Slide 1: Fourth Quarter 2025 Results Management Podcast
gperom Click fo ‘a) Fourth Quarter 2025 Results Management “Podcast 6 February 2026 aa =—
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: 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 4: 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 5: Key External Topics During 2025
KEY EXTERNAL TOPICS DURING 04 2025 operom PRECIOUS METALS RALLY AND EU REGULATIONS 4 NICKEL PRICE ) r me 4 CBAM (Carbon Border DEVELOPMENT ee SAFEGUARD / TRADE DEFENCE I Adjestreat Mechanism) hoi After a long period of stagnation and Several trade defense measures 1 January 2026: EU's Carbon Border
Slide 6: 2025 Financial Highlights
04 2025 FINANCIAL HIGHLIGHTS operom DELEVERAGING AHEAD OF TARGET EURm 425 9325 qoq 0424 yoy Q4 25 KEY COMMENTS Sal 1358 1410 -4% 1471 -8% . aes : . > Steel shipments: Lower volumes oq due to low demand and Adj. EBITDA 67 74 9% 116 -42% seasonality in Brazil 479 679 ads sa ht mae i > Adj. EBITDA: Dec
Slide 7: Development Driven by Ongoing Macro Weakness
DEVELOPMENT DRIVEN BY ONGOING MACRO WEAKNESS Recycling & Renewables adj. EBITDA (EURM) adj EBITDA (EURm) cal a 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 seasonal hi
Slide 8: Full gains accomplished ahead of time
• • • • • Full gains accomplished ahead of time
Slide 9: Leadership Journey Phase 6
LEADERSHIP JOURNEY® PHASE 6 operom APERAM’S SELF HELP PROGRAM: LEVERAGE OUR VALUE CHAIN 6 Recycling - --B-- 2 -oaa@ oe a U 6 COMPOSITION ONE APERAM - SYNERGIES: CIRCULARITY: INNOVATION: The most integrated supply Only market player with From Bio-Oil to OLED chain in the industry: circularity as an S
Slide 10: Net Financial Debt
NET FINANCIAL DEBT operom THIRD SUCCESSFUL DELEVERAGING STEP DESPITE THE ONGOING CHALLENGING MARKET ENVIRONMENT NET FINANCIAL DEBT (NFD) schematic recy 75 (978 52 [| | —_ = @) &y — (188) average NWC Recycling: EUR496m 1,400 DO GO _ GO oP Wh gop cot A re GO ®t CC oe oe wg oe aoe S27 Sie > Net financi
Slide 11: Beyond Leadership Journey
BEYOND LEADERSHIP JOURNEY 6 operom 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 recovery
Slide 12: Outlook
OUTLOOK operomi GUIDANCE & OTHER FORWARD LOOKING ITEMS la 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
Slide 13: 1 – 3 quarters
Δ Δ Δ 1 – 3 quarters
Slide 14: Corporate Access
CORPORATE ACCESS operom EVENTS POST 04 RESULTS Date Location Event 11 February Washington TD Cowen Aerospace & Defense Conference 12 February New York Roadshow 18 February Paris Roadshow 25 February Frankfurt Roadshow 26 February Zurich Roadshow 27 February Milan Roadshow 3 March Helsinki Roadshow 4
Slide 15: End of Fourth Quarter 2025 presentation
operom End of Fourth Quarter 2025 presentation Following: ay 1 . eS : Aperam’s video about CBAM Abdi [6 CARBON £BAM. MECHANISM Featuring: Sud Sivaji, CEO and Tim di Maulo, Board Director & Strategic advisor for public affairs Direct link to CBAM-video: https://www.aperam.com/sites/default/files/imag
Slide 16: 2025 Conference Call & Webcast
04 2025 CONFERENCE CALL & WEBCAST operom MANAGEMENT PODCAST Management comments are available on the Aperam website Aperam > Investors > Q4-25 Podcast Management Podcast Link: https://www.aperam.com/sites/default/f iles/images/Aperam-25-4.mp4 Q&A CALL & WEBCAST 6 February 2026, 14:00 CET Registratio