Aperam: EBITDA Rises in Q1 2026, but Net Income Falls to 3 Million Euros
In the first quarter of 2026, Aperam recorded an increase in shipments, primarily due to seasonality in Europe, and an improvement in adjusted EBITDA, supported by higher volumes in Europe, positive valuation effects, and efficient cost management. Concurrently, the group is facing a contraction in net income and a deterioration in its free cash flow, while its net financial debt is increasing.
Increased Shipments, Strengthened EBITDA
Aperam's shipments reached 617 thousand tonnes in the first quarter of 2026, up 11% from 554 thousand tonnes in the fourth quarter of 2025. Revenue amounted to 1,575 million euros, a 16% increase compared to 1,358 million euros in Q4 2025.
The adjusted EBITDA rose to 90 million euros from 67 million euros in the previous quarter. This improvement primarily stems from seasonally higher shipments in Europe, positive stock valuation effects, and effective cost management, partially offset by seasonally lower shipments in Brazil.
The adjusted EBITDA per tonne was established at 146 euros compared to 121 euros in Q4 2025.
Net Income and Cash Flow Under Pressure
Aperam's net income fell to 3 million euros in Q1 2026 from 29 million euros in Q4 2025, despite an operating income of 34 million euros, an improvement from an operating loss of 29 million euros a quarter earlier.
The free cash flow before dividends was minus 44 million euros compared to plus 112 million euros in Q4 2025. This contraction is linked to an increase in working capital needs of 112 million euros, resulting from increased activity and rising raw material prices. Operating activities generated a negative cash flow of 11 million euros.
Aperam's net financial debt increased to 1,057 million euros as of March 31, 2026, from 978 million euros as of December 31, 2025.
Q2 Outlook and Medium-Term Goals
Management anticipates a significantly higher adjusted EBITDA in the second quarter of 2026 compared to the first quarter. They also aim for a slightly lower net financial debt in Q2 2026 despite the seasonality of working capital needs, supported by strong results and the efficiency of its integrated value chain.
As part of its Leadership Journey Phase 6 program, Aperam has already recorded 18 million euros in gains in the first quarter of 2026, with a total target of 150 million euros over the 2026-2028 period.
All business segments reported an increase in their revenue compared to the fourth quarter of 2025, although the adjusted EBITDA of the Recycling and Renewable Energies segment declined over the period.
