Aperam S.a. · EURONEXT:APAM
Aperam — Aperam Sa Ord — Q3 2025 Earnings Presentation
128 slides from Aperam's earnings presentation, Nov 10, 2025
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Slide 2: Agenda
Q3 2025 highlights page 4 Value Strategy 15 ESG 28 Business Overview 46 • S&E Europe 53 • S&E South America 62 • Services & Solutions 71 • Alloys & Specialties 80 • Recycling & Renewables 90 Aperam Recycling 95 Recyco 103 BioEnergia 106 Appendix 116
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: EU Steel Action Plan
EU STEEL ACTION PLAN operon REGULATORY ENVIRONMENT WITH POSITIVE IMPLICATIONS FOR THE EU STAINLESS STEEL INDUSTRY r 4 r 4 Lb d cell TA) TIGHTENED MELTED & POURED SCRAP AS CRITICAL RAW SAFEGUARD CLAUSE CBAM ON TRACK MATERIAL Enhanced trade Potential to reduce Levels the playing field EU scrap regulat
Slide 5: Q3 2025 Highlights
Q3 2025 HIGHLIGHTS operon PERFORMANCE REFLECTS IMPACT OF SEASONALITY AND CONTINUED PRICING PRESSURE IN EUROPE Europe: Volumes seasonally down due to the summer quarter and continued pricing pressure Brazil: Performance supported by seasonality and solid demand Alloys segment impacted by summer shutd
Slide 6: Q3 2025 Market Update
Q3 2025 MARKET UPDATE operon SOFTNESS IN EUROPEAN DEMAND CONTINUES, RELIABLE PERFORMANCE IN BRAZIL; IMPORT VOLUMES CONTINUED TO RAISE; INVENTORIES DOWN CONSTRUCTION e@ CONSUMER e@ AUTOMOTIVE & PHYSICAL INVENTORY DECREASED GOODS TRANSPORT 80,000 100 > EU: Price and cost > EU: stable demand > EU: Slow
Slide 7: 2025 Financial Highlights
3 2025 FINANCIAL HIGHLIGHTS operon FULLY IN LINE WITH GUIDANCE: EBITDA LOWER, DELEVERAGING CONTINUES EURm Q325 Q225 qoq Q324 yoy Q3-25 KEY COMMENTS Sales 1410 1654 -15% 1493 6% > Steel shipments: Lower volumes due to seasonality in Europe, Adj. EBITDA 74 112 -34% 99-25% but higher volumes in Brazil
Slide 8: Q3 2025 Segments
r Recycling & Renewables adj. EBITDA (EURm) mad EBITDA (cURm) adj. EBITDA/t (€) Q324 0225 0325 Shipments -7% qoq, -24% yoy due to low demand from weak European market and seasonality qogq: adj. EBITDA softer resulting from lower volumes and lower selling prices yoy: adj. EBITDA lower due to shrunken
Slide 9: Q4 Q3 Q2 Q1 2024 2025 2026
Q4 Q3 Q2 Q1 2024 2025 2026 • • • • •
Slide 10: Net Financial Debt
_NET FINANCIAL DEBT operon SECOND SUCCESSFUL DELEVERAGING STEP IN Q3 2025 DESPITE SEASONALITY AND VERY CHALLENGING MARKET ENVIRONMENT NET FINANCIAL DEBT (NFD) schematic > Net financial debt decreased further in Q3 2025 = Working capital optimization = Cost control efficiency > Q42025 and 2026 = Robu
Slide 11: Sustainability
SUSTAINABILITY gperom APERAM'S COMMITMENT TO SUSTAINABLE FINANCE MOODy’S Sustainability quality score + . we + . . sQss sQs4 SQs3 ‘SQs2 sQsi SQS2 Aperam established a Sustainability-Linked Financing Framework: Weak Intermediate Good Very good Excellent Alignment with principles Py sehela Contributio
Slide 12: Outlook
OUTLOOK operom GUIDANCE & OTHER FORWARD LOOKING ITEMS — r r —— 4 2025 OUTLOOK OTHER ITEMS > Q4 shipments are expected seasonally higher > FY 2025 base dividend stable at qoq EUR2.00/share (~EUR145 million) > Q42025 adj. EBITDA is expected slightly lower > FY 2025 group capex guidance ~EUR170m: than
Slide 13: Quarterly Financial Results
QUARTERLY FINANCIAL RESULTS gperom Q3 2025 REFLECTS SEASONALITY, PRICE PRESSURE AND MAINTENANCE vr SHIPMENT VOLUMES 617] 5859 sus! eg FH 75) 557| 541 516 non 505 Q3 Q4 Ql Q2 Q3 Q4 QL ge 93 23, 23 24 24 24 24 25 mTotal Shipments (kt) r ADJ. EBITDA & MARGIN Q3 94 Ql O2 Q3 23 23 24 «24 24 Adj, EBITDA (
Slide 14: EURm Q3 25 Q2 25
112 EURm 3.2 86 116 519 2.8 2.7 55 99 86 74 1,143 55 217 146 138 1.6 1.5 716 111 157 0.4 0.4 1,045 19 9 -141 544 -135 -150 0.6 492 491 468 0.3 290 147 0.1 0.2 0.2 -0.1 48 75 67 -63 -26 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Q2 25 Q3 25 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25
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
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 2.5mt 7 . Z Sa 2. a ‘ y @ Building & Construction MM Automotive Capacity ie ae _ p 1 Catering & Appliances ‘Ml Energy & Chemicals
Slide 17: A Differentiated Value Chain
A DIFFERENTIATED VALUE CHAIN operon APERAM IS STAINLESS AND MUCH MORE TODAY er ve @ @ > 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 s
Slide 18: Growth
GROWTH operom 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 embedded tanks for heavy Se Main parts of the plant (piping, duties vehicles - 200 kg per truck lines, tanks) 450 t for
Slide 19: Financial Policy
FINANCIAL POLICY operom 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: €UR120m NFD/EBITDA Dividend Progressi
Slide 20: 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 21: BioEnergia
> BioEnergia C Carbon B Border > > A Adjustment > M Mechanism > > ETS ~8t CO2/t > Price elta > > > > BioEnergia
Slide 22: Performance
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 23: EUR1.1bn EUR559m EUR310m
EUR1.1bn > - EUR559m EUR304m - > EUR310m EUR293m > EUR168m 23
Slide 24: 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 25: S&E Europe S. America A&S incl. USAP
S&E Europe S&E S. America A&S incl. USAP S&S R&R
Slide 26: Products, Process, Environment
Products Process Environment Climate change Social Governance Ethics
Slide 27: 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 2 Diverse, experienced
Slide 28: ESG
Slide 29: ESG Overview
Responsible Low-GHG Stainless Steel Producer a > Leading CO; e footprint ESG OVERVIEW APERAM APPROACHES ESG HOLISTICALLY ENVIRONMENT > Clear improvement targets > Biodiversity focus - Waste - Air > - Water - Energy > Production is based on > FSC* certified forest provides recycled materials renewabl
Slide 30: Awards and ratings
Award by the ICDA. Reconfirmed as "AA" Rated "A-“ (Climate Change) Responsibly source (Leadership level) and “B” (Water Security) chromium.
Slide 31: 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 2024 _ vs 2015 6.9GJ/tcs? -11%vs 2015 8.5
Slide 32: Product & Process
PRODUCT & PROCESS operon APERAM PRODUCES A SUPERIOR PRODUCT INA 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 furnac
Slide 33: 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 34: GHG
GHG operon RECYCLING CONTENT & RENEWABLE ENERGY SHARE PUTS APERAM IN A BEST-IN-CLASS POSITION r SCRAP USAGE REDUCES CO2 EMISSIONS SUBSTANTIALLY* Co,/t Integrated producers with © blastfurnaces ee or RKF for NPI (Asia) EAR process route (mostly Europe) ry = ® e ® es Scrap Share W300 SERIES 400 SERIES
Slide 35: Decarbonization
DECARBONIZATION gperom 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 36: Aperam Energy Needs & CO2
APERAM ENERGY NEEDS & CO, ope rom EMERGY IS STILL A MAJOR co, EMISSON DRIVER DESPITE SHARE OF 50% FROM RENEWABLE SOURCES r A r Natural Gas : ~50% ~20% Electricity ~15% Raw Materials r ~15% Others > €fficiency increase > €fficiency increase > Higher recycling content > No replacement > Electrificatio
Slide 37: Aperam CO2 Scope 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 38: 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 39: 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 i=') Chinaa Chin
Slide 40: BioEnergia
Aperam Recycling BioEnergia > > > >
Slide 41: Environment
r ENVIRONMENT operon APERAM HAS A CONVINCING ENVIRONMENTAL TRACK RECORD Dust emissions (g/t crude steel) 2024 (BEN 2030 767 AND CLEAR IMPROVEMENT TARGETS rv CO; emissions (t/t crude steel)* os 04 0.35 03 0.25 anda 02 f=} ma ° f=) faa) Oo nN r Water intake (m3/t crude steel) no an oc NN 2015 2015 201
Slide 42: Health & Safety
HEALTH & SAFETY operon OUR PRIME OBJECTIVE r r ROADMAPS TRIR IS CLEARLY BELOW WITH 3 STRATEGIC AXES THE SS INDUSTRY”... > Prevent and control the risk Fatality of fatal and severe accidents - Detailed improvement plan post a H&S audit of each site - Monthly monitoring 2022 : > Identify cultural matu
Slide 43: UN SDGs
UN SDG'S APERAM SUPPORTS THE UNITED NATIONS’ SUSTAINABLE DEVELOPMENT GOALS, IN PARTICULAR: operon concer in allo is Aperam’s primary ~ Health & Safety nand the priority ur proceedings Gender balance ranks highly on a our priority list with a special commit- Aperam established specific objectives for
Slide 44: Governance
GOVERNANCE operom OUR LEADERSHIP TEAM IS DIVERSE & EXPERIENCED LEADERSHIP TEAM KEY FACTS & COMPENSATION Entrusted with day-to-day management of the Company Appointed by the Board of Directors Experience and industry know-how Average age: 53/5 nationalities CEO: responsible for Aperam’s sustainabilit
Slide 45: N America France UK
8% 5% 29% 6% 5% 4% 2% 41% N America France UK Benelux Germany Other Mittal Family Private & NA
Slide 46: Aperam Business Overview
gpefoml Aperam Business Overview
Slide 47: Business Overview
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 2.5mt 7 . Z Sa 2. a ‘ y @ Building & Construction MM Automotive Capacity ie ae _ p 1 Catering & Appliances ‘Ml Energy & Chemicals
Slide 48: Recycling & Renewables
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 49: 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 Chatelet 1.4Mt Chatelet 2.8Mt (maximum historic capacity at 24/7 shift system) Steel service centers Chatelet Transformation Universal O.1Mt Universal BioEnerg
Slide 50: Main Production Sites
BUSINESS OVERVIEW gperom MAIN PRODUCTION SITES Chatelet, Belgium Genk, Belgium Gueugnon, France Isbergues, France Tim6teo, Brazil Imphy, France Universal, USA** Location & facts Location & facts Location & facts Location & facts Location & facts Location & facts Location & facts Melt shop Melt shop
Slide 51: 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 52: Business Overview
__ 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 201
Slide 53: Stainless & Electrical Europe
Stainless & Electrical Europe
Slide 54: S&E Europe Summary
S&E EUROPE SUMMARY operon ADDING PRODUCT DIFFERENTIATION TO COST LEADERSHIP DIFFERENTIATORS r EARNINGS GROWTH & FUTURE “NORMAL” VS VALUE DRIVERS > European cost leader PREVIOUS “NORMAL” - Efficient footprint _ > Genk downstream ramp-up - Logistics advantages é > Footprint improvement & > Flexible pr
Slide 55: 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&E Europe SRF S. America 24% ARS on Yo» sas 2% \ RER LOW REAL DEMAND & HEAVY DESTOCKING ALON
Slide 56: S&E Europe Assets
_S&E EUROPE ASSETS gperom 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 << sent Steel Plants Hot Rolling Cold Rolling a © \o duels Mil Mil Pont-de-Roide [] Customer
Slide 57: 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 imp
Slide 58: S&E Europe Product Portfolio 2024
S&E EUROPE PRODUCT PORTFOLIO 2024 OPC 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 59: S&E Cost Position 2023
S&E COST POSITION 2023 OPE 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 60: 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 61: EU Stainless Steel Imports
Hot rolled (kt) m=" Indonesia "= Other countries EU STAINLESS STEEL IMPORTS operon ANTI-DUMPING MEASURES ARE EFFECTIVE AND NECESSARY HOT ROLLED IMPORTS & MARKET SHARE 140 120 100 40 “ Il | 0 2 Nv 8 50% 40% 30% 20% 10% 0% —arket share % IN LIMITING PRICE DISTORTIONS rv Cold rolled (kt) COLD ROLLED IM
Slide 62: Stainless & Electrical South America
Stainless & Electrical South America
Slide 63: 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 64: 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 S&E Europe 24%, 32%, @ S&ES. America A&S 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 (k
Slide 65: Aperam South America
APERAM SOUTH AMERICA OPE rom A SKILLED WORKFORCE, A GROWTH M MARKET AND A COMPETITIVE FOOTPRINT ARE MAIN ASSETS People ° (2) > €ngagement ww... > Diversity & Inclusion Market fi) > Growth > Good Opportunities Minas Gerais State Footprint ‘¢) > Flexibility & Integration > Sustainability > Competitive
Slide 66: Product Portfolio
PRODUCT PORTFOLIO operon A DIVERSIFIED RANGE OF HIGH ADDED VALUE PRODUCTS Stainless Steels Electrical Steels (GO / NGO) Special Carbon Steels Ee : } Tis | Py tt: = Architecture GO (Power & Distribution GO (Charging station for Transformers) electric vehicles) , is Ave = Capital Goods / ‘“ Biofuels l
Slide 67: 6% 6% 10% 10% 20% 20% 13% 71% 21% 23%
6% 6% 10% 10% 20% 20% 13% 71% 21% 23%
Slide 68: 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 69: 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 70: 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 71: Services & Solutions
gpefoml Services & Solutions
Slide 72: 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 73: Aperam Stainless & Electrical Steel
Apera m Stainle End ss & - user Electric s al Steel
Slide 74: Services & Solutions
SERVICES & SOLUTIONS operon APERAM’S DOWNSTREAM DISTRIBUTION ARM r WE ARE WE DO > Aperam’s distribution arm, ~1,500 FTE > Cutting, slitting, polishing, just in time > 18service centers, 15 agencies & rep offices > We provide market intelligence and leadership in 36 countries for the group > 6000+ ac
Slide 75: S&S Footprint
S&S FOOTPRINT operom S&S'S WIDE NETWORK CONNECTS APERAM WITH ALL INDUSTRIAL CENTERS EFFICIENT DISTRIBUTION PHYSICALLY & ONLINE unre XaNaoOM ov M) vere > Aperam has the biggest and (/ P f most profitable integrated gins distribution network in the stainless steel industry > Strong assets in all major
Slide 76: Market
MARKET OPe 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 Sho
Slide 77: 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 78: 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 79: Earnings Growth
EARNINGS GROWTH operon WE PURSUE A PROFITABLE DEVELOPMENT STRATEGY BASED ON A STRONG BUSINESS MODEL r r v 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 80: Alloys & Specialties
gpefoml Alloys & Specialties
Slide 81: 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 82: 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 83: A&S Locations
E $ § ec 5 ° Qa ba Industrial sites Products ba Industrial sites A&S LOCATIONS A TRULY GLOBAL FOOTPRINT Products @ Aperam sales office operon @ Other representation 83
Slide 84: A&S Sales Split
A&S SALES SPLIT SUPPLYING A HIGHLY DIVERSIFIED RANGE OF INDUSTRIES operon 84
Slide 85: A&S Competitive Position
A&S COMPETITIVE POSITION operon A&S WILL GROW ORGANICALLY AND WITH UNIVERSAL TO BECOME A BIGGER PRODUCER GLOBALLY r 4 kt a Top 10: Have a 76% Mi Long Products ALLOYS ARE AN ATTRACTIVE GROWTH MARKET 0 & £ combined market share* Flat Products = Da 400 CAGR 3.2%" 3s P~OSae 00 ace * #4,) ater all lil 25
Slide 86: 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 a | Price sensitive Value sensitive Understan
Slide 87: 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 88: Aperam Alloy Grades
APERAM ALLOY GRADES operon (E-)MOBILITY SOLUTIONS IMPHY SUPRA 50, 48%Ni Torque sensor IMPHY 600, 72%Ni Airbag IMPHY DILVER, 29%NI, 17%CO OLED screen Signal sensor, Antenna i IMPHY N42, 42%NI INVAR, 36%Ni IMPHY SUPRA 50, 48%Ni INVAR, 36%NI Position sensor Hydrogen tank IMPHY 718, SO%Ni IMPHY 625, 58%
Slide 89: Acquisition of Universal Stainless
ACQUISITION OF UNIVERSAL STAINLESS operon STRATEGIC EXPANSION INTO THE US AEROSPACE MARKET Establishing a strong US manufacturing footprint with powerful position in *) the US aerospace market and nickel alloys production Integrated production + Fully complementary with Aperam Alloys production tech
Slide 90: Recycling & Renewables
BG —_ nD = $ —_ U (o)) oe ow cow
Slide 91: Scrap Recycling
DUST & SCRAP RENEWABLE RESIDUES RECYCLING RECYCLING ENERGY Aperam BioEnergia Recycling
Slide 92: R&R Summary
R&R SUMMARY operon CIRCULAR ECONOMY & STRATEGIC SUPPLY DIFFERENTIATORS > Strong global Platform: * Top 3 in EU SS scrap + US: leading position * Global leader in superalloys Leading experience in Probing, Quality Management & Certification Capability to recycle & process a broad range of materials E
Slide 93: Aperam Recycling / BioEnergia
Aperam Recycling BioEnergia
Slide 94: Aperam Recycling, Recyco, BioEnergia
x 2021* 2030 Aperam Recycling (ELG) Recyco BioEnergia Botanickel
Slide 95: Aperam Recycling
operom ‘APERAM RECYCLING
Slide 96: Global SS Production Becomes Future Scrap
> ❑ +131% Global SS ❑ Prod. 2005 - 23 > > Becomes Future Scrap Volume Growth > > Aperam Recycling 50+ 18 > 5 > > > Stainless Superalloys
Slide 97: 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 98: 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 14 years 50 years 30 years 8 . 90% 85% 90% > Scrap is sourced regi
Slide 99: 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 100: ~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 101: 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 102: 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 103: Recyco
eperam RECYCO
Slide 104: 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 106: BioEnergia
Slide 107: Large Scale, Sustainable Forest Operations
Slide 108: More Than 40 Years of History
Slide 109: BioEnergia's Operations Locations
Slide 110: Aperam's BFs 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 111: Wood Density Growth
> > > > > Wood Density Growth +24% +30% +18% +25% 2022 2030 2015-22 2023-30 1990 2020 2050e
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Slide 114: Charcoal R&D & FSC Certification
Charcoal R&D & FSC Certification Electricity Scrap Sequestration Efficiency
Slide 115: 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 116: Appendix
Slide 117: Key Prices & Exchange Rates
Slide 118: Aperam Is a Solid Performer in Every Phase of the Cycle
Slide 119: High Cash Flow, Low Maintenance Capex and High Cash Returns
Slide 120: No credit arrangement contains earnings related covenants
No credit arrangement contains earnings related covenants
Slide 121: P&L (EURm)
(EURm ) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 2025 Q2 2025 Q3 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 1,658 1,654 1,410.0 Adj. EBITDA 286 168 220 368 451 455 559 504 340 293 1,060 1,129 304 356 86 112 74.0 - Ad
Slide 122: Cash Flow
Cash Flow (EURm ) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Q2 25 Q3 25 Operating Income / (loss) 37 (80) (8) 221 294 287 399 361 207 199 1,042 890 89 127 (11) 47 9 Depreciation and impairment 223 248 228 190 157 158 152 143 150 144 144 186 204 229 61 65 65 Changes
Slide 123: Balance Sheet
(EURm ) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Q2 25 Q3 25 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 3,285 3,187 3,172 Goodw ill and intangible assets 699 651 586 573 511 536 509 490 479 429 439 451 452
Slide 124: Shipment
Shipm ent (000t) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Q2 25 Q3 25 Steel 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 1,626 421 426 406 Steel Shipment A&S 37 36 36 35 34 30 33 36 36 31 30 27 33 38 15 17 14 Steel Ship
Slide 125: By weight
By weight Iron Molybdenum, Al, Cu Nickel Chromium Manganese Carbon
Slide 126: Upstream activities, Reporting company, Downstream activities
Upstream activities Reporting company Downstream activities
Slide 127: Aperam's CO2 Footprint
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