Netherlands · Delayed Price · Currency is EUR Aperam Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw robust EBITDA despite market headwinds, with margin gains in Europe from trade reforms and strong contributions from non-European segments. Outlook remains cautious due to weak demand, but investments and innovation support future growth.
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Q2 2026 delivered the strongest results in four years, with EBITDA up 77% sequentially and all segments contributing to growth. Strategic transformation, disciplined capital allocation, and robust cash generation underpin confidence in long-term targets despite macro headwinds.
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European stainless operations saw improved utilization and margin expansion in Q1 2026, driven by reduced imports and restocking, while underlying demand remains weak. Guidance for 2028 EBITDA is EUR 700–800 million, with further upside from CapEx initiatives.
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Q1 2026 delivered the best start in three years, with EBITDA up 34% quarter-on-quarter and all segments contributing. Outlook for Q2 is even stronger, driven by Brazil's seasonal uplift and European trade defense, while strategic investments and acquisitions support long-term growth.
Fiscal Year 2025
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Seasonal recovery is driving Q1 2026 order books, but a Q4 import surge has created a temporary inventory overhang. EBITDA guidance is €700–800 million, with trade defense and CBAM measures expected to support margins as they take effect in July 2026.
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Solid Q4 2025 results with strong cash flow and accelerated deleveraging, despite tough market conditions. Major investments in European operations and innovation, plus new EU trade measures, are set to drive future growth and profitability.
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Seasonal volume trends are expected in Q4, with Europe up and Brazil down, while stainless demand and margins remain stable. Policy changes like CBAM and reduced imports are anticipated to restore European margins within months. Financing costs will rise slightly due to refinancing.
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Q3 2025 saw profitability maintained despite lower volumes and prices, with strong cash generation enabling further deleveraging and a raised net debt reduction target. New EU steel import measures and sustainability achievements are expected to support future performance.
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Operational issues in the Alloys Division will impact Q3 results, but underlying demand, especially in aerospace, is expected to improve. Brazil remains strong, while Europe faces persistent demand weakness. CBAM and trade defense measures are anticipated to benefit operations from 2026.
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Q2 2025 results improved over Q1, driven by strong performance in Brazil and the alloys segment, despite a challenging European market. Free cash flow enabled net debt reduction, and the outlook remains cautious with no recovery expected in H2 2025.
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Q1 2025 saw adjusted EBITDA decline as expected, with Brazil driving profitability and Europe remaining weak. Guidance points to higher Q2 EBITDA, led by Brazil and Universal synergies, while European recovery depends on market and policy improvements.
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Q1 2025 delivered stable results amid EU challenges, with EUR 86 million adjusted EBITDA and Universal acquisition integration underway. Deleveraging is set to begin in Q2, supported by strong performance in Brazil and new financing for sustainability initiatives.
Fiscal Year 2024
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Quarterly earnings increased despite market challenges, supported by a competitive European footprint and strong Brazilian demand. The Universal acquisition boosts Alloys growth, with a EUR 300 million EBITDA uplift targeted by end-2025.
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Sequential EBITDA growth achieved in Q4 2024, driven by cost leadership and value chain differentiation, despite weak European demand. Universal acquisition completed, with deleveraging and disciplined CapEx as key 2025 priorities.
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Q3 2024 saw improved operational performance and a stronger product mix, with EBITDA per ton at historical norms despite weak markets. The Universal Stainless acquisition expands U.S. and aerospace exposure, while trade defense and product differentiation support resilience.
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The acquisition secures a U.S. manufacturing base and accelerates entry into the aerospace market, leveraging Universal's established relationships and certifications. Significant synergies and EBITDA accretion are expected by 2027, with no restructuring planned and positive stakeholder feedback.
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Q2 saw improved European margins and restored plant competitiveness, with product mix and cost initiatives supporting results. Net debt reduction and Leadership Journey targets remain on track, while Brazil's recovery is expected as ramp-up issues resolve.
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Q2 saw early signs of recovery in European steelmaking, with Adjusted EBITDA at EUR 86 million and positive EPS. Non-steel segments performed well, while Brazil faced temporary setbacks. 2025 EBITDA improvement target remains on track.