Aperam Targets €200M EBITDA in H1 2026 and Confirms Outlook

Guidance Confirmed for Q1 2026

Aperam reaffirms its guidance for the first quarter of 2026, expecting an increase in adjusted EBITDA compared to the €67 million recorded in the fourth quarter of 2025. Analyst consensus places this indicator at an average of €89 million for the period. In Europe, volumes have risen according to usual seasonal trends, while market conditions remain mixed. Prices have modestly improved due to reduced imports, partially offsetting the widespread increase in raw material costs observed during the period. The Alloys division is expected to deliver higher EBITDA than in the previous quarter, continuing its positive trajectory.

EBITDA Pace of €200 Million Targeted for First Half of 2026

Aperam reaffirms its target of a €200 million EBITDA pace over the first half of 2026, split between the first and second quarters. This guidance persists despite recent increases in energy costs linked to geopolitical situations. Financial debt is expected to temporarily rise due to typical working capital needs in the first two quarters, but the group aims for further debt reduction by the end of 2026 at current raw material price levels. In Brazil, seasonal demand is expected to return to normal in the second quarter after a contraction in the first quarter.

Carbon Border Adjustment Mechanism (CBAM) Initiates in Early 2026

The Carbon Border Adjustment Mechanism (CBAM) started at the beginning of 2026 and its beneficial effects are expected to progressively amplify over the coming years. The trade defense measures proposed by the European Commission are moving towards adoption and will come into effect on July 1, 2026, creating favorable winds for Aperam. Phase 5 of its Leadership Journey program, concluded after achieving its three-year targets in two years, gives way to Phase 6 launched at the start of 2026 focused on value growth. This new phase anticipates gains of €150 million between 2026 and 2028.