Slide 1: 4Q 2025 and FY 2025 Financial Results
4Q 2025 and FY 2025 Financial Results February 5, 2026 Aditya Mittal, Chief Executive Officer Genuino Christino, Chief Financial Officer
Slide 2: Safety focus is delivering improved performance
Safety focus is delivering improved performance Journey to Zero Fatalities: 3-year transformation program underway Year 1 (2025) – Laying the foundations for change Group lost time injury frequency rate (LTIFR)1 Progress is evident across all key safety KPIs: Significant improvement 3.5 in fatalit
Slide 3: ArcelorMittal positioned for upside as policy support strengthens
ArcelorMittal positioned for upside as policy support strengthens Value creation through portfolio optimization, diversification and strategic growth investments A balanced and fair European steel market: CBAM together with the new tariff-rate quota (TRQ) trade tool Key 12M’25 figures: structurally
Slide 4: Delivering structurally higher margins at cyclical lows
Delivering structurally higher margins at cyclical lows Resilient performance reflects benefits of portfolio optimization and strategic growth investments EBITDA split by segment (12M’25)1 EBITDA/t (US$) +36% Sustainable Solutions North America India and JVs 6% 9% 18% 121 89 Average 2012-2019 12M’25
Slide 5: Structural reset: A balanced and fair European steel market
Structural reset: A balanced and fair European steel market ArcelorMittal has capacity to meet anticipated increase in demand as CBAM + EU TRQ trade tool curbs imports CBAM, together with the new tariff-rate quota (TRQ) trade tool structurally Estimated impact on EU imports (MT)1 resets the outlook
Slide 6: Balanced capital allocation: strong balance sheet is fundamental to our strategy
Balanced capital allocation: strong balance sheet is fundamental to our strategy Investing for growth + returning capital to shareholders whilst maintaining a strong balance sheet Movement in net debt reflects growth investments Net debt movement YoY ($bn) The increase in net debt over the past
Slide 7: Completed strategic investments supported 2025 performance
Completed strategic investments supported 2025 performance Strategic investments added $0.7bn to Group EBITDA, helping offset headwinds 2025 EBITDA positively impacted by: EBITDA impact from strategic projects & M&A in 2025 ($bn) Vega (Brazil): Vega CMC expansion (EBITDA $0.1bn) India: 1GW wind/
Slide 8: Incremental impacts from strategic investments further supports EBITDA & ROCE outlook
Incremental impacts from strategic investments further supports EBITDA & ROCE outlook Strategic investment expected to further boost Group EBITDA potential by $1.6bn Recently commissioned/ projects that will positively impact 2026: Potential EBITDA impact from strategic projects/M&A ($bn) Serra Az
Slide 9: Investing in renewable energy at attractive ROCE: 2.8GW capacity by 2028
Investing in renewable energy at attractive ROCE: 2.8GW capacity by 2028 Total group renewable portfolio (incl. investments in Brazil/Argentina) to add $0.4bn1 to ArcelorMittal EBITDA Unique attributes drive attractive returns on renewables investments: Equity share of renewable projects (GW) Arce
Slide 10: Building a Tier-1 iron ore operation in Liberia
Building a Tier-1 iron ore operation in Liberia Record 10Mt iron ore shipments achieved in 2025 10Mt record shipments in 2025 EBITDA of $0.2bn in 2025 Liberia iron ore shipments (Mt) Group iron ore production (Mt) New concentrator to continue ramping up to full capacity during >25% 2026, enabl
Slide 11: Calvert EAF and new high-quality NOES platform competitively positions ArcelorMittal
Calvert EAF and new high-quality NOES platform competitively positions ArcelorMittal ArcelorMittal’s North America franchise continues to strengthen, underpinned by leading automotive capabilities ArcelorMittal Calvert EAF (US) High quality, scaled asset delivering record performance: Calvert deli
Slide 12: AMNS India to double capacity
AMNS India to double capacity Transformational impact on profitability and investable cashflow Performance: FY’25 earnings were tempered by weaker pricing AMNS India growth plans with further optionality (Mt) influenced by elevated Chinese imports levels and delayed Greenfield growth implementatio
Slide 13: Clearly defined capital returns policy provides visibility for consistent shareholder returns
Clearly defined capital returns policy provides visibility for consistent shareholder returns Balanced capital return policy: The Company will continue to return a ArcelorMittal dividends2 have progressively increased ($/sh) minimum of 50% of post-dividend free cash flow to shareholders Dividend
Slide 14: Further organic growth plans under development
Further organic growth plans under development Brazil: Options to increase galvanizing US: Calvert plans to double EAF capacity France: Dunkirk EAF capacity in Tubarao under development Option to add a second 1.5Mt EAF Focus on economic decarbonization Developing a plan to construct a new hi
Slide 15: ArcelorMittal uniquely positioned to create value through the cycle
ArcelorMittal uniquely positioned to create value through the cycle Safety first: European steel market reset: 3-year transformation underway CBAM + new TRQ tool “One safety culture” being embedded Lower imports Higher utilization Determined to achieve zero fatalities Restoring profita
Slide 16: Appendix
Appendix 4Q 2025 FINANCIAL PERFORMANCE | page 17 Page 16
Slide 17: 4Q'25 EBITDA improved QoQ
4Q’25 EBITDA improved QoQ North America: EBITDA down QoQ Performance declined EBITDA1 bridge 3Q’25 vs. 4Q’25 ($m) primarily due to a negative price-cost effect and lower steel shipments 75 (49) 1,593 Brazil: EBITDA up QoQ Performance improved primarily due to higher steel shipments (flat pro
Slide 18: FY'25 EBITDA to net result
FY’25 EBITDA to net result ($ million) FY’25 Primarily relates to divestment of Zenica Weighted Av. No. of shares (millions) 763 integrated steel plant & Exceptional gain mainly from Prijedor iron ore mining the Calvert acquisition gain, Earnings per share $4.13 business in Bosnia ($194m) partly off
Slide 19: FY'25 EBITDA to free cash flow
FY’25 EBITDA to free cash flow ($ million) 475 (275) (1,412) (521) 6,541 (2,867) 4,808 (1,149) 1,941 (321) (121) 350 EBITDA Change Income Tax and Others Cash flow Maintenance Investable StrategicDecarbonization Minority Free in working from equity finance cost from / normative cashflow capex capex d
Slide 20: $23.5bn in investable cashflow generated since 2021
$23.5bn in investable cashflow1 generated since 2021 allocated to growth and shareholders return Acquired low-cost/highest quality assets: ($ billion) Pecem (Brazil) – 3Mt highest quality, lowest cost steel capacity + HBI Texas (US) – 2Mt strategic, low-cost metallics c.28.4% stake in Vallou
Slide 21: Net M&A in 2025 (excluding Calvert)
Net M&A in 2025 (excluding Calvert) Tuper (Brazil): Acquired the remaining 60% stake for $0.2bn; now fully consolidated in the Brazil segment. Footprint includes 2 plants, 21 distribution centers, and ~600kt/year capacity. ($ billion) Supplies steel pipes, structural steel & galvanized steel for aut
Slide 22: Robust balance sheet and strong liquidity
Robust balance sheet and strong liquidity Liquidity1 at December 31, 2025 ($bn) Debt maturities at December 31, 2025 ($bn) Other loans 11.0 Commercial paper Bonds 6.9 Cash and cash equivalents 5.5 2.4 2.7 Unused credit lines 5.5 0.7 1.6 4.5 1.4 0.9 0.4 0.8 0.8 0.3 1.1 1.2 0.6 0.5 Liquidity 2026 2027
Slide 23: Capex discipline in support of growth and Economic decarbonization
Capex1 discipline in support of growth and Economic decarbonization Capex1 ($bn) Strategic growth capex envelope FY’252 4.5 – 5.0 0.3 Vega CMC Others 1% 4.3 17% Economic decarbonization 0.3 1.4 – 1.6 42% Liberia expansion $1.1bn Strategic growth 1.1 NOES and Calvert 22% 2.8 – 3.1 Maintenance/normati
Slide 24: Leading Market position and product portfolio to capture European demand
Leading Market position and product portfolio to capture European demand Strong platform to capture structural steel demand growth German infrastructure: +1- 2% annual steel demand • ArcelorMittal is one of the largest steel producers in Germany well positioned to capture €500bn infrastructure opp
Slide 25: Leading Market position and product portfolio to capture data center demand
Leading Market position and product portfolio to capture data center demand Capturing high-growth data centre demand: An incremental structural driver for steel volumes: A wide range of products and applications to support datacenter • Data centres set to increase in US and Europe, ~20% CAGR1 growth
Slide 26: Disclaimer
Disclaimer Forward-Looking Statements This document contains forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations wit