Aperam S.a. · EURONEXT:APAM
Aperam — Q1 2025 Earnings Presentation
125 slides from Aperam's earnings presentation, Apr 30, 2025
Slide 1: First Quarter 2025 Results
OPperom acl | First Quarter 2025 Results 30 April 2025
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: Agenda
Q1 2025 highlights page 4 Value Strategy 15 ESG 27 Business Overview 45 • S&E Europe 52 • S&E South America 61 • Services & Solutions 70 • Alloys & Specialties 79 • Recycling & Renewables 88 Aperam Recycling 93 Recyco 101 BioEnergia 104 Appendix 114
Slide 4: Q1 2025 Highlights
Q1 2025 HIGHLIGHTS operon SOLID RESULT IN AN ONGOING CHALLENGING MARKET ENVIRONMENT DRIVEN BY OUR DIFFERENTIATED VALUE CHAIN AND COST IMPROVEMENTS Europe: Seasonally higher volumes from a depressed level - pricing pressure intensified during the quarter Brazil: Solid result in the seasonal trough qu
Slide 5: ESG: IFC financing for forest growth and decarbonization
ESG operom IFC FINANCING FOR FOREST GROWTH PLAN AND DECARBONIZATION EFFORTS IFC loan: in total EUR250m > The International Finance Corporation (IFC), member of World Bank Group, put together a financial package of EUR250m for Aperam > Funding will bolster the BioEnergia forest management and support
Slide 6: Q1 2025 Market Update
Q1 2025 MARKET UPDATE operon ONGOING SLUGGISH EUROPEAN DEMAND, FURTHER GOOD PERFORMANCE IN BRAZIL; IMPORTS AND DISTRIBUTOR INVENTORY WERE UNEXCITED CONSTRUCTION e CONSUMER @ AUTOMOTIVE & GOODS TRANSPORT > EU: Price and cost > EU: Inventory level > EU: Lower volumes inflation burden but HVAC picks up
Slide 7: Q1 2025 Financial Highlights
Q1 2025 FINANCIAL HIGHLIGHTS operon EBITDA DECREASED DUE TO PRICING PRESSURE AND NEGATIVE VALUATION EFFECT TEMPORARILY HIGHER NFD DUE TO UNIVERSAL ACQUISITION AND SEASONAL HIGHER NWC Q1-25 KEY COMMENTS EURm 125 0424 go 124 0 . : . . sal one a“ “ ia 657 ey > Steel shipments: seasonally higher volumes
Slide 8: Net Financial Debt
NET FINANCIAL DEBT operon DELEVERAGING IS APERAM’S KEY FINANCIAL OBJECTIVE ROCE NET FINANCIAL DEBT (NFD) schematic ase ‘ Immediate Immediate pre/post Universal ri " eps FCF ewresiTOR accretion accretion “Toons 1,400 16.1% 102 23 1,235 ~ ~ ~ 1,200 a5 1,000 > Net financial debt increased in Q1 2025 80
Slide 9: Q1 2025 Segments
Q1 2025 SEGMENTS operon EUROPE REFLECTS SOFT INDUSTRIAL ACTIVITY, BRAZIL CONTINUES SOLID PERFORMANCE, GROWTH SEGMENT A&S WITH POSITIVE DEVELOPMENT SUPPORTED BY UNIVERSAL ry Recycling & Renewables adj. EBITDA (EURm) madj EBITDA (EURm) dj, EBITDA Sy i: gee Q124 0424 9125 > Shipments +10% qoq, +10% yoy
Slide 10: Q4 Q3 Q2 Q1 2024 2025 2026 • • • • •
Q4 Q3 Q2 Q1 2024 2025 2026 • • • • •
Slide 11: Outlook
OUTLOOK operom GUIDANCE & OTHER FORWARD LOOKING ITEMS r Q2 2025 OUTLOOK OTHER ITEMS > Q2 shipments are expected higher qoq > FY 2025 base dividend stable at (seasonal stronger quarter in Europe, Brazil EUR2.00/share (~EUR145 million) with seasonal improvement) . > FY 2025 group capex guidance ~EUR20
Slide 12: Our Vision
Our Vision We are committed to establish Aperam as the leading value creator in the circular economy of infinite, world- changing materials. Infinite Impact, One Aperam 12
Slide 13: Quarterly Financial Results
QUARTERLY FINANCIAL RESULTS gperom Q1 2025 REFLECTS SEASONALITY IN BRAZIL, PRICE PRESSURE IN EUROPE AND VALUATION EFFECTS SHIPMENT VOLUMES ADJ. EBITDA & MARGIN NET INCOME & EPS* 617) 5859583 575 = Ha ® 505 & Ql Q2 Q3 G4 Ql Q2 Q3 4 QU o4 Qh gg? 93 a 97 G 4 QI 23. 23 23: 23: 24 «24 2A 24-25 2425 22232
Slide 14: Quarterly Financial Results II
QUARTERLY FINANCIAL RESULTS II operon STAINLESS PRICING PRESSURE AS WELL AS R&R DEVELOPMENT LEADS TO LOWER Q1 EBITDA, SEASONAL HIGHER NWC AND ESPECIALLY UNIVERSAL ACQUISITION INCREASED NFD SIGNIFICANTLY r r 4 ADJ. EBITDA BY SEGMENT CASH FLOW NET FINANCIAL DEBT DEVELOPMENT . . . . mee M&A mm NFD (mE)
Slide 15: Value Strategy
VALUE STRATEGY operon 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 @ Timéteo, Brazil BUSINESS OVERVIEW operon APERAM IS ACTIVE IN STAINLESS, ELECTRICAL & SPECIALTY STEEL & SCRAP #2 IN EUROPE AND THE ONLY PRODUCER IN SOUTH AMERICA Revenue by industry 2024 ~11,500 Employees Building & Construction lll Automotive . x ™ Catering & Appliances I Energy & C
Slide 17: A Differentiated Value Chain
A DIFFERENTIATED VALUE CHAIN operon ADDING VALUE THROUGH COST, MARGIN AND CASH SYNERGIES ACROSS THE SEGMENTS e,r \e 6 @ > Aperam Recycling enables 100% > Europe and Brazil share common > S&E provides low cost upstream > S&€ provides S&S with material at scrap based products at S&E innovation portfol
Slide 18: Financial Policy
FINANCIAL POLICY operon FINANCIAL POLICY BALANCES GROWTH OPPORTUNITIES AND SHAREHOLDER RETURNS GROWTH BUSINESS > Specialty > Sustainability Drive base dividend Supply Chain an Solid balance sheet Strong Balance Sheet Maintenance CAPEX through the cycle <1x 2025: €UR150m NFD/EBITDA Dividend Progressi
Slide 19: Megatrends (Growth)
MEGATRENDS (GROWTH) operon PROFOUND AND LASTING CHANGE DRIVES UNPRECEDENTED GROWTH OF STAINLESS & ELECTRICAL STEEL CONSUMPTION We offer Sustainable & Safe Packaging Solutions Very long useful life 100% recyclable Corrosion resistant Abrasion resistant Acid resistant Fire proof Mechanically strong No
Slide 20: BioEnergia and Carbon Border Adjustment Mechanism
> BioEnergia C Carbon B Border > > A Adjustment > M Mechanism > > ETS ~8t CO2/t > Price elta > > > > BioEnergia
Slide 21: Performance: The Leadership Journey phases
PERFORMANCE THE LEADERSHIP JOURNEY® - 5 DISTINCT PHASES IN RESPONSE TO A CHANGING MARKET 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 Efficiency Realized: €277m Re
Slide 22: EUR1.1bn EUR559m EUR310m
EUR1.1bn > - EUR559m EUR304m - > EUR310m EUR293m > EUR168m 22
Slide 23: Strategy 2025
STRATEGY 2025 operom THE LEADERSHIP JOURNEY® IS OUR MAIN LEVER TO TURN APERAM IN A MORE RESILIENT AND PROFITABLE COMPANY r OUR PLAN TRANSITIONS APERAM TO A r HIGHER NORMALIZED EARNINGS LEVEL" More Our industrial plan will Profitable create significant value Our plan ~€300m Future normal + Footprint
Slide 24: 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 25: Products, Process, Environment
Products Process Environment Climate change Social Governance Ethics
Slide 26: Why to invest in Aperam
r r Our products will serve the future Our responsible - produced solution are best positioned to serve customers in an environmentally conscious economy 4 We have a plan How to grow Aperam into a more profitable, cash generative and resilient company WHY TO INVEST IN APERAM r Diverse, experienced w
Slide 27: ESG
Slide 28: ESG Overview
Responsible Low-GHG Stainless Steel Producer ESG OVERVIEW APERAM APPROACHES ESG HOLISTICALLY ENVIRONMENT > Leading CO; e footprint > Clear improvement targets - Waste - Air - Water - Energy > Biodiversity focus > Production is based on recycled materials > FSC* certified forest provides renewable en
Slide 29: ESG awards and ratings
Award by the ICDA. Reconfirmed as "AA" Rated "A-“ (Climate Change) Responsibly source (Leadership level) and “B” (Water Security) chromium.
Slide 30: ESG Status & Targets
CRITERIA Energy intensity CO; intensity? Water consumption Dust intensity Zero waste target Health & Safety Diversity Digital Learning Employee Satisfaction ESG STATUS & TARGETS A BEST IN CLASS FOOTPRINT & CLEAR IMPROVEMENT TARGETS2 operon 2030 TARGET APERAM 2023 vs 2015 6.9GJ/tcs? -11%vs 2015 8.0°
Slide 31: Product & Process
PRODUCT & PROCESS operon APERAM PRODUCES A SUPERIOR PRODUCT IN A SUSTAINABLE AND RESPONSIBLE WAY SUPERIOR Mi Very long useful life Ml Corrosion resistant Hl Abrasion resistant PRODUCT 100% recyclable H Acid resistant BB Aesthetic Non toxic MFire proof Mi Mechanically strong RENEWABLE Our blast furna
Slide 32: Products: We are part of the solution
PRODUCTS operom 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 all
Slide 33: GHG
GHG operon RECYCLING CONTENT & RENEWABLE ENERGY SHARE PUTS APERAM IN A BEST-IN-CLASS POSITION r r SCRAP USAGE REDUCES CO2 EMISSIONS SUBSTANTIALLY* Co,/t Integrated producers with @ blast furnaces ee or RKF for NPI (Asia) © —_EAF process route (mostly Europe) 8 ee é 0 ee? e Scrap Share W300 SERIES 40
Slide 34: Decarbonization
DECARBONIZATION operon CARBON NEUTRALITY BY 2050 IS CAPEX LIGHT AND TECHNICALLY EASY r r 4 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 tC0,e/tcs in 2030* we - 5 S| a cece > Our scrap & charcoal based acy =
Slide 35: Aperam Energy Needs & CO2
APERAM ENERGY NEEDS & CO, op! rom EMERGY IS STILL A MAJOR co, EMISSON DRIVER DESPITE SHARE OF 50% FROM RENEWABLE SOURCES ry ry ry Natural Gas : ~50% ~20% Electricity ~15% Raw Materials 4 ~15% Others > €fficiency increase > €fficiency increase > Higher recycling content > No replacement > Electrifica
Slide 36: Aperam CO2 Scope
APERAM CO, SCOPE 1 - 2 operon co, REDUCTION PROGRAM COMPOSITION Energy Efficiency > > > Use of Al and Deep Learning for improving our heating models Thermal insulation High efficiency burners, oxy-combustion Green Energy Generation > Maximize the use of renewables: solar, wind > Heat recovery (high
Slide 37: Stainless Steel Global CO2 Footprint
Stainless total STAINLESS STEEL GLOBAL CO, FOOTPRINT SCOPE 3 MAKES ALL THE DIFFERENCE IN STAINLESS STEEL 2020 Stainless Steel Industry - CO; Intensity Breakdown by Scope* Steam Coal Scope 1 mi Others Nat. gas Page lcco FeCr —> 025 05 075 10 125 15 175 20 225 25 275 3.0 tCO,/ steel operon *Worldsteel
Slide 38: Stainless Steel Global CO2 Footprint
STAINLESS STEEL GLOBAL CO, FOOTPRINT operon 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) EU (actual) mm Scope 2 €u Indonesia 10,
Slide 39: BioEnergia
Aperam Recycling BioEnergia > > > >
Slide 40: Environment
ENVIRONMENT operom APERAM HAS A CONVINCING ENVIRONMENTAL TRACK RECORD AND CLEAR IMPROVEMENT TARGETS r r 4 Dust emissions (g/t crude steel) CO; emissions (t/t crude steel)* Water intake (m3/t crude steel) Os os 04 0.35 03 0.25 B 02 OO 4 2Ian eS Sees c ite a (= ie nn cS ix nN To2 8t02 6102 2021 SS 202
Slide 41: Health & Safety
HEALTH & SAFETY operon OUR PRIME OBJECTIVE r r ROADMAPS LTIFR IS CLEARLY BELOW WITH 3 STRATEGIC AXES THE SS INDUSTRY”... > Prevent and control the risk 23 = Fatality of fatal and severe accidents C= - Detailed improvement plan —<=_ F i — post a H&S audit of each site = an 2019 ee - Monthly monitorin
Slide 42: UN SDGs
UN SDG'S operom APERAM SUPPORTS THE UNITED NATIONS’ SUSTAINABLE DEVELOPMENT GOALS, IN PARTICULAR: N/E ™ (TF ~ (TE >) ~) Ecce: | Ei & fee Health & Safety our priority list Lowering water Almost 50% of innovation are is Aperam’s primary with a special ommit. consumption and ; Aperam’'s energy comes |}
Slide 43: Governance
GOVERNANCE operom OUR 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 / 6 nationalities CEO: responsible for Aperam’s sustainabil
Slide 44: N America France UK
8% 5% 29% 6% 5% 4% 2% 41% N America France UK Benelux Germany Other Mittal Family Private & NA
Slide 45: Aperam Business Overview
gpefoml Aperam Business Overview
Slide 46: Business Overview
2.5mt Capacity @ Timéteo, Brazil BUSINESS OVERVIEW operon APERAM IS ACTIVE IN STAINLESS, ELECTRICAL & SPECIALTY STEEL & SCRAP #2 IN EUROPE AND THE ONLY PRODUCER IN SOUTH AMERICA Revenue by industry 2024 ~11,500 Employees Building & Construction lll Automotive . x ™ Catering & Appliances I Energy & C
Slide 47: Business Overview: Group Segments
F RECYCLING & RENEWABLES 1.5mt Scrap & Charcoal shipments 24% of group adjusted EBITDA Scrap is our key raw material, Charcoal our major energy > ELGis 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 48: Business Overview: Value chain and segments
BUSINESS OVERVIEW operon APERAM’S VALUE CHAIN AND HOW IT SPLITS INTO SEGMENTS Slabs & Raw. Mat. Billets Hot rolling Cold rolling / Finishing Service ae =] a 2 Chatelet & S 1.4Mt & Chatelet 2.8Mt (maximum historic capacity at 24/7 shift system) Steel service centers Chatelet Transformation Universal
Slide 49: Main Production Sites
BUSINESS OVERVIEW gperom MAIN PRODUCTION SITES Chatelet, Belgium Genk, Belgium Gueugnon, France Isbergues, France Tim6teo, Brazil Imphy, France Universal, USA** es Location & facts Location & facts Location & facts Location & facts Location & facts Location & facts Location & facts Melt shop Melt sh
Slide 50: A Balanced Risk Profile and Customer Structure
BUSINESS OVERVIEW operon A BALANCED RISK PROFILE AND CUSTOMER STRUCTURE SHIPMENT BY SEGMENT 2024* ADJ. EBITDA BY SEGMENT 2024* = S8E Europe = S&E Europe = SES, America SRE S. America = ARS = ARS = Sas = S85 = RRR RAR = Brazil m= US Other Americas ™ Germany mitaly m France Other Europe Asia & Africa
Slide 51: Self-help and Investing in a Differentiated Value Chain
_ BUSINESS OVERVIEW operon SELF-HELP AND INVESTING INA DIFFERENTIATED VALUE CHAIN HAS TRANSFORMED THE GROUP SHIPMENT BY SEGMENT (KT) AD]. EBITDA BY SEGMENT (EUR) 2,290 1129 1,917 1,936 1.972 2,309 2198 mame RER 1,060 nar 1,786 1677 1819 on as — me ARS we ans mm SRE = Group mmm 58 2016 2017 2018 2019
Slide 52: Stainless & Electrical Europe
Stainless & Electrical Europe
Slide 53: S&E Europe Summary
S&E EUROPE SUMMARY operon ADDING PRODUCT DIFFERENTIATION TO COST LEADERSHIP | DIFFERENTIATORS r , 7 EARNINGS GROWTH & FUTURE “NORMAL” VS VALUE DRIVERS - > European cost leader PREVIOUS “NORMAL” - Efficient footprint _ > Genk downstream ramp-up ~ Logistics advantages é > Footprint improvement & > Fle
Slide 54: S&E Europe Track Record
S&E EUROPE TRACK RECORD operon 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 S&C Europe S&ES. America 24%, A&S 10%, S&S 21% R&R LOW REAL DEMAND & HEAVY DESTOCKING ALONG THE
Slide 55: S&E Europe Assets
S&E EUROPE ASSETS HIGHLY FLEXIBLE INTEGRATED MULTI-PLANT FOOTPRINT WITH SUPERIOR LOCATED IN THE EU INDUSTRIAL CORE Isbergues Pont-de-Roide Gueugnon INBOUND AND OUTBOUND LOGISTICS r FLEXIBLE, EFFICIENT AND RISK MINIMIZING FOOTPRINT Steel Plants Hot Rolling Cold Rolling Mill Mill Chatelet Customers Cu
Slide 56: S&E Europe Strategic Targets
S&E EUROPE STRATEGIC TARGETS operom 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 Footprint changes will realize additional cost leadership potential 1 COST LEADER We continuously impr
Slide 57: S&E Europe Product Portfolio 2024
S&E EUROPE PRODUCT PORTFOLIO 2024 Ope PRODUCT FLOW OPTIMIZATION SECURES COST LEADERSHIP POSITIONS & ENABLES MIX IMPROVEMENT IN GENK AND GUEUGNON Cold rolling / Finishing ow & distribution | direct sale Sale emer 0.7Mt Stainless flat ope | Gueugnon 0.4Mt 0.4Mt Transformation* Footprint 2020: #22 tool
Slide 58: S&E Cost Position 2023
S&E COST POSITION 2023 OPC om TARGETING EUROPEAN COST LEADERSHIP POSITION IN ALL STANDARD & TOP LINE PRODUCTS Improved footprint post LJ4 in 2023 Cost leading footprint 2 a o x oo a=) a ° ‘ts | Top line products Austenitic HR Duplex 2000 wide Market | dard products | Top line products Austenitic HR
Slide 59: EU Trade Action
| Safeguard Anti-dumping duties (AD) Countervailing duties (AS) Aim Countries affected Measure *€ffective 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 dom
Slide 60: EU Stainless Steel Imports
HOT ROLLED IMPORTS & MARKET SHARE 50% 140 = 120 40% 3 100 2 30% # 6 = 6 20% 40 10% AMM O 0% ecaoQg0Qg0Q0000 BErURERERER UR BEN RARRRARRRD SESSSXRRASRRS =" Indonesia Sl Other countries —==Market share % EU STAINLESS STEEL IMPORTS ANTI-DUMPING MEASURES AR COLD ROLLED IMPORTS & MARKET SHARE = 400 40% =
Slide 61: Stainless & Electrical South America
Stainless & Electrical South America
Slide 62: S&E South America
S&E SOUTH AMERICA operon A RESILIENT, PROFITABLE BUSINESS WITH SUBSTANTIAL DEVELOPMENT POTENTIAL DIFFERENTIATORS r ; ; EARNINGS GROWTH & FUTURE "NORMAL" VS VALUE DRIVERS > Engaged and performing PREVIOUS NORMAL > Competitiveness t eam a > Debottleneck and upgrade > Unique market position investments
Slide 63: S&E South America Track Record
S&E SOUTH AMERICA TRACK RECORD operon A FLEXIBLE, AGILE & HIGHLY PROFITABLE ASSET BRAZIL IS A CONSISTENT HIGH EARNINGS CONTRIBUTOR SRE Europe 32%, @ S&ES. America A&S S&s 21% wv R&R STABLE SHIPMENTS PAIRED WITH A BETTER MIX 2016 2017 2018 2019 2020 2021 2022 2023 2024 24%, 10%, mBrazil SRE shipments
Slide 64: Aperam South America
APERAM SOUTH AMERICA Ope rom A SKILLED WORKFORCE, A GROWTH MARKET AND A COMPETITIVE FOOTPRINT ARE MAIN ASSETS People (2) > Engagement > Diversity & Inclusion Market fi) > Growth > Good Opportunities Minas Gerais Footprint State ‘¢) > Flexibility & Integration > Sustainability > Competitiveness Apera
Slide 65: Product Portfolio
PRODUCT PORTFOLIO operon A DIVERSIFIED RANGE OF HIGH ADDED VALUE PRODUCTS Stainless Steels Electrical Steels (GO / NGO) Special Carbon Steels Construction / Architecture GO (Power & Distribution GO (Charging station for Transformers) electric vehicles) Capital Goods / Biofuels ae NGO for Electric Ve
Slide 66: 6% 6% 10% 10% 20% 20% 13% 71% 21% 23%
6% 6% 10% 10% 20% 20% 13% 71% 21% 23%
Slide 67: Stainless Steel Consumption
STAINLESS STEEL CONSUMPTION Brazil Stainless Steel Market (kt) 50% 60% 70% 80% 90% 2030e . 2029e . 2028e y 2027e ‘ 20266 . 2025e o 2024e A .° 2023 a .” 02? 202) 2 - 219 a.” 2018 07 2016 a.” 05 200 300 400 500 WM Historic consumption || Aperam Market & forecast (kt) share STAINLESS STEEL GROWTH Flat
Slide 68: Aperam South America: Our Strategy
APERAM SOUTH AMERICA: OUR STRATEGY operon 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 69: Brazil Trade Protection
BRAZIL TRADE PROTECTION operon THREE PILLARS OF TRADE PROTECTION AGAINST UNFAIR MARKET BEHAVIOR IMPORT DUTY General import duty: + 12.6% import duty on all stainless steel imports irrespective of origin Sources: SBB/Platts, Steelfirst LOGISTICS Brazil €U 28 Area (mn km?) 8.51 — -45% —> 4.66 Consumpt
Slide 70: Services & Solutions
Nejea\ansaamanhh [mmmmm [angen uma) i saiadiniauamerteneen nena gpefoml Services & Solutions
Slide 71: 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 72: Apera m Stainle
Apera m Stainle End ss & - user Electric s al Steel
Slide 73: Services & Solutions
SERVICES & SOLUTIONS operon APERAM’S DOWNSTREAM DISTRIBUTION ARM r WE ARE > Aperam’s distribution arm, ~1,500 FTE > 18 service centers, 15 agencies & rep offices in 36 countries > 6000+ active customers worldwide sell 40% of Aperam’s mill production > Largest online shop for stainless steel REVENUE
Slide 74: S&S Footprint
S&S FOOTPRINT operom S&S'S WIDE NETWORK CONNECTS APERAM WITH ALL INDUSTRIAL CENTERS EFFICIENT DISTRIBUTION PHYSICALLY & ONLINE > Aperam has the biggest and most profitable integrated distribution network in the stainless steel industry > Strong assets in all major industrial clusters across Europe >
Slide 75: Market
MARKET OP rom DISTRIBUTION IS THE MAIN ROUTE TO 70% OF OUR MARKET MILLS ~_ > 2-4 month lead time Distribution 20-32 t full coils Prefer big accounts with several kt offtake pa Prefers agreed volumes » annual/quarterly contracts Market intelligence and development Reduced volatility for the mill Shor
Slide 76: Competitive Landscape
COMPETITIVE LANDSCAPE operon STAINLESS STEEL DISTRIBUTION IS STILL FRAGMENTED SSCs characteristic Have number of transformation tools Provide wide product offer in grades, finishing and forms Focus on big-midsize and/or contracts end users Master Sheet distributors characteristic Sheet distributors,
Slide 77: 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 78: Earnings Growth
EARNINGS GROWTH operon 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 : > Further expand industry benchmark 6 * LEAN INVENTORY a cost to serve per ton & lower OWCR x
Slide 79: Alloys & Specialties
gpefoml Alloys & Specialties
Slide 80: A&S Summary
A&S SUMMARY operon DIFFERENTIATED ASSETS, PRODUCTS AND DEBOTTLENECKING MAKE IT OUR HIGHEST > DIFFERENTIATORS Technology competence : A&S solves problems for customers Very strong position in cryogenic market (INVAR® grades) Market & technology leader in wire rod Stable business model with high resil
Slide 81: A&S Track Record
A&S TRACK RECORD operon STABLE NICHE MARKET WITH HIGH MARGINS 2024 EBITDA OF APERAM'S REACHED NEW RECORD LEVEL y, S&E Europe ca 32% SRES. America wARS 10%, S&S 13% R&R Increasing Shipments in combination with improving Mix 2016 2017 2018 2019 2020 2021 2022 2023 2024 MAS shipments (kt) *1993 - 2023
Slide 82: A&S Locations
E $ § ec 5 ° Qa ba Industrial sites Products bea Industrial sites A&S LOCATIONS A TRULY GLOBAL FOOTPRINT Products @ Aperam sales office operon 2. @ Other representation 82
Slide 83: A&S Sales Split
A&S SALES SPLIT SUPPLYING A HIGHLY DIVERSIFIED RANGE OF INDUSTRIES operon 83
Slide 84: A&S Competitive Position
A&S COMPETITIVE POSITION operon A&S WILL GROW ORGANICALLY AND WITH UNIVERSAL TO BECOME A BIGGER PRODUCER GLOBALLY 4 4 kt a Top 10: Have a 76% Mi Long Products ALLOYS ARE AN ATTRACTIVE GROWTH MARKET 0 & a combined market share* Flat Products = Da 400 CAGR 3.2%" s P~OSae 00 ace * %<,) ater all lil 25
Slide 85: 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 Global presence Strong technical SPECIALTIES Value sensit
Slide 86: Growth & Innovation
GROWTH & INNOVATION operon E-MOBILITY, NEW ENERGIES AND OLEDS ARE A&S‘s GROWTH MARKETS r r Meet technical requirements of Contribute to the challenge of efficiency Respond to the high precision required electrification for cars, trains, flying yield in future power generation for the production of n
Slide 87: 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 IMPHY SUPRA 50
Slide 88: Recycling & Renewables
gpefoml Recycling & Renewables
Slide 89: SCRAP RECYCLING Aperam
DUST & SCRAP RENEWABLE RESIDUES RECYCLING RECYCLING ENERGY Aperam BioEnergia Recycling
Slide 90: 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 + US: leading position wa volumes worldwide * Global leader in superalloys > Superalloys to Benefit fr
Slide 91: BioEnergia
Aperam Recycling BioEnergia
Slide 92: x Aperam Recycling (ELG) Recyco
x 2021* 2030 Aperam Recycling (ELG) Recyco BioEnergia Botanickel
Slide 93: Aperam Recycling
operom APERAM RECYCLING
Slide 94: Global SS Prod. Becomes
> ❑ +131% Global SS ❑ Prod. 2005 - 23 > > Becomes Future Scrap Volume Growth > > Aperam Recycling 50+ 18 > 5 > > > Stainless Superalloys
Slide 95: Aperam Recycling: Business Divisions
APERAM RECYCLING: BUSINESS DIVISIONS operon DELIVERING VALUE BY IDENTIFYING THE BEST USAGE OF COLLECTED RESOURCES AND PROCESSING FOR THE MOST SUITABLE APPLICATION r Activities Materials treated Resources Recovered vvvyvyY STAINLESS STEEL AMER | EMEA | APAC and stainless steel scraps Shipping of homo
Slide 96: Circular Economy
CIRCULAR ECONOMY operon APERAM IS AT THE HEART OF THE EUROPEAN CIRCULAR ECONOMY. SCRAP AND RECYCLED MATERIAL ARE OUR DOMINATING INPUT Automotive Construction Other > Aperam uses ~90% scrap in Transport its austenitic grades Customers Layears —Syeas «30 years ses: 90% 85% 90% > Scrap is sourced regio
Slide 97: 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 98: ~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 99: 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 100: 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 101: Recyco
operon RECYCO
Slide 102: 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 103: Recyco Growth
RECYCO GROWTH operom TURNING RECYCO INTO THE LEADING EUROPEAN NICKEL RECYCLING FACILITY (1) Internal low Ni, Cr, Mo Ferro alloy i i ag a 2 ’ . ie A a «2 e ——— 4 UT 1 —" —_ e Externally sourced material p LCeyCo_! High volume ingots containing ew recycled nickel © Botanicke! = = ve bars Recyco Key St
Slide 104: BioEnergia
operom BioEnergia
Slide 105: BioEnergia
BIOENERGIA op OM LARGE SCALE, SUSTAINABLE FOREST OPERATIONS Subsidiary of Aperam South America Best pratices in 1,000 +45 patents charcoal employees production Directly employed 450k ton/year 06 charcoal Measurable positive impact on genetic material and production units on regional prosperity carbo
Slide 106: BioEnergia Time Line
Slide 107: BioEnergia's Operations Locations
Slide 108: Aperam’s BF’s using renewable
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 109: Wood Density Growth
> > > > > Wood Density Growth +24% +30% +18% +25% 2022 2030 2015-22 2023-30 1990 2020 2050e
Slide 110: > > > > >
> > > > >
Slide 111: > > > >
> > > >
Slide 112: Charcoal R&D & FSC Certification
Charcoal R&D & FSC Certification Electricity Scrap Sequestration Efficiency
Slide 113: 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 114: Appendix
Slide 115: Key Prices & Exchange Rates
Slide 116: Aperam is a solid performer in every phase of the cycle
Slide 117: High cash flow, low maintenance capex and high cash returns
Slide 118: No credit arrangement contains earnings related covenants
No credit arrangement contains earnings related covenants
Slide 119: P&L (EURm)
P&L (EURm ) EURm 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1-25 Sales EURm 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 Adj. EBITDA EURm 286 168 220 368 451 455 559 504 340 293 1,060 1,129 304 356 86 - Adj. EBITDA margin % % 6
Slide 120: Cash Flow (EURm)
Cash Flow (EURm ) EURm 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Operating Income / (loss) EURm 37 (80) (8) 221 294 287 399 361 207 199 1,042 890 89 127 (11) Depreciation and impairment EURm 223 248 228 190 157 158 152 143 150 144 144 186 204 229 61 Changes in w ork
Slide 121: Balance Sheet (EURm)
Balance Sheet (EURm ) EURm 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Non current assets EURm 3,213 3,036 2,690 2,653 2,427 2,630 2,478 2,365 2,345 2,130 2,405 2,594 2,915 2,966 3,285 Goodw ill and intangible assets EURm 699 651 586 573 511 536 509 490 479 429 439 45
Slide 122: Shipments (000t) and segment data
Shipm ent (000t) 2011 2012 2013 2014 *** 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Steel Shipment S&E kt 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 Steel Shipment A&S kt 37 36 36 35 34 30 33 36 36 31 30 27 33 38 15 Steel Shipment S&S kt 662
Slide 123: By weight Iron Molybdenum, Al, Cu
By weight Iron Molybdenum, Al, Cu Nickel Chromium Manganese Carbon
Slide 124: Upstream activities Reporting company Downstream activities
Upstream activities Reporting company Downstream activities
Slide 125: Aperam's CO2 footprint