Aperam S.a. · EURONEXT:APAM
Aperam — Aperam Sa Ord — Q2 2026 Earnings Presentation
115 slides from Aperam's earnings presentation, Jul 30, 2026
Slide 1: Second Quarter 2026 Results
Click for Management Second Quarter 2026 Results Podcast 30 July 2026
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: Key Figures Q2 2026 – best quarter in four years
Second Quarter 2026 Key Figures Q2 2026 – best quarter in four years Shipments Sales ➢ Shipments slightly lower due to S&S volumes 606kt -2% €1,689m +7% ➢ Adj. EBITDA significantly higher driven by strong vs. 617kt in Q1 2026 vs. €1,575m in Q1 2026 performance in all our businesses, with the Adjuste
Slide 4: Summary Q2 2026 – Solid QoQ EBITDA Growth Across All Segments
Second Quarter 2026 Summary Q2 2026 – Solid QoQ EBITDA Growth Across All Segments Europe + Favorable pricing development and valuation gains drives high quarter-over-quarter financial performance Brazil Robust development after the holiday quarter Recycling + Aerospace recycling strengthening Stainl
Slide 5: Imports around post safeguard run-rate already in H1 2026
Second Quarter 2026 Imports around post safeguard run-rate already in H1 2026 Comparison of old quotas and new quotas for CR Stainless Steel KEY DRIVERS NET ➢ Imports for H1 ~at post TRQ rate – 140kt ➢ Utilization 75-80% with low underlying demand MARGIN ➢ CBAM first annual declaration on 30 Sept 20
Slide 6: Recycling & Renewables
Second Quarter 2026 Recycling & Renewables MARKET Scrap recycling OUTLOOK Q3 • Global demand for stainless steel scrap surging Q3 EBITDA expected and driving market strength to be lower due to • Favorable valuation effects seasonality and no • Operations in the US and Europe with improved support fr
Slide 7: Stainless & Electrical Steel
Second Quarter 2026 Stainless & Electrical Steel MARKET Construction OUTLOOK Q3 • Europe: recovery still pending • Brazil: uptick in demand after seasonal low Development in Europe is experiencing Consumer Goods a seasonal slowdown • Europe: Slight softening in demand due to the summer • Brazil: pos
Slide 8: Alloys & Specialties
Second Quarter 2026 Alloys & Specialties MARKET Aerospace OUTLOOK Q3 • Aerospace orderbook showing strong recovery for year end Results expected to • Boeing shows first signs of structural recovery decrease in Q3 due to • Supply chain normalization underway planned annual maintenance. Higher orderbo
Slide 9: Services & Solutions
Second Quarter 2026 Services & Solutions MARKET OUTLOOK Q3 EBITDA expected to be lower than in Q2 based on lower seasonal volumes. QoQ: adj. EBITDA slightly higher confirming strong segment performance, best quarter since Q3 2022 Distribution Segment YoY: adj. EBITDA significantly higher due to part
Slide 10: Leadership Journey Phase 6 (2026 – 2028)
Self-Help Program Leadership Journey® Phase 6 (2026 – 2028) ONE APERAM - SYNERGIES: €20m gains achieved in Q2 (H1: €38m) The most integrated supply chain in Total goal 2026-2028: €150m the industry Strong start into LJ#6 program securing structural growth Competitive operations remaining and allowin
Slide 11: Transformation @Aperam
Latest Developments Transformation @Aperam RECYCLING STAINLESS BRAZIL RENEWABLES Titanium Center of Duplex for Pulp & Paper Water sustainability project Excellence Enhancing performance in harsh Transforming discarded waste into an essential resource for operations Frankfort, New York, USA environme
Slide 12: Guidance & other Forward Looking Items
Outlook Guidance & other Forward Looking Items Q3 2026 OUTLOOK OTHER ITEMS Shipments expected lower qoq driven by Phase 6 of the Leadership Journey® started in seasonality in Europe Q1 2026 Cumulated gains target €150m (of which €50m in 2026) Adjusted EBITDA in Q3 is expected to be lower than in Q2
Slide 13: Q2 2026 impacted by higher prices, valuation gains and solid growth across all segments
Quarterly Financial Results Q2 2026 impacted by higher prices, valuation gains and solid growth across all segments SHIPMENT VOLUMES ADJ. EBITDA & MARGIN CASH FROM OPERATING ACTIVITIES -105 13
Slide 14: Higher EBITDA in Q2 2026: best quarter in 4 years – deleveraging continues
Quarterly Financial Results II Higher EBITDA in Q2 2026: best quarter in 4 years – deleveraging continues ADJ. EBITDA BY SEGMENT CASH FLOW NET FINANCIAL DEBT DEVELOPMENT 14
Slide 15: Value Strategy
Value Strategy BODEGA IRIUS Barbastro, Huesca – Espagne / Marino Pascual & Asociados Arquitectura © Adriana Landaluce / Executed using Aperam 316L Uginox Top finish 15
Slide 16: Aperam is Active in Stainless, Electrical & Specialty Steel & Scrap
Business Overview Aperam is Active in Stainless, Electrical & Specialty Steel & Scrap #2 in Europe and the Only Producer in South America Revenue by industry 2025 2 6 3 21% 4 18% 4% €6.1bn 5 Sales* 15% 13,203 18% Employees 24% 2.5mt Building & Construction Automotive Capacity Catering & Appliances E
Slide 17: Diversified Segments Building a Resilient Future
A Differentiated Value Chain Diversified Segments Building a Resilient Future + + + + RECYCLING & RENEWABLES STAINLESS & ELECTRICAL ALLOYS & SPECIALTIES SERVICES & SOLUTIONS SCRAP IS OUR KEY RAW ONE OF THE LARGEST & MOST TOP 3 PRODUCER IN STABLE & APERAM’S DISTRIBUTION MATERIAL, CHARCOAL OUR PROFITA
Slide 18: No Progress without Aperam's Products
Growth No Progress without Aperam‘s Products Photo Voltaic Solar: 2 to 5 t/MWe Geothermal: Stainless Steel SOLAR >50 t/MWe GEOTHERMAL Stainless Steel & Alloys CELLS 40 kg per car eg bipolar plates FUEL embedded tanks for heavy CELLS Main parts of the plant (piping, DE- duties vehicles - 200 kg per l
Slide 19: Financial Policy balances Growth Opportunities and Shareholder Returns
Financial Policy Financial Policy balances Growth Opportunities and Shareholder Returns GROWTH BUSINESS 1 Strong Balance Sheet Maintenance > Specialty > Sustainability Drive base dividend through the cycle <1x CAPEX NFD/EBITDA > Supply Chain growth & Solid balance sheet 2 Dividend Progressive Policy
Slide 20: Aperam's innovations create value for customers and the environment
Innovation Aperam’s innovations create value for customers and the environment ELECTRIC MOTORS STAINLESS STEEL “Slinky” Solution New Grade 316A by Aperam Cost-efficient alternative to standard 316L Iron-cobalt alloy for electric motors Balanced silicon-molybdenum alloy design Process: New technology
Slide 21: The Leadership Journey - Distinct Phases in Response to a Changing Market
Performance The Leadership Journey® - 5 Distinct Phases in Response to a Changing Market successfully finished 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 Efficie
Slide 22: Way forward: Path to Normalized EBITDA of €700-800m until 2028
From 2026 To Beyond Way forward: Path to Normalized EBITDA of €700-800m until 2028 Schematic view of contribution of every business S&S €700-800m Stainless Europe Stainless Brazil A&S R&R €339m €150m €200-300m Adj. EBITDA 2028 2025 Target R&R, A&S, Stainless South America All businesses Support for
Slide 23: Why to invest in Aperam
Why to invest in Aperam Innovation A team with a Synergies integra- track record ted value chain Continuous innovation in Diverse, experienced with The integrating value chain high-margin, low-carbon a proven track record of creates unique synergies that materials expands profit mastering growth and
Slide 24: ESG
ESG Silène luminaris sive Muflier de Borges, Miguel Chevalier Fondation Clément, Le François, Martinique – France Fabrication : Serrurerie La Parette, Roquefort-la Bédoule Aperam stainless steel used : Aperam 316 Hot Rolled 24
Slide 25: Responsible Low-GHG Stainless
ESG Overview ENVIRONMENT SOCIAL GOVERNANCE Leading CO2 e footprint Health & Safety is our prime High ethical standards with objective zero tolerance policy Clear improvement targets - Waste - Air Human Rights, Inclusion & Responsible supply chain - Water - Energy diversity Majority of Board is Train
Slide 26: Aperam Achieved Top Results
ESG Ratings Aperam Achieved Top Results Rating Agency Result Water:Reconfirmed Award by the ICDA. B as "AA" Rated "A-“ (Climate Change) Climate: C (Leadership level) Responsibly source chromium. and “B” (Water Security) 81 points “Gold”: Top 5% of rated steel companies Prime (B) Net Zero Assessment
Slide 27: Aperam Produces a Superior Product in a Sustainable and Responsible Way
Product & Process Aperam Produces a Superior Product in a Sustainable and Responsible Way Very long useful life Corrosion resistant Abrasion resistant SUPERIOR 100% recyclable Acid resistant Aesthetic PRODUCT Non toxic Fire proof Mechanically strong RENEWABLE The blast furnaces in Brazil uses 100% c
Slide 28: We are Part of the Solution
Products We are Part of the Solution e-Mobility Aperam’s solutions enable e-vehicle components such as converters, inverters, onboard-charges, motors, EPS, solutions cooling systems, air conditioning systems, current sensors, charging stations, fuel cells and battery packs Stainless and alloys help
Slide 29: Recycling Content & Renewable Energy Share puts Aperam in a Best-in-Class position
GHG Recycling Content & Renewable Energy Share puts Aperam in a Best-in-Class position SCRAP USAGE REDUCES APERAM ENERGY MIX 2025 ELECTRICITY IS KEY FOR CO2 EMISSIONS SUBSTANTIALLY* DECARBONIZING (2023 DATA) 24% 33% 51% Re- newable Energy 2025 13% 30% Scrap Share 300 400 SERIES SERIES Source: Compan
Slide 30: Carbon Neutrality by 2050 is Capex Light and Technically Easy
Decarbonization Carbon Neutrality by 2050 is Capex Light and Technically Easy APERAM CO2 EMISSION BY SCOPE Aperam Is Part Of The Steel MEASURES & CAPEX 0.28 te/tcs* Industry – In A Very Different Way Target: <0.3 tCO2e/tcs in 2030*² SCOPE 2 0.10t/t Electricity Our scrap & charcoal based Other (incl
Slide 31: CO2 Reduction Program Composition
Aperam CO2 Scope 1 - 2 CO2 Reduction Program Composition Energy Efficiency Green Energy Generation > Use of AI and Deep Learning for improving our heating > Maximize the use of renewables: solar, wind models > Heat recovery (high and medium temperature) for > Thermal insulation heating or electricit
Slide 32: The Share of Recycled Material Defines the CO2 Footprint
Stainless Steel Global CO2 Footprint The Share of Recycled Material Defines the CO2 Footprint – This is One Reason for Aperam’s Differentiated Value Chain Usage of CO2 intensive Nickel-Pig-Iron can not be compensated for Actual and modelled carbon footprint for 1 t 304 grade black coil in EU, Indone
Slide 33: Aperam has a convincing Environmental Track Record and Clear Improvement Targets
Environment Aperam has a convincing Environmental Track Record and Clear Improvement Targets Dust emissions (g/t crude steel) CO2 emissions (t/t crude steel)* Water intake (m3/t crude steel) 0.6 0.5 0.4 0.3 0.54 0.58 0.49 0.49 0.50 0.47 0.34 0.32 0.28 0.34 0.58 0.30 10.2 10.1 10.1 11.8 11.8 10.0 10.
Slide 34: Aperam's Prime Objective
Health & Safety Aperam’s Prime Objective ROADMAPS TRIR IS CLEARLY BELOW … WITH VERY LOW WITH 3 STRATEGIC AXES THE SS INDUSTRY* … SEVERITY RATE** Prevent and control the risk 0 Fatality of fatal and severe accidents 54 LTI - Detailed improvement plan 13 Restricted work 64 Declared accident post a H&S
Slide 35: Aperam Supports the United Nations' Sustainable Development Goals
United Nations Sustainable Development Goals (SDG’s) Aperam Supports the United Nations’ Sustainable Development Goals, in Particular: Gender balance R&D and ranks highly on Almost 50% of innovation are Health & Safety our priority list Lowering water Aperam’s energy top priorities for is Aperam’s p
Slide 36: Aperam's Leadership Team is Diverse & Experienced
Governance Aperam’s 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 / 5 nationalities CEO: responsible for Aperam’s sustainabilit
Slide 37: Aperam's Diverse Board of Directors Ensures Effective Governance
Governance Aperam’s Diverse Board of Directors Ensures Effective Governance PRINCIPLES OF THE BOARD SHAREHOLDER STRUCTURE Responsible for strategic direction and oversight of the business, as well as for appointing senior management Election subject to shareholder approval. Directors are 8% elected
Slide 38: Aperam Business Overview
gperom Aperam Business Overview
Slide 39: Aperam is Active in Stainless, Electrical & Specialty Steel & Scrap
Business Overview Aperam is Active in Stainless, Electrical & Specialty Steel & Scrap #2 in Europe and the Only Producer in South America Revenue by industry 2025 2 6 3 21% 4 18% 4% €6.1bn 5 Sales* 15% 13,203 18% Employees 24% 2.5mt Building & Construction Automotive Capacity Catering & Appliances E
Slide 40: Group Segments
Business Overview Group Segments* RECYCLING & STAINLESS & SERVICES & SOLUTIONS ALLOYS & SPECIALTIES RENEWABLES ELECTRICAL STEEL 80kt production capacity 2.5mt production capacity 1.3mt Scrap & Charcoal shipments 0.7mt of gross shipments 61kt of gross shipments 1.7mt of gross shipments 20% of group a
Slide 41: Aperam's Value Chain and How it Splits into Segments
Business Overview Aperam’s Value Chain and How it Splits into Segments Slabs & Raw. Mat. Billets Hot rolling Cold rolling / Finishing Service Isbergues Direct Sale Genk 0.35Mt 1.4Mt Châtelet 2.8Mt Stainless Genk (maximum historic capacity flat at 24/7 shift system) 0.7Mt Service Aperam Center Recycl
Slide 42: Main Production Sites
Business Overview Main Production Sites Châtelet, Belgium Genk, Belgium Gueugnon, France Isbergues, France Timóteo, Brazil Imphy, France Universal, USA** Location & facts Location & facts Location & facts Location & facts Location & facts Location & facts Location & facts Melt shop Melt shop Cold-ro
Slide 43: Balanced Risk Profile and Customer Structure
Business Overview Balanced Risk Profile and Customer Structure SHIPMENT BY SEGMENT 2025* ADJ. EBITDA BY SEGMENT 2025* S&E Europe 20% 19% S&E Europe 29% 34% S&E S. America S&E S. America A&S 7% A&S S&S 21% S&S R&R 16% R&R 19% 33% 2% REVENUE BY REGION 2025 REVENUE BY CUSTOMER INDUSTRY 2025 21% Energy
Slide 44: Self-Help and Investing in a Differentiated Value Chain has Transformed Aperam
Business Overview Self-Help and Investing in a Differentiated Value Chain has Transformed Aperam SHIPMENT BY SEGMENT (KT) ADJ. EBITDA BY SEGMENT (€m) 2,309 2,198 2,290 2,287 1,060 1,129 R&R 1,917 1,936 1,972 1,786 R&R 1,819 1,677 S&S S&S 559 504 A&S 455 340 293 305 356 339 A&S S&E Group S&E 2016 201
Slide 45: Stainless & Electrical Europe
Stainless & Electrical Europe 45
Slide 46: Adding Product Differentiation to Cost Leadership
S&E Europe Summary Adding Product Differentiation to Cost Leadership DIFFERENTIATORS EARNINGS GROWTH FUTURE “NORMAL” VS & VALUE DRIVERS European cost leader PREVIOUS “NORMAL” - Efficient footprint Genk downstream ramp-up - Logistics advantages Footprint improvement & - Profitable even in the low deb
Slide 47: Footprint Upgrade has been Successfully Implemented but is Hidden by a Severe Price and Volume Squeeze
S&E Europe Track Record Footprint Upgrade has been Successfully Implemented but is Hidden by a Severe Price and Volume Squeeze 2025 EBITDA SUFFERS BY LOW DEMAND, BUT STILL COST LEADERSHIP COPES WITH LOWT VOLUMES REASONALBE PROFITS BASED ON COST LEADERSHIP S&E Europe 20% 19% S&E S. America 7% A&S 21%
Slide 48: The Share of Recycled Material Defines the CO2 Footprint
S&E Europe Assets The Share of Recycled Material Defines the CO2 Footprint: One Reason for Aperam’s Differentiated Value Chain LOCATED IN THE EU FLEXIBLE, EFFICIENT INDUSTRIAL CORE AND RISK MINIMIZING FOOTPRINT Aperam’s plants efficiently operate as one integrated supply chain 48
Slide 49: Footprint Improvement as Part of Leadership Journey Phase 4
S&E Europe Strategic Targets 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 continuously imp
Slide 50: Product Flow Optimization Secures Cost Leadership Positions
S&E Europe Product Portfolio Product Flow Optimization Secures Cost Leadership Positions & Enables Mix Improvement in Genk and Gueugnon Slabs Hot rolling Cold rolling / Finishing Service & distribution Isbergues 0.35Mt Direct Sale Customer Châtelet 1.4Mt Châtelet 2.8Mt End (maximum historic capacity
Slide 51: Targeting European Cost Leadership Position in all Standard & Top Line Products
S&E Cost Position Targeting European Cost Leadership Position in all Standard & Top Line Products Cost leading footprint 2020 Improved footprint post LJ4 in 2023 Market Standard products Top line products Market Standard products Top line products Austenitic HR Duplex 2000 wide Austenitic HR Duplex
Slide 52: Effective Measures Against Unfair Trade have been Put in Place
EU Trade Action Effective Measures Against Unfair Trade have been Put in Place Safeguard Anti-dumping duties (AD) Countervailing duties (AS) • Maintain traditional trade flows • Duty on imports that are priced • Neutralize effect of subsidies that below fair market value benefit certain imports • Vo
Slide 53: Anti-Dumping Measures are Effective and Necessary in Limiting Price Distortions
EU Stainless Steel Imports Anti-Dumping Measures are Effective and Necessary in Limiting Price Distortions 53
Slide 54: Stainless & Electrical South America
Stainless & Electrical South America 54
Slide 55: A Resilient, Profitable Business with Substantial Development Potential
S&E South America A Resilient, Profitable Business with Substantial Development Potential DIFFERENTIATORS FUTURE “NORMAL” VS EARNINGS GROWTH PREVIOUS “NORMAL” & VALUE DRIVERS Engaged and performing Competitiveness team Debottleneck and upgrade Unique market position investments: GO, HSM, etc Located
Slide 56: A Flexible, Agile & Highly Profitable Asset
S&E South America Track Record A Flexible, Agile & Highly Profitable Asset BRAZIL IS A CONSISTENT HIGH EARNINGS EARNINGS 2025 SUPPORTED BY PLANT REVAMP CONTRIBUTOR Excl. BioEnergia* S&E Europe 20% 19% S&E S. America 7% A&S 21% S&S 33% R&R STABLE SHIPMENTS PAIRED WITH A BETTER MIX STAINLESS STEEL DEM
Slide 57: A Skilled Workforce, a Growth Market and a Competitive Footprint are Main Assets
Aperam South America A Skilled Workforce, a Growth Market and a Competitive Footprint are Main Assets People > Engagement > Diversity & Inclusion Market > Growth BioEnergia > Good Opportunities Timóteo Minas Gerais Footprint State > Flexibility & Integration > Sustainability > Competitiveness Aperam
Slide 58: A Diversified Range of High Added Value Products
Product Portfolio A Diversified Range of High Added Value Products Stainless Steels Electrical Steels (GO / NGO) Special Carbon Steels Construction / White goods Automotive Architecture GO (Power & Distribution GO (Charging station for Transformers) electric vehicles) Capital Goods / Tubes Tools Bio
Slide 59: Flexible Multi-Product Set-Up Guarantees Capacity Utilisation Over the Cycle
Product Portfolio Flexible Multi-Product Set-Up Guarantees Capacity Utilisation Over the Cycle Revenue by product line 2025 Stainless revenue by market segment 2025 5% 4% 8% 11% 22% 13% 22% 1 0 17% 75% 23% Building & Constr. Automotive Stainless Steel Electrical steel GNO Catering & Appliances Energ
Slide 60: Stainless Steel Consumption in Brazil is Growing and Shows Enormous Potential
Stainless Steel Growth 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: > GDP evolution & kg per capita KOR potential
Slide 61: Cost Efficiency, Mix Improvement and Market Growth Drive our EBITDA
Aperam South America: Our Strategy Cost Efficiency, Mix Improvement and Market Growth Drive our EBITDA Competitiveness increase GO (Power & Distribution Endur > Scrap increase: lower charge cost, energy efficiency, Transformers) consumables optimization > Productivity through automation of new lines
Slide 62: Three Pillars of Trade Protection Against Unfair Market Behavior
Brazil Trade Protection Three Pillars of Trade Protection Against Unfair Market Behavior IMPORT DUTY LOGISTICS ANTI-DUMPING DUTY 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 Stainless steel welded tubes: • China & Taiw
Slide 63: Services & Solutions
bh mdm lame a nl Slama gperom Services & Solutions
Slide 64: Technology & Service Based Growth
S&S Summary Technology & Service Based Growth DIFFERENTIATORS FUTURE “NORMAL” VS EARNINGS GROWTH PREVIOUS “NORMAL” & VALUE DRIVERS Largest and most profitable integrated Expand successful business stainless distributor model: lowest cost to serve +55m and lowest OWCR Secure supply & largest product
Slide 65: Stronger Partnership With Customers Enhances Margins
S&S Track Record Stronger Partnership With Customers Enhances Margins LOWER CONTRIBUTION RESULTS FROM PRICE EARNINGS DECREASE IN 2025 BASED ON LOWER PRESSURE ON SPOT MARKET DEMAND S&E Europe 20% 19% S&E S. America 7% A&S 21% S&S 33% R&R 2025 VOLUMES SLIGHTLY LOWER DUE TO APERAM SHIPS THE MAJORITY OF
Slide 66: Aperam's Downstream Distribution Arm
Services & Solutions Aperam’s Downstream Distribution Arm 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 in 36 countries leadership for the group > 6000+ active cu
Slide 67: S&S's Wide Network Connects Aperam With all Industrial Centers
S&S Footprint S&S’s Wide Network Connects Aperam With all Industrial Centers EFFICIENT DISTRIBUTION PHYSICALLY LITHUANIA & ONLINE UNITED KINGDOM IRELAND NETHERLAND POLAND > Aperam has the biggest and GERMANY most profitable integrated Genk Haan distribution network in the Isbergues CZECHIA Siemianow
Slide 68: Distribution is the Main Route to 70% of Aperam's Market
Market Distribution is the Main Route to 70% of Aperam’s Market MILLS MAJOR INDUSTRIAL REAL (Stainless & Electrical) CUSTOMERS DEMAND 30% Accept few month lead time < 200 30% customers Accept full coils 2-4 month lead time Distribution High contracted volumes 20-32 t full coils Independent Prefer bi
Slide 69: Stainless Steel Distribution is Still Fragmented
Competitive Landscape Stainless Steel Distribution is Still Fragmented EU Stainless distribution SSCs characteristic Have number of transformation tools Provide wide product offer in grades, finishing and forms Mill supply Big End User Focus on big-midsize and/or contracts end users SSCs Master Shee
Slide 70: S&S is A Strong Contributor We Provide Stability, Depth and Reach
Earnings Growth S&S is A Strong Contributor We Provide Stability, Depth and Reach S&S Shipments (kt) EBITDA adjusted (€m) IMPROVING OUR SALES MIX IS OUR KEY 199 GROWTH DRIVER 818 kt 739 716 647 80 mid-cycle 93 kt kt 83 Improve our sales mix with more ‘service’ customers kt 70 43 45 38 37 32 25 Innov
Slide 71: Aperam Pursues a Profitable Development Strategy Based on a Strong Business Model
Earnings Growth Aperam Pursues a Profitable Development Strategy Based on a Strong Business Model CONSIDERABLY HIGHER MARGINS S&S COST COMPETITIVENESS + RIGHT STRATEGY DOWNSTREAM + FLAT COST CURVE Further expand industry benchmark + LEAN INVENTORY cost to serve per ton & lower OWCR x6 Accelerate acq
Slide 72: Alloys & Specialties
gperom Alloys & Specialties
Slide 73: Differentiated Assets, Products and Debottlenecking Make it Aperam's Highest Growth Segment
A&S Summary Differentiated Assets, Products and Debottlenecking Make it Aperam’s Highest Growth Segment DIFFERENTIATORS EARNINGS GROWTH FUTURE “NORMAL” VS & VALUE DRIVERS Technology competence : PREVIOUS “NORMAL” Debottlenecking of operations A&S solves problems for in flat products customers Very s
Slide 74: Stable Niche Market with High Margins
A&S Track Record Stable Niche Market with High Margins A&S 2025 EBITDA REACHED VALUE ADDED PRODUCTS & END USER NEW RECORD LEVEL ORIENTATION DRIVE PROFITABILITY FURTHER S&E Europe 20% 19% S&E S. America 7% A&S 21% S&S 33% R&R Increasing Shipments in combination with Sales by Region improving Mix Amer
Slide 75: A Truly Global Footprint
A&S Locations A Truly Global Footprint Universal Aperam sales office Other representation 75
Slide 76: A&S Will Grow Organically and with Universal Stainless to Become a Bigger Producer
A&S Competitive Position A&S Will Grow Organically and with Universal Stainless to Become a Bigger Producer Globally Top 10: Long Products ALLOYS ARE AN ATTRACTIVE GROWTH 62% combined market Flat Products MARKET share* CAGR 3.3%* kt SPLIT BY PRODUCT 1% Strip Plates Bars Wire Semis * 2024 data, Apera
Slide 77: Commodities vs. Specialties
Commodities vs. Specialties 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 1 Price sensitive Value sensitive Understand total cost
Slide 78: E-Mobility, New Energies and OLEDs are A&S's Growth Markets
Growth & Innovation E-Mobility, New Energies and OLEDs are A&S’s Growth Markets Meet technical requirements of Contribute to the challenge of Respond to the high precision required electrification for cars, trains, flying efficiency yield in future power for the production of new display taxis or pl
Slide 79: (E-)Mobility Solutions
Aperam Alloy Grades (E-)Mobility Solutions 79
Slide 80: Strategic Expansion into the US Aerospace Market
Acquisition of Universal Stainless 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 technology, prod
Slide 81: Recycling & Renewables
Recycling & Renewables 81
Slide 82: Recycling & Renewables
Recycling & Renewables Aperam DUST & SCRAP RENEWABLE RESIDUES RECYCLING RECYCLING ENERGY Aperam BioEnergia Recycling 82
Slide 83: Circular Economy & Strategic Supply
Recycling & Renewables: Summary Circular Economy & Strategic Supply DIFFERENTIATORS FUTURE “NORMAL” VS EARNINGS GROWTH PREVIOUS “NORMAL” & VALUE DRIVERS Strong global Platform: Natural growth of recycling • Top 3 in EU SS scrap volumes worldwide • US: leading position • Superalloys: global leader Su
Slide 84: Strategic Addition & Relevant Performer
R&R Track Record Strategic Addition & Relevant Performer IMPORTANT EBITDA CONTRIBUTOR GROWING FOREST BUSINESS; RECYCLING FACED WITH DEMAND DRIVEN LOWER VOLUMES AND PRICES S&E Europe 20% 19% S&E S. America 7% Segment was formed in A&S 21% 2022 post the ELG S&S acquisition 33% R&R BIOENERGIA ADDS STAB
Slide 85: Recycling & Renewables is a Major Strategic Growth Driver for Aperam
R&R Through the Cycle EBITDA Recycling & Renewables is a Major Strategic Growth Driver for Aperam during its transition Recycling & Renewables normalized adj. EBITDA 2.0x 2021* 2030 Aperam Recycling Recyco BioEnergia Botanickel Schematic *post ELG Consolidation Growing Recycling & Renewables EBITDA
Slide 86: Aperam Recycling
Aperam Recycling 86
Slide 87: Aperam Recycling is a Global Leader in Trading, Processing of Resources for Stainless Steel
Aperam Recycling Aperam Recycling is a Global Leader in Trading, Processing of Resources for Stainless Steel as well as High Performance Materials > Added YE 2021 via the ELG acquisition with EUR55m through-the-cycle EBITDA ❑ Stainless steel [Global #2, active in Europe, USA, Asia] +131% Global SS ❑
Slide 88: Delivering Value by Identifying the Best Usage of Collected Resources
Aperam Recycling: Business Segments Delivering Value by Identifying the Best Usage of Collected Resources and Processing for the Most Suitable Application STAINLESS STEEL SUPERALLOYS AMER | EMEA | APAC APERAM RECYCLING ALLOYS (UTICA) Trading, processing and recycling of Revert management of, trading
Slide 89: Aperam is at the Heart of the European Circular Economy
Circular Economy Aperam is at the Heart of the European Circular Economy. Scrap and Recycled Material are the dominating Input Automotive Construction Other Aperam uses ~90% scrap in Customers Transport its austenitic grades 14 years 50 years 30 years 90% 85% 90% Scrap is sourced regionally in 12% 1
Slide 90: Europe Stainless Steel & Superalloys Value Chain
Europe Stainless Steel & Superalloys Value Chain Aperam Recycling Takes a Key Role in the Value Chain to Supply High Quality Secondary Raw Material SCRAP RECYCLING SCRAP SUPPLY MELTING, CASTING COLLECTION Physical intake, inbound PROCESSING Sorting, sizing, shredding dilution of impurities & DISTRIB
Slide 91: Input Material Mix
Input Material Mix Stainless Scrap is Complex: Various Shapes & Alloys Make it a Value Added Business SCRAP TYPES MATERIALS SHAPES APERAM RECYCLING SERVICES ~4,000 suppliers world-wide Solid MATERIAL Industrial “new” scrap QUALITY Pure metals > Clippings > Cuttings COORDI- > Trimmings NATE > Bundles
Slide 92: Superalloys
Superalloys Aperam Recycling Operates with Utica Alloys a Trading Model with a Classical Value Chain as well as a Tolling Model 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 MET
Slide 93: Growing Use of Stainless means Growing Scrap Reserve that Ensures Future Recycling
Aperam Recycling: Scrap Reserve Growing Use of Stainless means Growing Scrap Reserve that Ensures Future Recycling 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: 1
Slide 94: BioEnergia
oPerom BioEnergia
Slide 95: Large Scale, Sustainable Forest Operations
BioEnergia Large Scale, Sustainable Forest Operations Subsidiary of Aperam South America Best pratices in 1,000 +45 patents charcoal employees 150 k ha production Directly employed 110k ha planted 450k ton/year 06 charcoal Measurable positive impact on genetic material and 40k ha native production u
Slide 96: More Than 40 Years of History
BioEnergia Time Line More Than 40 Years of History Acesita S.A. creation Beginning of eucalyptus FSC® Certification Aperam plantations 1940‘s 1960‘s 1970‘s 1990‘s 2008 2010 2011 2021 Start of eucalyptus R&D Privatization OHSAS (H&S) 450 kton/year + genetic improvement & ISO (quality) certifications
Slide 97: BioEnergia's Operations Locations
BioEnergia BioEnergia’s Operations Locations Aperam BioEnergia Vale do Jequitinhonha Region 20km Distance: 350 km Travel time: ~5 hours Aperam South America Timóteo City 97
Slide 98: Know-How and Technology Driven Forestry Operations
BioEnergia Know-How and Technology Driven Forestry Operations 1 - R&D 2 - Nursery 3 - Planting 4 - Silviculture 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 f
Slide 99: BioEnergia: Forest Growth is the basis for Significant new EBITDA Streams
BioEnergia Growth BioEnergia: Forest Growth is the basis for Significant new EBITDA Streams Forest area expansion completed to 150,000 ha; 14,000 ha re-forestation is WIP > Scale effects & cost optimization support Timoteo’s first quartile cost position > Optimization of harvesting operations underp
Slide 100: Next Generation Charcoal Production Technology
New Business Models 1 Aperam’s next Generation Charcoal Production Technology reduces the Environmental Impact and enables New Renewable Products 3.75 t Humid wood 1.25 t Steam water Gases Gas burner 2.5 t Dry wood Bio Production Oil Ramp-Up ~1 t Charcoal Blast furnace NEW Tar Kilns Pyroligneous Bio
Slide 101: Carbon Capture via BioEnergia
New Business Models 2 Carbon Capture via BioEnergia: turning low Value by-products into Essential Carbon Capture Goods Forest 3.75 t humid wood 1.25 t steam water Blast Furnace ~1 t charcoal Low margin product 2.5 t dry wood Kilns sold externally Turn into Biochar > Capex free by-product upgrade > V
Slide 102: Brazil Operations have a Certified Negative Net GHG Footprint
Decarbonization Roadmap Brazil Operations have a Certified Negative Net GHG Footprint* Charcoal Timoteo plant uses 100% charcoal as fuel since 2012 in both BFs R&D & FSC Sustainable forest management guarantees long term benefit can be maintained Certification More than 90% of Brazilian Electricity
Slide 103: Aperam's Activities have a Visible Positive Impact on Regional Prosperity
Social Impact Aperam’s Activities have a Visible Positive Impact on Regional Prosperity 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 Source: IBGE (Brazilian Institute for Geography and Statistics
Slide 104: Appendix
Appendix Résidence Hôtelière du Rail, Montparnasse Station, Paris - France / aasb_agence d‘architecture suzelbrout © Frédéric Delangle / Executed using grade 304L, with Uginox Mat finish 104
Slide 105: Key Prices & Exchange Rates
Appendix Key Prices & Exchange Rates NICKEL NICKEL PIG IRON STAINLESS SCRAP FERROCHROME STAINLESS STEEL PRICE BRL/USD 105
Slide 106: High Cash Flow, Low Maintenance Capex and High Cash Returns to Shareholders
Aperam Track Record High Cash Flow, Low Maintenance Capex and High Cash Returns to Shareholders CAPEX: LOW MAINTENANCE + BEST IN CLASS DISTRIBUTION TO SOLID AVERAGE 8% FREE CASH SOLID INVESTMENT IN GROWTH** FLOW YIELD* SHAREHOLDERS 135 150 84 52 47 61 54 67 50 150 117 108 123 90 85 100 100 59 2017 2
Slide 107: Maintaining a Solid Balance Sheet Forms the Basis of Aperam's Financial Policy
Aperam Track Record Maintaining a Solid Balance Sheet Forms the Basis of Aperam’s Financial Policy A STRONG BALANCE SHEET A VERY SOLID MIX OF BALANCED MATURITY PROFILE & CREATED ROOM FOR FINANCING INSTRUMENTS AMPLE LIQUIDITY** ACQUISITONS* No credit arrangement contains earnings related covenants Ap
Slide 108: P&L
P&L €m 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 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 1,575 1,689.0 Adj. EBITDA 286 168 220 368 451 455 559 504 340 293 1,060 1,129 304 356 339 90 130.0 - Adj.
Slide 109: Cash Flow
Cash Flow €m 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 26 Q2 26 Operating Income / (loss) 37 (80) (8) 221 294 287 399 716 207 210 1,042 890 89 127 16 34 97 Depreciation and impairment 223 248 228 190 157 158 152 143 150 144 144 186 204 229 259 56 57 Changes in wor
Slide 110: Balance Sheet
Balance Sheet €m 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 31.03.2026 30.06.2026 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 3,247 3,347 Goodwill and intangible assets 699 651 586 573 511 536 509 490 47
Slide 111: Segment Split
Segment Split Shipment (000t) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 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 1,668 430 430.0 Shipment A&S 37 36 36 35 34 30 33 36 36 31 30 27 33 38 61 16 16.6
Slide 112: Key Stainless Product Categories by Alloy Content
Appendix Key Stainless Product Categories by Alloy Content MARTENSITIC Ferritic AUSTENITIC (400 SERIES) (300 SERIES) Exceptionally hard steel Resistant to stress Tough & strong in a wide corrosion & cheap temperature range Cutlery, razor blades, Car exhausts, conveyor Boiler, aeronautics, cutting to
Slide 113: Understand the Definitions
GHG Scope 1 – 2 - 3 Understand the Definitions Scope 1 – All Direct Emissions from the activities of an organisation or under their control. Including fuel combustion on site such as gas boilers, fleet vehicles and air- Scope 2 Scope 1 conditioning leaks INDIRECT DIRECT Scope 2 – Indirect Emissions
Slide 114: Aperam's CO2 Footprint
Aperam’s CO2 Footprint Aperam has an Industry Leading CO2E Footprint1 Aperam Raw materials Electricity 0.41 t CO2e/t* Scrap EU ETS (= scope 1) Recycling Stainless scrap Ferronickel Consumables: Electricity Europe Ferrochrome Graphite Electrode Nat. gas Electricity Electricity Recyco FeNi Other alloy
Slide 115: Contact and Share Information
Aperam Contact and Share Information Investor Relations Aperam’s Vision > Roberta de Aguiar Faria We are committed to establish Aperam > Henrik von Lukowicz as the leading value creator in the > 24-26 Boulevard d’Avranches circular economy of infinite, > L-1160 Luxembourg world-changing materials. >