Aperam S.a. · EURONEXT:APAM
Aperam — Q4 2025 Earnings Presentation
130 slides from Aperam's earnings presentation, Feb 6, 2026
Slide 1: Fourth Quarter 2025 Results
= Of-erom a Gh Click fo ‘a) Fourth Quarter 2025 Results Management Podcast 6 February 2026 pif
Slide 2: Agenda
Q4 2025 highlights page 4 Value Strategy 17 ESG 30 Business Overview 48 • S&E Europe 55 • S&E South America 64 • Services & Solutions 73 • Alloys & Specialties 82 • Recycling & Renewables 92 Aperam Recycling 97 Recyco 105 BioEnergia 108 Appendix 118
Slide 3: 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 4: 2025 Highlights
04 2025 HIGHLIGHTS operom LEADERSHIP JOURNEY DRIVES SOLID RESULTS IN A TROUGH MARKET, DELEVERAGING ACCELERATES Europe: Volumes seasonally slightly up, but market conditions remained challenging Brazil: Performance affected by seasonality and annual maintenance Alloys segment impacted by repair of ke
Slide 5: Market Update
042 025 MARKET UPDATE operom ONGOING LOW DEMAND ACROSS EUROPE, SOLID IN BRAZIL; WEAKNESS IN OIL & GAS CONSTRUCTION e@ > €U: Price and cost inflation reduce project launches; some recovery of heating market demand > Brazil: Stable development FOOD, HEALTH & CATERING > €U: Flat demand in Food & Bevera
Slide 6: Key external topics during Q4 2025
PRECIOUS META\ d NICKEL PRICE DEVELOPMENT After a long period of stagnation and oversupply, a surge followed in the final weeks closing with the yearly high of ~$16,700 (average in 2025: ~$15,130) Outlook for Aperam: * Low impact: valuation of nickel with current LME prices only relevant for Alloys
Slide 7: Q4 2025 Financial Highlights
Q4 2025 FINANCIAL HIGHLIGHTS Oper om DELEVERAGING AHEAD OF TARGET EURm Q425 Q325 qoq Q424 yoy Q4 25 KEY COMMENTS Sales 1358 1410 -4% 1471 -8% . Adj. EBITDA 67 74 9%, 16-42% > Steel shipments: Lower volumes qoq due to low demand and 2 a eee seasonality in Brazil EBITDA 39 74° -47% 118 67% . . . _ ; °
Slide 8: Q4 2025 Segments
DEVELOPMENT DRIVEN BY ONGOING MACRO WEAKNESS r . Recycling & Renewables adj. EBITDA (EURM) adj EBITDA (EURm) cal ad EBITDA/t 0424 9325 0425 > Shipments -7% qoq, -7% yoy especially driven by lower scrap demand in the weak European market > qoq: adj. EBITDA stronger resulting from higher prices and se
Slide 9: Full gains accomplished ahead of time
• • • • • Full gains accomplished ahead of time
Slide 10: Leadership Journey Phase 6
LEADERSHIP JOURNEY® PHASE 6 operom APERAM’S SELF HELP PROGRAM: LEVERAGE OUR VALUE CHAIN 6 Recycling - -- B-.- 2 -aa@ oe a U 6 COMPOSITION ONE APERAM - SYNERGIES: CIRCULARITY: INNOVATION: The most integrated supply Only market player with From Bijo-Oil to OLED chain in the industry: circularity as an
Slide 11: Net Financial Debt
NET FINANCIAL DEBT operom THIRD SUCCESSFUL DELEVERAGING STEP DESPITE THE ONGOING CHALLENGING MARKET ENVIRONMENT NET FINANCIAL DEBT (NFD) schematic — 75 (978) (39) a 52 Eh = = 3) (188) 1,400 > Net financial debt decreased further in Q4 2025 = Working capital optimization = Cost control efficiency > 2
Slide 12: Beyond Leadership Journey
BEYOND LEADERSHIP JOURNEY 6 Oper om INVESTING IN EUROPE AND GROWTH IN ENERGY, AEROSPACE & DEFENCE INVESTING IN EUROPE, SECURITY & GROWTH SITE UPGRADES & CAPEX STRATEGY , : 4 investment areas >» Counter-Cyclical Resilience: Investing during headwinds to navigate volatility and lead the market recover
Slide 13: Outlook
OUTLOOK operom GUIDANCE & OTHER FORWARD LOOKING ITEMS r Q1 2026 OUTLOOK OTHER ITEMS Q1 shipments are expected seasonally higher > Phase 6 of the Leadership Journey® has started qoq (2026 - 2028): Cumulated gains target EUR150m (of which Q1 2026 adjusted EBITDA is expected to EURSOm in 2026) m (of wh
Slide 14: 1 – 3 quarters
Δ Δ Δ 1 – 3 quarters
Slide 15: Quarterly Financial Results
QUARTERLY FINANCIAL RESULTS operom Q4 2025 REFLECTS ONGOING LOW DEMAND, SEASONALITY AND CONSEQUENCES OF MAINTENANCE r r r SHIPMENT VOLUMES ADJ. EBITDA & MARGIN NET INCOME & EPS* 617| Se59se3 ae 541 pes 505 04 Ol Q2 Q3 O4 Ql O2 Q3 04 Q4 23Q1 2492 2493 2404 24Q1 2502 2503 2504 25 23 24 24 24 24 25 25
Slide 16: Quarterly Financial Results II
d QUARTERLY FINANCIAL RESULTS II oPeroM SEASONALITY AND SOFT MARKET RESULTED IN LOWER EBITDA IN Q4, DRIVEN BY STRONG CASH GENERATION DELEVERAGING CONTINUED ADJ. EBITDA BY SEGMENT * Includes interest, taxes and other items r CASH FLOW r NET FINANCIAL DEBT DEVELOPMENT 16
Slide 17: Value Strategy
VALUE STRATEGY operom BODEGA IRIUS Barbastro, Huesca - Espagne / Marino Pascual & Asociados Arquitectura © Adriana Landaluce / Executed using Aperam 316L Uginox Top finish 17
Slide 18: Business Overview
BUSINESS OVERVIEW operom APERAM IS ACTIVE IN STAINLESS, ELECTRICAL & SPECIALTY STEEL & SCRAP #2 IN EUROPE AND THE ONLY PRODUCER IN SOUTH AMERICA Revenue by industry 2025 13,2 Employees 2.5mt @ Building & Construction Ml Automotive Capacity a.” Z 1 Catering & Appliances ‘Ml Energy & Chemicals 51 ss 4
Slide 19: A Differentiated Value Chain
A DIFFERENTIATED VALUE CHAIN operom APERAM IS STAINLESS AND MUCH MORE TODAY ee, ne > Aperam Recycling enables 100% > Europe and Brazil share common > S&€E provides low cost upstream > S&E provides S&S with material at scrap based products at S&E innovation portfolios capacity for A&S growth plan sho
Slide 20: Growth: No progress without Aperam's products
GROWTH Oper om NO PROGRESS WITHOUT APERAM’S PRODUCTS Photo Voltaic Solar: 2 to 5 t/Mwe Geothermal: Stainless Steel >50 t/MWe Stainless Steel & Alloys 40 kg per car eg bipolar plates 1 io duties vehicles - 200 kg per truck lines, tanks) 450 t for a 100,000 m?/day facility H2 Electrolysis: 2uMW Stainl
Slide 21: Financial Policy
FINANCIAL POLICY operom FINANCIAL POLICY BALANCES GROWTH OPPORTUNITIES AND SHAREHOLDER RETURNS GROWTH BUSINESS ‘WN Strong Balance Sheet Maintenance > Specialty ee CAPEX > Sustainability Drive base dividend ES See <1x growth & Solid balance sheet 2 Supply Chain Dividend Progressive Policy EUR2.00/sha
Slide 22: Megatrends (Growth)
MEGATRENDS (GROWTH) operom PROFOUND AND LASTING CHANGE DRIVES UNPRECEDENTED GROWTH OF STAINLESS & ELECTRICAL STEEL CONSUMPTION Very long useful life 100% recyclable Corrosion resistant Abrasion resistant Acid resistant Fire proof Mechanically strong Non toxic Aesthetic Decrease CO, Footprint of Ener
Slide 23: BioEnergia and CBAM
> BioEnergia C Carbon B Border > > A Adjustment > M Mechanism > > ETS ~8t CO2/t > Price elta > > > > BioEnergia
Slide 24: The Leadership Journey - Distinct Phases
PERFORMANCE THE LEADERSHIP JOURNEY? - 5 DISTINCT PHASES IN RESPONSE TO A CHANGING MARKET PHASE 3 2018-20 (€200M) Transformation Realized: €223m PHASE 1 2011-13 (€250M) PHASE 2 2014-17 (€200M) Restructuring Realized: €277m Asset upgrade Realized: €232m New technology . ; 7 » feotprint change Asset up
Slide 25: EUR1.1bn EUR559m EUR310m
EUR1.1bn > - EUR559m EUR304m - > EUR310m EUR293m > EUR168m 25
Slide 26: Strategy
STRATEGY oPeroM THE LEADERSHIP JOURNEY® IS OUR MAIN LEVER TO TURN APERAM IN A MORE RESILIENT AND PROFITABLE COMPANY r q OUR PLAN TRANSITIONS APERAM TO A HIGHER NORMALIZED EARNINGS LEVEL” More Our industrial plan will Profitable create significant value Our plan ~€300m Future normal Cash Higher pursi
Slide 27: 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 28: Products, Process, Environment
Products Process Environment Climate change Social Governance Ethics
Slide 29: Why to Invest in Aperam
r Our products will serve the future Our responsible - produced solution are best positioned to serve customers in an environmentally conscious economy We have a plan How to grow Aperam into a more profitable, cash generative and resilient company WHY TO INVEST IN APERAM r r A team witha track recor
Slide 30: ESG
ESG Siléne luminaris sive Muflier de Borges, Miguel Chevalier Fondation Clément, Le Francois, Martinique - France Fabrication : Serrurerie La Parette, Roquefort-la Bédoule Aperam stainless steel used : Aperam 316 Hot Rolled 30
Slide 31: ESG Overview
Responsible Low-GHG Stainless Steel Producer ESG OVERVIEW APERAM APPROACHES ESG HOLISTICALLY r r ENVIRONMENT SOCIAL > Health & Safety is our prime objective > Leading CO, e footprint > Clear improvement targets - Waste - Air - Water - Energy > Human Rights, Inclusion & diversity > Biodiversity focus
Slide 32: 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 33: ESG Status & Targets
ESG STATUS & TARGETS oPeroM A BEST IN CLASS FOOTPRINT & CLEAR IMPROVEMENT TARGETS2 CRITERIA 2030 TARGET APERAM 2024 vs 2015 Energy intensity 6.9G)/tcs? -11%vs 2015 8.5* GJ/tcs? +10% CO, intensity? 0.30 te/tcs? New objective 0.34" te/tcs? -37% Water consumption 6.1 m3 /tcs? -40% vs 2015 8.5* m3/tcs?
Slide 34: Product & Process
PRODUCT & PROCESS operom APERAM PRODUCES A SUPERIOR PRODUCT IN A SUSTAINABLE AND RESPONSIBLE WAY SUPERIOR Hf Very long useful life Mi Corrosion resistant Hi Abrasion resistant PRODUCT 100% recyclable W Acid resistant BH Aesthetic Mi Non toxic Mi Fire proof @ Mechanically strong Our blast furnace in
Slide 35: Products: We are part of the solution
PRODUCTS oper om 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 al
Slide 36: GHG: Recycling content and renewable energy share
d GHG RECYCLING CONTENT & RENEWABLE ENERGY SHARE PUTS APERAM IN A BEST-IN-CLASS POSITION r SCRAP USAGE REDUCES CO, EMISSIONS SUBSTANTIALLY* Co,/t oo HH 300 SERIES Integrated producers with blast furnaces or RKF for NPI (Asia) | EAF process route (mostly Europe) af 4 o eet ‘Scrap Share 400 SERIES Sou
Slide 37: Decarbonization
DECARBONIZATION oper om CARBON NEUTRALITY BY 2050 IS CAPEX LIGHT AND TECHNICALLY EASY r r r 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 tCO,e/tcs in 2030” ws - 5 a a secu > Our scrap & charcoal based ae Sen
Slide 38: Energy is still a major CO2e driver
EMERGY IS STILL A MAJOR CO, E Natural Gas : ~50% APERAM ENERGY NEEDS & CO, RENEWABLE SOURCES ~20% Electricity ~15% Raw Materials r operom MISSON DRIVER DESPITE SHARE OF 50% FROM ~15% Others > €fficiency increase > Electrification (renewable electricity) > Hydrogen Technical feasibility: | Medium Pro
Slide 39: Aperam CO2 Scope 1-2
APERAM CO, SCOPE 1-2 operom co, REDUCTION PROGRAM COMPOSITION Energy Efficiency Green Energy Generation > Use of Al and Deep Learning for improving our heating > Maximize the use of renewables: solar, wind models > Heat recovery (high and medium temperature) for heating > Thermal insulation or elect
Slide 40: Stainless Steel Global CO2 Footprint
STAINLESS STEEL GLOBAL CO, FOOTPRINT operom SCOPE 3 MAKES ALL THE DIFFERENCE IN STAINLESS STEEL 2020 Stainless Steel Industry - CO, Intensity Breakdown by Scope* Steam | Coal eer Scope 1 Others Nat. gas / Piglron Stainless total —> 025 05 O75 10 125 15 #175 20 225 25 275 3.0 tCO, / steel *Worldsteel
Slide 41: Stainless Steel Global CO2 Footprint
STAINLESS STEEL GLOBAL CO, FOOTPRINT operom 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) €U (actual) eu Indonesia 10,536 Chinaa
Slide 42: BioEnergia
Aperam Recycling BioEnergia > > > >
Slide 43: Environment
ENVIRONMENT oPeroM APERAM HAS A CONVINCING ENVIRONMENTAL TRACK RECORD AND CLEAR IMPROVEMENT TARGETS d r r Dust emissions (g/t crude steel) CO, emissions (t/t crude steel)* Water intake (m3/t crude steel) 06 0.55 0s 0.45 04 0.35 03 0.25 & a = i=} wo 02 MORBHROANMT OC NOK OD uns © NOROMOHNMS OC SESRBS
Slide 44: Health & Safety
r TRIR IS CLEARLY BELOW THE SS INDUSTRY”... 2024 a M@ ISSF mf Aperam * TRIR = Total Recordable Incident Rate; sectorial benchmark: Worldstainless HEALTH & SAFETY operom OUR PRIME OBJECTIVE Fatality Restricted work Declared accident ROADMAPS WITH 3 STRATEGIC AXES > Prevent and control the risk of fat
Slide 45: UN SDGs
UN SDG'S APERAM SUPPORTS THE UNITED NATIONS’ SUSTAINABLE DEVELOPMENT GOALS, IN PARTICULAR: operon (¥ >) Health & Safety is Aperam’s primary concern and the priority in all our proceedings (t ) Gender balance ranks highly on our priority list with a special commit- ment from Management. Aperam establ
Slide 46: Governance: Leadership Team
GOVERNANCE OUR LEADERSHIP TEAM IS DIVERSE & EXPERIENCED KEY FACTS & COMPENSATION > €ntrusted with day-to-day management of the Company > Appointed by the Board of Directors > €xperience and industry know-how > Average age: 53/5 nationalities > CEO: responsible for Aperam’s sustainability performance
Slide 47: Shareholder structure
8% 5% 29% 6% 5% 4% 2% 41% N America France UK Benelux Germany Other Mittal Family Private & NA
Slide 48: Aperam Business Overview
OPpefom Aperam Business Overview
Slide 49: Business Overview
BUSINESS OVERVIEW operom APERAM IS ACTIVE IN STAINLESS, ELECTRICAL & SPECIALTY STEEL & SCRAP #2 IN EUROPE AND THE ONLY PRODUCER IN SOUTH AMERICA Revenue by industry 2025 13,2 Employees 2.5mt @ Building & Construction Ml Automotive Capacity a.” Z 1 Catering & Appliances ‘Ml Energy & Chemicals 51 ss 4
Slide 50: Business Overview: Segments
P RECYCLING & RENEWABLES 1.3mt Scrap & Charcoal shipments 20% of group adjusted EBITDA Scrap is our key raw material, Charcoal our major energy > Aperam Recycling is a global leader in the trading, processing and recycling of scrap for the stainless steel industry & market leader in the recycling of
Slide 51: Aperam's value chain and segments
BUSINESS OVERVIEW oPeroM APERAM'S VALUE CHAIN AND HOW IT SPLITS INTO SEGMENTS Raw. Mat. Hot rolling Cold rolling / Finishing Service Isbergues 0.35Mt Chiatelet 2.8Mt Stainless (maximum historic capacity flat Aperam at 24/7 shift system) Recycling (Scrap) 1.2Mt Chatelet 1.0Mt Gueugnon Ost Steel servi
Slide 52: Main Production Sites
BUSINESS OVERVIEW MAIN PRODUCTION SITES operom Chatelet, Belgium Location & facts Melt shop Hot rolling mill Capacity Slabs 1,000 kt HSM 2,800 kt (maximum historic capacity at 24/7 shift system) Genk, Belgium Location & facts Melt shop Cold-rolling mill Finishing Capacity Slabs 1,400 kt 2 m wide cap
Slide 53: Balanced risk profile and customer structure
BUSINESS OVERVIEW oPeroM BALANCED RISK PROFILE AND CUSTOMER STRUCTURE SHIPMENT BY SEGMENT 2025* ADJ. EBITDA BY SEGMENT 2025* = SRE Europe m= SRE S. America = ARS = SRE Europe m S&E S. America = ARS = S&S = S&S mw R&R = R&R REVENUE BY REGION 2025 REVENUE BY CUSTOMER INDUSTRY 2025 ™ Energy Chemicals =
Slide 54: Self-help and differentiated value chain
BUSINESS OVERVIEW oPeroM SELF-HELP AND INVESTING INA DIFFERENTIATED VALUE CHAIN HAS TRANSFORMED THE GROUP SHIPMENT BY SEGMENT (KT) ADJ. EBITDA BY SEGMENT (EURm) 2,290 2, 1123 2,309 2,198 2,287 em RER 1,060 ee 1,917 1,936 1972 1,786 4677 1.819 mm S&S ma SRS mm ARS we Ans mmm SRE mmm SRE = Group 2016
Slide 55: Stainless & Electrical Europe
Stainless & Electrical Europe
Slide 56: S&E Europe Summary
S&E EUROPE SUMMARY operom ADDING PRODUCT DIFFERENTIATION TO COST LEADERSHIP DIFFERENTIATORS > European cost leader - Efficient footprint - Logistics advantages - Profitable even in the low of the cycle Flexible production set up Volatility reducing downstream integration into distribution Recycling
Slide 57: S&E Europe Track Record
S&E EUROPE TRACK RECORD operom FOOTPRINT UPGRADE HAS BEEN SUCCESSFULLY IMPLEMENTED BUT IS HIDDEN BY A SEVERE PRICE AND VOLUME SQUEEZE 2025 EBITDA SUFFERS BY LOW DEMAND, BUT STILL REASONALBE PROFITS BASED ON COST LEADERSHIP m S&E Europe 20% S&ES. America 7% } ARS 21% cas 33% R&R LOW REAL DEMAND & DES
Slide 58: S&E Europe Assets
_S&E EUROPE ASSETS operom HIGHLY FLEXIBLE INTEGRATED MULTI-PLANT FOOTPRINT WITH SUPERIOR INBOUND AND OUTBOUND LOGISTICS r r LOCATED IN THE EU FLEXIBLE, EFFICIENT INDUSTRIAL CORE AND RISK MINIMIZING FOOTPRINT Steel Plants Hot Rolling Cold Rolling Mill Mill | Genk | Customers Customers | Chatelet | a
Slide 59: S&E Europe Strategic Targets
1 2 S&E EUROPE STRATEGIC TARGETS operou 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 conti
Slide 60: S&E Europe Product Portfolio
S&E€ EUROPE PRODUCT PORTFOLIO Oe PRODUCT FLOW OPTIMIZATION SECURES COST LEADERSHIP POSITIONS & ENABLES MIX IMPROVEMENT IN GENK AND GUEUGNON Cold rolling / Finishing Service & distribution Genk 0.7Mt Stainless flat Footprint 2020: #22 tools + 2 swing” Genk Isbergues Gueugnon a er =a on EEE [a ce | ~|
Slide 61: S&E Europe Cost Position
SRE COST POSITION Oe co) il) TARGETING EUROPEAN COST LEADERSHIP POSITION IN ALL STANDARD & TOP LINE PRODUCTS “u o ry J a=) x °o a c ral Austenitic HR Capital goods Austenitic CR thick Aust. 2000 wide Austenitic CR thin Austenitic BA Consumer goods Consumer goods Ferritic CR thin Ferritic BA Automoti
Slide 62: EU Trade Action
|| Anti-dumping duties (AD) Countervailing duties (AS) Aim Countries affected Measure *Effective 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 domestic mar
Slide 63: EU Stainless Steel Imports
EU STAINLESS STEEL IMPORTS ANTI-DUMPING MEASURES ARE EFFECTIVE AND NECESSARY IN LIMITING PRICE DISTORTIONS oPeroM d r 4 HOT ROLLED COLD ROLLED TOTAL STAINLESS IMPORTS & MARKET SHARE IMPORTS & MARKET SHARE IMPORTS & MARKET SHARE 50% = 400 40% » 600 40% _ 140 = 35% 8 500 35% z 120 5 300 30% 30% 2 100
Slide 64: Stainless & Electrical South America
Stainless & Electrical South America
Slide 65: S&E South America
S&E SOUTH AMERICA operom A RESILIENT, PROFITABLE BUSINESS WITH SUBSTANTIAL DEVELOPMENT POTENTIAL DIFFERENTIATORS > Engaged and performing team > Unique market position > Located in a generic growth market > Flexible multi-product business Competitive cost position (local costs in BRL and local suppl
Slide 66: S&E South America Track Record
S&E SOUTH AMERICA TRACK RECORD Oper om A FLEXIBLE, AGILE & HIGHLY PROFITABLE ASSET BRAZIL IS A CONSISTENT HIGH EARNINGS CONTRIBUTOR EARNINGS 2025 SUPPORTED BY PLANT REVAMP Excl. BioEnergia* T 37% 33% Soy 198 S&E Europe wm S&ES. America 14% 4 7% ARS 5% 8% $ Sas zn 33% R&R 2016 2017 2018 2019 2020 202
Slide 67: Aperam South America
APERAM SOUTH AMERICA operom A SKILLED WORKFORCE, A GROWTH MARKET AND A COMPETITIVE FOOTPRINT ARE MAIN ASSETS People EQ > €ngagement > Diversity & Inclusion Market @ > Growth > Good Opportunities BioEnergia Timoteo Minas Gerais Footprint State > Flexibility & Integration > Sustainability > Competitiv
Slide 68: Product Portfolio
PRODUCT PORTFOLIO operom A DIVERSIFIED RANGE OF HIGH ADDED VALUE PRODUCTS Ei Construction / % am} as ° Automotive Architecture 2 GO (Power & Distribution GO (Charging station for Transformers) electric vehicles) Capital Goods / Biofuels Non NGO for Electric Vehicle Capital Goods / Agricultural tools
Slide 69: 5% 4% 8% 11% 22% 13% 22% 17% 75% 23%
5% 4% 8% 11% 22% 13% 22% 17% 75% 23%
Slide 70: Stainless Steel Growth
STAINLESS STEEL GROWTH operom 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: . : . 0% 60% 70% 80% 90% GDP evolution
Slide 71: Aperam South America: Our Strategy
APERAM SOUTH AMERICA: OUR STRATEGY operom 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 72: Brazil Trade Protection
BRAZIL TRADE PROTECTION Oper om THREE PILLARS OF TRADE PROTECTION AGAINST UNFAIR MARKET BEHAVIOR r r ANTI-DUMPING DUTY ys IMPORT DUTY LOGISTICS 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 Brazil eu 28 . Stainless stee
Slide 73: Services & Solutions
OPpefom Services & Solutions
Slide 74: 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 S&S SU
Slide 75: Apera m Stainle
Apera m Stainle End ss & - user Electric s al Steel
Slide 76: Services & Solutions
SERVICES & SOLUTIONS operom APERAM’S DOWNSTREAM DISTRIBUTION ARM r 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 leadership in 36 countries for the group > 6000+
Slide 77: S&S Footprint
S&S FOOTPRINT oPeroM S&S'S WIDE NETWORK CONNECTS APERAM WITH ALL INDUSTRIAL CENTERS EFFICIENT DISTRIBUTION PHYSICALLY ane & ONLINE xin - a \ ce) un 6 > Aperam has the biggest and most profitable integrated distribution network in the stainless steel industry >) Sersheim > Strong assets in all major
Slide 78: Market: Distribution is the main route
MARKET operom DISTRIBUTION IS THE MAIN ROUTE TO 70% OF OUR MARKET MILLS MAJOR INDUSTRIAL (Stainless & Electrical) CUSTOMERS Accept few month lead time < 200 customers Accept full coils 2-4 month lead time Distribution High contracted volumes 20-32 t full coils Prefer big accounts with several kt off
Slide 79: Competitive Landscape
COMPETITIVE LANDSCAPE Oper om 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 80: kt kt kt kt
818 199 kt 739 716 647 80 mid-cycle 93 kt kt 83 kt 70 43 45 38 37 32 25 80 270 €/t €/t 42% + 190 €/t VS. 14% 9% Σ
Slide 81: Earnings Growth
EARNINGS GROWTH Oper om 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 F > Further expand industry benchmark 6 + LEAN INVENTORY a cost to serve per ton & lower OWCR
Slide 82: Alloys & Specialties
OPpefom Alloys & Specialties
Slide 83: A&S Summary
A&S SUMMARY operom 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 84: A&S Track Record
A&S TRACK RECORD operom STABLE NICHE MARKET WITH HIGH MARGINS 2024 EBITDA OF APERAM'S REACHED NEW RECORD LEVEL 20% 119% S&E Europe SRES. America - mw ARS 21% S&s Ss R&R Increasing Shipments in combination with improving Mix 3 39 38 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 MARS shipments (kt
Slide 85: A&S Locations
Downstream =) Industrial sites Pithampur (In) Products ka Industrial sites A&S LOCATIONS A TRULY GLOBAL FOOTPRINT Products a4 @ Aperam sales office operon © Other representation 85
Slide 86: A&S Sales Split
A&S SALES SPLIT SUPPLYING A HIGHLY DIVERSIFIED RANGE OF INDUSTRIES ‘<@ ear — =D <= Process ind. aperam 86
Slide 87: A&S Competitive Position
ARS COMPETITIVE POSITION operom A&S WILL GROW ORGANICALLY AND WITH UNIVERSAL TO BECOME A BIGGER PRODUCER GLOBALLY 4 r 2 Top 10: i Long Products ALLOYS ARE AN ATTRACTIVE GROWTH MARKET 62% combined market share” Flat Products 400 CAGR 3.3%) ee t = 300 kt ¥ 200 7 ) Se 00 ill =€ 5 a e a mn ee rw £ERSSRE
Slide 88: 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 SPECIALTIES B Price sensitive Value sensitive Understand
Slide 89: Growth & Innovation
GROWTH & INNOVATION Oper om €-MOBILITY, NEW ENERGIES AND OLEDS ARE A&S's GROWTH MARKETS Meet technical requirements of electrification for cars, trains, flying taxis or planes, focusing on the efficiency of the drivetrain or the extended use of electrical control systems. Ni alloys by maki r Contrib
Slide 90: 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 INVAR, 36%Ni OL
Slide 91: Acquisition of Universal Stainless
ACQUISITION OF UNIVERSAL STAINLESS operom 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 + Fully complementary with Aperam Alloys production technology, products and cu
Slide 92: Recycling & Renewables
OPpefom Recycling & Renewables
Slide 93: Scrap recycling, dust recycling, renewable energy
DUST & SCRAP RENEWABLE RESIDUES RECYCLING RECYCLING ENERGY Aperam BioEnergia Recycling
Slide 94: 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 volumes worldwide + US: leading position a * Global leader in superalloys > Superalloys to Benefit from Le
Slide 95: BioEnergia
Aperam Recycling BioEnergia
Slide 96: Aperam Recycling, Recyco, BioEnergia, Botanickel
x 2021* 2030 Aperam Recycling Recyco BioEnergia Botanickel
Slide 97: Aperam Recycling
oPeroM ~APERAM RECYCLING
Slide 98: Global stainless production and scrap growth
> +131% Global SS Prod. 2005 - 23 > > Becomes Future Scrap Volume Growth > > Aperam Recycling 50+ 18 > 5 > > > Stainless Superalloys
Slide 99: Aperam Recycling: Business Divisions
r Activities Materials treated Resources Recovered vvvyvyv APERAM RECYCLING: BUSINESS DIVISIONS DELIVERING VALUE BY IDENTIFYIN PROCESSING FOR THE MOST SUITABLE APPLICATION STAINLESS STEEL AMER | EMEA | APAC and stainless steel scraps Shipping of homogenous raw material Stainless steel, 300 and 400 s
Slide 100: Aperam Recycling
Aperam Recycling
Slide 101: Scrap recycling value chain
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 102: ~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 103: Superalloy and titanium recycling value chain
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 104: 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 700m t in 2025 Use. in m t 1995: 106 America Europe China 2005: 178 Scrap reserve ~20m t contained Ni 2015: 272 2025: 440 Recycled scrap usage ~45m t
Slide 105: Recyco
Slide 106: Recyco: 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
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Slide 108: BioEnergia
Slide 109: Large scale, sustainable forest operations
Slide 110: More than 40 years of history
Slide 111: BioEnergia's operations locations
Slide 112: Forest and charcoal operations
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 113: Wood density and growth
> > > > > Wood Density Growth +24% +30% +18% +25% 2022 2030 2015-22 2023-30 1990 2020 2050e
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Slide 116: Charcoal R&D & FSC Certification
Charcoal R&D & FSC Certification Electricity Scrap Sequestration Efficiency
Slide 117: 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 118: Appendix
Slide 119: Key Prices & Exchange Rates
Slide 120: Aperam Is a Solid Performer in Every Phase of the Cycle
Slide 121: High Cash Flow, Low Maintenance Capex and High Cash Returns
Slide 122: No credit arrangement contains earnings related covenants
No credit arrangement contains earnings related covenants
Slide 123: Income statement 2011-2025
(EURm ) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 Adj. EBITDA 286 168 220 368 451 455 559 504 340 293 1,060 1,129 304 356 339 - Adj. EBITDA margin % 6% 4% 6% 9% 11% 12% 12
Slide 124: Cash Flow
Cash Flow (EURm ) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Operating Income / (loss) 37 (80) (8) 221 294 287 399 361 207 199 1,042 890 89 127 16 Depreciation and impairment 223 248 228 190 157 158 152 143 150 144 144 186 204 229 259 Changes in w orking capital 36 11
Slide 125: Balance sheet
(EURm ) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 Goodw ill and intangible assets 699 651 586 573 511 536 509 490 479 429 439 451 452 427 505 Property, plant
Slide 126: Shipments and P&L
Shipm ent (000t) H1 10 H2 10 H1 11 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Steel Shipment S&E 868 770 889 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 1,668 Steel Shipment A&S 16 17 21 37 36 36 35 34 30 33 36 36 31 30 27 33 38
Slide 127: Composition by weight
By weight Iron Molybdenum, Al, Cu Nickel Chromium Manganese Carbon
Slide 128: Upstream activities, reporting company, downstream activities
Upstream activities Reporting company Downstream activities
Slide 129: Aperam has an industry leading CO2e footprint
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