DJ Aperam Update on Q1 2026 market & financial trends
Aperam S.A. / Key word(s): Miscellaneous
Aperam Update on Q1 2026 market & financial trends
02-Apr-2026 / 18:30 CET/CEST
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Aperam Update on Q1 2026 market & financial trends
Luxembourg, 2 April 2026 (18:30 CEST) - Aperam issues the following update before entering its quiet period ahead of
the upcoming Q1 2026 quarterly results announcement on 30 April 2026 to remind market participants of the standing
guidance, earnings drivers and events that should be considered.
Q1 2026 outlook
Aperam confirms the Q1 2026 outlook, as specified in the Q4 2025 presentation, the management podcast and during the
conference call on 6 February 2026:
-- Adjusted EBITDA in Q1 2026 is expected to increase compared to Q4 2025 (EUR67m).
-- During Q1, Brazil was characterized by lower seasonal demand while volumes in Europe increased seasonally. The
market conditions in Europe remained challenging and prices improved modestly driven by reduction in imports. These
compensate for raw material price increases seen across the board.
-- Alloys continue to deliver EBITDA at a high level, Q1 expected to be higher than Q4 as guided.
-- Financial debt should increase due to typical working capital needs for higher activities in Q1 and Q2, but further
deleveraging targeted until year-end 2026 on track at current raw material prices and macro outlook.
The Aperam compiled Q1 2026 adjusted EBITDA consensus stands at EUR89m (average). Aperam's guidance of a H1 EUR200m
EBITDA run-rate in two steps across Q1 and Q2 is still valid despite the recent energy cost increases following the
war.
Consensus is updated & published at: https://www.aperam.com/investors/news-contacts/results
Current trading
-- Geopolitical instability driven by the ongoing Iran war has created a volatile economic and demand environment.
-- The European business climate remains difficult. The order book shows increasing demand based on seasonality.
Brazil looks to return to a normal seasonal demand increase into Q2.
-- Alloys continues to progress across all segments despite no additional Boeing recovery.
-- CBAM (Carbon Border Adjustment Mechanism) has started at the beginning of 2026 and the positive effect will ramp up
over the next few years.
-- Trade defense measures proposed by the European Commission are on their way to be adopted. They are expected to
kick in on 1 July 2026. Aperam expects positive effects to ramp up through 2026.
Other points
-- Leadership Journey Phase 5 was closed after the entire three years goal was achieved in the first two years. The
next chapter, Phase 6, has started at the beginning of 2026 and focuses on value growth by leveraging the
integrated value chain and innovation. Gains of EUR150m are expected from 2026 to 2028.
Please note that forward guidance for adjusted EBITDA, cash flow and net debt is always provided on a stable commodity
price assumption.
Commodity prices & FX
monthly average DEC 25 JAN 26 FEB 26 MAR 26
Nickel LME USD/t 16,501 17,733 17,641 16,916
Ferrochrome USD/t 2,304 2,416 2,448 2,479
EU Stainless Scrap USD/t 1,259 1,318 1,353 1,448
EU Stainless CR 2mm 304 USD/t 2,564 2,624 2,688 2,856
USD/EUR x 1.17 1.19 1.18 1.16
USD/BRL x 5.47 5.26 5.13 5.18
Source: Bloomberg, LME, CRU
The Q1 2026 financial performance will be published before the market opens on Thursday, 30 April 2026.
Aperam management will host a conference call for members of the investment community to discuss the
Q1 2026 financial performance on 30 April 2026 at 14.00 CEST.
Financial Calendar
Earnings
Thursday, 30 April 2026 Q1 2026 results
Thursday, 30 July 2026 Q2/H1 2026 results
Friday, 6 November 2026 Q3/9M 2026 results
General Meeting of Shareholders
Tuesday, 5 May 2026
Forward Looking Statements
This document may contain forward-looking information and statements about Aperam SA 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). The information is valid only at the time of release and Aperam does not assume any obligation to update or revise its forward-looking statements on the basis of new information, future events, subject to applicable regulation.
Contact
Investor Relations / Roberta de Aguiar Faria: IR@aperam.com Communication / Ana Escobedo Conover: Ana.Escobedo@aperam.com
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2303352 02-Apr-2026 CET/CEST
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April 02, 2026 12:30 ET (16:30 GMT)
