Aperam - Second quarter 2026 results: “All businesses delivering — best quarter in four years despite headwinds”

Aperam S.A. / Key word(s): Quarter Results Aperam - Second quarter 2026 results: “All businesses delivering — best quarter in four years despite headwinds” 30-Jul-2026 / 06:58 CET/CEST Second quarter 2026 results1 All businesses delivering — best quarter in four years despite headwinds Luxembourg, July 30, 2026 (07:00 CEST) - Aperam S.A. (referred to as “Aperam” or the “Company”) (Amsterdam, Luxembourg, Paris, Brussels: APAM, NYRS: APEMY), announced today results for the three months ended June 30, 2026.   Highlights Health and Safety: LTI frequency rate of 1.8 in Q2 2026 compared to 1.4 in Q1 2026 Shipments of 606 thousand tonnes in Q2 2026, 1.8% decrease compared to shipments of 617 thousand tonnes in Q1 2026 EBITDA of EUR 159 million in Q2 2026, compared to EBITDA of EUR 90 million in Q1 2026 Adjusted EBITDA of EUR 130 million in Q2 2026, compared to Adjusted EBITDA of EUR 90 million in Q1 2026 Net income of EUR 116 million in Q2 2026, compared to EUR 3 million in Q1 2026 Basic earnings per share of EUR 1.61 in Q2 2026, compared to EUR 0.04 in Q1 2026 Free cash flow before dividend amounted to EUR 106 million in Q2 2026, compared to EUR (44) million in Q1 2026 Net financial debt of EUR 993 million as of June 30, 2026, compared to EUR 1,057 million as of March 31, 2026 Strategic initiatives Leadership Journey®2 Phase 6: Gains reached EUR 20 million in Q2 2026 totalling to EUR 38 million in H1 2026; target gains of EUR 150 million over the period 2026 to 2028 Prospects[1]a Q3 2026 adjusted EBITDA is expected to be lower compared to Q2 2026 due to seasonal pattern Net financial debt expected to remain flat at Q3 2026, with further reduction by year-end 2026 Sud Sivaji, CEO of Aperam, commented: “I am proud to report that the second quarter of 2026 has been our best quarter in four years, highlighted by a 44% surge in Adjusted EBITDA to EUR 130 million, driven by strong performance in all our businesses, with the Stainless & Electrical Steel and Recycling & Renewables segments returning to strength. Our benchmark-focus on converting performance into cash across our integrated value chain continues to reduce our debt despite increase in raw material prices across H1. Looking ahead to the third quarter, while we are encouraged by supportive EU safeguards, we anticipate that the typical summer seasonality will result in a lower EBITDA compared to our exceptional Q2 performance. Nevertheless, our performance in a quarter with no demand support and inflationary effects from energy shows the structural improvements from our ongoing Leadership Journey® 6 and signals that we remain resilient, agile and well-positioned for the future.” Financial Highlights (on the basis of financial information prepared under IFRS) (in millions of Euros, unless otherwise stated) Q2 26 Q1 26 Q2 25 H1 26 H1 25 Sales 1,689 1,575 1,654 3,264 3,312 Operating income 102 34 47 136 36 Net income attributable to equity holders of the parent 116 3 19 119 1 Basic earnings per share (EUR) 1.61 0.04 0.25 1.65 0.01 Diluted earnings per share (EUR) 1.59 0.04 0.25 1.63 0.01 Free cash flow before dividend 106 (44) 157 62 (417)(1) Net Financial Debt (at the end of the period) 993 1,057 1,143 993 1,143 Adj. EBITDA 130 90 112 220 198 Exceptional items 29(2) — — 29(2) (36)(3) EBITDA 159 90 112 249 162f Adj. EBITDA/tonne (EUR) 215 146 190 180 170 EBITDA/tonne (EUR) 262 146 190 204 139 Shipments (000t) 606 617 591 1,223 1,166 (1) Includes purchase consideration related to the acquisition of Universal of EUR (415) million. (2) Mostly related to PIS/Cofins tax credits related to prior periods in Brazil of EUR 59 million and bargain purchase gain on Magnetec Group acquisition of EUR 5 million, partly offset by restructuring charges and legal provisions in Europe and Brazil for EUR (35) million. (3) Primarily related to the non-cash reversal of the fair value adjustment of inventories related to the acquisition of Universal. Health & Safety results Health and Safety performance based on Aperam personnel figures and contractors’ lost time injury frequency rate was 1.8x in the second quarter of 2026 compared to 1.4x in the first quarter of 2026. Financial results analysis for the three-month period ending June 30, 2026 Sales for the second quarter of 2026 increased by 7.2% at EUR 1,689 million, compared to EUR 1,575 million for the first quarter of 2026. Shipments decreased from 617 thousand tonnes in the first quarter of 2026 to 606 thousand tonnes in the second quarter of 2026 due to inventory build up for an investment in Stainless & Electrical Brazil and arbitrage in Services & Solutions due to weak underlying demand. EBITDA reached EUR 159 million in the second quarter of 2026 from EUR 90 million in the first quarter of 2026, a substantial increase of 77% quarter on quarter. Adjusted EBITDA increased to EUR 130 million (excluding a net exceptional gain of EUR 29 million) for the second quarter of 2026 from EUR 90 million in the first quarter of 2026, with a stronger contribution from all the segments. Major drivers were the good performance of Stainless Steel and Recycling, and supported by modest price recovery in Europe, seasonality in Brazil and positive valuation effects. Depreciation and amortization expense was EUR (57) million for the second quarter of 2026. Aperam had an operating income for the second quarter of 2026 of EUR 102 million compared to an operating income of EUR 34 million for the previous quarter. Financing costs, net, including the FX and derivatives result for the second quarter of 2026 were EUR (7) million, including cash cost of financing of EUR (21) million and exceptional interest income of EUR 24 million for PIS/Cofins tax credits related to prior periods in Brazil (1). Income tax benefit for the second quarter of 2026 was EUR 23 million, including EUR 41 million of deferred tax assets recognized on tax losses carried forward. The net result recorded by Aperam was a profit of EUR 116 million for the second quarter of 2026, compared to a profit of EUR 3 million for the first quarter of 2026. Cash flows from operations for the second quarter of 2026 were EUR 139 million, including a working capital decrease of EUR 55 million linked to higher activity and higher raw material prices. CAPEX for the second quarter was EUR (24) million. Free cash flow before dividend for the second quarter of 2026 was EUR 106 million, compared to a negative amount of EUR (44) million for the first quarter of 2026. During the second quarter of 2026, cash returns to shareholders amounted to EUR 36 million, fully consisting of dividends. (1) PIS/Cofins tax credits related to prior periods in Brazil have been recognized in the consolidated statement of operation for a total amount of EUR 83 million, of which EUR 59 million in EBITDA as exceptional items and EUR 24 million in financing costs. These credits are expected to be offset against cash taxes from 2026 to 2030. Operating segment results analysis Stainless & Electrical Steel (1) (in millions of Euros, unless otherwise stated) Q2 26 Q1 26 Q2 25 H1 26 H1 25 Sales 1,082 993 1,013 2,075 2,082 Adjusted EBITDA 59 35 65 94 93 Exceptional items 27 — — 27 — EBITDA 86 35 65 121 93 Depreciation & amortization (24) (24) (30) (48) (57) Operating income 62 11 35 73 36 Steel shipments (000t) 430 430 426 860 847 Average steel selling price (EUR/t) 2,400 2,200 2,260 2,300 2,338 (1) Amounts are shown prior to intra-group eliminations The Stainless & Electrical Steel segment had sales of EUR 1,082 million for the second quarter of 2026. This represents a 9.0% increase compared to sales of EUR 993 million for the first quarter of 2026. Steel shipments during the second quarter remained stable at 430 thousand tonnes, linked to an inventory build up in anticipation for investments in Brazil. Average steel selling prices for the Stainless & Electrical Steel segment increased by 9.1% compared to the previous quarter. The segment generated an Adjusted EBITDA of EUR 59 million (excluding an exceptional gain of EUR 27 million) for the second quarter of 2026 compared to an Adjusted EBITDA of EUR 35 million for the first quarter of 2026. Adjusted EBITDA increased significantly supported by valuation effects and higher prices. Depreciation and amortization expense was EUR (24) million for the second quarter of 2026. The Stainless & Electrical Steel division had an operating income of EUR 62 million for the second quarter of 2026 compared to an operating income of EUR 11 million for the first quarter of 2026. Services & Solutions (1) (in millions of Euros, unless otherwise stated) Q2 26 Q1 26 Q2 25 H1 26 H1 25 Sales 539 555 539 1,094 1,182 EBITDA 21 20 6 41 19 Depreciation & amortization (4) (4) (3) (8) (7) Operating income 17 16 3 33 12 Steel shipments (000t) 174 191 180 365 387 Average steel selling price (EUR/t) 2,904 2,733 2,840 2,814 2,909 (1) Amounts are shown prior to intra-group eliminations The Services & Solutions segment had sales of EUR 539 million for the second quarter of 2026, representing a decrease of 2.9% compared to sales of EUR 555 million for the first quarter of 2026. Steel shipments were 174 thousand tonnes compared to 191 thousand tonnes during the previous quarter, lower due to weaker underlying demand. However, average steel selling prices for the Services & Solutions’ segment were 6.3% higher during the second quarter of 2026 compared to the first quarter of 2026. The segment generated an EBITDA of EUR 21 million for the second quarter of 2026, slightly surpassing the strong baseline set in the first quarter of 2026 of EBITDA of EUR 20 million. Depreciation and amortization expense was EUR (4) million for the second quarter of 2026. The Services & Solutions segment had an operating income of EUR 17 million for the second quarter of 2026 compared to an operating income of EUR 16 million for the first quarter of 2026.              Alloys & Specialties(1) (in millions of Euros, unless otherwise stated) Q2 26 Q1 26 Q2 25 H1 26 H1 25 Sales 307 273 323 580 607 Adjusted EBITDA 29 27 38 56 67 Exceptional items 5 — — 5 (36) EBITDA 34 27 38 61 31 Depreciation & amortization (11) (9) (10) (20) (19) Operating income 23 18 28 41 12 Steel shipments (000t) 17 16 17 33 32 Average steel selling price (EUR/t) 17,345 15,846 18,619 16,606 18,200 (1) Amounts are shown prior to intra-group eliminations The Alloys & Specialties segment had sales of EUR 307 million for the second quarter of 2026, representing an increase of 12.4% compared to EUR 273 million for the first quarter of 2026. Steel shipments increased by 3.1% during the second quarter of 2026 at 17 thousand tonnes. Average steel selling prices for the Alloys & Specialties’ segment were 9.4% higher during the second quarter of 2026. The Alloys & Specialties segment achieved Adjusted EBITDA of EUR 29 million (excluding an exceptional gain of EUR 5 million) for the second quarter of 2026 compared to EUR 27 million for the first quarter of 2026. Adjusted EBITDA improved supported by better volume and strong mix effects. Depreciation and amortization expense for the second quarter of 2026 was EUR (11) million. The Alloys & Specialties segment had an operating income of EUR 23 million for the second quarter of 2026 compared to an operating income of EUR 18 million for the first quarter of 2026. Recycling & Renewables (1) (in millions of Euros, unless otherwise stated) Q2 26 Q1 26 Q2 25 H1 26 H1 25 Sales 498 431 422 929 878 Adjusted EBITDA 32 23 12 55 28 Exceptional items (1) — — (1) — EBITDA 31 23 12 54 28 Depreciation, amortization & impairment (17) (19) (22) (36) (43) Operating income / (loss) 14 4 (10) 18 (15) Shipments (000t) 374 357 334 731 690 Average selling price (EUR/t) 1,332 1,207 1,263 1,271 1,272 (1) Amounts are shown prior to intra-group eliminations The Recycling & Renewables segment had sales of EUR 498 million for the second quarter of 2026, representing an increase of 15.5% compared to EUR 431 million sales for the first quarter of 2026. Shipments increased by 4.8% during the second quarter of 2026 to 374 thousand tonnes. Average selling prices for the Recycling & Renewables’ segment were 10.3% higher during the second quarter of 2026. Adjusted EBITDA increased during the quarter to EUR 32 million (excluding an exceptional loss of EUR (1) million) compared to Adjusted EBITDA of EUR 23 million in the first quarter of 2026. Adjusted EBITDA increased driven by higher scrap prices and some valuation effects. Depreciation and amortization expense for the second quarter of 2026 was EUR (17) million. The Recycling & Renewables segment had an operating income of EUR 14 million for the second quarter of 2026 compared to an operating income of EUR 4 million for the first quarter of 2026. Recent developments On May 5, 2026, the Annual General Meeting of Shareholders of Aperam approved all resolutions on the agenda by a large majority. On May 20, 2026, Aperam received four major distinctions at the 2026 Stainless Steel Industry Awards ceremony in Johannesburg, South Africa, organized by worldstainless. The awards recognize outstanding achievements in innovation, sustainability, market development, and industry leadership across the global stainless steel sector. On May 20, 2026, Aperam  was recognized in the Financial Times and Statista’s Europe’s Best Employers 2026 ranking for the second consecutive year, securing its place among the continent’s leading companies for workplace excellence. On July 1, 2026, in preparation of the upcoming quarterly results release scheduled for Thursday, July 30, 2026, Aperam confirmed to market participants the standing guidance, earnings drivers and events that should be considered. Investor conference call / webcast Pre-recorded management comments are available as from publication of this earnings release on our website at www.aperam.com, section Investors > Reports & Presentations > Quarterly results > Q2-2026 (Link to Q2 2026 management podcast). Aperam management will host a conference call / webcast for members of the investment community to discuss the financial performance of the quarter under report at the following time: Date New York London Luxembourg Thursday, 30 July 8:00 13:00 14:00 Link to the webcast: https://www.webcast-eqs.com/aperam-2026-q2 To join the conference call a registration is necessary to receive dial-in-numbers and an individual passcode: https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=6101325&linkSecurityString=11b34b6fbc Contacts Investor Relations / Roberta de Aguiar Faria: [e-mail] Communication / Ana Escobedo Conover: [e-mail] About Aperam Aperam is a global player in stainless, electrical and specialty steel and recycling, with customers in over 40 countries. The business is organized in four primary reportable segments: Stainless & Electrical Steel, Services & Solutions, Alloys & Specialties and Recycling & Renewables. Aperam is fully committed to be the leading value creator in the circular economy of infinite, world-changing materials. Aperam 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 the United States. In addition to its industrial network, spread over sixteen production facilities in Brazil, Belgium, France, the United States, India & China, Aperam 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 Aperam Recycling, a global leader in collecting, trading, processing and recycling of stainless steel scrap and high performance alloys, Aperam places sustainability at the heart of its business, helping customers worldwide to excel in the circular economy. In 2025, Aperam had sales of EUR 6,080 million and shipments of 2.29 million tonnes. For further information, please refer to our website at www.aperam.com.   Forward-looking statements This document may contain forward-looking information and statements about Aperam and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,” “target” or similar expressions. Although Aperam’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Aperam’s securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of Aperam, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in Aperam’s filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier). Aperam undertakes no obligation to publicly update its forward-looking statements or information, whether as a result of new information, future events, or otherwise. APERAM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (in million of EURO) June 30, 2026 March 31, 2026 June 30, 2025 ASSETS Cash & cash equivalents (C) 334 237 239 Inventories, trade receivables and trade payables 1,527 1,577 1,717 Prepaid expenses and other current assets 221 201 211 Total Current Assets & Working Capital 2,082 2,015 2,167 Goodwill and intangible assets 514 513 510 Property, plant and equipment (incl. Biological assets) 2,242 2,246 2,241 Investments in associates, joint ventures and other 3 3 4 Deferred tax assets 402 382 342 Other non-current assets 186 103 90 Total Assets (net of Trade Payables) 5,429 5,262 5,354 LIABILITIES AND SHAREHOLDERS' EQUITY Short-term debt and current portion of long-term debt (B) 224 188 783 Accrued expenses and other current liabilities 527 448 474 Total Current Liabilities (excluding Trade Payables) 751 636 1,257 Long-term debt, net of current portion (A) 1,103 1,106 599 Deferred employee benefits 146 134 141 Deferred tax liabilities 55 62 87 Other long-term liabilities 87 71 70 Total Liabilities (excluding Trade Payables) 2,142 2,009 2,154 Equity attributable to the equity holders of the parent 3,272 3,238 3,185 Non-controlling interest 15 15 15 Total Equity 3,287 3,253 3,200 Total Liabilities and Shareholders' Equity (excluding Trade Payables) 5,429 5,262 5,354 Net Financial Debt (D = A+B-C) 993 1,057 1,143 APERAM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (in million of EURO) Three Months Ended Six Months Ended June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Sales 1,689 1,575 1,654 3,264 3,312 Adjusted EBITDA (E = C-D) 130 90 112 220 198 Adjusted EBITDA margin (%) 7.7% 5.7% 6.8% 6.7% 6.0% Exceptional items (D) 29 — — 29 (36) EBITDA (C = A-B) 159 90 112 249 162 EBITDA margin (%) 9.4% 5.7% 6.8% 7.6% 4.9% Depreciation, amortization and impairment (B) (57) (56) (65) (113) (126) Operating income (A) 102 34 47 136 36 Operating margin (%) 6.0% 2.2% 2.8% 4.2% 1.1% Loss from associates, joint ventures and other investments (1) — — (1) — Financing costs, (net) (7) (15) (19) (22) (42) Income / (loss) before taxes and non-controlling interests 94 19 28 113 (6) Income tax benefit / (expense) 23 (16) (9) 7 8 Effective tax rate (%) (24.5)% 84.2% 32.1% (6.2)% n/a Net income including non-controlling interests 117 3 19 120 2 Non-controlling interests (1) — — (1) (1) Net income attributable to equity holders of the parent 116 3 19 119 1 Basic earnings per share (EUR) 1.61 0.04 0.25 1.65 0.01 Diluted earnings per share (EUR) 1.59 0.04 0.25 1.63 0.01 Weighted average common shares outstanding (in thousands) 72,369 72,342 72,298 72,355 72,314 Diluted weighted average common shares outstanding (in thousands) 73,216 73,085 72,982 73,202 72,997 APERAM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (in million of EURO) Three Months Ended Six Months Ended June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Operating income 102 34 47 136 36 Depreciation, amortization & impairment 57 56 65 113 126 Change in working capital 55 (112) 61 (57) (100) Income tax paid (5) (4) (5) (9) (2) Interest paid, (net) (20) (7) (3) (27) (14) Exceptional items (29) — — (29) 36 Other operating activities, (net) (21) 22 31 1 9 Net cash provided by / (used in) operating activities (A) 139 (11) 196 128 91 Purchase of PPE and intangible assets (CAPEX) (1) (24) (30) (33) (54) (73) Acquisition of net assets of subsidiaries, net of cash acquired — (2) — — — (2) (415) (3) Purchase of biological assets and other investing activities, (net) (1) (9) (3) (6) (12) (20) Net cash used in investing activities (B) (33) (33) (39) (66) (508) (Payments to) / Proceeds from payable to banks and long-term debt 34 (7) (52) 27 527 Dividends paid (36) (37) (37) (73) (73) Other financing activities, (net) (9) (6) (7) (15) (12) Net cash provided by / (used in) financing activities (11) (50) (96) (61) 442 Effect of exchange rate changes on cash 2 6 (7) 8 (2) Change in cash and cash equivalent 97 (88) 54 9 23 Free cash flow before dividend (C = A+B) 106 (44) 157 62 (417) (1) Bearer plants were transferred from Purchase of PPE and intangible assets (CAPEX) to Purchase of biological assets and other investing activities (net) in Q3 2025. Previous periods have been recast for comparison. (2) Includes purchase consideration related to the acquisition of Magnetec Group of EUR (1) million, net of cash acquired of EUR 1 million. (3) Includes purchase consideration related to the acquisition of Universal of EUR (415) million  Appendix 1a – Health & Safety statistics Health & Safety Statistics Three Months Ended June 30, 2026 March 31, 2026 December 31, 2025 Frequency Rate 1.8 1.4 2.0 Lost time injury frequency rate equals lost time injuries per 1,000,000 worked hours, based on own personnel and contractors.  Appendix 1b - Key operational and financial information Quarter Ending June 30, 2026 Stainless & Electrical Steel Services & Solutions Alloys & Specialties Recycling & Renewables Others & Eliminations Total Operational information Shipment (000t) 430 174 17 374 (389) 606 Average selling price (EUR/t) 2,400 2,904 17,345 1,332 2,787 Financial information   (EUR million) Sales 1,082 539 307 498 (737) 1,689 Adjusted EBITDA 59 21 29 32 (11) 130 Exceptional items 27 — 5 (1) (2) 29 EBITDA 86 21 34 31 (13) 159 Depreciation, amortization & impairment (24) (4) (11) (17) (1) (57) Operating income / (loss) 62 17 23 14 (14) 102 Quarter Ending March 31, 2026 Stainless & Electrical Steel Services & Solutions Alloys & Specialties Recycling & Renewables Others & Eliminations Total Operational information Shipment (000t) 430 191 16 357 (377) 617 Average selling price (EUR/t) 2,200 2,733 15,846 1,207 2,553 Financial information   (EUR million) Sales 993 555 273 431 (677) 1,575 Adjusted EBITDA 35 20 27 23 (15) 90 Exceptional items — — — — — — EBITDA 35 20 27 23 (15) 90 Depreciation & amortization (24) (4) (9) (19) — (56) Operating income / (loss) 11 16 18 4 (15) 34 Appendix 2 – Terms and definitions3 Unless indicated otherwise, or the context otherwise requires, references in this earnings release report to the following terms have the meanings set out next to them below: Adjusted EBITDA: operating income before depreciation and amortization expenses, impairment losses and exceptional items. Adjusted EBITDA/tonne: calculated as Adjusted EBITDA divided by total shipments. Adjusted Net Income: refers to reported net income less exceptional items, net recognition of deferred tax assets on tax losses carried forward and other tax benefits, change in tax rate in Luxembourg, financial income effect and deferred tax effect on exceptional items. Adjusted Basic Earnings per Share: refers to Adjusted Net Income divided by Weighted average common shares outstanding. Average selling prices: calculated as sales divided by shipments. Average steel selling prices: calculated as steel sales divided by steel shipments. Cash and cash equivalents: represents cash and cash equivalents, restricted cash and short-term investments. CAPEX: relates to capital expenditures and is defined as purchase of property plant and equipment and intangible assets. EBITDA: operating income before depreciation and amortization expenses and impairment losses. EBITDA/tonne: calculated as EBITDA divided by total shipments. Exceptional items: consists of (i) inventory write-downs equal to or exceeding 10% of total related inventories values before write-down at the considered quarter end (ii) restructuring (charges)/gains equal to or exceeding EUR 10 million for the considered quarter, (iii) capital (loss)/gain on asset disposals equal to or exceeding EUR 10 million for the considered quarter or (iv) other non-recurring items equal to or exceeding EUR 10 million for the considered quarter. Financing costs, (net): Net interest expense, other net financing costs and foreign exchange and derivative results. Free cash flow before dividend: net cash provided by operating activities less net cash used in investing activities. Gross financial debt: long-term debt plus short-term debt. Liquidity: Cash and cash equivalents and undrawn credit lines. LTI frequency rate: Lost time injury frequency rate equals lost time injuries per 1,000,000 worked hours, based on own personnel and contractors. Net financial debt: long-term debt, plus short-term debt less cash and cash equivalents. Net financial debt/EBITDA or Gearing: Refers to Net financial debt divided by last twelve months EBITDA calculation. Shipments: information at segment and group level eliminates inter-segment shipments (which are primarily between (i) Recycling & Renewables and Stainless & Electrical Steel (ii) Stainless & Electrical Steel and Services & Solutions) and intra-segment shipments, respectively. Working capital: trade accounts receivable plus inventories less trade accounts payable. 1 The financial information in this press release and Appendix 1 has been prepared in accordance with the measurement and recognition criteria of IFRS Accounting Standards (“IFRS”) as adopted in the European Union. While the interim financial information included in this announcement has been prepared in accordance with IFRS applicable to interim periods, this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standard 34, “Interim Financial Reporting”. Unless otherwise noted the numbers and information in the press release have not been audited. The financial information and certain other information presented in a number of tables in this press release have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this press release reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers. 2 The Leadership Journey® is an initiative launched on December 16, 2010, and subsequently accelerated and increased, to target management gains and profit enhancement. The fifth phase of the Leadership Journey® targeted EUR 200 million gains over the period 2024 - 2026. Gains of EUR 195 million were completed in 2025, one year ahead of target. In February 2026, Leadership Journey® Phase 6 was officially launched for 2026 to 2028 with target gains of EUR 150 million. To the extent that this plan would affect employment we will consult with our social partners on the social impact. 3 This press release also includes Alternative Performance Measures (“APM” hereafter). The Company believes that these APMs are relevant to enhance the understanding of its financial position and provides additional information to investors and management with respect to the Company’s financial performance, capital structure and credit assessment. These non-GAAP financial measures should be read in conjunction with and not as an alternative for, Aperam’s financial information prepared in accordance with IFRS. Such non-GAAP measures may not be comparable to similarly titled measures applied by other companies. The APM’s used are defined under Appendix 2 “Terms & definitions”. [1]a The outlook for the quarter depends on the future development of metal and product prices. Both are assumed as constant at their current level. Dissemination of a Financial Wire News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. View original content: EQS News

2373850  30-Jul-2026 CET/CEST