Slide 1: Pier | Yvoire, France | Fabrice David © Studio Erick Saillet
Pier | Yvoire, France | Fabrice David © Studio Erick Saillet
Slide 2: Agenda
Q2 2025 highlights page 4 Value Strategy 14 ESG 26 Business Overview 44 • S&E Europe 51 • S&E South America 60 • Services & Solutions 69 • Alloys & Specialties 78 • Recycling & Renewables 87 Aperam Recycling 92 Recyco 100 BioEnergia 103 Appendix 113
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: Q2 2025 Highlights
_02 2025 HIGHLIGHTS operom SOLID RESULTS IN BRAZIL AND IN ALLOYS ACHIEVED COMPENSATE FOR MARKET HEADWINDS IN EUROPE Europe: Volumes slightly down and pricing pressure intensified throughout the quarter Brazil: Solid performance supported by good demand, the upgraded hot rolling mill and seasonal sup
Slide 5: 2024 Sustainability Report
2024 SUSTAINABILITY REPORT operom LEADERSHIP IN THE CIRCULAR ECONOMY OF INFINITE MATERIALS HEALTH & SAFETY (TRIR*) -~@.. | re 2022 H&S is Aperam’s TOP priority 2024 2026 WATER INTAKE 2015 Water is important: new procedures set up centrally and site-specific actions plans *Total Recordable Incident R
Slide 6: Q2 Market Update
Q22 025 MARKET UPDATE operom PERSISTENT SOFTNESS IN EUROPEAN DEMAND, BUT SOLID PERFORMANCE IN BRAZIL AND ALLOYS; IMPORT VOLUMES INCREASED; INVENTORIES UP CONSTRUCTION e@ > €U: Price and cost inflation continues - pick up in HVAC confirmed > Brazil: Sound construction activity continues after seasona
Slide 7: Q2 2025 Financial Highlights
Q2 2025 FINANCIAL HIGHLIGHTS operom IN LINE WITH GUIDANCE: EBITDA INCREASES & DELEVERAGING STARTS Q2-25 KEY COMMENTS EURM 225 9125 0. 224 O . ee oo sal . 4 . 3 a 4 “ 34 ey > Steel shipments: Lower volumes due to distributor destocking in aes 654 165 o% 16 % Europe and seasonally higher volumes in Br
Slide 8: Q2 2025 Segments
Q2 2025 SEGMENTS BRAZIL CONTINUES & ALLOYS REMAIN SUPPORTIVE operom EU LINKED OPERATIONS REFLECT SOFT INDUSTRIAL ACTIVITY Recycling & Renewables adj. EBITDA (EURM) adj EBITDA 45 : 39 (EURm) + 20 adj. EBITDA/t (€) Q224 Q125 Q225 > Shipments -6% qoq, -16% yoy due to lower scrap demand > qoq: adj. EBIT
Slide 9: Net Financial Debt
NET FINANCIAL DEBT operom DELEVERAGING IS APERAM’'S TOP FINANCIAL PRIORITY: FIRST STEP IN Q2 2025 DESPITE THE CHALLENGING MARKET ENVIRONMENT NET FINANCIAL DEBT (NED) schematic \ —_ ° ROCE pre/post synergies 10.6% / 16.1% 2025 Immediate eps Immediate FCF Universal eV/EBITDA 6.9x accretion accretion 4
Slide 10: Q4 Q3 Q2 Q1 2024 2025 2026 • • • • •
Q4 Q3 Q2 Q1 2024 2025 2026 • • • • •
Slide 11: Outlook
OUTLOOK oper om GUIDANCE & OTHER FORWARD LOOKING ITEMS <= r Q3 2025 OUTLOOK r OTHER ITEMS > Q3 shipments are expected seasonally lower > FY 2025 base dividend stable at qoq EUR2.00/share (~EUR145 million) > Q3 2025 adj. EBITDA is expected at a lower > Reduced FY 2025 group capex guidance level versu
Slide 12: Quarterly Financial Results
QUARTERLY FINANCIAL RESULTS operom Q2 2025 REFLECTS SEASONALITY, ONGOING PRICE PRESSURE IN EUROPE AND VALUATION EFFECTS SHIPMENT VOLUMES ADJ. EBITDA & MARGIN NET INCOME & EPS* 617| 5e5—is83| at 575 550 mal EB (2.47) S16] 112| Q2 Q3 O4 Ql Q2 Q3 O4 QI Q2 Q2 93 O4 Ql G2 Q3 Q4 Ql Qe Q2 Q3 Q4 Ql Q2 Q3 Q4
Slide 13: Quarterly Financial Results II
QUARTERLY FINANCIAL RESULTS II operom SEASONAL IMPROVEMENT IN STAINLESS AND ALLOYS DEVELOPMENT LEAD TO HIGHER Q2 EBITDA, LOWER NWC AND CASH MANAGEMENT MARKED THE BEGINNING OF DELEVERAGING 4 r ry ADJ. EBITDA BY SEGMENT CASH FLOW NET FINANCIAL DEBT DEVELOPMENT 3.2 mmm M&A mmm NFD (m€) ==NFD / LTM adj.
Slide 14: Value Strategy
VALUE STRATEGY operom BODEGA IRIUS Barbastro, Huesca - Espagne / Marino Pascual & Asociados Arquitectura © Adriana Landaluce / Executed using Aperam 316L Uginox Top finish 14
Slide 15: Business Overview
2.5mt Capacity @ Timcteo, Brazil 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 2024 12,207 Employees @ Building & Construction MM Automotive MH Catering & Appliances ‘Ml Energy & Ch
Slide 16: A Differentiated Value Chain
A DIFFERENTIATED VALUE CHAIN ADDING VALUE THROUGH COST, MARGIN AND CASH SYNERGIES AC operom ROSS THE SEGMENTS er \er- Neer e > Aperam Recycling enables 100% > Europe and Brazil share common > S&€E provides low cost upstream scrap based products at S&E innovation portfolios capacity for A&S growth pl
Slide 17: Financial Policy
FINANCIAL POLICY operom FINANCIAL POLICY BALANCES GROWTH OPPORTUNITIES AND SHAREHOLDER RETURNS GROWTH BUSINESS 1 f Strong Balance Maintenance > Specialty Sheet CAPEX > Sustainability Drive base dividend Crees 2025: €UR120m growth & Solid balance sheet 2 Supply Chain Dividend Progressive Policy EUR2.
Slide 18: Megatrends (Growth)
MEGATRENDS (GROWTH) operom 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 19: BioEnergia and CBAM
> BioEnergia C Carbon B Border > > A Adjustment > M Mechanism > > ETS ~8t CO2/t > Price elta > > > > BioEnergia
Slide 20: The Leadership Journey - 5 Distinct Phases
PHASE 1 2011-13 (€250M) Restructuring Realized: €277m > Footprint change > SG&A reduction > Asset upgrade > Energy mix Brazil > EU product portfolio D> Headcount related upgrade PERFORMANCE THE LEADERSHIP JOURNEY? - 5 DISTINCT PHASES IN RESPONSE TO A CHANGING MARKET PHASE 2 2014-17 (€200M) Asset upg
Slide 21: EUR1.1bn EUR559m EUR310m
EUR1.1bn > - EUR559m EUR304m - > EUR310m EUR293m > EUR168m 21
Slide 22: Strategy 2025
STRATEGY 2025 operom THE LEADERSHIP JOURNEY® IS OUR MAIN LEVER TO TURN APERAM IN A MORE RESILIENT AND PROFITABLE COMPANY r r 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
Slide 23: 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 24: Products, Process, Environment
Products Process Environment Climate change Social Governance Ethics
Slide 25: Why to Invest in Aperam
WHY TO INVEST IN APERAM operom r r r Our products will A team witha 3 Agility is our serve the future track record mantra Our responsible - produced Diverse, experienced with We focus on adapting quickly solution are best positioned a proven track record of to changing business to serve customers in
Slide 26: 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 26
Slide 27: ESG Overview
Responsible Low-GHG Stainless Steel Producer ESG OVERVIEW APERAM APPROACHES ESG HOLISTICALLY v v 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 28: 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 29: 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 30: 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 M@Fire proof Mi Mechanically strong Our blast furnace in
Slide 31: 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 32: GHG
| GHG operom RECYCLING CONTENT & RENEWABLE ENERGY SHARE PUTS APERAM IN A BEST-IN-CLASS POSITION 4 r 4 SCRAP USAGE REDUCES APERAM ENERGY MIX 2024 ELECTRICITY IS KEY FOR CO, EMISSIONS SUBSTANTIALLY* DECARBONIZING (2023 DATA) Coy Integrated producers with © blast furnaces ee or RKF for NPI : (Asia) EAF
Slide 33: Decarbonization
DECARBONIZATION operom CARBON NEUTRALITY BY 2050 IS CAPEX LIGHT AND TECHNICALLY EASY v r ry 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 fecunly > Our scrap & charcoal based ae
Slide 34: Energy is still a major CO2e driver
EMERGY IS STILL A MAJOR CO, E Natural Gas : ~50% > €fficiency increase > Electrification (renewable electricity) > Hydrogen Technical feasibility: | Medium Production cost: High APERAM ENERGY NEEDS & CO, RENEWABLE SOURCES ~20% Electricity > €fficiency increase > Asset replacement (~30- 40% lower con
Slide 35: Aperam CO2 Scope 1-2
APERAM CO, SCOPE 1-2 oper om 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 elec
Slide 36: 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 ecr Scope 1 Others Nat. gas / Piglron Stainless total —> 025 05 075 10 125 15 175 20 225 25 275 3.0 tCO, / steel *Worldsteel
Slide 37: 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) EU (actual) wm Scope 2 €U Indonesia 10,
Slide 38: BioEnergia
Aperam Recycling BioEnergia > > > >
Slide 39: Environment
ENVIRONMENT operom APERAM HAS A CONVINCING ENVIRONMENTAL TRACK RECORD AND CLEAR IMPROVEMENT TARGETS r 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 40: Health & Safety
HEALTH & SAFETY operom OUR PRIME OBJECTIVE r r TRIR IS CLEARLY BELOW THE SS INDUSTRY”... Fatality 2024 a Restricted work 2023 _—— ee Declared accident Oe oO ee 8 6 8 geeRe eRe eee es M@ ISSF mf Aperam * TRIR = Total Recordable Incident Rate; sectorial benchmark: Worldstainless ROADMAPS WITH 3 STRATE
Slide 41: UN SDGs
UN SDG'S APERAM SUPPORTS THE UNITED NATIONS’ SUSTAINABLE DEVELOPMENT GOALS, IN PARTICULAR: operom ~ 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 establish
Slide 42: Governance
___GOVERNANCE operom OUR LEADERSHIP TEAM IS DIVERSE & EXPERIENCED KEY FACTS & COMPENSATION LEADERSHIP TEAM Entrusted with day-to-day management of the Company 4 Appointed by the Board of Directors Experience and industry know-how Average age: 53 / 6 nationalities CEO: responsible for Aperam’s sustai
Slide 43: N America France UK
8% 5% 29% 6% 5% 4% 2% 41% N America France UK Benelux Germany Other Mittal Family Private & NA
Slide 44: Aperam Business Overview
gpefoml Aperam Business Overview
Slide 45: Business Overview
2.5mt Capacity @ Timcteo, Brazil BUSINESS OVERVIEW operom APERAM IS ACTIVE IN STAINLESS, ELECTRICAL & SPECIALTY STEEL & SCRAP #2 IN EUROPE AND THE ONLY PRODUCER IN SOUTH AMERICA 12,207 Employees 51 Recycling Locations FSC Certified Forest in Brazil a O Genk, Belgium © Chatelet, Belgium Revenue by in
Slide 46: Recycling & Renewables Business Overview
P 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 47: 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 Chatelet 0.35Mt 1.4Mt Chiatelet 2.8Mt (maximum historic capacity at 24/7 shift system) Stainless flat Gueugnon Ost Steel service centers Chatelet Ni alloys &
Slide 48: Main Production Sites
BUSINESS OVERVIEW MAIN PRODUCTION SITES operom Chatelet, Belgium Location & facts Melt shop Hot rolling mill Capacity Slabs 1,400 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 1,000 kt 2 m wide cap
Slide 49: A Balanced Risk Profile and Customer Structure
BUSINESS OVERVIEW operom A BALANCED RISK PROFILE AND CUSTOMER STRUCTURE SHIPMENT BY SEGMENT 2024* ADJ. EBITDA BY SEGMENT 2024* m SRE Europe m SRE S. America m SRE Europe m SRE S. America = ARS m ARS = S&S = S&S = R&R = R&R mBrazil Asia & nus = Energy Chemicals Africa Other Americas = General Industr
Slide 50: 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) 2,309 2,198 2290 pee 1,917 1,936 1,972 1786 1677 1,819 mmm SRS mmm ARS mmm SRE —= Group 2016 2017 2018 2019 2020 2021 2022 2023 2024 ADJ. EBITDA/t (EUR) mmm SRE mmm S&S
Slide 51: Stainless & Electrical Europe
Stainless & Electrical Europe
Slide 52: S&E Europe Summary
S&E EUROPE SUMMARY operom ADDING PRODUCT DIFFERENTIATION TO COST LEADERSHIP DIFFERENTIATORS 4 > European cost leader - Efficient footprint - Logistics advantages > Flexible production set up > Volatility reducing downstream integration into distribution > Recycling backbone (since ELG integration) >
Slide 53: 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 2024 EBITDA SUFFERS IMPROVED BY BETTER PRODUCT MIX AND COST LEADERSHIP m= S&€ Europe S&ES. America 24% A&S 10%, ses 21% R&R LOW REAL DEMAND & HEAVY DESTOCKING ALONG T
Slide 54: S&E Europe Assets
S&E EUROPE ASSETS operom HIGHLY FLEXIBLE INTEGRATED MULTI-PLANT FOOTPRINT WITH SUPERIOR INBOUND AND OUTBOUND LOGISTICS | LOCATED IN THE EU FLEXIBLE, EFFICIENT INDUSTRIAL CORE AND RISK MINIMIZING FOOTPRINT Xe jenk Steel Plants Hot Rolling Cold Rolling ee Oo aah Mill Mill Pontde-Roide | Genk = | Custo
Slide 55: 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 COST LEADER Footprint changes will realize additional cost leadership potential We continuously impro
Slide 56: 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 a & distribution | direct sale Sale | GenkO.7Mt 0.7Mt Stainless flat ses | Gueugnon 0.4Mt_— | Gueugnon 0.4Mt_— 4mMt Transformatio
Slide 57: S&E Cost Position 2023
S&E COST POSITION 2023 OPE Om TARGETING EUROPEAN COST LEADERSHIP POSITION IN ALL STANDARD & TOP LINE PRODUCTS “u + yy S 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 Automot
Slide 58: 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 59: EU Stainless Steel Imports
EU STAINLESS STEEL IMPORTS oper om ANTI-DUMPING MEASURES ARE EFFECTIVE AND NECESSARY IN LIMITING PRICE DISTORTIONS 4 r ry HOT ROLLED COLD ROLLED TOTAL STAINLESS IMPORTS & MARKET SHARE IMPORTS & MARKET SHARE IMPORTS & MARKET SHARE + 600 40% sao a = 400 40% 8 son _ 3 35% © 500 50% © 120 40% 2 9 = S 30
Slide 60: Stainless & Electrical South America
Stainless & Electrical South America
Slide 61: S&E South America
SE 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 supply
Slide 62: S&E South America Track Record
S&E SOUTH AMERICA TRACK RECORD operom A FLEXIBLE, AGILE & HIGHLY PROFITABLE ASSET BRAZIL IS A CONSISTENT HIGH EARNINGS CONTRIBUTOR EARNINGS 2024 REFLECT PLANT REVAMP Excl. BioEngrgia* 37% 33% Log S&E Europe 32% mSBES. America 14% 13% oy ARS 5% we Fad sas Sin a% " R&R 2016 2017 2018 2019 2020 2021 20
Slide 63: Aperam South America
APERAM SOUTH AMERICA operom A SKILLED WORKFORCE, A GROWTH MARKET AND A COMPETITIVE FOOTPRINT ARE MAIN ASSETS People Q > €ngagement > Diversity & Inclusion Market @ > Growth > Good Opportunities BioEnergia Timoteo Minas Gerais Footprint State > Flexibility & Integration > Sustainability > Competitive
Slide 64: Product Portfolio
PRODUCT PORTFOLIO operom A DIVERSIFIED RANGE OF HIGH ADDED VALUE PRODUCTS Construction / e | Automotive Architecture GO (Power & Distribution GO (Charging station for Transformers) electric vehicles) Capital Goods / Biofuels Non NGO for Electric Vehicle Agricultural tools Capital Goods / transport A
Slide 65: 6% 6% 10% 10% 20% 20% 13% 71% 21% 23%
6% 6% 10% 10% 20% 20% 13% 71% 21% 23%
Slide 66: Stainless Steel Consumption
STAINLESS STEEL CONSUMPTION Brazil Stainless Steel Market (kt) 50% 60% 70% 80% 90% 2023 ee ____ 202) 020 | 0 a.” 2018 07 —* 26 a” 26 200 300 400 500 IN Historic consumption Aperam Market & forecast (kt) share Aperam as the only stainless steel producer in S. America is the main beneficiary STAINLESS
Slide 67: Aperam South America: Our Strategy
APERAM SOUTH AMERICA: OUR STRATEGY Oper om 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 pr
Slide 68: Brazil Trade Protection
BRAZIL TRADE PROTECTION operom THREE PILLARS OF TRADE PROTECTION AGAINST UNFAIR MARKET BEHAVIOR r 4 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 steel
Slide 69: Services & Solutions
a) 1) o — > _ o WY Solutions
Slide 70: S&S Summary
S&S SUMMARY operom TECHNOLOGY & SERVICE BASED GROWTH 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 digita
Slide 71: Aperam Stainless & Electrical Steel to End User
Apera m Stainle End ss & - user Electric s al Steel
Slide 72: Services & Solutions
SERVICES & SOLUTIONS operom APERAM’S DOWNSTREAM DISTRIBUTION ARM la 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 73: S&S Footprint
S&S FOOTPRINT operom S&S'S WIDE NETWORK CONNECTS APERAM WITH ALL INDUSTRIAL CENTERS EFFICIENT DISTRIBUTION PHYSICALLY & ONLINE > Aperam has the biggest and most profitable integrated distribution network in the stainless steel industry > Strong assets in all major industrial clusters across Europe >
Slide 74: Market
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 75: Competitive Landscape
COMPETITIVE LANDSCAPE operom STAINLESS STEEL DISTRIBUTION IS STILL FRAGMENTED Robi Ls ad Woe Customized sized Medium term Cutting, Slitting, Polishing Master Sheet Thyssenkrup MTL Com, 1, 0 Companies Last km Small lots Stock Standard skids Complementary products Stock ular / CO2 free steel will be a
Slide 76: 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 77: Earnings Growth
EARNINGS GROWTH operom WE PURSUE A PROFITABLE DEVELOPMENT STRATEGY BASED ON A STRONG BUSINESS MODEL r 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 x
Slide 78: Alloys & Specialties
gpefoml Alloys & Specialties
Slide 79: 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 80: A&S Track Record
A&S TRACK RECORD operom STABLE NICHE MARKET WITH HIGH MARGINS 2024 EBITDA OF APERAM'S REACHED NEW RECORD LEVEL S&E Europe oy 32% S&ES. America ARS 10% S&S 13% R&R Increasing Shipments in combination with improving Mix 38 LETT: 2016 2017 2018 2019 2020 2021 2022 2023 2024 MARS shipments (kt) *1993 -
Slide 81: A&S Locations
A&S LOCATIONS operom A TRULY GLOBAL FOOTPRINT ba ba Industrial sites Products Industrial sites Products Downstream @ Aperam sales office © Other representation 81
Slide 82: A&S Sales Split
A&S SALES SPLIT SUPPLYING A HIGHLY DIVERSIFIED RANGE OF INDUSTRIES 40 . om =¢ => Fa — Process ind. operom 82
Slide 83: A&S Competitive Position
A&S COMPETITIVE POSITION operom A&S WILL GROW ORGANICALLY AND WITH UNIVERSAL TO BECOME A BIGGER PRODUCER GLOBALLY a v k ‘ Top 10: Have a 76% Wi Long Products ALLOYS ARE AN ATTRACTIVE GROWTH MARKET Ee = combined market share* Flat Products soo v202 SPLIT BY PRODUCT 1% ap. = 0 + | I Strip mf 16 ae a,
Slide 84: Commodities vs. Specialties
COMMODITIES VS. SPECIALTIES operom 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 2 | Price sensitive Value sensitive Understan
Slide 85: Growth & Innovation
GROWTH & INNOVATION operom €-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 Contribu
Slide 86: 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 87: Recycling & Renewables
gpefoml Recycling & Renewables
Slide 88: Scrap Recycling, Renewable Energy, Dust & Residues Recycling
DUST & SCRAP RENEWABLE RESIDUES RECYCLING RECYCLING ENERGY Aperam BioEnergia Recycling
Slide 89: 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 L
Slide 90: Aperam Recycling
Aperam Recycling BioEnergia
Slide 91: Aperam Recycling, Recyco, BioEnergia, Botanickel
x 2021* 2030 Aperam Recycling (ELG) Recyco BioEnergia Botanickel
Slide 92: Aperam Recycling
opt rom “APERAM RECYCLING
Slide 93: Global Stainless Steel Production and Scrap Volume Growth
> +131% Global SS Prod. 2005 - 23 > > Becomes Future Scrap Volume Growth > > Aperam Recycling 50+ 18 > 5 > > > Stainless Superalloys
Slide 94: Aperam Recycling: Business Divisions
r Activities Materials treated Resources Recovered vvvvyv APERAM RECYCLING: BUSINESS DIVISIONS DELIVERING VALUE BY IDENTIFYIN operom G THE BEST USAGE OF COLLECTED RESOURCES AND PROCESSING FOR THE MOST SUITABLE APPLICATION STAINLESS STEEL AMER | EMEA | APAC and stainless steel scraps Shipping of homo
Slide 95: Circular Economy
CIRCULAR ECONOMY operom APERAM IS AT THE HEART OF THE EUROPEAN CIRCULAR ECONOMY. SCRAP AND RECYCLED MATERIAL ARE OUR DOMINATING INPUT Automotive Construction Other Transport Customers yeas Soyens == yeas 90% 85% 90% 12% 18% 3% (Fabrication & End prodt Machinery Appliances, Metal Goods . Electronics
Slide 96: Scrap Recycling
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 97: ~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 98: Superalloys value chain and competitors
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 99: 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 100: Recyco
operom RECYCO
Slide 101: 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
Slide 102: Recyco Growth
RECYCO GROWTH operom TURNING RECYCO INTO THE LEADING EUROPEAN NICKEL RECYCLING FACILITY e Internal low Ni, Cr, Mo Ferro alloy _— x High volume ingots containing 2) Externally sourced material (3) Botanickel recycled nickel Recyco Key Strength 2030 Targets > €stablished Process, ready to scale > Impr
Slide 103: BioEnergia
operom BioEnergia G
Slide 104: BioEnergia: Large Scale, Sustainable Forest Operations
Subsidiary of Aperam South America 150 kha 110k ha planted 40k ha native 121 ha FSC certified 29 ha to be certified BIOENERGIA LARGE SCALE, SUSTAINABLE FOREST OPERATIONS Best pratices in charcoal production 450k ton/year 06 charcoal production units employees Directly employed Measurable positive im
Slide 105: BioEnergia Time Line
BIOENERGIA TIME LINE oper om MORE THAN 40 YEARS OF HISTORY Acesita S.A. creation Beginning of eucalyptus FSC® Certification Aperam plantations 450 kion/year charcoal production Start of eucalyptus R&D + genetic improvement Privatization | OHSAS (H&S) & ISO (quality) certifications BioEnergia is a te
Slide 106: BioEnergia's Operations Locations
Slide 107: Forest R&D 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 108: Wood density and growth
> > > > > Wood Density Growth +24% +30% +18% +25% 2022 2030 2015-22 2023-30 1990 2020 2050e
Slide 109: > > > > >
> > > > >
Slide 110: > > > >
> > > >
Slide 111: Charcoal R&D & FSC Certification
Charcoal R&D & FSC Certification Electricity Scrap Sequestration Efficiency
Slide 112: 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 113: Appendix
Slide 114: Key Prices & Exchange Rates
Slide 115: Aperam Is a Solid Performer in Every Phase of the Cycle
Slide 116: High Cash Flow, Low Maintenance Capex and High Cash Returns to Shareholders
Slide 117: No credit arrangement contains earnings related covenants
No credit arrangement contains earnings related covenants
Slide 118: Income statement
(EURm) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 2025 Q2 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 1,654.0 Adj. EBITDA 286 168 220 368 451 455 559 504 340 293 1,060 1,129 304 356 86 112.0 - Adj. EBITDA margin %
Slide 119: Cash Flow
Cash Flow (EURm ) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Q2 25 Operating Income / (loss) 37 (80) (8) 221 294 287 399 361 207 199 1,042 890 89 127 (11) 47 Depreciation and impairment 223 248 228 190 157 158 152 143 150 144 144 186 204 229 61 65 Changes in w orking
Slide 120: Balance sheet
(EURm ) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Q2 25 Non current assets 3,213 3,036 2,690 2,653 2,427 2,630 2,478 2,365 2,345 2,130 2,405 2,594 2,915 2,966 3,285 3,187 Goodw ill and intangible assets 699 651 586 573 511 536 509 490 479 429 439 451 452 427 523 510
Slide 121: Shipments and segment P&L
Shipm ent (000t) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 25 Q2 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 Steel Shipment A&S 37 36 36 35 34 30 33 36 36 31 30 27 33 38 15 17 Steel Shipment S&S 662
Slide 122: By weight
By weight Iron Molybdenum, Al, Cu Nickel Chromium Manganese Carbon
Slide 123: Upstream activities, Reporting company, Downstream activities
Upstream activities Reporting company Downstream activities
Slide 124: Aperam has an industry leading CO2e footprint