Slide 1: Fourth Quarter 2024 Results
Perapenent | Fourth Quarter 2024 Results Podcast 7 February 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: Q4 2024 Highlights
__04 2024 HIGHLIGHTS operon FOOTPRINT INVESTMENTS AND OUR DIFFERENTIATED VALUE CHAIN PAY OFF IN A VERY CHALLENGING MARKET ENVIRONMENT Europe: Seasonally higher volumes from a depressed level and a better mix but pricing pressure intensified during December Brazil: Solid result in a seasonally softer
Slide 4: 2024 Market Update
04 2024 MARKET UPDATE operon DEPRESSED EUROPEAN DEMAND, SOLID PERFORMANCE IN BRAZIL; IMPORTS AND DISTRIBUTOR INVENTORY WERE UNEVENTFUL CONSTRUCTION e@ CONSUMER @ AUTOMOTIVE & PHYSICAL INVENTORY IS BELOW NORMAL GOODS TRANSPORT 80,000 100 > EU: No improvement > EU: Inventory levelhas = > ‘EU: Lower vo
Slide 5: 2024 Financial Highlights
04 2024 FINANCIAL HIGHLIGHTS operon EBITDA INCREASED DESPITE INTENSIFIED PRICING PRESSURE, HIGH FREE CASH FLOW GENERATION AND SIGNIFICANT DELEVERAGING STEP ACHIEVED Q4-24 KEY COMMENTS EUR 0424 Q324 goq 9423 YOY ~—-»> Steel shipments: higher volumes in Europe compensated Sales 1471 1493 -1% 1551 -5%
Slide 6: Q4 2024 Segments
Recycling & Renewables adj. EBITDA (EURm) 193 122 madj EBITDA oc MES [| (EURm) 41 adj. EBITDA/t (©) 0423 0324 0424 Shipments -24% qoq, -7% yoy based on lower scrap demand qogq: adj. EBITDA increased despite slightly lower selling prices overcompensated by positive valuation effects yoy: adj. EBITDA
Slide 7: Q4 Q3 Q2 Q1 2024 2025 2026 • • • • •
Q4 Q3 Q2 Q1 2024 2025 2026 • • • • •
Slide 8: Outlook
OUTLOOK operom GUIDANCE & OTHER FORWARD LOOKING ITEMS r Q1 2025 OUTLOOK OTHER ITEMS Q1 shipments are expected higher qoq > FY 2025 base dividend stable at (seasonal stronger quarter in Europe, Brazil EUR2.00/share (~EUR145 million) with seasonal trough) . > FY 2025 group capex guidance ~EUR200m: Q1
Slide 9: Quarterly Financial Results
QUARTERLY FINANCIAL RESULTS gperom 04 REFLECTS DECREASE IN R&R AND SEASONALITY IN BRAZIL SHIPMENT VOLUMES ADJ. EBITDA & MARGIN NET INCOME & EPS* 505| Q1 Ql Q2 23 Q1 Ql Q2 Q3 C4 Ql 22 O3 04 C1 Q2 Q3 4 ~ 22. 23. 23° 23: 23: 24 24 DAD 22. 23. 23: 23: 23: 24 «24 «2424 Q4 Ql 02 03 04 QL 2 Q3 O4 moons uy
Slide 10: Quarterly Financial Results II
QUARTERLY FINANCIAL RESULTS II operon STRONG INCREASE IN A&s, STAINLESS REFLECTS PRICING PRESSURE AND SEASONALITY, NWC MUCH LOWER, HIGH FCF GENERATION RESULTING IN SIGNIFICANT LOWER NFD r 4 ADJ. EBITDA BY SEGMENT CASH FLOW NET FINANCIAL DEBT DEVELOPMENT EURM mm M&A mmMNFD (mE) «=—NFD / LTM adj. EBIT
Slide 11: Value Strategy
VALUE STRATEGY operon BODEGA IRIUS Barbastro, Huesca - Espagne / Marino Pascual & Asociados Arquitectura © Adriana Landaluce / Executed using Aperam 316L Uginox Top finish 11
Slide 12: 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 13: 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 14: 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 15: 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 16: BioEnergia
> BioEnergia C Carbon B Border > > A Adjustment > M Mechanism > > ETS ~8t CO2/t > Price elta > > > > BioEnergia
Slide 17: The Leadership Journey - Distinct 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 18: EUR1.1bn EUR559m EUR310m
EUR1.1bn > - EUR559m EUR304m - > EUR310m EUR293m > EUR168m 18
Slide 19: 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 20: S&E Europe S&E S. America A&S
S&E Europe S&E S. America A&S S&S R&R
Slide 21: Products, Process, Environment
Products Process Environment Climate change Social Governance Ethics
Slide 22: 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 23: ESG
Slide 24: 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 25: 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 26: 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 27: 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 28: Products
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 29: 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 30: 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 31: 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 32: Aperam CO2 Reduction Program
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 33: 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 34: 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 35: BioEnergia
Aperam Recycling BioEnergia > > > >
Slide 36: 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 37: 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 38: 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 39: 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 40: Shareholder structure
8% 5% 29% 6% 5% 4% 2% 41% N America France UK Benelux Germany Other Mittal Family Private & NA
Slide 41: Aperam Business Overview
gpefoml Aperam Business Overview
Slide 42: 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 43: 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 44: Aperam's Value Chain and Segments
BUSINESS OVERVIEW operon APERAM’S VALUE CHAIN AND HOW IT SPLITS INTO SEGMENTS Raw. Mat. Slabs Hot rolling Cold rolling / Finishing Service ae =] a 2 Chatelet & S 1.0Mt A Chatelet 2.8Mt Steel service centers Transformation Chatelet BioEnergia (Forest & Timoteo Timoteo Charcoal) O.9Mt 0.88Mt Stainless
Slide 45: Main Production Sites
BUSINESS OVERVIEW gperom MAIN PRODUCTION SITES Chatelet, Belgium Genk, Belgium Gueugnon, France Isbergues, France Tim6teo, Brazil Imphy, France Location & facts Location & facts Location & facts Location & facts Location & facts Location & facts Melt shop Melt shop Cold-rolling mill Cold-rolling mil
Slide 46: 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 47: 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) 5 1129 2309 2,198 4290 ae pop 1,060 rer 1,917 1,936 1,972 . 1819 2786 16/1 mmm S85 mmm S&S mmm ARS mmm ARS mmm SRE mmm S&E 2016—2017-2018-
Slide 48: Stainless & Electrical Europe
Stainless & Electrical Europe
Slide 49: 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 50: 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 m@ S&E Europe 24%, S&C S. America A&S. 10%, S&S, 21% R&R LOW REAL DEMAND & HEAVY DESTOCKING ALO
Slide 51: 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 52: 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 53: 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 54: 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 55: 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 56: US Stainless Steel Imports
Hot rolled (kt) m=" Indonesia cUS STAINLESS STEEL IMPORTS operon ANTI-DUMPING MEASURES | ARE EFFECTIVE IN LIMITING PRICE DISTORTIONS HOT ROLLED IMPORTS & MARKET SHARE 140 120 100 80 60 Mh Th Ma 50% 40% 30% 20% 10% 0% mmm (ther countries ——= Market share Y COLD ROLLED IMPORTS & MARKET SHARE s 400 40%
Slide 57: Stainless & Electrical South America
Stainless & Electrical South America
Slide 58: 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 59: 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 hay, S&E Europe J? %, @ S&ES, America ARS 10%, S&S 21% R&R STABLE SHIPMENTS PAIRED WITH A BETTER MIX 2016 2017 2018 2019 2020 2021 2022 2023 2024 mBrazil SRE shipments (
Slide 60: 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 61: 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 62: 6% 6% 10% 10% 20% 20% 13% 71% 21% 23%
6% 6% 10% 10% 20% 20% 13% 71% 21% 23%
Slide 63: 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 64: 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 65: 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 66: Services & Solutions
Nejea\ansaamanhh [mmmmm [angen uma) i saiadiniauamerteneen nena gpefoml Services & Solutions
Slide 67: 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 68: Apera m Stainle
Apera m Stainle End ss & - user Electric s al Steel
Slide 69: 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 70: 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 71: 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 72: 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 73: 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 74: 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 75: Alloys & Specialties
gpefoml Alloys & Specialties
Slide 76: 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 77: 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 78: A&S Locations
A&S LOCATIONS operom A TRULY GLOBAL FOOTPRINT Downstream HH i Pithampur (In) @ Aperam sales office @ Other representation
Slide 79: A&S Sales Split
A&S SALES SPLIT SUPPLYING A HIGHLY DIVERSIFIED RANGE OF INDUSTRIES operon 79
Slide 80: 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 81: 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 82: 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 83: 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 84: Recycling & Renewables
gpefoml Recycling & Renewables
Slide 85: Scrap Recycling, Dust & Residues, Renewable Energy
DUST & SCRAP RENEWABLE RESIDUES RECYCLING RECYCLING ENERGY Aperam BioEnergia Recycling
Slide 86: 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 87: BioEnergia
Aperam Recycling BioEnergia
Slide 88: Aperam Recycling, Recyco, BioEnergia, Botanickel
x 2021* 2030 Aperam Recycling (ELG) Recyco BioEnergia Botanickel
Slide 89: Aperam Recycling
operom APERAM RECYCLING
Slide 90: Global stainless production becomes future scrap volume
> ❑ +131% Global SS ❑ Prod. 2005 - 23 > > Becomes Future Scrap Volume Growth > > Aperam Recycling 50+ 18 > 5 > > > Stainless Superalloys
Slide 91: 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 92: 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 93: Scrap Recycling Manufacturing
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 94: ~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 95: 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 96: 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 97: Recyco
operon RECYCO
Slide 98: 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 99: Recyco Growth
RECYCO GROWTH operom TURNING RECYCO INTO THE LEADING EUROPEAN NICKEL RECYCLING FACILITY (1) Internal low Ni, Cr, Mo Ferro alloy <<. e Externally sourced material ; ming High volume ingots containing recycled nickel (3) Botanickel Recyco Key Strength 2030 Targets > €stablished Process, ready to scale
Slide 100: BioEnergia
operom BioEnergia
Slide 101: 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 102: BioEnergia Time Line
BIOENERGIA TIME LINE operon MORE THAN 40 YEARS OF HISTORY Acesita S.A. creation Beginning of eucalyptus FSC® Certification Aperam plantations 7 © © Privatization | OHSAS (H&S) 450 kton/year & ISO (quality) certifications charcoal production Start of eucalyptus R&D + genetic improvement BioEnergia is
Slide 103: BioEnergia's Operations Locations
BIOENERGIA operom BIOENERGIA’S OPERATIONS LOCATIONS Aperam BioEnergia Vale do Jequitinhonha Region t Distance: 350 km Travel time: ~5 hours ¥ Aperam South America Timéteo City 103
Slide 104: Aperam's BFs using renewable charcoal
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 105: Wood Density Growth
> > > > > Wood Density Growth +24% +30% +18% +25% 2022 2030 2015-22 2023-30 1990 2020 2050e
Slide 106: > > > > >
> > > > >
Slide 107: > > > >
> > > >
Slide 108: Charcoal R&D & FSC Certification
Charcoal R&D & FSC Certification Electricity Scrap Sequestration Efficiency
Slide 109: 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 110: Appendix
Slide 111: Key Prices & Exchange Rates
Slide 112: Aperam Is a Solid Performer in Every Phase of the Cycle
Slide 113: High Cash Flow, Low Maintenance Capex and High Cash Returns
Slide 114: No credit arrangement contains earnings related covenants
No credit arrangement contains earnings related covenants
Slide 115: Income statement 2011-2024
(EURm ) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 Adj. EBITDA 286 168 220 368 451 455 559 504 340 293 1,060 1,129 304 356 - Adj. EBITDA margin % 6% 4% 6% 9% 11% 12% 12% 11% 8% 8% 21%
Slide 116: Cash Flow 2011-2024
Cash Flow (EURm ) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Operating Income / (loss) 37 (80) (8) 221 294 287 399 361 207 199 1,042 890 89 127 Depreciation and impairment 223 248 228 190 157 158 152 143 150 144 144 186 204 229 Changes in w orking capital 36 117 (15) (156)
Slide 117: Balance Sheet 2011-2024
(EURm ) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Non current assets 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 Goodw ill and intangible assets 699 651 586 573 511 536 509 490 479 429 439 451 452 427 Property, plant and equipment (
Slide 118: Shipments and segment P&L
Shipm ent (000t) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 Shipment A&S 37 36 36 35 34 30 33 36 36 31 30 27 33 38 Shipment S&S 662 661 679 721 746 799 818 819 706 646 726 642
Slide 119: Composition by weight
By weight Iron Molybdenum, Al, Cu Nickel Chromium Manganese Carbon
Slide 120: Upstream activities, reporting company, downstream activities
Upstream activities Reporting company Downstream activities
Slide 121: Aperam's CO2 Footprint