value Chain to Supply High Quality Secondary Raw Material SCRAP RECYCLING SCRAP SUPPLY MELTING, CASTING COLLECTION Physical intake, inbound PROCESSING Sorting, sizing, shredding dilution of impurities & DISTRIB
Slide 99: Stainless Scrap is Complex: Various Shapes & Alloys
Input Material Mix Stainless Scrap is Complex: Various Shapes & Alloys Make it a Value Added Business SCRAP TYPES MATERIALS SHAPES APERAM RECYCLING SERVICES ~4,000 suppliers world-wide Solid MATERIAL Industrial “new” scrap QUALITY Pure metals > Clippings > Cuttings COORDI- > Trimmings NATE > Bundles
Slide 100: Aperam Recycling Operates with Utica Alloys a Trading Model
Superalloys Aperam Recycling Operates with Utica Alloys a Trading Model with a Classical Value Chain as well as a Tolling Model 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 MET
Slide 101: Growing Use of Stainless means Growing Scrap Reserve
Aperam Recycling: Scrap Reserve Growing Use of Stainless means Growing Scrap Reserve that Ensures Future Recycling GLOBAL SCRAP RESERVE CONTINUES TO GROW DESPITE RECYCLING OF 300m t OF STAINLESS BY 2025 Cumulative stainless usage to exceed Scrap Reserve/Material in 700m t in 2025 Use. in m t 1995: 1
Slide 102: Recyco
Recyco 102
Slide 103: Nickel Recycling with Substantial Growth Potential
Recyco Nickel Recycling with Substantial Growth Potential 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 plan
Slide 104: Turning Recyco into the Leading European Nickel Recycling Facility
Recyco Growth Turning Recyco into the Leading European Nickel Recycling Facility 1 Internal low Ni, Cr, Mo Ferro alloy 2 Externally sourced material 3 Botanickel Recyco Key Strength 2030 Targets > Established Process, ready to scale > Improve H&S further > Substantial sunk CAPEX > Reduce fugitive em
Slide 105: BioEnergia
oPerom BioEnergia
Slide 106: Large Scale, Sustainable Forest Operations
BioEnergia Large Scale, Sustainable Forest Operations Subsidiary of Aperam South America Best pratices in 1,000 +45 patents charcoal employees 150 k ha production Directly employed 110k ha planted 450k ton/year 06 charcoal Measurable positive impact on genetic material and 40k ha native production u
Slide 107: More Than 40 Years of History
BioEnergia Time Line More Than 40 Years of History Acesita S.A. creation Beginning of eucalyptus FSC® Certification Aperam plantations 1940‘s 1960‘s 1970‘s 1990‘s 2008 2010 2011 2021 Start of eucalyptus R&D Privatization OHSAS (H&S) 450 kton/year + genetic improvement & ISO (quality) certifications
Slide 108: BioEnergia's Operations Locations
BioEnergia BioEnergia’s Operations Locations Aperam BioEnergia Vale do Jequitinhonha Region 20km Distance: 350 km Travel time: ~5 hours Aperam South America Timóteo City 108
Slide 109: Know-How and Technology Driven Forestry Operations
BioEnergia Know-How and Technology Driven Forestry Operations 1 - R&D 2 - Nursery 3 - Planting 4 - Silviculture 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 f
Slide 110: BioEnergia: Forest Growth is the basis for Significant new EBITDA Streams
BioEnergia Growth BioEnergia: Forest Growth is the basis for Significant new EBITDA Streams Forest area expansion completed to 150,000 ha; 14,000 ha re-forestation is WIP > Scale effects & cost optimization support Timoteo’s first quartile cost position > Optimization of harvesting operations underp
Slide 111: Next Generation Charcoal Production Technology and New Renewable Products
New Business Models 1 Aperam’s next Generation Charcoal Production Technology reduces the Environmental Impact and enables New Renewable Products 3.75 t Humid wood 1.25 t Steam water Gases Gas burner 2.5 t Dry wood Bio Production Oil Ramp-Up ~1 t Charcoal Blast furnace NEW Tar Kilns Pyroligneous Bio
Slide 112: Carbon Capture via BioEnergia
New Business Models 2 Carbon Capture via BioEnergia: turning low Value by-products into Essential Carbon Capture Goods Forest 3.75 t humid wood 1.25 t steam water Blast Furnace ~1 t charcoal Low margin product 2.5 t dry wood Kilns sold externally Turn into Biochar > Capex free by-product upgrade > V
Slide 113: Brazil Operations have a Certified Negative Net GHG Footprint
Decarbonization Roadmap Brazil Operations have a Certified Negative Net GHG Footprint* Charcoal Timoteo plant uses 100% charcoal as fuel since 2012 in both BFs R&D & FSC Sustainable forest management guarantees long term benefit can be maintained Certification More than 90% of Brazilian Electricity
Slide 114: Aperam's Activities have a Visible Positive Impact on Regional Prosperity
Social Impact Aperam’s Activities have a Visible Positive Impact on Regional Prosperity 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 Source: IBGE (Brazilian Institute for Geography and Statistics
Slide 115: Appendix
Appendix Résidence Hôtelière du Rail, Montparnasse Station, Paris - France / aasb_agence d‘architecture suzelbrout © Frédéric Delangle / Executed using grade 304L, with Uginox Mat finish 115
Slide 116: Key Prices & Exchange Rates
Appendix Key Prices & Exchange Rates NICKEL NICKEL PIG IRON STAINLESS SCRAP FERROCHROME STAINLESS STEEL PRICE BRL/USD 116
Slide 117: Aperam is a Solid Performer in Every Phase of the Cycle
Aperam Track Record Aperam is a Solid Performer in Every Phase of the Cycle VOLUMES IN LINE WITH 2025 MARKET CONDITIONS WERE 2025 EPS REFLECTS EU ECONOMIY SIMILAR TO 2020, 2023 AND 2024 EXCEPTIONAL ITEMS ELG consol. ELG consol. 117
Slide 118: High Cash Flow, Low Maintenance Capex and High Cash Returns to Shareholders
Aperam Track Record High Cash Flow, Low Maintenance Capex and High Cash Returns to Shareholders SOLID AVERAGE 8% FREE CASH CAPEX: LOW MAINTENANCE + BEST IN CLASS DISTRIBUTION TO FLOW YIELD* SOLID INVESTMENT IN GROWTH** SHAREHOLDERS * calculated on year end market cap ** including Aperam Recycling, D
Slide 119: Maintaining a Solid Balance Sheet Forms the Basis of Financial Policy
Aperam Track Record Maintaining a Solid Balance Sheet Forms the Basis of Aperam’s Financial Policy A STRONG BALANCE SHEET A VERY SOLID MIX OF BALANCED MATURITY PROFILE & CREATED ROOM FOR FINANCING INSTRUMENTS AMPLE LIQUIDITY** ACQUISITONS* No credit arrangement contains earnings related covenants Ap
Slide 120: P&L €m Q1 2026
P&L €m 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 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 6,080 1,575.0 Adj. EBITDA 286 168 220 368 451 455 559 504 340 293 1,060 1,129 304 356 339 90.0 - Adj. EBITDA margin % 6%
Slide 121: Cash Flow
Cash Flow Cash Flow (€m) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 26 Operating Income / (loss) 37 (80) (8) 221 294 287 399 716 207 210 1,042 890 89 127 16 34 Depreciation and impairment 223 248 228 190 157 158 152 143 150 144 144 186 204 229 259 56 Changes in wor
Slide 122: Balance Sheet
Balance Sheet €m 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 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 3,237 3,247 Goodwill and intangible assets 699 651 586 573 511 536 509 490 479 429 439 451 452 42
Slide 123: Segment Split
Segment Split Shipment (000t) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 26 Steel Shipment S&E 1,675 1,611 1,650 3 1,836 1,880 1,882 716 1,722 210 1,796 1,600 1,550 1,626 1,668 430 Steel Shipment A&S 37 36 36 35 34 30 33 36 36 31 30 27 33 38 62 16 Steel Shipment S&
Slide 124: Key Stainless Product Categories by Alloy Content
Appendix Key Stainless Product Categories by Alloy Content MARTENSITIC Ferritic AUSTENITIC (400 SERIES) (300 SERIES) Exceptionally hard steel Resistant to stress Tough & strong in a wide corrosion & cheap temperature range Cutlery, razor blades, Car exhausts, conveyor Boiler, aeronautics, cutting to
Slide 125: GHG Scope – Understand the Definitions
GHG Scope 1 – 2 - 3 Understand the Definitions Scope 1 – All Direct Emissions from the activities of an organisation or under their control. Including fuel combustion on site such as gas boilers, fleet vehicles and air- Scope 2 Scope 1 conditioning leaks INDIRECT DIRECT Scope 2 – Indirect Emissions
Slide 126: Aperam has an Industry Leading CO2e Footprint
Aperam’s CO2 Footprint Aperam has an Industry Leading CO2E Footprint1 Aperam Raw materials Electricity 0.41 t CO2e/t* Scrap EU ETS (= scope 1) Recycling Stainless scrap Ferronickel Consumables: Electricity Europe Ferrochrome Graphite Electrode Nat. gas Electricity Electricity Recyco FeNi Other alloy
Slide 127: Contact and Share Information
Aperam Contact and Share Information Investor Relations Aperam’s Vision > Roberta de Aguiar Faria We are committed to establish Aperam > Henrik von Lukowicz as the leading value creator in the > 24-26 Boulevard d’Avranches circular economy of infinite, > L-1160 Luxembourg world-changing materials. >