In Q1, the group reported revenue of €1.58bn, up 16% sequentially. Shipments reached 617,000 tonnes, up 11%. Driven by these volumes, positive valuation effects, and cost discipline, operational performance improved: adjusted EBITDA reached €90m, compared with €39m in Q4 2025 and €60m a year earlier (on a comparable basis).
This recovery contrasts with the sharp decline in net income, which was limited to €3m, down from €29m three months prior. EPS fell to €0.04, impacted by a less favorable financial environment and a high tax charge.
Cash flow also deteriorated. Free cash flow before dividends stood at -€44m, reflecting an increase in working capital requirements linked to the intensification of activity and the rebound in raw material prices. However, it remains better positioned than in Q1 2025. Consequently, net financial debt reached €1.06bn at the end of March, up from the end of 2025, due to seasonal effects.
In detail, the Stainless & Electrical Steel division benefited from a recovery in Europe, with sales up 13.7% and a return to positive operating results. The Services & Solutions and Alloys & Specialties segments also progressed, supported by more dynamic demand and valuation effects. Conversely, Recycling & Renewables saw its profitability decline following a particularly favorable Q4.
The group highlighted the initial impact of its "Leadership Journey Phase 6" program, which generated €18m in gains over the quarter: it has set a target at €150m over 2026-2028.
For Q2, Aperam anticipates a significant improvement in its adjusted EBITDA and aims for a slight reduction in net debt, despite ongoing seasonal effects on working capital requirements. Management remains optimistic about the European market following the rules implemented by the EU.
Aperam S.A. is a global player in stainless, electrical, alloys, specialty steel and recycling. The business is organized in four primary reportable segments: Stainless & Electrical Steel, Services & Solutions, Alloys & Specialties and Recycling & Renewables.
Aperam S.A. has a flat Stainless and Electrical steel capacity of 2.5 million tonnes in Brazil and Europe and is a leader in Alloys & high value specialty products with presence in France, China, India and United States. In addition to its industrial network, spread over sixteen production facilities in Brazil, Belgium, France, the United States, India & China, Aperam S.A. has a highly integrated distribution, processing and services network and a unique capability to produce low carbon footprint stainless and special steels from biomass, stainless steel scrap and high performance alloys scrap.
With Bioenergia and its unique capability to produce charcoal made from its own FSC®-certified forestry and with ELG, a global leader in collecting, trading, processing and recycling of stainless steel scrap and high performance alloys, Aperam S.A. places sustainability at the heart of its business, helping customers worldwide to excel in the circular economy, as demonstrated by its ResponsibleSteelTM certification, which ensures high standards of environmental, social, and governance (ESG) performance.
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