Slide 1: 3Q 2024 financial results
3Q 2024 Q2 and Financial 1H 2023Results financial results Leadership presentation November 7, 2024 27th July 2023 Genuino Christino, Chief Financial Officer Daniel Fairclough, Head of Investor Relations
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This document may contain 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
Slide 3: Contents
Contents 3Q 2024 EXECUTIVE SUMMARY | page 4 STRATEGIC GROWTH | page 10 CAPITAL ALLOCATION | page 16 APPENDIX | page 20 Page 3
Slide 4: Journey to zero fatalities: Company-wide safety audit by dss+ is complete
Journey to zero fatalities: Company-wide safety audit by dss+ is complete Health and safety performance ▪ Protecting employee health and safety remains the overarching priority of the Company. LTIF1 rate of 0.68x in 9M’24 H&S The Company-wide independent safety audit by dss+ is complete Strategy ▪ T
Slide 5: Continued strategic progress despite challenging market conditions
Continued strategic progress despite challenging market conditions Key 9M’24 figures: • ArcelorMittal continues to deliver higher margins and resilient operating results despite challenging market conditions → EBITDA/t in 3Q’24 and 9M’24 remains consistently above historical average levels ▪ $5.4bn
Slide 6: Resilient operating results highlighting benefits of diversification
Resilient operating results highlighting benefits of diversification EBITDA split by segment (9M’24)1 Structurally higher margins and greater resilience to challenging market environments…EBITDA/t (US$) +49% 133 89 Majority of Mining EBITDA is generated in Average 2012-2019 9M’24 North America (Cana
Slide 7: We are at a cyclical low – current market conditions are unsustainable
We are at a cyclical low – current market conditions are unsustainable ▪ Overall demand remains subdued, with no signs of restocking ArcelorMittal weighted PMI1 chart activity as customers maintain a “wait and see” approach (latest data point: Oct-2024, 49.0) 58 ▪ Nevertheless, apparent demand in ou
Slide 8: 3Q'24 EBITDA impacted by seasonally lower steel volumes and lower steel and IO prices
3Q’24 EBITDA impacted by seasonally lower steel volumes and lower steel and IO prices EBITDA1 bridge 2Q’24 vs. 3Q’24 ($m) ▪ North America: EBITDA down QoQ → primarily due to a 1,862 negative price-cost effect (PCE) (109) 84 (59) (19) ▪ Brazil: EBITDA up QoQ → Higher steel shipments and positive (40)
Slide 9: Balance sheet strength supports consistent investment and returns
Balance sheet strength supports consistent investment and returns Net debt movement YoY ($bn) ▪ Net debt increased to $6.2bn at the end of the quarter following the acquisition of the c.28.4% stake in Vallourec for $1.0bn and $0.3bn share buybacks 6.2 $2.8bn investable 0.3 ▪ Due to the seasonality o
Slide 10: Strategic growth
Strategic growth Page 10
Slide 11: Capital allocation policy: $19.8bn investable cashflow since 2021
$19.8bn in investable cashflow 1 generated since 2021 (when we initiated our defined capital allocation policy) → allocated to growth and shareholders return → Acquired low-cost/highest quality assets: ▪ Pecem (Brazil) – 3Mt highest quality, lowest cost steel capacity ▪ HBI Texas (US) – 2Mt strategi
Slide 12: Growth through investment in high quality projects
Growth through investment in high quality projects Organic growth investments Cadence of EBITDA3 benefit from projects ($bn) ▪ Since 2021, the Company has invested over $3.3bn in strategic capex2 Inorganic investments1 2.0 ▪ Recently completed strategic projects Vega CMC (Brazil), 1GW India Strategi
Slide 13: Recent strategic projects performing well
Recent strategic projects performing well Brazil: Vega CMC: Increase galvanized and cold rolled coil capacity through a new 700kt continuous annealing and continuous galvanizing combiline ▪ Capex $0.4bn; estimated to add >$0.1bn EBITDA post ramp up ▪ Key milestones during the ramp up: − 1st continuo
Slide 14: Building a global renewable energy portfolio
Building a global renewable energy portfolio Securing and decarbonising future electricity needs ▪ ArcelorMittal owned project started commissioning ($0.7bn investment) India ▪ Solar/wind project is expected to provide >20% of AMNS India’s Hazira plant electricity requirements reducing carbon emissi
Slide 15: Agreement to acquire Nippon 50% stake in AMNS Calvert
Agreement to acquire Nippon 50% stake in AMNS Calvert1 ▪ On October 11, 2024, ArcelorMittal agreed with Nippon Steel Electric Arc Furnace (EAF) under construction Corporation (“NSC”) to purchase NSC’s 50% equity interest in the AMNS Calvert JV ▪ Transaction is subject to NSC completing its pending a
Slide 16: Capital allocation
Capital allocation Page 16
Slide 17: Capex in 2024 to continue to fund strategic growth and decarbonization
Capex1 in 2024 to continue to fund strategic growth and decarbonization ▪ 9M’24 capex of 3.3bn (>30% of capex is being spent on strategic growth projects) ▪ FY 2024 capex is expected to be within the guidance range ($4.5bn-$5.0bn) Capex1 ($bn) Strategic growth capex envelope 9M’242 4.5 - 5.0 Decarbo
Slide 18: Clearly defined capital returns policy provides visibility for consistent shareholder returns
Clearly defined capital returns policy provides visibility for consistent shareholder returns MT dividends have progressively increased ($/sh) ▪ Company’s capital return policy defines that a minimum 50% of post-dividend annual FCF is returned to shareholders through +67% buybacks ▪ First $0.25/sh i
Slide 19: Smarter steels for people and planet
Smarter steels for people and planet ▪ Progress our journey to zero fatalities Improving ▪ 3rd party safety audit is complete, providing ArcelorMittal with a clear set safety of recommendations which the company is committed to implement ▪ Building customized, business unit specific work plans ▪ The
Slide 20: Appendix
Appendix 3Q 2024 FINANCIAL PERFORMANCE | page 21 Page 20
Slide 21: 3Q'24 EBITDA to net result
3Q’24 EBITDA to net result ($ million) Impairment of $36m related to the BASIC EPS 3Q’24 closure of the coke oven battery in Weighted Av. No. of shares (millions) 778 Krakow (Poland) and exceptional items of $74m related to restructuring costs at Earnings per share $0.37 the same location Adjusted e
Slide 22: 3Q'24 EBITDA to free cash flow
3Q’24 EBITDA to free cash flow ($ million) 132 (302) (666) 1,581 1,411 (284) 745 (101) (85) 275 EBITDA Change Net financial Cash flow Maintenance Investable Strategic Decarbonisation Minority Free in working cost, tax from / normative cashflow capex capex dividends cash flow capital1 and others oper
Slide 23: 3Q'24 Net debt analysis
3Q’24 Net debt analysis ($ million) 12m shares repurchased 277 125 814 (275) 6,165 5,224 Net debt at June 30, 2024 Free cash flow1 M&A2 Share buyback Forex and other Net debt at September 30, 2024 Page 23 1. Free cash flow defined as cash flow from operations less capex less dividends to minorities;
Slide 24: ArcelorMittal contacts
ArcelorMittal contacts Daniel Fairclough – Global Head Investor Relations Maureen Baker – Fixed Income/Debt Investor Relations daniel.fairclough@arcelormittal.com +44 207 543 1105 maureen.baker@arcelormittal.com +33 1 57 95 50 35 Hetal Patel – General Manager Investor Relations Benoit Cuisiniere – M