Aperam Targets a Significantly Higher Q2 EBITDA Above €90M from Q1
Luxembourg-based steelmaker Aperam anticipates a significant improvement in its adjusted EBITDA for the second quarter of 2026, driven by a strong rebound in Brazil and reduced imports in Europe due to newly effective trade defense measures.
Operational Profit Recovery Expected in the Second Quarter
Aperam expects its adjusted EBITDA for the second quarter of 2026 to be substantially higher than the €90M recorded in the first quarter. The group confirmed this outlook during its first quarter results presentation on April 30, 2026. This improvement is based on several factors. Brazil is returning to its full seasonal strength in the second quarter, while trade defense measures are already having a positive impact in Europe. The reduction in import volumes has allowed for increased capacity utilization at European plants. The group's market capitalization, which has seen significant consolidation since mid-June (the stock has fallen more than 9% in two weeks), remains subject to trends in the steel industry and fluctuations in raw material prices.
Revaluation Gains and Continued Deleveraging
Beyond the operational context, Aperam is counting on revaluation gains in line with its initial forecasts. Net financial debt is expected to decrease slightly compared to the first quarter, continuing the deleveraging trajectory observed over the last six quarters. The consensus compiled by Aperam sets the adjusted EBITDA for the second quarter at an average of €121M. Regarding the European context, the group maintains its diagnosis of weak demand, unchanged for three quarters, believing that the underlying competitiveness of its activities justifies its confidence in its forecasts. The Alloys and Specialties sector continues its upward trend, supported by a strong order book in liquefied natural gas, electricity-electronics, and aerospace. However, the summer period will mark a seasonal slowdown in Europe.
Leadership Journey and Positive Regulatory Effects
The sixth phase of the Leadership Journey program, launched at the beginning of the year, targets a value gain of €150M for the period 2026-2028 by leveraging the integrated value chain and innovation. The first quarter has already contributed €18M, with further gains expected in the second quarter. On the regulatory front, the Carbon Border Adjustment Mechanism (CBAM) came into effect at the beginning of the year, with its positive effects expected to intensify over the coming years. The trade defense measures officially applied since July 1, 2026, are already showing visible effects in the first half of the year, with the group anticipating their continuation until the end of 2026.
