Aperam Reports Adjusted EBITDA of 339 Million Euros in 2025, Down by 4.8%
Steel group Aperam released its results for the year 2025 and the fourth quarter, showing a decline in adjusted EBITDA and a contraction in net profit despite a differentiated value chain. The group reported an annual revenue of 6,080 million euros, down 2.8% from 2024.
Financial Performance Overview
Aperam recorded a revenue of 6,080 million euros for the year 2025, a decrease of 2.8% compared to 6,255 million euros in 2024. The adjusted EBITDA was set at 339 million euros for 2025, down by 4.8% from 356 million euros in 2024. This reduction is mainly due to price pressure, weak demand in Europe, and the downturn in the oil and gas industry for the alloys sector. Shipments remained stable at 2,287 thousand tonnes in 2025 versus 2,290 thousand tonnes in 2024. The net result for the year 2025 was 9 million euros, significantly lower than 231 million euros in 2024. Basic earnings per share amounted to 0.13 euros in 2025 compared to 3.20 euros in 2024. The group recorded an exceptional tax charge of 64 million euros in 2025, including a 36 million euros stock revaluation charge related to the acquisition of Universal in the first quarter of 2025 and 28 million euros for restructuring and stock adjustments in the fourth quarter of 2025.
Cash Flow and Financial Position
Operating cash flow for the year 2025 amounted to 422 million euros, including a release of working capital needs of 176 million euros. Free cash flow before dividends was negative 167 million euros in 2025, after 415 million euros spent on the acquisition of Universal, compared to a positive 125 million euros in 2024. Capital expenditures (CAPEX) amounted to 137 million euros. The net financial debt as of December 31, 2025, stood at 978 million euros compared to 544 million euros as of December 31, 2024. Available cash was 1,378 million euros as of December 31, 2025, consisting of 325 million euros in cash and equivalents, 700 million euros in unused credit lines, and 353 million euros in the unused portion of loan agreements. Cash returns to shareholders for 2025 amounted to 145 million euros, entirely in the form of dividends.
Strategic Initiatives and Future Outlook
Phase 5 of the Leadership Journey program achieved 195 million euros in realized gains over two years, surpassing the initial target of 200 million euros planned over three years. Phase 6 of the Leadership Journey has been officially launched for the period 2026 to 2028 with a target of 150 million euros in gains. For the first quarter of 2026, EBITDA is expected to be higher than in the fourth quarter of 2025. An increase in net financial debt in the first quarter of 2026 is anticipated due to a higher seasonal need for working capital. The group announced investments totaling 160 million euros in its Stainless and Electrical Steel segment plants in Europe at Genk, Châtelet, and Gueugnon, as well as a new vacuum induction furnace complex in the Alloys and Specialties segment at Imphy.
