Aperam S.A. — Annual Report (ESEF) 2025

Mar 26, 2026

Aperam 2025-12-31-1-en

iso4217:EUR
xbrli:shares

Item	2025	2024
Issued Capital Member
Treasury Shares Member
Share Premium Member
Retained Earnings Member
Reserve Of Exchange Differences On Translation Member
Reserve Of Gains And Losses On Hedging Instruments That Hedge Investments In Equity Instruments Member
Reserve Of Gains And Losses From Investments In Equity Instruments Member
Revaluation Surplus Member
Equity Attributable To Owners Of Parent Member
Noncontrolling Interests Member

Item	2023-12-31	2024-01-01 to 2024-12-31	2024-12-31	2025-01-01 to 2025-12-31	2025-12-31
Issued Capital Member
Treasury Shares Member
Share Premium Member
Retained Earnings Member
Reserve Of Exchange Differences On Translation Member
Reserve Of Gains And Losses On Hedging Instruments That Hedge Investments In Equity Instruments Member
Reserve Of Gains And Losses From Investments In Equity Instruments Member
Revaluation Surplus Member
Equity Attributable To Owners Of Parent Member
Noncontrolling Interests Member

Annual Report 2025

Table of contents

Table of contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Management report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Aperam at a glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Group strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Corporate governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

Environmental responsibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

Sustainability information 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76

Key Performance Indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .# Annual Report 2025

Management report

Aperam at a glance

Message from the Chairman of the Board and the Chief Executive Officer

Key highlights 2025

The Board of Directors is pleased to present its report, which constitutes the Management Report as defined by Luxembourg Law, together with the audited consolidated financial statements and annual accounts as of 31 December 2025 and for the 2025 calendar year. As permitted by Luxembourg Law, the Board of Directors has elected to prepare a single Management Report covering both the Company and the Group.

Journey to 2025

Aperam’s story begins in 2011 but its origins are much deeper. The company was created as a spinoff of ArcelorMittal, when its stainless and specialty steels businesses became an independent company. By building on this rich legacy, Aperam focused on providing stainless and electrical steel and specialty products to European and Brazilian markets.

Transformation is part of Aperam’s journey of continuous improvement. From its inception, our Leadership Journey® growth programme has guided decision-making around our resource allocation, with clear targets for cost excellence and financial performance to improve efficiency across all areas of the business. This includes implementing lean manufacturing principles, automating processes, and improving supplier relationships. Disciplined execution has helped us make significant financial gains, as we close in on our Phase 5 target of €200 million a year ahead of schedule, having already achieved €195 million by year-end 2025.

As global expectations from sustainability, materials performance, and circularity accelerated, we have seized opportunities to further integrate sustainability in our business model. Our sustainability milestones over the years are a key driver of our company’s journey as we have shifted from a traditional stainless producer to a pioneer in circular, low-carbon steel and alloy innovations that are driving society forward.

In 2013, Aperam’s Brazilian operations became fully powered by FSC®-certified charcoal from our own BioEnergia forests (part of the group for over half a century) – an innovation that would later enable a locally net-negative GHG balance (Scope 1+2), also thanks to the yearly carbon removals of our forestry. ResponsibleSteel™ certifications in Europe and Brazil reinforce Aperam’s commitment to being an environmentally and socially responsible steel producer.

Another turning point came in 2021 with the acquisition of ELG, making Aperam one of the world’s largest recyclers of stainless steel and high-performance aerospace alloys, and firmly embedding circularity at the heart of our business model. Since then, business operations have been organised into four main segments: Stainless & Electrical Steel, Services & Solutions, Alloys & Specialties, and Recycling & Renewables.

By building a vertically integrated business, we aim to extract the best value from the upstream and downstream activities of our value chain: from sustainably sourcing charcoal that powers our steel manufacturing in Brazil, to partnering with customers on product development. Diversifying our portfolio & footprint and embedding sustainability throughout our integrated, closed-loop operations proves effective in safeguarding against cyclical downturns and carbon intensive imports.

Today, Aperam is a global player in stainless, electrical and specialty steels and recycling, with over 13,000 employees and customers in more than 40 countries. We have a stainless and electrical flat steel capacity of 2.5 million tonnes in Brazil (where Aperam is the sole integrated producer) and Europe, and are a leader in alloys and high-value specialty products.

In addition to Aperam’s industrial manufacturing network, spread over 16 production facilities in Brazil, Belgium, France, China, India and the United States, we have a highly integrated distribution, processing and service network and a unique ability to produce low-carbon stainless and specialty steels from biomass, stainless steel scrap and high-performance alloy scrap. Our products serve industries such as aerospace, automotive, construction, medical, and oil & gas, meeting the evolving demands of global markets.

With the 2025 acquisition of Universal Stainless & Alloy Products and expansion at Imphy, our Alloys & Specialties segment is growing its strategic importance to our global business, as it helps reduce cyclicality and positions Aperam at the forefront of aerospace and advanced energy sectors.

Amid a challenging macro-economic environment across all segments, Aperam delivered a solid performance in 2025 underpinned by structural improvements from the Leadership Journey® programme. Sales decreased slightly, reaching €6.1 billion (2024: €6.3 billion), while the company delivered a solid trough Adjusted EBITDA of €339 million (2024: €356 million). Shipments remained stable at 2.3 million tonnes in 2025 (2024: 2.3 million tonnes). Aperam delivered benchmark cash performance, with an operating cash flow of €422 million, including a €176 million working‑capital release, while free cash flow before dividend was –€167 million after €415 million paid for the Universal Stainless & Alloy Products acquisition. Year‑end net financial debt was €978 million (2024: €544 million) and total assets (net of trade payables) amounted to €5.2 billion. We were able to deliver value for our stakeholders with €6.0 billion of economic value distributed, including taxes and salaries, and €145 million of returns to shareholders. These results reflect the impact of pricing pressure and low demand in Europe in 2025, as well as our resilience and dedication to positioning Aperam for the next phase of efficiency and competitiveness.

Group strategy

Aperam’s value creation model seeks to transform today’s challenges into tomorrow’s solutions. We aim to do this by embracing circularity and creating innovative materials that are not only infinite but also impactful. Guiding our work are our four strategic pillars: People & Presence; Circularity; Innovation; and Integrated Value Chain. These shape every aspect of the Group’s operations, creating an integrated industrial model that maximises the impact we can have for our customers. Our strategy is the engine for our vision: to be the leading value creator in the circular economy of infinite, world-changing materials. Refer to ’Our strategic pillars’ section for more information.

Aperam’s strategy is also a reflection of our principal strengths as a company. We have a well-established position in European and South American markets, where our modern production facilities and local distribution networks allow us to meet our customers’ needs with a high level of operational efficiency. Through our research and development capabilities, we can innovate at scale, as we look to deliver more high-margin, value-added products to a diversified customer base in both emerging and developed markets.

Strategic investments in 2025 in our Imphy site – home to a state-of-the-art hot rolling mill – and in acquiring Universal Stainless & Alloy Products demonstrate our leadership in high-performance alloys and specialty steels, as well as our expanding geographic footprint. At either end of our value chain, our recycling businesses (Aperam Recycling and Recyco) help to close the materials loop, and we maintain a low carbon footprint thanks to our unique forest-management programme in Brazil (BioEnergia). Refer to ’Our performance’ section for more information on how we put these strengths into practice.

Aperam’s Leadership Journey® reinforces the Group’s overarching strategy and financial goals. Built on disciplined self‑help measures focusing on operational excellence, cost-efficiency, improving mix and expanding growth segments, it drives competitiveness and a value mindset across the Group. By consistently delivering sustainable savings and performance gains, the Leadership Journey® delivers long‑term financial value for shareholders and investors and underpins Aperam’s resilience in a challenging market environment. Refer to ‘Our value creation’ section for more information.

The global landscape in 2025

Aperam’s performance as a globally operating business is impacted by the world around us and demonstrates the execution of our strategy. To succeed, we have to build resilience and proactively adapt as we navigate a constantly shifting global landscape. Here we describe the overarching trends that shaped the year. Refer to the ‘Our operating environment’ chapter for further details on the key factors affecting our industry.

2025 was a year of moderate global economic growth of ~3% amid ongoing policy uncertainty, evolving trade developments and structural pressures on industrial sectors. While inflation moderated across most advanced economies, the year saw weaker demand for manufactured goods in Europe and China. Easing inflationary pressures pushed central banks to start cutting interest rates, but the global economy still faced challenges, particularly due to low consumer confidence in Europe and China and uncertainty regarding geopolitics and trade policies. Although China achieved its 5% growth target, this was primarily driven by investments, exports and subsidies to boost household consumption. Following a sharp slowdown in 2023, the European economy is showing a gradual but uneven recovery. While aggregate growth remains slow (forecast at ~1.3% for 2025), this masks a significant divergence: Southern European economies and the services sector are expanding robustly, whereas industrial powerhouses like Germany and the manufacturing sector remain trapped in stagnation.Throughout 2025, the Brazilian economy exhibited a trend of moderate deceleration following the robust performance of previous years, with GDP growth stabilising at approximately 2.3%. This cooling effect was largely driven by a restrictive monetary policy, as the Brazilian Central Bank maintained the SELIC rate (benchmark rate) at a high of 15% for much of the year to combat persistent inflationary pressures. While Brazil's official inflation index showed signs of cooling toward the end of the year - ending 2025 at around 4.4% - it remained near the upper limit of the target range. Despite these challenges, the labour market remained remarkably resilient, achieving record-low unemployment rates of approximately 5.6% by the third quarter, while a strong trade surplus and a recovering investment rate provided a necessary cushion against global volatility and fiscal uncertainties.

Global trade continued to face headwinds from elevated tariffs and policy uncertainty, contributing to slower merchandise trade expansion compared to previous years. While services trade remained comparatively resilient, fragmented trade regimes and strategic trade policies affected supply chains, investment flows and industrial competitiveness.

Energy markets in 2025 were characterised by price volatility and shifts in regional dependencies. As a stainless-steel producer and major consumer of electricity and natural gas, these dynamics influence our operations (refer to ‘Our operating environment’ for details). Overall, European natural gas and liquified natural gas (LNG) markets remained sensitive to supply route changes, and oil prices reflected a 9 Annual Report 2025 balance between weaker demand signals and shifting production strategies among major exporters.

Industrial policy and trade-defence actions played an increasingly prominent role in shaping the competitive landscape. For example, the European Union extended and amended its steel safeguard regime, while maintaining a focus on mitigating overcapacity and circumvention risks. The EU’s Carbon Border Adjustment Mechanism (CBAM) was in a transitional reporting phase while gearing up for full implementation in 2026.

In steel markets, data from the World Steel Association indicated that crude steel production in multiple reporting countries was lower year-on-year for much of 2025, with cumulative monthly data showing declines compared with 2024. Global steel demand, while projected by industry bodies to be broadly flat in 2025 compared with 2024, reflected uneven regional conditions and continued volatility.

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Our strategic pillars
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Our value creation
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Leadership Journey®

Aperam has always pursued a resilient path designed to reinforce the robustness of our business using self-help measures. We accomplish this by continuously leveraging our in-house internal improvement measures and by relying on our own resources. This has proven to be a successful strategy, one that supports our performance by reducing our reliance on external factors and resources.

Aperam’s Leadership Journey® initiative is composed of a number of phases that can be broadly characterised as responsible restructuring and cost-cutting projects, upgrading best performing assets, transformation initiatives, and growth and mix improvements.

The 2025-2026 cycle marked the successful conclusion of Phase 5 of our Leadership Journey® (LJ5). Originally targeted for completion by the end of 2026, the programme over-delivered on its efficiency goals a full year ahead of schedule, contributing €195 million in cumulative gains against an initial three-year plan of €200 million. This structural ‘self-help’ has been instrumental in maintaining Aperam's industry-leading margins, with the final quarter of 2025 alone contributing €30 million in gains.

The success of LJ5 was driven by disciplined execution across all primary divisions:
* Alloys & Specialties outperformance: This segment was a standout performer, primarily driven by successful debottlenecking of liquefied natural gas (LNG) grades and significant quality improvements.
* Aperam Stainless South America operational excellence: The division contributed primarily through the efficiency improvement in our hot strip mill, following the 2024 mill investment.
* Aperam Stainless Europe resilience: Despite facing variable margin pressures in consumables and energy and volume loss due to destocking, performance was bolstered by strategic projects linked with tools optimisation.
* Recycling & Renewables and Services & Solutions stability: The units delivered incremental performance gains through continuous improvement and operational excellence measures.

With the early completion of LJ5, achieving nearly the full three-year target in just two years, Aperam has officially launched Leadership Journey® Phase 6 (2026– 2028). This next phase targets an additional €150 million in gains, focusing on further value growth across our integrated value chain, innovation and circularity.

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Our operational segments
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Risk management

Principal risks and uncertainties related to Aperam and the stainless and specialty steel industry

At Aperam, risks are systematically identified, assessed, and managed as part of our integrated Enterprise Risk Management framework. This process is overseen by the Audit, Risk and Sustainability Committee and supported by our Leadership Team. Through regular assessments, we evaluate potential risks across our operations, supply chain, and market environment. Mitigation strategies are implemented based on their potential impact and likelihood, ensuring resilience and alignment with our strategic objectives. This proactive approach enables Aperam to address uncertainties while maintaining a robust and adaptive business model.

The following risk factors, covering products of stainless, electrical, alloys and specialty steels as well as recycling and renewables, could cause actual results to materially differ from those discussed in the forward-looking statements included throughout this Annual Report.

Macroeconomics and geopolitical risks

Global economic cycle downturn

Aperam's activities and results are substantially affected by international, national and regional economic conditions, including geopolitical risks that could disrupt economic activity in affected countries. A slowdown in growth within emerging economies like China, Brazil, Russia, and India, along with other emerging Asian and Middle Eastern markets, which are or are expected to be significant consumers of stainless and specialty steels, would have a considerable negative impact on our activities.

Overcapacity

Alongside economic factors, the stainless steel industry is influenced by global production capacity and the variability of stainless steel imports and exports. Production capacity in developing countries, including China and Indonesia, has increased significantly, with China becoming the world's largest producer of stainless steel. Consequently, the balance between China's domestic production and consumption directly influences global stainless steel prices. The export of stainless steel from these countries, together with the favourable conditions they benefit from (i.e., excess capacity in China/Indonesia and/or high market prices for stainless steel in regions other than China/Indonesia), can deeply affect stainless steel prices in other markets, including Europe and South America. Over the short- to medium-term, Aperam faces the risk that increases in stainless steel production in China and other markets (including Indonesia) exceed increases in real demand, which could impede price recovery in the industry.

China slowdown

A decline in China's economic growth rate, leading to a decrease in stainless and special steel consumption, in parallel with the expansion of China's steel production capacity, could have a lasting impact on domestic and global demand and the price of stainless and specialty steel.

Material margin squeeze, Risks of nickel price fluctuation, Raw material price uncertainty, Overdependence on main suppliers, Impairment risk, and new Leadership Journey®

Among other factors, Aperam’s profitability correlates with raw material prices. Our production requires substantial amounts of raw materials (primarily stainless and carbon steel scrap, nickel, chromium, molybdenum, charcoal (biomass) and iron ore), which are often sourced in oligopolistic markets. Aperam is also exposed to price uncertainty and material margin squeeze with respect to each of these raw materials, which it mainly purchases under short- and long-term contracts, but also on the spot market. A significant increase in the price of scrap, the most important raw material for the stainless steel division in Europe, would have a negative impact on results as prices are set primarily from imports flowing into Europe in combination with local supply/demand dynamics. For our Alloys & Specialties segment, nickel is priced based on the London Metal Exchange (LME) quotation and thus subject to financial market fluctuation. For our Stainless segment, nickel largely follows the Chinese market price references of non-LME deliverable products.

Risk of production-equipment breakdown and disruption to operations and supply chain

Stainless steel manufacturing processes depend on critical steelmaking equipment, such as furnaces, continuous casters, rolling mills and electrical equipment (such as transformers). The production process may incur downtime as a result of unanticipated failures or other events, such as fires, severe climate events, explosions or furnace breakdowns.Aperam’s manufacturing plants have - and may in the future - experience plant shutdowns or periods of reduced production, and disruptions to operations and the supply chain. This could be caused by such process failures or other events like natural disasters, epidemics, pandemics, extreme weather events, and environmental issues linked to climate change.
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Cybersecurity risks

Aperam’s operations depend on the secure and reliable performance of its digital systems. An increasing number of companies, including Aperam, are experiencing phishing attacks and other intrusion attempts for ransom money transfers, as well as attempts to compromise the operation of our digital systems. If such attempts were to succeed, they could render applications unavailable, compromise data, and generate adverse publicity. A successful attack on our production systems could interrupt the Group’s operations. Aperam could also be subject to litigation, civil or criminal penalties, and adverse publicity — all of which could adversely affect its reputation, financial condition and operational results.

Litigation risks

A number of lawsuits, claims and proceedings have been and may be asserted against Aperam in relation to the conduct of its currently and formerly owned businesses. This includes lawsuits, claims, investigations and proceedings pertaining to taxes, product liability, industrial property rights, commercial practices, employment, employee benefits, personal data protection, environmental regulations, health and safety, and occupational disease. Aperam is specifically subject to a broad range of and evolving environmental laws and regulations in each of the jurisdictions in which it operates. Such laws and regulations have a particular focus on air emissions, wastewater storage, treatment and discharges, the use and handling of hazardous or toxic substances, slag treatment, soil pollution, waste disposal practices and the remediation of environmental contamination. Due to the uncertainties of claims and litigation, no assurance can be given that the Company will prevail on all claims made against it and in the lawsuits that it currently faces. Nor can it be sure that additional claims will not be made against it in the future. While the outcome of litigations cannot be predicted with certainty, and some of these lawsuits, claims or proceedings may have an outcome that is adverse to Aperam, Management does not believe that the disposition of any such pending matters is likely to have a material adverse effect on Aperam’s financial condition or liquidity (although the resolution in any reporting period of one or more of these matters could have a materially adverse effect on the Company’s operational results for that period).

Risks of lack of competitiveness in workforce costs, Risk of low motivation, low employee engagement and turnover leading to loss of efficiency, and Social conflicts

A lack of competitiveness in workforce costs might have a material adverse effect on Aperam’s cost position. Aperam’s key personnel have extensive knowledge of its business and, more generally, on the stainless and specialty steel sector as a whole. Its inability to retain key personnel and/or the experience of social conflicts could have a material adverse effect on its business, financial condition, operational results and/or cash flows.

Climate-related disclosures

As a key player in a high-carbon emitting industry, Aperam is fully aware of the challenges, risks and opportunities in relation to climate change and the transition to a lower-carbon economy, in particular with respect to our financial implications. Aperam has an ambitious climate change action plan with solid targets for reducing greenhouse gas emissions, as well as general sustainable practices, including water stewardship, recycling and relevant environmental monitoring. In our action plan, the impact we have on local stakeholders is a key performance indicator. Aperam fully integrates the need for a more circular economy into its strategy, as demonstrated by the creation of our Recycling & Renewables segment following the acquisition of ELG (a major player in the global stainless scrap recycling market) in December 2021. Since 2016, we have adopted an internal price for carbon when assessing our investments. This allows Aperam to manage the possible repercussions in terms of emission trading, price of commodities, access to credit, competition and market trends, amongst others. Aperam is convinced that climate change, together with the transition to a more sustainable economy, will open new opportunities for our responsibly manufactured products. All these aspects are considered part of the assumptions made in terms of the financial impacts incorporated into our Annual Report’s consolidated financial statements, specifically with regard to assets in scope of IAS 16 Property, Plant and Equipment or IAS 38 Intangible Assets and to the impairment of non-financial assets under IAS 36 Impairment of Assets. No related material impairments are to be reported in this respect for the 2025 Financial Statements.
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Our operating environment

Market analysis

Our operational results are primarily affected by external factors that impact the stainless and specialty steel industry in general and, in particular, stainless and electrical steel pricing, demand for stainless and specialty steels, production capacity, availability of raw material, energy prices, and fluctuations in exchange rates. In addition to these external factors and trade measure safeguards in place in Europe, the United States and Brazil, our operational results are further affected by certain factors specific to Aperam. These factors are described in detail below. Refer to the ‘Global landscape in 2025’ section for information about the general macroeconomic environment.

Stainless steel pricing

The market for stainless steel is a global one. Stainless steel is suitable for transport over long distances, as logistics costs represent a small proportion of overall costs. As a result, prices for commoditised stainless steel products evolve similarly across regions. However, in general, stainless steel products are not completely interchangeable due to wide variations in shape, chemical composition, quality, specification and application, along with differences in the availability of local raw material and purchase conditions – all of which impact pricing. Accordingly, the market is limited for uniform pricing or exchange trading of certain stainless steel products. Stainless steel is a steel alloy with a minimum of 10.5% chromium content by mass and a combination of alloys that are added to confer certain specific properties (depending on the application). The cost of alloys used in stainless steel products varies across products and can fluctuate significantly. The price of stainless steel in Europe and the United States is either fixed or includes two components:
* Base price: negotiated with customers and depends on market supply and demand.
* Alloy surcharge: a supplementary charge to the selling price of steel that offsets the purchase price increases in raw materials, such as nickel, chromium or molybdenum, by directly passing these increases onto customers.

The concept of the 'alloy surcharge’, which is calculated using the purchase prices of raw materials, some of which are quoted on certain accepted exchanges like the London Metals Exchange (LME), was introduced in Europe and the United States in response to significant volatility in the price of these materials. Notwithstanding the application of the alloy surcharge, the Group is still affected by changes in raw material prices (refer to ‘Raw materials’ below).

The graph below shows the European transaction price for CR304 stainless steel, for the period 1 January 2020 to 31 December 2025:

Graph: Stainless steel/CR304 2B 2mm coil transaction price/Northern Europe domestic delivered (in U.S. $/tonne) – Source: Fastmarkets.

The European stainless steel market continued its downward trajectory during the first half of 2025, as prices and producer margins eroded further. Weak demand, falling surcharges and heightened import competition converged to create a challenging environment for regional mills, at a time of year that traditionally signals stronger seasonal performance. Consequently, European stainless steel scrap prices faced a significant downward price correction during Q2 amid deteriorating sentiment and lower demand. Fastmarkets’ reported scrap-processors buying price was €1,135/t (Stainless steel scrap 18/8 solids import, CIF main European port) at the beginning of the year and saw a constant decline reaching a low point of €935/t at the end of July. A slight recovery occurred during the last quarter to improve availability, with prices reaching €995/t at the end of the year.

In Europe, ferrous scrap prices were stable at the start of the year at $345/t (Fastmarkets Steel scrap HMS 1 & 2 (80:20 mix) North Europe origin, CFR Turkey, $/ tonne). As steelmakers in the region, particularly those in Germany, have been grappling with high energy costs, they did not entertain high price offers for scrap and continued to bid lower to protect their profit margins. During the first half of the year steel demand from key manufacturing end-users slowed, leading to a ripple effect on scrap demand and prices. Most steelmakers anticipated a possibility of further price reductions by the end of the summer and the HMS 1 & 2 price reached its lowest 22 Annual Report 2025 level in October with $318/t. Market confidence among European mills remained subdued due to concerns over lower-priced finished steel import influxes ahead of the CBAM implementation. The scrap price only increased slightly during Q4 and finished the year at $335/t.# Raw materials

Stainless and specialty steel production requires a substantial amount of raw materials (primarily nickel, chromium, molybdenum, stainless and carbon steel scrap, charcoal (biomass) and iron ore). With the exception of charcoal, which is produced internally at Aperam as part of our vertically integrated value chain, we are exposed to price uncertainty with respect to each of these raw materials, which we typically purchase under short-term and long-term supply contracts, as well as on the spot market. Prices for these raw materials are strongly correlated with demand for stainless and carbon steel and thus tend to fluctuate in response to changes in supply and demand. Furthermore, since most of the raw materials we use are finite resources, their prices may fluctuate due to a perceived scarcity in reserves, along with the development of projects working to replace depleted reserves.

Scrap is the primary raw material in Europe while in Brazil, scrap usage is increasing, while other nickel vectors continue to be the primary source. Stainless scrap is a separate market with its own supply and demand dynamics as evidenced by our successful foray into Recycling. In 2025, stainless scrap prices normalised as the year progressed due to lack of demand as stainless mills across the world continued to de-stock in a weak macroeconomic environment. Towards the end of the year, scrap prices strengthened in Q4 in anticipation of the demand pick up in Q1 2026. Looking at LME nickel price development, after a period of stagnation and oversupply, we saw a significant surge in the final weeks of 2025 into 2026. And the rally, also for other metals, continued in January and the Nickel reached even more than 19,000 dollars. Now the nickel price has come back from this speculative spike into the area of 17,000 dollars but it remains highly volatile. We use LME grade Nickel, primarily only in our Alloys & Specialties segment where they are suitably hedged. Furthermore, because scrap prices, our primary input, do not correlate directly with LME, but rather follow their own supply-and-demand fundamentals, pure nickel volatility has a negligible effect on us in the short term. Now, if nickel prices stay up permanently, it will influence Asian raw material (NPI) and stainless prices, thus having an indirect effect on our business.

The Fastmarket charge chrome 50% Delivered Duty Paid EU price started low in 2025 at \$1.13/lb, which led to lower production and consumption levels in key markets such as India and China. During the second quarter chrome ore prices and sentiment in main markets improved while smelter closures in South Africa supported pricing developments from the supply side. The global Ferrochrome (FeCr) market moved into deficit, estimated at 405kt in the third quarter, with South African producers continuing to significantly cut their production. While inventories remained substantial, continued drawdowns gave further support to prices. As a result, the Fastmarket charge chrome 50% DDP EU price increased to \$1.29/lb at the end of 2025.

Ferro-molybdenum prices started 2025 at \$50.20/kg, continuing the very stable price movement seen during the entire 2024 year. Copper by-product supply continues to show disappointing results and has kept the market tight despite weaker ex-Chinese demand. The second half of the year witnessed a rally as prices reached \$60/kg at the beginning of September, before softening slightly. Chinese demand remained the key driver for the rest of the year, with prices closing at \$52.73/kg.

23 Annual Report 2025

Electrical steel pricing

In 2025, Aperam's electrical steel prices faced continuous pressure due to a highly distorted global trade environment. The reimposition of U.S. tariffs caused a major trade diversion, flooding the Brazilian market with surplus of Asian electrical steel, often at predatory prices. This resulted in a downward trend, mostly in Q3 and Q4 for domestic prices of both Grain Oriented (GO) and Non-Grain Oriented (NGO) steel.

Demand for stainless and electrical steel and specialty alloys products

Demand for stainless and electrical steel, which represents approximately 3.0% of the global steel market by volume, is significantly affected by global economic and industrial trends. Short-term demand is also affected by fluctuations in nickel prices (refer to the 'Stainless steel pricing' section for more detail).

2025 saw moderate economic and stainless steel consumption growth, resulting in apparent consumption growth of stainless steel globally in 2025 of 3-3.5% annually. This was slightly lower than the prior two years, due to a slowdown of stainless steel consumption growth in China. In the context of persistently weak demand and high production levels in China with increasing capacities, the stainless steel market remained well supplied and highly competitive, contributing to an excess of supply in the nickel market. Persistently low NPI (Nickel-Pig-Iron) prices also supported low production costs for stainless steel and prevented stainless steel prices from recovering.

In 2025, industrial production in Europe grew by ~1%, effectively offsetting the 1% decline in 2024, with weak stainless steel demand across almost all sectors. In Brazil, the stainless and electrical steel market showed more resilience. For stainless, market demand was supported by a restocking season at distributors and major investments in new Biofuel/ethanol plants. For NGO steel, Brazilian customers faced difficulties due to weak global demand and tariffs imposed in many export destination countries. For GO Steel, domestic demand continued, sustained by good performance of power transformers exports.

In 2025, the nickel alloy market benefited from its end-use and regional diversity to maintain a 3.5% growth rate, although we noticed less dynamism in the second half of the year.

Overview: sector-specific demand in 2025

• Aerospace: Demand was high, with healthy growth of 8%, but has not yet returned to its pre-Covid level due to persisting supply chain issues.
• Power generation: After stagnation in 2024, demand grew, partially fed by renewable or lower emission technologies. Investments in the hydrogen production sector have been less dynamic than expected despite Alkaline Electrolysis development.
• Oil & Gas: Global demand was subdued in 2025, even if, in H1, demand was supported by pipeline projects launched in 2024 coming to an end. New investments were withheld due to unattractive oil prices. We expect a more dynamic 2026, despite geopolitical uncertainty.
• Marine: Peak year for LNG tankers construction in 2025, and stable demand expected for 2026.
• Electronic/Electric: Traditional applications are suffering while new technologies are generating new growth.
• General industry: Lack of dynamism in investments phase, except in emerging countries (like India). This also negatively impacts the welding wire business.

The implementation of duties for imports in the United States (between 15 and 50% according to the grades for European nickel alloys) has impacted Aperam’s business, both direct sales and indirect, as downstream transformers in many countries were forced to limit their volumes heading for the United States.

Production and capacity

After a sharp contraction in 2022, global stainless steel production rebounded with 3–4% annual growth from 2023 to 2025. This recovery was largely driven by China, though its momentum is now showing signs of decelerating. Meanwhile, global capacity continues to expand, keeping utilisation rates stabilised at low levels. It is estimated that in recent years, global structural overcapacity has stabilised at a high level, driven by additional capacity in China and Southeast Asia. In China, slabs overcapacity in 2025 was estimated at 10 million tonnes, while global estimates are close to 20 million tonnes. This high overcapacity is reinforced by lower than expected consumption growth in China and weak demand outside of China, which has reduced export growth opportunities. Considering Indonesia’s steady increase in stainless steel capacity, along with China not taking sufficient measures to address its own overcapacity issue, it is unlikely that noticeable overcapacity reductions will take place in the near future, keeping pressure on the global stainless value chain and trade flows.

Import pressure increased in Europe during 2025 despite weak demand, due to competitive import prices, some restocking, and importers anticipating CBAM. Compared to 2024, in 2025 Brazil saw record levels of imports and a strong distribution restocking movement, resulting in a significant increase of apparent consumption.

24 Annual Report 2025

Energy

The geopolitical landscape fundamentally reshaped the EU energy supply in 2025. Following the phased reduction of Russian natural gas – concluding with the full termination of pipeline inflows – Europe’s energy supply has become increasingly sensitive to global liquefied natural gas (LNG) market signals, particularly demand shifts in Asia. Despite generally healthy market fundamentals, 2025 was characterised by muted renewable production (January) and heightened geopolitical uncertainties, including the impact of the current American administration and lower winter storage targets. These factors supported significant price appreciation of natural gas in Q1 2025, representing a 70% increase compared to the quarterly average of the previous year.

Natural gas prices (TTF – Title Transfer Facility) experienced a significant surge early in the year (Q1 2025 averaged at €47/MWh, up from €27/MWh in the prior year). The 2025 full-year average price of €36/MWh, represents a slight increase of €2/MWh compared to 2024. While this remains €15/MWh below the five-year average, it is still approximately 2.5 times higher than 2019 levels.In the power sector, gas-fired plants (16–17% of the EU generation mix) continued to set marginal price signals despite the growing share of renewables and nuclear. Consequently, average electricity prices in Belgium and France rose by 20% (€84 / MWh) and 9% (€62/MWh), respectively, compared to 2024. As a stainless-steel producer and major consumer of electricity and natural gas, Aperam manages its energy requirements through a strategic mix of forward hedges, spot market exposure, and fixed-price contracts. While 2025 was impacted by residual energy inflation, the Group successfully mitigated costs through contractual optimisation, short-term balancing arrangements and acceleration of the procurement of renewable electricity through a combination of on-site installations and off-site green Power Purchase Agreements (PPAs). These actions reinforce the Group’s commitment to its 30% energy reduction target by 2030 and its long-term decarbonisation roadmap for 2050.

Impact of exchange rate movements

At the end of 2024, the Euro traded at 1.0389 USD/Euro and 6.4363 Brazilian real/ Euro. In 2025, the Euro appreciated by 13.1% against the U.S. dollar to reach 1.1750 USD/Euro and appreciated by 0.5% against the Brazilian real to reach 6.4692 Brazilian real/Euro. Since a substantial portion of Aperam's assets, liabilities, sales and earnings are denominated in currencies other than the Euro (its presentation currency), the Company is exposed to fluctuations in the values of these currencies relative to the Euro. These currency fluctuations, especially the fluctuation of the Euro relative to the U.S. dollar and Brazilian real, as well as fluctuations in the currencies of the other countries in which Aperam has significant operations and sales, can have a material impact on our operational results. To minimise its currency exposure, the Group enters into hedging transactions to lock in a set exchange rate for specific transactions in non-local currencies, in accordance with its management policies.

Competition

Aperam is a leading flat stainless steel producer in South America, the second largest producer in Europe and one of the top 10 flat stainless steel producers in the world. Aperam’s main competitors in Europe are Outokumpu, Acerinox and Arvedi Acciai Speciali Terni S.P.A. Globally, the competitive landscape has transformed over the past years, with Chinese producers Tsingshan, TISCO-BaoWu (formerly Baosteel) and Beihai Chengde now ranking among the 10 largest global flat stainless steel producers. In South America, we face competition primarily from Asian imports.

Developments regarding trade measures

2025 was marked by some major developments in respect to trade measures, as described below.

European Union

1. Safeguard measures on the import of steel products

On 24 March 2025, the European Commission (EC) published amending Commission Implementing Regulation (EU) 2025/612, with some adjustments entering into force on 1 April 2025 and others on 1 July 2025. Anti-dumping and anti-circumvention measures on cold rolled stainless steel (originating in China and Taiwan, India, Indonesia, Turkey and Vietnam) and anti- dumping, anti-subsidies and anti-circumvention measures on hot rolled stainless steel (originating in China, Taiwan, Indonesia and Turkey) continue during the imposition of safeguard measures. Once the quota is filled, to avoid the imposition of double remedies, the highest level of safeguard or the anti-dumping (AD) and/or anti-subsidies (AS) duties are to be applied. The safeguard measures currently in force will definitively expire on 30 June 2026.

25 Annual Report 2025

2. European Commission proposal to protect the EU steel industry from unfair impacts of global overcapacity

On 10 October 2025, during the 2025 Ministerial Meeting of the Global Forum on Steel Excess Capacity, the EC presented a proposal to protect the EU steel sector from unfair impacts of global overcapacity, a vital step towards ensuring the long- term viability of a strategically crucial industry. Delivering on the commitments set out in the EU Steel and Metal Action Plan, the stated objective of the European Commission's proposal is to address the negative effects of global steel overcapacity on the EU market for all steel products. The proposal will replace the steel safeguard measure that is set to expire by June 2026. It responds to the call from EU workers, industry, several Member States, Members of the European Parliament, and stakeholders to offer strong and permanent protection to the EU steel industry, with a view to safeguarding EU jobs, and supporting the sector in its decarbonisation efforts. Specifically for stainless steel flat products annual quotas should be as follows:
- Stainless steel hot rolled: 153.2kt
- Stainless steel cold rolled: 496.3kt

The allocation of these quotas by country of exports should be determined later. The new measure is expected to come into force at the latest on 1 July 2026.

3. Other trade defense measures in force in the European Union for stainless steel flat products

A. Anti-dumping measures applicable to imports of stainless steel cold-rolled flat products originating in the People’s Republic of China and Taiwan

On 16 September 2021, the EC extended definitive anti-dumping duties on imports of stainless steel cold-rolled (SSCR) flat products from China (from 24.4% up to 25.3%) and Taiwan (6.8% except Chia Far 0%). Duties will remain in place until 15 September 2026. (additional details)

B. Anti-dumping measures applicable to imports of hot rolled stainless steel sheets and coils originating in the People’s Republic of China, Taiwan and Indonesia

The duties on hot rolled stainless steel flat products have been implemented in 2020 for a 5-year-period for People’s Republic of China (from 9.2% up to 19.0%), Taiwan (from 4.1% up to 7.5%) and Indonesia (17.3%). (additional details) On 3 October 2025 the EC has officially announced the opening of an expiry review on anti-dumping measures due to expire, in order to assess whether to extend them for a further five years. (additional details)

C. Anti-dumping measures applicable to imports of stainless steel cold-rolled flat products originating in India and Indonesia

The duties on cold rolled stainless steel flat products for India (from 10.0% up to 35.3%) and Indonesia (from 9.3% up to 20.2%) will remain in place until 27 May 2026. (additional details)

D. Anti-subsidy measures applicable to imports of stainless steel cold-rolled flat products originating in India and Indonesia

The duties on cold rolled stainless steel flat products applicable since 2022 for India (from 4.3% up to 7.5%) and Indonesia (From 13.5% up to 21.4%, excluding PT. Jindal Stainless Indonesia) will remain in place until 16 March 2027. (additional details)

E. Anti-circumvention measures on imports of stainless steel hot-rolled flat products (SSHR) originating in Turkey

The duties on hot rolled stainless steel flat products applicable since 2023 for Turkey (17.3%) will remain in place until 17 April 2028. (additional details)

F. Anti-circumvention investigation on imports of stainless steel cold-rolled flat products (SSCR) originating in Taiwan, Vietnam and Turkey

The duties on cold rolled stainless steel flat products for Taiwan (39.8%), Turkey (20.5%) and Vietnam (39.8%) have been implemented in 2024 for a 5-year period. The Regulation 2024/1267 of 6 May 2024 and Regulation 2024/3201 of 18 December 2024 exempted the following exporting producers from the imposition of duties:

Country	Exempted Producer(s)	Duty Status
Taiwan	Chia Far Industrial Factory Co., Ltd., Tang Eng Iron Works Co., Ltd., Tung Mung Development Co., Ltd., Walsin Lihwa Corporation, Yieh United Steel Corporation, Yuan Long Stainless Steel Corp.	Exemption from AD and AS measures
Turkey	Posco Assan TST Celik Sanayi A.Ş.	Exemption from AS measures
Vietnam	Posco VST Co.,Ltd., C2Khang Joint Stock Company	Posco VST Co.,Ltd. (exemption from AD and AS measures), C2Khang Joint Stock Company (exemption from AD measures only)

26 Annual Report 2025

Exemption from the extension of the duties remains conditioned to the provision by the importer of mill test certificates including declaration on the Indonesian or non- Indonesian place of melting and pouring of the slabs. (additional details)

Brazil

1. Import duties applicable on stainless steel and electrical steel imports originated outside Mercosur

On 5 November 2021, Brazilian Foreign Trade Commission (CAMEX) approved a 10% import tax reduction for steel products, lowering import duties from 14% to 12.6%. Another duty reduction from 12.6% to 11.2% was approved on 23 May 2022 and expired on 31 December 2023. The import duties applied in Brazil for Stainless and Electrical Steel during 2025 were once again at 12.6%. (additional details)

2. Anti-dumping measures applicable to imports of certain cold rolled stainless steel sheets and coils

On 29 September 2025, Brazil's Trade Defence Department (DECOM), an investigative body under the Brazilian Ministry of Development, Industry and Foreign Trade published a decision 798 to extend for 5 years the anti-dumping measures applicable on imports of stainless steel flat products cold rolled 304 and 430, in thicknesses between 0.35mm and 4.75mm, originated in People's Republic of China and Taiwan. Renewed duties of $903/t were set for China and increased from $93/t to $504/t for Taiwan.

3. Anti-circumvention measures applicable to imports of certain cold rolled stainless steel sheets and coils

On 28 May 2024, DECOM published the conclusion of an anti-circumvention investigation and the decision to extend the anti-dumping measures applicable for imports originating in People’s Republic of China of stainless cold rolled 410 and 200 series in thicknesses between 0.35mm and 4.75mm. (additional details)

4.Anti-subsidy measures applicable to certain cold rolled stainless steel sheets and coils On 2 December 2022, DECOM published final determination 421 on anti-subsidies duties for stainless flat cold rolled 304 grades originated in Indonesia, of 18.79% on top of CIF prices, valid for 5 years.

1. Anti-dumping measures applicable to imports of certain stainless steel welded tubes
   On 3 July 2025, DECOM published a decision to extend for 5 years the anti-dumping measures applicable on imports originated in People´s Republic of China of stainless steel welded tubes 304 and 316 in thickness between 0.4mm to 12.70mm, valid for 5 years. The duty applied is \$1340/t. (additional details)
   On 14 June 2024, DECOM published the decision to extend anti-dumping measures on imports of stainless steel welded tubes 304 and 316 in thickness between 0.4mm to 12.70mm originated in Malaysia, Thailand and Vietnam for another 5 years. The duties applied range from \$234/t up to \$888/t. (additional details)
   On 25 July 2025, DECOM published the final determination on anti-dumping measure on imports of austenitic stainless steel welded tubes and stainless steel welded tubes 304 and 316 in thickness between 0.4mm to 12.70mm originated in India and Taiwan. The duties applied range from \$125/t up to \$1133/t. (additional details)

2. Anti-dumping measures applicable to imports of certain electrical steel - Non-Grain Oriented (NGO)
   On 11 July 2024, DECOM initiated the investigation (sunset review) to re-evaluate anti-dumping measures on imports of electrical steel – Non-Grain Oriented (NGO) originated in China, South Korea, Taiwan and Germany. On 10 July 2025, final determination was published with a decision to extend anti-dumping measures for another five years, keeping the duties from previous sunset review unchanged. This determination also defines and requires a Public Interest investigation. Furthermore on 26 August 2025, DECOM opened the Public Interest Investigation to better access effects regarding the anti-dumping measures. On 20 February 2026 a final Public Interest determination was published, with renewed duties applied in the range from \$105/t up to \$195/t. (additional details)

3. Anti-dumping measures applicable to imports of hot-rolled stainless steel
   On 27 June 2025, DECOM published a decision to open a new anti-dumping investigation concerning imports of hot-rolled stainless steel originated in China, India and Indonesia. (additional details)

27 Annual Report 2025

Our performance
Operational review
Aperam reports its operations in four operating segments: Stainless & Electrical Steel, Services & Solutions, Alloys & Specialties and Recycling & Renewables. The information in this section relates to the year ending 31 December 2025 and is compared to the year ending 31 December 2024.

Key performance indicators
The key performance indicators used to analyse our operations are sales, shipments, average selling prices and operating results. Our analysis of liquidity and capital resources is based on operating cash flows.

Sales, shipments and average selling prices
The following table provides our sales, shipments and average selling prices per operating segment for the year ending 31 December 2025 and compared to the year ending 31 December 2024:

Changes in Operating Segment	Sales for the Year Ending 31 December, (1) (in millions of Euros)	Shipments for the Year Ending 31 December, (1) (2) (in thousands of tonnes)	Average Selling Price for the Year Ending 31 December, (1) (3) (in euros/tonne)	(%)
	2025	2024	2025	2024
Stainless & Electrical Steel (2) (4)	3,823	4,007	1,668	1,626
Services & Solutions	2,133	2,382	716	739
Alloys & Specialties	1,113	919	61	38
Recycling & Renewables (3)	1,575	1,950	1,292	1,464
Total (before intra-group eliminations)	8,644	9,258	3,737	3,867
Others and elimination	(2,564)	(3,003)	(1,450)	(1,577)
Total (after intra- group eliminations)	6,080	6,255	2,287	2,290

Notes:
(1) Amounts are shown prior to intra-group elimination. For additional information, see Note 4 to the consolidated financial statements.
(2) Stainless & Electrical Steel shipment amounts are shown prior to intersegment shipments of 716,000 tonnes and 733,000 tonnes in the years ending 31 December 2025 and 2024 respectively.
(3) Recycling & Renewables shipment amounts are shown prior to intersegment shipments of 733,000 tonnes and 842,000 tonnes in the years ending 31 December 2025 and 2024 respectively.
(4) Includes shipments of special carbon steel from the Company’s Timóteo production facility.

In 2025, sales decreased by (2.8)% compared to 2024 primarily due to lower average selling prices.

Stainless & Electrical Steel
In 2025, Stainless & Electrical Steel sales (including intersegment sales) decreased by (4.6)% compared to 2024, the result of lower average steel selling prices in Europe and South America, partly offset by higher shipments.

Steel shipments for this segment (including intersegment shipments) increased by 2.6% to 1,668 thousand tonnes for the year ending 31 December 2025. Of this total, 610 thousand tonnes were attributable to our operations in South America and 1,058 thousand tonnes to our operations in Europe. This was up from 1,626 thousand tonnes for the year ending 31 December 2024, of which 586 thousand tonnes were attributable to our operations in South America and 1,040 thousand tonnes to our operations in Europe. The average steel selling price for the Stainless & Electrical Steel segment decreased by (7.6)% in 2025 compared to 2024.

Stainless & Electrical Steel sales to external customers were €1,975 million for the year ending 31 December 2025, representing 32.5% of total sales. This was an increase of 0.3% compared to €1,969 million for the year ending 31 December 2024, when the segment represented 31.5% of total sales.

Services & Solutions
In 2025, Services & Solutions sales (including intersegment sales) decreased by (10.5)% compared to 2024, primarily due to (3.1)% lower steel shipments and an (8.3)% decrease in average steel selling prices for the segment. Services & Solutions sales to external customers were €2,048 million for the year ending 31 December 2025, representing 33.7% of total sales, a decrease of (10.6)% compared to the €2,292 million for the year ending 31 December 2024, when the segmented represented 36.6% of total sales.

Alloys & Specialties
In 2025, Alloys & Specialties sales (including intersegment sales) increased by 21.1% mostly explained by the first time consolidation of Universal Stainless & Alloy Products as from 23 January 2025. This increase was primarily due to steel shipments being 60.5% higher, but with lower average steel selling prices by 23.7% due to different types of specialty steels. Alloys & Specialties sales to external customers were €1,092 million for the year ending 31 December 2025, representing 18.0% of total sales. This was a 20.9% increase compared to €903 million for the year ending 31 December 2024, which represented 14.4% of total sales.

Recycling & Renewables
In 2025, Recycling & Renewables sales (including intersegment sales) decreased by (19.2)% compared to 2024, primarily due to a decrease in shipments and lower average selling prices. Recycling & Renewables sales to external customers were €965 million for the year ending 31 December 2025, representing 15.9% of total sales. This was an (11.5)% decrease compared to €1,091 million for the year ending 31 December 2024, when the segment represented 17.4% of total sales.

Operating income / (loss)
The following table provides our operating income / (loss) and operating margin for the year ending 31 December 2025, compared to the year ending 31 December 2024:

Operating Segment, including (1)	Operating Income / (Loss) Year Ending 31 December (in millions of euros)	Operating Margin Year Ending 31 December (%)
	2025	2024
Stainless & Electrical Steel	19	75
Services & Solutions	9	24
Alloys & Specialties	38	70
Recycling & Renewables	(38)	(2)
Total (1)	16	129

Note:
(1) Amounts shown include eliminations and other items of €(12) million and €(38) million for the years ending 31 December 2025 and 2024, respectively. These include all operations other than those that are part of the Stainless & Electrical Steel, Services & Solutions, Alloys & Specialties and Recycling & Renewables operating segments, together with intersegment eliminations and/or non-operational items that are not segmented.

The Group’s operating income for the year ending 31 December 2025 was €16 million, compared to €129 million for the year ending 31 December 2024 – a decrease of 87.6%. Excluding an exceptional loss of €(64) million in 2025 (mainly comprising a €(36) million reversal of inventory fair valuation on the acquisition of Universal Stainless & Alloy Products, €(15) million in restructuring costs, and €(10) million in inventory adjustments), and an exceptional gain of €2 million in 2024 (from €19 million PIS/COFINS tax credits related to prior periods recognised in Brazil, less €(9) million in an inventory adjustment and €(8) million in restructuring-related charges), the Group’s operating income decreased by 37.0%. This decline was primarily due to higher valuation charges, slightly higher volumes, but lower prices. Phase 5 of the Leadership Journey® – Aperam’s self-help programme – also contributed to the 2025 operating result. After €95 million in 2024, gains in 2025 amounted to €100 million. This means that the entire three-year goal was reached 29 Annual Report 2025 within the first two years. Phase 6 already started in 2026 and focuses on value growth by leveraging the integrated value chain and innovation.Stainless & Electrical Steel
The operating income for the Stainless & Electrical Steel segment was €19 million for the year ending 31 December 2025, comprising an operating income of €47 million from our South American operations and an operating loss of €(28) million from our European operations. This compares to an operating income of €75 million for the year ending 31 December 2024, with €37 million attributable to our European operations and €38 million to our operations in South America. This decrease in operating result was driven by valuation charges and, in particular, lower prices.

Services & Solutions
The operating income for the Services & Solutions segment was €9 million for the year ending 31 December 2025 (2024: €24 million). The lower operating income was attributable to inventory valuation charges and lower shipments.

Alloys & Specialties
The operating income for the Alloys & Specialties segment was €38 million for the year ending 31 December 2025 (2024: €70 million). The decrease reflects developments in key markets; the oil & gas industry was weak. The operating income also includes an exceptional loss of €(36) million related to the reversal of inventory fair valuation on the acquisition of Universal Stainless & Alloy Products.

Recycling & Renewables
The operating result for the Recycling & Renewables segment was a loss of €(38) million for the year ending 31 December 2025. (2024: €(2) million). The decrease is mainly due to lower volumes as well as exceptional items, particularly for restructuring.

Financing costs, net
Financing costs, net, include interest income, interest expense, net foreign exchange and derivative results, and other net financing costs. Financing costs, net, were €(90) million for the year ending 31 December 2025, compared to financing costs, net, of €(50) million for the year ending 31 December 2024. Excluding the foreign exchange and derivative results described below, net interest expense and other financing costs for the year ending 31 December 2025 were €(73) million, compared to €(42) million for the year ending 31 December 2024. Net interest expense and other financing costs also include recurring financing costs of €(72) million for the year ending 31 December 2025, of which cash financing costs accounted for €(62) million. This compares to recurring financing costs of €(59) million for the year ending 31 December 2024, with cash financing costs of €(48) million. Cash financing costs include interest and other expenses related to servicing debt and other financing facilities. Realised and unrealised foreign exchange and derivative results accounted for a loss of €(17) million for the year ending 31 December 2025. This was mainly driven by unrealised and realised foreign exchange results, partly offset by realised gains on derivatives. In comparison, realised and unrealised foreign exchange and derivative losses for the year ending 31 December 2024 were €(8) million. Foreign exchange results primarily relate to the accounting revaluation of non-euro assets, liabilities, sales and earnings. Derivative results primarily relate to financial instruments used to hedge our exposure to nickel prices but which do not qualify for hedge accounting treatment under IFRS 9.

Income tax
We recorded an income tax benefit of €85 million, which corresponds to an effective tax rate of 113% for the year ending 31 December 2025. By comparison, our income tax benefit for the year ending 31 December 2024 was €154 million, corresponding to a negative effective tax rate of (197)%. The change in the effective tax rate in 2025 compared to 2024 is mainly due to the change in additional net deferred tax assets recognised on tax losses carried forward and other tax benefits.

Net income attributable to equity holders of the parent
Our net result was a profit of €9 million for the year ending 31 December 2025, compared to a profit of €231 million for the year ending 31 December 2024.

Alternative performance measures
This Annual Report includes Alternative Performance Measures (‘APM’), which are non-GAAP financial measures. Aperam believes these APMs help enhance understanding of its financial position and provide additional information to investors and management with respect to the Company’s financial performance, capital structure and credit assessment. The definitions of these APMs have not changed since Company’s creation. These non-GAAP financial measures should be read in conjunction with, and not as an alternative to, Aperam’s financial information prepared in accordance with IFRS. Such non-GAAP measures may not be comparable to similarly titled measures used by other companies. 30 Annual Report 2025

EBITDA

EBITDA is defined as operating income before depreciation, amortisation and impairment expenses. The following table presents a reconciliation of EBITDA to operating income / (loss):

(in millions of euros)	Year ending 31 December 2025	Stainless & Electrical Steel	Services & Solutions	Alloys & Specialties	Recycling & Renewables	Others / Eliminations (1)	Total
Operating income / (loss)	19	9	38	(38)	(12)	16
Depreciation, amortisation and Impairment	(116)	(15)	(40)	(88)	—	(259)
EBITDA	135	24	78	50	(12)	275

(in millions of euros)	Year ending 31 December 2024	Stainless & Electrical Steel	Services & Solutions	Alloys & Specialties	Recycling & Renewables	Others / Eliminations (1)	Total
Operating income / (loss)	75	24	70	(2)	(38)	129
Depreciation, amortisation and impairment	(111)	(16)	(13)	(88)	(1)	(229)
EBITDA	186	40	83	86	(37)	358

Note: (1) Others/Eliminations includes all operations other than those mentioned above, together with inter- segment elimination, and/or non-operational items that are not segmented.

Net financial debt and gearing

Net financial debt refers to long-term debt, plus short-term debt, less cash and cash equivalents (including short-term investments). Gearing is defined as net financial debt divided by equity. The following table presents a reconciliation of net financial debt and gearing, with amounts disclosed in the consolidated statement of financial position:

Year ending 31 December (in millions of euros)	2025	2024
Long-term debt	1,070	516
Short-term debt	233	244
Cash and cash equivalents	(325)	(216)
Net financial debt	978	544
Equity	3,210	3,366
Gearing	30%	16%

Free cash flow before dividend

Free cash flow before dividend is defined as net cash provided by operating activities less net cash used in investing activities. The following table presents a reconciliation of free cash flow before dividend with amounts disclosed in the consolidated statement of cash flows:

Year ending 31 December (in millions of euros)	2025	2024
Net cash provided by operating activities	422	280
Net cash used in investing activities	(589)	(155)
Free cash flow before dividend	(167)	125

Trend information

All of the statements in this ‘Trend information’ section are subject to and qualified by the information set forth under the ‘Disclaimer – Forward-Looking Statements’ section. Refer to the ‘Risk Management section’ for more information.

Outlook

On 6 February 2026, the Company released its fourth quarter and full-year 2025 results, which are available on the Company’s website (www.aperam.com) under the Quarterly Reports section. As part of its prospects, the Company announced that Q1 2026 adjusted EBITDA is expected at a higher level versus Q4 2025. The Company also expects a higher Q1 2026 net financial debt due to the seasonally higher need for working capital.

1 The net result has been established according to generally accepted accounting principles and in accordance with the laws and regulations in force in the Grand-Duchy of Luxembourg. 31 Annual Report 2025

Parent company Aperam S.A.

Aperam S.A., incorporated under the laws and domiciled in Luxembourg, is the parent company of the Aperam Group, a role it is expected to continue to play in the coming years. The parent company was incorporated on 9 September 2010 to hold the assets that comprise ArcelorMittal’s stainless and specialty steels businesses. As described in the parent company's Articles of Association, the corporate purpose of the company is the manufacturing, processing and marketing of stainless steel, stainless steel products and all other metallurgical products, as well as all products and materials used in their manufacturing, processing and marketing, and all industrial and commercial activities connected directly or indirectly with those objects, including mining and research activities and the creation, acquisition, holding, exploitation and sale of patents, licences, know-how and, more generally, intellectual and industrial property rights. The parent company has its registered office at 24-26, Boulevard d’Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg, and is registered with the Luxembourg Register of Commerce and Companies under the number B155.908. The parent company directly or indirectly controls 94 subsidiaries. The parent company generated a net income 1 of €55 million in 2025, mainly due to €167 million of income from participating interests derived from affiliated undertakings, consisting of dividends, interim dividends and capital gains; €101 million corresponding to corporate service fees, e-commerce fees and income from information technology, procurement, and research and development services provided to Group companies; and €31 million related to amounts charged by the Company to affiliated undertakings that are part of its tax consolidation. These were partly offset by €(161) million of value adjustments in respect of financial assets and €(88) million of staff, research and development, and information technology costs invoiced by affiliated undertakings. On 31 December 2025, the Company had 842,907 own shares, for a total book value of €23 million (31 December 2024, the Company had 895,263 own shares, for a total book value of €24 million).# Liquidity

Liquidity and capital resources

The Group’s principal sources of liquidity are cash generated from its operations and its credit facilities at the corporate level. Because Aperam S.A. is a holding company, it is dependent on the earnings and cash flows of, and dividends and distributions from, its operating subsidiaries to pay expenses and meet its debt service obligations. In management’s opinion, the Group’s operations and credit facilities described below are sufficient to meet the Group’s present requirements.

Our cash and cash equivalents amounted to €325 million and €216 million as of 31 December 2025 and 31 December 2024, respectively. Our total gross debt, which includes long- and short-term debt, was €1,303 million and €760 million as of 31 December 2025 and 31 December, 2024, respectively. As of 31 December 2025, Aperam had €136 million (out of a total gross debt of €1,303 million) of debt outstanding at the subsidiary level, including €121 million of finance leases. Net financial debt, defined as long-term debt plus short-term debt less cash and cash equivalents (including short-term investments), was €978 million as of 31 December 2025. This is compared to €544 million as of 31 December 2024. Gearing, defined as net financial debt divided by total equity, was 30% as of 31 December 2025, compared to 16% recorded on 31 December 2024.

As of 31 December 2025, the Company had a total liquidity of €1,378 million. This included €325 million in cash and cash equivalents (including short-term investments), €700 million in committed credit lines (unsecured revolving credit facilities of €700 million), and €353 million in undrawn portion of loan agreements, at the Aperam S.A. level. As of 31 December 2024, the Company had a total liquidity of €1,396 million. This included €216 million in cash and cash equivalents (including short-term investments), €680 million in committed credit lines (unsecured revolving credit facilities of €700 million) at the Aperam S.A. level, and €500 million undrawn bridge term facility for the acquisition of Universal Stainless & Alloy Products.

32 Annual Report 2025

€500 million unsecured revolving credit facility

On 11 February 2022, Aperam announced that it had entered into a 5+1+1-year sustainability-linked senior unsecured revolving credit facility (‘the Facility’) of €500 million with a syndicate of 16 banks. The Facility replaced the senior unsecured revolving credit facility of €300 million signed in June 2017 and is intended for general corporate purposes. The pricing of this financing contract is linked to two strategic commitments: first, to become a best-in-class stainless steel manufacturer in terms of Health & Safety metrics; and second, to maintain its leadership in low- carbon steelmaking by setting an ambitious decarbonisation trajectory.

On 26 January 2024, Aperam confirmed the extension of the Facility’s maturity by one year, until 9 February 2029. The Facility contains a financial covenant, specifically a maximum consolidated total debt of 90% of consolidated tangible net worth. As of 31 December 2025 and 31 December 2024, this financial covenant was fully complied with. On 31 December 2025 and 31 December 2024, the Facility was fully undrawn.

€400 million Schuldscheindarlehen

On 14 October 2025, Aperam signed a multi-tranche Schuldscheindarlehen (a debt instrument governed by the laws of the Federal Republic of Germany) structured as a private placement with institutional investors. The transaction includes several tranches with maturities of three, five, and seven years and became effective on 16 October 2025, for a total amount of €400 million. This financing was executed as part of Aperam’s long-term refinancing strategy. Similar to the 2019 issuance, strong investor demand and a significantly oversubscribed order book enabled Aperam to increase the transaction size from an initially announced volume of €150 million to €400 million. The Company was also able to price all tranches at the tight end of the indicated spread ranges. The loan documentation includes a financial covenant requiring that consolidated total debt does not exceed 90% of consolidated tangible net worth. As of 31 December 2025, this covenant was fully complied with. On 31 December 2025, an amount of €400 million was outstanding under the Schuldscheindarlehen.

€300 million fixed rate term facility

On 11 February 2022, Aperam announced that it had entered into a six-year sustainability-linked amortising fixed-rate term facility of €300 million with a syndicate of 10 banks (‘the Loan’). The Loan is dedicated to refinancing maturing debts of ELG. The pricing of this financing contract is fixed, but linked to the Company’s two strategic commitments: first to become a best-in-class stainless steel manufacturer in terms of Health & Safety metrics; and, second, to maintain its leadership in low- carbon steelmaking by setting an ambitious decarbonisation trajectory. The Loan contains a financial covenant, specifically a maximum consolidated total debt of 90% of consolidated tangible net worth. As of 31 December 2025 and 31 December 2024, this financial covenant was fully complied with. On 31 December 2025, and 31 December 2024, an amount of €300 million was outstanding on the Loan.

€250 million loan with International Finance Corporation

On 19 March 2025, the International Finance Corporation (‘IFC’), a member of the World Bank Group, and Aperam announced that they had signed, on 14 February 2025, a financing package of €250 million. The package includes up to €150 million from IFC’s own account and up to €100 million in mobilised funds from other lenders. The financing supports Aperam’s decarbonisation efforts through the production of sustainably produced charcoal, a renewable fuel for steel manufacturing that replaces the commonly used coke). It also aligns with IFC's broader strategy to promote sustainability within the steel industry. This funding will strengthen the sustainable forest management programme of Aperam BioEnergia, Aperam's forestry and renewable energy subsidiary in Brazil. The transaction includes several tranches with maturities between 2026 and 2033. The investment will support the acquisition of complementary eucalyptus plantations and the modernisation of Aperam’s charcoal-producing kilns with cleaner and more efficient technology, further enhancing the sustainability of Aperam BioEnergia’s operations. Additionally, it will finance the expansion of its seedling nursery capacity to meet the growing demand for higher-quality seedlings from other forestry companies, as well as the development of improved tree varieties that yield higher biomass while requiring fewer resources, such as water. Finally, as a key innovation, the investment will help pioneer Aperam BioEnergìa’s commercial-scale production of bio-oil, captured from the waste generated in the charcoal production process. This bio-oil can replace synthetic fuel products, helping to avoid greenhouse gas emissions and improving the circularity of Aperam's operations. The IFC loan contains a financial covenant requiring that consolidated total debt does not exceed 90% of consolidated tangible net worth. On 31 December 2025, this covenant was fully complied with. On 31 December 2025 an amount of €187.5 million was drawn under the IFC loan.

33 Annual Report 2025

€240 million term loan

On 8 August 2025, Aperam signed a sustainability-linked term facility agreement (‘the Facility’) with Industrial and Commercial Bank of China (‘ICBC’) and a syndicate of Chinese banking partners based in Luxembourg, for an initial committed amount of €210 million. The Facility is structured as a term loan incorporating sustainability- linked features and was entered into to support Aperam’s overall refinancing strategy and general corporate purposes. The transaction includes several tranches with maturities between 2028 and 2030. On 8 October 2025, it was agreed to increase the total amount of the Facility from €210 million to €240 million. The Facility contains a financial covenant being a maximum consolidated total debt of 90% of consolidated tangible net worth. On 31 December 2025, this financial covenant was fully complied with. On 31 December 2025, €100 million were drawn under the Facility.

€225 million EIB loans

On 27 June 2016, Aperam and the European Investment Bank (‘EIB’) announced the signing of a €50 million financing contract dedicated to financing a research and development programme over the 2016-2019 period, as well as upgrades to two plants located in cohesion regions in France and Belgium (Isbergues, Hauts-de- France and Châtelet, Hainaut, respectively). This project was funded under the Investment Plan for Europe, also known as the ‘Juncker Plan’. The financing contract, which is senior unsecured, was entirely drawn down on 16 October 2018 and has a final maturity date of 16 October 2028.

On 25 February 2019, the Company announced the signing of a financing contract under which the EIB made €100 million available to Aperam. The purpose of this contract was to finance ongoing investments in the cold rolling and annealing & pickling lines at Aperam’s Genk plant (Belgium), as well as the Company’s ongoing modernisation programmes in the cohesion regions of Hauts-de-France (France) – Isbergues plant, and Hainaut (Belgium) – Châtelet plant. The financing contract, which is senior unsecured, was fully drawn down on 15 March 2019 and has a final maturity date of 15 March 2029.

On 30 September 2020, Aperam strengthened its liquidity profile with the signing of a top-up financing contract under which the EIB made €75 million available to Aperam to finance advanced stainless steel manufacturing technologies. This was in addition to the outstanding €100 million loan. This €75 million top-up facility was fully drawn on 8 October 2021 and has a final maturity date of 25 October 2031.The loans contain a financial covenant requiring that consolidated total debt does not exceed 90% of consolidated tangible net worth. As of December 31, 2025, and December 31, 2024, this financial covenant was fully complied with. As of 31 December 2025, an amount of €123 million was outstanding under these EIB loans, compared to €150 million outstanding as of 31 December 2024.

€200 million unsecured revolving credit facility

On 26 September 2023, Aperam entered into a 3+1-year sustainability-linked senior unsecured revolving credit facility (‘the Facility’) of €200 million with a syndicate of seven banks. The Facility is intended for the repayment of amounts outstanding under the existing financial indebtedness, together with any breakage costs and other costs and expenses payable in connection with such repayment, and for general corporate purposes. The Facility contains a financial covenant requiring that consolidated total debt does not exceed 90% of consolidated tangible net worth. As of 31 December 2025 and 31 December 2024, this financial covenant was fully complied with. On 9 September 2024, Aperam confirmed the extension of the Facility’s maturity by one year, to 22 September 2027. As of 31 December 2025, the Facility was fully undrawn. On 31 December 2024, an amount of €20 million was drawn under the Facility.

€190 million Schuldscheindarlehen

On 24 September 2019, Aperam successfully priced an inaugural €190 million multi-tranche Schuldscheindarlehen (a debt instrument governed by the laws of the Federal Republic of Germany) with maturities at four, five, six and seven years. On the back of very positive investor perception and significantly oversubscribed orderbook, Aperam was able to upsize the deal volume from an initially announced €100 million to €190 million. The fixed-rate tranches totalled €150 million when the floating rate tranches were totalling €40 million. The Company was able to price all tranches at the tight end of the announced spread ranges. Aperam took advantage of the constructive market environment to secure attractive conditions and successfully diversify its creditors base. The loans contain a financial covenant requiring that consolidated total debt does not exceed 90% of consolidated tangible net worth. As of December 31, 2025 and December 31, 2024, this financial covenant was fully complied with. On 27 March 2023, in accordance with §489 subsection (1) of the German Civil Code (“Bürgerliches Gesetzbuch”), the Company called €40 million 34 Annual Report 2025 Schuldscheindarlehen for early repayment at its nominal amount plus accrued interest, resulting in the full repayment of the floating-rate portion. As of 31 December 2025, an amount of €10 million was outstanding on the Loan, compared to €40 million outstanding as of 31 December, 2024.

€150 million guaranteed loan

On 28 October 2025, Aperam finalised a loan agreement backed by a guarantee of up to €150 million from Gigarant NV, a special-purpose-vehicle of the Flemish Government managed by PMV (“ParticipatieMaatschappij Vlaanderen”). The guarantee facilitated a loan from a consortium of ING, KBC and Belfius, supporting Aperam Genk’s continued development and reinforcing its role as a cornerstone of Flemish manufacturing. The transaction includes several tranches with maturities of three, four, and five years. These maturities will shift if the loan is extended by one year, and again if a second one-year extension is issued. The loans contain a financial covenant requiring that consolidated total debt does not exceed 90% of consolidated tangible net worth. As of December 31, 2025, this financial covenant was fully complied with. As of 31 December 2025, the Facility was fully undrawn.

€500 million bridge credit facility

On 25 October 2024, Aperam entered into a bridge term facility agreement (‘the Bridge Facility’) of €500 million with a syndicate of five core relationship banks. The Bridge Facility has a maturity of 12 months, with two optional of six-month extensions. The purpose of the agreement was to finance the acquisition of Universal Stainless & Alloy Products, and related fees, costs and expenses, as well as to refinance the existing financial indebtedness of the company. In October 2025, the Facility was fully reimbursed. On 31 December 2024, the Facility was fully undrawn.

Commercial paper programme

On 10 July 2018, Aperam received confirmation from Banque de France, as foreseen by art. D.213-2 of “Code monétaire et financier” of the French law, that the conditions described in the financial documentation of its NEU commercial paper for a maximum outstanding amount of €200 million met the legal requirements. On 11 June 2024, the size of the programme was increased by €50 million to reach a new maximum outstanding amount of €250 million. As of 31 December 2025, an amount of €51 million was drawn under the Aperam NEU CP programme, compared to €145 million as of 31 December, 2024.

True sales of receivables (TSR) programme

The Company has established sales-without-recourse trade accounts receivable programmes with financial institutions, referred to as true sales of receivables. The maximum combined amount of the programmes that could be utilised were €575 million and €575 million as of both 31 December 2025 and 31 December 2024, respectively. Through the TSR programme, certain Aperam operating subsidiaries surrender control, risks and the benefits associated with the accounts receivable sold. Accordingly, the receivables sold are recorded as a sale of financial assets, and the related balances are removed from the statement of financial position at the moment of the sale. The amount of receivables sold as of 31 December 2025 and 31 December 2024 were €350 million and €381 million respectively. The total amount of receivables sold under the TSR programme and derecognised in accordance with IFRS 9 for the years ending 31 December 2025 and 2024 were €2.3 billion and €2.6 billion, respectively. Expenses incurred under the TSR programme (reflecting the discount granted to the acquirers of the accounts receivable) are recognised in the consolidated statement of operations as financing costs and amounted to €(18) million and €(21) million in 2025 and 2024 respectively.

Recent developments

On 9 December 2025, Aperam announced its financial calendar for 2026. On 16 December 2025, Aperam announced changes to its Board of Directors effective at the end of 2025, details of which can be found in the ‘Leadership and governance’ chapter. On 5 January 2026, Aperam announced that Sud Sivaji has officially assumed the role of Chief Executive Officer, effective January 1, 2026. On 6 January 2026, before entering its quiet period ahead of the Q4 2025 quarterly results scheduled for 6 February 2026, Aperam reminded market participants of its standing guidance, earnings drivers, and events that should be considered. On 6 February 2026, Aperam published its dividend payment schedule for 2026. On 6 February 2026, Aperam announced investments totalling €160 million in:
* its Stainless & Electrical Segment’s units in Europe in Genk (cold rolling mill), Châtelet (annealing technology) and Gueugnon (cold rolling mill upgrade); and
* a new vacuum induction melting furnace complex in its Alloys & Specialties Segment’s unit in Imphy.

35 Annual Report 2025

The investments target increasing cost competitiveness in low cycles, capturing upsides in high cycles and delivering growth in specialties.

Financial policy

Aperam’s financial policy aims to maximise the Company’s long-term growth and the value accretion for its shareholders while maintaining a strong balance sheet. According to the financial policy, the main focus in 2025 was deleveraging as a key priority following the closing of the Universal Stainless & Alloy Products acquisition. As a first step, net debt was significantly reduced to less than €1 billion in 2025. To strengthen the balance sheet further, deleveraging will continue with the goal of achieving <1x Net Financial Debt/EBITDA at the end of 2027.

Earnings distribution

Dividend

As from 2019, dividends are announced in euros and paid in euros for shares listed on the European stock exchanges (Euronext Amsterdam, Euronext Brussels, Euronext Paris and Luxembourg Stock Exchange). Dividends are paid in U.S. dollars for shares traded in the United States on the over-the-counter market in the form of New York registry shares and converted from euros to U.S. dollars based on the European Central Bank exchange rate. A Luxembourg withholding tax of 15% is applied to gross dividend amounts. To benefit from an exemption from Luxembourg dividend withholding tax at source, an ‘Informative Memorandum’ describing the procedure is available at the following link: Procedure to apply for an exemption from Luxembourg withholding tax

In 2025

On 7 February 2025, Aperam announced its detailed dividend payment schedule for 2025. The Company proposed maintaining its base dividend of €2.00 per share, subject to shareholder approval at the 2025 Annual General Meeting. On 6 May 2025, at the 2025 Annual General Meeting, shareholders approved the base dividend of €2.00 per share. The dividend was paid in four equal quarterly instalments of €0.5 (gross) per share.

In 2026

On 6 February 2026, Aperam announced its detailed dividend payment schedule for 2026. The Company proposes to maintain its base dividend of €2.00 per share, subject to shareholder approval at the 2026 Annual General Meeting of 5 May 2026.The dividend payments would occur in four equal quarterly instalments of €0.5 (gross) per share in 2026, as described in the detailed dividend schedule below:

	1st Quarterly Payment (interim)	2nd Quarterly Payment	3rd Quarterly Payment	4th Quarterly Payment
Announcement date	19 February 2026	18 May 2026	10 August 2026	10 November 2026
FX exchange rate	20 February 2026	19 May 2026	11 August 2026	11 November 2026
Ex-dividend	24 February 2026	21 May 2026	13 August 2026	13 November 2026
Record date	25 February 2026	22 May 2026	14 August 2026	16 November 2026
Payment date	19 March 2026	18 June 2026	10 September 2026	10 December 2026

$^1$ Capital expenditure is defined as purchase of tangible assets and intangible assets, net of change in amount payables on these acquisitions

36 Annual Report 2025

Share buyback and corporate authorisations

There were no share buyback programmes at Aperam during 2025. No specific corporate authorisation for any share buyback programme was granted in 2025. On May 29 2024, Aperam announced the cancellation of shares. In line with its financial policy, 4,852,118 shares were cancelled. Refer to previous annual reporting for more details. As a result of this cancellation, Aperam has 73,184,570 shares in issue (compared to 78,036,688 before the cancellation). Aperam did not perform any share buyback programme in either 2024 or 2025.

Sources and uses of cash

Equity

Equity attributable to the equity holders of the parent company decreased from €3,354 million as of 31 December 2024 to €3,195 million as of 31 December 2025. This was mainly due to a €(144) million dividend declaration and €(39) million in foreign currency translation adjustments, partly compensated by a net profit for the year of €9 million, recognition of €5 million in share-based payments, €5 million of change in unrealised results on derivative financial instruments, €3 million in other movements, and €2 million of change in recognised actuarial gains and losses.

The following table presents a summary of our cash flows for the year ending 31 December 2025, compared to the year ending 31 December 2024:

	46022	45657
(in millions of euros)
Net cash provided by operating activities	422	280
Net cash used in investing activities	(589)	(155)
Net cash provided by / (used in) financing activities	279	(336)

Net cash provided by operating activities

Net cash provided by operating activities amounted to €422 million for the year ending 31 December 2025, compared to €280 million for the year ending 31 December 2024. The €142 million increase in net cash provided by operating activities between 2024 and 2025 was mainly due to a higher release in operating working capital of €176 million in 2025, compared to €44 million in 2024, and lower income tax paid by €7m in 2025 compared to 2024, partially offset by higher net interest paid by €14 million in 2025 compared to 2024.

Net cash used in investing activities

Net cash used in investing activities amounted to €(589) million for the year ending 31 December 2025, compared to €(155) million for the year ending 31 December 2024. The net cash used in investing activities for the year ending 31 December 2025 was mainly related to €(415) million in acquisition of net assets of subsidiaries, net of cash acquired (Universal), €(137) million in capital expenditures and €(37) million in purchases of biological assets, compared to €(139) million in capital expenditures and €(26) million in purchases of biological assets for the year ending 31 December 2024. In addition, we had €10 million of other investing activities in 2024.

Net cash used in financing activities

Net cash provided by financing activities was €279 million for the year ending 31 December 2025, compared to cash used in financing activities of €(336) million for the year ending 31 December 2024. Net cash provided by financing activities for the year ending 31 December 2025 was primarily due to €449 million of net proceeds from banks, less €(145) million of dividend payments and €(25) million of lease payments. Net cash used in financing activities for the year ending 31 December 2024 was mainly due to €(145) million of dividend payments, €(19) million of lease payments, and €(172) million of net payments to banks.

Capital expenditure $^1$

Capital expenditures for the years ending 31 December 2025 and 2024 were €137 million and €139 million, respectively.

37 Annual Report 2025

Corporate governance

All-encompassing corporate responsibility

Aperam’s commitment to sustainability is ingrained in our values of Leadership, Ingenuity and Agility, fully aligned with our vision to be the leading value creator in the circular economy of infinite, world-changing materials. Determined to achieve environmental excellence, we have one of the industry’s best carbon footprints. We also strive to adopt best practices in terms of ethics, governance, community engagement and corporate citizenship.

On 23 September 2021, Aperam announced that its Stainless Europe operations were successfully certified to be operating at the ResponsibleSteel™ Standard by the independent auditors AFNOR. This made Aperam the first stainless steel company to earn a site-level certification. The ResponsibleSteel™ initiative is the first global sustainability certification programme for the steel sector and its certification follows a stringent external audit of the company’s practices in environment, social and governance. Becoming the first stainless steel player to be certified under the ResponsibleSteel™ Standard reassures our stakeholders that we produce responsibly. With Aperam, our customers have selected a partner of choice, offering them responsibly produced solutions that are also 100% recyclable and low carbon – solutions that are much needed for the sustainable society we strive to live in. At Aperam, we are convinced that true business success can only be achieved through social and environmental sustainability, and we will pursue our strategy to further embed sustainability within all our processes.

Aperam is proud to be an industry leader in the field of corporate responsibility, and we are delighted that all our teams’ efforts on sustainability and responsibility – as evidenced by our industry-leading CO2 footprint – have been fully recognised with an all encompassing third-party certification. The ResponsibleSteelTM Standard, jointly developed by business partners and NGOs to promote steel as a responsible material of choice, consists of 13 principles and more than 200 requirements that set the benchmark for responsible steel production. These cover such fields as:
* Governance and ethics
* Health & Safety and other labour and human rights
* Climate change, greenhouse gas emissions and biodiversity
* Water stewardship and other environmental impacts
* Stakeholder engagement and local community relations

In accordance with the standard process, Aperam’s sites were screened based on written documentation, and underwent on-site audits by third-party auditors from AFNOR. The analysis was completed by dozens of exchanges with our external stakeholders, including officials, neighbours, associations, subcontractors, employees and unions. An independent Assurance Panel reviewed the final audit reports and agreed with the audit team’s conclusion that Aperam met the criteria required to be ResponsibleSteel™ certified. The audit of Aperam’s Stainless Europe facilities took place in June 2021, with recertification renewed in 2024 and a successful surveillance audit completed in December 2025. This certification includes Aperam’s Châtelet, Genk, Gueugnon, Isbergues and Saint-Denis sites in Belgium and France. Aperam South America, primarily our Timóteo site, was audited in September 2022, received its initial certification in January 2023, and was renewed in October 2025.

Indicator	Target	Timeline
Social
Health & Safety
TRIR (Total Recordable Incident Rate)	<3	2026
Employee Satisfaction	Sustainable Engagement from our All- Employee Surveys >80%	2025
Inclusion & Diversity	Gender diversity for exempt employees 30%	2029
Environmental
Energy consumption	Electricity & Nat. Gas intensity consumption - reduction vs 2021 (10)%	2030
CO2e emissions	GHG emissions (scope 1/2/3) per ton reduction vs 2021 excl. sequestration (20)%	2030
Air emissions	Dust emissions intensity - reduction vs 2021 (50)%	2030
Water consumption	Water intake intensity - reduction vs 2021 (40)%	2030
Waste & Recycling	Proportion of wastes recycled or reused (aiming at 100%) >97 %	2030
Stakeholders & Governance
Stakeholders' Engagement	Implementation level of framework (% of sites) 100%	2026
Compliance	Training rate Employees' completion of mandatory Ethics & Legal Training 85%	2026

38 Annual Report 2025

Social responsibility

Our commitment to a safe and healthy workplace

As reflected in our People & Presence strategic pillar, our first duty as an employer is to ensure that no one working for Aperam, our employees and subcontractors alike, suffers any harm from their work. All Aperam Group teams work in unison to make sure appropriate mindsets and procedures (including certifications such as ISO 45001) are always in place across the organisation. Furthermore, we continue to work on programmes to support the health and well- being of our employees, such as through our Health & Safety (H&S) paradigm and via the efforts of our Divisional Lead functions (which focus on transversal steering and the implementation of the Global H&S Roadmap. Refer to our 2024 Corporate Sustainability Report for more information.

When looking at our lagging indicators (Refer to Sustainability Information for more information), we clearly see an improvement over the year. Our Lost Time Injury Frequency Rate (LTI FR), which measures the time lost due to injuries, dropped from 2.3x in 2023 to 1.8x in 2024, to reach 1.7x in 2025.Our Total Recordable Injury Rate (TRIR), which looks at the number of total recordable incidents, went from 4.69 in 2024 to 4.2 in 2025. The severity rate of accidents was recorded at 0.14 in 2023; 0.15 in 2024 and 0.14 in 2025. We believe that strict H&S protocols and standards, along with a focus on our culture and well-being as our leading indicator set, is the right path to follow. Our 2026 target for TRIR remains unchanged, at <3 for the Group. Refer to our Methodological Note in the Sustainability Information section below for more information on our indicators.

Developing our people

We believe our employees’ added-value appreciates over time with expertise that is constantly being enhanced with on-the-job experience and training and greater autonomy – all of which are essential to continuous innovation and efficiency. This is why it is essential to regularly monitor the performance of our workforce over time and identify well-defined training needs. The Aperam Group has introduced various initiatives to improve the engagement and development of its employees, including an appraisal system based on broader feedback from colleagues, competency assessments, an extensive digital learning offer with generic and homemade courses, mentoring and coaching programmes, management meetings dedicated to people development topics and performance- based bonuses. In 2025, we continued our focus on accessibility and reach: we expanded our performance management system to include Aperam BioEnergia employees and began rolling out our learning management system to shop-floor workers at our Genk plant in Belgium. To define the right career paths for our people, we also need to be active listeners and use the results of our regular all-employee engagement surveys to further improve our work conditions and maintain our ranking as one of the best employers in the industry. In 2025, our People Engagement Survey indicated that 8.1 out of 10 employees would recommend Aperam as being a good place to work (up from a sustainable 7.8 score maintained three years in a row), with a response rate of 82% (88% in 2024 and, 77% in 2023). This commitment to our people continues to garner external recognition. In 2025, Aperam was rated among Europe’s Best Employers by the Financial Times and Statista. In Brazil, we continue to be recognised by the Fundação Instituto de Administração as one of the best companies to work for in the steel and agribusiness sectors.

Effective leadership

Aperam benefits from the experience and industry know-how of its Leadership Team. The composition and roles of the team are detailed in the ‘Composition of Leadership Team’ section of this report. The collective industry knowledge and leadership of Aperam's Leadership Team, along with their record of accomplishment in responding to challenging economic conditions, are key assets to Aperam's business. The newly appointed Chief Executive Officer (CEO), Mr. Sud Sivaji, has 25 years of professional experience in engineering, supply chain management, and finance, with extensive industrial expertise across the steel, stainless, and aerospace sectors, providing a solid foundation to lead Aperam’s next phase of strategic growth. Building on this leadership change, Aperam ensures continuity and organisational strength through a structured succession planning process. This process identifies and develops potential candidates for key positions, up to and including the Leadership Team, ensuring readiness for leadership transitions, business continuity, and alignment with the Company’s strategic priorities. Regular reviews keep succession plans current, supporting performance, diversity, and the development of future leaders. For each position, candidates are identified based on performance, potential and ‘years to readiness’. Their development needs are also discussed and 39 Annual Report 2025 confirmed. Regular reviews of succession plans are conducted to ensure that they are accurate and current.

Social dialogue and employee relations

Social dialogue is a key component in our ability to engage with and motivate our people. Employee representatives and unions are not only a natural and legal intermediary for our staff but also a key partner in discussions regarding the sustainability of our operations. This is why we always promote an open and honest dialogue, combined with mutual respect and trust ensuring the right to collective bargaining in place at our major production sites. We also promote direct dialogue with all our employees and ensure everyone has access to our HR policies. In 2025, Aperam maintained a high level of social dialogue, sharing our strategy and the company’s performance. This was achieved in a challenging context created by general inflation impacting energy and labour costs combined with a price squeeze between sales and scrap prices (EU) and significant steel importations (into EU), which led to a demanding situation for our company. Our regular meetings with the European Work Council focused on how Aperam managed the commercial, industrial and financial impacts of this situation in Europe. We also discussed the extension of the Leadership Journey® (Phase 5) and the announced cost-reduction programme.

Human rights and equal opportunities

Aperam’s commitment to human rights is detailed in our Human Rights policy. Built around 10 principles inspired by the United Nations’ Women Empowerment Principles, the policy covers all the aspects linked to equal opportunities (career, remunerations), as well as those related to safe working conditions (free from harassment, fighting stereotypes). Our procedures integrate a systematic, gender- based analysis, and regular communication campaigns are organised to combat all possible types of discrimination. To nurture a positive and inclusive company culture and management style between our multiple countries of operations, Aperam celebrates an Equal Opportunity month (in March), and regularly updates its processes and policies, such as an Inclusion & Diversity policy, introduced in 2023. The subject is part of the Group’s Stakeholder Engagement & Human Rights Committee held quarterly, which oversees the efficiency of the alert management system and discusses the risk and opportunity analysis and associated action plans. As per the 2025 Employee Survey, the satisfaction on the questions related to equal opportunities, parental policies, and trust in the alert mechanisms ranked among the Company’s strengths, with an overall approval grade of 8.3/10, irrespective of the respondents’ gender. In addition, we continuously monitor gender-related compensation gaps. In accordance with the CSRD methodology (average total hourly compensation across all employees, including the Leadership Team), the gender pay gap stands at 8.13% in 2025, compared to 5.75% in 2024. The increase in the CSRD gender pay gap in 2025 is primarily attributable to the evolution of the workforce mix in Brazil. A significant expansion of female hiring in operational roles, along with temporary industry-level compensation dynamics, impacted the consolidated figures despite continued progress under the local Diversity, Equity and Inclusion plan. Based on the internal Merit Annual Review methodology (annual gross base salary for exempt employees only, excluding the Leadership Team), the gender pay gap is 6.2% in 2025, compared to 7.8% in 2024. Within this framework, 8.2% of women were promoted in 2025 (vs. 4.8% in 2024), compared to 6.8% of men (vs. 4.5% in 2024). We support the United Nations’ Sustainable Development Goal 5 (Gender Equality).

Stakeholder relationships

Corporate citizenship

We strive to maintain constant engagement, benevolence and transparency with all our stakeholders, in line with our values and commitment to corporate responsibility. Through our actions and by keeping our word, we aim to earn their trust and protect our business relationships, as well as our social licence to operate.

Community engagement

Aware that our success depends on the well-being of the communities we operate in – the home of our current and future employees, suppliers and end-users – we always try to mitigate any possible nuisance and organise our development in a fully respectful manner. We engage openly with local stakeholders, such as neighbours and local authorities, to maintain sound and sustainable local relationships, especially at our larger plants and with an accrued attention to vulnerable populations. This commitment is part of our External Stakeholder engagement policy. The latter details our communication strategy for ensuring that quality dialogue is in place, in line with the populations’ needs, the true impact of our sites, and with the materiality assessment expected by the best governance standards (GRI and Corporate Sustainability Reporting Directive when applicable). We are often a key employer in the regions we operate in, and in such cases our local economic impact goes well beyond creating direct jobs and paying wages and taxes. An organisation like ours can indirectly attract additional revenue into the local economy by supporting local partners in the supply chain, especially in remote areas 40 Annual Report 2025 or regions with high unemployment rates. We also recognise our responsibilities around local issues such as traffic and noise. At its main sites, Aperam aims to develop local partnerships and programmes that support neighbouring communities in areas such as employment, education, culture and the environment. In Brazil, we do this primarily through our Aperam Acesita Foundation, which supports a wide range of projects and partnerships across Minas Gerais, as well as through numerous local programmes in the country.In 2025, our Aperam Acesita foundation also continued its work on education for children and adults (around 19000 beneficiaries), cultural empowerment (around 65000 beneficiaries), and environmental awareness, particularly through the Oikos Environmental Education centre (over 33000 beneficiaries). The centre is a 989- hectare area of Atlantic forest that contains numerous springs and a rich variety of fauna and flora. It also hosts several activities, including educational visits for scholars and training courses run in partnership with the National Rural Learning Service (Senar). Our Foundation’s work spans both the region surrounding our Timóteo site in the Steel Valley and the Jequitinhonha Valley, where our BioEnergia forestry operations are located. We support the United Nations’ Sustainable Development Goal 11 (Sustainable Cities and Communities).

Cooperation with authorities

As a responsible company, Aperam aims to sustain sound relationships with local authorities and regulators, which represent the interests of the general public, without interfering in the public debate. In addition to complying with regulations, we cooperate fully with the authorities and respond diligently when requested. Aperam does not usually participate in the public debate directly and relies primarily on its professional associations (e.g. EUROFER, in Europe, and the Brazil Steel Institute in Brazil) to transparently promote its business interests. In addition, no support is ever granted by Aperam to any specific party, and the only financial contribution made to authorities is in the form of the taxes and duties owed, which we pay scrupulously. Refer to the section Business Ethics for more on our Ethics and Compliance. We support the United Nations’ Sustainable Development Goal 16 (Peace, Justice and Strong Institutions).

Responsibility in the supply chain

As part of our corporate responsibility programme and in line with our Responsible Procurement policy, we screen our potential and active partners to assess their alignment with our ethical, compliance, and sustainability standards, including human rights and environmental responsibilities. In addition, we conduct an annual survey of suppliers identified through our risk analysis process. Specific awareness is provided to our suppliers regarding our Responsible Procurement principles. This includes:
* the principles set out in our Responsible Procurement policy and our Code of Business Conduct, including human rights principles, stakeholder engagement, and environmental stewardship;
* our general terms and conditions;
* participation in regular assessments; and
* the obligation to immediately inform us and implement a remediation plan in the event of significant incidents (e.g., those impacting local communities or the environment).

We aim to work with suppliers that comply with our high ethical standards. When our due diligence concludes that a situation deviates from our standards and is not likely to be remediated and improved, and/or our demands in terms of information or monitoring remain insufficiently addressed, the business relationship can be either suspended or terminated. In 2025, as part of our Responsible Procurement procedures, we suspended 1 supplier, conducted over 40 supplier audits, and finalised 85 action plans defined with our suppliers based on the results of their evaluations by the end of the year. Overall, no significant supply chain risks were to be escalated.

41 Annual Report 2025

Business ethics

Ethics and compliance

Business ethics and fair dealings

At Aperam, we govern ethics through our Aperam Code of Business Conduct, which establishes the behavioural standards to be followed by all Aperam’s employees and directors in the exercise of their duties. This Code specifies the ‘do’s and don'ts’ that apply in all our countries of operations. It addresses topics ranging from the fight against discrimination to the expectations of our business partners, be they customers or suppliers. It also covers the numerous facets of conflict of interest: an Aperam employee should always act in the best interests of the Company and must avoid any situation in which their personal interests could conflict with their obligations to Aperam. Any behaviour that deviates from the Code of Business Conduct is to be reported and sanctions can apply, up to termination, as we have a zero-tolerance policy for non-compliant behaviours. Code of Business Conduct training happens on arrival at Aperam via an induction training and is regularly repeated to ensure it remains a key priority. A set of additional policies, published externally, detail Aperam’s stance on key topics such as anti-corruption and money laundering, gift and entertainment, antitrust, data privacy and human rights, to name a few. These policies come with operational guidelines that are regularly updated in line with current best practices and with regularly refreshed training routines. Our key policies are available in the section Corporate Documentation of Aperam’s website.

Process for handling complaints

Our Prevention of Misconduct & Whistleblowing Policy encourages all employees to report any violation of the Aperam Code of Business Conduct, including but not limited to, all issues related to fraud, corruption and conflicts of interests, along with matters and irregularities related to health, safety, the environment, human rights and data privacy. Reporting should be done using the employee’s direct reporting lines, the compliance correspondents, HR or internal audit, but also using the Aperam whistleblowing line, available in the footer of the Whistleblower section of the Aperam homepage (www.aperam.com). In 2025, there were 51 allegations relating to fraud, corruption and conflicts of interests that were referred to the Group Global Assurance Department. Of these, 21 led to in depth investigation. At the end of 2025, 20 forensic cases had been investigated, with 15 cases considered to be founded, but without material impact on Aperam accounts, and five cases unfounded. These cases are reviewed by the Audit, Risk and Sustainability Committee, reporting to the Board of Directors.

A compliance-focused workforce

In a global organisation like Aperam, it is important to ensure that all employees are at all times fully aligned with the corporate governance and compliance framework and that a zero tolerance policy for non-compliant behaviours is achieved. To fully implement this culture, the Group continuously improves its corporate governance and compliance framework and practices, as well as its employees’ overall awareness of the subject. For instance, Aperam ensures all its numerous policies are well understood, in topics as varied as anti-corruption and anti-money laundering to antitrust, conflicts of interest, and data privacy. We do this using a network of compliance correspondents who spread the word at our sites and from the C-suite down to the shop-floor. We also use a specific Ethics & Compliance Academy on our Learning Management System that features off-the-shelf courses and tailor-made learning modules available in many languages. We further use automated processes like the annual Compliance Certificate and the declarations of potential conflicts of interests, which are based on MyHR, our People Management System. This allows it to deliver effective training while protecting the confidentiality of data and by leveraging all the features of a powerful ERP (master people database, automatic notifications, reminders).

Global assurance

Aperam has a Global Assurance function that, through its Chief of Global Assurance, reports directly to the Audit, Risk and Sustainability Committee. The vision of the Global Assurance function is to be an agile and trusted advisor that provides value- adding assurance services and facilitates change through a talent pool of future business leaders. The function, which uses best-in-class methodologies in line with the Institute of Internal Auditors (IIA) standards, is staffed by full-time professional staff located at our Head Office in Luxembourg and at the main production sites in Europe and Brazil. The function supports the Audit, Risk and Sustainability Committee and the Leadership Team in fulfilling their oversight responsibilities in governance, risk management, compliance and forensic services. Recommendations to improve the internal control environment are made by the Global Assurance function and their implementation is reviewed quarterly by the Audit, Risk and Sustainability Committee.

Independent auditors

The selection and determination of fees of the independent auditors is the direct responsibility of the Audit, Risk and Sustainability Committee. The Audit, Risk and 42 Annual Report 2025 Sustainability Committee is further responsible for obtaining, at least once a year, a written statement from the independent auditors that their independence has not been compromised. The Audit, Risk and Sustainability Committee has obtained such a statement of independence from Aperam's key independent auditors, as well as a confirmation that none of its former employees are in a position within Aperam that may compromise the auditor's independence. The appointment of the independent auditors is submitted to shareholder approval. Audit fees in 2025 were €2.6 million for the auditing of financial statements. Refer to Note 31 to the Consolidated Financial Statements for more information.

Measures to prevent insider dealing and market manipulation

Aperam’s Board of Directors has adopted Insider Dealing Regulations (IDR), which are updated when necessary and in relation to which training is conducted throughout the Group.In 2025, the IDR were updated to reflect recent regulatory developments in the area of insider dealing and market abuse, including the adoption of the EU Listing Act, which introduced targeted amendments to Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (the Market Abuse Regulation), applicable in all EU Member States, including Luxembourg. The IDRs are available on Aperam's website under the section Corporate Documentation. The Board of Directors has appointed the Company Secretary to act as the IDR Compliance Officer, responsible for responding to questions about the IDR's interpretation. Aperam maintains a list of insiders as required by law. The IDR Compliance Officer may assist senior executives and directors with the filing of notices required by Luxembourg law which are to be filed with the Luxembourg financial regulator, the CSSF (Commission de Surveillance du Secteur Financier). Furthermore, the IDR Compliance Officer has the power to conduct investigations in connection to the application and enforcement of the IDR, in which any employee or member of senior management or of the Board of Directors is required to cooperate.

Data privacy & cybersecurity

Cybersecurity

As Aperam accelerates digitalisation across its operations, cybersecurity has become a fundamental component of operational resilience. It is no longer confined to the protection of information systems alone, but is central to safeguarding our people, our industrial assets, and the continuity of our sustainable value creation. Cybersecurity is therefore managed as a core business risk, directly linked to Health & Safety, operational reliability, and long-term performance.

In 2025, we aligned our cybersecurity programme further with leading international standards, structured around the NIST Cybersecurity Framework 2.0 and progressively governed through an ISO/IEC 27001-based management system. This approach ensures cyber risks are identified, assessed, and treated with the same rigour as financial, environmental, and safety risks. It also establishes clear accountability, consistent control oversight, and transparent reporting to executive management and the Board.

Protecting Aperam’s increasingly connected environment remains a strategic priority. To support this, we reinforced key technology controls across endpoint protection and network security, and invested further in early incident-detection capabilities. These actions have strengthened our 24/7 security operations centre and enhanced our ability to proactively identify and contain cyber threats before they can impact operations.

User awareness remains a critical line of defence. We continue to strengthen our structured awareness programme through context aware training programmes, regular engagement initiatives such as Cybersecurity Week, and recognition of exemplary security behaviours. Ongoing phishing simulations are used to measure effectiveness and reinforce a strong, security-first culture across the organisation.

In 2025, Aperam experienced no cybersecurity breaches. Looking ahead, we remain committed to strengthening and adapting cybersecurity controls throughout 2026. Our priorities include sustaining a high level of vigilance, further improving our ability to detect, respond to, and recover from cyber incidents, and intensifying our focus on risks to industrial and production environments. We will continue to enhance controls around identity and email security and progress toward ISO/IEC 27001 certification, further embedding cybersecurity governance and resilience across the Group.

Global data privacy at Aperam

As an international company with global systems and teams located both in and outside of Europe, Aperam not only enforces the European General Data Protection Regulation (GDPR), but also addresses local regulations concerning international data flows and data processing. As such, Aperam’s Data Protection team is supported by a trained network of local data protection correspondents at local level. A Data Protection Committee is also in place to review the Data Protection Department’s roadmap, along with our ongoing actions and exchanges with authorities. The relevant Lead Supervisory Authority for the Group is the national authority of Luxembourg, the CNPD. Compliance with the GDPR is for Aperam more than requirements, but an opportunity to rethink its day-to-day activities and customer relationships, ensuring the protection of all its stakeholders' privacy.

43 Annual Report 2025

Leadership and governance

Aperam complies with the 10 Principles of Corporate Governance of the Luxembourg Stock Exchange, which serve as our domestic corporate governance code. We aim to continuously improve our governance in line with our vision for corporate citizenship, ethics, and responsibility. We remain committed to monitoring legal requirements, adopting state-of-the-art practices, and adjusting our controls and procedures as necessary.

Composition of Board of Directors

The Board of Directors is in charge of the overall management of the Company. It is responsible for all acts of administration necessary or useful to implementing Aperam’s corporate purpose as described in the Articles of Association, except for matters expressly reserved by Luxembourg laws or the Articles of Association to the Annual General Meeting of shareholders.

On 6 May 2025, the Annual General Meeting of shareholders (AGM) approved the re-election of Mr. Lakshmi N. Mittal, Mrs. Bernadette Baudier, Mr. Aditya Mittal and Mrs. Roberte Kesteman as members of the Board of Directors of Aperam for a three year term. Refer to the AGM documentation on our website.

On 16 December 2025, Aperam announced changes to its Board of Directors, effective 1 January 2026. The Board decided to co-opt Mr. Timoteo Di Maulo, who stepped down as CEO on 31 December 2025, as a Director. His appointment will be submitted for shareholder approval at the next Annual General Meeting of shareholders. This coincides with the resignation of Mr. Sandeep Jalan, who stepped down from the Board of Directors on 31 December 2025 for personal reasons.

The members of the Board of Directors, their positions, and mandate terms are listed below. Refer to our corporate website for more information.

Name	Age (1)	Position within the Company (2)	Date joined Board	Term expires
Mr. Lakshmi N. Mittal	75	Chairman of the Board of Directors	December 2010	May 2028
Dr. Ros Rivaz (4)	70	Lead Independent Director	May 2020	May 2026
Mrs. Bernadette Baudier(3)	65	Director	May 2019	May 2028
Mrs. Roberte Kesteman(3) (4)	68	Director	May 2022	May 2028
Mr. Sandeep Jalan	58	Director	November 2020	May 2027(5)
Mr. Alain Kinsch (3) (4)	54	Director	May 2020	May 2026
Mr. Aditya Mittal	49	Director	December 2010	May 2028

Notes:
(1) Age on 31 December 2025
(2) See section on Corporate Governance for the status of independent director
(3) Member of the Audit, Risk and Sustainability Committee
(4) Member of the Remuneration, Nomination and Corporate Governance Committee
(5) Mr. Jalan stepped down from the Board on 31 December 2025

The election of members of the Board of Directors is an agenda item published in the Company's convening notice to its shareholder meetings. Members of the Board of Directors are elected by a simple majority of the represented shareholders at an ordinary general meeting of shareholders. The directors of Aperam are elected for three-year terms. No member of the Board of Directors has entered into a service contract with Aperam or any of its subsidiaries providing for benefits upon the end of their service on the Board. All non-executive Directors of the Company signed the Company’s Appointment Letter, which confirms the conditions of their appointment, including compliance with a non-compete provision, the 10 Principles of Corporate Governance of the Luxembourg Stock Exchange, and the Company's Code of Business Conduct.

44 Annual Report 2025

Composition of Leadership Team

Senior management members form the Leadership Team, which is entrusted with the day-to-day management of the Company. The members of the Leadership Team are appointed and dismissed by the Board of Directors. The Leadership Team may only exercise the authority granted to it by the Board of Directors. According to Aperam’s Articles of Association, the Board of Directors can delegate the day-to-day management of the Company and the authority to represent the Company to one or more executive officers (‘directeurs généraux’). These officers will not qualify as a ‘directeur général’ under Luxembourg law (specifically Article 441-11 of the Law of 10 August 1915, as amended by the law of 10 August 2016). Executives (‘directeurs’) or other agents may also form a management board (‘direction générale’), which will not be considered a ‘comité de direction’ under the same law, and will operate based on rules set by the Board of Directors.

In 2025, Aperam’s Leadership Team transitioned in line with the Group’s succession planning, following the year-end retirement of Mr. Timoteo Di Maulo. As part of this transition, Mr. Sudhakar Sivaji, formerly Chief Financial Officer, was first appointed Deputy Chief Executive Officer, then Chief Executive Officer effective 1 January 2026. By having the broader Leadership Team in place since October 2025, Aperam is ensuring continuity of leadership and positioning the Company to execute its long-term strategy and drive sustainable value creation across its integrated value chain. Mr. Sivaji is supported by the other members of the Group's senior management team. This includes: Mr. Nicolas Changeur, Chief Financial Officer; Mrs. Vanisha Mittal Bhatia, Chief Strategy Officer; Mr. Jan Hofmann, Chief Executive Officer Recycling and Chief Executive Officer Services & Solutions Americas; Mr. Frederico Ayres Lima, Chief Executive Officer Stainless and Services & Solutions Europe; Mr.Rodrigo Villela, Chief Executive Officer of Aperam South America & Renewables; Mr. Bert Lyssens, Chief Human Resources Officer and Chief Sustainability Officer; Mr. Frédéric Mattei, Chief Executive Officer Alloys & Specialties and Chief Innovation Officer; and Mr. Geert Verbeeck, Chief Technology & Information Officer. For further details on the structure and roles of the leadership team, visit our Corporate website.

Corporate governance practices

The Board of Directors oversees the overall governance and direction of the Company. It is responsible for the performance of all acts of administration necessary or useful to implementing the corporate purpose of the Company as described in the Articles of Association, except for matters expressly reserved by Luxembourg law or the Articles of Association to the Annual General Meeting of shareholders.

The Articles of Association provide that the Board of Directors must be composed of a minimum of three members. None of the members of the Board of Directors may hold an executive position or executive mandate within the Company or any entity controlled by the Company. The Articles of Association provide that Directors are elected and removed by the general meeting of shareholders by a simple majority of votes cast. If a vacancy arises on the Board of Directors for any reason, the remaining members of the Board of Directors may, by a simple majority, elect a new director to temporarily fulfil the duties of the vacant post until the next Annual General Meeting of shareholders. Any director may be removed with or without cause, again by a simple majority vote at any Annual General Meeting of shareholders.

The Board is assisted by a Company Secretary Office, which also acts as Secretary of all Board committees. The Company Secretary Office fulfils those tasks and functions that are assigned to it by the Board of Directors. In particular, the Company Secretary ensures that all Directors receive prompt and relevant information, and the necessary documentation to carry out their responsibilities. The 10 Principles of Governance of the Luxembourg Stock Exchange require Aperam to define the independence criteria that apply to its Directors, which are described in Article 8.1 of its Articles of Association (available on our website).

Specific characteristics of the Director role

There is no requirement in the Articles of Association that Directors be shareholders of the Company. The Board of Directors improved its corporate governance framework on 4 February 2013 to align the Company's corporate governance practices, with developing best practices around term limits and over-boarding. This framework limits a Director’s time of service on the Board of Directors and the number of directorships they can hold.

An Independent Director may not serve on the Board of Directors for more than 12 consecutive years, although the Board of Directors may, by way of exception to this rule, make an affirmative determination, on a case-by-case basis, that he or she can continue to serve beyond 12 years. Such an exception to the rule is warranted when a Director’s continued service is considered to be in the best interest of the Company based on the contribution of the Director involved and the balance of knowledge, skills, experience and renewal in the Board.

As membership of the Board of Directors represents a significant time commitment, Directors are required to devote sufficient time to performing their duties as a Director of Aperam. Directors are therefore required to consult with the Chairman and the Lead Independent Director before accepting any additional commitment that could conflict with or impact the time they can devote to their role as a Director of 45 Annual Report 2025 Aperam. Furthermore, a Director may not serve on more than four public company boards in addition to the Aperam Board of Directors. However, service on the Board of Directors of any subsidiary or affiliate of Aperam or of any non-publicly listed company is not taken into account for purposes of complying with the foregoing limitation. The Board of Directors may, by way of exception, allow for a temporary lifting of this rule.

Although Directors of Aperam who change their principal occupation or business association are not necessarily required to leave the Board of Directors, the policy requires each Director, in such circumstances, to promptly inform the Board of Directors of the action he or she is contemplating. Should the Board of Directors determine that the contemplated action would generate a conflict of interest, such Director would be asked to tender his or her resignation to the Chair of the Board of Directors, who can then decide to accept or reject the resignation. The remuneration of the members of the Board of Directors is determined on a yearly basis by the Annual General Meeting of shareholders.

Required skills, experience and other personal characteristics

The Board and its committees are required to ensure that the Board has the right balance of skills, experience, independence and knowledge needed to meet the highest standards of governance. The Company's Directors must demonstrate unquestioned honesty and integrity, preparedness to question, challenge and constructively critique, and a willingness to understand and commit to the highest standards of governance. They must be committed to the collective decision-making process of the Board and must be able to debate issues openly and constructively. Directors must also commit themselves to remaining actively involved in Board decisions and to applying strategic thinking to the matters at issue. They must be clear communicators and good listeners who actively contribute to the Board in a collegial manner. Each director must also ensure that no decision or action is taken that places their interests in front of those of the business. Each director has an obligation to protect and advance the interests of Aperam and must refrain from any conduct that would harm it.

In order to govern effectively, non-executive Directors must have a clear understanding of Aperam's strategy and a thorough knowledge of the Aperam Group and the industries in which it operates. Non-executive Directors must also be sufficiently familiar with the Group's core business to be able to effectively contribute to its strategic development and monitor its performance. Furthermore, the composition of the non-executive Directors should be such that the combination of experience, knowledge and independence of its members allows the Board to fulfil its obligations to the Company and other stakeholders in the best possible manner. The Remuneration, Nomination and Corporate Governance Committee ensures that the Board is composed of high-calibre individuals whose background, skills, experience and personal characteristics enhance the overall profile of the Board. The Committee also helps the Board meet its needs and diversity aspirations by nominating high quality candidates for election to the Board by the Annual General Meeting of shareholders.

Board profile

Skills - The key skills and experience of the Directors, and the extent to which they are represented on the Board and its committees, is reviewed yearly. In summary, the non-executive Directors contribute in terms of (i) international and operational experience; (ii) understanding of the industry sectors in which we operate; (iii) knowledge of world capital markets and being a company listed in several jurisdictions; (iv) understanding of the health, safety, environmental, political and community challenges that we face; and (v) knowledge of sustainable business. Each director is required to sign and adhere to the Aperam Code of Business Conduct. In addition, each director is expected to bring an area of specific expertise to the Board.

Succession - The Board manages its own succession planning, with the assistance of the Remuneration, Nomination and Corporate Governance Committee. In doing so, the Board:
* considers the skills, backgrounds, knowledge, experience and diversity of geographic location, nationality and gender necessary to allow it to meet the corporate purpose;
* assesses the skills, backgrounds, knowledge, experience and diversity currently represented;
* identifies any inadequate representation of those attributes and agrees on the process needed to ensure the selection of a candidate who brings these attributes to the Board; and
* reviews how Board performance might be enhanced, both at an individual director level and for the Board as a whole.

The Board believes that orderly succession and renewal is achieved through careful planning and by continuously reviewing its composition. When considering new appointments to the Board, the Remuneration, Nomination and Corporate Governance Committee oversees the preparation of a position specification that is provided to an independent recruitment firm retained to conduct a global search, taking into account, among other factors, geographic location, nationality and gender. In addition to the specific skills, knowledge and experience 1 Law of 19 December 2025 establishing a quantitative objective regarding gender balance among directors of listed companies for the purpose of transposing Directive (EU) 2022/2381 of the European Parliament and of the Council of 23 November 2022 on improving the gender balance among directors of listed companies and related measures. 46 Annual Report 2025 required of the candidate, the specification contains the criteria set out in the Aperam Board profile.

Diversity - Overall, diversity at Aperam is aligned with the global effort to increase gender diversity on the boards of listed and unlisted companies. Three of the Board’s seven Directors are women (43%, our Board is above the regulatory threshold applicable since December 2025 1).We consider diversity not only relating to gender, but also to the background, professional industry experience, age and nationality of members.

Director Induction, Training and Development

Aperam is committed to continuously improving the training and development of its Directors. From appointment and throughout their tenure, Directors receive targeted induction and ongoing training to stay updated on regulatory requirements, business activities, and market developments. This ensures they have the expertise to exercise sound judgment, maintain strong governance standards, and contribute effectively to the company’s strategic objectives. Training covers business, environmental, social, and governance matters to provide the Board with deeper understanding of the Group's activities, sustainability and environmental aspects, key issues and strategy, and remuneration framework. In 2025, the Board benefited from several initiatives, including training on climate change and trade defence, and updates on existing cybersecurity controls. Non-executive directors also build their Group and industry knowledge through the involvement of the Leadership Team members and other senior employees at Board meetings. Business briefings, site visits and development sessions underpin and support the Board's work on monitoring and overseeing progress towards the corporate purpose of creating long-term shareholder value through the development of our stainless steel business. We therefore continuously build-up our Directors' knowledge to ensure that the Board remains up-to-date with developments within our operating segments, as well as developments in the markets in which we operate.

The Remuneration, Nomination and Corporate Governance Committee oversees Directors’ training and development. This approach allows induction and learning opportunities to be tailored to the Directors' committee memberships, as well as the Board's specific areas of focus. It also ensures a coordinated process in relation to succession planning, Board renewal, training, development and committee composition, all of which are relevant to the Committee’s role in securing a consistent supply of talent to the Board. The Board of Directors and the Board committees may engage the services of external experts or advisers, as well as take all actions necessary or useful to implement the Company’s corporate purpose and strategy. The Board of Directors including its Committees has its own budget, which covers such functioning costs as external consultants and travel expenses.

Share Transactions by Management

In compliance with laws prohibiting insider dealing, the Board of Directors of Aperam has adopted specific regulations that apply throughout the Aperam Group. These regulations are designed to ensure that insider information is treated appropriately within the Company and to avoid insider dealing and market manipulation. Any breach of the rules set out in this procedure may lead to criminal or civil charges brought against the individuals involved, as well as disciplinary action by the Company. Share transactions by Management are reported on the Company’s website.

Board of Directors Meetings

Board Chair

The Board of Directors shall choose amongst its members a Chairperson of the Board of Directors (Président du conseil d’administration, hereinafter ‘Chairperson’). The Board may also choose one or several vice-chairs. The meetings of the Board of Directors shall be chaired by the Chairperson or, in his or her absence, by a Vice-chair. The Board of Directors meets when convened by the Chairperson of the Board, a Vice-Chair, or two members of the Board of Directors. In the absence of the Chairperson, the Board of Directors will appoint, by majority vote, a Chairperson for the meeting in question. The Chairperson may decide not to participate in a Board of Directors meeting, provided they have given a proxy to one of the Directors who will be present at the meeting. For any meeting of the Board of Directors, a Director may designate another Director to represent them and vote in their name, provided that the Director so designated does not represent more than one of their colleagues at any given time.

Meeting frequency and attendance

The Board of Directors holds meetings on at least a quarterly basis, as five regular meetings are scheduled per year. The Board of Directors holds additional meetings if and when circumstances require, in person or by teleconference, and can make decisions by written circulation, provided that all members of the Board of Directors agree. In order for a meeting of the Board of 47 Annual Report 2025 Directors to be validly held, a majority of the Directors must be present or represented, including at least a majority of the Independent Directors. The Board of Directors held five meetings in 2025, and the average attendance rate was 100%.

Voting

Each Director has one vote and none of the Directors, including the Chairperson, has a casting vote. Decisions are made by a majority of the Directors present and represented at a validly constituted meeting. The decisions of the Board of Directors relating to the issue of any financial instruments carrying or potentially carrying a right to equity, pursuant to the authorisation conferred by Article 5.5 of the Articles of Association, shall be taken by a majority of two-thirds of the Directors present or represented at a validly constituted meeting.

Independent Directors

Lead Independent Director

The independent members of the Board of Directors are entitled to nominate a Lead Independent Director on an annual basis, whose functions include the following:
* coordinating the activities of the independent Directors;
* liaising between the non-independent Directors and the independent Directors;
* calling meetings of the independent Directors when necessary and appropriate; and
* performing such other duties as may be assigned to them by the Board of Directors from time to time.

Dr. Ros Rivaz was elected by the Board of Directors as Aperam's Lead Independent Director in February 2021. Such designation was renewed in 2023. The independent members of the Board of Directors may hold meetings without the presence of management and non-independent Directors. In 2025, the independent members of the Board of Directors met on four occasions.

Annual Self-Evaluation

Each year, the Board of Directors and its committees conduct self-evaluations in order to identify potential areas for improvement. The self-evaluation process includes structured interviews between the Lead Independent Director and the members of the Board of Directors and covers the overall performance of the Board of Directors, its relations with the Leadership Team, the performance of individual Directors, and the performance of the Committees. The process is supported by the Company Secretary, under the supervision of the Chairperson and the Lead Independent Director. The conclusions of the self-evaluation process are reviewed respectively by the Remuneration, Nomination and Corporate Governance Committee and by the Audit, Risk and Sustainability Committee and presented, along with recommendations from the Committees, to the Board of Directors for adoption and implementation. Suggestions for improving the Board of Directors' process based on the prior year's performance and functioning are implemented the following year.

With respect to performance in 2025, the members of the Board of Directors were of the opinion that both it and Management had continued to perform successfully during 2025. Highlights included:
* Strategic and operational oversight: The Board extended its business understanding through direct engagement, notably via a successful site visit to facilities in Brazil, which provided essential first-hand context. Furthermore, the Board maintained consistent oversight of the Universal acquisition, ensuring a comprehensive understanding of its integration.
* Governance and leadership succession: Significant progress was made in managing leadership transitions, ensuring organisational stability during periods of change. The Board also demonstrated measurable improvements in its overall governance standards and effectiveness.

The Board of Directors believes that its members have the appropriate range of skills, knowledge, experience, and diversity needed to effectively govern the business. Board composition is reviewed on a regular basis and additional skills and experience are actively searched for in line with the expected development of Aperam's business as and when appropriate. For 2026, the members of the Board of Directors continued to set priorities for discussion and review, including:
* Management transition: A primary focus remains on supporting the new Leadership Team and the Non-Executive Director as they transition into their roles. This includes continued attention on ensuring adherence to corporate governance, as well as maintaining vigilance to provide proactive support and identify Management needs to ensure continued commercial success.
* Post-acquisition performance monitoring: In 2026, the successful integration of Universal Stainless & Alloy Products remains a primary objective. The Board will maintain a rigorous focus on performance monitoring for recent acquisitions, with a particular emphasis on Health & Safety, cultural alignment, and the realisation of synergies. 48 Annual Report 2025
* Knowledge enhancement and risk management: The Board has identified specific areas where its members require deeper knowledge enhancement and training sessions with experts. The 2026 programme already includes Trade defense, AI projects, ESG & CSRD impacts, Cybersecurity, and a site visit dedicated to decommoditisation and innovation.# Committees of the Board of Directors

As of 31 December 2025, the Board of Directors had two committees: the Audit, Risk and Sustainability Committee and the Remuneration, Nomination and Corporate Governance Committee, both of which are described in greater detail below.

Committee composition

Name	Position within Aperam	Independent/ Non Independent Status	Audit, Risk and Sustainability Committee	Remuneration, Nomination and Corporate Governance Committee
Bernadette Baudier	Member of Board of Directors	Independent Director	X (Chair)
Roberte Kesteman	Member of Board of Directors	Independent Director	X	X
Alain Kinsch	Member of Board of Directors	Independent Director	X	X (Chair)
Ros Rivaz	Member of Board of Directors	Lead Independent Director	X

Audit, Risk and Sustainability Committee

Role - The Audit, Risk and Sustainability Committee is primarily focused on ensuring robust oversight of the Company’s financial integrity, risk management, and sustainability practices. Its work supports the Board in maintaining strong governance, effective controls, and compliance with regulatory requirements. Regarding audit-related matters, the Committee supports the Board in overseeing the Company’s financial reporting, internal controls, and ESG-related disclosures. Its duties include reviewing financial and sustainability reports, monitoring the work of independent auditors and the global assurance department, evaluating major legal, tax, and compliance matters, implementing recommended audit adjustments, and ensuring open communication among auditors, management, and the Board. Since 2024, the Committee has placed additional focus on sustainability reporting and internal controls to ensure compliance with evolving requirements. Regarding risk management matters, the Committee assists the Board in monitoring and improving the Company’s risk management framework. This includes reviewing risk identification and management processes, evaluating risk policies, promoting open dialogue on risk among Management and the Board, assessing risk tolerance levels, and reviewing audit plans. It also provides recommendations on risk mitigation and may consult external experts as needed. In fulfilling its duties, the Audit, Risk and Sustainability Committee may seek the advice of outside experts. Full details on the Committee’s role are available on the Company’s website.

Composition - The Audit, Risk and Sustainability Committee is composed of three Independent Directors: Bernadette Baudier, Roberte Kesteman and Alain Kinsch. Bernadette Baudier has been the Chairperson of the Committee since August 2019. The members are appointed by the Board of Directors each year following the Annual General Meeting of shareholders. Each of these members is an independent director in accordance with the 10 Principles of Corporate Governance of the Luxembourg Stock Exchange. The Audit, Risk and Sustainability Committee makes decisions by a simple majority.

Meetings - According to its charter, the Audit, Risk and Sustainability Committee is required to meet at least four times a year. During 2025, the Audit Committee met four times, with an attendance of 100%. Invitees to the Committee in 2025 included: Dr. Ros Rivaz and Sandeep Jalan from the Board of Directors, the CEO, CFO, CSO and CHRO from the Leadership Team. Other invitees included members of the Finance Team, Legal & Governance Team, Compliance Team and Global Assurance Team, Data Protection Team, as well as representatives from External Audit as appropriate. The Company Secretary acts as secretary of the Committee. During 2025, the Audit, Risk and Sustainability Committee reviewed on a quarterly basis the Financial Reporting, ESG and Compliance reports, External Auditor’s report, Global Assurance reports and Risk Management reports.

Remuneration, Nomination and Corporate Governance Committee

The Remuneration, Nomination and Corporate Governance Committee is responsible for setting the compensation framework for the Leadership Team, including short- and long-term incentives, reviewing succession and contingency plans for key managerial roles, and evaluating the annual performance of the Leadership Team. It also advises the Board on appointments and reappointments of Directors, evaluates the functioning and self-assessment of the Board, and develops and oversees corporate governance and corporate responsibility policies. The Committee’s primary objective is to promote executive performance that supports 49 Annual Report 2025 long-term shareholder value, and it may seek advice from external experts when necessary. Full details on the Committee are available on the Company’s website.

Composition - The Remuneration, Nomination and Corporate Governance Committee may be composed of two or three Directors and is currently composed of three Independent Directors: Alain Kinsch, Roberte Kesteman and Ros Rivaz. Alain Kinsch is the Chairperson of the Committee. The members are appointed by the Board of Directors each year after the Annual General Meeting of shareholders. The Committee makes decisions by a simple majority.

Meetings - The Remuneration, Nomination and Corporate Governance Committee is required to meet at least twice a year. During 2025, this committee met five times, with an attendance rate of 100%. Invitees at the Committee in 2025 included Sandeep Jalan and Bernadette Baudier from the Board of Directors, members of the Leadership Team, the CEO, the CFO, and the Head of Human Resources and Communications. During 2025, the Remuneration, Nomination and Corporate Governance reviewed: the succession planning for the Board and the Leadership Team, the performance of the Leadership Team members, the Group’s long-term incentive plan, the Leadership Team’s remunerations, and corporate governance matters of relevance for the Board and the Company.

Transparency and publication

Since 2012, Aperam has publicly reported on its Sustainability Roadmap in its annual ‘Made for Life’ report, adhering to the Global Reporting Initiative's framework and industry best practices. Starting in 2025, we have updated our report to align with the CSRD framework, pending its transposition into Luxembourgish law. On 30 June 2025, Aperam published its Corporate Sustainability Report that details the progress we made on our path to sustainability in 2024. For additional sustainability information for 2025, in line with regulations, refer to the ‘Sustainability Information’ section. Additionally, since 2016, our main websites have been featuring public dashboards displaying key ESG indicators and information on our contact form in order to ensure local communities remain informed and engaged.

Luxembourg Takeover Law disclosure

The following disclosures are made in compliance with Article 11 of the Luxembourg Law of 19 May 2006, transposing Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004, on takeover bids. The Company's Articles of Association are available on our website.

• With reference to article 11 (1) (a) of the above mentioned law - The Company has issued a single category of shares (ordinary shares). As per article 13.6 of the Company’s Articles of Association, each share is entitled to one vote. The shareholder structure, including voting rights, is set out in the ‘Share capital’ section of this Management Report and available on our website, where the shareholding structure table is updated monthly.
• With reference to article 11 (1) (b) of the above mentioned law - the ordinary shares of the Company are freely transferable.
• With reference to article 11 (1) (c) of the above mentioned law - the beneficial ownership and voting rights in the Company by each person who is known to be the beneficial owner of 2.5% or more of the Company's issued share capital is set out in the ‘Share capital’ section of this Management Report and available on our website, where the shareholding structure table is updated monthly.
• With reference to article 11 (1) (d) of the above mentioned law - all of the issued and outstanding ordinary shares in the Company have equal voting rights and there are no special control rights attaching to the ordinary shares. As per article 13.6 of the Company’s Articles of Association, each share is entitled to one vote. As per article 8.4 of the Company’s Articles of Association, the Mittal Shareholder (as defined in the Articles of Association) may, at its discretion, decide to exercise the right of proportional representation and nominate candidates for appointment as members of the Board of Directors. The Mittal Shareholder has not, to date, exercised that right.
• With reference to article 11 (1) (e) and (f) of the above mentioned law - not applicable. However, the sanction of suspension of voting rights automatically applies, subject to limited exceptions set out in the Transparency Law (as defined below), to any shareholder (or group of shareholders) who has (or have) crossed the thresholds set out in article 7 of the Articles of Association and articles 8 to 15 of the Luxembourg law of 11 January 2008, on the transparency requirements regarding issuers of securities (‘Transparency Law’) but have not notified the Company accordingly. The sanction of suspension of voting rights will apply until such time as the notification has been properly made by the relevant shareholder(s).
• With reference to article 11 (1) (g) of the above mentioned law - not applicable.

• With reference to article 11 (1) (h) of the above mentioned law - as per article 8.3 of the Company’s Articles of Association, the members of the Board of 50 Annual Report 2025 Directors shall be elected by the shareholders at the Annual General Meeting of shareholders or at any other general meeting of shareholders for a term not exceeding three years and shall be eligible for re-election.In the event that a vacancy arises on the Board of Directors for any reason, the remaining members of the Board of Directors may, by a simple majority, elect a new director to temporarily fulfil the duties attached to the vacant post until the next general meeting of shareholders. The Board of Directors' election is also set out in the section Corporate Governance - Board of Directors of this Management Report. Rules governing amendments of the Company's Articles of Association are set out in article 14 of said Articles.

• With reference to article 11 (1) (i) of the above mentioned law - as of 31 December 2025, the Company's issued share capital was represented by 73,184,570 fully paid up shares without nominal value. As of 31 December 2025, the Company's authorised share capital, including the issued share capital, consisted of 82,957,953 shares without nominal value.

• Aperam has not proceeded with any shares cancellation since the announcement made on 29 May 2024. As a result of this cancellation, Aperam has 73,184,570 shares in issue (compared to 78,036,688 before the cancellation).
• With reference to article 11 (1) (j) of the above mentioned law - not applicable.
• With reference to article 11 (1) (k) of the above mentioned law - not applicable.

Share capital

As of 31 December 2025, the Company's authorised share capital, including the issued share capital, consisted of 82,957,953 shares without nominal value. The Company's issued share capital was represented by 73,184,570 fully paid-up shares without nominal value.

The following table sets forth information as of 31 December 2025 with respect to the beneficial ownership and voting rights in the Company by each person who is known to be the beneficial owner of 5% or more of the Company's issued share capital.

Shares	% of Issued	Rights	% of Voting Rights
Significant shareholder (1)	29,513,459	40.33%
Treasury shares	842,907	1.15%
Other public shareholders	42,828,204	58.52%
Total issued shares	73,184,570	100%
of which: Directors and Leadership Team (2) (3)	206,567	0.28%

Notes:

(1) The term ‘Significant shareholder’ means the trust (HSBC Trust (C.I.) Limited, as trustee) of which Mr. Lakshmi N. Mittal, Ms. Usha Mittal and their children are the beneficiaries, holding Aperam shares through Value Holdings II Sàrl, a limited liability company organised under the laws of Luxembourg (’Value Holdings II’). For purposes of this table, ordinary shares owned directly by Mr. Lakshmi N. Mittal and his wife, Ms. Usha Mittal, are aggregated with those ordinary shares beneficially owned by the significant shareholder. As of 31 December 2025, Mr. Lakshmi N. Mittal and Ms. Usha Mittal had direct ownership of Aperam ordinary shares and indirect ownership, through the significant shareholder, of one holding company that owns Aperam ordinary shares: Value Holdings II. Value Holdings II was the owner of 29,513,459 Aperam ordinary sh ares. Mr. Lakshmi N. Mittal was the direct owner of 11,090 Aperam ordinary shares. Ms. Usha Mittal was the direct owner of 2,250 Aperam ordinary shares. Mr. Lakshmi N. Mittal, Ms. Usha Mittal and the significant shareholder shared indirect beneficial ownership of 100% of Value Holdings II. Accordingly, Mr. Lakshmi N. Mittal was the beneficial owner of 29,524,549 Aperam ordinary shares, Ms. Usha Mittal was the beneficial owner of 29,515,709 Aperam ordinary shares and the significant shareholder was the beneficial owner of 29,513,459 ordinary shares.

(2) Includes shares beneficially owned by the Directors listed in the section ’Composition of the Board of Directors’ and members of the Leadership Team listed in the section ’Composition of the Leadership Team’. Excludes shares beneficially owned by Mr. Mittal.

(3) These 206,567 Aperam common shares are included in the shares owned by other public shareholders in the table above.

The Company's ordinary shares are in registered form only and are freely transferable. Ownership of the Company's shares is recorded in a shareholders' register kept by the Company at its corporate headquarters at 24-26, Boulevard d’Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg (Shareholders' Register). The Company's ordinary shares may also be registered on one of two local registers, the European Register and the New York Register. The European Register is kept by the Company. ABN AMRO Bank N.V. provides certain administrative services in relation to the European Register. The New York Register is kept by Citibank, N.A. (New York Branch - Citibank) on the Company's behalf. Ordinary shares registered on the European Register are referred to as ’European Shares’ and ordinary shares registered on the New York Register are referred to as ‘New York Registry Shares’.

51 Annual Report 2025

As of 31 December 2025, there were 1,828 shareholders - other than the significant shareholder and Aperam as holder of treasury shares - with an aggregate of 28,921 Aperam common shares registered in Aperam's shareholder register, representing approximately 0,0395% of the common shares issued. As of 31 December 2025, there were 30 U.S. shareholders holding an aggregate of 170,724 New York Registry Shares, representing approximately 0.23% of the common shares issued. Aperam's knowledge of the number of New York Registry Shares held by U.S. holders is based solely on the records of Citibank. As of 31 December 2025, there were 30,385,287 Aperam common shares being held through ABN AMRO clearing system in the Netherlands, France and Luxembourg. ABN AMRO is a Netherlands-based financial services company that specialises in the settlement of securities transactions, as well as the safekeeping and asset servicing of these securities.

Shareholding notification regarding Transparency Law requirements

With reference to the law and Grand-Ducal regulation of 11 January 2008 on transparency requirements for issuers of securities (Transparency Law) and to shareholding notifications for crossing the threshold of 5% voting rights, such notifications are available in the Luxembourg Stock Exchange's electronic database OAM at www.bourse.lu and on the Company's website (www.aperam.com). In 2025, no major shareholding notifications were received.

Shareholder information

The Company

The Company is a Luxembourg public limited liability company incorporated on 9 September 2010 to hold the assets which comprise the stainless and specialty steels businesses historically held by ArcelorMittal. The Company has its registered office at 24-26, Boulevard d’Avranches L-1160 Luxembourg, Grand Duchy of Luxembourg and is registered with the Luxembourg Register of Commerce and Companies under the number B155.908. On 7 December 2010, the Board of Directors of Aperam and the Board of Directors of ArcelorMittal approved a proposal to its shareholders to spin-off ArcelorMittal’s stainless and specialty steels businesses as an independent company. The objective was to enable the stainless and specialty steels businesses to benefit from better market visibility by pursuing a growth strategy focused on emerging markets and specialty products, including electrical steel. At an extraordinary general meeting held on 25 January 2011, ArcelorMittal shareholders voted to approve the spin-off proposal. The main shareholder (‘Significant shareholder’, as defined in our ‘Share capital’ section) holds 40.83% of the voting rights. On 27 December 2021, Aperam announced the completion of the acquisition of ELG, a global leader in collecting, trading, processing and recycling stainless steel scrap and high-performance alloys. On 23 January 2025, Aperam announced the completion of the acquisition of Universal Stainless & Alloys Products, a premier supplier in the aerospace and industrial sectors in the USA.

Articles of Association

The last version of the Company’s Articles of Association, dated 11 July 2024, is available on our website.

Listing and Indexes

Aperam ordinary shares are admitted to trading on the Luxembourg Stock Exchange's regulated market and officially listed on the Luxembourg Stock Exchange (symbol APAM) and are traded on the Euronext Single Order Book with Amsterdam as the Market of Reference (symbol APAM and Euronext code NSCNL00APAM5). Aperam ordinary shares commenced for listing and trading on the regulated market of the Luxembourg Stock Exchange, Euronext Amsterdam and Euronext Paris on 31 January 2011, and Euronext Brussels on 16 February 2017. The ordinary shares of the Company are accepted for clearance through Euroclear and Clearstream Luxembourg under common code number 056997440. Aperam shares are also traded as New York registry shares on the OTC under the symbol APEMY. The Aperam share is a member of several different indexes, including AMX, BEL Mid, SBF 120, Euronext 150, CAC MID 60 and LuxX.

Investor relations

Aperam is committed to the principles of open and continuous communication and attaches a high importance to providing clear, high-quality, regular and transparent communication with institutional investors and other financiers and providers of capital. Aperam’s aim is to be the first choice for investors in the stainless steel sector. To achieve this objective and provide the most relevant information fitting the needs of the financial community, Aperam implements an active and broad investor communications policy that includes conference calls, roadshows, regular participation at investor conferences and plant visits.

1 Rating agencies assess Aperam according to social, environmental, economic and governance criteria.
52 Annual Report 2025

In June 2025 Aperam Investor Relations was awarded "Best Investor Relations During a Corporate Transaction" at the IR Impact Awards – Europe 2025. This award celebrates the exceptional work of the Investor Relations team during the acquisition of Universal Stainless & Alloy Products, a key U.S. supplier to the aerospace and industrial sectors.Completing this strategic deal in just four months was a major milestone - with transparent, timely communication at its core.

ESG Investors

Aperam is a leader in ESG (Environmental, Social and Governance) within its sector and has been issuing annual Sustainability/ESG Reports since its first operating year (2011). The Sustainability Team is responsible for answering questions from socially responsible investors and ESG rating agencies.

1. In the ESG space, Aperam is proud to see that comprehensive improvement measures are being recognised by independent ESG rating agencies. In 2025, Morgan Stanley Capital International (MSCI) - one of the most important ESG ratings in the world - awarded Aperam a Triple-A rating. This puts Aperam in an industry leading position in the steel sector. At Morningstar, which owns ESG rating agency Sustainalytics, Aperam was in the top three in the steel sector amongst a total of 157 companies. In 2023, Aperam South America became the first in its field to obtain the ResponsibleSteel™ certification in Latin America. Our Stainless Europe operations had already been certified in 2021, making Aperam the world’s first stainless steel and specialty alloys producer to achieve this distinction on two continents. Oddo BHF, a financial service group, rated Aperam also in 2025 as the Midcap Best-in-Class steel company. During 2025, rating agency ISS ESG confirmed the Prime label for Aperam and EcoVadis granted the “Gold” level to Aperam which ranks it in the top 3% of all rated steel companies. These results confirm Aperam’s industry leading position and underline its successful ESG improvement strategy with transparent KPIs, which are linked to management compensation.

Contact the Sustainability Team: sustainability@aperam.com.

Share Performance

The graph below shows the share price performance of Aperam and the European Stainless Steel Industry$^{(1)}$ over the years 2024 to 2025 in index base 100:

Note: $^{(1)}$ European Stainless Steel Industry: Average Acerinox, Aperam, Outokumpu share price in index 100

Financial Calendar

Earnings calendar

(Earnings issued before the opening of the European stock exchanges on which the Aperam share is listed)

• 6 February 2026: earnings for 4th quarter 2025 and 12 months 2025

• 30 April 2026: earnings for 1st quarter 2026

• 30 July 2026: earnings for 2nd quarter 2026 and 6 months 2026

• 6 November 2026: earnings for 3rd quarter 2026 and 9 months 2026

General meeting of shareholders

• 5 May 2026: Annual General Meeting of shareholders

Dividend schedule

Please refer to the ‘Earnings distribution’ section of this report for further details with respect to the Company's detailed dividend schedule for 2026.

53 Annual Report 2025

Organisational Structure

Aperam is a holding company with no business operations of its own. All of its significant operating subsidiaries are owned directly or indirectly through intermediate holding companies. The following chart represents its operational structure in 2025. Refer to ‘Note 30’ to the Consolidated Financial Statements for a list of the Group's significant subsidiaries.

Contacts

• General inquiries: stainless@aperam.com
• Investor Relations - Roberta de Aguiar Faria: IR@aperam.com
• Communication - Ana Escobedo Conover: communications@aperam.com

Please include your full name, postal address and telephone number in all correspondence.

Related Party Transactions

We are engaged in certain commercial and financial transactions with related parties. Please refer to ‘Note 26’ in the Consolidated Financial Statements for further details.

Agreements with ArcelorMittal post spin-off

In connection with the spin-off of its stainless steel division into a separately focused company, Aperam S.A. (Aperam), which was completed on 25 January 2011, ArcelorMittal entered into several agreements with Aperam and/or certain Aperam subsidiaries that are still in force:

Procurement

• A purchasing services agreement for negotiation services from ArcelorMittal Purchasing (the “Purchasing Services Agreement”) as well as certain commitments regarding cost-sharing in Brazil and certain other ancillary arrangements governing the relationship between Aperam and ArcelorMittal following the spin-off, as well as certain agreements relating to financing.
• Aperam relies on ArcelorMittal Europe S.A. for supplies and services in relation to the negotiation of certain contracts with global or large regional suppliers. The Purchasing Services Agreement entered into on 25 January 2011 has been renewed and remains in force in relation to the following key categories: operating materials (only hot strip mill), refractory materials, spare parts, sea freight, logistics, industrial products and support services (excluding industrial services). The Purchasing Services Agreement also permits Aperam to avail itself of the services and expertise of ArcelorMittal for certain capital expenditures.
• In Europe, Aperam purchased most of its electricity and natural gas through energy supply contracts put in place for the period 2014-2020 through ArcelorMittal Energy S.C.A., subsequently renewed in 2022 and 2023 under similar terms and conditions. Electricity and natural gas supplies continued in 2024 under new contracts reflecting supply practices throughout 2024 and 2025; these contracts were signed in December 2024, effective from 1 January 2024 until 31 December 2025. Electricity supply conditions for Aperam’s France sites were signed between Aperam and ArcelorMittal Energy S.C.A. for a long-term supply from January 2026. Other supply contracts for gas and power concluded in 2024 have been mutually extended reflecting supply practices throughout 2025.
• Aperam and ArcelorMittal Sourcing S.C.A. also have a supply agreement concerning the procurement of electrodes, effective from January 2020.

54 Annual Report 2025

Brazil

• In connection with the spin-off, management renegotiated an existing Brazilian cost-sharing agreement between ArcelorMittal Brasil and Aperam Inox América do Sul S.A., Aperam Inox Serviços Brasil Ltda., Aperam Inox Tubos Brasil Ltda., and Aperam BioEnergia Ltda. Pursuant to this agreement, ArcelorMittal Brasil continued to perform purchasing for the benefit of these Aperam Brazilian subsidiaries, with costs being shared on the basis of the cost allocation parameters agreed to by the parties on a yearly basis.
• In addition, ArcelorMittal Brasil, ArcelorMittal Bioflorestas, a wholly owned subsidiary of ArcelorMittal Brasil, and Aperam Bioenergia established a transaction for the purchase of wood and supply of charcoal through the execution of three agreements in December 2025. These agreements cover: (i) wood-cutting services provided by Aperam Bioenergia to ArcelorMittal Bioflorestas for standing timber, with the services contract running until October 2026; (ii) the sale of the harvested wood by ArcelorMittal Bioflorestas to Aperam Bioenergia, covered by a wood supply contract valid until June 2027; and (iii) the subsequent supply of a proportional volume of charcoal from Aperam Bioenergia to ArcelorMittal Brasil, with the charcoal contract running until August 2028.

Headquarters

• ArcelorMittal Kirchberg Real Estate S.à r.l, Kennedy 2020 S.A.S. and Aperam Real Estate S.à r.l. executed a land use right agreement with Fonds Kirchberg on 7 March 2019, regarding a new headquarter office (the “K Building”) project in the Kirchberg district of Luxembourg city, Luxembourg. This agreement was subsequently amended on 20 December 2022. Following the execution of a share purchase agreement (’SPA’) on 12 October 2022, Aperam divested its shares in Aperam Real Estate S.à r.l. to Kennedy 2020 S.A.S., a fully owned subsidiary of ArcelorMittal. Consequently, Aperam Real Estate S.à r.l. became a wholly owned subsidiary of ArcelorMittal and was formally renamed K22 S.à r.l on 8 December 2022.
• On 1 August 2025, Kennedy 2020 S.A.S. and Aperam entered into a new share purchase agreement according to which Kennedy 2020 S.A.S. has irrevocably committed to sell and transfer all the shares in K22 S.à r.l to Aperam, and Aperam has committed to acquire said shares. Pursuant to the terms and conditions of this SPA, following the completion of certain conditions, with the transfer of K22 S.à r.l shares, Aperam will own 5.4% in the K Building.

Other agreements

• The parties agreed to renew a limited number of services where expertise and bargaining power created value for each party. ArcelorMittal will continue to provide certain services in 2026 (similar to 2025) relating to such areas as environmental and technical support.
• In the area of research and development, at the time of the spin-off, Aperam entered into a framework agreement with ArcelorMittal in 2011, and amended in 2015, to establish a structure for future cooperation in relation to certain ongoing or new research and development programmes. To date, a small amount of valuable research and development support has been implemented through this agreement. New exchanges about breakthrough technologies or possible technical developments or projects of interest to both companies were launched between 2021 and 2025 and are still ongoing.
• Two specific IT service agreements have been put in place with ArcelorMittal, one for Asset Reliability Maintenance Programme (ARMP), and two others for the use in Europe of ARMP and for the worldwide area network (WAN).
• In addition, since 2011, a service agreement has been concluded between ArcelorMittal Business Center Of Excellence Poland sp. z o. o. and Aperam for accounting services.

55 Annual Report 2025

Compensation

Remuneration policy

Board oversight

The Board is responsible for ensuring that the Group's remuneration arrangements are equitable and aligned with the long-term interests and sustainability of the Company and its shareholders.It is therefore critical that the Board remains independent from Management when making decisions affecting the remuneration of the Chief Executive Officer and its direct reports. To this end, the Board has established the Remuneration, Nomination and Corporate Governance Committee to assist it in maintaining a formal and transparent procedure for setting policy on senior management’s remuneration and determining an appropriate remuneration package for senior management. The Committee should ensure that remuneration arrangements support the strategic aims of the business and enable the recruitment, motivation and retention of senior executives while complying with applicable rules and regulations. The primary function of the Committee, as well as how it functions, is described in greater detail in our ‘Corporate governance practices’ section.

Contracts and arrangements

The ’Composition of the Board of Directors’ section details contracts that Board members may have entered with Aperam. The members of the Leadership Team have permanent employment contracts, and notice periods follow applicable legislation. Members of the Leadership Team benefit from supplementary pension schemes according to local practice. The Company does not provide for specific early retirement schemes or payments linked to termination for members of the Leadership Team beyond what is required by local labour legislation requirements.

Remuneration strategy for members of the Board of Directors

The remuneration structure of the members of the Board of Directors is submitted annually for shareholder approval and is based on annual fees comprising a basic remuneration, to which additional fees are added for Committee members. The remuneration structure is reviewed periodically by the Remuneration, Nomination and Corporate Governance Committee, which makes recommendations to the Board of Directors and takes into account relevant benchmarks (e.g., similar size, industry) to attract and retain high-quality and experienced Directors. The remuneration structure of the Board of Directors has remained unchanged since the Company's inception in 2011, and is highlighted in detail below: (Amounts in euros):

Position	Compensation (annual basis)
Basic Director’s remuneration	€70,000
Lead Independent Director’s remuneration	€80,000
Additional remuneration for the Chair of the Audit, Risk and Sustainability Committee	€15,000
Additional remuneration for Audit, Risk and Sustainability Committee members	€7,500
Additional remuneration for the Chair of the Remuneration, Nomination and Corporate Governance Committee	€10,000
Additional remuneration for members of the Remuneration, Nomination and Corporate Governance Committee	€5,000

Remuneration strategy for members of the Leadership Team

Scope

Aperam's remuneration philosophy and framework apply to the following group of senior managers: Chief Executive Officer and eight other members of the Leadership Team. The remuneration philosophy and governing principles also apply, with certain limitations, to a wider group of employees, including General Managers and Managers.

Remuneration philosophy

Aperam's remuneration philosophy for its senior managers is based on the following principles:
* Provide total remuneration, competitive with that of executive remuneration levels of a peer group composed of a selection of industrial companies of a similar size and scope;
* Encourage and reward performance that will lead to the long-term and sustainable enhancement of shareholder value;
* Promote internal pay equity and provide ‘market’ median (determined by reference to its identified peer group) base pay levels for Aperam's senior managers, with the possibility to move up to the third quartile of the market’s base pay levels, depending on sustained high performance and/or certain critical and scarce competencies;

56 Annual Report 2025

• Base Salaries, Total Target Cash/TTC (Base Salary + On-Target Bonus) and Total Direct Compensation (TTC + Long-Term Incentive Plan/LTIP) are compared to the appropriate market reference (market median);
• Performance is evaluated based on previously agreed quantified personal objectives. Personal objectives are aligned with Aperam’s organisational goals, covering:
  • People (including motivation and engagement, competencies) and Social sustainability, with a particular attention to Health & Safety;
  • Environmental sustainability; and
  • Sustainable profitability, including business transformation and governance.

Remuneration framework

The Remuneration, Nomination and Corporate Governance Committee develops proposals on senior management remuneration annually for consideration by the Board of Directors. Such proposals include the following components:
* Fixed annual salary;
* Short-term incentives (i.e., performance-based bonuses); and
* Long-term incentives
* Since May 2013, Leadership Team members only receive Performance Share Units (PSUs) as an equity based incentive.

The total remuneration target of the CEO and other members of the Leadership Team is structured to attract and retain executives and to provide total remuneration that is competitive with executive remuneration levels of a peer group composed of a selection of industrial companies of a similar size and scope. The following remuneration charts illustrate the various elements of compensation for the CEO and the other members of the Leadership Team applicable for 2025.

57 Annual Report 2025

The graphs above show the minimum and maximum payout of each plan based on the achievement of the plan objectives and considering the maximum individual performance multiplier. At the individual level, the payout of short-term incentives is also subject to an individual bonus coefficient that is based on the achievement of personal objectives. This coefficient can vary between 0 and 1.5, meaning that, in theory, the payout of the annual bonus (Short-Term Incentive Plan/STIP) can vary between 0 and 300% of the target amount (in case of a maximum financial and maximum personal performance).

Fixed annual salary

Aperam aims to attract and retain high-quality and experienced senior executives. Base salary levels are reviewed annually and are compared to the market to ensure that Aperam stays competitive.

Short-term incentives

Annual performance bonus plan

Aperam has a short-term incentive plan (STIP) consisting of a performance-based bonus plan, intended to motivate senior executives to achieve stretch performance on strategic priorities. Bonus calculations for each employee reflect the performance of the Aperam Group as a whole, the performance of the relevant business units and the individual employee's overall performance. The calculation of Aperam's performance bonus is aligned with its strategic objectives of improving financial performance and overall competitiveness and on the following principles:
* No performance bonus will be triggered if the achievement level of the performance measures is less than the threshold of 80%;
* Achievement of 100% of the performance measure yields 100% of the performance bonus pay-out; and
* Achievement of more than 100% and up to 140% of the performance measure generates a higher performance bonus pay-out, capped at 200% (applicable from 2022, for the bonus paid in 2023).

For the Chief Executive Officer and the members of the Leadership Team, the 2025 bonus formula is based on:

2025 Measures	% Weighting for the Chief Executive Officer and LT members
Review EBITDA • Rationale: demonstrates growth and operational performance	40% Incentive attributed to this metric
Free Cash Flow • Rationale: demonstrates growth and operational performance	20% Incentive attributed to this metric
Leadership Journey ® • Rationale: demonstrates capacity to improve operational excellence through self-help measures	20% Incentive attributed to this metric
Gap to competition • Rationale: demonstrates capacity to outperform peers	20% Incentive attributed to this metric

The bonus plan achievement is summarised as follows:
* 80% realisation = 50% payout
* 100% realisation = 100% payout
* 120% realisation = 150% payout
* 140% realisation = 200% payout

The principles of the performance bonus plan achievement, with different performance measures and different levels of target bonuses, are applicable to approximately 1,300 employees worldwide. The Committee, together with the Board of Directors, assess progress against performance measures, leading to the determination of the short-term incentive bonus. The 2025 Performance Bonus Plan, with respect to the Leadership Team, is structured based on the same criteria as the 2024 Bonus Plan.

Other benefits

In addition to the primary elements of compensation described above, other benefits may be provided to senior management, such as company cars, contributions to pension plans and insurance policies, all of which are in line with relevant local market and peer group practices.

58 Annual Report 2025

Long-term, equity-based incentives

Share unit plans

The first shareholders' meeting after the creation of Aperam, held on 12 July 2011, approved an equity-based incentive. The plan, which consists of a Restricted Share Unit Plan (RSU Plan) and a Performance Share Unit Plan (PSU Plan), is designed to drive employee involvement, improve the Group's long-term performance and retain key employees. Both the RSU Plan and the PSU Plan are intended to align the interests of the Company's shareholders and eligible employees by allowing them to participate in the success of the Company. The maximum number of Restricted Share Units and Performance Share Units available to grant during any given year is subject to the prior approval of the Company's shareholders at the Annual General Meeting of shareholders. The allocation of share-based incentives is reviewed by the Remuneration, Nomination and Corporate Governance Committee of the Company and makes a recommendation to the Board of Directors.The Committee also reviews the proposed granting of share-based incentives to eligible employees other than the members of the Leadership Team, and the principles governing their proposed allocation. The Committee further decides on the criteria for granting share-based incentives and makes its recommendation to the Board of Directors. The vesting criteria are also monitored by the Committee.

RSU Plan

The aim of the RSU Plan was to provide a retention incentive to eligible employees. It was subject to ‘cliff vesting’ after three years, with 100% of the grant vesting on the third anniversary of the grant, contingent upon the continued active employment of the eligible employee within the Aperam Group. The decision was taken by the Board of Directors not to grant any RSUs to the members of the Leadership Team as of the May 2012 shareholder authorisations. As a consequence, RSUs are now only granted to employees below LT-level since May 2012.

PSU Plan

The PSU Plan's main objective is to be an effective performance-enhancing scheme based on the employee's contribution to the eligible achievement of the Group's strategy. Awards under the PSU Plan are subject to the fulfilment of cumulative performance criteria over a three-year period from the date of the PSU grant. The target group for PSU grants is primarily the Chief Executive Officer and the other members of the Leadership Team. To ensure that senior management continues to focus on long-term sustainability and value creation, the Remuneration, Nomination and Corporate Governance Committee regularly reviews the Long-Term Incentive Plan structure for the members of the Leadership Team and proposes amendments to the Board of Directors when relevant. These amendments are then subject to shareholder approval.

The below summarises the PSU Plan structure in place since 2024:
* Integration of Aperam Return on Capital Employed (’ROCE')
* Focus on the sustainable improvement of Aperam’s strategic ESG challenges
* Relative Index performance to capture Aperam’s performance in the most relevant geographical regions from a commercial perspective: France (SBF120 index) and Germany (DAX index)
* Peer group consists of direct stainless steel competitors (two peers) and the most relevant steel players (four peers) from a statistical point of view
* Future outperformance, capped at 200%
* Grant based on value of 100% of the base salary for the CEO, and 65% for other members of the Leadership Team (LT)
* The long-term orientation of the plan over three years
* Awards under the LT PSU Plan are subject to the fulfilment of the cumulative performance criteria over a three-year period from the date of the PSU grant
* Vesting: 40% vesting is linked to ROCE evolution: The percentage of PSUs vesting will be 50% for achieving ROCE threshold level, 100% for achieving target level, 150% for achieving stretched level, and 200% for achieving capping level.
* 20% vesting is linked to the sustainable improvement of Aperam’s strategic ESG challenges. Specific targets are:
* 5% Health & Safety: Total Recordable Incident Rate (TRIR) reduction.
* 5% Gender Diversity: Increase in the percentage of women in the Top 1000 employees.
* 10% Environment: Reduction in CO2 emissions (Kg CO2/T).
* 20% vesting is linked to Total Shareholder Return (TSR) evolution compared to SBF120 index and DAX index:
* 10% linked to TSR evolution compared to SBF120 index over a three-year period.
* 10% linked to TSR evolution compared to DAX index over a three-year period.
* 20% vesting is linked to TSR evolution compared to a peer group
59 Annual Report 2025
* 10% of vesting is linked to TSR evolution compared to the stainless steel peer group over a three-year period.
* 10% of vesting is linked to TSR evolution compared to the carbon steel peer group over a three-year period.

*For all of the vesting targets mentioned above, except ROCE evolution, the following structure applies: the percentage of PSUs vesting will be 50% for achievement of 80% of Index/Median Performance, 100% for achieving Index/ Median Performance, 150% for achieving 120% of Index/Median Performance, and 200% for achieving 140% of Index/Median Performance.

As from the 2018 PSU plans, each PSU may give the right to up to two shares. The LT PSU Plan provides for cliff vesting on the third anniversary of the grant date, under the condition that the relevant LT member continues to be actively employed by the Aperam Group on that date. If the LT member is retired on that date or in case of an early retirement by mutual consent, the relevant LT member will not automatically forfeit PSUs and pro rata vesting will be considered at the end of the vesting period at the sole discretion of the Company.

Details of shareholder approvals and allocated PSUs and RSUs, granted shares at vesting:

• On 4 May 2022, the Annual General Meeting of shareholders (AGM) authorised the Board of Directors to issue, during the period between the 2022 and the 2023 AGM, to key employees of Aperam a maximum of 220,000 of the Company's shares for grants under the Leadership Team PSU Plan and other grants below the Leadership Team level.
  • Grant 2022
    • In June 2022, a total of 66,815 PSUs were granted to a total of 32 employees at a fair value of €38.83 per share (out of which 51,290 PSUs were for the 9 members of the Leadership Team).
    • In June 2022, a total of 43,425 RSUs were granted to a total of 58 employees.
  • Vesting 2025
    • In June 2025, a total of 64,358 PSUs were vested and 26,726 shares were allocated to qualifying employees (out of which 21,586 were for members of the Leadership Team).
• In June 2025, a total of 38,668 RSUs were vested and 38,668 shares were allocated to qualifying employees (out of which 675 were for a LT member who received RSUs prior to his LT member nomination).
  * Globally, 52,356 shares (net of 12,538 shares retained for tax purposes) and cash equivalent to 500 shares were transferred to beneficiaries.
• On 2 May 2023, the Annual General Meeting of shareholders (AGM) authorised the Board of Directors to issue, during the period between the 2023 and the 2024 AGM, to key employees of Aperam a maximum of 350,000 of the Company's shares for grants under the Leadership Team PSU Plan and other grants below the Leadership Team level.
  • Grant 2023
    • In June 2023, a total of 88,146 PSUs were granted to a total of 36 employees at a fair value of €33.25 per share (out of which 63,846 PSUs were for the 9 members of the Leadership Team).
    • In June 2023, a total of 97,750 RSUs were granted to a total of 100 employees.
• On 30 April 2024, the Annual General Meeting of shareholders (AGM) authorised the Board of Directors to issue, during the period between the 2024 and the 2025 AGM, to key employees of Aperam a maximum of 400,000 of the Company's shares for grants under the Leadership Team PSU Plan and other grants below the Leadership Team level.
  • Grant 2024
    • In June 2024, a total of 141,176 PSUs were granted to a total of 39 employees at a fair value of €27.52 per share (out of which 113,626 PSUs were for the 10 members of the Leadership Team).
    • In June 2024, a total of 103,600 RSUs were granted to a total of 102 employees.
• On 6 May 2025, the Annual General Meeting of shareholders (AGM) authorised the Board of Directors to issue, during the period between the 2025 and the 2026 AGM, to key employees of Aperam a maximum of 600,000 of the Company's shares for grants under the Leadership Team PSU Plan and other grants below the Leadership Team level.
  • Grant 2025
    • In June 2025, a total of 140,736 PSUs were granted to a total of 37 employees at a fair value of €28.10 per share (out of which 111,476 PSUs were for the 9 members of the Leadership Team).
      60 Annual Report 2025
    • In June 2025, a total of 129,760 RSUs were granted to a total of 101 employees.

The ‘Remuneration Report’ provides additional details on the achievement of the vesting criteria at the time of vesting, as well as on the applicable peer group.

Universal Stainless & Alloy Products (USAP) Long-Term Incentive sub-plan (phantom stocks: plan cash-settled)

Following the integration of USAP, an LTI sub-plan has been implemented for the selected USAP beneficiaries. The RSU and PSU granted will be settled in cash at the vesting date (no shares will be transferred). For the PSU plan:
* 50% of vesting is linked to USAP’s EBITDA during the performance period
* 50% of vesting is linked to USAP’s ROCE during the performance period

The Plan provides for cliff vesting on the third anniversary of the grant date, under the condition that the relevant beneficiary continues to be actively employed by the Aperam Group on that date.
* Grant 2025
* In June 2025, a total of 37,191 PSUs were granted to a total of 9 employees at a fair value of 26.00 USD per share.
* In June 2025, a total of 49,102 RSUs were granted to a total of 40 employees.

Remuneration report

Remuneration of Board of Directors

As of 31 December 2025, Aperam did not have any outstanding loans or advances to members of its Board of Directors and Aperam had not given any guarantees for the benefit of any member of its Board of Directors. The table below shows the Directors’ compensation for the financial periods ending 31 December 2025 and 2024. In particular, at the 6 May 2025 Annual General Meeting of shareholders (AGM), the shareholders approved the annual remuneration for non-executive Directors for the 2024 financial year at €550,000. The Directors' compensation for the financial period ending 31 December 2025 will be submitted for shareholder approval at the AGM, which is expected to take place on 5 May 2026.

Name	Financial period ending 31 December 2024 (1)	Comparison vs. average remuneration on a FTE basis of an Aperam S.A. employee (2)	Financial period ending 31 December 2025 (1)	Comparison vs. average remuneration on a FTE basis of an Aperam S.A. employee (2)
Mr. Lakshmi N. Mittal	€70,000	0.63	€70,000	0.53
Mrs.
Mr. Sandeep Jalan €70,000 0.63 €70,000 0.53
Mr. Alain Kinsch €87,500 0.80 €87,500 0,67
Mrs. Roberte Kesteman €82,500 0.75 €82,500 0,63
Mr. Aditya Mittal €70,000 0.63 €70,000 0.53
Dr. Ros Rivaz €85,000 0.77 €85,000 0.65
Total €550,000 €550,000

Shareholders’ approval date 6 May, 2025 N/A
Shareholders’ expected approval date N/A 5 May 2026

Notes: (1) The Directors compensation structure remained unchanged between 2024 and 2025 (2) Ratio between total remuneration of the members of the Board of Directors and the average remuneration on a full-time equivalent basis of Aperam S.A. (€110k in 2024 and €131k in 2025)

61 Annual Report 2025

Remuneration of Leadership Team

Aperam’s remuneration for the Leadership Team is tied to the long-term performance of the Company as follows:
* A significant part of the total remuneration of Aperam’s Leadership Team is variable and 100% linked to Aperam’s performance as defined in measurable KPIs:
* Short term (annual bonus or short-term incentive plans)
* Long term (three-year long-term incentive plans)
* Both variable plans have performance thresholds, below which no payment is made, and cappings (max ceiling for payment). Please refer to the plan descriptions for further details.
* Individual differentiation is possible based on personal objectives, annually agreed, that are linked to one of the Aperam Organisation Goals: People (including motivation and engagement, competencies) and Social Sustainability, with a particular focus on Health & Safety, Environmental Sustainability and Sustainable Profitability, including business transformation and governance.

The total compensation paid to the members of the Leadership Team in 2025 is aligned with the Remuneration Policy and the application of performance criteria. The total remuneration, which consists of the base salary, fringe benefits, the short-term performance-related variable pay (consisting of a bonus linked to 2024 results), and the long-term performance-related variable pay and pension expenses, is available in the following table.

2025 Total actual remuneration of the CEO and the Leadership Team excluding the CEO

Name		1	2	3	4	5	6	Total Remuneration	Comparison versus average remuneration on a full time equivalent basis of an Aperam SA employee
	Year	Fixed remuneration	Variable remuneration	Exceptional one off items	Pension expense	3	Total Remuneration
		Base Salary	Fringe Benefits and local allowances	One year- variable (STIP) and % vs. Total Rem.	Multi-year variable (LTIP) 1 and % vs. Total Rem.
CEO	2025	€912k	€26k	€1,200k (47%)	€185k (7%)	-	€206k	€2,529k	19.3x
	2024	€890k	€21k	€625k (35%)	€75k (4%)	-	€190k	€1,801k	16.3x
	2023	€850k	€17k	€1,202k (46%)	€348k (13%)	-	€175k	€2,591k	25.6x
LT excluding CEO (9 members)	2025	€3,416k	€357k	€2,434k (35%)	€385k (5%)	€74k	€355k	€7,021k	6.2x
LT excluding CEO (9 members)	2024	€3,210k	€224k	€1,168k (23%)	€145k (3%)	-	€270k	€5,018k	5.3x
LT excluding CEO (8 members)	2023	€2,838k	€285k	€2,169k (35%)	€604k (10%)	-	€256k	€6,152k	7.6x

(1) Company car, residence benefit, health care, and local allowances (for French LT Members: local profit sharing according to CLA is included. For Belgian LT Members: legal holiday pay linked to the variable remuneration paid the previous year is included). Relocation allowance for Mr Frederico Ayres Lima
(2) Number of shares received multiplied by the share price at vesting date
(3) Retirement, death and disability insurances
(4) Ratio between total remuneration of the CEO, or LT excluding CEO; and the average remuneration on a full-time equivalent basis of an Aperam S.A employee (excluding LT members) (€130k in 2022, €101k in 2023, €110k in 2024 and €131k in 2025)
(5) Mr. Bernard Hallemans was on sabbatica leave since 1 August 2024 and left the Company on 31 July 2025. Mr. Rodrigo Villela is included as from 1 October 2025.

62 Annual Report 2025

2024 short-term incentives paid in 2025: Realisation as a % of business targets achievement
CEO	111.53%
Leadership Team Member excluding CEO (average)	109.68%

Note: Individual performance not included in the percentage of realisation.

Long-term incentive plans (LTIP)

The members of the Leadership Team also participate in share- based compensation plans sponsored by Aperam. In June 2025, the persons comprising the Company’s Leadership Team received 111,476 Performance Share Units (PSUs), corresponding to a value at grant equal to 100% of the year base salary for the Chief Executive Officer and 65% of the year base salary for the other Leadership Team members. The fair value per share for this grant was €28.10. Each PSU may give right to up to two shares of the Company.

The following tables summarise the detailed allocation of equity-based incentives to the Leadership Team ('LT' thereafter in the table) members under the shareholder approval. Additional information about the equity-based incentives is available in greater detail in the ‘Long-term, equity-based incentives’ section.

Name	Main conditions of the PSU plans	Information regarding the reported financial year : 2025	Specification of plan	Performance period	Fair value per share (in €)	Award date	Vesting date	Opening balance 1	During the year	Closing balance
PSUs at the beginning of the year	PSUs awarded	PSUs vested	Number of own shares given from PSUs vested	PSUs forfeited	PSUs remaining subject to a performance condition
Tim Di Maulo, CEO	LTIP 2022	3 years	38.83	1 June 2022	1 June 2025	16,657	NA	16,657	6,919	(16,657)
Tim Di Maulo, CEO	LTIP 2023	3 years	33.25	1 June 2023	1 June 2026	20,434	NA	NA	NA	NA
Tim Di Maulo, CEO	LTIP 2024	3 years	27.52	3 June 2024	3 June 2027	32,581	NA	NA	NA	NA
Tim Di Maulo, CEO	LTIP 2025	3 years	28.09	2 June 2025	2 June 2028	-	32,713	NA	NA	NA
LT excluding CEO	LTIP 2022	3 years	38.83	1 June 2022	1 June 2025	34,632	NA	34,632	14,386	(34,632)
LT excluding CEO	LTIP 2023	3 years	33.25	1 June 2023	1 June 2026	43,412	NA	NA	NA	(5,934)
LT excluding CEO2	LTIP 2024	3 years	27.52	3 June 2024	3 June 2027	81,045	NA	NA	NA	(9,942)
LT excluding CEO2	LTIP 2025	3 years	28.09	2 June 2025	2 June 2028	-	78,763	NA	NA	NA

1Expressed in numbers of PSUs
2Mr. Jan Hofmann is included in the Leadership Team as from LTIP grant 2024. Mr. Rodrigo Villela is not included as he joined the Leadership Team in October 2025, after the LTIP grant 2025.

63 Annual Report 2025

Aperam does not have any outstanding loans or advances to members of the Company's Leadership Team or any guarantees for the benefit of any member of the Company's Leadership Team. None of the members of the Leadership Team have entered into service contracts with the Company or any of our affiliates that provide for benefits upon the termination of their service.

PSU plans - cumulative performance criteria:

As of 2024 shareholder approval, the performance criteria of the Performance Share Unit (PSU) plans defined in the section ‘Long-term, equity-based incentives’ are as follows:
* 20% of the criteria is based on the Sustainable Improvement of our strategic Environment, Social and Governance (ESG) challenges. Specific targets in the areas of Environment & Climate Change, Diversity & Inclusion, and Health & Safety will be specifically decided at the moment of the grant.
* 40% of the criteria is based on the development of Total Shareholder Return (TSR), compared to a peer group of companies (20% weight), and compared to two representative indexes (10% weight: SBF 120 index; 10% weight DAX index), over a three-year period (considering the average of the performance of each of the three years of the vesting period). TSR is defined as the monthly average share price at the end of the period, minus the monthly average share price at the start of the period, plus any dividend paid, divided by the monthly average share price at the start of the period.
* 40% of the criteria is based on Aperam Return on Capital Employed (ROCE). The applicable peer group of companies used for the comparative performance of the TSR remains unchanged as of the approval submitted to shareholders in 2018.

The performance criteria of the Performance Share Unit (PSU) plans under the shareholders’ approval until 2023 defined in the section ‘Long-term, equity-based incentives’ are as follows:
* 40% of the criteria is based on the development of TSR, defined as the share price at the end of the period, minus the share price at the start of the period, plus any dividend paid, divided by the share price at the start of the period compared to two representative indexes (20% weight: SBF 120 index; 20% weight DAX index), over a three-year period.
* 40% of the criteria is based on the development of Earnings Per Share (EPS) for 20%, defined as the amount of earnings per share outstanding, compared to a peer group of companies, over a three-year period, and on the development of TSR for 20% compared to a peer group of companies, over a three-year period.
* 20% of the criteria is based on the Sustainable Improvement of our strategic ESG challenges. Specific targets in the areas of Environment & Climate Change, Diversity & Inclusion, and Health & Safety will be specifically decided at the moment of the grant.
* The applicable peer group of companies used for the comparative performance of the TSR and EPS remains unchanged as of the approval submitted to shareholders in 2018.

The performance criteria of the Performance Share Unit (PSU) plans under the shareholders’ approval until 2021 defined in the section ‘Long-term, equity-based incentives’ are as follows:
* 50% of the criteria is based on the development of TSR, defined as the share price at the end of the period, minus the share price at the start of the period, plus any dividend paid, divided by the share price at the start of the period compared to two representative indexes (25% weight: SBF 120 index; 25% weight DAX index), over a three-year period.• 50% of the criteria is based on the development of Earnings Per Share (EPS) for 25%, defined as the amount of earnings per share outstanding, compared to a peer group of companies, over a three-year period, and on the development of TSR for 25% compared to a peer group of companies, over a three-year period.
• The applicable peer group of companies used for the comparative performance as part of the Leadership Team PSU plan submitted to shareholder approval in 2018 is as follows:
◦ The group of companies consists of two stainless steel companies and four carbon steel companies. These companies have been retained by the Board of Directors based on industry classification, size and on correlation to whether this group is sound from a statistical viewpoint.

64 Annual Report 2025

Steel peer group
| Company | Market capitalisation(1) | Correlation (2) |
| :--- | :--- | :--- |
| Stainless steel peer group (weight inside peer group 50%) | | |
| Acerinox | 3,157 | 0.68 |
| Outokumpu | 2,111 | 0.73 |
| Carbon steel peer group (weight inside peer group 50%) | | |
| Thyssen-Krupp | 5,771 | 0.46 |
| Salzgitter | 2,171 | 0.50 |
| ArcelorMittal | 34,917 | 0.73 |
| Voestalpine | 3,858 | 0.62 |

Notes:
(1) On 31 December 2025, in million €, source Bloomberg
(2) Correlation calculated from 31 December 2023 to 31 December 2024, source Bloomberg

LTIP vesting in 2025: PSU plan under the 4 May 2022 shareholder authorisation
The value of the grant at grant date was 80% of the annual base salary for the Chief Executive Officer and 50% for the other LT members. Each PSU may give the right to up to two shares of the Company.

Convening vesting: No vesting will take place for performance below 80%.

20% vesting is linked to ESG targets.
40% vesting is linked to TSR evolution compared to SBF120 index and DAX index over a three-year period:
• 20% of vesting is linked to TSR evolution compared to SBF120 index over a three-year period: The percentage of PSUs vesting will be 50% for achieving 80% of Index Performance, 100% for achieving Index Performance, 150% for achieving 120% of Index Performance and 200% for achieving 140% of Index Performance
• 20% of vesting is linked to TSR evolution compared to DAX index over a three year period: The percentage of PSUs vesting will be 50% for achieving 80% of Index Performance, 100% for achieving Index Performance, 150% for achieving 120% of Index Performance and 200% for achieving 140% of Index Performance

40% vesting is linked to EPS and TSR evolution compared to a peer group over a three-year period:
• 20% of vesting is linked to EPS evolution compared to a peer group over a three-year period:
◦ 10% of vesting is linked to EPS evolution compared to the stainless steel peer group. The percentage of PSUs vesting will be 50% achieving of 80% of median EPS, 100% for achieving median EPS, 150% for achieving 120% of median EPS, and 200% for achieving 140% of median EPS.
◦ 10% of vesting is linked to EPS evolution compared to the carbon steel peer group. The percentage of PSUs vesting will be 50% for achieving 80% of median EPS, 100% for achieving median EPS, 150% for achieving 120% of median EPS, and 200% for achieving 140% of median EPS.

20% of vesting is linked to TSR evolution compared to a peer group over a three- year period:
• 10% of vesting is linked to TSR evolution compared to the stainless steel peer group. The percentage of PSUs vesting will be 50% for achieving 80% of median TSR, 100% for achieving median TSR, 150% for achieving 120% of median TSR, and 200% for achieving 140% of median TSR.
◦ 10% of vesting is linked to TSR evolution compared to the carbon steel peer group. The percentage of PSUs vesting will be 50% for achieving 80% of median TSR, 100% for achieving median TSR, 150% for achieving 120% of median TSR, and 200% for achieving 140% of median TSR.

Grant date: 1 June 2022
Vesting date: 1 June 2025

Performance criteria	% Weighting of criteria	Percentage of achievement at review at third grant anniversary date (1 June 2025)
TSR - SBF 120 Index	20.00%	0%
TSR - DAX Index	20.00%	0%
TSR - Peer Group
Carbon Steel	10.00%	0%
Stainless Steel	10.00%	0%
EPS - Peer Group
Carbon Steel	10.00%	18.97%
Stainless Steel	10.00%	13.89%
ESG Criteria
Health & Safety	5.00%	4.24%
Diversity	5.00%	4.45%
Environment	10.00%	0%
Total	100%	41.54%

1 Scope 1 and 2 based on world stainless data

65 Annual Report 2025

Vesting still outstanding
For the PSU Plans under the 2 May 2023, 30 April 2024 and 6 May 2025 shareholder authorisations, no vesting has yet been reached. The LT PSU Plans provide for cliff vesting on the third anniversary of the grant date subject to the fulfilment of cumulative performance criteria over a three-year period, under the condition that the relevant LT member continues to be actively employed by the Aperam Group on that date.

Share ownership by directors and Leadership Team
As of 31 December 2025, the aggregate beneficial share ownership of Aperam directors and the Leadership Team amount to 206,567 Aperam shares (excluding shares owned by Aperam's significant shareholder). Other than the significant shareholder, no director or member of senior management beneficially owns more than 1% of Aperam's shares. The allocation of Aperam equity incentives to senior management is described in our ‘Share capital’ section. In accordance with the Luxembourg Stock Exchange's 10 Principles of Corporate Governance, non-executive members of Aperam's Board of Directors do not receive share options, RSUs or PSUs.

Environmental responsibility
At Aperam, we take our environmental responsibility seriously. That’s why it sits at the heart of our strategy – through our Circularity and Integrated Value Chain pillars, and especially within our Recycling & Renewables segment and how it connects to the rest of our operations. Among stainless steel producers, Aperam has one of the world’s lowest GHG footprints 1. This reflects our European production route, which uses fully recyclable stainless steel scrap, and the use of charcoal from our sustainably cultivated forests in Brazil. With the acquisition of ELG (Aperam Recycling), completed in December 2021, Aperam has industry-leading recycling capabilities, as we continue to improve our environmental footprint and meet our CO2e reduction targets. The full recyclability of our products, combined with our reliable and safe production process, makes Aperam’s products a key building block for a sustainable future and an example of the circular economy in action.

Environmental Target Timeline
| | Energy consumption | CO2e emissions | Air emissions | Water consumption | Waste & Recycling |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Electricity & Nat. Gas intensity consumption - reduction vs 2021 | (10)% | | | | |
| GHG emissions (scope 1/2/3) per ton reduction vs 2021 excl. sequestration | | (20)% | | | |
| Dust emissions intensity - reduction vs 2021 | | | (50)% | | |
| Water intake intensity - reduction vs 2021 | | | | (40)% | |
| Proportion of wastes recycled or reused (aiming at 100%) | | | | | >97 % |
| Target Year | 2030 | 2030 | 2030 | 2030 | 2030 |

Refer to our our voluntary sustainability reporting for more information on the targets and associated environmental roadmaps. In line with Aperam’s sustainability strategy, we focus on reducing carbon emissions, optimising resource use, and deploying sustainable practices across our value chain. Key elements include:
• Decarbonisation leadership: Although the forest carbon sink did not contribute to a lower carbon intensity in 2025, the CO2e footprint (scope 1+2) remains

66 Annual Report 2025

low at 0.4 tCO2e per tonne of crude steel over the past three years – well below the industry average of 0.9 tCO2e1 Aperam continues to be recognised as a leader in low-emission stainless steel production. This achievement is underpinned by our use of renewable energy and input sources, such as FSC®-certified charcoal in Brazil and scrap-based production in Europe. Moreover, our stainless steels are a high added-value material that plays a key role in the energy transition.
• Clear roadmap for decarbonisation: After its initial goal to reduce CO2e emissions by 30% by 2030 (Scopes 1 and 2) compared to 2015, Aperam updated and accelerated its roadmap with the objective of cutting its scope 1+2+3-intensity emissions by (20)% by 2030 (vs. 2021) and achieve net-zero emissions by 2050. This strategy is supported by targeted investments in:
◦ energy efficiency and renewable energy use;
◦ low-CO2e raw materials, which are a key lever for decarbonisation in our sector; and
◦ green technologies that reduce or sequester the carbon-equivalent emissions of our productive assets.
• Roadmaps for key environmental aspects, covering Aperam dust emissions, water intake and waste recycling rate: These roadmaps are helping set the direction for limiting our environmental impact, in line with our Commitment to ResponsibleSteel™: Aperam was the first stainless steel producer to be certified by ResponsibleSteel™ in Europe, and is now certified in Brazil as well. These strengths position Aperam as a trusted partner for customers seeking sustainable, high-performance materials. By aligning our business strategy with global sustainability objectives, we ensure resilience, innovation, and long-term value creation.

Sustainable production processes
Metallurgy is a heavy industry that uses significant amounts of power and hazardous substances to transform raw materials into the precise blend of alloys required by our customers. As we aim for environmental excellence, and independent of evolving regulatory standards, resource-efficiency topics (such as energy and raw materials) rank high on our priority list, which includes water consumption, waste management and recyclability. After the 2021 acquisition of ELG, a global leader in stainless steel and superalloys recycling, we continued our journey to improve our leading environmental footprint and support our 2030 CO2e reduction targets (see below).# Climate change and CO2e leadership

Our low-carbon footprint (scope 1 and 2), which is well below ISSF’s average of 0.9 t CO₂e/tonnes of crude steel, is based on the following:

• In Europe, our electric arc furnaces use locally available scrap material instead of extractive raw materials. In doing so, they generate around five to six tonnes less CO2e per tonne of stainless steel produced, compared to integrated producers using blast furnaces or rotary kiln furnaces for nickel pig iron (Asia). We also benefit from having a specialist recycling (Aperam Recycling) arm within our Group.
• In Brazil, our blast furnace plant is fuelled with charcoal (biomass) from Aperam BioEnergia, our eucalyptus forestry operation, which provides a natural and renewable substitute for fossil fuels (coke).

67 Annual Report 2025

• Our efforts also focus on reducing our scope 3 emissions in line with the recent scope 1+2+3-reduction objective (-20% in intensity vs 2021/2030). While evaluating each scope 3 category with precision remains a challenge, the first four categories (scope 3.1 to 3.4) with scope 3.9 are responsible for more than 95% of all scope 3 emissions (upstream and downstream). When economically feasible, and provided we can optimise the transportation routes for any upstream materials used in our processes, we try to select suppliers with low-carbon emissions to deliver our main raw materials. A key contributor to reducing our scope 3.1 (purchased goods and services) emissions is our Recycling & Renewables segment, which supplies recycled material to our production facilities.

To go further in our decarbonisation and energy management efforts, we are using the following levers:

• Enhancing our direct emissions and energy footprint, increasing our energy efficiency and the share of renewables in our energy mix, and reducing emissions through low-carbon technologies such as heat recovery and oxy- burners.
• Capturing or removing direct emissions and leveraging BioEnergia agroforestry’s expert genetic selection and silvicultural management.
• Deploying our circular economy strategy by leveraging the Recycling segment and the Recyco unit for low-carbon input materials, while developing re-use solutions for our wastes and by-products – either directly or through joint- ventures.
• Actively managing our supply chain footprint in collaboration with relevant suppliers, logistics providers and customers.
• Partnering with stakeholders to advance innovation and R&D, sharing best practices with fellow industrialists on topics such as carbon capture and heating electrification, and contributing to the development of climate-change policies.

Refer to the Climate Action & Energy transition policy on our website for more information.

For the reporting year 2025, Aperam improved its scope 1+2 emissions by more than 6% compared to 2024 despite the forest carbon sink not contributing to a lower carbon intensity. On the contrary, because of the natural evolution of tree growth and age relative to our demand, our forestry activities contributed to additional emissions (for the reporting year 2025, there is no net removal accounted on our CO2eq balance). Nevertheless, Aperam remains a market leader with its scope 1+2 emissions at the lowest level, averaging 0.4tCO2eq/tcs over the past three years.

BioEnergia, our responsible forestry and renewable biocoal producer

In Brazil, we have the unique capability to manufacture stainless and specialty steel using low-cost biomass (charcoal) produced by Aperam BioEnergia from wood grown in its eucalyptus forests. The charcoal is used in our steelmaking process as a natural and renewable substitute for fossil fuels (coke). This allows us to fully eliminate the use of extractive coke and maintain an industry-leading CO2e footprint.

Aperam Recycling, Recyco and the circular economy

At Aperam, circularity is at the core of our strategy. When considering Aperam Recycling, including Recyco, alongside our relevant Steel activities, around 25% of our workforce is now creating value in the renewable and recycling upstream. Stainless steel is an endlessly reusable product, serving as both an input and an output of our industrial process. This unique property is one we are fully committed to optimising. Many of our products contain more than 80% metallic scrap, and this is especially true for the stainless steel melt in Genk and Châtelet, where some of our austenitic products contain an average of 90% scrap.

In addition, we have a unique capability to treat melt-shop by-products such as dust and sludge to extract valuable metallic content, primarily nickel. This is done by our Recyco subsidiary at our Isbergues site. Recyco recovers valuable components from residues generated at Aperam’s European steel mills, as well as from other external steelmakers. By doing so, we avoid sending useful materials going to landfill and reduce the need for further extraction of new materials. As an active promoter of the circular economy, we not only recycle scrap dust into our production, we also recycle and reuse external waste such as tyres and cans, as well as recycled materials used in our production process, including electrodes and refractories.

Pollution prevention and water management

In addition to our responsibility towards future generations, we also ensure we are always ready to address immediate emergencies, such as fire and pollution. We do this through specific industrial risk-mitigation projects, risk audits, regular training and on-site emergency drill simulations. At our main sites, these exercises are periodically set up with local authorities to assess the efficiency of our procedures for informing and protecting local communities. We also closely manage our effluents, particularly dust emissions, which can be a nuisance to surrounding communities, as well as the quality of our water discharges. In addition, we carry out periodic soil and noise analyses.

68 Annual Report 2025

Our only unit operating in an area experiencing severe and permanent hydric stress is BioEnergia. Thanks to the work of our local research and development team, genetic-improvement technology has enabled our trees to adapt to the dry local conditions by thriving without deep pivoting roots reaching the water tables. The unit also continuously develops and applies measures to control and sustainably use water, while raising awareness among local communities about fire- and water- related risks. In 2025, we began treating and collecting used municipal water in the town of Copas for use in our nursery. BioEnergia also distinguishes itself through a strategic planting window restricted almost exclusively to rainy days. While challenging, it drastically reduces supplemental water consumption. In line with our commitment to responsible water use, we responded to the 2025 ‘Water’ survey of the Carbon Disclosure Project (CDP). For the fourth consecutive reporting year, Aperam achieved a B rating, recognising our continued efforts. We support the United Nations’ Sustainable Development Goal 6 (Clean Water and Sanitation) and 11 (Sustainable Cities and Communities).

Biodiversity protection and ecosystem resilience

Aperam recognises that our relationship with biodiversity is closely linked to our broader environmental footprint, including water stewardship, air quality, and climate change mitigation. Our impact on natural ecosystems varies across the value chain, requiring a differentiated management approach. For our industrial steel operations, biodiversity protection is intrinsically linked to our rigorous control of emissions to air, water and soil, ensuring that our activities – even within established industrial zones – do not compromise local ecological health. Our agribusiness activities, primarily BioEnergia’s eucalyptus monocultures in Brazil, represent a more direct interface with nature. Here, we balance the cultivation of renewable charcoal with the preservation of native forest areas (covering more than 33% of our total land area) to support local wildlife and maintain vital ecosystem services like erosion control and natural water cycles. In addition, our Forest Stewardship Council’s (FSC®) certification recognises our innovative practices, which combine efficient plantation management (using biological pest control) and a widely recognised programme for protecting local flora and fauna, including large mammals.

Central to our biodiversity conservation efforts is our proactive stakeholder engagement strategy. In Europe, we partner with local associations and communities to restore local habitats through planting and support pollinators. In Brazil, our Oikos Environmental Education centre strengthens community ties and promotes biodiversity awareness, while regular community consultations ensure we integrate local knowledge into our strategy. Beyond our direct operations, we acknowledge that significant biodiversity risks exist upstream within our supply chain, particularly during the extraction of raw materials like nickel. We address these through a sustainable sourcing strategy that prioritises suppliers who apply high environmental and social standards. Biodiversity preservation is also addressed through our strategic pillar on circularity, which promotes the use of recycled scrap to reduce reliance on mined raw materials.

Refer to the Corporate Sustainability reporting on our website for more information.

Provision of energy-efficient and/or water-saving steel solutions

Within our responsibility to the environment, we are also committed to providing energy-efficient and water-saving steel products that can help society solve global environmental challenges. Stainless steel’s endless recyclability, durability and mechanical resistance make it the perfect material for a sustainable society, opening up new opportunities for Aperam.Through energy-efficient applications, our products contribute to the United Nations’ Sustainable Development Goals 3, 5, 6, 7, 9, 11, 12, 13 and 16, which relate to Health & Safety; Gender Equality; Clean Water and Sanitation; Affordable and Clean Energy; Industry; Innovation and Infrastructure; Sustainable Cities and Communities; Responsible Consumption and Production; Climate Action; and Peace, Justice and Strong Institutions.

1 FAQ 11, Commission Notice on the interpretation and implementation of certain legal provisions of the EU Taxonomy Environmental Delegated Act, the EU Taxonomy Climate Delegated Act and the EU Taxonomy Disclosures Delegated Act (C/2025/1373) 69 Annual Report 2025

EU Taxonomy Compliance with Regulation (EU) 2020/852 on EU Taxonomy.

Introduction

In order to meet the EU’s climate and energy targets for 2030 and deliver on the objectives of the European Green Deal, in line with the Paris Agreement, the Green Pact and the Sustainable Development Goals, investments are required in sustainable projects and activities. The EU Taxonomy provides a classification that sets out the conditions an economic activity must meet to qualify as sustainable, as defined in Regulation (EU) 2020/852 of 18 June 2020 and its subsequent amendments. To qualify, an activity must make a substantial contribution to one or more of the European Union’s six environmental objectives, without causing significant harm to the other objectives (the Do No Significant Harm principle or DNSH), while also meeting certain minimum social safeguards. These safeguards reference the ILO Core Labour Conventions, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights. The amendments to the Climate Delegated Act will apply for Taxonomy reporting on the 2025 financial year. Certain simplification rules will apply during this first year, such as the update of the reporting templates and the materiality thresholds.

Implications for Aperam, as a non-financial undertaking

In accordance with Article 10 (3) of the Disclosures Delegated Act, non-financial undertakings shall disclose their key performance indicators (KPIs) and accompanying information pursuant to Annex I and II of the Regulation. The following disclosures cover the Aperam Group. Joint ventures are not included.

The identification of eligible activities corresponds to a preliminary screening of those activities most likely to contribute to the transition to a low-carbon EU economy. Alignment requires confirmation that the undertaking meets the technical screening criteria defined for its sector (for example, in terms of $\text{CO}_2$-equivalent intensity or level of circularity), as well as compliance with the DNSH requirements and Minimum Safeguards.

• Turnover KPI: represents the proportion of the net turnover derived from products or services that are EU Taxonomy-aligned. The KPI provides a static view of the Group’s contribution to environmental goals.
• OpEx KPI: represents the proportion of operating expenditure associated with EU Taxonomy-aligned activities or with the CapEx plan. Operating expenditure includes direct non-capitalised costs relating to research and development, renovation measures, short-term leases, maintenance, and other direct day- to-day costs necessary to ensure the continued and effective use of assets or property, plant and equipment.
• CapEx KPI: represents the proportion of capital expenditure for an activity that is already EU Taxonomy-aligned, linked to a purchase of output or individual measures, or part of a credible plan to extend or achieve EU Taxonomy alignment. This KPI provides a dynamic, forward-looking view of the companies’ plans to transform their business activities.

Methodology & results

To ensure the timely and legally compliant fulfilment of its disclosure obligations, Aperam has established an interdisciplinary project team that analysed the existence of Taxonomy-eligible activities in close coordination with the representatives of the Group’s segments and functions.

Following an analysis of our activities, we concluded that our entire Stainless and Electrical Steel production, as well as our Services & Solutions service centres, are considered by the EU Taxonomy to fall under economic activity: 3.9 – Manufacture of iron and steel. This activity is identified in the supplementing Commission Delegated Regulation 2021/2139, which focuses on climate-mitigation objectives and classifies ‘transitional activities’. These are activities that support the transition to a climate- neutral economy under specific circumstances when no technologically or economically feasible low-carbon alternative currently exists. For further reference, the substantial contribution criterion for climate-change mitigation in the iron and steel sector is based on one of the following: a $\text{CO}_2\text{e}$ intensity calculated at crude steel level (for blast furnaces or electric arc furnaces) or a minimum scrap input of 70% relative to production output for the production of high-alloy (stainless) steel.

From reporting 2022 to 2024, our Alloys & Specialties business was included in our analysis and reporting. However, for 2025 – and based on the guidance issued in the Taxonomy Climate Delegated Act, Section 3.9 ‘Manufacture of iron and steel’ 1, – Aperam has excluded Alloys & Specialties, including the Universal Stainless & Alloy Products (USAP) acquisition, from our 2025 disclosures due to their non-eligibility.

Aperam Recycling operations have been assessed in line with economic activity 5.9 Material recovery from non-hazardous waste. This activity is identified in the supplementing Commission Delegated Regulation 2021/2139. For further reference,
2 Usually referred to as ‘scope 1’ in line with the greenhouse gas (GHG) protocol, in relation to ‘scope 2’ and ‘scope 3’ 70 Annual Report 2025 the substantial contribution criterion for climate change mitigation is that the activity shall convert at least 50%, in terms of weight, of the processed and separately collected non-hazardous waste into secondary raw materials that are suitable for the substitution of virgin raw materials in production processes.

In 2025, Aperam also reviewed the eligibility of our forestry activities under Aperam BioEnergia, considering their role in sustainable forest management. Following this assessment, we concluded that Aperam BioEnergia qualifies as an eligible activity under the EU Taxonomy for 1.3 ‘Forestry Management’.

Alignment for EU Taxonomy activities relevant for Aperam

An explanation of how Aperam is aligning its activities with the EU Taxonomy criteria, according to the mandatory three-phased analysis (Substantial Criteria; Do No Substantial Harm (DNSH) Criteria; and Minimum Safeguards) is provided below.

1. Substantial Criteria

Regarding our Stainless and Electrical Steel activities considered as part of the Taxonomy ‘Manufacturing of iron and steel’, their alignment depends on their ability to meet either one of the two following thresholds:

1) GHG emissions, calculated according to the methodology used for EU- ETS benchmarks (i.e., the Commission Delegated Regulation (EU) 2019/331). This methodology refers to the direct 2 $\text{GHG}$ emissions generated by the production of hot metal (ex-caster, i.e.before hot rolling), which shall not exceed the following values applied to the different manufacturing process steps:
* Hot metal from blast furnace route = $1,443 \text{ tCO}_2\text{e/t}$ product (adaptation) or $1,331$ (mitigation)
* Electric arc furnace (EAF) high alloy steel = $0,360 \text{ tCO}_2\text{e/t}$ product (adaptation) or $0,266$ (mitigation)

2) The steel scrap input relative to product output is: (i) at least 70% for the production of high alloy steel or (ii) at least 90% for the production of carbon steel.

Our Stainless & Electrical Steel division (Europe and South America), in 2025 and like previous years, with a $\text{CO}_2\text{e}$ intensity calculated at crude steel level (non- biogenic, ex caster) is compliant with the requirements of the substantial criteria for alignment as ‘climate change mitigation’ activities.This assessment follows Aperam’s externally verified calculations regarding $\text{CO}_2\text{e}$ emissions (scopes 1 and 2), in line with the best standards and considering consolidated results published above.

Aperam Recycling’s activities have a conversion rate well above what is required in terms of weight, for the separately collected non-hazardous waste into secondary raw materials that are suitable for the substitution of virgin materials in production processes. As the sourcing and reconditioning of the scrap does not include any substantial loss of volume due to the lack of heat-processing, the conversion rate is to be considered at a minimum of 90%. The sorting process has also been examined in line with the activity 5.9 substantial criteria requirements due to its focus on transforming waste into usable secondary raw materials with high conversion rates.

While BioEnergia’s FSC® certification highlights its alignment with key environmental and social sustainability criteria, and its renewable biomass production supports the transition to climate neutrality through low-carbon steelmaking, its forestry-related activity could not demonstrate alignment with the EU Taxonomy requirements of the substantial criteria. This lack of alignment is due to differences in methodological documentation requirements between the EU Taxonomy directive, national regulations, and the FSC® certification standards with which Aperam aligns.

2. Do No Substantial Harm (DNSH) Criteria

The DNSH assessment was conducted in line with the Technical Working Group Methodological Report (March 2022), with alignment confirmed in 2025 for Stainless Europe and Recycling activities. Compliance was reviewed through existing policies, procedures, and risk management systems at both local and global levels, supported by internal KPIs and monitoring of any non-conformities.Physical risk assessments are updated annually to strengthen risk identification and mitigation The physical risk assessment is ongoing, enhanced on an annual basis, to identify risks. We will continue to further improve our assessment and mitigation strategies with available methodologies. Substances of Concern are linked to the regular steel production activities and thoroughly controlled. We are actively following this matter and to date, our analysis has not identified any misalignment with relevant activities. However, as methodologies, sector-specific guidelines, and regulations evolve, we will continue to refine our assessment.

Within the DNSH, the 2025 updated EU Taxonomy regulation now includes the following material matters for Aperam: a clearer ozone-depleting substances criteria, the Restriction of Hazardous Substances (RoHS) Directive on Hazardous Substances on restricting harmful substances in electrical and electronic equipment, and the new criteria on chemicals (REACH & CLP) which covers rules for registration, classification, and labelling of chemicals.

All our main units taken as reference for this analysis, including the Brazilian plant of Timóteo, operate in compliance with their applicable regulations and Aperam internal 3 Standards in line with ResponsibleSteel™ certification for Timóteo 4. Note that the year-to-year decrease is mainly due to the acquisition of USAP being considered per method as additional CAPEX in the denominator (business combination), for complete information & comparison purposes only, the figures without this effect for 2025 have been added to this table. The effects are not as material for the other KPIs.

71 Annual Report 2025 standards 3, defined as per the local regulations and common practices with detailed air emissions and water intake/discharge specifications. A lack of alignment between the requirements defined under the rules of EU Taxonomy (Best Available Technologies or BAT) and those applicable under Brazilian law currently prevents us from concluding that our Brazilian operations have been compliant with the DNSH PPC since 2022 or have subsequently aligned with the EU Taxonomy criteria. However, our Brazilian units are on track to comply with BAT, a commitment that, when reached, will allow full alignment per EU Taxonomy standards. A milestone has been reached by obtaining the ResponsibleSteelTM certification for the second time in early 2023 and a recertification has been obtained in 2025.

3. Minimum Safeguards

The verification of compliance with the Minimum Safeguards is the final phase of analysis. As the Aperam Group deals with these international standards at a global level, a common analysis of the eligible activities was performed to determine the results. Please note that in case of incidents, these will be assessed by our segments to avoid our other activities being affected.

Taxonomy reporting underlines Aperam's wide-ranging commitment over many years to its employees and stakeholders, reflected in the Group’s long-standing adoption of internal charters, policies and codes of conduct that are based on the highest regulatory and sectoral standards, and which serve as guidelines for all our activities (refer to Aperam's Code of Conduct). Aperam’s duty of care regarding the monitoring and evaluation of compliance with these principles can be found in its dedicated governance structure, which ensures that its values and guidelines are applied at all levels. In the financial year 2025, the Aperam Group has not been convicted in court for any major violation of human rights, taxation, corruption/bribery, or fair competition. Aperam continues its commitment to the most demanding international standards, with several certification processes achieved and ongoing.

KPIs

We confirm to the best of our knowledge that the financial information of Aperam presented under the European Taxonomy section and based on the IFRS consolidated financial statements. All calculations are based on the latest independently audited figures available, as per the Accounting Policies tailored to Aperam’s business and situation, referred to in the Financial Report notes. The totals of the economic activities eligible for the Taxonomy were obtained by adding the total per entity and using the same accounting principles that apply to the preparation of our Consolidated Annual Financial Statements. Non-eligible and non- aligned activities have then been processed following the same methodology, by segments and entities contribution when finer examination is needed to distinguish non-aligned entities in the same segment. The proportion of turnover derived from Taxonomy-aligned activities was calculated in line with the Accounting Directive and included the elimination of intercompany balances. Please refer to the Consolidated Statements Note 4 Segment and Geographic Information for additional information.

Capital Expenditures taken into consideration consist of purchases of property, plant, and equipment, and purchases of intangible assets related to either supporting steel- making or recycling capabilities. It is reported in the Consolidated Statement of Financial Position, Note 13 “Goodwill and intangible Assets”, Note 14 “Biological assets” and Note 15 “Property, Plant and Equipment”. As of 2025, plans to improve alignment have not yet been taken into account separately. The inclusion of business acquisition assets includes USAP in the denominator for eligibility in 2025.

Operating expenditures are restricted under applicable regulation and consist of expenses related directly to production. Expenses of materials (Repairs & Maintenance related Costs) and of Others, rental charges (production), other production services such as cleaning and testing, and IT dedicated to production maintenance have all been considered compliant.

Overall, according to our analysis above, the activities considered aligned under the EU Taxonomy regulation represent 65% of turnover, 20% of CapEx 4, and 60% of OpEx of the Aperam Group as of 31 December 2025.

	Aperam EU Taxonomy - eligible (%)	EU Taxonomy - aligned (%)	EU Taxonomy Non-aligned and Non-eligible (%)
Turnover	82%	65%	18%
CapEx	33% / 83%$^4$	20% / 49%$^4$	67%
OpEx	79%	60%	21%

71 Annual Report 2025

Assumptions, data limitation and perspectives

Aperam is committed to ensuring the continuity and traceability of its disclosed results. Therefore, we have applied to each assessment process described herein specific control and alert procedures to allow the internal reporting channel to directly 72 Annual Report 2025 consider the EU Taxonomy’s requirements and to measure the potential impact, when not already in place. To determine the alignment of our activities, we used publicly available sector information, along with audited available financial and environmental data. Aperam is confident that the assessment made in line with the regulation is legitimate. We updated our disclosures with recent regulatory updates and guidance, resulting in the exclusion of all of our Alloys & Specialties segment as announced in our reporting 2024. While Aperam would continue to support the materiality of alloys products & processes in a framework such as EU Taxonomy, we comply and continue to refine our assessments. The progression of our methodology will focus on aligning with the evolving regulatory landscape and ensuring robust, transparent disclosures capable of withstanding scrutiny. This commitment underscores our dedication to providing stakeholders with accurate and comparable sustainability information in the dynamic landscape of the EU Taxonomy and eventual future Corporate Sustainability Reporting Directive (CSRD) compliance.

Reporting 2025 - Tables

Proportion of turnover/ Total turnover

	Proportion of CapEx/Total CapEx	Proportion of OpEx/Total OpEx
Taxonomy- aligned per objective	Taxonomy eligible per objective	Taxonomy- aligned per objective
CCM	65%	82%
CCA	—%	—%
WTR	—%	—%
CE	—%	—%
PPC	—%	—%
BIO	—%	—%

73 Annual Report 2025

Proportion of turnover, CapEx, OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year 2025

Financial year 2025 KPI	Total Proportion of Taxonomy eligible activities	Taxonomy aligned activities	Proportion of Taxonomy aligned activities	Breakdown by environmental objectives of Taxonomy aligned activities
	Currency %	Currency %	%	Proportion of enabling activities	Proportion of transitional activities	Not assessed activities considered non-material	Taxonomy aligned activities in previous financial year	Proportion of Taxonomy aligned activities in previous financial year (2024)
				Climate Change Mitigation	Climate Change Adaptation	Water	Circular Economy	Pollution
Turnover	6,079,837,599	82.03%	3,921,850,925	64.51%	64.51%	48.84%	4,295,301,860	68.66%
CapEx	491,052,248	33.11%	95,995,218	19.55%	19.55%	16.81%	82,542,914	44.33%
OpEx	264,618,718	79.13%	157,646,399	59.57%	59.57%	50.34%	149,557,804	63.18%

Please note that amounts are expressed here in full, not millions.# Turnover - Financial year 2025

Economic Activities Code	Taxonomy eligible KPI (proportion of Taxonomy eligible Turnover)	Taxonomy aligned KPI (monetary value of Turnover)	Taxonomy aligned KPI (proportion of Taxonomy aligned Turnover)	Breakdown by environmental objectives of Taxonomy aligned activities	Enabling Activity	Transitional activity	Proportion of Taxonomy aligned in Taxonomy eligible
	Text Code %	Currency %	%	%	%	%	%
				Climate Change Mitigation	Climate Change Adaptation	Water	Circular Economy
Manufacture of iron and steel - Aperam Stainless & Electrical Europe	CCM 3.9	19.12%	1,162,679,697	19.12%	19.12%	T	100%
Manufacture of iron and steel - Aperam Services & Solutions	CCM 3.9	29.72%	1,806,855,467	29.72%	29.72%	T	100%
Recycling - Material recovery from non-hazardous waste - Aperam Recycling	CCM 5.9	15.66%	952,315,761	15.66%	15.66%		100%
Manufacture of iron and steel - Aperam Stainless & Electrical Brazil	CCM 3.9	13.36%	T	—%
Manufacture of iron and steel - Aperam Services & Solution (related to S&E Brazil)	CCM 3.9	3.97%	T	—%
Forestry Management - Aperam BioEnergia	CCM 1.3	0.21%		—%
Sum of Alignment per objective			64.51%	0	0	0	0
Total Turnover		82.00%	3,921,850,925	64.51%	64.51%	0	0

74 Annual Report 2025

CapEx - Financial year 2025

Economic Activities Code	Taxonomy eligible KPI (proportion of Taxonomy eligible CapEx)	Taxonomy aligned KPI (monetary value of CapEx)	Taxonomy aligned KPI (proportion of Taxonomy aligned CapEx)	Breakdown by environmental objectives of Taxonomy aligned activities	Enabling Activity	Transitional activity	Proportion of Taxonomy aligned in Taxonomy eligible
	Text Code %	Currency %	%	%	%	%	%
				Climate Change Mitigation	Climate Change Adaptation	Water	Circular Economy
Manufacture of iron and steel - Aperam Stainless & Electrical Europe	CCM 3.9	14.82%	72,785,093	14.82%	14.82%	T	100%
Manufacture of iron and steel - Aperam Services & Solutions	CCM 3.9	1.99%	9,760,044	1.99%	1.99%	T	100%
Recycling - Material recovery from non-hazardous waste - Aperam Recycling	CCM 5.9	2.74%	13,450,082	2.74%	2.74%		100%
Manufacture of iron and steel - Aperam Stainless & Electrical Brazil	CCM 3.9	5.28%	T	—%
Manufacture of iron and steel - Aperam Services & Solution (related to S&E Brazil)	CCM 3.9	0.44%	T	—%
Forestry Management - Aperam BioEnergia	CCM 1.3	7.83%		—%
Sum of Alignment per objective				19.55%	—%	—%	—%
Total CapEx		33.10%	95,995,218	19.55%	19.55%	—%	—%

75 Annual Report 2025

OpEx - Financial year 2025

Economic Activities Code	Taxonomy eligible KPI (proportion of Taxonomy eligible OpEx )	Taxonomy aligned KPI (monetary value of OpEx)	Taxonomy aligned KPI (proportion of Taxonomy aligned OpEx)	Breakdown by environmental objectives of Taxonomy aligned activities	Enabling Activity	Transitional activity	Proportion of Taxonomy aligned in Taxonomy eligible
	Text Code %	Currency %	%	%	%	%	%
				Climate Change Mitigation	Climate Change Adaptation	Water	Circular Economy
Manufacture of iron and steel - Aperam Stainless & Electrical Europe	CCM 3.9	46.08%	121,947,925	46.08%	46.08%	T	100%
Manufacture of iron and steel - Aperam Services & Solutions	CCM 3.9	4.26%	11,273,694	4.26%	4.26%	T	100%
Recycling - Material recovery from non-hazardous waste - Aperam Recycling	CCM 5.9	9.23%	24,424,780	9.23%	9.23%		100%
Manufacture of iron and steel - Aperam Stainless & Electrical Brazil	CCM 3.9	12.55%	T	—%
Manufacture of iron and steel - Aperam Services & Solution (related to S&E Brazil)	CCM 3.9	2.00%	T	—%
Forestry Management - Aperam BioEnergia	CCM 1.3	5.01%		—%
Sum of Alignment per objective				59.57%	—%	—%	—%
Total OpEx		79.10%	157,646,399	59.57%	59.57%	—%	—%

76 Annual Report 2025

Sustainability information 2025

Key Performance Indicators

At Aperam, transparency and accountability are central to our sustainability approach. In this Sustainability Information chapter, we present our key performance indicators in Health & Safety (H&S) and Environmental impact, along with the associated Methodological Notes, providing clarity on our reporting framework for Aperam S.A. (the “Company”) and its subsidiaries (together the “Group”) for the year ended 31 December 2025. For the reporting year 2025, the recent acquisition of Universal Stainless & Alloy Products is not included in the KPIs and data. Any Sustainability Information KPI reported in the 2025 annual report is meant All Aperam excluding Universal Stainless & Alloy Products.

Health and Safety Indicators

Indicator	Unit	2025
Fatalities - All	#	0.00
Fatalities - Employees (1)		0.00
Fatalities - Contractors		0.00
TRIR - All*	Rate	4.23
TRIR - Employees (1)* / 1.000.000 worked hours		4.85
TRIR - Contractors*		2.76
TRI - Employees (1)	#	106.00
TRI - Contractors		25.00
LTIFR - All*	Rate	1.78
LTIFR - Employees (1)* / 1.000.000 worked hours		2.06
LTIFR - Contractors*		1.10
LTI - Employees (1)	#	45.00
LTI - Contractors		10.00
Severity Rate - All*	Rate	0.14
Days Lost - Employees (1)	#	3479.00
Days Lost - Contractors		943.00
Severity Rate - Employees (1) / 1.000 worked hours		0.16
Severity Rate - Contractors		0.10

(1) Including Interim workers *Data subject to limited assurance

Despite the fact that our 2025 data are not incorporating the newly acquired Universal Stainless & Alloy Products activities in the U.S., the year was marked by a fatal accident at one of our Universal Stainless & Alloy Products employees at our Bridgeville site when performing a lifting activity. Our TRIR - All (Total Recordable Injury Rate) looks at the number of total recordable work-related injuries for both Employees and Contractors and compares it to the total number of hours worked. A recordable work-related injury is any case that results in either death, loss of consciousness, days away from work, restricted work activity, transfer to another job, or medical treatment beyond first aid. Our 2025 result is 4,2. Our LTIFR - All (Lost Time Injury Frequency Rate) looks at the number of lost time injuries for both Employees and Contractors and compares it to the total number of hours worked. The LTIFR in 2025 was 1.78. Our Severity Rate looks at the days lost due to work-related injuries (as defined in TRIR) and compares it to the total number of hours worked. Our health & safety management and practices are governed by our Health & Safety Policy and supported by a Management System approach, with certification and continuous improvement. Our roadmap is built around our H&S Paradigm oriented around 4 pillars: Fail Safe, No-Repeat, Worker Involvement and Worker Well-Being. Every year a dedicated H&S Action plan is built ensuring actions are taken at all our sites on these 4 pillars. With the creation of the dedicated Global Health function, we aim to cover the Health topics by working on physical and mental well-being programmes to our people. Training is central to our Health & Safety programme and delivered in local languages. Aperam employees, as well as subcontractors, are briefed and trained on safety. Safety is material inside Aperam as well outside the organisation. In particular, all subcontractors operating on our sites are being fully considered in our action plans and approach and they are part of our reporting.

77 Annual Report 2025

Environmental Indicators

Indicator	Unit	2030 targets	2025
Energy: Elec + Nat. Gas + LPG (1)*	GJ/tcs(1)	7.0 (-10% vs 2021)	8.1
Energy: All*	GJ/tcs(1)	n/a	13.7
Dust emissions (exhaustive)*	t	n/a	185.1
Dust emissions intensity*	g/tcs(1)	77.4 (-50% vs 2021)	94.6
Water intake*	million m3	n/a	18.1
Water intake intensity*	m3/tcs(1)	6.0 (-40% vs. 2021)	9.1
Metallic scrap ratio*	%	n/a	74%

*Data subject to limited assurance

Tonne of crude steel, ‘all tonnes’, i.e. including ‘purchased tonnes’. Since 2023, a change of methodology has been applied, the tcs corresponds to the gross production value. Refer to the methodological notes below for more information. (1) 2030 objective scope limited to electricity, LPG and natural gas only. Please note that all values have been rounded for the Report Air emissions and primarily dust emissions are amongst the key topics of interest of our local stakeholders. According to our Environmental policy, Aperam’s commitment is to go beyond legislation.

Absolute values and intensities, by scope	Unit	Target 2030	2025 (a)
Scope 1 - Non-Biogenic (absolute value)*	ktCO2 e	n/a	820
Scope 1 - Biogenic (absolute value)*		n/a	920
Scope 2 (absolute value) location based*		n/a	216
(b) Scope 2 (absolute value) market based*		n/a	196
(A) Scope 1+2 gross (absolute value: a+b)		n/a	1016
(c) CO2 Sequestration* (2)		n/a	124
(B) Scope 1+2 net (absolute: a+b+c)		n/a	1140
(A’) Scope 1+2 gross intensity (own tcs): (A)/tcs*	tCO2e/ tcs	0.37	0.52
(A’’) Scope 1+2 gross intensity (all tons): (A)/tcs*		0.37	0.51
(B’) Scope 1+2 net intensity (own tcs): (B)/tcs*		0.3	0.58
(B’’) Scope 1+2 net intensity (all tons): (B)/tcs*		0.3	0.58
Scope 3 (absolute value)*	ktCO 2e	n/a	4116
Scope 1+2+3 gross intensity (all tons) *	tCO2 e/tcs	2.23	2.58
Scope 1+2+3 net intensity with removals (own tcs)*	tCO2 e/tcs	n/a	2.68

*Data subject to limited assurance (2)For 2025 calculated based on a carbon stock computed in light of the updated native forestry categorisation (based upon more advanced satellite imagery) and the latest (2022) updates of the reference database (United States Geographical Survey, USGS).

78 Annual Report 2025

Methodological notes

We continuously monitor our sustainability performance and, where appropriate, adapt the methodology to the latest available frameworks and market practice to strengthen accuracy and comparability. In this Note, we propose to detail our methodologies as they are implemented and to highlight how and why they can deviate from existing norms, to ensure transparency and explain our rationale.When methodological improvements are implemented, our approach is to promote transparency by explaining the rationale, the changes introduced and their implications for reported indicators. This appendix describes the methodologies applied for key performance indicators (hereinafter “KPIs”) disclosed in the Sustainability Information section of our Annual Report, and, where applicable, the changes implemented compared to previous year.

Health and Safety indicators

To comply with the Aperam safety standards (based upon ILO, International Labour Organisation and Worldsteel guidance), all accidents are only counted once and are put in the highest category. So, if the accident resulted in a fatality, it is categorised as such and a number of 6 months are considered as lost days. We assess if the person was absent from work for at least one day, excepting the day of the incident. If this is the case then the incident is categorised as a lost time incident (LTI). If not, we assess if the person benefited from ‘adapted work’ as prescribed by a medical professional. If this is the case then the incident is categorised as a Restricted Work incident (RW). If the person has received medical care, the incident is classified as a medical aid (MA). If not, we count it as an incident requiring first aid (FA). We also use a Severity rate and a number of leading indicators to check on the deployment of our programmes. Also, we track performance very closely and report on it monthly within our Group.

In order to calculate injury frequency rates, we are capturing worked hours of Employees via local payroll systems and worked hours of Contractors via our ERP systems and enter them into our Just Report database accordingly. Next to the regular LTIFR (Lost Time Injury Frequency Rate), which looks at the number of work-related lost time injuries for both Employees and Contractors and compares it to the total number of hours worked, we are using the TRIR (Total Recordable Injury Rate). This TRIR looks at the number of total recordable work- related injuries for both Employees and Contractors and compares it to the total number of hours worked. A recordable work-related injury is any case that results in either death (FI), loss of consciousness, days away from work (LTI), restricted work activity (RW), or medical treatment (MA). First aid cases are not included in the KPI calculation.

The following formulas are applied in calculating the above mentioned KPIs at three distinct levels: employees, contractors, and combined (employees plus contractors). Each of the following KPIs have the same three levels of disaggregation. For ease of reading, the formulas below mention "employees + contractors" but refer to the three categories - employees, contractors, and combined (employees plus contractors):

• LTIFR:
  • (Number of Lost Time Injuries x 1.000.000)/ worked hours
  • Lost Time Injuries Employees + Contractors
  • Hours worked for the reference period of Employees and Contractors
• TRIR:
  • (Number of Lost Time Injuries + Number of Restricted Work + Number of Medical Aids x 1.000.000)/ worked hours
  • Lost Time Injuries + Restricted Work + Medical Aid Employees + Contractors
  • Hours worked for the reference period of Employees and Contractors
• Severity Rate:
  • (Number Days Lost x 1.000)/ worked hours
  • Days Lost Employees + Contractors
  • Number of hours worked for the reference period of Employees and Contractors

Environmental indicators

Key Assumptions, Estimates, and Limitations

Some of the emission factors used in the calculation of the GHG emissions are deemed as estimated since they come from databases such as EcoInvent, IEA, Worldsteel, Climatiq, EXIO, etc. which are not coming directly from our suppliers.

GHG emissions

Context

The GHG emissions methodology is derived from the GHG Protocol and applies separate accounting for forest carbon removals and biogenic CO₂e emissions from charcoal consumption. Annual carbon removals from managed forestry parcels, including cultivated areas and protected native vegetation, are quantified independently from emissions. Biogenic CO₂e emissions are reported separately from other Scope 1 emissions, while Scope 1 non‑biogenic emissions are combined with Scope 2 (market‑based) emissions for carbon intensity reporting, on both gross (without GHG removals) and net (with GHG removals) bases.

For CO2e accounting, Aperam uses emission factors from public databases for some input elements, particularly the raw materials and the energy but Aperam also uses chemical analysis run by our own laboratories - this is the case for our own products (eg. crude steel) or by-products (eg. slags). The emission factors can come from our laboratory data, from our suppliers or be provided by the professional associations (EcoInvent, WorldSteel, International Stainless Steel Forum - ISSF) or the National Authorities, and priority of use is given in this specific order. For Scope 3 emissions, particularly for Category 1 Purchased goods and services, Aperam is continuously working with our suppliers to further refine the emission factors reported to us, so that it enhances the accuracy and product-specific footprints, where available. See section Scope 3 below.

Our process is fully embedded in the circular economy philosophy as it aims to be recycling / using all the by-products Aperam generates during the production process. This brings additional complexity in our footprint inventory. As reflected by our Scrap Ratio many by-products generated during a melting shop phase (i.e. recorded as stocks and not consumed materials) are re-entering the process as input for the further steps of the production process. This is the case, for instance, of blast furnace gas, almost 100% of which is reused as heating energy further down in the process in the Timoteo plant.

The blast furnace process transforms the input materials (eg. charcoal, iron ore, lime, refractory) into pig iron and blast furnace gas (mainly). The carbon (or carbon-equivalent) content (atoms) of such gas, identified at our laboratories through the chemical analysis, comes from the input materials. To avoid double counting of carbon emissions, carbon inputs are accounted for at the initial process stage and subsequently tracked through downstream processes. Emissions from materials circulating through multiple processes, such as blast furnace gas, are therefore counted only once at the initial stage. Volumes retained or absorbed as residues or by‑products are identified and subtracted from the total reported emissions to ensure that only actual emissions are disclosed. The origin and flow of carbon content are tracked throughout the process to ensure consistent attribution of impacts and neutralisation of emissions already accounted for. Since charcoal generates only biogenic emissions, tracing the carbon content from biomass is crucial to prevent double counting. It should be reported solely under Scope 1 biogenic emissions, not included in the (1+2) non-biogenic footprint.

Applicable methodologies

1. Mass Balance accounting

The mass balance approach is also a more conservative approach to computing the CO2e emissions from all our outputs (products, by-products). The metallurgical effect of each input element needs to be analysed at each phase of the process as some consumables may have none, meaning their carbon-content may not be “emitted” but simply transmitted to the next phase of the process or stored permanently. For instance, the materials introduced for the blast furnace phase of the process may have an important carbon content and even generate carbon emissions, but many of the latter may be captured within the Blast Furnace gases. In that case, we have to count the carbon emissions either during the blast furnace phase of the process, or during the re-use of that blast furnace gas to heat up slabs (or generate energy) - but not twice. This means that we have to model the process and follow the transformation of the materials in order to track the C-elements (Carbon element) and their origin at each phase (Blast Furnace, Melting Shop, Hot Strip Mill, Cold Rolling Mill). Of course, if the origin of the C-element is biogenic (i.e. our charcoal made from biomass), the emissions will be reported separately. So our calculations are allocating to each input and output categories a proportion of “C biomass” and “C non-biomass”, which is calculated until the end of the process stage and allocated to the final products, by-products and emissions. For the elements that play a role in the metallurgical phases, the CO2e is considered as being from biomass origin to the same extent as for the total production input (averaging), reflecting the melting of all elements in this phase.

2. Energy Consumption methodology

Two key performance indicators are reported regarding energy efficiency:

1.- Energy: Elec + Nat. Gas + LPG: Definition: Energy consumption intensity, including only electricity, natural gas, and liquefied petroleum gas (LPG), divided by gross tons of crude steel produced and purchased during the reporting period. Unit: Gigajoules per ton of crude steel (GJ/tcs).

2.- Energy: All: Definition: Total energy consumption intensity from all energy sources (including fossil, nuclear, and renewables) divided by gross tons of crude steel produced and purchased during the reporting period. Unit: Gigajoules per ton of crude steel (GJ/tcs).

In determining the two KPIs listed above, actual consumption data is collected directly in the unit of measure applicable for each energy source and converted to gigajoules (GJ) using appropriate conversion factors (most energy sources are in MWh which Aperam converts to GJ with the following :1 MWh = 3.6 GJ).

3. CO2e removal methodology

3.1.# CO2e scope 1 removals of our forestry

The reference used for the calculations is 2006 IPCC Guidelines for National Greenhouse Gas Inventories, Chapter 1 Introduction, Page 1.11, with the “Tier-1” methodology for the non-cultivated (native) forest and the “Tier-2” methodology for the cultivated (eucalyptus) forest. This means that the CO2e impact for the native forest is calculated directly, based on ratios adapted to the specific carbon capture of the plants. For the cultivated forests, it is the difference between the stock for the year N and N-1 and can either be a capture (positive result) or an emission (negative result). The coefficients used in the calculation mostly come from the relevant Brazilian Authorities and depend upon the type of trees or forest (in our case, for the native forest, Mata Atlãntica and Cerrado). Although we are actively combating pests and fires, the surfaces that may be impacted (which are replanted, including for the native plantation) are fully considered. Their removals will not be counted and the emissions incurred (particularly by fires) are calculated together with the other forest CO2e emissions. One important precision is the following, if the fires do not damage the trees, the loss is of productivity and is accounted accordingly.

3.1.1. Non-Cultivated forest

These forests are not harvested, they are only protected from fire risk and maintained to thrive - they are not subject to wood removal. Our FSC® certification (renewed regularly since 2012) also encompasses requirements and verifications regarding these surfaces. To calculate the CO2e footprint of the forest, the key information concerns the spread of the areas analysed, according to the location with the type and maturity of the vegetation for each, and the carbon content of the biomass above the ground and underground. The maturity of the parcel is assessed by satellite technology and visual inspection then classified as low / medium / high level, with the size of the trees and density of the flora being a key element. The general formula for the native forest is:

$$ \text{Potential CO2e removals} = \text{Area surface (ha)} \times \text{tCO2e/ha} \times \text{Coefficient} $$

For each location/type of vegetation (here, Mata Atlãntica or Cerrado), the value of the “Coefficient” (of “regeneration”) depends upon the maturity of the parcel: full for the ‘high’ maturity vegetation (“avançado”) and minored by a 81% coefficient for the flora in a low/medium stage of maturity. The stage of maturity is defined upon the type of the trees, making the difference between little trees, medium trees and adult trees depending of height and density of the forest. The total removals are the sum-total of the removals of each parcel of native forests maintained by Aperam (exclusive of areas such as storage houses, roads, etc.).

3.1.2. Cultivated forest

Each parcel is populated with trees of the same age, equally distributed, as planting is performed in one go for a full parcel using mechanical engines. For the cultivated forest, the removals are calculated for each parcel containing trees over two years of age. Before two years of age, the plants are not considered as wood and no removals are calculated (which stands as a conservative assumption). Similar rule applies for newly acquired eucalyptus forests. The acquired forest must be owned for two consecutive closing balances in order to report related sequestration.

To evaluate the carbon storage, we rely on the difference between the end stock (typically December 31st, Year N-1) and the entry stock (typically December 31st, Year N), in line with the “Tier 2” methodology as per the IPCC. This is done by calculating the stock (both end and entry stock) following the same method, which is multiplying a coefficient of Carbon content for the dry matter by an evaluation of the total dry matter of the parcel. The latter is composed by the multiplication of:
* the volume of the trunks
* its expected normative density when it will be 6 years-old (depending on the species; maximum 7 years old)
* the average annual increase in carbon in the Eucalyptus (“biomass expansion factor”, needed to adjust the density to the age)
* the biomass dry matter, evaluating the other parts of the trees: live branches, leaves, roots, etc.

This summarises as:

$$ \text{Area surface (ha)} \times \text{merchantable growing stock volume (m3 /ha)} \times D (\text{wood density}) \times (\text{biomass expansion factor}) \times [1+R (\text{ton dry matter above and below ground : biomass})] \times \text{CF (C-content by ton of dry matter)} $$

81 Annual Report 2025

Forest inventory is held during the whole year by measuring samples/parcels (plot) on the field. We measure the tree trunk diameter and the height of the tree, which have all the same age on a given parcel. Then using mathematical models corroborated with sample measures, the wood volume is defined. According to our internal laboratory database, we elaborate the density per year. Our FSC® certification also ensures that our forestry management follows the best practices and that our stocks of live or cut trees are properly evaluated and regularly externally audited. The total removals are the sum-total of the removals of each parcel of planted forests hosting trees of over two-years age, maintained by Aperam (exclusive of areas such as storage houses, roads, etc.). Depending on the forestry management and charcoal demand, specifically the plantation vs harvesting schedules, the impact of CO2e on a one year period can also lead to emissions. This situation (i.e. emissions and no removals) is expected more rarely than removals and therefore it doesn’t change the fact that the management of the forests leads to CO2e removals over the years. When the total carbon stock sequestered in cultivated forests remains unchanged compared to the previous year, this indicates that harvesting activities (i.e. emissions) have been fully offset by CO₂e removals from forestry operations, excluding parcels replanted during the year, and therefore results in zero net sequestration for the period. This is reflected in the B’’ indicator.

3.2. CO2e emissions of all our non-forestry activities

The CO2e calculation will follow the GHG Protocol (Corporate Standard, Scope 2 guidance, GHG Global Warming Potential Values - Feb 16 2016). The GHG emissions calculations are based on the formula:

$$ \text{Quantity of consumption} \times \text{GHG emissions per unit of consumption} $$

Data collection and calculations apply to all Aperam’s industrial plants (including service centres), headquarters, main offices and sales offices. Data for the main plants are collected and consolidated by main production stage: Blast Furnace, Melting Shop, Hot Rolling Mill, Cold Rolling Mill (with Timóteo plant’s production also detailed by product type Carbon & Electrical Steel vs. Stainless Steel) in order to be able to:
* Follow scrupulously the main emissions and the reduction programmes (on a monthly basis).
* Follow scrupulously the C-content as defined above, to avoid double-counting and identify biogenic emissions, as well as
* To assess the emissions “as is” of the purchased tons.

Scope 1

For the calculation, the yearly consumption of the following categories are included, and represents all relevant sources of CO2 emissions:
* Production: output material produced by the process stage (slabs, coils, etc.).
* Utilities: industrial gas (hydrogen, argon, nitrogen, oxygen etc.).
* Condensed Fuels: coke (various), coal, oil (various), LPG, charcoal.
* Gaseous Fuels: Natural gas, Biofuel, Biogas, Blast furnace gas.
* Raw Materials: metallic raw materials (scrap, ferroalloys, metals) and non- metallic materials (electrodes, refractory, lime, acid).
* Residues: slag, sludge, dust.
* Other GHG-Gas: CO2e used for fire fighting, gas used in air-conditioning system.
* Forest: for cultivated and non-cultivated areas.
* CO2e emitted during the wood carbonisation process and fires in forests.
* CO2e (CH4) avoided during the carbonisation process due to the usage of kilns’ gas burners.

For the Scope 1 emissions, we cover the seven greenhouse gases identified by the 2015 update of the Kyoto Protocol and differentiate biogenic/non-biogenic emissions. The emission factors used come from our suppliers and results from laboratory analysis. Referring to the GHG protocol, the plant manufacturing steel records the quantities of raw materials, intermediate products and energy that are exported to outside users as an offset of CO2e emission sources, e.g. slag or dust sold. The total biogenic/non-biogenic emissions are the sum-total of the emissions at each process of each unit.

Scope 2

In respect to CO2e Scope 2 definition, the collected and analysed elements are:
* Purchased electricity from the grid.
* Purchased electricity from Supplier.
* Purchased renewable electricity (solar cell installation, windmill installation, dam).
* Purchased heating.

82 Annual Report 2025

For the current reporting period, Aperam does not purchase compressed air, steam and cooling. When the energy provider can supply the information, the CO2e emissions ratio used is the gCO2e/kWh, and the emissions are said to be “market based”. According to the GHG Protocol, the GHG emissions Scope 2 ratio of renewable sources (Solar, Windmills, Hydro) is equal to zero gCO2e/kWh. Otherwise, the gCO2e / kWh for the electricity from the grid (“location based”) is established using a 3 (three) years-rolling average for Europe and Brazil (reporting year, year-1, year-2), with the following sources:
* Brasil: Ministério da Ciência, Tecnologia e Inovações / Clima / Fator médio - Inventários corporativos.
* Other countries: Use of the International Energy Agency (IEA).

Aperam mostly uses the IEA database that is purchased every year, to ensure accuracy. However for Brazil and the US Aperam uses country data as an average, as reported in the database for these respective countries to ensure accuracy and consistency.# Remarks and interpretation:

We report our CO2e emissions by reference to the GHG protocol Scope 3 In line with the decarbonisation objective including the scope 3 emissions, Aperam is evaluating each scope 3 categories for the reporting year 2025 in order to highlight which categories are material, which one are negligible and which one are not applicable. The Scope 3 assessment for 2025 confirms that four categories account for more than 95% of total Scope 3 emissions. These categories are the following : – Category 3.1 purchased Goods and Services (>80% of total). – Category 3.3 Fuel & Energy related activities ( > 5% of total). – Category 3.4 & 3.9 Downstream & Upstream transport (>9% of total).

Scope 3 material categories (1-3-4-9)

Scope 3 category 1 - Purchased Goods & Services

This category is by far the most significant of all the Scope 3 categories, as it accounts for > 80% of the total Scope 3 of Aperam. Most of the emissions are related to the metallic raw materials (ferroalloys, scrap, other metals) used in our manufacturing process, which account for over 80% of the total emissions of Scope 3 cat 1. The non-metallic raw materials (limes, industrial gases, additives, fluxes, others) account for a lesser amount of the total emissions (16%) while the services account for the smallest amount (4%).

The calculation methodology is referring to the GHG Protocol for Scope 3 cat. 1, namely the hybrid method for the raw materials, and the spend-based method for the services & spare parts.
* The hybrid method is based on the weight of the purchased raw materials, which come form our Sourcing & Purchasing department’s own ERP system, SAP, and emission factors coming from mixed sources: either directly from the supplier or from databases like EcoInvent, Worldsteel, etc.
* The spend-based method is based on the economic value of the services & spare parts (which comes directly from our Purchasing department’s ERP system, SAP), multiplying it with relevant secondary emission factors coming from databases like Climatiq.

For metallic raw materials, emission factors are collected via supplier surveys requesting product‑level emission intensities for Scope 1, Scope 2 and relevant Scope 3 categories. An internal control is done on supplier specific emission factors by comparing them with the emission factors coming from Ecoinvent, where possible. For non‑metallic raw materials, given the significant number of suppliers and materials, Aperam focuses on the product categories with the highest emissions, totalling more than 80% of non‑metallic Category 1 emissions: lime, industrial gases and refractories. The materiality assessment is based on the complete emissions inventory conducted in 2025.

Scope 3 category 3 - Fuel and energy-related activities (not included in scope 1 or scope 2)

This category includes emissions related to the production of fuels and energy purchased and consumed in our facilities and offices in the reporting period and amounts to 5% of the total Scope 3 emissions. The category is further split into 4 sub-categories, as per the GHG Protocol:
a) Upstream emissions of purchased fuels - applicable to Aperam
b) Upstream emissions of purchased energy - applicable to Aperam
c) Transmission and distribution (T&D) losses - applicable to Aperam
d) Generation of purchased electricity that is sold to end users - Not applicable to Aperam. The group does not sell electricity.

83 Annual Report 2025

The calculation methodology is the average-data method, which involves estimating emissions using secondary emission factors for upstream emissions per unit of consumption. The emission factors for the fuels (Scope 3.3a) come from the Ecoinvent database, while the ones for electricity (Scope 3.3b) and T&D losses (Scope 3.3c) come from the IEA (International Energy Agency).

Scope 3 category 4 - Upstream Transportation and Distribution

This category includes emissions from the transportation and distribution of products purchased in the reporting year from tier 1 suppliers, using vehicles not owned or operated by Aperam (including multi-modal shipping involving multiple carriers, but excluding fuel and energy products).This category represents 4.5% of the total Scope 3. The methodology follows the requirement of the GHG protocol, and the applied approach is the distance-based method, which involves determining the mass, distance, and mode of each shipment, then applying the appropriate mass- distance emission factor for the vehicle used. Aperam maintains an annual total of the transported mass, meaning all the raw material transported to our production sites, as well as the intermediary products transported between sites. The distance (km) travelled per mode of transportation (road, rail, ship, water, air) is estimated based on historical data study (an extensive study on Aperam’s shipments done in 2017) The emission factors in tCO2e/t.km are sourced from ADEME database.

Scope 3 category 9 - Downstream Transportation and Distribution

This category includes emissions that occur in the reporting year from transportation and distribution of sold products in vehicles and facilities not owned or controlled by the Group. This category represents approximately 4.5% of the total Scope 3 emissions. The same distance-based method is applied as for Category 4, using mass, distance and mode of shipment, with distances estimated based on the 2017 shipping study and emissions factors sourced from ADEME.

Other scope 3 categories

Scope 3 category 2 - Capital goods

This category includes all upstream (i.e., cradle-to-gate) emissions from the production of capital goods purchased or acquired by the reporting company in the reporting year. The calculation method is based on the spend-based investment inventory for the dedicated reporting year. except for business acquisition. The emission factors are coming from the Climatiq platform.

Scope 3 category 5 - Waste generated in operations

This category covers emissions from third party treatment and disposal of waste generated in our owned or controlled operations in the reporting year. The calculation method is the waste-type-specific method according to the GHG protocol Scope 3 cat 5. The emission factors are coming from the Ecoinvent database.

Scope 3 category 6 - Business Travel

Emissions from business travel are estimated using a spend based approach by region, applying region specific emission factors to a representative mix of transport modes and accommodation types.

Scope 3 category 7 - Employee Commuting

Employee commuting emissions are estimated based on headcount by region, applying emission factors from verified databases and adjusted to reflect estimated levels of homeworking (10% estimated global homeworking).

Scope 3 category 8 - Upstream Leased Assets

From the list of upstream leased asset, we exclude those which emissions are already reported in Aperam scope 1&2 emissions. The remaining one are grouped by country. We apply an emissions factor with a spend based approach to evaluate the amount of the scope 3.8 category. The result being extremely low, this category will be assumed as not applicable in the future (below 0.005% of total).

Scope 3 category 10 - Processing of Sold Products

This category includes emissions from the processing of semi finished products sold to customers. Emissions are estimated by applying region specific emission factors consistent with those used for our service centre operations (Scope 1 and Scope 2).

Scope 3 category 11 - Use of Sold Products

Considering the products sold are not finished goods, this category is assessed as not applicable.

Scope 3 category 12 - End of life treatment of Sold products

This category includes emissions from the waste disposal and treatment of products sold by the reporting company in the reporting year, at the end of their life. Emissions are estimated using a waste type specific approach consistent with Scope 3

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Category 5, based on disposal routes (recycling, landfill, incineration). The emission factors are coming from our own products LCAs, and Ecoinvent database.

Scope 3 category 13 - Downstream Leased Assets

This category is assessed as not applicable, as there are no relevant downstream leased assets in the current reporting period.

Scope 3 category 14 - Franchises

This is assessed as not applicable as no franchises are held.

Scope 3 category 15 - Investments

Emissions from investments are estimated by applying sector specific emission factors to the revenues of investee entities, multiplied by our proportional equity share, in line with the GHG Protocol investment accounting approach.

Remarks and interpretation:

We report our CO2e emissions using the GRI framework, under GRI codes 305-1, 305-2, 305-4 and 305-6. Starting 2021, we also report “scope 1 biogenic emissions” and “scope 1 non- biogenic emissions”, the latter being used for the calculation of the scope 1+2 footprint, together with the “market-based scope 2 emissions”. We also report additional indicators tailored to our reality, in particular the consolidated impact of the year totalling emissions and removals, integrating the yearly removal, as “net emissions (scope 1+2)” (hereafter B’’).

Metallic Scrap Ratio:

Scrap materials are sorted based on their metallurgical content and origin. However, only the origin of the scrap is relevant for calculating the scrap ratio.

Scrap categories based on origin:
* Internal scrap: Generated in the Melt shop process stage.
* Home scrap: Generated within the steel plant but outside the Melt Shop, reused as input in the Melt Shop process.
* External scrap: Sourced externally, including pre-consumer (from manufacturing processes) and post-consumer scrap.

The calculation applies to a defined production scope based on:
* Time period (e.g., yearly basis).
* Production perimeter (Plant, Business Unit, or Company level).
* Process stage : the meltshop.The Metallic Scrap Ratio is calculated according to the EUROFER Guidance Document on Stainless Steel Specific Recycled Content. This guidance aims to ensure a transparent and consistent assessment of scrap content across European stainless steel producers, while remaining aligned with ISO 14021 and reflecting the specific characteristics of stainless steel production. Metallic input into blast furnace is not considered. Under this methodology, the Metallic Scrap Ratio (SR) is calculated as the ratio of external and home scrap inputs to total metallic inputs used in the Melt Shop process, as follows: The calculation formula for the Scrap Ratio following this guideline is:

• $\text{SR} = (\text{MES} + \text{MISd}) / \text{Min}$
  where:
  • $\text{MES}$ = External Scrap.
  • $\text{MISd}$ = Metallic input in the form of Home Scrap of downstream operations.
  • $\text{Min}$ = sum of all Metallic Input in the Process (Ferro-alloys & metals, External Scrap, Home Scrap).

Other components that do not represent metallic content are excluded from $\text{Min}$ (for example, silicon contained in $\text{FeSi}$). With reference to EUROFER, internal scrap is excluded from the calculation.

Note: The Scrap Ratio calculation methodology changed for the reporting year 2025. Where before Aperam was calculating the Scrap Ratio with reference to ISO14021 -“Environmental labels and declarations — Self-declared environmental claims (Type II environmental labelling)”, starting with 2025 Aperam is calculating it according to the EUROFER Guidance Document on Stainless Steel Specific Recycled Content. Aperam found that the ISO14021 calculation formula was more suitable for carbon steel, and wasn’t taking into account the specificities of stainless steel (EAF melting, high scrap usage, high ferroalloys usage).

Dust emissions

Context

The monitoring of the volumes emitted is organised locally, primarily according to the environmental permits, and this is periodically verified by local authorities. Our measurement protocol is based on the following key principles. We follow ducted dust (particulate matters) via opacimeters, placed at the main sources of emissions, usually the chimneys, and chemical components by analysis. The volume of ducted dust emitted is calculated by equipment, using the measures taken in $\text{mg/Nm}^3$ from 85 Annual Report 2025 the opacimeters. Once multiplied by a flow and a duration (operating hours of each equipment), it provides absolute value emissions and also allows a consolidation by process stage, plant, country, and ultimately at group level. Sometimes, the measures can be real time with our own systems, but generally the assessment is done via sample measurement campaigns subcontracted to external firms at a frequency depending on the environmental permit and on the local criticality of the topic (from multiple times per month to once per year according to the criticality of the dust emissions points). We can also be subject to impromptu audits organised by the legal authorities. Industrial units use all this data to report to the authorities according to the required periodicity, by chimney and in $\text{mg/Nm}^3$ and $\text{g/t}$. The data undergoes regular verifications from various auditors, for instance as part of the framework of our ISO 14001 and Sustainability reporting audits.

Description of the need

At Aperam level, dust emissions are consolidated using several methodologies to address the various standpoints of our stakeholders:

• ‘Regulatory methodologies’ are used for local disclosures purposes mostly (‘legal view’). They take into account the measures in line with our operating permits obligations. This figure is fully in line with the data reported to the authorities and allows comparison with local manufacturers.
• The ‘exhaustive methodology’ considers all measures taken and is reported as part of our Sustainability reporting, in order to reflect the volume of the dust emitted with the best precision possible. To assess our impact in terms of total air emissions, each measure is considered from the date of the measure until the following measure, whatever the level of performance they reflect (in ‘normal operating conditions’ as per the regulatory demands or at times of dysfunctioning). For our calculations, where possible, we use the real-time measures of our opacimeters. However, sometimes, the opacimeters are not coupled with real-time flow meters and can only serve for the alerting of operational departments - in which case we rely on the regular measurement campaigns ($\text{mg/Nm}^3$) to compute our total emissions.

Remarks and interpretation:

The totals based on the ‘legal’ measures provide a yearly estimate in line with local regulatory requirements. Our own internal exhaustive assessments benefit from a greater set of measures, which, considering the variability of the performance, significantly improve the accuracy of the assessment. Considering this ‘legal vision’ as less homogeneous in terms of measuring points and less relevant to reflect the reality of our impacts towards our stakeholders, we are reporting on a consolidated level ‘exhaustive assessments’ that are taking into account all the reliable measures taken (incl. during breakdown of de-dusting installations).

Water Intake Measurement Methodology

Water intake is defined as any kind of water pumped out of natural bodies (such as rivers, channels, and underground sources) and rainwater, which is used for industrial or household purposes. Below is the methodology that outlines the procedures for measuring water intake from various sources, with reference to the guidelines of GRI 303: Water and Effluents (2018) River Water Intake, Canal Water Intake, Municipal Water (Fresh Water) Intake, and Wastewater Intake. The quantity of water is measured through direct meter index readings at the beginning and end of the reporting period. The rainfall index is the relevant one for the geographic location of each site.

• Rainwater Collection: The quantity of water is estimated based on the annual rainfall index and the surface area of the sites excluding vegetation surfaces (i.e. surface that allows water to be absorbed in the ground).
• Water Intake from Phreatic Zone (Unconfined Aquifer): The quantity of water pumped from underground wells is monitored through meter readings at the beginning and end of the reporting period.
• Ground Water Intake (Confined Aquifer): The quantity of water intake is monitored through flowmeters that automatically register daily data in real-time. The flow thus monitored is determined based on the following formula: Flow ($\text{m}^3/\text{second}$) $\times$ uptime (hours) $\times 3600$, where “uptime” is defined as the total operation time (including the time the operation is “on” but no product is processed).

Intensity ratios

Context

The production process of steel is that of a transformation of primary or secondary raw materials into crude steel, then turning it into long (bars, wires) or flat (coils that can be cut into sheets) products. For Aperam, it’s mostly coils / sheets. As the crude steel is therefore a common denominator to all processes, whatever the end product is (very thin or ultra-bright stainless coil, pickled coil of carbon steel), it is traditionally used in the industry to calculate all ratios in intensity with the aim to decorrelate the absolute consumptions and emissions from the production level. For instance, the EU Taxonomy and the ETS are both indicating thresholds in terms of $\text{CO}_2\text{e}$ intensity 86 Annual Report 2025 calculated based on “tonnes of crude steel ex-caster”, usually abbreviated “tcs” for tonnes of crude steel. The intensity for energy, $\text{CO}_2\text{e}$, water, scrap and dust indicators are determined based on gross tons of crude steel. The gross production includes the front and end tails of our produced slabs exit caster, in opposition to the ‘net tons’ which are closer to the notion of ‘good products’ ready for further processing. The graphic (Schematic 2) below represents the process within Aperam. The company can decide to increase its production by purchasing some semi-finished products from other steel-makers or to process volumes as a hire work service to other plants or even to fellow manufacturers. These volumes will therefore join the flow of the total products passing through our tools and be counted together with the input or externalities used or generated by their processing.

Schematic 1: Integration of Purchased tons into our Industrial framework

Description of the need

The consumption and externalities from the production are measured independently from the tons transformed, in absolute values, and can significantly increase or drop, particularly if the products undergo heavy-impact phases of the process. For instance, an external slab will pass through the hot rolling mill step (and downstream), which is part of the total process in terms of energy consumption, and adds its $\text{kWh}$ use to the relevant counters. Unfortunately, as the counter used for the denominator in standard ratios is the ton of crude steel ex-caster produced (slab, for convenience), this external slab cannot be counted with our own slabs - only with the original steelmaker. As a result, when one processes significant volumes of external semi-products, one has an increased nominator and an unchanged denominator, ending up in a distorted ratio. It is particularly inconvenient if the volumes of external semi-products fluctuate over time: the ratios could improve or deteriorate, showing variations that are not reflecting our gains in efficiency and even mislead our own people in quest for constant optimisation. That is why, knowing that we have important variations in the proportion of external products transformed at our plants, we decided in 2021 to design a methodology to redress this anomaly.Solution: the ‘adjusted’ methodology implemented in 2021

The concept is simple: adjust the intensity fraction ‘fairly’ by recognising all the impacts of the external semi-finished products “as if” they were our own (that of the same plant), both at the numerator (consumption of energy and water, GHG and dust emissions, etc.) and at the denominator levels (production, here tonnes of crude steel). This allows us to avoid ‘false’ variations over the years that would be justified only by the proportion of semi-products transformed and not by a change in the efficiency of our processes.

To do this, we must adjust both the numerator and denominator of the fraction, based on our own data of the period - and this is valid for all our main ratios: GHG and Air (dust) emissions, Energy and Water consumption:

• For the numerator (impacts), we already have the impacts generated by the products as they pass on our tools but we miss the impact they would have had, if they had been melted at Aperam’s. To do that, we apply the same standard impacts generated by our own tons during the upstream part of the process (i.e.. average CO2e emissions during the elaboration at the Melt Shop). This means that first we calculate the impacts (absolute, intensity) of our own slabs in terms of water, dust, etc., at the process stage (“e.g” for instance Melting shop Water Consumption). Then we allocate the same intensity ratio to the external tons. Finally this value is added to actual consumption. This sum reflects the consumption linked to our own production and the external inputs as well.
• For the denominator (production level), we add the purchased products to our own production. If the products are a coil, we have to recalculate the equivalent of tons of crude steel (slabs) that the purchased products represent. For instance, if we had a yield of 98% for our own transformation slabs - to black coil (black coil weight / slab weight = 98%), we inflate (division) the tonnage of the black coils purchased by that factor to obtain a “slab equivalent”. Then we add this “equivalent slab purchased” from the 87 Annual Report 2025 purchased black coils to our own tons of crude steel for an “adjusted total production”. This figure will then be used as the divider to calculate all “adjusted intensity ratios”.

Unless otherwise stated, the intensity ratios of environmental indicators provided in this Report take into account all the external slabs (both the impact in the numerator and the number of slabs in the denominator). Conversely, the absolute figures of environmental indicators only take into account the impact of Aperam, whereby the impact of purchased slabs is not accounted for.

Remarks and interpretation:

As a conclusion, with such an approach we are getting closer to a product-specific approach and we erase the visual distortion linked to the fact that not all tons have passed through all the steps of the steelmaking process. We also make the comparisons between tools (as we do internally) and amongst steelmakers (as is done externally) more relevant.

88 Annual Report 2025

Limited assurance conclusion

To the Board of Directors of Aperam S.A.

Independent Practitioner’s Limited Assurance Report on Aperam S.A. ’s Selected Information

Limited assurance conclusion

We have conducted a limited assurance engagement on the selected sustainability information of Aperam S.A. (the “Company”) and its subsidiaries (together with its subsidiaries “the Group”) included in the Sustainability Information 2025 section of the Annual Report 2025 for the year ended 31 December 2025 and as set out in the table attached below in Exhibit 1 (the “Selected Information”).

Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Selected Information is not prepared, in all material respects, in accordance with the assessment criteria as set forth in the methodologies defined by the Group and applied as explained in the Methodological notes of the Sustainability Information 2025 Section of the Annual Report 2025 (the “Assessment Criteria”).

Basis for conclusion

We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements 3000 (Revised) “Assurance engagements other than audits or reviews of historical financial information” (ISAE 3000 (Revised)) as published by the International Auditing and Assurance Standards Board (IAASB) and adopted for Luxembourg by the “Institut des Réviseurs d’Entreprises” (IRE). We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under this standard are further described in the Responsibility of the “Réviseur d’entreprises agréé” section of our report.

Our independence and quality management

We have complied with the independence and other ethical requirements of the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behavior. The firm applies International Standard on Quality Management (ISQM) 1, as adopted for Luxembourg by the CSSF, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

89 Annual Report 2025

Emphasis of matter

We draw attention to the disclosures prepared by the Group in the Sustainability Information 2025 section, which describe that Universal Stainless & Alloy Products (USAP), a business acquired by the Group on 23 January 2025, was excluded from the scope of calculation and reporting of the Selected Information for the period from the acquisition date to 31 December 2025. Our conclusion is not modified in respect of this matter.

Responsibilities of the Board of Directors

The Board of Directors of the Company is responsible for preparing the Selected Information for the year ended 31 December 2025, including adequate disclosures. This responsibility includes:
* the preparation of the Selected Information in accordance with Assessment Criteria applied as explained in the Methodological notes of the Sustainability Information 2025 section of the Annual Report 2025;
* designing, implementing and maintaining such internal controls as the Board of Directors determines is necessary to enable the preparation of the Selected Information for the year ended 31 December 2025, in accordance with the Assessment Criteria, that is free from material misstatement, whether due to fraud or error;
* the selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reasonable in the circumstances.

Those charged with governance are responsible for overseeing the Group ’s sustainability reporting process.

Inherent limitations in preparing the Selected Information

As discussed in the Methodological notes of the Sustainability Information 2025 section, Greenhouse gas emissions quantification is subject to inherent uncertainty because of incomplete scientific knowledge used to determine emissions factors and the values needed to combine emissions of different gases.

Responsibility of the “Réviseur d’entreprises agréé”

Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the Selected Information is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Selected Information.

As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement. We also:
* determine the suitability in the circumstances of the Group’s use of Assessment Criteria as the basis for the preparation of the Selected Information;
* perform risk assessment procedures, including obtaining an understanding of internal controls relevant to the engagement, to identify where material misstatements are likely to arise, whether due to fraud or error, but not for the purpose of providing a conclusion on the effectiveness of the Group’s internal controls;
* design and perform procedures responsive to where material misstatements are likely to arise in the Selected Information.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Summary of the work performed

A limited assurance engagement involves performing procedures to obtain evidence about Selected Information. The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. The nature, timing and extent of procedures selected depend on professional judgement, including the identification of where material misstatements are likely to arise in the Selected Information, whether due to fraud or error.In conducting our limited assurance engagement, we:
90 Annual Report 2025
* obtained an understanding of the Selected Information and related disclosures, including Group’s reporting processes relevant to the preparation of the Selected Information;
* obtaining an understanding of the internal processes supporting the preparation of the Selected Information, and evaluating whether all information identified by the process is included in the Selected Information;
* performed enquiries of relevant Group personnel and analytical procedures related to the Selected Information;
* evaluated the methods, assumptions and data for developing the significant estimates made by management in the preparation of the Selected Information;
* performed substantive assurance procedures on a sample of Selected Information and assessed the related disclosures; and
* reviewed the presentation of the Selected Information and related disclosures included in the Sustainability Information 2025 section of the Annual Report 2025.

Restriction on distribution and use
Our report has been prepared for and only for the Board of Directors of the Company in accordance with the terms of our engagement letter and is not suitable for any other purpose. We do not accept any responsibility to any other party to whom it may be distributed.

PricewaterhouseCoopers, Société coopérative
Luxembourg, 24 March 2026
Represented by
Olivier Mennel
Réviseur d’entreprises agréé

91 Annual Report 2025
Exhibit 1 - Table of the “Selected Information” for the year ended 31 December 2025

Key Performance Indicators	Units
Total Recordable Injury Rate (TRIR) – All	-
Total Recordable Injury Rate (TRIR) – Employees	-
Total Recordable Injury Rate (TRIR) – Contractors	-
Lost Time Injury Frequency Rate (LTIFR) – All	-
Lost Time Injury Frequency Rate (LTIFR) – Employees	-
Lost Time Injury Frequency Rate (LTIFR) – Contractors	-
Severity Rate – All	-
Energy: Elec + Nat. Gas + LPG	GJ/tcs
Energy: All	GJ/tcs
Dust emissions (exhaustive)	t
Dust emissions intensity	g/tcs
Water intake	million m3
Water intake intensity	m3/tcs
Metallic scrap ratio	%
Scope 1 - Non-Biogenic (absolute value)	ktCO2e
Scope 1 - Biogenic (absolute value)	ktCO2e
Scope 2 (absolute value) location based	ktCO2e
Scope 2 (absolute value) market based	ktCO2e
CO2 Sequestration	ktCO2e
Scope 1+2 gross intensity (own tcs*)	tCO2e/tcs
Scope 1+2 gross intensity (all tcs*)	tCO2e/tcs
Scope 1+2 net intensity (own tcs*)	tCO2e/tcs
Scope 1+2 net intensity (all tcs*)	tCO2e/tcs
Scope 3 (absolute value)	ktCO2e
Scope 1+2+3 gross intensity (all tons)	tCO2e/tcs
Scope 1+2+3 net intensity with removals (own tcs)	tCO2e/tcs

• tcs = Gross tons of crude steel.

The selected information listed in the table above was prepared by the Board of Directors of Aperam S.A. in accordance with the Assessment Criteria described in the Methodological notes of the Sustainability Information 2025 section of the Annual Report 2025.
1 Those measures are derived directly from the financial statements (refer to the Notes to the Consolidated Financial Statements).

92 Annual Report 2025
Glossary
This Annual Report includes Alternative Performance Measures (APM), which are non-GAAP (generally accepted accounting principles) financial figures. Aperam believes these APMs are needed to enhance the understanding of its financial position and to provide investors and management with additional information regarding the Company’s financial performance, capital structure and credit assessment. The definition of these APMs have not changed since the Company was founded. These non-GAAP financial measures should be read in conjunction with, and not as an alternative to, Aperam’s financial information prepared in accordance with International Financial Reporting Standards (IFRS). Such non-GAAP measures may not be comparable to similarly titled measures used by other companies. Aperam’s APMs are detailed in the ‘Operational review’ section of this Report.

Financial measures:
* Adjusted EBITDA: operating income$^1$ before depreciation$^1$, amortisation$^1$, impairment expenses$^1$ and exceptional items$^1$
* EBITDA: operating income $^1$ before depreciation$^1$, amortisation$^1$ and impairment expenses$^1$
* Exceptional items: (i) inventory write-downs equal to or exceeding 10% of total related inventory values before write-down at the considered quarter end (ii) restructuring (charges)/gains equal to or exceeding €10 million for the considered quarter, (iii) capital (loss)/gain on asset disposals equal to or exceeding €10 million for the considered quarter or (iv) other non-recurring items equal to or exceeding €10 million for the considered quarter
* Financial statements: financial statements for the year ending on 31 December 2025 unless otherwise stated
* Free cash flow before dividend: the net cash provided by operating activities$^1$ less net cash used in investing activities$^1$
* Gearing: net financial debt divided by equity$^1$
* Net financial debt (NFD): long-term debt $^1$ plus short-term debt$^1$, less cash and cash equivalents$^1$ (including short-term investments)$^1$

Other terms used in this Annual Report:
* Absenteeism rate: number of hours of absence for illness less than six months divided by the number of theoretical to-be-worked hours
* Annealing: process of heating cold steel to make it more suitable for bending and shaping and to prevent breaking and cracking
* Austenitic stainless steel: a steel alloy containing at least 16% chromium, where other alloying elements (usually nickel, sometimes manganese or nitrogen) are added to obtain an austenitic crystalline structure
* Bright annealing: final annealing lines (with an oven) with a reducing atmosphere that produces a bright annealed finish
* Brownfield project: expansion of an existing operation
* Carbon steel scrap: recycled carbon steel that is re-melted and recast into new steel
* Cold rolling: forming method employed after hot rolling
* Cost and Freight (CFR): international shipping term defined under International Chamber of Commerce where the seller pays transport costs to the destination port; risk transfers to the buyer once goods are loaded at the origin port
* Cost, Insurance and Freight (CIF): international shipping term defined under International Chamber of Commerce where the seller pays for transport and insurance to the destination port; risk transfers to the buyer once goods are loaded at the origin port
* Downstream: finishing operations. For example, in the case of flat products, the downstream would be the operations after the production of hot-rolled coil
* EU ETS: EU Emissions Trading System
* Ferritic steel: stainless steel grades with low/no nickel content
* GHG: Greenhouse Gas emissions
* Greenfield project: development of a new project
* Heavy Melting Scrap (HMS): category of recyclable carbon steel and wrought iron scrap used primarily in steelmaking (e.g., in electric arc furnaces)
* IFRS: International Financial Reporting Standards as adopted in the European Union

93 Annual Report 2025
* Lost Time Injury Frequency Rate (LTIFR): metric that measures the time lost due to injuries per 1,000,000 worked hours
* mg/Nm3: Milligrams per Normal Cubic Meter
* Pickling: process where steel coils are cleaned using chemical baths to remove impurities, such as rust, dirt and oil
* Production capacity: annual production capacity of a plant and equipment based on existing technical parameters as estimated by management
* R$ / BRL: Brazilian Real converted into € using the closing exchange rate of €1= R$6.4692 as of 31 December 2025
* Sales: include shipping and handling fees and costs billed to a customer in a sales transaction
* Scopes 1, 2 and 3: various types of Greenhouse Gas emissions. When calculating a carbon footprint, three types of emissions are differentiated:
* Scope 1 emissions are direct emissions produced by the burning of fuels of the emitter;
* Scope 2 emissions are indirect emissions generated by the electricity consumed and purchased by the emitter;
* Scope 3 covers indirect emissions generated by the emitter activity but owned, controlled and reported by a different emitter than the one reporting on the emissions.
* Significant shareholder: trusts (HSBC Trust (C.I.) Limited, as trustee) of which Mr. Lakshmi N. Mittal, Ms. Usha Mittal and their children are the beneficiaries, holding Aperam shares through Value Holdings II Sàrl, a limited liability company organised under the laws of Luxembourg (Value Holdings II)
* Slabs: compact blocks of crude steel (usually a product of the casting process in steel mills), that are used as a pre-product in hot rolling mills to produce hot rolled coils or strips
* Spin-off: transfer of the assets comprising ArcelorMittal’s stainless and specialty steels businesses from its carbon steel and mining businesses to Aperam, and the pro rata allocation of the ordinary shares of Aperam to ArcelorMittal shareholders
* Stainless steel scrap: recycled stainless steel materials that are re-melted and cast into new steel
* Steckel mill: reversing steel sheet reduction mills with heated coil boxes at each end where steel strip is sent through the rolls of the reversing mill and then coiled at the end of the mill, reheated in the coil box and then sent back through the steckel stands where they are recoiled
* Tonnes: metric tonnes used in measurements involving stainless and specialty steel products (a metric tonne is equal to 1,000 kilograms or 2,204.62 pounds)
* Total Recordable Injury Rate (TRIR): metric that measures the number of total recordable work-related injuries for both employees and contractors and compares it to the total number of hours worked
* U.S.$ / USD: U.S.dollars converted into € using the closing exchange rate of €1= U.S.$1.1750 as of 31 December 2025.

• Upstream: operations that precede downstream steel-making, such as coke, sinter, blast furnaces, electric arc furnaces, casters and hot rolling/steckel mills.

94 Annual Report 2025

Financial statements 2025

Verrière Hôtel de la Marine, Paris - Agence 2BDM et Hugh Dutton Associés/HDA © Nicolas Trouillard

Executed using grade Aperam 304L with Uginox Meca 7D (Mirror polish)

95 Annual Report 2025

Aperam Société Anonyme
Consolidated financial statements as of and for the year ending 31 December 2025

Aperam S.A.
24-26, Boulevard d'Avranches
L-1160 Luxembourg
R.C.S. Luxembourg B 155.908

This version of the consolidated financial statements has been prepared based on the ESEF version, which is the only authoritative one.

96 Annual Report 2025

Responsibility statement

We confirm to the best of our knowledge that:

1. the consolidated financial statements of Aperam presented in this Annual Report and established in conformity with International Financial Reporting Standards as adopted by the European Union give a true and fair view of the assets, liabilities, financial position and results of Aperam and the undertakings included within the consolidation taken as a whole; and
2. the annual accounts of Aperam presented in this Annual Report and established in conformity with the Luxembourg legal and regulatory requirements relating to the preparation of annual accounts give a true and fair view of the assets, liabilities, financial position and results of the Company; and
3. the Management report presented in this Annual Report includes a fair review of the development and performance of the business and position of Aperam and the undertakings included within the consolidation taken as a whole, together with a description of the principal risks and uncertainties they face.

On behalf of the Board of Directors
24 March 2026

Member of the Board of Directors, Chair of the Audit, Risk and Sustainability Committee
Bernadette Baudier

Chief Executive Officer
Sudhakar Sivaji

Chief Financial Officer
Nicolas Changeur

97 Annual Report 2025

1 Aperam Consolidated statement of operations
(in millions of euros except share and per share data)

	Year ending December 31,
	2025
Sales (Note 4) (including 65 and 115 of sales to related parties in 2025 and 2024, respectively (Note 26))	6,080
Cost of sales (Note 5) (including amortisation, depreciation and impairment of 259 a nd 229 (Note 4), and purchases from related parties of 291 and 357 (Note 26) for 2025 and 2024, respectively)	(5,739)
Gross margin	341
Selling, general and administrative expenses (Note 6)	(325)
Operating income (Note 4)	16
Loss from associates, joint ventures and other investments	(1)
Financing costs, net (Note 7)	(90)
Income / (Loss) before taxes	(75)
Income tax benefit (Note 8)	85
Net income (including non-controlling interests)	10
Net income attributable to Equity holders of the parent	9
Net income attributable to Non-controlling interests	1
Net income (including non-controlling interests)	10
Earnings per common share (in euros): (Note 23)
Basic	0.13
Diluted	0.13
Weighted average common shares outstanding (in thousands) (Note 23):
Basic	72,317
Diluted	73,069

The accompanying notes are an integral part of these consolidated financial statements.

98 Annual Report 2025

Aperam Consolidated statement of comprehensive income / (loss)
(in millions of euros)

	Year ending December 31,
	2025
Net income (including non-controlling interests)	10
Items that cannot be reclassified to the consolidated statement of operations:
Remeasurement of defined benefit obligation during the period, net of tax (expense) / benefit of — and (2) for 2025 and 2024, respectively (Note 22)	2
Items that can be reclassified to the consolidated statement of operations:
Cash flow hedges (Note 25):
Loss arising during the year, net of tax benefit of — for 2025 and 2024, respectively	—
Reclassification adjustments for loss included in the consolidated statement of operations, net of tax benefit of 2 and 4 for 2025 and 2024, respectively	5
Total cash flow hedges	5
Exchange differences arising on translation of foreign operations, net of tax benefit of 1 and 8 for 2025 and 2024, respectively	(39)
Total other comprehensive loss	(32)
Total other comprehensive loss attributable to:
Equity holders of the parent	(32)
Non-controlling interests	—
Total other comprehensive loss	(32)
Net comprehensive income / (loss)	(22)
Net comprehensive income / (loss) attributable to:
Equity holders of the parent	(23)
Non-controlling interests	1
Net comprehensive income / (loss)	(22)

The accompanying notes are an integral part of these consolidated financial statements.

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Aperam Consolidated Statement of Financial Position
(in millions of euros)

	December 31, 2025	December 31, 2024
(1) ASSETS
Current assets:
Cash and cash equivalents (Note 9)	325	216
Trade accounts receivable (Note 10)	435	384
Inventories (Note 11)	2,028	2,159
Prepaid expenses and other current assets (Note 12)	154	107
Derivative financial current assets (Note 25)	15	32
Income tax receivable	11	18
Total current assets	2,968	2,916
Non-current assets:
Goodwill and intangible assets (Note 13)	505	427
Biological assets (Note 14)	82	94
Property, plant and equipment (Note 15)	2,144	1,957
Investments in associates, joint ventures and other (Note 16)	4	4
Deferred tax assets (Note 8)	408	351
Income tax receivable	—	27
Other non-current assets (Note 17)	94	106
Total non-current assets	3,237	2,966
Total assets	6,205	5,882

Note: (1) Comparative information for December 31, 2024 was reclassified to conform with the current year presentation. For more details, refer to Note 2.
The accompanying notes are an integral part of these consolidated financial statements.

100 Annual Report 2025

Aperam Consolidated Statement of Financial Position (continued)
(in millions of euros, except share data)

	December 31, 2025	December 31, 2024
(1) LIABILITIES AND EQUITY
Current liabilities:
Short-term debt including current portion of long-term debt (Note 18)	233	244
Trade and other accounts payable (Note 19)	1,030	1,044
Short-term provisions (Note 20)	43	41
Accrued expenses and other liabilities (Note 21)	319	339
Derivative financial current liabilities (Note 25)	13	29
Income tax liabilities	7	10
Total current liabilities	1,645	1,707
Non-current liabilities:
Long-term debt, net of current portion (Note 18)	1,070	516
Deferred tax liabilities (Note 8)	75	80
Employee benefits (Note 22)	135	147
Long-term provisions (Note 20)	55	55
Derivative financial non-current liabilities (Note 25)	—	3
Other long-term obligations	15	8
Total non-current liabilities	1,350	809
Total liabilities	2,995	2,516
Equity:
Common shares (no par value, 82,957,953 and 82,957,953 shares authorised, 73,184,570 and 73,184,570 shares issued and 72,341,663 and 72,289,307 shares outstanding as of December 31, 2025 and December 31, 2024, respectively) (Note 23)	383	383
Treasury shares (842,907 and 895,263 common shares as of December 31, 2025 and December 31, 2024, respectively) (Note 23)	(28)	(30)
Share premium	872	870
Retained earnings	2,783	2,914
Other comprehensive loss	(815)	(783)
Equity attributable to the equity holders of the parent	3,195	3,354
Non-controlling interests	15	12
Total equity	3,210	3,366
Total liabilities and equity	6,205	5,882

Note: (1) Comparative information for December 31, 2024 was reclassified to conform with the current year presentation. For more details, refer to Note 2.
The accompanying notes are an integral part of these consolidated financial statements.

101 Annual Report 2025

Aperam Consolidated Statement of Changes in Equity
(in millions of euros, except share data)

	Shares (1)	Share capital	Treasury shares	Share premium	Retained earnings	Other Comprehensive Income / (Loss)	Foreign currency translation adjustments	Unrealised gains / (losses) on derivatives financial instruments	Unrealised gains on equity instruments at Fair Value through OCI	Recognised actuarial gains / (losses)	Equity attributable to the equity holders of the parent	Non- controlling interests	Total Equity
Balance at January 1, 2024	72,249	409	(194)	1,005	2,821	(612)	(3)	1	15		3,442	8	3,450
Net income	—	—	—	—	231	—	—	—	—	—	231	1	232
Other comprehensive income / (loss)	—	—	—	—	—	(183)	2	—	(3)		(184)	—	(184)
Total comprehensive income / (loss)	—	—	—	—	231	(183)	2	—	(3)		47	1	48
Recognition of share based payments (Note 23)	40	—	3	—	1	—	—	—	—		4	—	4
Cancellation of shares (Note 23)		(26)	161	(135)	—	—	—	—	—		—	—	—
Dividends	—	—	—	—	(144)	—	—	—	—		(144)	(1)	(145)
Other movements	—	—	—	—	5	—	—	—	—		5	4	9
Balance at December 31, 2024	72,289	383	(30)	870	2,914	(795)	(1)	1	12		3,354	12	3,366
Balance at January 1, 2025	72,289	383	(30)	870	2,914	(795)	(1)	1	12		3,354	12	3,366
Net income	—	—	—	—	9	—	—	—	—	—	9	1	10
Other comprehensive income / (loss)	—	—	—	—	—	(39)	5	—	2		(32)	—	(32)
Total comprehensive income / (loss)	—	—	—	—	9	(39)	5	—	2		(23)	1	(22)
Recognition of share based payments (Note 23)	53	—	2	2	1	—	—	—	—		5	—	5
Dividends	—	—	—	—	(144)	—	—	—	—		(144)	(1)	(145)
Other movements	—	—	—	—	3	—	—	—	—		3	3	6
Balance at December 31, 2025	72,342	383	(28)	872	2,783	(834)	4	1	14		3,195	15	3,210

(1)Number of shares denominated in thousands, excludes treasury shares.
The accompanying notes are an integral part of these condensed consolidated financial statements.# 102 Annual Report 2025

Aperam Consolidated Statement of Cash Flows (in millions of euros)

	Year ending December 31,
2025	2024
Operating activities:
Net income (including non-controlling interests)	10	232
Adjustments to reconcile net income to net cash provided by operations:
Depreciation, amortisation and impairment (Note 4)	259	229
Net interest expense (Note 7)	50	28
Income tax benefit (Note 8)	(85)	(154)
Net write-downs of inventories to net realisable value (Note 11)	26	24
Labour agreements and separation plans	8	12
Change in fair value of biological assets (Note 14)	(25)	(41)
Unrealised gains on derivative instruments (Note 7)	8	(2)
Other	66	(49)
Changes in assets and liabilities that provided (required) cash:
Trade accounts receivable	(9)	75
Trade accounts payable	(52)	(113)
Inventories	237	81
VAT and other amounts paid to authorities	15	(25)
Other movements on accruals and provisions	(37)	25
Interest paid	(53)	(45)
Interest received	13	19
Income taxes paid	(9)	(16)
Net cash provided by operating activities	422	280
Investing activities:
Acquisition of property, plant and equipment and intangible assets (CapEx) (Note 4)	(137)	(139)
Acquisition of net assets of subsidiaries, net of cash acquired (Note 3)	(415)	—
Acquisition of biological assets	(1)	(37)
Other investing activities, (net)	—	10
Net cash used in investing activities	(589)	(155)
Financing activities:
Proceeds from short-term debt (Note 18)	519	11
Payments of short-term debt (Note 18)	(675)	(184)
Payments of long-term debt (Note 18)	(72)	—
Proceeds from long-term debt, net of debt issuance costs (Note 18)	677	1
Dividends paid (Note 23)	(145)	(145)
Repayment of principal portion of lease liabilities (Note 18)	(25)	(19)
Net cash used in financing activities	279	(336)
Effect of exchange rate changes on cash	(3)	(16)
Net decrease in cash and cash equivalents	109	(227)
Cash and cash equivalents (Note 9):
At the beginning of the year	216	443
At the end of the year	325	216

Note: (1) Since 2025, bearer plants are considered as Acquisition of biological assets instead of Acquisition of property, plant and equipment and intangible assets (CapEx). Bearer plants of €12 million in 2024 have been reclassified for comparison (Note 2).

The accompanying notes are an integral part of these consolidated financial statements.

103 Annual Report 2025

SUMMARY OF NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 1: Nature of business, basis of presentation and consolidation
Note 2: Summary of material accounting policies, critical accounting judgements and change in accounting estimates
Note 3: Business combination
Note 4: Segment and geographic information
Note 5: Cost of sales
Note 6: Selling, general and administrative expenses
Note 7: Financing costs, net
Note 8: Income tax
Note 9: Cash and cash equivalents
Note 10 : Trade accounts receivable
Note 11: Inventories
Note 12: Prepaid expenses and other current assets
Note 13: Goodwill and intangible assets
Note 14: Biological assets
Note 15: Property, plant and equipment
Note 16: Investments in associates, joint ventures and other
Note 17: Other non current assets
Note 18: Short-term and long-term debt
Note 19: Trade and other accounts payable
Note 20: Provisions
Note 21: Accrued expenses and other current liabilities
Note 22: Employee benefits
Note 23: Equity
Note 24: Leases
Note 25: Financial instruments
Note 26: Balances and transactions with related parties
Note 27: Commitments
Note 28: Contingencies
Note 29: Employees and key management personnel
Note 30: List of significant subsidiaries as of December 31, 2025
Note 31: Independent auditor fees
Note 32: Subsequent events

104 Annual Report 2025

NOTE 1: NATURE OF BUSINESS, BASIS OF PRESENTATION AND CONSOLIDATION

Nature of business

Aperam Société Anonyme (“Aperam”) was incorporated in Luxembourg on September 9, 2010 to own certain operating subsidiaries of ArcelorMittal Société Anonyme (“ArcelorMittal”) which primarily comprised ArcelorMittal’s stainless steel and specialty alloys business. This business was transferred to Aperam prior to the distribution of all its outstanding common shares to shareholders of ArcelorMittal on January 26, 2011. Collectively, Aperam together with its subsidiaries are referred to in these consolidated financial statements (the “Financial Statements”) as the “Company” or “the Group”. Aperam Société Anonyme is the ultimate parent company of the Group. The Company has its registered office at 24-26, Boulevard d’Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg and is registered with the Luxembourg Register of Commerce and Companies under the number B155.908. The Company’s shares have been traded on the European stock exchanges of Amsterdam, Paris (Euronext) and Luxembourg since January 31, 2011, and Brussels (Euronext) since February 16, 2017. Aperam has a flat Stainless and Electrical steel capacity of 2.5 million tonnes in Brazil and Europe and is a leader in Alloys & high value specialty products with presence in France, China, India and the United States. In addition to its industrial network, spread over sixteen production facilities in Brazil, Belgium, France, the United States, India & China, Aperam has a highly integrated distribution, processing and services network and a unique capability to produce low carbon footprint stainless and special steels from biomass, stainless steel scrap and high performance alloys scrap. With Bioenergia and its unique capability to produce charcoal made from its own FSC®-certified forestry and with Aperam Recycling, a global leader in collecting, trading, processing and recycling of stainless steel scrap and high performance alloys, Aperam places sustainability at the heart of its business, helping customers worldwide to excel in the circular economy. Note 30 provides an overview of the Company’s principal operating subsidiaries.

Basis of presentation

The consolidated financial statements (or the “financial statements”) of Aperam and its subsidiaries for the year ended 31 December 2025 have been prepared on a historical cost basis, except for equity instruments at fair value through other comprehensive income, derivative financial instruments and biological assets which are measured at fair value and the financial statements of the Company’s subsidiary in Argentina (“Aperam Stainless Services & Solutions Argentina S.A.”), for which hyperinflationary accounting is applied (see Note 2 below). The consolidated financial statements as of and for the year ended 31 December 2025 (“financial statements”) have been prepared in accordance with IFRS accounting standards (“IFRS”) as adopted in the European Union (“EU”). They are presented in euros with all amounts rounded to the nearest million, except for share and per share data. These consolidated financial statements were authorised for issuance on 24 March, 2026 by Aperam’s Board of Directors.

Adoption of new IFRS Standards, amendments and Interpretations applicable in 2025

The Group applied for the first-time certain amendments, which are effective for annual periods beginning on or after January 1, 2025 (unless otherwise stated). The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective:
– Amendments to IAS 21: Lack of exchangeability: In August 2023, the IASB amended IAS 21 to help entities to determine whether a currency is exchangeable into another currency, and which spot exchange rate to use when it is not. The Group does not expect these amendments to have a material impact on its operations or financial statements.

New IFRS standards and interpretations applicable from 2026 onwards

There are new standards, amendments and interpretations which will be mandatorily applicable in the coming years and have not been applied early. The standards, interpretations and amendments applicable as from January 1, 2026 which have not been early adopted by the Group and which could have an impact, are as follows:
– Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity (effective for annual periods beginning on or after 1 January 2026) change the 'own use' and hedge accounting requirements of IFRS 9 and include targeted disclosure requirements to IFRS 7. These amendments apply only to contracts

105 Annual Report 2025

that expose an entity to variability in the underlying amount of electricity because the source of its generation depends on uncontrollable natural conditions (such as the weather). These are described as ‘contracts referencing nature-dependent electricity’. The Group does not expect these amendments to have an impact on its operations or financial statements.
– Amendments to IFRS 9 and IFRS 7, amendments to the Classification and Measurement of Financial Instruments: On 30 May 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7 to respond to recent questions arising in practice: clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). It will be effective for annual periods beginning on or after 1 January 2026. The Group will apply the standard once it becomes mandatory. The Group does not expect these amendments to have a material impact on its operations or financial statements.– IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective for annual periods beginning on or after 1 January 2027), allows for certain eligible subsidiaries of parent entities that report under IFRS Accounting Standards to apply reduced disclosure requirements. The Group does not expect this standard to have an impact on its operations or financial statements.

– In April 2024, the IASB released IFRS 18 “Presentation and Disclosure in Financial Statements,” which replaces IAS 1. IFRS 18 was endorsed by the European Union in February 2026. The main changes introduced by IFRS 18 include:
* A new structure for the statement of profit or loss with clearly defined subtotals.
* A requirement to select the most appropriate structured summary for presenting expenses in the statement of profit or loss.
* Mandatory disclosures in a single note for certain performance measures reported outside the financial statements (management-defined performance measures or “MPMs”).
* Enhanced principles for aggregation and disaggregation, applicable to both the primary financial statements and the notes.

There are also targeted amendments to IAS 7 Statement of Cash Flows, such as changing the starting point for determining cash flows from operations under the indirect method from ‘profit or loss’ to ‘operating profit or loss’ and removing the option for classifying cash flows from dividends and interest. Additional amendments affect several other standards as well.

The Group will adopt the new standard from its mandatory effective date of 1 January 2027. Therefore, the first IFRS 18-compliant consolidated condensed interim financial statements will be reported for the period ending 30 June 2027, and the consolidated financial statements for the period ending 31 December 2027. Retrospective application is required, so comparative information for the period ended 30 June 2026 and the year ending 31 December 2026 will be restated under IFRS 18 respectively.

Management is currently assessing the effects of applying IFRS 18 and the expected significant impacts on the Group’s consolidated financial statements. The preliminary impacts identified on the Group’s consolidated financial statements are as follows:
* Changes in the structure of the consolidated statement of operations, such as classifying foreign exchange differences in the same category as the income and expenses from the items that gave rise to the foreign exchange differences and splitting financing income/costs into operating, financing, and investing categories.
* Goodwill will be shown as a separate line item in the Group’s consolidated statement of financial position.
* The Group is considering disclosing Adjusted EBITDA as a management-defined performance measure in line with its press releases, as required by IFRS 18.
* Interest received and interest paid will be classified under investing and financing activities, respectively, in the statement of cash flows.

– Amendment to IAS 21 - Translation to a Hyperinflationary presentation currency. These narrow-scope amendments specify the translation procedures for an entity whose presentation currency is that of a hyperinflationary economy. This amendment becomes effective on annual periods beginning on or after 1 January 2027. The Group does not expect this standard to have an impact on its operations or financial statements.

Basis of consolidation

The consolidated financial statements include the accounts of the Company, its subsidiaries, and its respective interest in associated companies. Subsidiaries are consolidated from the date the Company obtains control until the date control ceases. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has:
* Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee)
* Exposure, or rights, to variable returns from its involvement with the investee
* The ability to use its power over the investee to affect its returns

Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:
* The contractual arrangement(s) with the other vote holders of the investee
* Rights arising from other contractual arrangements
* The Group’s voting rights and potential voting rights

The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.

Associated companies are those companies over which the Company has the ability to exercise significant influence on the financial and operating policy decisions, which it does not control. Generally, significant influence is presumed to exist when the Company holds more than 20% of the voting rights. In addition, joint ventures are arrangements where the Company has joint control under a contractual agreement and has the right to the net assets of the arrangement.

The consolidated financial statements include the Company’s share of the total recognised gains and losses of associates and joint ventures on an equity accounted basis from the date that significant influence commences until the date significant influence ceases, adjusted for any impairment loss. Adjustments to the carrying amount may also be necessary for changes in the Company’s proportionate interest in the investee arising from changes in the investee’s equity that have not been recognised in the investee’s profit or loss. The Company’s share of those changes is recognised directly in equity.

Investments in other entities, over which the Company and/ or its operating subsidiaries do not have the ability to exercise significant influence, are accounted for as investments in equity instruments at Fair Value through OCI (FVOCI) with any resulting gain or loss, net of related tax effect, recognised in the consolidated statements of other comprehensive income. Realised gains and losses from the sale of investments in equity instruments at FVOCI are reclassified from other comprehensive income to retained earnings within equity upon disposal.

While there are certain limitations on the Company’s operating and financial flexibility arising from the restrictive and financial covenants of the Company’s principal credit facilities described in Note 18, there are no significant restrictions resulting from borrowing agreements or regulatory requirements on the ability of consolidated subsidiaries, associates and jointly controlled entities to transfer funds to the parent in the form of cash dividends to pay commitments as they come due.

Intra-company balances and transactions, including income, expenses and dividends, are eliminated in the preparation of the consolidated financial statements. Non-controlling interests represent the portion of profit or loss and net assets not held by the Company and are presented separately in the consolidated statement of operations and within equity in the consolidated statement of financial position.

107 Annual Report 2025

NOTE 2: SUMMARY OF MATERIAL ACCOUNTING POLICIES, CRITICAL ACCOUNTING JUDGEMENTS AND CHANGE IN ACCOUNTING ESTIMATES

Material accounting policies

Translation of financial statements denominated in foreign currency

The functional currency of each of the major operating subsidiaries is the local currency. Transactions in currencies other than the functional currency of a subsidiary are recorded at the rates of exchange prevailing at the date of the transaction. Monetary assets and liabilities in currencies other than the functional currency are remeasured at the rates of exchange prevailing at the statement of financial position date and the related transaction gains and losses are reported in the consolidated statement of operations. Non-monetary items that are carried at cost are translated using the rate of exchange prevailing at the date of the transaction. Non-monetary items that are carried at fair value are translated using the exchange rate prevailing when the fair value was determined and the related transaction gains and losses are reported in the consolidated statement of comprehensive income/loss.

Upon consolidation, the results of operations of the Company’s subsidiaries and associates whose functional currency is other than the euro are translated into the euro the Company’s presentation currency, at the monthly average exchange rates and assets and liabilities are translated at the year-end exchange rates. Translation adjustments are recognised directly in other comprehensive income and are reclassified in income or loss in the statement of operations only upon sale or liquidation of the underlying foreign subsidiary or associate. Exchange differences arising from the translation of the net investment in foreign subsidiaries at the year-end exchange rate are recorded as part of the shareholders’ equity under “Foreign currency translation adjustments”. When a foreign entity is disposed, such exchange differences are recognised in the consolidated statement of operations as part of the gain or loss on disposal.Argentina is considered a hyperinflationary economy and therefore the financial statements of Aperam Stainless Services & Solutions Argentina are adjusted to reflect the changes in the general purchasing power of the local currency before being translated into euros. The Company used estimated general price indices (Consumer Price Index “CPI”) of 10,121.4% and 7,693.7%, respectively, for the years ending December 31, 2025 and December 31, 2024 for this purpose. As a result of the inflation-related adjustments on monetary items, a loss of €(0.2) million and a gain of €2.8 million were recognised in net financing costs for the year ending December 31, 2025 and December 31, 2024. The government in Argentina imposed significant restrictions on foreign exchange transactions, including but not limited to the mandatory sale of the foreign currency proceeds from export operations, access to the foreign exchange market for payment of the import of services and for the payment of dividend requires approval of Argentinian Central Bank.

Cash and cash equivalents

Cash and cash equivalents consist of cash and short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at the time of purchase and are carried at cost plus accrued interest, which approximates fair value.

Trade accounts receivable

Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components when they are recognised at fair value. They are subsequently measured at amortised cost using the effective interest method, less loss allowance at an amount that it considers to be a sufficient estimate of losses resulting from the inability of its customers to make required payments. The group holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.

The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

Annual Report 2025 108

The Group considers a financial asset in default when contractual payments are 180 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

Inventories

Inventories are carried at the lower of cost and net realisable value. Cost is determined using the average cost method. Costs of production in process and finished goods include the purchase costs of raw materials and conversion costs such as direct labour and an allocation of fixed and variable production overheads. Raw materials and spare parts are valued at cost inclusive of freight and shipping and handling costs. Net realisable value is the expected selling price of those goods less costs to sell. In the case of work in progress, the estimated costs of completion are also deducted from this price. Costs incurred when production levels are abnormally low are partially capitalised as inventories and partially recorded as a component of cost of sales in the consolidated statement of operations. Write-down to net realisable value and movements in the allowances for obsolescence and slow-moving inventories are recognised in cost of sales in the consolidated statement of operations.

Business combination

The Group applies the acquisition method for business combinations. The acquisition date is that on which the Group obtains control of the acquiree. The Group considers that control is obtained when the investor, due to its involvement with the acquiree, is exposed, or has rights, to variable returns and has the ability to affect those returns through its power over the investee. In an acquisition, the Group is generally deemed to have obtained control when the consideration is legally transferred and the assets and liabilities of the acquiree are acquired and assumed, respectively. However, control may be obtained at a prior date if, by means of a written agreement, a prior date of obtainment of control is envisaged. The Group considers all pertinent facts and circumstances in order to identify the acquisition date.

The consideration transferred in a business combination is calculated as the sum of the acquisition-date fair values of the assets transferred, the liabilities incurred or assumed, the equity interests issued and any contingent consideration that is contingent on future events or the fulfilment of certain conditions in exchange for control of the acquiree. The consideration transferred excludes any amounts that are not part of the exchange for the acquiree. The costs associated with an acquisition are recognised as expenses on an accrual basis.

The Group recognises at their acquisition-date fair value the assets acquired and the liabilities assumed (and any non-controlling interest in the acquiree). The liabilities assumed include contingent liabilities to the extent that they represent present obligations that arise from past events and their fair value can be measured reliably. Also, the Group recognises indemnification assets granted by the seller at the same time that it recognises the indemnified item and following the same measurement criteria as those used for the indemnified item, considering, where applicable, the risk of default and any contractual limitation on the indemnified amount. Exempt from application of this criterion are non-current assets and disposal groups classified as held for sale, long-term defined benefit obligation liabilities, share-based payment transactions, deferred tax assets and liabilities and intangible assets arising from the acquisition of previously granted rights. The assets acquired and liabilities assumed are classified and designated for subsequent measurement on the basis of the contractual terms, economic conditions, operating and accounting policies and other pertinent conditions existing at the acquisition date, except in the case of leases in which the business acquired is the lessor and insurance contracts. The acquirer’s application of the recognition principle and conditions may result in recognising some assets and liabilities that the business acquired had not previously recognised as assets and liabilities in its financial statements. Any excess of the consideration transferred plus the value assigned to the non-controlling interests over the net amount of the assets acquired and the liabilities assumed is recognised as goodwill. If the business combination can only be provisionally calculated, the identifiable net assets are initially recognised at their provisional amounts, recognising the valuation adjustments made in the measurement period as if they had been

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known at the acquisition date and restating, where applicable, the comparative figures for the previous year. In any event, adjustments to provisional amounts only reflect information on facts and circumstances that existed at the acquisition date and, if known, would have affected the measurement of the amounts recognised at that date. After the measurement period ends, the initial accounting for a business combination is revised only to correct an error. Until they are settled, cancelled or expire, contingent liabilities are measured at the higher of the amount initially recognised less the amounts that should be recognised in profit or loss in accordance with the standard on recognition of revenue from customers and the amount that would be recognised in accordance with the standard on measuring provisions.

The consideration transferred in a business combination is calculated as the sum of the acquisition-date fair values of the assets transferred, the liabilities incurred or assumed, the equity interests issued and any contingent consideration that depends on future events or the fulfilment of certain conditions in exchange for control of the acquiree. Company recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. In a business combination in which the fair value of the identifiable net assets acquired exceeds the cost of the acquired business, the Company reassesses the fair value of the assets acquired. If, after reassessment, the Company’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess (bargain purchase gain) is recognised immediately in the consolidated statement of operations.

Goodwill

The goodwill recorded by the Company includes an allocation of the goodwill arising from the acquisition of Arcelor by Mittal Steel on August 1, 2006.Goodwill arising on acquisitions subsequent to January 1, 2007, is recognised as an asset and initially measured at cost, being the excess of the cost of the business combination over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. After initial recognition, goodwill shall be carried at its cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to those groups of cash-generating units (“GCGU”) or cash-generating units (“CGU”) that are expected to benefit from the business combination in which the goodwill arose, which represents the lowest level at which goodwill is monitored for internal management purposes and not larger than an operating segment.

Intangible assets

Intangible assets recorded by the Company include customer relationships, trademarks and technology acquired through business combinations that are recorded at fair value, and are amortised on a straight-line basis over their estimated economic useful lives which typically are not to exceed ten years. Concessions, patents, licenses and other intangible assets are recognised only when it is probable that the expected future economic benefits attributable to the assets will flow to the Company and the cost can be reliably measured. They are recorded at cost and are amortised on a straight-line basis over their estimated economic useful lives which typically are not to exceed five years.

Biological assets

The Company classifies eucalyptus plantations (except for the roots of the plantation which are qualified as bearer plants, see below) as biological assets. The purpose of such plantations is to produce charcoal to be used in the production process. Biological assets are measured at fair value, net of estimated costs to sell at the time of harvest, with any change therein recognised in the consolidated statement of operations. The fair value is determined based on the discounted cash flow method, taking into consideration the cubic volume of wood, segregated by plantation year, and the equivalent sales value of standing trees. The average market price was estimated based on domestic market prices.

Property, plant and equipment

Property, plant and equipment is recorded at cost less accumulated depreciation and impairment. Cost includes professional fees and, for assets constructed by the Company, any related works to the extent that these are directly attributable to the acquisition or construction of the asset. Property, plant and equipment except land are depreciated using the straight-line method over the useful lives of the related assets which are presented in the table below.

The 110 Annual Report 2025 Company reviews the residual value, the useful lives and the depreciation method of its property, plant and equipment at least annually.

Asset Category	Useful Life Range
Land	Not depreciated
Buildings	10 to 50 years
Steel plant equipment	15 to 30 years
Auxiliary facilities	15 to 30 years
Other facilities and equipment	3 to 20 years
Bearer plants	14 years

Major improvements, which add to productive capacity or extend the life of an asset, are capitalised, while repairs and maintenance are charged to expense as incurred. Where a tangible fixed asset comprises major components having different useful lives, these components are accounted for as separate items. Property, plant and equipment under construction are recorded as construction in progress until they are ready for their intended use; thereafter they are transferred to the related category of property, plant and equipment and depreciated over their estimated useful lives. Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised. Gains and losses on retirement or disposal of assets are reflected in the consolidated statement of operations. The residual values and useful lives of property, plant and equipment are reviewed at each reporting date and adjusted if expectations differ from previous estimates. Depreciation methods applied to property, plant and equipment are reviewed at each reporting date and changed if there has been a significant change in the expected pattern of consumption of the future economic benefits embodied in the asset.

Right-of-use assets

The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.

Impairment of Property Plant & Equipment and Intangible Assets

Goodwill

Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment (as of October 31), or more frequently if events or changes in circumstances indicate that they might be impaired. An impairment loss is recognised for the amount by which the group of cash-generating units (“GCGU”) or cash-generating unit (“CGU”) carrying amount exceeds its recoverable amount. The recoverable amount of the GCGU or CGU is determined as the higher of its fair value less costs of disposal and its value in use. The value in use calculations is based on discounted cash flow model. Cash flow forecasts are derived from the most recent financial budget approved by the Board of Directors and forecast is prepared for at least the next 5 years. Beyond the specifically forecasted period, the Company extrapolates cash flows for the remaining years based on an estimated terminal growth rate. This rate does not exceed the average long-term growth rate for the relevant markets. Once recognised, impairment losses for goodwill are not reversed. The key assumptions for the value in use calculations are disclosed in “Critical accounting judgments section”.

Aperam gives regard to climate change and other sustainability risks when determining the recoverable amount of each CGU. The Group has climate change action plans, greenhouse gas emission reduction targets for its production sites, environmental management and other sustainability initiatives. The Company reports these in its annual Sustainability Report (available on the Company’s web site). The Group assesses where climate risks could have a significant impact, such as the introduction of emission-reduction legislation that may increase manufacturing costs. These risks in relation to climate-related matters are included as key assumptions where they materially impact the measure of recoverable amount. These key assumptions have been included in the cash-flow forecasts in assessing value in use amounts.

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Property Plant & Equipment and Intangible Assets (excluding goodwill)

At each reporting date, the Company reviews whether there is any indication that the carrying amounts of its property plant & equipment and intangible assets (excluding goodwill) may not be recoverable through continuing use. If any such indication exists, the recoverable amount of the asset is reviewed in order to determine the amount of the impairment, if any. The recoverable amount is the higher of its fair value less cost of disposal and its value in use. In assessing its value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash generating unit to which the asset belongs. The cash generating unit is the smallest group of assets that independently generates cash flow and whose cash flow is largely independent of the cash flows generated by other assets. If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, an impairment loss is recognised. An impairment loss is recognised as an expense immediately as part of operating income in the consolidated statement of operations. In the case of permanently idled assets, the impairment is measured at the individual asset level on the basis of salvage value. Otherwise, it is not possible to estimate the recoverable amount of the individual asset because the cash flows are not independent from that of the cash generating unit to which it belongs. Accordingly, the Company’s assets are measured for impairment at the cash generating unit level. In certain instances, the cash generating unit is an integrated manufacturing facility which may also be an operating subsidiary. Furthermore, a manufacturing facility may be operated together with another facility with neither facility generating cash flows that are largely independent from the cash flows of the other. In this instance, the two facilities are combined for purposes of testing for impairment. As of December 31, 2025 and 2024, the Company had determined it has nine cash generating units. An impairment loss recognised in prior years is reversed if, and only if, there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised.However, the increased carrying amount of an asset due to a reversal of an impairment loss will not exceed the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately as part of operating income in the consolidated statement of operations.

Investment in associates and other entities

Investments in associates, in which the Company has the ability to exercise significant influence, are accounted for under the equity method. The investment is carried at the cost at the date of acquisition, adjusted for the Company’s share in undistributed earnings or losses since acquisition, less dividends received and impairment. Any excess of the cost of the acquisition over the Company’s share of the net fair value of the identifiable assets, liabilities, and contingent liabilities of the associate recognised at the date of acquisition is recognised as goodwill. The goodwill is included in the carrying amount of the investment and is evaluated for impairment as part of the investment.

The Company reviews all of its investments in associates at each reporting date to determine whether there is an indicator that the investment may be impaired. If objective evidence indicates that the investment is impaired, the Company calculates the amount of the impairment of the investments as being the difference between the higher of the fair value less costs of disposal or its value in use and its carrying value. The amount of any impairment is included in the overall result from associates and joint ventures in the consolidated statement of operations.

Regarding investments in other entities, upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through other comprehensive income when they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as result from associates, joint ventures and other investments in the consolidated statement of operations when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.

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The Group elected to classify irrevocably its non-listed equity investments under this category.

Employee benefits

Defined contribution plans are those plans where the Company pays fixed contributions to an external life insurance or pension fund for certain categories of employees. Contributions are paid in return for services rendered by the employees during the period. They are expensed as they are incurred in line with the treatment of wages and salaries. No provisions are established in respect of defined contribution plans, as they do not generate future commitments for the Company.

Defined benefit plans are those plans that provide guaranteed benefits to certain categories of employees, either by way of contractual obligations or through a collective agreement. For defined benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at each statement of financial position date. The retirement benefit obligation recognised in the statement of financial position represents the present value of the defined benefit obligation less the fair value of plan assets. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income in the period in which they arise. Any asset resulting from this calculation is limited to the present value of available refunds and reductions in future contributions to the plan. Current service cost, which is the increase of the present value of the defined benefit obligation resulting from the employee service in the current period, is recorded as an expense as part of cost of sales and selling, general and administrative expenses in the consolidated statement of operations. The net interest cost, which is the change during the period in the net defined benefit liability or asset that arises from the passage of time, is recognised as part of net financing costs in the consolidated statements of operations. The discount rate used is determined by reference to market yields at the end of the reporting period based on high quality corporate bonds. The Company recognises gains and losses on the curtailment of a defined benefit plan when the curtailment occurs. The gain or loss on curtailment comprises any resulting change in the fair value of plan assets, any change in the present value of the defined benefit obligation, any related actuarial gains and losses. Past service cost is the change in the present value of the defined benefit obligation resulting from a plan amendment or a curtailment. Past service cost is recognised immediately in the consolidated statement of operations in the period in which it arises.

Voluntary retirement plans primarily correspond to the practical implementation of social plans or are linked to collective agreements signed with certain categories of employees. Early retirement plans are those plans that primarily correspond to terminating an employee’s contract before the normal retirement date. Early retirement plans are considered effective when the affected employees have formally been informed and when liabilities have been determined using an appropriate actuarial calculation. Liabilities relating to the early retirement plans are calculated annually on the basis of the effective number of employees likely to take early retirement and are discounted using an interest rate which corresponds to that of highly rated bonds that have maturity dates similar to the terms of the Company’s early retirement obligations. Termination benefits are provided in connection with voluntary separation plans. The Company recognises a liability and expense when it has a detailed formal plan which is without realistic possibility of withdrawal and the plan has been communicated to employees or their representatives. Other long-term employee benefits include various plans that depend on the length of service, such as long service and sabbatical awards, disability benefits and long term compensated absences such as sick leave. The amount recognised as a liability is the present value of benefit obligations at the statement of financial position date, and all changes in the provision (including actuarial gains and losses or past service costs) are recognised in the consolidated statement of operations.

Trade payables

These amounts represent liabilities for goods and services provided to the group prior to the end of the financial year which are unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.

Provisions and accruals

Aperam recognises provisions for liabilities and probable losses that have been incurred when it has a present legal or constructive obligation as a result of past events and it is probable that the Company will be required to settle the

113 Annual Report 2025

obligation and a reliable estimate of the amount of the obligation can be made. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a financing cost. Provisions for onerous contracts are recorded in the consolidated statement of operations when it becomes known that the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. Provisions for restructuring relate to the estimated costs of initiated reorganisations that have been approved by the Aperam Management Committee, and which involve the realignment of certain parts of the industrial and commercial organisation. When such reorganisations require discontinuance and/or closure of lines or activities, the anticipated costs of closure or discontinuance are included in restructuring provisions. A liability is recognised for those costs only when the Company has a detailed formal plan for the restructuring and has raised a valid expectation with those affected that it will carry out the restructuring by starting to implement that plan or announcing its main features to those affected by it.

Lease liabilities

At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees.The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.

Short-term leases and leases of low-value assets

The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low value assets recognition exemption to leases of office equipment that are considered of low value (i.e., below €5,000). Lease payments related to company cars have been scoped out of IFRS 16 since for most of them the control of the cars is within the employee and the remaining part is not material to the Group. Related lease payments are recognised as an expense on a straight-line basis over the lease term. Before each year’s end closing the Group conducts an exhaustive review of current portfolio to verify that amounts remain non material.

Lease term of contracts with renewal options

The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. As stated by IFRIC decision on IFRS 16 Lease Term, the Group considers the broader economics of the contract, and not only contractual termination payments when estimating the lease term. The Group has the option, under some of its leases to lease the assets for additional terms of three to five years. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy).

Environmental costs

Environmental costs that relate to current operations are expensed or capitalised as appropriate. Environmental costs that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation or cost reduction, are expensed. Liabilities are recorded when environmental assessments and or remedial efforts are probable and the cost can be reasonably estimated based on ongoing engineering studies, discussions with the environmental authorities and other assumptions relevant to the nature and extent of the remediation that may be required. The ultimate cost to the Company is dependent upon factors beyond its control such as the scope and methodology of the remedial action requirements to be established by environmental and 114 Annual Report 2025 public health authorities, new laws or government regulations, rapidly changing technology and the outcome of any potential related litigation. Environmental liabilities are discounted if the aggregate amount of the obligation and the amount and timing of the cash payments are fixed or reliably determinable.

Income taxes

Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the consolidated statement of operations because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's expense for current tax is calculated using tax rates that have been enacted or substantively enacted as of the statement of financial position date. Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit and is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the taxable temporary difference arises from the initial recognition of goodwill or if the differences arise from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the statement of financial position date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. The carrying amount of deferred tax assets is reviewed at each statement of financial position date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.

Fair value measurement

Assets and liabilities carried or measured at fair value have been classified into three levels based upon a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The levels are as follows:

Level	Description
Level 1	Quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date;
Level 2	Significant inputs other than within Level 1 that are observable for the asset or liability, either directly (i.e.: as prices) or indirectly (i.e.: derived from prices);
Level 3	Inputs for the assets or liabilities that are not based on observable market data and require management assumptions or inputs from unobservable markets.

Financial instruments

The classification of financial instruments depends on their contractual cash flow characteristics and the Group’s business model. 115 Annual Report 2025

Derivative financial instruments

Refer to critical accounting judgements.

Non-derivative financial instruments

Non-derivative financial instruments include cash and cash equivalents, trade and other receivables, investments in equity securities, trade and other payables and debt and other liabilities. These instruments are recognised initially at fair value when the Company becomes a party to the contractual provisions of the instrument. They are derecognised if the Company’s contractual rights to the cash flows from the financial instruments expire or if the Company transfers the financial instruments to another party without retaining control or substantially all risks and rewards of the instruments. Debt and liabilities, other than provisions, are measured at amortised cost using the Effective Interest Rate method. Effective Interest Rate is the interest rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of a financial asset or the amortised cost of a financial liability.

Impairment of financial assets

The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. IFRS 9 contains a rebuttable presumption that default occurs no later than when a payment is 90 days past due. For trade receivables, the Group has assumed a backstop of 180 days past due. This is more closely aligned to the risk management practices used by the Group, local conditions and current practices in the industry in which the Group operates. The impact on the Group’s ECL allowance of this assumption is not material. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

Emission rights

The Company’s industrial sites which are regulated by the European Directive 2003/87/EC of October 13, 2003 on carbon dioxide emission rights, effective as of January 1, 2005, are located in Belgium and France. The emission rights allocated to the Company on a no-charge basis pursuant to the annual national allocation plan are recorded in the consolidated statement of financial position at nil and purchased emission rights are recorded at cost.

Government grants

Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is deducted from the carrying amount of the related asset and credited to the consolidated statement of operations on a straight-line basis over the expected useful live of the asset. When the Group receives grants of non-monetary assets, the asset and the grant are usually accounted for at fair value. When fair value cannot be measured reliably, both the asset and the grant will be record at a nominal amount.

Revenue recognition

The Company’s revenue is derived from the single performance obligation to transfer primarily stainless steel, specialty alloys products and raw materials for the stainless steel industry and high performance materials under arrangements in which the performance obligation is satisfied upon transfer of control of the products to the customer. Revenue from the sale of goods is recognised when (i) the Company has transferred control of the products to the 116 Annual Report 2025 customer and the customer obtains the benefits from the products, (ii) the potential cash flows and the amount of revenue (the transaction price) can be measured reliably, and (iii) it is probable that the Company will collect the consideration to which it is entitled to in exchange for the products. The Company transfers control of the products either when the goods are shipped from the Company’s facilities or when they are delivered to the customer, depending on the delivery terms of the arrangement. Revenue is measured at the transaction price of the consideration received or receivable, the amount the Company expects to be entitled to. The Company’s payment terms range from 30 to 90 days upon delivery, depending on the market and product sold. The contracts entered by the Company usually do not contain material variable considerations. Hence, the determination of transaction price does not involve material judgements and estimates requiring disclosures in the financial statements. The transaction price is the price as mentioned in the contract. For the Company, given that each contract has one performance obligation, the price as per the invoice/contract is wholly allocated to this performance obligation. That is, no significant judgements or estimates are applied in determining the transaction price to be allocated to performance obligations. The Company’s revenue divided into categories corresponds to the revenue by segment disclosed in Note 4.

Shipping and handling costs

The Company records amounts billed to a customer in a sale transaction for shipping and handling costs as sales and the related shipping and handling costs incurred as cost of sales.

Financing costs

Financing costs include interest income and expense, amortisation of discounts or premiums on borrowings, amortisation of costs incurred in connection with the arrangement of borrowings, and unrealised gains and losses on foreign exchange and raw material derivative contracts.

Earnings per common share

Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share is computed by dividing income available to equity holders and assumed conversion by the weighted average number of common shares and potential common shares from restricted share units and performance share units as well as potential common shares from the conversion of convertible bonds whenever the conversion results in a dilutive effect.

Assets held for sale and disposal

Non-current assets and disposal groups that are classified as held for sale and disposal are measured at the lower of carrying amount and fair value less costs of disposal. Assets and disposal groups are classified as held for sale and for disposal if their carrying amount will be recovered through a sale or a disposal transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset, or disposal group, is available for immediate sale or disposal in its present condition and is marketed for sale at a price that is reasonable in relation to its current fair value. Assets held for sale and disposal are presented separately on the consolidated statements of financial position and are not depreciated.

Equity settled share based payments

Aperam issued equity-settled share-based payments consisting in performance share units and restricted share units to key employees of the Company. Equity settled share based payments issued to Aperam employees are measured at fair value (excluding the effect of non market based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity settled share based payments is expensed on a graded vesting basis over the vesting period, based on the Company’s estimate of the shares that will eventually vest and adjusted for the effect of non market based vesting conditions. The expected life used in the calculation has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight line method over the vesting period and adjusted for the effect of non-market-based vesting conditions.

Segment reporting

Operating segments are components of the Company that engage in business activities from which they may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the Company), for which discrete financial information is available and whose operating results are evaluated regularly by the Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance. Aperam management identified the Chief Executive Officer and Chief Financial Officer of the Company as its CODM, which is the individual or body of individuals responsible for the allocation of resources and assessment of performance of the operating segments. The CODM manages the business according to four operating segments: 117 Annual Report 2025
– Stainless & Electrical Steel that represents the production of a full range of stainless steel products in Europe (Belgium and France) and of a wide range of flat stainless and electrical steel and special carbon products in Brazil.
– Alloys & Specialties that includes an integrated production facility in France with a meltshop designed to produce specialty grades. This segment also includes downstream activities with nickel alloy and specialty assets.
– Services & Solutions that sells and distributes the Company’s products. It includes our tubes business. The segment also provides value added and customised steel solutions through further processing to meet customer specific requirements.
– Recycling & Renewables that collects, trades, processes and recycles stainless steel scrap and high performance alloys.

The information of the measure of the assets, liabilities and profit or loss for each segment is regularly provided to the CODM. Financing items are managed centrally for the Company as a whole and so are not directly attributable to individual operating segments.# Critical accounting judgments

The critical accounting judgments and significant assumptions made by management in the preparation of these financial statements are provided below.

Deferred Tax Assets

The Company records deferred tax assets and liabilities based on the differences between the carrying amount of assets and liabilities in the consolidated financial statements and their corresponding tax bases when these differences are temporary. Deferred tax assets are also recognised for the estimated future effects of tax losses carried forward and other tax benefits. The Company reviews the deferred tax assets in the different jurisdictions in which it operates periodically to assess the possibility of realising such assets based on projected taxable profit, the expected timing of the reversals of existing temporary differences, the carry forward period of temporary differences and tax losses carried forward and the implementation of tax-planning strategies. Note 8 describes the total deferred tax assets recognised in the consolidated statements of financial position. As of December 31, 2025, the amount of future income required to recover the Company’s deferred tax assets was approximately €1,601 million at certain operating subsidiaries (€1,321 million as of December 31, 2024).

Uncertain tax positions

The Company takes income tax positions that Management believes are supportable and are intended to withstand challenge by tax authorities. Some of these positions are inherently uncertain and include those relating to transfer pricing matters and the interpretation of income tax laws applied to complex transactions. The Company periodically reassesses its tax filing positions in particular when applicable tax regulations is subject to interpretations. Changes to the financial statement recognition, measurement, and disclosure of tax positions is based on management’s best judgment given any changes in the facts, circumstances, information available and applicable tax laws. Considering the inherently complex process of assessing the conclusions that the tax administrations may ultimately take on some of the Group's tax positions, Management believes there is a risk that some of the tax assets and liabilities may require adjustments in the future to reflect final tax assessments. In accordance with IFRIC 23, the Group measures its uncertain tax positions based on either the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.

Employee Benefits

The Company’s operating subsidiaries have different types of pension plans for their employees. Also, some of the operating subsidiaries offer other post-employment benefits. The expense associated with these pension plans and post-employment benefits, as well as the carrying amount of the related liability/asset on the consolidated statement of financial position is based on a number of assumptions and factors such as discount rates, expected rate of compensation increase, average longevity at retirement age for current pensioners.

• Discount rates. The discount rate is based on several high quality corporate bond indexes in the appropriate jurisdiction (rated AA or higher by a recognised rating agency). Nominal interest rates vary worldwide due to exchange rates and local inflation rates.
• Rate of compensation increase. The rate of compensation increase reflects actual experience and the Company’s long-term outlook, including contractually agreed upon wage rate increases for represented hourly employees.

118 Annual Report 2025

• Average longevity at retirement age for current pensioners. The assumption made on mortality and retirement rates are based on actual and projected plan experience.

Note 22 details the net liabilities of pension plans and other post-employment benefits including a sensitivity analysis illustrating the effects of changes in assumptions.

Legal, Environmental and Other Contingencies

The Company may be involved in litigation, arbitration or other legal proceedings. Most of these claims involve highly complex issues, actual damages and other matters. Often these issues are subject to substantial uncertainties and, therefore, the probability of loss and an estimation of damages are difficult to ascertain. These assessments can involve a series of complex judgments about future events and can rely heavily on estimates and assumptions. The Company’s assessments are based on estimates and assumptions that have been deemed reasonable by management. The Company recognises a liability for contingencies when it is more likely than not that the Company will sustain a loss and the amount can be estimated.

The Company is subject to changing and increasingly stringent environmental laws and regulations concerning air emissions, water discharges and waste disposal, as well as certain remediation activities that involve the clean-up of soil and groundwater. The Company recognises a liability for environmental remediation when it is more likely than not that such remediation will be required and the amount can be estimated. The estimates of loss contingencies for environmental matters and other contingencies are based on various judgments and assumptions including the likelihood, nature, magnitude and timing of assessment, remediation and/ or monitoring activities and the probable cost of these activities. In some cases, judgments and assumptions are made relating to the obligation or willingness and ability of third parties to bear a proportionate or allocated share of cost of these activities, including third parties who sold assets to the Company or purchased assets from the Company subject to environmental liabilities. The Company also considers, among other things, the activity to date at particular sites, information obtained through consultation with applicable regulatory authorities and third party consultants and contractors and its historical experience with other circumstances judged to be comparable. Due to the numerous variables associated with these judgments and assumptions, and the effects of changes in governmental regulation and environmental technologies, both the precision and reliability of the resulting estimates of the related contingencies are subject to substantial uncertainties. As estimated costs to remediate change, the Company will reduce or increase the recorded liabilities through credits or expenses in the consolidated statement of operations.

Impairment of Property Plant & Equipment and Intangible Assets

Goodwill

Goodwill impairment test is performed at GCGU level, except for goodwill allocated to Universal cash-generating unit. For the purpose of the annual impairment test, value in use calculations are prepared. The key assumptions for the value in use calculations are primarily the post-tax discount rates, the terminal growth rate and the expected changes to raw material margin including nickel price, shipments and added costs during the period. Management estimates discount rates using post-tax rates as cash flows are adjusted for tax effects. The terminal growth rates are estimated considering macroeconomic factors including inflation in all GCGUs. These rates do not exceed the average long-term growth rate for the relevant markets. Assumptions for raw material margin and shipments are based on historical experience and expectations of future changes in the market where the Company is active in as well as on the basis of projections provided by external sources. The nickel price estimate for the next 5 years is determined by the management based on internal analysis giving due consideration to forecasts published by external sources. The discount rate for the GCGUs is estimated from the weighted average cost of capital and cost of debt of producers which operate a portfolio of assets similar to those of the Group’s assets. Changes in selling prices and direct costs are based on historical experience and expectations of future changes in the market. When estimating GCGU’s average selling price for the purpose of 2025 impairment test, the Group used an average price per tonne based on Stainless steel/CR304 2B 2mm coil transaction price/Southern European domestic delivered prices derived from Steel Business Briefing ("SBB"). Assumptions value and related sensitivity analysis of the key assumptions performed are disclosed in Note 13.

119 Annual Report 2025

Property Plant & Equipment and Intangible Assets (excluding goodwill)

At each reporting date, the Company reviews whether there is any indication that the carrying amounts of its property plant & equipment and intangible assets (excluding goodwill) may not be recoverable through continuing use. During the years 2025 and 2024, such indications were noted and impairment test was performed. The key assumptions for the value in use calculations are primarily the post-tax discount rates, the terminal growth rate and the expected changes to raw material margin including nickel price, shipments and added costs during the period. Assumptions value and related sensitivity analysis of the key assumptions performed is disclosed in Note 15.

Derivative financial instruments

The Company enters into derivative financial instruments principally to manage its exposure to fluctuation in exchange rates and prices of raw materials. Derivative financial instruments are classified as current assets or liabilities based on their maturity dates and are accounted for at trade date. Embedded derivatives are separated from the host contract and accounted for separately if required by IFRS 9, “Financial Instruments”. The Company measures all derivative financial instruments based on fair values derived from market prices of the instruments or from option pricing models, as appropriate. Refer to Note 25 for analysis of the Company’s sensitivity to changes in certain of these inputs.Gains or losses arising from changes in the fair value of derivatives are recognised in the statement of operations, except for derivatives that are highly effective and qualify for cash flow hedge accounting. The effective portion of changes in the fair value of a derivative that is designated and that qualifies as a cash flow hedge are recorded in other comprehensive income. Amounts deferred in other comprehensive income are recorded in the consolidated statement of operations in the periods when the hedged item is recognised in the consolidated statement of operations and within the same line item. Any ineffective portion of changes in the fair value of the derivative is recognised directly in the consolidated statement of operations. The Company formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. When a hedging instrument is sold, terminated, expires or is exercised the accumulated unrealised gain or loss on the hedging instrument is maintained in equity until the forecasted transaction occurs. If the hedged transaction is no longer probable, the cumulative unrealised gain or loss, which had been recognised in equity, is reported immediately in the consolidated statement of operations. With increased volatility in the markets, specifically LME Nickel contracts, Aperam has reviewed and adjusted its management of the risk on nickel derivatives to match business correlation to the market development in 2022. For such instruments not accounted for as cash flow hedges, gains or losses arising from changes in fair value of derivatives and gains or losses realised upon settlement of derivatives are recognised in the consolidated statement of operations within the same line item.

Net realisable value

The Group estimates the net realisable values of its inventories in order to recognise the appropriate valuation adjustments. The expected selling prices of the inventories less costs to sell are taken into account when determining the net realisable value. Net realizable value represents the estimated selling price at which the inventories can be realised in the normal course of business after allowing for the cost of conversion from their existing state to a finished condition and for the cost of marketing, selling, and distribution. Net realizable value is estimated based on the most reliable evidence available at the time the estimates were made of being the amount that the inventory is expected to realise, taking into account the purpose for which the inventory is held.

Control assessment

On 7 June 2023, Aperam South America (“ASA”) and CIA DE FERRO LIGAS DA BAHIA FERBASA (“Ferbasa”) signed an association agreement to constitute a special-purpose entity - named Bahia Minas BioEnergia Ltda (“Bahia”) to jointly exploit eucalyptus production. Ferbasa has 51% of the share capital of Bahia and ASA owns the remaining 49%. Management performed a control assessment under IFRS 10 and concluded that since July 6, 2024, Aperam controls Bahia as it has the power to influence the variable returns of Bahia through an agricultural partnership. As of December 31, 2024 and December 31, 2025, the Company recognised, respectively, a net asset value for land of €23 million, a current liability of €16 million and €12 million for unpaid acquisition price of the land and a non-current liability of €3 million and €5 million for the net present value of the obligation to pay an annual minimum fixed return to Ferbasa over the next 35 years.

Use of estimates

The preparation of the consolidated financial statements in conformity with IFRS recognition and measurement principles and, in particular, making the aforementioned critical accounting judgments require the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Management reviews 120 Annual Report 2025 its estimates on an ongoing basis using currently available information. Changes in facts and circumstances may result in revised estimates, and actual results could differ from those estimates.

Judgements and estimates made in assessing the impact of climate change and the transition to a low carbon economy

As a key player in the field of a high-carbon emission sector, Aperam is fully aware of the challenges, risks and opportunities in relation to climate change and the transition to a low carbon economy, in particular with respect to its financial implications. In that context, the Company continues to develop its assessment of the potential impacts of climate change and the transition to a low carbon economy and has considered such impacts when preparing its consolidated financial statements. Aperam intends on paving the way towards the most sustainable practices that transform steelmaking with solid roadmaps to further reduce our CO2 and air emissions, as well as our energy and water consumption by 2030, and participate to global carbon neutrality by 2050 in line with the United Nations’ Paris agreement. Aperam has an ambitious climate change action plan with solid greenhouse gas emissions reduction targets as well as general sustainable practices, including water stewardship, recycling and relevant monitoring. Assumptions in respect of climate change and the transition to a low carbon economy may impact the Company’s significant judgements and key estimates and result in material changes to financial results and the carrying values of certain assets and liabilities in future reporting periods. The Company presents below the various topics where judgements and estimates associated with climate change are addressed:
* Business combination: Aperam fully integrates into its strategy the need for a more circular economy, as demonstrated with the creation of a Recycling & Renewables segment and the acquisition of ELG, a major player in the global stainless scrap recycling market, in December 2021;
* Joint venture in Botanickel: In 2023, Aperam and Econick have formed a joint venture to become a world leader in the responsible and sustainable production of bio-sourced nickel for the stainless steel industry;
* Bahia Minas BioEnergia: In 2023, Aperam created a special purpose entity for the expansion of its forests for charcoal production with Ferbasa - one of the world’s leading producers of ferroalloys. This expansion is in line with Aperam’s strategy to grow BioEnergia and its existing forest operations by 20% and to expand into new business models focusing on energy transition (refer to Control Assessment section above);
* Biological assets: In Brazil, our blast furnace plant is fuelled with charcoal (biomass) from Aperam BioEnergia, our eucalyptus forestry, which is a natural and renewable substitute for fossil fuels (coke). As from 2021, on top of other minor methodological adjustments aimed at fine-tuning the evaluation of our decarbonisation roadmap, we calculated the CO2 sequestration operated by our forestry. This was done following the best practices emerging in Brazil and verified based on the ISO 14064 by external third parties. The outcome of this assessment is that our forestry has very significant yearly sequestration capacities for the coming decades, which we will be helping, once our decarbonisation plan is complete, to close the gap to carbon neutrality by 2050;
* Impairment of property plant and equipment and intangible assets, including goodwill: Value in use calculations relating to Stainless & Electrical Steel and Alloys & Specialties operations include the impact of decarbonisation. Accordingly, the Company developed assumptions in determining related capital expenditures which reflect announced commitments and initiatives in place, operating costs including commodity prices and carbon emission costs on the basis of historical experience and expectations of future changes. As an example, we started to use an internal price of carbon for the assessment of our capital expenditures as from 2016. This requires assessing the future development in supply, technology change, production changes and other important factors. These assumptions may change, which could result in significant changes to value in use calculations in future periods and affects impairment assessments;
* Long-term debt: The pricing of new financing contracts is linked to two strategic commitments of the company being firstly to become a best-in-class stainless steel manufacturer in terms of Health & Safety by constantly outperforming its industrial average in terms of Health & Safety metrics and to maintain its leadership in low carbon steel-making by setting an ambitious decarbonisation trajectory;
* Share-based payments: Aperam's remuneration philosophy for senior management comprises, among others, equity incentive plans that contain certain performance criteria based on environmental sustainability and sustainable profitability, including business transformation and governance. 121 Annual Report 2025

Reclassifications

Certain reclassifications have been made to the consolidated statements of financial position and in the consolidated statement of cash flows in the comparative information to conform to the current period’s presentation and in order to achieve comparability with the presentation used for the period ended December 31, 2025. The presentation of certain True Sales of Receivable transactions as of December 31, 2024, have been reclassified between Trade accounts receivable and Trade accounts payable for a total amount of €42 million. The presentation of bearer plants, in 2024, have been transferred from Acquisition of property, plant and equipment and intangible assets (CapEx) to Acquisition of biological assets for a total amount of €12 million. 122 Annual Report 2025

NOTE 3: BUSINESS COMBINATION

Universal Stainless & Alloy Products Inc.# (“Universal”)

In 2024, Aperam opened the next chapter of its transformation with the acquisition of Universal Stainless & Alloy Products, Inc., a leading U.S. manufacturer of semi-finished and finished specialty steels, including stainless steel, nickel alloys, tool steel and certain other alloyed steels. Universal's products are used in a variety of industries, including aerospace, energy, and heavy equipment manufacturing.

Background of the transaction

On October 17, 2024, Aperam announced the signing of a definitive agreement to acquire Universal, at a price of USD 45.00 per share in an all-cash transaction. With this acquisition Aperam strengthens its presence in the United States and in the aerospace and industrial sectors, enhancing its product mix and global footprint. On January 23, 2025 Aperam announced the successful completion of 100% shares of Universal acquisition after it was approved by Universal shareholders and received all the regulatory approvals without any condition. Universal is reported in the “Alloys and Specialties” segment as from its acquisition date (Note 4).

Purchase Price Allocation

The acquisition qualifies as a business combination under IFRS 3 “Business Combinations”. The purchase price consideration amounted to €415 million, net of cash acquired of €3 million. There is no contingent consideration depending on future events or compliance with certain conditions in exchange for control of the acquired business. The transaction-related costs of €7 million, mainly consisting of €5 million of due diligence fees and €2 million of legal and other related fees, were reported in the selling, general and administrative expenses in the consolidated statement of operations for the year ending December 31, 2024.

The table below summarizes the acquisition-date fair value of the assets acquired and liabilities assumed in respect of Universal:

(in millions of euros)

	Book value of net assets acquired as of January 23, 2025	Fair value adjustments	Fair value of net assets acquired as of January 23, 2025
Intangible assets (1)	—	38	38
Property, plant & equipment (including Right-of-use assets) (2)	157	99	256
Other non-current assets	1	—	1
Inventories	142	34	176
Trade accounts receivable	33	—	33
Prepaid expenses and other current assets	4	2	6
Total assets acquired	337	173	510
Long term and short term debt	(80)	—	(80)
Trade accounts payable	(18)	—	(18)
Deferred tax liabilities	—	(36)	(36)
Other non-current and current liabilities	(16)	(4)	(20)
Total liabilities acquired	(114)	(40)	(154)
Net assets acquired	223	133	356
Consideration paid, net of cash acquired of €3 million (3)		(415)	—
Goodwill (4) (5)		192	133
		(59)	123

Annual Report 2025

Notes:

(1) Fair value adjustment related to intangible assets identified during purchase price allocation and includes: trade name for €12 million, customer relationships for €11 million, favorable contracts for €7 million and other intangible assets for €8 million.

(2) Fair value adjustment in land, buildings and improvements for €32 million and machinery, equipments and others for €67 million.

(3) The consideration paid includes the amount of the purchase price for the shares, the settlement of the pre-acquisition management incentive plans, and the realized impact of the hedging arrangements related to the Universal acquisition.

(4) The goodwill is not deductible for tax purposes. The goodwill is mainly attributable to future synergies.

(5) The goodwill is denominated in USD, and was allocated to a new CGU "Universal”. It will be converted into euros at the closing rate of the period.

The acquisition was performed on January 23, 2025. If the acquisition had occurred on January 1, 2025 the contribution on the pro-forma results would not have been material for the period.

124 Annual Report 2025

NOTE 4: SEGMENT AND GEOGRAPHIC INFORMATION

Aperam reports its operations in four segments: Stainless & Electrical Steel, Services & Solutions, Alloys & Specialties and Recycling & Renewables. The following table summarises certain financial data relating to Aperam’s operations in its different segments:

(in millions of euros)

	Stainless & Electrical Steel	Services & Solutions	Alloys & Specialties	Recycling & Renewables	Others / Eliminations (1)	Total
Year ending December 31, 2025
Sales to external customers	1,975	2,048	1,092	965	—	6,080
Intersegment sales (2)	1,848	85	21	610	(2,564)	—
Operating income / (loss)	19	9	38	(38)	(12)	16
Depreciation, amortisation and impairment	(116)	(15)	(40)	(88)	—	(259)
EBITDA (3)	135	24	78	50	(12)	275
Capital expenditures (4)	(81)	(9)	(39)	(8)	—	(137)

(in millions of euros)

	Stainless & Electrical Steel	Services & Solutions	Alloys & Specialties	Recycling & Renewables	Others / Eliminations (1)	Total
Year ending December 31, 2024
Sales to external customers	1,969	2,292	903	1,091	—	6,255
Intersegment sales (2)	2,038	90	16	859	(3,003)	—
Operating income / (loss)	75	24	70	(2)	(38)	129
Depreciation, amortisation and impairment	(111)	(16)	(13)	(88)	(1)	(229)
EBITDA (3)	186	40	83	86	(37)	358
Capital expenditures (4)	(87)	(13)	(27)	(12)	—	(139)

Notes:

(1) Others / Eliminations includes all other operations than mentioned above, together with intersegment elimination, and/or non-operational items which are not segmented.

(2) Transactions between segments are conducted on the same basis of accounting as transactions with third parties.

(3) EBITDA is defined as operating income / (loss) before amortisation and depreciation expenses and impairment losses.

(4) Capital expenditures (CapEx) are defined as purchases of property plant and equipments and intangible assets.

The reconciliation from operating income to net income (including non-controlling interests) is as follows::

(in millions of euros)

	2025	2024
Operating income	16	129
Loss from associates, joint ventures and other investments (1)	(1)	(1)
Financing costs, net (Note 7)	(90)	(50)
Income / (Loss) before taxes	(75)	78
Income tax benefit	85	154
Net income	10	232

The Company does not regularly provide a measure of total assets and liabilities, and reconciliation from operating income to net income for each reportable segment to the CODM.

125 Annual Report 2025

Geographical information

Sales to external customers (by destination)

(in millions of euros)

	2025	2024
Americas
Brazil	1,007	990
United States	911	871
Canada	38	34
Argentina	32	48
Others	19	21
Total Americas	2,007	1,964
Europe
Germany	1,026	1,231
Italy	705	672
France	275	295
Belgium	189	214
Spain	262	198
United Kingdom	162	201
Finland	48	43
Poland	129	151
Czech Republic	110	111
Austria	104	101
Switzerland	90	134
Turkey	58	68
Netherlands	104	78
Others	227	275
Total Europe	3,489	3,772
Asia & Africa
Taiwan	104	137
South Korea	233	185
China	126	82
India	48	44
Vietnam	21	23
Japan	12	13
Australia	6	5
Others	34	30
Total Asia & Africa	584	519
Total	6,080	6,255

126 Annual Report 2025

Non-current assets(1) per significant country:

December 31, December 31,
(in millions of euros)

	2025	2024
Americas
Brazil	560	602
USA	380	11
Others	7	10
Total Americas	947	704
Europe
Belgium	821	829
France	449	453
Germany	83	87
United Kingdom	13	16
Italy	19	18
Poland	13	14
Netherlands	3	4
Spain	9	8
Czech Republic	8	8
Luxembourg	6	7
Others	1	2
Total Europe	1,424	1,446
Asia Pacific & Africa
India	25	29
China	1	2
Singapore	1	1
Taiwan	1	1
Japan	1	2
Australia	2	1
Total Asia & Africa	31	36
Unallocated assets (1)	835	780
Total	3,237	2,966

Note: (1) Non-current assets do not include goodwill (as it is not allocated to the geographic regions), deferred tax assets, investments in associates, joint ventures and other investments, and pension fund assets. Such assets are presented under the caption “Unallocated assets”.

127 Annual Report 2025

NOTE 5: COST OF SALES

Cost of sales includes the following components:

(in millions of euros)

	2025	2024
Materials	4,472	4,704
Payroll and employee related expenses	582	546
Transportation and storage expenses	289	276
Depreciation, amortisation and impairment	259	229
Other (1)	137	51
Total	5,739	5,806

Note: (1) Other include payroll and employee related expenses related to temporary staff

128 Annual Report 2025

NOTE 6: SELLING, GENERAL & ADMINISTRATIVE EXPENSES

Selling, general and administrative expenses includes the following components:

(in millions of euros)

	2025	2024
Payroll and employee related expenses	191	191
Professional services	32	37
IT Services	31	29
Tax & duties	14	12
Selling expenses	12	13
Other (1)	45	38
Total	325	320

Note (1) Other include payroll and employee related expenses related to temporary staff

128 Annual Report 2025

NOTE 7: FINANCING COSTS, NET

(in millions of euros)

	2025	2024
Recognised in the consolidated statement of operations
Interest income	13	19
Interest expense	(63)	(47)
Other net financing costs (1)	(23)	(14)
Net interest expense and other financing costs, net	(73)	(42)
Realised gains / (losses) on derivative instruments	59	(20)
Unrealised gains / (losses) on derivative instruments	(8)	2
Net foreign exchange result	(68)	10
Foreign exchange and derivatives losses	(17)	(8)
Financing costs, net	(90)	(50)

Note: (1) Other net financing costs mainly include expenses related to our True Sale of Receivables programme (“TSR”), discount effects on provisions for other liabilities and charges, bank fees, interest cost on employee benefits plans and other financing costs. I n 2024, other net financing costs included an exceptional interest income of €14 million in Brazil for PIS/Cofins tax credits related to prior periods. Realised and unrealised gains/(losses) on derivative instruments are mainly related to the fair value adjustments of raw material financial instruments and foreign exchange instruments which do not qualify for hedge accounting.# NOTE 8: INCOME TAX

Income tax benefit

The breakdown of the income tax benefit for each of the years ending December 31, 2025 and 2024, respectively, is summarised as follows:
(in millions of euros)

	2025	2024
Current tax expense	(12)	(14)
Deferred tax benefit	97	168
Total income tax benefit	85	154

The following table reconciles the income tax benefit to the statutory tax expense as calculated:
(in millions of euros)

	2025	2024
Net income (including non-controlling interests)	10	232
Income tax benefit	85	154
Income / (Loss) before tax:	(75)	78
Tax benefit / (expense) at domestic rates applicable to countries where (loss) / income was generated	11	(32)
Tax effect of amounts which are not (deductible) / taxable in calculating taxable income / (loss)
Net change in measurement of deferred tax assets	64	184
Tax credits	1	1
Other tax exempt income and other permanent differences	9	1
Income tax benefit	85	154

The weighted average statutory tax benefit / (expense) was €11 million and €(32) million in 2025 and 2024, respectively. The income tax benefit was €85 million in 2025, which corresponds to an effective tax rate of 113%, compared to an income tax benefit of €154 million and a negative effective tax rate of (197)% in 2024. The change in the effective tax rate in 2025 compared to 2024 is mainly due to the change in additional net deferred tax assets recognised on tax losses carried forward and other tax benefits.

Annual Report 2025 129

Net change in measurement of deferred tax assets

Net change in measurement of deferred tax assets of €64 million in 2025 mainly relates to the recognition of additional deferred tax assets previously not recognised on tax losses carried forward amounted to €130 million, primarily in Luxembourg (€128 million), resulting from the remeasurement of uncertain tax position following the issuance of the tax assessments of certain prior years by the tax authorities, which is partly offset by the derecognition of deferred tax assets amounted to €(69) million on tax losses carried forward and other tax benefits, primarily in France (€(36) million), USA (€(14) million) and Germany (€(10) million). These net additional benefits are partially offset by the effect of the recapture of interest expense on intercompany loans and withholding tax due to dividends received by some subsidiaries for €(7) million and other effects of €10 million. Net change in measurement of deferred tax assets of €184 million in 2024 mainly relates to the recognition of additional net deferred tax assets on tax losses carried forward and effect of other tax benefits totalling €190 million primarily in Luxembourg, resulting from the measurement of uncertain tax position following the issuance of the tax assessments of certain prior years by the tax authorities. These additional benefits are partially offset by the effect of the recapture of interest expense on intercompany loans and withholding tax due to dividends received by some subsidiaries for €(4) million.

Other tax exempt income and other permanent differences

Other tax exempt income and other permanent differences in 2025 and 2024 consists of a reduced taxation of certain income, withholding taxes on intra-group corporate service fees, non-deductible expenses and other permanent differences.

Income tax recognised directly in equity

Income tax recognised in equity for the years ending December 31, 2025 and 2024 is as follows:
(in millions of euros)

	2025	2024
Deferred tax benefit / (expense) Recognised in Other Comprehensive Income / (Loss):
Recognised actuarial losses	—	(3)
Unrealised effects on derivative financial instruments	(2)	—
Foreign currency translation adjustments	1	8
Recognised in Retained Earnings	—	—
Total	(1)	5

The net deferred tax benefit / (expense) recorded directly to equity was €(1) million as of December 31, 2025 and €5 million as of December 31, 2024. There was no current tax booked directly in equity in 2025 and 2024.

Deferred tax assets and liabilities

The origin of deferred tax assets and liabilities is as follows:

	Assets		Liabilities
(in millions of euros)	December 31, 2025	December 31, 2024	December 31, 2025	December 31, 2024
Intangible assets	2	5	(1)	(14)
Property, plant and equipment	2	2	(183)	(141)
Biological assets	—	—	(46)	(42)
Inventories	27	26	(11)	(5)
Financial instruments	3	6	(2)	(5)
Other assets	7	4	(8)	(18)
Provisions	29	30	(65)	(63)
Other liabilities	50	37	(5)	(2)
Tax losses carried forward	429	335	—	—
Tax credits and other tax benefits	105	116	—	—
Deferred tax assets / (liabilities)	654	561	(321)	(290)
Set off	(246)	(210)	246	210
Net deferred tax assets / (liabilities)	408	351	(75)	(80)

Annual Report 2025 130

Management conducted a recoverability analysis of these deferred tax assets for various jurisdictions and concluded that they will be recoverable. Producing entities are expected to recover these deferred tax assets when they realise taxable profits considering the cyclicity of the business in line with the approved business plans and budgets. Non – producing entities are expected to recover the deferred tax assets in line with the nature of their respective operations and functions in Group activities. The amount of the total deferred tax assets is the aggregate amount of the various deferred tax assets recognised and unrecognised at the various subsidiaries and not the result of a computation with a blended rate. The utilisation of tax losses carry forward is restricted to the taxable income of the subsidiary or tax consolidation group to which it belongs. The utilization of tax losses carried forward may also be restricted by the character of the income, expiration dates and limitations on the yearly use of tax losses against taxable income. As of December 31, 2025, based upon the level of historical taxable income and projections for future taxable income over the periods in which the deductible temporary differences are anticipated to reverse, Management believes it is probable that the Company will realise the benefits in relation to an amount of deferred tax assets recognised for €408 million. The amount of future taxable income required to be generated by the Company’s operating subsidiaries to utilise the total deferred tax assets is approximately €1,601 million. Historically, the Company has been able to generate taxable income in sufficient amounts to permit it to utilise tax benefits associated with net operating losses carry forward and other deferred tax assets that have been recognised in its consolidated financial statements. However, the amount of the deferred tax assets considered realisable could be adjusted in the future if estimates of taxable income are revised.

Deferred tax assets not recognised by the Company as of December 31, 2025, were as follows:
(in millions of euros)

	Gross amount	Total deferred tax assets	Recognised deferred tax assets	Unrecognised deferred tax assets
Tax losses carried forward	2,567	645	429	216
Tax credits and other tax benefits	658	195	105	90
Other temporary differences	415	120	120	—
Total	960	654	306

Deferred tax assets not recognised by the Company as of December 31, 2024, were as follows:
(in millions of euros)

	Gross amount	Total deferred tax assets	Recognised deferred tax assets	Unrecognised deferred tax assets
Tax losses carried forward	2,374	595	335	260
Tax credits and other tax benefits	617	187	116	71
Other temporary differences	402	110	110	—
Total	892	561	331

As of December 31, 2025, the deferred tax assets of €429 million recognised on tax losses carry forward were attributable to subsidiaries located in Luxembourg (€285 million), Brazil (€56 million), France (€55 million), Germany (€11 million), the United States (€11 million) and other countries (€11 million) and deferred tax assets of €105 million on tax credits and other tax benefits were attributable to subsidiaries located in Belgium (€66 million) and Malta (€32 million) and other countries (€7 million) with different statutory tax rates. As of December 31, 2025, the deferred tax assets not recognised relate to tax losses carry forward attributable to subsidiaries located in Luxembourg (€122 million), the United States (€32 million), France (€16 million), Brazil (€15 million), Germany (€10 million), the Netherlands (€8 million) and other countries (€13 million) and other tax benefits attributable to subsidiaries located in Malta (€49 million), France (€37 million) and the United States (€4 million) with different statutory tax rates. The Company has not recorded any deferred income tax liabilities on the undistributed earnings of its foreign subsidiaries for income tax due if these earnings would be distributed. For investments in subsidiaries, associates and investments, that are not expected to reverse in the foreseeable future, no deferred tax liability has been recognised as of December 31, 2025 and December 31, 2024.

131 Annual Report 2025

Tax losses carry forward

As of December 31, 2025, the Group had total estimated net tax losses carry forward of €2,567 million (December 31, 2024: €2,374 million). Such amount includes net operating losses of €1,313 million related to subsidiaries located in Luxembourg, Turkey and in the United States which expire as follows:

Year expiring	Amount (in millions of euros)
2026	—
2027	—
2028	—
2029	10
2030	3
2031 - 2045 (1)(2)	1,300
Total	1,313

Notes:
(1) Starting in 2017, any tax losses generated in 2017 and onwards will have an expiry date of 17 years in Luxembourg while tax losses generated before 2017 have no expiry date. The main portion of these tax losses will expire in 2036 and 2041, respectively.
(2) Starting in 2018, any tax losses generated in 2018 and onwards will no longer have an expiry date in the United States while tax losses generated before 2018 have an expiry date of 20 years.The remaining tax losses carry forward of €1,254 million are indefinite and attributable to the Company’s operations in various jurisdictions (mainly Brazil, France, Germany, Luxembourg and the United States). Tax losses carry forward are denominated in the currency of the countries in which the respective subsidiaries are located and operate.

Pillar Two Model Rules

The Group is within the scope of the OECD/EU Pillar Two rules. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. The Ultimate Parent Entity is located in Luxembourg and, therefore, applies the Income Inclusion Rule (“IIR”) for all jurisdictions where Pillar Two rules were not (fully) enacted. The legislation came into effect for the Group’s financial year starting on 1 January 2024. Under the legislation, the Group is liable to pay a top-up tax for the difference between its Pillar Two effective tax rate per jurisdiction and the 15% minimum tax rate. The Group applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The Group performed an impact analysis of the OECD transitional safe harbour rules (as transposed into national legislation). As of December 31, 2025 and December 31, 2024 , the Group concluded that, based on its current understanding of the rules, the limited practical experience as well as the limited administrative guidance from OECD and Luxembourg tax administration, the majority of jurisdictions will not be subject to top-up tax due to the application of one of the transitional safe harbour rules, with the exception of China where the impact is not considered to be significant compared to the global operations of the Group.

NOTE 9: CASH AND CASH EQUIVALENTS

Cash and cash equivalents consisted of the following:

	December 31,	December 31,
(in millions of euros)	2025	2024
Term accounts (initial maturity < 3 months)	218	117
Bank current accounts	107	99
Total	325	216

Aperam cash deposits are done with leading banks, having investment grade credit ratings in countries where it is represented.

132 Annual Report 2025

NOTE 10: TRADE ACCOUNTS RECEIVABLE

Trade accounts receivable consisted of the following:

	December 31,	December 31,
(in millions of euros)	2025	2024
Trade accounts receivable from customers	336	319
Advance to suppliers	8	10
Other amounts receivable on TSR programme	91	55
Total	435	384

Trade accounts receivable from customers and loss allowance are as follows:

	December 31,	December 31,
(in millions of euros)	2025	2024
Gross amount	345	327
Loss allowance	(9)	(8)
Total	336	319

Refer to Note 26 for information regarding trade accounts receivable from related parties.

Before accepting any new customer, the Company requests a credit limit authorisation from credit insurance companies or uses an internally developed credit scoring system to assess the potential customer’s credit quality and to define credit limits by customer. For all significant customers, the credit terms must be approved by relevant credit committees. Limits and scoring attributed to customers are reviewed periodically. There are no customers which represent more than 10% of the total balance of trade accounts receivable and revenues.

Exposure to credit risk by reportable segment

The maximum exposure to credit risk for trade accounts receivable from customers by reportable segment is:

	December 31,	December 31,
(in millions of euros)	2025	2024
Stainless & Electrical Steel	86	74
Services & Solutions	73	121
Alloys & Specialties	84	32
Recycling & Renewables	93	92
Total	336	319

Exposure to credit risk by geography

The maximum exposure to credit risk for trade accounts receivable from customers by geographical area is:

	December 31,	December 31,
(in millions of euros)	2025	2024
Europe	137	143
South America	88	79
North America	94	87
Asia	17	10
Total	336	319

133 Annual Report 2025

Ageing of trade accounts receivable

The ageing of trade accounts receivable from customers and loss allowance is as follows:

	December 31, 2025		December 31, 2024
(in millions of euros)	Gross	Allowance (1)	Gross	Allowance (1)
Not past due	281	—	278	—
Past due 0-30 days	38	—	31	—
Past due 31-180 days	17	—	10	—
More than 180 days	9	(9)	8	(8)
Total	345	(9)	327	(8)

Note: (1) The large majority of the Group’s trade receivables are covered by letters of credit or credit insurance obtained from reputable banks and other financial institutions, therefore ECL (Expected Credit Losses) is not significant.

The movement in the loss allowance in respect of trade accounts receivable during the year is as follows:

(in millions of euros)
Balance as of January 1, 2024	12
Additions	5
Deductions/ Releases	(8)
Other (primarily exchange rate changes)	(1)
Balance as of December 31, 2024	8

(in millions of euros)
Balance as of January 1, 2025	8
Additions	4
Deductions/ Releases	(3)
Other (primarily exchange rate changes)	—
Balance as of December 31, 2025	9

Customer credit risk is managed by each business unit subject to the Group’s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables and contract assets are regularly monitored and any shipments to major customers are in the large majority covered by letters of credit or other forms of credit insurance obtained from reputable banks and other financial institutions. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of credit insurance). The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. The letters of credit and other forms of credit insurance are considered integral part of trade receivables and considered in the calculation of impairment. As at December 31, 2025 and 2024, only trade receivables due above 180 days were fully impaired for an impact of €9 million and €8 million, respectively.

The Company has established sales without recourse of trade accounts receivable programme with financial institutions, referred to as True Sales of Receivables (“TSR”). The maximum combined amount of the programmes that could be utilised were €575 million and €575 million as of December 31, 2025 and 2024, respectively. Through the TSR programme, certain operating subsidiaries of Aperam surrender control, major risks and the benefits associated with the accounts receivable sold. Therefore, the amount of receivables sold is recorded as a sale of financial assets and the balances are removed from the statement of financial position at the moment of the sale.The amount of receivables sold as of December 31, 2025 and 2024 was €350 million and €381 million respectively. The total amount of receivables sold under the TSR programme and derecognised in accordance with IFRS 9 for the years ending December 31, 2025 and 2024 were €2.3 billion and €2.6 billion, respectively. Expenses incurred under the TSR programme (reflecting the discount granted to the acquirers of the accounts receivable) are recognised in the consolidated statement of operations as financing costs and amounted to €(18) million and €(21) million in 2025 and 2024, respectively.

134 Annual Report 2025

NOTE 11: INVENTORIES

Inventories, net of provision for obsolescence, slow-moving inventories and excess of cost over net realisable value of €154 million and €183 million as of December 31, 2025 and December 31, 2024, respectively, are comprised of the following:

	December 31,	December 31,
(in millions of euros)	2025	2024
Finished products	500	624
Production in process	732	703
Raw materials	606	670
Manufacturing supplies, spare parts and other	190	162
Total	2,028	2,159

The amount of inventory pledged as collateral was below €1 million as of December 31, 2025 and 2024, respectively.

The movement in the allowance for obsolescence, slow-moving inventories and excess of cost over net realisable value is as follows:

(in millions of euros)
Balance as of January 1, 2024	194
Additions	56
Deductions	(32)
Releases	(34)
Other Movements	(1)
Balance as of December 31, 2024	183

(in millions of euros)
Balance as of January 1, 2025	183
Additions	39
Deductions	(13)
Releases	(58)
Other Movements	3
Balance as of December 31, 2025	154

NOTE 12: PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consist of the following:

	December 31,	December 31,
(in millions of euros)	2025	2024
Value added tax (VAT) and other amount receivable from tax authorities	110	79
Prepaid expenses and accrued receivables	17	15
Other	27	13
Total	154	107

135 Annual Report 2025

NOTE 13: GOODWILL AND INTANGIBLE ASSETS

Goodwill and intangible assets consist of the following:

(in millions of Euros)	Goodwill	Customer relationships, trade name and other intangible assets	Patents and licenses	Total
Cost
At January 1, 2024	434	145	113	692
Acquisitions	—	—	2	2
Foreign exchange differences	(22)	(6)	(5)	(33)
Other movements	—	1	—	1
At December 31, 2024	412	140	110	662
Accumulated amortisation and impairment losses
At January 1, 2024	—	(141)	(99)	(240)
Amortisation charge	—	—	(5)	(5)
Foreign exchange differences	—	5	5	10
At December 31, 2024	—	(136)	(99)	(235)
Carrying amount
At December 31, 2024	412	4	11	427
Cost
At January 1, 2025	412	140	110	662
Business combination (Note 3)	59	31	7	97
Acquisitions	—	1	—	1
Foreign exchange differences	(7)	(3)	(1)	(11)
Other movements	—	(1)	1	—
AtDecember 31, 2025 464 168 117 749
Accumulated amortisation and impairment losses
At January 1, 2025 — (136) (99) (235)
Amortisation charge — (4) (5) (9)
At December 31, 2025 — (140) (104) (244)
Carrying amount
At December 31, 2025 464 28 13 505

As a result of the acquisition of Arcelor by Mittal Steel on August 1, 2006, associated goodwill, intangible assets, and certain fair value adjustments were recorded.

136 Annual Report 2025

The goodwill acquired in this business combination was allocated to the four below operating segments based on the relative fair values of the operating segments :

(in millions of euros)	Net value January 1, 2025	Business combination (Note 3)	Foreign exchange differences	Net value December 31, 2025
Stainless & Electrical Steel	319	—	—	319
Services & Solutions	59	—	—	59
Universal Stainless & Alloy Products Inc.	—	59	(7)	52
Alloys & Specialties	20	—	—	20
Recycling & Renewables	14	—	—	14
Total	412	59	(7)	464

Goodwill is tested at the group of cash-generating units’ (“GCGU”) level (except goodwill generated on Universal’s acquisition which is tested at cash-generating unit (“CGU”) level) for impairment annually or whenever changes in circumstances indicate that its carrying amount may not be recoverable. For 2025, goodwill was tested at the GCGU level for impairment as of October 31. The Group then reviewed as of December 31, 2025 any indication that long-lived assets (including goodwill) may be impaired and concluded there were no additional triggers for impairment at the end of 2025 since the impairment test performed as of October 31, 2025. The GCGU is at the operating segment level of Aperam, which represents the lowest level at which goodwill is monitored for internal management purposes. The recoverable amounts of the GCGUs are determined based on their value in use. The Company calculated value in use for purposes of its impairment testing and, accordingly, did not determine the fair value less costs of disposal of the GCGUs as the carrying value of the GCGUs was lower than their respective value in use. The key assumptions for the value in use calculations are primarily the discount rates, the terminal growth rates, the expected volume of shipments, the material margins, and the fixed and variable costs during the period. The discount rates used in the value in use calculations are presented in the table below:

	Stainless & Electrical Steel	Alloys & Specialties	Services & Solutions	Recycling & Renewables
GCGU weighted average post-tax discount rate used in 2025	9.0%	8.2%	8.3%	7.6%
GCGU weighted average post-tax discount rate used in 2024	8.7%	8.4%	9.0%	7.6%

The terminal growth rate used is estimated for 2025 at 2% (2024: 2%). The results of the goodwill impairment test of 2025 for each GCGU did not result in an impairment of goodwill as the value in use exceeded the carrying value of each GCGUs. In validating the value in use determined for the GCGU in 2025, key assumptions used in the discounted cash-flow model were sensitized to test the resilience of value in use. Management believes that reasonably possible changes in key assumptions would cause an impairment loss to be recognised in respect of the Stainless & Electrical Steel GCGU.

(in millions of euros)	Stainless & Electrical Steel
Recoverable amount	2,602
Carrying amount	2,358
Excess of recoverable amount over carrying amount	244

The individual changes in key assumptions in projected cash flows, assuming unchanged values for the other assumptions, would cause the recoverable amount to equal the carrying value.

137 Annual Report 2025

Stainless & Electrical Steel	Increase in post-tax discount rate (change in basis points)	73 bps
	Decrease in terminal growth rate used for the years beyond the five-year plan (change in basis points)	148 bps
	Decrease in shipments (change in %)	3.0%
	Decrease in material margin (change in %)	1.3%
	Increase in fixed and variable costs (change in %)	1.6%

In addition, the Company analysed the sensitivity of the estimated recoverable amount of each GCGU to the reasonable expected changes in assumptions, assuming unchanged values for the other assumptions. The analysis did not result in any other scenarios whereby a reasonable possible change in the aforementioned key assumptions would result in a recoverable amount for the GCGU lower than its carrying value as of 31 December 2025. For the Stainless & Electrical Steel GCGU, a reasonable possible increase of the post-tax discount rate by 100 basis point would result in a decrease in the GCGU's recoverable amount by EUR 323 million.

Research and development costs

Research and development costs do not meet the criteria for capitalisation and are expensed and included in selling, general and administrative expenses within the consolidated statement of operations. These costs amounted to €(23) million and €(24) million in the years ending December 31, 2025, and 2024, respectively. There were no research and development costs capitalised during any of the periods presented.

NOTE 14: BIOLOGICAL ASSETS

The reconciliation of changes in the carrying value of biological assets between the beginning and the end of the year is as follows:

(in millions of euros)
Balance at January 1, 2024	108
Additions	11
Change in fair value$^{(1)}$	41
Harvested trees	(51)
Foreign exchange differences	(15)
At December 31, 2024	94
Balance at January 1, 2025	94
Additions	11
Change in fair value $^{(1)}$	25
Harvested trees	(51)
Foreign exchange differences	3
At December 31, 2025	82

Note: $^{(1)}$ Recognised in cost of sales in the consolidated statements of operations.

The Company’s biological assets comprise eucalyptus forests cultivated and planted in order to supply raw materials for the production of charcoal. The total area of 152 thousand hectares is composed of eucalyptus forest reserves in Brazil on December 31, 2025 compared to 136 thousand hectares on December 31, 2024. These areas are managed by Aperam BioEnergia Ltda that provides planting and coal production services.

138 Annual Report 2025

In order to determine the fair value of biological assets, a discounted cash flow model was used, with the harvest cycle of six to seven years. Fair value measurement of biological assets is categorised within level 3 of fair value hierarchy. The projected cash flows are consistent with the area's growing cycle. The volume of eucalyptus production to be harvested was estimated considering the average productivity in cubic meters of wood per hectare from each plantation at the time of harvest. The average productivity varies according to the genetic material, climate and soil conditions and the forestry management programmes. The projected volume is based on the average annual growth which at the end of 2025 was equivalent to 28.0m$^3$/ha/year (2024: 28.0m$^3$/ha/year). The average net sales price of 129 Brazilian real per m$^3$ (approximately €20 per m$^3$) in 2025 and 123 Brazilian real per m$^3$ (approximately €20 per m$^3$) in 2024, was projected based on the estimated price for eucalyptus in the local market, through a market study and research of actual transactions, adjusted to reflect the price of standing trees by region. The valuation model considers the net cash flows after income tax and the post-tax discount rate used of 10% in 2025, and 9.3% in 2024. The following table illustrates the sensitivity to a 10% variation in each of the significant unobservable inputs used to measure the fair value of the biological assets on December 31, 2025:

(in millions of euros) | Impacts on the fair value resulting from
:--- | ---: | ---:
Significant unobservable impacts | 10% increase | 10% decrease
Average annual volume | 13 | (13)
Average selling price | 13 | (13)
Discount rate | (4) | 4

Sensitivity to a 10% variation in each of the significant unobservable inputs used to measure the fair value of the biological assets on December 31, 2024:

(in millions of euros) | Impacts on the fair value resulting from
:--- | ---: | ---:
Significant unobservable impacts | 10% increase | 10% decrease
Average annual volume | 14 | (14)
Average selling price | 14 | (14)
Discount rate | (5) | 6

The group is exposed to risks arising from environmental and climate changes and financing risks which might impact its biological assets. On March 19, 2025 the Company entered into a loan agreement with International Finance Cooperation which will bolster the sustainable forest management programme of Aperam BioEnergia, Aperam's forestry and renewable energy subsidiary in Brazil (for more details refer to Note 18). Further, the Company has strong environmental policies and procedures in place to comply with environmental and other laws.

NOTE 15: PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are summarised as follows:

139 Annual Report 2025

(in millions of Euros)	Machinery, equipment and others $^{(2)}$	Land, buildings and improvements	Right-of-use assets $^{(1)}$	Construction in progress	Total
Cost
At January 1, 2024	2,693	778	151	348	3,970
Additions	57	7	21	86	171
Foreign exchange differences	(98)	(23)	(3)	(22)	(146)
Disposals	(35)	(5)	(2)	—	(42)
Transfer	215	28	—	(243)	—
Scope change	(4)	—	25	—	25
Other movements	1	—	—	3	4
At December 31, 2024	2,833	810	167	172	3,982
Accumulated depreciation and impairment losses
At January 1, 2024	(1,592)	(308)	(67)	—	(1,967)
Depreciation charge of the year $^{(3)}$	(130)	(20)	(20)	—	(170)
Impairment loss $^{(3)}$	(3)	1	—	—	(3)
Disposals	33	2	2	—	37
Foreign exchange differences	62	14	1	—	77
Other movements	(1)	1	1	—	1
At December 31, 2024	(1,627)	(312)	(83)	(3)	(2,025)
Carrying amount
— At December 31, 2024	1,206	498	84	169	1,957
Cost
At January 1, 2025	2,833	810	167	172	3,982
Business combination (Note 3)	182	61	6	7	256
Additions	76	4	43	60	183
Foreign exchange differences	(41)	(14)	(5)	(4)	(64)
Disposals	(19)	(5)	(11)	—	(35)
Transfer	80	7	—	(89)	(2)
Other movements	3	(2)	—	(1)	—
At December 31, 2025	3,114	861	200	145	4,320
Accumulated depreciation and impairment losses
At January 1, 2025	(1,627)	(312)	(83)	(3)	(2,025)
Depreciation charge of the year $^{(3)}$	(147)	(22)	(26)	—	(195)Impairment loss (3) — — (2) (2) (4)
Disposals 17 2 11 — 30
Foreign exchange differences 15 — 2 — 17
Other movements (1) 1 1 — 1
At December 31, 2025 (1,743) (331) (97) (5) (2,176)

Carrying amount —
At December 31, 2025 1,371 530 103 140 2,144

Notes:
(1) The presentation of Right-of-use assets are also detailed in Note 24 “Leases”.
(2) Bearer plants are included in this section for a net amount of €65 million at end December 31, 2025 and €49 million at end December 31, 2024.
(3) The amount of amortisation, depreciation and impairment of €259 million recorded in the consolidated statement of operations for the year ending December 31, 2025 consists in the depreciation charge of PP&E of €195 million, impairment loss of €4 million, the amount of harvested trees in Biological assets of €51 million (Note 14), and the amortisation charge of intangible assets of €9 million (Note 13), compared to €229 million recorded in the consolidated statement of operations for the year ending December 31, 2024 consists in the depreciation charge of PP&E of €170 million, impairment loss of €3 million, the amount of harvested trees in Biological assets of €51 million (Note 14), and the amortisation charge of intangible assets of €5 million (Note 13)
(4) Scope change relate to the full consolidation of Bahia Minas BioEnergia Ltda as from July 6, 2024 following a control assessment performed by Management.

140 Annual Report 2025

As of December 31, 2025, and 2024, temporarily idle assets included in the Stainless & Electrical Steel segment were below €1 million and below €1 million, respectively. There were no temporarily idle assets included in the other segments as of any of the periods presented.

During the year ending December 31, 2025, and in conjunction with its testing of goodwill for impairment, the Company analysed the recoverable amount of its property, plant and equipment. Property, plant and equipment were tested at the Cash Generating Unit (“CGU”) level. In certain instances, the CGU is an integrated manufacturing facility which may also be an operating subsidiary. Furthermore, a manufacturing facility may be operated together with another facility, with neither facility generating cash flows that are largely independent from the cash flows in the other. In this instance, the two facilities are combined for purposes of testing for impairment. As of December 31, 2025 and December 31, 2024, the Company had determined it has nine CGUs. The recoverable amounts of the CGUs are determined based on value in use calculation with application of the discount rates estimated as weighted average cost of capital and follow similar assumptions as those used for the test on impairment for goodwill. The amount of property, plant and equipment pledged as collateral was €1.4 million as of December 31, 2025 and €1.4 million as of December 31, 2024.

NOTE 16 : INVESTMENTS IN ASSOCIATES, JOINT VENTURES AND OTHER

The Company holds the following investments:

	December 31, (in millions of euros)
	2025	2024
Equity instruments at fair value through OCI	3	3
Investments accounted for under equity method	1	1
Total investments in associates, joint ventures and other investments	4	4

NOTE 17: OTHER NON CURRENT ASSETS

Other non current assets consisted of the following:

	December 31,	December 31,
(in millions of euros)	2025	2024
Long-term VAT receivables	29	53
Receivable from public authorities	12	6
Life insurance policies	11	13
Cash guarantees and deposits	11	11
Pension fund assets (Note 22)	9	8
Reimbursement rights (Note 22)	2	2
Other financial assets	20	13
Total	94	106

141 Annual Report 2025

NOTE 18: SHORT-TERM AND LONG-TERM DEBT

Short-term debt, including the current portion of long-term debt, consisted of the following:

	December 31,	December 31,
(in millions of euros)	2025	2024
Short-term bank loans and other credit facilities (1)	66	168
Current portion of long-term debt	143	57
Lease obligations (Note 24)	24	19
Total	233	244

Note:
(1) Including Commercial paper programme described below.

Short-term bank loans and other credit facilities

Commercial paper programme

On July 10, 2018, Aperam received confirmation from Banque de France, as foreseen by art. D.213-2 of “Code monétaire et financier” of the French law, that the conditions as described in the financial documentation of its programme of NEU commercial paper for a maximum outstanding amount of €200 million, fulfil the requirements of law. On June 11, 2024, the size of the programme has been increased by €50 million to reach a new maximum outstanding amount of €250 million. On December 31, 2025, an amount of €51 million was drawn under the Aperam NEU commercial paper programme (€145 million on December 31, 2024).

€500 million Bridge Credit Facility

On October 25, 2024, Aperam entered into a bridge term facility agreement (hereinafter, “Facility”) of €500 million with a syndicate of five core relationship banks. The Facility has a maturity of 12 months and two options of extension by 6 months. The purpose of this agreement was to finance the acquisition of Universal Stainless & Alloy Products Inc. (Note 3) and its related fees, costs and expenses but also the refinancing of existing financial indebtedness of Universal. In October 2025, the Facility was fully reimbursed. On 31 December, 2024 the Facility was fully undrawn.

€500 million Unsecured revolving credit facility

On February 11, 2022, Aperam announced having entered into a 5+1+1 years sustainably linked senior unsecured revolving credit facility (“The Facility”) of €500 million with a syndicate of 16 banks. Such Facility replaced the senior unsecured revolving credit facility of €300 million signed in June 2017. The Facility is for general corporate purposes. The pricing of this financing contract is linked to two strategic commitments of the Company being firstly to become a best-in-class stainless steel manufacturer in terms of Health & Safety by constantly outperforming its industrial average in terms of Health & Safety metrics and to maintain its leadership in low carbon steel-making by setting an ambitious decarbonisation trajectory. On January 26, 2024, Aperam confirmed the extension of the maturity of the sustainably linked senior unsecured revolving credit facility of €500 million by one year, until February 9, 2029. The Facility contains a financial covenant being a maximum consolidated total debt of 90% of consolidated tangible net worth. On December 31, 2025, and December 31, 2024, this financial covenant was fully complied with. On December 31, 2025 and December 31, 2024, the Facility was not drawn.

€200 million Unsecured revolving credit facility

On September 26, 2023, Aperam entered into a 3+1 years sustainably linked senior unsecured revolving credit facility (“The Facility”) of €200 million with a syndicate of 7 banks. The Facility is for the repayment of amounts outstanding under the existing financial indebtedness, together with any breakage costs and other costs and expenses payable in connection with such repayment and for general corporate purposes. The Facility contains a financial covenant being a maximum consolidated total debt of 90% of consolidated tangible net worth. On December 31, 2025, and December 31, 2024, this financial covenant was fully complied with.
142 Annual Report 2025
On September 9, 2024, Aperam confirmed the extension of the maturity of the Facility by one year, until September 22, 2027. On December 31, 2025, the Facility was fully undrawn. On December 31, 2024 an amount of €20 million was drawn under the Facility.

€150 million Guaranteed loan

On 28 October 2025, Aperam finalized a loan agreement backed by a guarantee of up to €150 million from Gigarant NV, a Special Purpose Vehicle of the Flemish Government managed by PMV (“ParticipatieMaatschappij Vlaanderen”). The guarantee facilitated a loan from a consortium of ING, KBC and Belfius, supporting Aperam Genk’s continued development and reinforcing its role as a cornerstone of Flemish manufacturing. The transaction includes several tranches with maturities of 3, 4, and 5 years. These maturities will shift if the loan is extended by 1 year, and again if a second extension of 1 year is issued. The Loans contain a financial covenant, specifically a maximum consolidated total debt of 90% of consolidated tangible net worth. On December 31, 2025, this financial covenant was fully complied with. On 31 December, 2025 the Facility was fully undrawn.

Long-term debt is comprised of the following:

	Year of maturity	Type of Interest	December 31, 2025	December 31, 2024
Corporate Schuldscheindarlehen 1	2028-2032	Fixed - Floating	398	—
Term facility	2026-2028	Fixed	299	299
IFC loan	2026-2033	Floating	185	—
Term loan	2028-2030	Floating	99	—
EIB loan 1	2026-2028	Fixed	16	22
EIB loan 2	2026-2029	Fixed	51	63
EIB loan 3	2026-2031	Fixed	56	66
Schuldscheindarlehen 2	2026	Fixed	10	40
Other debt	n/a	n/a	2	1
Total			1,116	491
Lease obligations (1)			121	101
Less current portion of long-term debt			(143)	(57)
Less current portion of lease obligations (1)			(24)	(19)
Total long-term debt, net of current portion			1,070	516

Note:
(1) Details on Lease obligations in Note 24 Leases

€400 million Schuldscheindarlehen

On 14 October 2025 Aperam signed a multi-tranches Schuldscheindarlehen (debt instrument governed by the laws of the Federal Republic of Germany) structured as a private placement with institutional investors. The transaction includes several tranches with maturities of 3, 5, and 7 years and became effective on 16 October 2025, for a total amount of €400 million.This financing was executed as part of Aperam’s long-term refinancing strategy. The loan documentation includes a financial covenant requiring that consolidated total debt does not exceed 90% of consolidated tangible net worth. As at 31 December 2025, this covenant was fully complied with.As of 31 December 2025, an amount of €400 million was outstanding under this Schuldscheindarlehen.

€300 million Fixed Rate Term facility

On February 11, 2022, Aperam announced having entered into a 6 year sustainably linked amortising fixed rate term facility of €300 million with a syndicate of 10 banks (“The Loan”). The Loan is dedicated to the refinancing of maturing debts of ELG. The pricing of this financing contract is fixed but linked to two strategic commitments of the Company being firstly to become a best-in-class stainless steel manufacturer in terms of Health & Safety by constantly outperforming its industrial average in terms of Health & Safety metrics and to maintain its leadership in low carbon steel-making by setting an ambitious decarbonisation trajectory. The Loan contains a financial covenant being a maximum consolidated total debt of 90% of consolidated tangible net worth. On December 31, 2025, and December 31, 2024 this financial covenant was fully complied with. The Loan was fully drawn as of December 31, 2025 and December 31, 2024.

€250 million loan with International Finance Corporation

On March 19, 2025, the International Finance Corporation (IFC), a member of the World Bank Group, and Aperam announced having signed on February 14, 2025, a financing package of €250 million which includes up to €150 million from IFC’s own account and up to €100 million in mobilized funds from other lenders. The financing supports Aperam’s decarbonisation efforts through the production of sustainably-produced charcoal, a renewable fuel for steel manufacturing (instead of commonly used coke). It also aligns with IFC's broader strategy to promote the sustainability of the steel industry. This funding will bolster the sustainable forest management programme of Aperam BioEnergia, Aperam's forestry and renewable energy subsidiary in Brazil. The transaction includes several tranches with maturities between 2026 and 2033. The IFC Loan contains a financial covenant being a maximum consolidated total debt of 90% of consolidated tangible net worth. On December 31, 2025, this financial covenant was fully complied with. On 31 December 2025, an amount of €187.5 million was drawn under the IFC loan.

€240 million Term loan

On 8 August 2025, Aperam signed a sustainability-linked term facility agreement with Industrial and Commercial Bank of China (ICBC) and a syndicate of Chinese banking partners based in Luxembourg, for an initial committed amount of €210 million. The facility is structured as a term loan incorporating sustainability-linked features and was entered into to support Aperam’s overall refinancing strategy and general corporate purposes. The transaction includes several tranches with maturities between 2028 and 2030. On 8 October 2025, it was agreed to increase the total amount of the facility from €210 million, to €240 million. The Facility contains a financial covenant being a maximum consolidated total debt of 90% of consolidated tangible net worth. On December 31, 2025 this financial covenant was fully complied with. As of December 31, 2025, €100 million was drawn under the Facility.

€225 million EIB loans

On June 27, 2016, Aperam and the European Investment Bank (“EIB”) announced the signing of a financing contract in the amount of €50 million which will be dedicated to financing a research and development programme over the 2016-2019 period, as well as an upgrade of two plants located in cohesion regions in France & Belgium (Isbergues - Hauts-de-France and Châtelet - Hainaut). This project was funded under the Investment Plan for Europe, also known as the ‘Juncker Plan. The financing contract which is senior unsecured was entirely drawn down on October 16, 2018, with final maturity date on October 16, 2028.

On February 25, 2019, the Company announced the signature of a financing contract where the EIB will make available to Aperam an amount of €100 million. The purpose of this contract is the financing of ongoing investments in the cold rolling, and annealing & pickling line at Aperam’s Genk plant (Belgium) as well as the Company’s ongoing modernisation programmes in the cohesion regions of Nord-Pas-de-Calais (France) - Isbergues plant, and Hainaut (Belgium) - Châtelet plant. The financing contract, which is senior unsecured, was entirely drawn down on March 15, 2019, with a final maturity date of March 15, 2029.

On September 30, 2020, Aperam strengthened its liquidity profile with the signature of a top-up financing contract where the EIB will make available to Aperam an amount of €75 million, in addition to the outstanding loan of €100 million, in relation to the financing of advanced stainless steel manufacturing technologies. This top up facility of €75 million was fully drawn on October 8, 2021, with a final maturity date of October 25, 2031.

The Loans contain a financial covenant being a maximum consolidated total debt of 90% of consolidated tangible net worth. On December 31, 2025, and December 31, 2024 this financial covenant was fully complied with. As of December 31, 2025, €123 million was outstanding on these EIB loans (€150 million as of December 31, 2024).

€190 million Schuldscheindarlehen

On September 24, 2019, Aperam successfully priced an inaugural €190 million multi-tranches Schuldscheindarlehen (debt instrument governed by the laws of the Federal Republic of Germany) with maturities at 4, 5, 6 and 7 years. On the back of a very positive investor perception and significantly oversubscribed order book, Aperam was able to upsize the deal volume from the initially announced volume of €100 million to ultimately €190 million. The Company was able to price all tranches at the tight end of the announced spread ranges. Aperam took advantage of the very constructive market to secure attractive conditions and successfully diversify its creditors base. The Loan contains a financial covenant, specifically a maximum consolidated total debt of 90% of consolidated tangible net worth. On December 31, 2025, and December 31, 2024 this financial covenant was fully complied with. As of December 31, 2025, €10 million was outstanding on this Schuldscheindarlehen (€40 million as of December 31, 2024).

Scheduled maturities of short-term and long-term debt are as follows: (in millions of euros)

	December 31, 2025	December 31, 2024
2025	—	244
2026	233	155
2027	165	139
2028	309	136
2029	97	28
2030	355	58
Subsequent years	144	—
Total	1,303	760

The following table presents the structure of the Company’s debt and cash in original currencies: (in millions of euros)

	In EUR equivalent as of December 31, 2025
	Total EUR	EUR	USD	BRL
Short-term debt and current portion of long-term debt	233	218	5	7
Long-term debt	1,070	1,034	26	8
Cash and cash equivalents	325	206	25	80

	In EUR equivalent as of December 31, 2024
	Total EUR	EUR	USD	BRL
Short-term debt and current portion of long-term debt	244	232	3	6
Long-term debt	516	478	26	9
Cash and cash equivalents	216	52	40	103

The following tables summarise the Company’s bases used to measure its debt at fair value. Fair value measurement has been classified into three levels based upon a fair value hierarchy that reflects the significance of the inputs used in making the measurements.

As of December 31, 2025
(in millions of euros)

	Carrying Amount	Fair Value
		Total	Level 1	Level 2	Level 3
Instruments payable bearing interest at fixed rates	555	520	—	520	—
Instruments payable bearing interest at variable rates	748	737	—	737	—
Total	1,303	1,257	—	1,257	—

As of December 31, 2024
(in millions of euros)

	Carrying Amount	Fair Value
		Total	Level 1	Level 2	Level 3
Instruments payable bearing interest at fixed rates	612	571	—	571	—
Instruments payable bearing interest at variable rates	148	146	—	146	—
Total	760	717	—	717	—

Fixed rate debt is based on estimated future cash flows which are discounted using current zero coupon rates for the relevant maturities and currencies as well as Aperam’s credit spread quotations for the relevant maturities and classified as Level 2. Variable rate debt is based on estimated future cash flows which are discounted using current zero coupon rates for the relevant maturities and currencies as well as Aperam’s credit spread quotation (Benchmark sectorial).

The following table summarises the movements on financial debt liabilities between financing cash flows impacts and other non-cash impacts: (in millions of euros)

	Short-term debt and current portion of long- term debt	Long-term debt, net of current portion
Balance at January 1, 2024	360	574
Changes from financing cash flows
Net proceeds / (payments) of debt	(173)	1
Payments of lease (Note 24)	(17)	(2)
Total changes from financing cash flows	(190)	(1)
Effect of changes in foreign exchange rates	(4)	—
New leases during the year (Note 24)	4	17
Reclassification between non-current and current debt	74	(74)
Balance at December 31, 2024	244	516
Balance at January 1, 2025	244	516
Changes from financing cash flows
Net proceeds / (payments) of debt	(156)	605
Payments of lease (Note 24)	(25)	—
Total changes from financing cash flows	(181)	605
Effect of changes in foreign exchange rates	(1)	(3)
Business combination (Note 3)	4	76
New leases during the year (Note 24)	5	38
Reclassification between non-current and current debt	162	(162)
Balance at December 31, 2025	233	1,070

For the purposes of preparation of this table interest expenses were ignored as materially equal to interest repayments.# NOTE 19: TRADE AND OTHER ACCOUNTS PAYABLE

Trade payable and other consisted of the following:

(in millions of euros)	December 31, 2025	December 31, 2024
Trade accounts payable	849	832
Other amounts payable	181	212
Total	1,030	1,044

Trade accounts payable

These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. Trade accounts payable have maturities during 2025 and 2024 from 2 to 120 days depending on the type of material, the geographic area in which the purchase transaction occurs and the various contractual agreements. The carrying value of trade accounts payable approximates its fair value.

Other amounts payable

The Group may from time to time enter into certain contractual arrangements with some of its suppliers to benefit from extended due dates of payment up to 180 days maximum after the invoice date. The Company has determined that such payment arrangements do not result in significant modifications of amounts payable and other applicable terms and conditions of the agreement. Accordingly, in the consolidated statement of financial position, the corresponding payables remain classified as trade and other accounts payable until they are settled at their agreed due dates, and the corresponding cash flows are classified as part of the operating activities in the consolidated statement of cash flows. As of December 31, 2025 and 2024, the carrying value of other amounts payable approximates its fair value.

NOTE 20: PROVISIONS

The Company is involved in litigation, arbitration and other legal proceedings. Provisions related to legal and arbitral proceedings are recorded in accordance with the principles described in Note 2 to the Consolidated Financial Statements. The movements by provision were as follows:

(in millions of euros)	Balance at January 1, 2024	Additions	Provisions used during the year	Provisions reversed during the year	Effects of Foreign Exchange and other movements	Balance at December 31, 2024
Provision for tax and other claims (Note 28)	27	21	(1)	(10)	(3)	34
Environmental (Note 28)	27	2	(2)	—	1	28
Vacating and demolition (Note 28)	6	—	—	—	1	7
Voluntary separation plans	4	8	(2)	(1)	—	9
Other	15	4	—	(1)	—	18
Total	79	35	(5)	(12)	(1)	96
Short-term provisions	24					41
Long-term provisions	55					55
Total	79					96

(in millions of euros)	Balance at January 1, 2025	Additions	Provisions used during the year	Provisions reversed during the year	Effects of Foreign Exchange and other movements	Balance at December 31, 2025
Provision for tax and other claims (Note 28)	34	12	—	(8)	(1)	37
Environmental (Note 28)	28	2	—	(2)	(2)	26
Vacating and demolition (Note 28)	7	—	—	—	(1)	6
Voluntary separation plans	9	5	(3)	—	(1)	10
Other	18	4	(3)	(1)	1	19
Total	96	23	(6)	(11)	(4)	98
Short-term provisions	41					43
Long-term provisions	55					55
Total	96					98

There are uncertainties regarding the timing and amount of the provisions above. Changes in underlying facts and circumstances for each provision could result in differences with the amounts above and the actual outflows. Provisions for tax and other claims, environmental provisions and vacating and demolition provisions are disclosed in Note 28. Voluntary separation plans are mainly due to social costs provisions related to programmes to promote employee attrition. Other includes provisions for technical warranties, guarantees and similar obligations.

NOTE 21: ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses were comprised of the following as of:

(in millions of euros)	December 31, 2025	December 31, 2024
Accrued payroll and employee related expenses	165	171
Payables for acquisition of intangible assets & property plant & equipment	63	82
VAT and other amounts due to public authorities	35	33
Unearned revenue and accrued payables	14	11
Accrued interests	9	3
Other creditors	33	39
Total	319	339

NOTE 22: EMPLOYEE BENEFITS

The total net employee benefits as of December 31, 2025 and 2024 are presented as follows in the below table:

(in millions of euros)	December 31, 2025	December 31, 2024
Pension fund assets (Note 17)	9	8
Employee Benefits liabilities	(135)	(147)
Total Net Employee Benefits	(126)	(139)

The Company’s operating subsidiaries have different types of pension plans for their employees. Also, some of the operating subsidiaries offer other post-employment benefits, principally retirement indemnities. Limited health care benefits are also offered to some employees in Belgium. The expense associated with these pension plans and employee benefits, as well as the carrying amount of the related liability / asset on the statements of financial position are based on a number of assumptions and factors.

Statement of financial position

Together with plans and obligations that do not constitute pension or other post-employment benefits, the total employee benefits are as follows :

(in millions of euros)	December 31, 2025	December 31, 2024
Pension plan benefits liabilities	(81)	(83)
Pension fund assets (Note 17)	9	8
Net Pension Plan	(72)	(75)
Other post-employment benefits	(34)	(38)
Early retirement benefits	(20)	(26)
Other long-term employee benefits	—	—
Total Net Employee Benefits	(126)	(139)
Reimbursement rights (Note 17)	2	2
Total Net Employee Benefits and reimbursement rights	(124)	(137)

Pension Plans

A summary of the significant defined benefit pension plans is as follows:

Brazil

Brazilian entities have defined contribution (“DC”) plans that are financed by employer and employee contributions. The prior defined benefit (“DB”) plans, financed through trust funds, have been closed to new entrants and are covering mostly liabilities for retirees. For the time being, assets in the funds are sufficient to cover liabilities and Aperam is not contributing. Aperam is not allowed to recover the excess of assets in these funds.

Europe

Certain European operating subsidiaries maintain primarily unfunded defined benefit pension plans for a certain number of employees. Benefits are based on such employees’ length of service and applicable pension table under the terms of individual agreements. Some of these unfunded plans have been closed to new entrants and replaced by defined contribution pension plans for active members financed by employer and employee contributions. The majority of the funded defined benefit payments (mainly Brazil) provide benefit payments from external fully insured assets. Aperam also sponsors a number of unfunded plans where the Company meets the benefit payment obligation as it falls due. Aperam has maintained significant defined benefit (DB) pension plans in the following major countries:
* In France, for covering the liabilities for retirement indemnities for all active employees and for the closed pension plan IRUS (“Institution de Retraite Usinor Sacilor”) with no more active employees. There are no separate assets to cover these liabilities.
* In Germany, covering mostly retired employees and with no separate assets.
* In Belgium, there are several pension arrangements (DB and DC-Defined Contribution plans with guaranteed interest) funded through separate insured assets under group insurances. Most of the insured plans have assets in Branch 21 (with a guaranteed return and potentially profit sharing) and there are also insured plans in Branch 23 which assets are invested in funds. For time being, for the DC plans the return on assets obtained (guaranteed interest rates plus profit sharing or return on investments) are sufficient to honour the minimum guaranteed interest rates to which Aperam is liable under plan rules and Belgian legislation.

Aperam Recycling

Aperam Recycling recognises defined benefit obligations for benefit programmes inherited from the acquisition of ELG Group in 2021. These programmes consist of both defined contribution and defined benefit pension systems. For the defined contribution pension plans, there is no additional obligation beyond the payment of contributions. The pension obligations are largely attributable to Germany, UK and the USA and the characteristics specific to these countries are described below. In Germany, obligations are financed through provisions. The British and American defined benefit pension obligations are largely financed through plan assets (UK) and life insurance investments (USA). The investment strategies and minimum assets allocation are regularly reviewed. The following tables detail the reconciliation of defined benefit obligation and plan assets in the consolidated statement of financial position.

2025 (in millions of euros)	Total	Americas	Europe
Change in benefit obligation
Benefit obligation at beginning of the year	(275)	(71)	(204)
Service cost	(6)	—	(6)
Interest cost	(15)	(7)	(8)
Actuarial losses	(5)	(4)	(1)
Demographic assumptions	—	—	—
Financial assumptions	2	(4)	6
Experience adjustments	(7)	—	(7)
Benefits paid	17	7	10
Foreign currency exchange rate differences and other movements	1	1	—
Benefit obligation at end of the year	(283)	(74)	(209)
Actives	(136)	(6)	(130)
Terminated vested	(44)	—	(44)
Retirees	(103)	(68)	(35)
Benefit obligation at end of the year	(283)	(74)	(209)
Change in plan assets
Fair value of plan assets at beginning of the year	241	108	133
Interest income on plan assets	17	12	5
Return on plan assets greater than discount rate	(2)	(2)	—
Employer contributions	5	—	5
Benefits paid	(12)	(7)	(5)
Foreign currency exchange rate differences and other movements	(1)	(1)	—
Fair value of plan assets at end of the year	248	110	138
Present value of wholly or partly funded obligation	(202)	(68)	(134)
Fair value of plan assets	248	110	138
Net present value of wholly or partly funded obligation	46	42	4
Present value of unfunded obligation	(81)	(6)	(75)
Prepaid due to unrecoverable surpluses	(39)	(39)	—
Recognised net liabilities	(74)	(3)	(71)
Change in unrecoverable surplus
Interest cost on unrecoverable surplus 5 5 —
Change in unrecoverable surplus in excess of interest (7) (7) —
Exchange rates changes — — —
Unrecoverable surplus at end of the year 39 39 —

153 Annual Report 2025

	2024
(in millions of euros)	Total
Change in benefit obligation
Benefit obligation at beginning of the year	(305)
Service cost	(6)
Interest cost	(15)
Actuarial gains	21
Demographic assumptions	(1)
Financial assumptions	21
Experience adjustments	1
Benefits paid	18
Foreign currency exchange rate differences and other movements	12
Benefit obligation at end of the year	(275)
Actives	(135)
Terminated vested	(28)
Retirees	(112)
Benefit obligation at end of the year	(275)
Change in plan assets
Fair value of plan assets at beginning of the year	272
Interest income on plan assets	16
Return on plan assets less than discount rate	(21)
Employer contributions	9
Benefits paid	(14)
Foreign currency exchange rate differences and other movements	(21)
Fair value of plan assets at end of the year	241
Present value of wholly or partly funded obligation	(194)
Fair value of plan assets	241
Net present value of wholly or partly funded obligation	47
Present value of unfunded obligation	(81)
Prepaid due to unrecoverable surpluses	(41)
Recognised net liabilities	(75)
Change in unrecoverable surplus
Unrecoverable surplus at beginning of the year	38
Interest cost on unrecoverable surplus	3
Change in unrecoverable surplus in excess of interest	5
Exchange rates changes	(5)
Unrecoverable surplus at end of the year	41

Asset ceiling

In accordance with IFRS, assets recognised for a defined benefit plan are limited to the present value of any economic benefit available in the form of refunds from the plan or reductions in future contributions to the plan. The amount not recognised in the fair value of plan assets due to the asset ceiling was €39 million and €39 million at December 31, 2025, and 2024, respectively.

Other post-employment benefits

The Company’s entities located in France and Belgium provide Other Post-Employment Benefits (“OPEB”) to future retirees. The following tables detail the reconciliation of OPEB and plan assets in the consolidated statement of financial position.

154 Annual Report 2025

Year Ending December 31, 2025
(in millions of euros)	Total	Americas	Europe
Change in post-employment benefit obligation
Benefit obligation at beginning of year	(38)	—	(38)
Service cost	(2)	—	(2)
Interest cost	(1)	—	(1)
Actuarial losses	5	—	5
Demographic assumptions	—	—	—
Financial assumptions	3	—	3
Experience adjustments	2	—	2
Benefits paid	3	—	3
Foreign currency exchange rate changes and other movements	(1)	—	(1)
Benefit obligation at end of year	(34)	—	(34)
Actives	(34)	—	(34)
Terminated vested	—	—	—
Retirees	—	—	—
Benefit obligation at end of year	(34)	—	(34)
Fair value of assets	—	—	—
Present value of funded obligation	—	—	—
Fair value of plan assets	—	—	—
Net present value of funded obligation	—	—	—
Present value of unfunded obligation	(34)	—	(34)
Recognised liabilities	(34)	—	(34)

Year Ending December 31, 2024
(in millions of euros)	Total	Americas	Europe
Change in post-employment benefit obligation
Benefit obligation at beginning of year	(38)	—	(38)
Service cost	(2)	—	(2)
Interest cost	(1)	—	(1)
Actuarial gains	1	—	1
Demographic assumptions	—	—	—
Financial assumptions	1	—	1
Experience adjustments	—	—	—
Benefits paid	2	—	2
Benefit obligation at end of year	(38)	—	(38)
Actives	(38)	—	(38)
Terminated vested	—	—	—
Retirees	—	—	—
Benefit obligation at end of year	(38)	—	(38)
Fair value of assets	—	—	—
Present value of funded obligation	—	—	—
Fair value of plan assets	—	—	—
Net present value of funded obligation	—	—	—
Present value of unfunded obligation	(38)	—	(38)
Recognised liabilities	(38)	—	(38)

155 Annual Report 2025

Reimbursement rights

Reimbursement rights arising from reinsurance contracts covering retirement pensions, death and disability benefits in Germany amount to €2 million as of December 31, 2025 and €2 million as of December 31, 2024.

Plan Assets

The weighted average asset allocations by asset category in Americas were as follows:

	December 31, 2025	December 31, 2024
Equity Securities	2%	1%
Asset classes that have a quoted market price in an active market	2%	1%
Asset classes that do not have a quoted market price in an active market	—%	—%
Fixed Income (including cash)	85%	86%
Asset classes that have a quoted market price in an active market	85%	86%
Asset classes that do not have a quoted market price in an active market	—%	—%
Real Estate	1%	1%
Asset classes that do not have a quoted market price in an active market	1%	1%
Asset classes that have a quoted market price in an active market	—%	—%
Other	12%	12%
Total	100%	100%

The weighted average asset allocations by asset category in Europe were as follows:

	December 31, 2025	December 31, 2024
Equity Securities	1%	—%
Asset classes that have a quoted market price in an active market	1%	—%
Asset classes that do not have a quoted market price in an active market	—%	—%
Fixed Income (including cash)	9%	—%
Asset classes that have a quoted market price in an active market	9%	—%
Asset classes that do not have a quoted market price in an active market	—%	—%
Real Estate	—%	1%
Asset classes that do not have a quoted market price in an active market	—%	1%
Asset classes that have a quoted market price in an active market	—%	—%
Other	90%	99%
Total	100%	100%

The assets related to the funded defined benefit pension plans in Europe are related to insured contracts in Belgium and to a pension trust in the UK, and in Americas invested mainly in government and corporate bonds. These assets do not include any direct investment in Aperam or in property or other assets occupied or used by Aperam and hence classified under other asset category above. This does not exclude Aperam shares included in mutual fund investments. The Remuneration Committee of the Board of Directors for the respective operating subsidiaries has general supervisory authority over the respective trust funds.

156 Annual Report 2025

Weighted average assumptions used to determine benefit obligations:		Pension Plans			Other Post-Employment Benefits
	December 31, 2025	December 31, 2024		2025	2024
Discount rate
Range $^{(1)}$	3.75%-11.06%	3.25%-11.30%		3.75%	3.50%
Weighted average	5.70%	5.48%		3.75%	3.50%
Rate of compensation increase
Range $^{(1)}$	2.00%-5.05%	2.00%-5.05%		2.00%	2.00%
Weighted average	3.94%	1.91%		2.00%	2.00%
Average longevity at retirement age for current pensioners (years)
Males	22.232	22.232		n/a	n/a
Females	26.191	26.191		n/a	n/a

Note: $^{(1)}$ Rates denominated in the functional currency of the related Company's subsidiaries.

Cash Contributions

Cash contributions to the defined contribution plans, sponsored by the Company, were €5 million and €2 million in 2025 and 2024, respectively. Cash contributions in respect of defined contribution plans and other pension plans to be made during the year ending December 31, 2026 are expected to be similar to 2025.

Maturity profile of the defined benefits plans

On December 31, 2025, the weighted average durations of the pension and other post-employment benefits plans were 10 years and 11 years, respectively. On December 31, 2024, the weighted average durations of the pension and other post-employment benefits plans were 9 years and 7 years, respectively.

Risks associated with defined benefit plans

Through its defined benefit pension plans and OPEB plans, Aperam is exposed to a number of risks, the most significant of which are detailed below:

Change in bond yields

A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plan’s bond holdings.

Investment risk

The present value of the defined plan liability is calculated using a discount rate determined by reference to high quality corporate bond yields; if the return on plan asset is below this rate, it will create a plan deficit. For Aperam’s funded plans, plan assets hold a significant portion of equities, which are expected to outperform corporate bonds in the long-term while providing volatility and risk in the short-term. Due to the long-term nature of the plan liabilities, the Company considers it appropriate that a reasonable portion of the plan assets should be invested in equity securities to leverage the return generated by the plans.

Longevity risk

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan’s liability.

Salary risk

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.# 157 Annual Report 2025

Sensitivity analysis

The following information illustrates the sensitivity to a change in certain assumptions related to the Company’s operating subsidiaries’ pension plans (as of December 31, 2025 and December 31, 2024, the defined benefit obligation (“DBO”) for pension plans were €283 million and €275 million):

(in millions of euros)	Effect on 2025 Pre-Tax Pension Expense (sum of service cost and interest cost) (1)	Effect of December 31, 2025 DBO
Change in assumption
100 basis point decrease in discount rate	1	(26)
100 basis point increase in discount rate	(1)	21
1-year increase of the expected life of the beneficiaries	—	(5)
1-year decrease of the expected life of the beneficiaries	—	5

Note: (1) Effects of change in assumptions on 2025 Pre-Tax pension expense were below €1 million.

(in millions of euros)	Effect on 2024 Pre-Tax Pension Expense (sum of service cost and interest cost) (1)	Effect of December 31, 2024 DBO
Change in assumption
100 basis point decrease in discount rate	1	(24)
100 basis point increase in discount rate	(1)	24
1-year increase of the expected life of the beneficiaries	—	(4)
1-year decrease of the expected life of the beneficiaries	—	4

Note: (1) Effects of change in assumptions on 2024 Pre-Tax pension expense were below €1 million.

Reasonable change in assumptions of OPEB plans does not lead to significant change in the related liability as of December 31, 2025 and 2024. The above sensitivities reflect the effect of changing one assumption at a time. Actual economic factors and conditions often affect multiple assumptions simultaneously, and the effects of changes in key assumptions are not necessarily linear. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the previous period.

NOTE 23: EQUITY

Authorised shares

On May 23, 2024, and in accordance with the resolution of the Extraordinary General Meeting held on May 2, 2023, the Company decreased its authorised share capital by €25,425,098, equivalent to 4,852,118 shares. Following this decrease, the total authorised share capital (including its issued share capital) was €434,699,635 represented by 82,957,953 shares without nominal value.

Share capital

On May 23, 2024, the Company cancelled 4,852,118 treasury shares. The share capital decreased consequently from €408,912,245 to €383,487,147.

On December 31, 2024, the Company has 73,184,570 shares issued and 72,289,307 shares outstanding, with no par value, for a total amount of €379 million.

On December 31, 2025, the Company has 73,184,570 shares issued and 72,341,663 shares outstanding, with no par value, for a total amount of €379 million.

158 Annual Report 2025

To the knowledge of the Board of Directors, the shareholding may be specified as follows:

	December 31, 2025	December 31, 2024
Significant Shareholder (1)	40.33%	40.33%
Treasury shares (2)	1.15%	1.22%
Other public shareholders	58.52%	58.45%
Total	100.00%	100.00%

Notes:
(1) Please refer to the share capital section of the Management Report for the definition of the term "Significant shareholder”.
(2) Treasury shares of 1.15% and 1.22% as of December 31, 2025 and December 31, 2024 includes 842,907 and 895,263 shares, respectively, held by Aperam S.A.

Treasury shares

Share unit plans

During the year 2024, 40,100 own shares (49,476 shares, net of 9,376 shares retained for tax purposes) have been given to certain employees of the Company to serve the PSU and RSU Plans 2021. During the year 2025, 52,356 own shares (64,894 shares, net of 12,538 shares retained for tax purposes) have been given to certain employees of the Company to serve the PSU and RSU Plans 2022. Aperam held 842,907 and 895,263 treasury shares as of December 31, 2025, and 2024, respectively.

Dividends

On April 30, 2024, at the 2024 Annual General Meeting, the shareholders approved a base dividend of €2.00 (gross) per share. The dividend was paid in four equal quarterly instalments of €0.50 (gross) per share.

On May 6, 2025, at the 2025 Annual General Meeting, the shareholders approved a base dividend of €2.00 (gross) per share. The dividend was paid in four equal quarterly instalments of €0.50 (gross) per share.

Share Unit Plan

On July 12, 2011, the ordinary general meeting of shareholders approved an equity-based incentive plan to key employees of Aperam. The plan comprised a Restricted Share Unit Plan (“RSU Plan”) and a Performance Share Unit Plan (“PSU Plan”) designed to incentivise the targeted employees, to improve the long-term performance of the Company and to retain key employees. Both the RSU Plan and the PSU Plan were intended to promote the alignment of interests between the Company’s shareholders and eligible employees by allowing them to participate in the success of the Company. The RSU and PSU plans shall vest in full on the three-year anniversary of the date on which the award was granted contingent upon the continued active employment of the employee within the Group. The aim of the RSU Plan was to provide a retention incentive to eligible employees by allocating for free one Company share at vesting date. The RSUs were an integral part of the Company’s remuneration framework in which it serves the specific objective of medium-term and long-term retention. The main objective of the PSU Plan is to be an effective performance-enhancing scheme based on the achievement of the Company’s strategy on which up to two Company shares can be freely vested. The maximum number of shares available for grant is subject to the prior approval of the Company’s shareholders at the annual general meeting, such approval being valid until the next annual general meeting. The allocation of equity based incentives to eligible employees under the RSU Plan and the PSU Plan is reviewed by the Remuneration, Nomination and Corporate Governance Committee of the Board of Directors, which makes a proposal and recommendation to the full Board of Directors.

On April 30, 2024, the annual general meeting of shareholders authorised the Board of Directors to issue, during the period between the 2024 and the 2025 annual general meeting, to key employees of Aperam a maximum of 400,000 of the Company's shares for grants under the Leadership Team PSU Plan and other grants below the Leadership Team level. In June 2024, a total of 141,176 PSUs and 103,600 RSUs were granted to a total of 39 employees and 101 employees at a fair value of €27.52 per share (out of which 113,626 PSUs were for the 10 Members of the Leadership Team).

159 Annual Report 2025

On May 6, 2025, the annual general meeting of shareholders authorised the Board of Directors to issue, during the period between the 2025 and the 2026 annual general meeting, to key employees of Aperam a maximum of 600,000 of the Company's shares for grants under the Leadership Team PSU Plan and other grants below the Leadership Team level. In June 2025:
* a total of 140,736 PSUs and 129,760 RSUs were granted to a total of 37 employees and 101 employees respectively at a fair value of €28.10 per share (out of which 111,476 PSUs were for the 9 Members of the Leadership Team).
* a total of 37,191 PSUs and 49,102 RSUs were granted, under the specific Universal LTI plan, to a total of 9 employees and 40 employees respectively at a fair value of 26.00 USD per share.

The following table summarises the Company’s share unit plans outstanding on December 31, 2025:

Grant date	Type of plan	Number of units issued as of December 31, 2025	Number of beneficiaries	Maturity	Fair value per units (in €)	Units outstanding	Units vested	Units forfeited
Jun 1, 2022	PSU	66,815	32	Jun 1, 2025	38.83	—	—	(64,358)
Jun 1, 2022	RSU	43,425	58	Jun 1, 2025	38.83	—	—	(38,668)
Jun 1, 2023	PSU	88,146	36	Jun 1, 2026	33.25	79,114	—	(9,032)
Jun 1, 2023	RSU	97,750	100	Jun 1, 2026	33.25	89,927	—	(7,823)
Jun 3, 2024	PSU	141,176	39	Jun 3, 2027	27.52	129,334	—	(11,842)
Jun 3, 2024	RSU	103,600	102	Jun 3, 2027	27.52	98,000	—	(5,600)
Jun 2, 2025	PSU	140,736	37	Jun 2, 2028	28.10	140,736	—	—
Jun 2, 2025	RSU	129,760	101	Jun 2, 2028	28.10	127,260	—	(2,500)
Jun 27, 2025	PSU	37,191	9	Jun 27, 2028	22.15	37,191	—	—
Jun 27, 2025	RSU	49,102	40	Jun 27, 2028	22.15	49,102	—	—
TOTAL		897,701				750,664	(103,026)	(44,011)

The following table summarizes the Company’s share unit plans outstanding on December 31, 2024:

Grant date	Type of plan	Number of units issued as of December 31, 2024	Number of beneficiaries	Maturity	Fair value per units (in €)	Units outstanding	Units vested	Units forfeited
Jun 14, 2021	PSU	54,336	28	Jun 14, 2024	43.18	—	(54,089)	(247)
Jun 14, 2021	RSU	39,325	44	Jun 14, 2024	43.18	—	(38,048)	(1,277)
Jun 1, 2022	PSU	66,815	32	Jun 1, 2025	38.83	64,358	—	(2,457)
Jun 1, 2022	RSU	43,425	58	Jun 1, 2025	38.83	38,668	—	(4,757)
Jun 1, 2023	PSU	88,146	36	Jun 1, 2026	33.25	86,346	—	(1,800)
Jun 1, 2023	RSU	97,750	100	Jun 1, 2026	33.25	94,150	—	(3,600)
Jun 3, 2024	PSU	141,176	39	Jun 3, 2027	27.52	141,176	—	—
Jun 3, 2024	RSU	103,600	102	Jun 3, 2027	27.52	102,800	—	(800)
TOTAL		634,573				527,498	(92,137)	(14,938)

The fair value of the units allocated to the beneficiaries is recorded as an expense in the consolidated statements of operations over the relevant vesting or service periods. The compensation expense recognised for the performance and restricted stock units was €(5) million and €(4) million for the years ending December 31, 2025, and 2024, respectively.# 160 Annual Report 2025

Share unit plan activity is summarised below as of and for each year ending December 31, 2025 and 2024:

	RSUs		PSUs
	Number of units	Fair value per units (€)	Number of units	Fair value per units (€)
Outstanding Jan 1, 2024	176,716	36.68	207,943	37.60
Granted	103,600	27.52	141,176	27.52
Vested	(38,048)	43.18	(54,089)	43.18
Forfeited	(6,650)	33.76	(3,150)	35.64
Outstanding Dec 31, 2024	235,618	31.69	291,880	31.71
Granted	178,862	26.71	177,927	26.85
Vested	(38,668)	38.83	(64,358)	38.83
Forfeited	(11,523)	29.75	(19,074)	29.69
Outstanding Dec 31, 2025	364,289	28.93	386,375	29.12

Earnings per common share

	Year Ending December 31,
(in millions of euros)	2025	2024
Net income considered for the purposes of basic earnings per share	9	231
Net income considered for the purposes of diluted earnings per share	9	231
Weighted average common shares outstanding (in millions) for the purposes of basic earnings per share	72.3	72.3
Incremental shares from assumed conversion of stock options, restricted share units and performance share units	0.8	0.5
Weighted average common shares assuming conversions (in millions) used in the calculation of diluted earnings per share	73.1	72.8
Earnings per common share (in euros)
Basic	0.13	3.20
Diluted	0.13	3.17

Capital management

The Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The group’s objectives when managing capital are to:
* safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and
* maintain an optimal capital structure to reduce the cost of capital.

The Group monitors capital using a ratio of Net Financial Debt divided by Equity attributable to the equity holders of the parent which is called gearing ratio. Net Financial Debt refers to long-term debt, plus short-term debt, less cash and cash equivalents.

161 Annual Report 2025

The gearing ratio at end of the reporting period was as follows :

	December 31,	December 31,
(in millions of euros)	2025	2024
Long-term debt	1,070	516
Short-term debt	233	244
Cash and cash equivalents	(325)	(216)
Net financial debt	978	544
Equity	3,195	3,354
Gearing	31%	16%

No changes were made in the objectives, policies or processes for managing capital during the years ending December 31, 2025 and 2024 and the Group maintained appropriate target ratio for gearing ratio.

NOTE 24: LEASES

The Group has lease contracts for various items of land and buildings, machinery and equipment used in its operations. The Group also has certain leases of machinery with lease terms of 12 months or less and leases of office equipment with low value. The Group applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for these leases.

Set out below are the carrying amounts of right-of-use assets recognised and the movements during the year:

162 Annual Report 2025

	Machinery, equipment and others	Land, buildings and improvements	Total right-of- use assets
Cost
At January 1, 2024	69	82	151
Additions	18	3	21
Foreign exchange differences	(3)	—	(3)
Disposals	(1)	(1)	(2)
Other movements	—	—	—
At December 31, 2024	83	84	167
Accumulated depreciation
At January 1, 2024	(46)	(21)	(67)
Depreciation charge of the year	(12)	(8)	(20)
Disposals	1	1	2
Foreign exchange differences	1	—	1
Other movements	—	1	1
At December 31, 2024	(56)	(27)	(83)
Carrying amount
At December 31, 2024	27	57	84
Cost
At January 1, 2025	83	84	167
Additions	39	4	43
Business combination	6	—	6
Foreign exchange differences	(2)	(3)	(5)
Disposals	(9)	(2)	(11)
Other movements	—	—	—
At December 31, 2025	117	83	200
Accumulated depreciation
At January 1, 2025	(56)	(27)	(83)
Depreciation charge of the year	(18)	(8)	(26)
Impairment	—	(2)	(2)
Disposals	9	2	11
Foreign exchange differences	1	1	2
Other movements	—	1	1
At December 31, 2025	(64)	(33)	(97)
Carrying amount
At December 31, 2025	53	50	103

163 Annual Report 2025

Set out below are the carrying amounts of lease liabilities and the movements during the year:

(in millions of Euros)
Lease liabilities
Balance at January 1, 2024	100
Additions	21
Foreign exchange differences	(1)
Payments	(19)
Balance at December 31, 2024	101
Current	19
Non-current	82
Balance at January 1, 2025	101
Additions	43
Business combination	6
Foreign exchange differences	(4)
Payments	(25)
Balance at December 31, 2025	121
Current	24
Non-current	97

Scheduled maturities of lease debt are as follows:

(in millions of euros)	December 31,
2025	24
2026	20
2027	17
2028	16
2029	13
2030	24
Subsequent years	27
Total	121

(in millions of euros)	December 31,
2024
2025	19
2026	18
2027	11
2028	9
2029	6
Subsequent years	38
Total	101

164 Annual Report 2025

The following amounts are recognised in the consolidated statement of operations:

(in millions of euros)	2025	2024
Depreciation charge of right-of-use assets (Note 15)	(26)	(20)
Interest expense on lease liabilities	(8)	(6)
Expense relating to short-term leases (included in cost of sales)	(16)	(16)
Expense relating to leases of low-value assets (included in cost of sales)	(1)	—
Total amount recognised in profit or loss	(51)	(42)

NOTE 25: FINANCIAL INSTRUMENTS

Fair values versus carrying amounts

The estimated fair values of certain financial instruments have been determined using available market information or other valuation methodologies that require considerable judgment in interpreting market data and developing estimates. For financial assets and financial liabilities measured at amortised cost, their carrying amount approximates their fair value at the reporting date, except for debt for which fair value is disclosed in Note 18.

The following table summarises assets and liabilities based on their categories as of December 31, 2025.

165 Annual Report 2025

Assets/Liabilities at fair value	(in millions of Euros)	Carrying amount in statements of financial position	Non-financial assets and liabilities	Assets at amortised cost	Liabilities at amortised cost	Fair value recognised in profit and loss	Equity instruments at Fair Value through OCI
ASSETS
Current assets:
Cash and cash equivalents	325	—	325	—	—	—
Restricted cash	—	—	—	—	—	—
Trade accounts receivable	435	8	427	—	—	—
Inventories	2,028	—	2,028	—	—	—
Prepaid expenses and other current assets	154	110	44	—	—	—
Derivative financial current assets	15	—	—	—	15	—
Income tax receivable	11	—	11	—	—	—
Total current assets	2,968	2,157	796	—	15	—
Non-current assets:
Goodwill and intangible assets	505	—	505	—	—	—
Biological assets	82	—	—	—	82	—
Property, plant and equipment	2,144	—	2,144	—	—	—
Investments in associates, joint ventures and other investments	4	1	—	—	1	3
Deferred tax assets	408	—	408	—	—	—
Derivative financial non-current assets	—	—	—	—	—	—
Other non-current assets	94	83	11	—	—	—
Total non-current assets	3,237	3,141	11	—	82	3
Total assets	6,205	5,298	807	—	97	3
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt	233	—	—	233	—	—
Trade accounts payable	1,030	16	—	1,014	—	—
Short-term provisions	43	—	—	43	—	—
Accrued expenses and other liabilities	319	49	—	270	—	—
Derivative financial current liabilities	13	—	—	—	13	—
Income tax liabilities	7	—	—	7	—	—
Total current liabilities	1,645	115	—	1,517	13	—
Non-current liabilities:
Long-term debt, net of current portion	1,070	—	—	1,070	—	—
Deferred tax liabilities	75	—	—	75	—	—
Employee benefits	135	—	—	135	—	—
Long-term provisions	55	—	—	55	—	—
Derivative financial non-current liabilities	—	—	—	—	—	—
Other long-term obligations	15	—	—	15	—	—
Total non-current liabilities	1,350	265	—	1,085	—	—
Equity:
Equity attributable to the equity holders of the parent	3,195	—	—	—	—	—
Non-controlling interests	15	—	—	—	—	—
Total equity	3,210	3,210	—	—	—	—
Total liabilities and equity	6,205	3,590	—	2,602	13	—

166 Annual Report 2025

The following table summarises assets and liabilities based on their categories as of December 31, 2024.

Assets/Liabilities at fair value	(in millions of euros)	Carrying amount in statements of financial position	Non-financial assets and liabilities	Assets at amortised cost	Liabilities at amortised cost	Fair value recognised in profit and loss	Equity instruments at Fair Value through OCI
ASSETS
Current assets:
Cash and cash equivalents	216	—	216	—	—	—
Restricted cash	—	—	—	—	—	—
Trade accounts receivable	384	10	374	—	—	—
Inventories	2,159	—	2,159	—	—	—
Prepaid expenses and other current assets	107	79	28	—	—	—
Derivative financial current assets	32	—	—	—	32	—
Income tax receivable	18	—	18	—	—	—
Total current assets	2,916	2,266	618	—	32	—
Non-current assets:
Goodwill and intangible assets	427	—	427	—	—	—
Biological assets	94	—	—	—	94	—
Property, plant and equipment	1,957	—	1,957	—	—	—
Investments in associates, joint ventures and other investments	4	1	—	—	1	3
Deferred tax assets	351	—	351	—	—	—
Derivative financial non-current assets	—	—	—	—	—	—
Other non-current assets	133	122	11	—	—	—
Total non-current assets	2,966	2,858	11	—	94	3
Total assets	5,882	5,124	629	—	126	3
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt	244	—	—	244	—	—
Trade accounts payable	1,044	17	—	1,027	—	—
Short-term provisions	41	—	—	41	—	—
Accrued expenses and other liabilities	339	44	—	295	—	—
Derivative financial current liabilities	29	—	—	—	29	—
Income tax liabilities	10	—	—	10	—	—
Total current liabilities	1,707	112	—	1,566	29	—
Non-current liabilities:
Long-term debt, net of current portion	516	—	—	516	—	—
Deferred tax liabilities	80	—	—	80	—	—
Employee benefits	147	—	—	147	—	—
Long-term provisions	55	—	—	55	—	—
Derivative financial non-current liabilities	3	—	—	—	3	—
Other long-term obligations	8	—	—	8	—	—
Total non-current liabilities	809	282	—	524	3	—
Equity:
Equity attributable to the equity holders of the parent	3,354	—	—	—	—	—
Non-controlling interests	12	—	—	—	—	—
Total equity	3,366	3,366	—	—	—	—
Total

Annual Report 2025

The following tables summarise the basis used to measure certain assets and liabilities at their fair value:

As of December 31, 2025 (in millions of euros)

	Level 1	Level 2	Level 3	Total
Assets at fair value:
Biological assets	—	—	82	82
Investments in associates and joint ventures	—	—	3	3
Derivative financial assets	—	15	—	15
Total assets at fair value	—	15	85	100
Liabilities at fair value:
Derivative financial liabilities	—	13	—	13
Total liabilities at fair value	—	13	—	13

As of December 31, 2024 (in millions of euros)

	Level 1	Level 2	Level 3	Total
Assets at fair value:
Biological assets	—	—	94	94
Investments in associates and joint ventures	—	—	3	3
Derivative financial assets	—	32	—	32
Total assets at fair value	—	32	97	129
Liabilities at fair value:
Derivative financial liabilities	—	32	—	32
Total liabilities at fair value	—	32	—	32

Equity instruments classified as Level 1 refer to listed securities quoted in active markets. The total fair value is either the price of the most recent trade at the time of the market close or the official close price as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. Equity instruments classified as Level 3 refer to securities not quoted in active markets. The fair value is thus based on the latest available financial statements (value of net equity). Derivative financial assets and liabilities classified as Level 2 refer to instruments to hedge fluctuations in foreign exchange rates and commodity prices (base metals). The total fair value is based on the price a market participant would pay or receive for the contract or similar securities, adjusted for any terms specific to that asset or liability. Market inputs are obtained from well-established and recognised vendors of market data (Bloomberg and Reuters) and the fair value is calculated using standard industry models based on significant observable market inputs such as foreign exchange rates, commodity prices, swap rates, and interest rates. Aperam’s valuation policies for derivatives are an integral part of its internal control procedures and have been reviewed and approved according to the Company’s principles for establishing such procedures. In particular, such procedures address the accuracy and reliability of input data, the accuracy of the valuation model and the knowledge of the staff performing the valuations. In determining fair value measurement, the impact of potential climate-related matters, including legislation, which may affect the fair value measurement of assets and liabilities in the financial statements has been considered. These risks in respect of climate-related matters are included as key assumptions where they materially impact the measure of recoverable amount. These assumptions have been included in the cash-flow forecasts in assessing value-in-use amounts. At present, the impact of climate-related matters is not material to the Group’s financial statements.

168 Annual Report 2025

The following tables summarised the reconciliation of the fair value of the assets and liabilities classified as Level 3 for the year ending December 31, 2025: (in millions of euros)

	Equity instruments at fair value through OCI	Investments accounted for under equity method	Total
Balance as of December 31, 2024	3	1	4
Additions	—	—	—
Equity method result	—	—	—
Change of control	—	—	—
Change in fair value (1)	—	—	—
Balance as of December 31, 2025	3	1	4

Note: (1) Recognised in other comprehensive income / (loss) in the consolidated statement of changes in equity. For more information on Biological assets, please refer to Note 14.

Portfolio of Derivatives

The Company enters into derivative financial instruments to manage its exposure to fluctuations in exchange rates and the price of raw materials. The Company’s portfolio of derivatives consists of transactions with Aperam Treasury S.C.A., which in turn enters into offsetting positions with counterparties external to Aperam. Aperam manages the counterparty risk associated with its instruments by centralising its commitments and by applying procedures which specify, for each type of transaction exposure, limits based on the risk characteristics of the counterparty.

The portfolio associated with derivative financial instruments classified as Level 2 as of December 31, 2025, is as follows:

	Assets	Liabilities
(in millions of euros)	Notional Amount	Fair Value
Foreign exchange rate instruments
Forward purchase contracts	135	1
Forward sale contracts	705	3
Total foreign exchange rate instruments		4
Raw materials (base metal)
Term contracts sales metals	—	—
Term contracts purchases metals	78	8
Total raw materials (base metal)		8
Interest rate instruments
Interest rate swaps	128	3
Total interest rate instruments		3
Total		15

The portfolio associated with derivative financial instruments classified as Level 2 as of December 31, 2024, is as follows:

	Assets	Liabilities
(in millions of euros)	Notional Amount	Fair Value
Foreign exchange rate instruments
Forward purchase contracts	902	24
Forward sale contracts	141	1
Total foreign exchange rate instruments		25
Raw materials (base metal)
Term contracts sales metals	81	7
Term contracts purchases metals	2	—
Total raw materials (base metal)		7
Interest rate instruments
Interest rate swaps	90	—
Total interest rate instruments		—
Total		32

Exchange rate risk

The Company is exposed to fluctuations in foreign exchange rates due to a substantial portion of the Company’s assets, liabilities, sales and earnings being denominated in currencies other than the euro (its presentation currency). These currency fluctuations, especially the fluctuation of the value of the euro relative to the U.S. dollar, Brazilian real, as well as fluctuations in the other countries’ currencies in which the Company has significant operations and/or sales, could have a material impact on its results of operations. Following its Treasury and Financial Risk Management Policy, the Company hedges its net exposure to exchange rates through spot and derivative transactions. The Company follows this exposure through sensitivity analysis detailed below.

Credit risk

The credit risk is managed by the Company’s treasury department. Credit risk arises from cash and cash equivalents and restricted cash, as well as credit exposures to customers, including outstanding receivables and other instruments that amounted to €752 million as of December 31, 2025 (€590 million as of December 31, 2024). For more details about ECL measurement, refer to Note 10.

Interest rate risk

The Company can be exposed to fluctuations in interest rates, mostly on debts denominated in euro and U.S. dollars. Such interest rate fluctuations have limited impact on its results of operations thanks to a balanced mix of fixed and floating interest rates on debts. At the time of attracting new debt, the Group use its judgment to decide whether it believes that a fixed or floating rate would be more favourable to the Group over the expected period until maturity. Refer to Note 18 and below for information about maturity dates and effective interest rates of financial instruments. Following its Treasury and Financial Risk Management Policy, the Company hedges, from time to time, its net exposure to interest rates through derivative transactions.

Liquidity Risk

The Company’s principal sources of liquidity are cash generated from its operations, bank debt and credit lines and various working capital credit lines at its operating subsidiaries. The levels of cash, credit lines and debt are closely monitored and appropriate actions are taken in order to manage the maturity profile and currency mix.

170 Annual Report 2025

The following are the contractual maturities of financial liabilities, including estimated interest payments:

(in millions of euros)

December 31, 2025

	Carrying Amount	Contractual Cash Flows	Less than 1 year	1-2 Years	2-5 Years	More than 5 Years
Non-derivative financial liabilities
Trade and other accounts payable	(1,030)	(1,030)	(1,030)	—	—	—
Short and long-term debt	(1,303)	(1,421)	(266)	(195)	(813)	(147)
Accrued expenses and other liabilities	(5)	(28)	(1)	(1)	(2)	(24)
Total	(2,338)	(2,479)	(1,297)	(196)	(815)	(171)
Derivative financial liabilities
Foreign exchange contracts	(4)	(4)	(4)	—	—	—
Other commodities contracts	(9)	(9)	(9)	—	—	—
Interest rate contracts	—	—	—	—	—	—
Total	(13)	(13)	(13)	—	—	—

(in millions of euros)

December 31, 2024

	Carrying Amount	Contractual Cash Flows	Less than 1 year	1-2 Years	2-5 Years	More than 5 Years
Non-derivative financial liabilities
Trade and other accounts payable	(1,044)	(1,044)	(1,044)	—	—	—
Short and long-term debt	(760)	(783)	(256)	(161)	(309)	(57)
Accrued expenses and other liabilities	(3)	(18)	(1)	(1)	(2)	(14)
Total	(1,807)	(1,845)	(1,301)	(162)	(311)	(71)
Derivative financial liabilities
Foreign exchange contracts	(17)	(17)	(17)	—	—	—
Other commodities contracts	(11)	(11)	(11)	—	—	—
Interest rate contracts	(4)	(4)	(1)	(3)	—	—
Total	(32)	(32)	(29)	(3)	—	—

Raw materials

The Company utilises derivative instruments such as forwards, swaps and options to manage its exposure to commodity prices both through the purchase of commodities and through sales contracts. Fair values of raw material (base metal) instruments are as follows:

(in millions of euros)	December 31, 2025	December 31, 2024
Assets associated with raw material (base metal)	8	7
Liabilities associated with raw material (base metal)	(9)	(11)
Total	(1)	(4)

The Company consumes large amounts of metals including nickel, the price of which is fixed on the London Metal Exchange.The Company is exposed to price volatility in respect of its purchases in the spot market and under its long-term supply contracts.

Sensitivity analysis

Foreign currency sensitivity

The following table details the Company’s sensitivity as it relates to derivative financial instruments to a 10% variation of the euro against the U.S. dollars to which the Company is exposed. The sensitivity analysis does not include non-
171 Annual Report 2025
derivative foreign currency denominated monetary items. A positive number indicates an increase in statement of operations where a negative number indicates a decrease in statement of operations and other equity.

	December 31, 2025 (in millions of euros)
	Income	Other Equity	Cash Flow Hedging Reserves
10% appreciation in euro	30	—
10% depreciation in euro	(30)	—

	December 31, 2024 (in millions of euros)
	Income	Other Equity	Cash Flow Hedging Reserves
10% appreciation in euro	1	—
10% depreciation in euro	(1)	—

Cash flow sensitivity analysis for variable rate instruments

The Company’s sensitivity to a change of 100 basis points variation in interest rates for variable rate instruments would have an impact lower than €1 million on profit or loss and equity. This analysis assumes that all other variables, in particular foreign currency rates, remain constant.

Base metals

The following table details the Company’s sensitivity to a 10% variation in the prices of base metals. The sensitivity analysis include not matured base metal derivative instruments

	December 31, 2025 (in millions of euros)
	Statement of operations	Other Equity	Cash Flow Hedging Reserves
+10% in prices Base Metals	—	7
-10% in prices Base Metals	—	(7)

	December 31, 2024 (in millions of euros)
	Statement of operations	Other Equity	Cash Flow Hedging Reserves
+10% in prices Base Metals	4	6
-10% in prices Base Metals	(4)	(6)

172 Annual Report 2025

NOTE 26: BALANCES AND TRANSACTIONS WITH RELATED PARTIES

The consolidated financial statements include transactions performed with the following related parties:
* key executives of the Group and members of the Boards of Directors; and
* the significant Shareholder and its related parties.

Transactions with related parties of the Group, were as follows:

(in millions of euros)	Year Ending December 31,		December 31,
Transactions	2025	2024	2025	2024
Sales
Trade accounts receivable
ArcelorMittal Group	65	115	7	6
Other non-controlled entities	—	—	3	—
Total	65	115	10	6

(in millions of euros)	Year Ending December 31,		December 31,
Transactions	2025	2024	2025	2024
Cost of sales
Trade accounts payable
ArcelorMittal Group	291	357	28	31
Total	291	357	28	31

Transactions and balances with related parties also include the following:

(in millions of euros)	December 31,
Transactions with ArcelorMittal Group	2025	2024
Accrued expenses and other liabilities	2	3
Transactions with other non-controlled entities
Prepaid expenses and other current assets	5	—

(in millions of euros)	Year Ending December 31,
Transactions with ArcelorMittal Group	2025	2024
Selling, general and administrative expenses	5	9

Transactions performed between the Company and its subsidiaries, which are related parties, are carried out, from the standpoint of their subject-matter or terms and conditions, in the ordinary course of the Company’s business activities and have been eliminated on consolidation. Refer to Note 29 for disclosure of transactions with key management personnel. The above mentioned transactions between Aperam and the respective entities were conducted on an arm’s length basis.

NOTE 27: COMMITMENTS

The Company’s commitments consist of two main categories:
* various purchase and capital expenditure commitments,
* pledges, guarantees and other collateral instruments given to secure financial debt, credit lines and other types of contracts.

Commitments given (in millions of euros) | Year Ending December 31, |
| :--- | :--- | :--- |
| | 2025 | 2024 |
| Commitments related to purchases of raw materials and energy | 980 | 1,343 |
| Guarantees, pledges and other collateral | 305 | 285 |
| Capital expenditure commitments | 25 | 23 |
| Total | 1,310 | 1,651 |

Commitments related to purchase of raw materials and energy

Purchase commitments consist of the major agreements for procuring nickel and chromium. The Group also entered into agreements for electricity, industrial gas, molybdenum, ferro-alloys and scrap. Those commitments are valued based on the market quotations at relevant markets, depending on the contracts and related conditions either as an average or at year-end for each commodity.

Guarantees, pledges and other collateral

Guarantees consist of guarantees in relation to credit lines at subsidiary level, discounting of letter of credits, insurance commitments, environmental exposure and litigation files mostly in Brazil. Other collateral includes documentary credits and letters of credit. No pledge on assets were given.
174 Annual Report 2025

NOTE 28: CONTINGENCIES

Most of these claims involve highly complex issues, actual damages and other matters. Often these issues are subject to substantial uncertainties and, therefore, the probability of loss and an estimation of damages are difficult to ascertain. Consequently, for certain of these claims, the Company is unable to make a reasonable estimate of the expected financial effect that will result from ultimate resolution of the proceeding. In those cases, the Company has disclosed information with respect to the nature of the contingency. The Company has not accrued a reserve (other than legal fees) for the potential outcome of these cases. In the cases in which quantifiable indemnities, fines or penalties have been assessed, the Company has indicated the amount of such indemnity, fine or penalty, or the amount of provision accrued, which is the estimate of the probable loss. In a limited number of ongoing cases, the Company is able to make a reasonable estimate of the expected loss or range of possible loss and has accrued a provision for such loss, but management believes that publication of this information on a case-by-case basis would seriously prejudice its position in the ongoing legal proceedings or in any related settlement discussions. Accordingly, in these cases, the Company has disclosed information with respect to the nature of the contingency, but has not disclosed its estimate of the range of potential loss. These assessments can involve a series of complex judgments about future events and can rely heavily on estimates and assumptions. The Company’s assessments are based on estimates and assumptions that have been deemed reasonable by Management. Management believes that the aggregate provisions recorded for these matters are adequate based upon currently available information. However, given the inherent uncertainties related to these cases and in estimating contingent liabilities, the Company could, in the future, incur judgments that have a material adverse effect on its results of operations in any particular period. In addition, in the normal course of business, the Company and its operating subsidiaries may be subject to audits by the authorities in the countries in which they operate. Those audits could result in additional liabilities and payments, including penalties for late payment and interest.

Environmental Provisions

The Company is subject to a broad range of environmental laws and regulations. As of December 31, 2025, the Company had established reserves of €26 million for environmental liabilities (€28 million as of December 31, 2024).

Belgium

In Belgium, there is an environmental provision of €6 million as of 31 December, 2025 (€6 million as of 31 December, 2024), of which most significant elements are legal obligations linked to soil treatment of the sites of Genk and Châtelet. The latest examination in 2015 at the site of Châtelet revealed only limited additional pollution without any consequences from the official instances about possible remediation obligations.

France

In France, there is an environmental provision of €6 million as of 31 December, 2025 (€6 million as of 31 December, 2024), which relates to (i) ground treatment and clean-up of the Company’s Ardoise facility after operations ceased at the site, (ii) the clean-up and mud treatment of few minor production equipments and (iii) the ground clean-up after operations ceased at former Firminy facility.

Brazil

In Brazil, violation of an environmental regulation may result in fines, imprisonment, interruption of the Company’s activities, cancellation of tax incentives and credit lines with governmental financial entities and dissolution of the corporate entity, in addition to the obligation to repair or to indemnify for damages caused to the environment and third parties.

United States of America

In the Unites States of America, there is an environmental provision of €14 million as of December 31, 2025 (€16 million as of December 31, 2024), which relates to probable obligations from environmental pollution on some ELG US's sites. Changes in environmental laws or regulations, or in the interpretation thereof, or in the administrative procedures and policies adopted under current environmental laws and regulations, could require the Company to invest in additional resources in environmental compliance and the renewal of its licenses, and could therefore adversely affect it.
175 Annual Report 2025 Additionally, non-compliance with or violation of any such laws and regulations could result in the revocation of the Company’s licenses and suspension of its activities or in its responsibility for environmental remediation costs, which could be substantial. The Company cannot assure that its expenses relating to compliance with applicable environmental regulations will not be significant or that it will be able to renew its licenses in a timely manner, or at all.Vacating and demolition provisions

For ELG sites located in France, Germany and The Netherlands there is a provision of €6 million as of December 31, 2025 (€7 million as of December 31, 2024), which relates to the demolition and clean-up costs of the facilities and grounds after operations ceased at the sites due to contractual obligations. The present value of the expected costs is immediately accrued in full and corresponds at inception to a corresponding increase in the cost of the asset concerned in property, plant and equipment.

Tax Claims

Set out below is a summary description of the tax claims (i) in respect of which Aperam had recorded a provision as of December 31, 2025, (ii) that constitute a contingent liability, or (iii) that were resolved in 2025, in each case involving amounts deemed material by Aperam. The Company is vigorously defending against each of the pending claims discussed below. As of December 31, 2025, the Company has established reserves in the aggregate of approximately €8 million for those of the claims as to which the criteria for provisioning were met (€8 million as of December 31, 2024).

• On December 19, 2025, Aperam South America received a tax assessment regarding ICMS related to the years 2021-2024. The Tax Authority understood that the Company has unduly appropriated ICMS credits over intermediate goods (refractories).The current amount under discussion is R$167.7 million (€28.3 million). On January 20, 2026, the Company presented its defense and is waiting for a decision at the first administrative level.
• On December 19, 2025, Aperam South America received a tax assessment regarding ICMS related to the years 2021-2024. The Tax Authority understood that the Company has unduly appropriated ICMS credits over intermediate goods (components and parts). The current amount under discussion is R$121.6 million (€20.5 million). On January 20, 2026, the Company presented its defense and is waiting for a decision at the first administrative level.
• In November 2025, Aperam South America received the Tax Assessment issued to charge Corporate Income Tax (“IRPJ”), Social Contribution on Net Profit (“CSLL”), interest and an penalty (75%), due to (i) the disallowance of expenses related to the payment/crediting of Interest on Equity (“JCP”) to the Company’s shareholders in tax year 2021, and (ii) the alleged excess offsetting of tax losses and negative CSLL tax base amounts (“PF/BCN”) in tax years 2021 and 2022. The Federal Revenue Service (RFB) maintains that the company should not have deducted Interest on Equity (“JCP”) accumulated from prior years as an expense when calculating Corporate Income Tax (IRPJ) and Social Contribution on Net Profit (CSLL) for the 2021 tax year. The current amount under discussion is R$1.2 billion (€202 million).The Company filed a writ of mandamus in order to suspend its enforceability regarding the Interest on Equity discussion (item i above). On December 12, 2025, a first level decision was issued in favor of the company, confirming the preliminary injunction and recognizing Aperam’s right to consider as expenses the payment/crediting of Interest on Equity (“JCP”) to the company’s shareholders in the calculation of the “IRPJ” and “CSLL” in 2021. The Federal Government filed an appeal and the company is waiting for a decision. The part of the Tax Assessment related to the alleged excess offsetting of tax losses and negative CSLL tax base is under administrative dispute.
• On May 09, 2025, Aperam South America received a tax assessment regarding COFINS. The Tax Authority understood that the company claimed more COFINS credits than it was entitled to and, for this reason, disallowed part of the compensations made, demanding the payment of the amounts that were offset using these credits. The current amount under discussion is R$191.3 million (€32.2 million). On December 26, 2025, a partially favorable decision was issued, resulting in a partial reduction of R$3.4 million (€ 569K). The Company filed an appeal on January 22, 2026 to contest the remaining debts and is waiting for a decision at the second administrative level.
• On December 11, 2023, ASA received a tax assessment regarding the year 2019 related to the alleged underpayment of contributions to PIS and COFINS. In accordance with the tax authority, the utilization of those credits by ASA was undue, mainly because they were calculated over goods that are not considered to be inputs according to the legislation. The current amount under discussion is R$29.7 million (€5 million). On December 11, 2023, the Company presented its defense and is waiting for a decision at the first administrative level.
• On July 15, 2024, Aperam South America received a tax assessment related to PIS. The Tax Authority understood that the Company claimed more PIS credits than it was entitled to and, for this reason, disallowed part of the 176 Annual Report 2025 compensations made, demanding the payment of the amounts that were offset using these credits. The current amount under discussion is R$54.9 million (€9.3 million). The Company presented its defense on August 13, 2024. On February 13, 2026, the Company obtained a partially favorable decision at the first administrative level. The specific amount of the reduction is currently being quantified. The remaining debt will be contested and discussed in the second administrative instance.
• On December 20, 2024, Aperam South America received a tax assessment regarding ICMS related to the year 2020. The Tax Authority understood that the Company had unduly appropriated ICMS credits over intermediate goods (refractories) and has paid less tax due to that. The current amount under discussion is R$38 million (€6.4 million). The Company presented its defense on January 21, 2025 and received an unfavorable decision on July 23, 2025. The Company presented an appeal. On September 19, 2025, the case was judged by the second administrative instance unfavourably to the company and was brought to the judicial level on October 01, 2025. The case is pending at the first judicial level.
• On December 20, 2024, Aperam South America received a tax assessment regarding ICMS related to the year 2020. The Tax Authority understood that the Company has unduly appropriated ICMS credits over intermediate goods (components and parts). The current amount under discussion is R$30 million (€5.1 million). The Company presented its defense on January 21, 2025 and received an unfavorable decision on November 28, 2025. On December 12, 2025, Aperam filed an appeal. The case is pending at the second administrative level.
• On December 1, 2023, Aperam South America received a tax assessment regarding ICMS related to the year 2019. The Tax Authority understood that the Company had unduly appropriated ICMS credits over intermediate goods (refractories). On December 9, 2024, Aperam filed an appeal. On March 19, 2025, the case was judged by the second administrative instance unfavourably to the company. On August 21, 2025, the State of Minas Gerais filed a unified Tax Enforcement Action, consolidating other cases, including the 2018 ICMS tax assessment reported below. Due to the joining of several lawsuits, the current contingency amount of the tax enforcement combining both cases and other smaller ones is R$113.3 million (€ 19.1 million). On September 29, 2025, the Company filed its defense and awaits a ruling. The case is pending at the first judicial level.
• On December 5, 2022, Aperam South America received a tax assessment regarding ICMS related to the year 2018. The Tax Authority understood that the Company has unduly appropriated ICMS credits over intermediate goods (refractories) and has paid less tax due to that. Aperam presented its defense on January 9, 2023, and received a partially favorable decision on March 13, 2023. The Company presented an appeal. On December 21, 2023, the case was judged by the second administrative instance unfavourably to the company. On August 21, 2025, the State of Minas Gerais filed a unified Tax Enforcement Action, consolidating other cases, including the 2019 ICMS tax assessment reported above. Due to the joining of several lawsuits, the current contingency amount of the tax enforcement combining both cases and other smaller ones is R$113.3 million (€ 19.1 million). On September 29, 2025, the Company filed its defense and awaits a ruling. The case is pending at the first judicial second administrative level.
• On October 26, 2020, Aperam South America received a tax assessment related to the underpayment of PIS and COFINS (regarding to the year 2018). The Tax Authority disregarded credits used by the Company to offset the debts it declared. The company presented its defense on November 24, 2020, and received a partially favorable decision on July 23, 2021. Aperam presented its appeal on August 23, 2021, and, on November 11th, 2024, the case was partially ruled in favour of the Company, resulting in a reduction of approximately R$63.1 million (€2.3 million). On November 25th, 2024, the company filed an appeal to contest the portion of the judgment that was decided unfavourably to the company. The current amount under discussion is R$2.7 million (€460 K). The case is pending at the second administrative level.
• On December 3, 2018, Aperam South America received a tax assessment related to PIS/COFINS for the year 2014. The current total amount claimed is R$33.6 million (€5.8 million). The company presented its defense on January 3, 2019. On June 7, 2019, the Company obtained a partially favorable decision at first administrative instance. In July 2019, the company filed an appeal. The case is pending at the second administrative level.• On March 31, 2017, Aperam South America received a tax assessment related to the tax benefit taken in 2012 from the goodwill generated by the acquisition of the minority shares following the delisting of the Company that occurred in 2008. The current total amount claimed is R$83.8 million (€14.1 million). The company obtained unfavourable decisions on the first and second administrative instances. The company appealed to the Special Court in 2019. On October 18, 2024, the Company received the decision dismissing Aperam’s appeal. On November 14, 2024, the Company filed a motion for clarification. The case is pending at the third administrative level. 177 Annual Report 2025

• On May 19, 2015, Aperam South America received tax assessments related to the years 2010 and 2011, regarding social contributions. The current total amount claimed is R$30.7 million (€5.2 million). The Federal Revenue understood that the company should have paid social contribution and an additional related to the Working Environment Risk that allows a special retirement after 25 years of work. The case closed unfavourably to the company at the administrative instance and was brought to the judicial level on July 24, 2017. The case is pending at the first judicial level.

• On July 23, 2014, Aperam South America received a tax assessment related to the tax benefit taken in 2010 and 2011 from the goodwill generated by the acquisition of the minority shares following the delisting of the Company that occurred in 2008. The total amount claimed by the Federal Revenue Service was R$170.3 million (€ 28.7 million). On July 1, 2016, the Company received an unfavourable decision that it appealed on July 29, 2016. On June 8, 2018, the Administrative Tax Court (Appeal) issued a partially favorable decision to the Company. In January 2020, authorities filed their appeal on the remaining contingencies. The Company counter-argued it and presented its appeal. On October 18, 2024, the Company received the decision dismissing Aperam’s appeal. On November 14, 2024, the Company filed a motion for clarification, which was dismissed on August 29, 2025 On August 29, 2025, the Company was notified about the decision that dismissed the motion for clarification. The discussion closed at the administrative level with a reduction in the amounts that are still pending formalization by the Federal Revenue. Aperam will bring the case to the judicial instance.

• On July 11, 2014, Aperam South America received two tax assessments for social contributions paid in relation to the 2009 and 2010 “Profit Sharing Programme” for a current total amount of R$73.8 million (€12.4 million). The case closed at the administrative level partially in favour of the company and Aperam brought the case to the judicial level in November 2020. On August 25, 2021, the company filed a petition informing adherence to the PLR Amnesty (related to non-employee directors) allowing it to reduce the claimed amount. On May 10th, 2024, the Federal Union filed a petition informing the approval of the PLR Amnesty. The case is pending at the first judicial instance.

• On June 24, 2014, Aperam BioEnergia received a tax assessment from the Federal Revenue Service related to corporate income tax (“IRPJ” and “CSLL”) due to the disallowance of previous tax loss compensation made by the Company in 2011. The current amount under discussion is R$123.5 million (€20.8 million). The case closed at the administrative level partially in favour of the Company, reducing approximately 25% of the original amount related to Income Tax (IRPJ) and 14% of the original amount related to Contribution on Profit (CSLL). The case was brought to the judicial level in November 2022 for part of the initial claim (R$69.1 million, € 11.6 million) and is pending at the first judicial instance.

• On December 20, 2013, Aperam South America received a tax assessment from Federal Revenue in the current total amount of R$528.5 million (€ 89.1 million). This assessment contained two parts for the years 2008 and 2009:
◦ The tax authorities required that the profits of Acesita Imports & Exports Ltda be added to Aperam South America‘s tax basis,
◦ The tax authorities disregarded the goodwill generated by the acquisition by Arcelor Aços Especiais do Brasil (“AAEB”) of the minority shareholding of Aperam South America at the time of its delisting in 2008.

• In January 2014 the Company presented its defense and in June 2016, an unfavourable decision was issued by the first administrative level. The company filed an appeal on July 22, 2016. In February 2018, the Administrative Tax Court (appeal) decision was partially favorable to the Company. In October 2018, the Company filed a special appeal. In November 2020, such an appeal was partially accepted. On October 18, 2024, the Company received the decision dismissing Aperam’s appeal. On November 14, 2024, the Company filed a motion for clarification which was denied on August 7, 2025. The Company is currently awaiting formal notification of the decision. The case is pending at the third administrative level.

• On December 14, 2011, the Federal Revenue issued tax assessments against Aperam South America considering that the Company did not pay several social contributions due on payments made to employees under the Profit Sharing Programme. Following the administrative proceedings, the Company brought the cases to the judicial level. They are pending at the first judicial level. The current total amount under discussion is R$143.2 million (€24.1 million).

• On June 26, 2007, Aperam South America brought the discussion about social contributions and bonus payments to the judicial level. The total amount claimed by the Federal Union is R$32.2 million (€5.4 million). On June 20, 2012, the first Judicial Court decision was favorable to the Company but the Federal Union appealed the decision in May 2013. The case is pending at the second judicial level. 178 Annual Report 2025

• On December 21, 2005, Aperam South America was assessed by the Federal Revenue about its calculation of PIS and COFINS. The Administrative level closed partially in favour of the Company and the amount claimed was reduced to the current amount of R$80.4 million (€13.5 million). The case was brought to the judicial level in 2014. The case is pending at the first judicial level.

Other Litigations and Claims

The Company is presently involved in a number of legal disputes, the most significant of which are set out below. As of December 31, 2025, the Company has established reserves in the aggregate of approximately €29 million for those of the claims as to which the criteria for provisioning were met (€26 as of December 31, 2024).

Brazil

• On April 1, 2004, a sanctioning administrative process with the Central Bank was brought against Aperam South America based on alleged irregular exchange operations utilised by it in the purchase and sale of treasury bills. On March 22, 2007, Aperam South America was assessed with a current fine of R$70.5 million (€11.9 million). The Company brought the case before the Judicial Court in 2012. On February 6, 2014, the first judicial instance decision was not favourable to the Company. On February 21, 2014 the Company appealed to the Judicial Court. On May 28, 2025, the Court judged the appeal and upheld the decision that had denied Aperam’s claims. On June 13, 2025, Aperam filed a motion for clarification, which was rejected on September 19, 2025, resulting in an unfavorable ruling at the second judicial instance. On October 17, 2025, Aperam filed special appeals to the Brazilian Superior Courts (STF and STJ). The Special Appeal to the Superior Court of Justice (STJ) has been admitted for judgment, while the Extraordinary Appeal to the Supreme Court (STF) was denied admission. The Company will file an interlocutory appeal against the denial of the extraordinary appeal and is waiting for decisions.

• In July 2023, Mr. Silvano Pereira de Azevedo filed a civil lawsuit against Aperam South America, seeking the cancellation of the geo-referencing registered by Aperam South America in June 2014 at the Land Registry Office of Turmalina/MG and a fine of R$33 million (€5.5 million) for alleged judicial disobedience and usurpation. In its defense, Aperam South America demonstrated compliance with the court order and argued that there was no harm to the plaintiff or restriction on the regular use of the property. Additionally, it contended that any applicable fine should be reduced, as the property covers approximately 36 ha and is valued at R$400 thousands, making it unreasonable for the penalty to exceed this amount. The case is pending at the first judicial level.

NOTE 29: EMPLOYEES AND KEY MANAGEMENT PERSONNEL

The total annual compensation of Aperam’s permanent employees was as follows:
(in millions of euros)
| | 2025 | 2024 |
| :--- | ---: | ---: |
| Wages and salaries | 671 | 628 |
| Pension cost | 8 | 8 |
| Other staff costs | 94 | 101 |
| Total | 773 | 737 |

During 2025 and 2024, Aperam employed 12,700 and 11,700 persons on average, respectively.

The total annual compensation of Aperam’s key management personnel, including its Board of Directors, was as follows:
(in millions of euros)
| | 2025 | 2024 |
| :--- | ---: | ---: |
| Base salary | 4 | 4 |
| Directors' fees | 1 | 1 |
| Short-term performance-related bonus | 4 | 2 |
| Post-employments benefits (1) | — | — |
| Share based compensation | 5 | 4 |
179 Annual Report 2025

Note: (1) Post-employments benefits for Aperam’s key management personnel were below €1 million for the years ending December 31, 2025 and December 31, 2024

As of December 31, 2025 and 2024, the Company did not have any outstanding loans or advances to members of Aperam’s Board of Directors or key management personnel and had not given any guarantees for the benefit of any member of Aperam’s Board of Directors or key management personnel.# NOTE 30: LIST OF SIGNIFICANT SUBSIDIARIES AS OF DECEMBER 31, 2025

The following table provides an overview of the Company’s principal (1) operating subsidiaries(2), all of which are integrated in full consolidation by the Company, according to the principles defined in Note 1:

Name of subsidiary	Country of incorporation	% Interest
Alloys & Specialties
Aperam Alloys Imphy S.A.S.U.	France	100%
Aperam Alloys Rescal S.A.S.U.	France	100%
Aperam Alloys India Private Ltd	India	100%
Dunkirk Specialty Steel LLC	USA	100%
North Jackson Specialty Steel LLC	USA	100%
Universal Stainless & Alloy Products Inc	USA	100%
Recycling & Renewables
ASB Recycling N.V.	Belgium	100%
Aperam Bioenergìa Ltda.	Brazil	100%
Bahia Minas BioEnergia Ltda.	Brazil	49%
FERINOX S.A.S.U.	France	100%
Recyco S.A.S.U.	France	100%
Eisenlegierungen Handelsgesellschaft mbH	Germany	100%
Iberinox Recycling Plus S.L.	Spain	100%
ELG Metals Taiwan Corp.	Taiwan	100%
ELG Metals Ltd.	UK	100%
ELG Utica Alloys Ltd.	UK	100%
ELG Metals Inc.	USA	100%
ELG Utica Alloys Holding Corp.	USA	100%
ELG Utica Alloys Inc.	USA	100%
ELG Utica Alloys (Hartford) Inc.	USA	100%
Services & Solutions
Aperam Stainless Services & Solutions Argentina S.A.	Argentina	100%
Aperam Stainless Services & Solutions Brazil Ltda.	Brazil	100%
Aperam Stainless Services & Solutions Tubes Czech Republic s.r.o.	Czech Republic	100%
Aperam Stainless Services & Solutions France S.A.S.U.	France	100%
Aperam Stainless Services & Solutions Germany GmbH	Germany	100%
Aperam Stainless Services & Solutions Italy S.r.l.	Italy	100%
Aperam Stainless Services & Solutions Luxembourg S.A.	Luxembourg	100%
Aperam Stainless Services & Solutions Poland S.p. z o.o.	Poland	100%
Aperam Stainless Services & Solutions Iberica S.L.	Spain	100%
Aperam Stainless Services & Solutions USA, LLC	USA	100%
Stainless & Electrical Steel
Aperam Stainless Belgium N.V.	Belgium	100%
Haven Genk N.V.	Belgium	50%
Aperam South America S.A.	Brazil	100%
Aperam Stainless Europe S.A.S.U.	France	100%
Aperam Stainless France S.A.S.U.	France	100%
Aperam Stainless Precision S.A.S.U.	France	100%

(1) By Company’s principal operating subsidiaries, we consider subsidiaries that meet at least one of the two following criteria: External sales of at least €40 million for the year 2025 or Property, plant & equipment of at least €5 million as of December 31, 2025.

(2) In 2025, we had no legal entity, sales offices nor sales in / purchases from: Afghanistan, Belarus, Cuba, Guinea-Bissau, Iran, Iraq, North Korea, Libya, Myanmar, Somalia, Sudan/South Sudan, Syria, Donetsk, Kherson, Luhansk and Zaporizhzhia Regions of Ukraine nor Yemen.

180 Annual Report 2025

NOTE 31: INDEPENDENT AUDITOR FEES

PricewaterhouseCoopers, société coopérative, acted as independent auditor for the audit of the Consolidated Financial Statements and the Parent Company Annual Accounts for the year ending December 31, 2025 and 2024. Set forth below is a breakdown of fees for services rendered in 2025 and 2024.

Audit Fees. Audit fees in 2025 and 2024 were €2.6 million and €2.4 million, respectively.

Audit-Related Fees. Audit-related fees in 2025 and 2024 were €0.7 million and €0.4 million, respectively. The audit- related fees consists principally of issuance of certifications and sustainability report.

Tax Fees. Fees relating to tax planning, advice and compliance in 2025 and 2024 were €0.1 million and €0.1 million, respectively.

All other fees. Fees in 2025 and 2024 for all other services were €0.1 million and €0.1 million, respectively. All other fees relate to services not included in the first three categories.

The Audit, Risk and Sustainability Committee has reviewed and approved all of the audit, audit-related, tax and other services provided by the independent auditor in 2025 and 2024 within its scope, prior to commencement of the engagements. The Audit, Risk and Sustainability Committee pre-approves all permissible non-audit service engagements rendered by the independent auditor. The Audit, Risk and Sustainability Committee has delegated pre-approval powers on a case-by-case basis to the Audit, Risk and Sustainability Committee Chairperson, for instances where the Committee is not in session and the preapproved services are reviewed in the subsequent Committee meeting.

181 Annual Report 2025

Auditor’s report on the consolidated financial statements

Audit report

To the Shareholders of Aperam S.A.
24-26, Boulevard d’Avranches
L-1160 Luxembourg

Report on the Audit of the Consolidated Financial Statements

Our opinion

In our opinion, the accompanying consolidated financial statements give a true and fair view of the consolidated financial position of Aperam S.A. (the “Company”) and its subsidiaries (together, the “Group”) as at 31 December 2025, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the European Union. Our opinion is consistent with our additional report to the Company’s Audit, Risk and Sustainability Committee.

What we have audited

The Group’s consolidated financial statements comprise:
* the consolidated statement of financial position as at 31 December 2025;
* the consolidated statement of operations for the year then ended;
* the consolidated statement of comprehensive income/(loss) for the year then ended;
* the consolidated statement of changes in equity for the year then ended;
* the consolidated statement of cash flows for the year then ended; and
* the notes to the consolidated financial statements, including material accounting policy information and other explanatory information.

Basis for opinion

We conducted our audit in accordance with the EU Regulation No 537/2014, the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the EU Regulation No 537/2014, the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the consolidated financial statements” section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Group in accordance with the International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics Standards Board for Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the consolidated financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements. To the best of our knowledge and belief, we declare that we have not provided non-audit services that are prohibited under Article 5(1) of the EU Regulation No 537/2014. The non-audit services that we have provided to the Company and its controlled undertakings, if applicable, for the year then ended, are disclosed in Note 31 to the consolidated financial statements.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matter

How our audit addressed the key audit matter

Valuation of goodwill

The consolidated statement of the financial position includes goodwill of EUR 464 million as of 31 December 2025, which represents approximately 7.5% of the Group’s total assets. Management performs an annual goodwill impairment test and calculates a recoverable amount for each group of cash generating units (“GCGUs”) or cash generating units (“CGUs”) to which goodwill is allocated. The recoverable amounts of the GCGUs and CGUs were determined using discounted cash flow models. The key assumptions with the most significant impact on the cash flow forecasts were the discount rates, the terminal growth rates, the material margins, the expected volume of shipments and the fixed and variable costs. This matter and the related disclosures reflect a particular significance to our audit and given the significant Management’s judgment, complexity of the discounted cash-flow models and magnitude of the amounts involved, we considered this to be a key audit matter.

182 Annual Report 2025

NOTE 32: SUBSEQUENT EVENTS

On February 6, 2026, the Company announced that the Board of Directors, during its meeting held on February 4, 2026, proposed to maintain its base dividend at €2.00 per share, subject to shareholders approval at the May 5, 2026 Annual General Meeting.

181 Annual Report 2025◦ We considered the appropriateness of the disclosures in Note 2 (“Summary of material accounting policies, critical accounting judgments and change in accounting estimates”) and Note 13 (“Goodwill and intangible assets”) to the consolidated financial statements.

183 Annual Report 2025

Key audit matter

How our audit addressed the key audit matter

Recognition and recoverability of the deferred tax assets arising from the tax losses carried forward and other tax benefits

As of 31 December 2025, the Group has recognized deferred tax assets of EUR 534 million arising from tax losses carried forward and other tax benefits. The recognition and the recoverability of deferred tax assets arising from the tax losses carried forward and other tax benefits depend on the application and interpretation of local tax laws and regulations, and the ability to generate future taxable profits. The assessment of the likelihood of future taxable profits, which are based on budget and business plans, requires significant Management’s judgment. The fact that the Group’s subsidiaries are located in various tax jurisdictions with, in some cases, changing environments, makes the determination of these Management’s estimates even more complex. We determined this to be a key audit matter due to the importance of Management’s judgment in the recognition of deferred tax assets and the significance of tax losses carried forward and other tax benefits in various tax jurisdictions.

184 Annual Report 2025

Key audit matter

How our audit addressed the key audit matter

Accounting for the acquisition of Universal Stainless and Alloy Products, Inc. (“Universal”)

On 23 January 2025, the Group completed the acquisition of Universal for a total consideration of EUR 415 million (the “Transaction”). The Transaction has been accounted for as a business combination in accordance with IFRS 3 “Business Combinations”, which requires significant Management’s judgements in determining the fair value of identifiable assets acquired and of liabilities assumed. Given the significant Management’s judgements involved in the accounting of the Transaction and the measurement of the fair value of the identifiable assets acquired and liabilities assumed, we considered this to be a key audit matter.

Other information

The Board of Directors is responsible for the other information. The other information comprises the information stated in the Annual Report including the Management report, the Corporate Governance Statement and the Sustainability Information but does not include the consolidated financial statements and our audit report thereon. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors and Those Charged with Governance for the consolidated financial statements

The Board of Directors is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards as adopted by the European Union, and for such internal control as the Board of Directors determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group’s financial reporting process. The Board of Directors is responsible for presenting and marking up the consolidated financial statements in compliance with the requirements set out in the Delegated Regulation 2019/815 on European Single Electronic Format (ESEF Regulation).

185 Annual Report 2025

Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the consolidated financial statements

The objectives of our audit are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the EU Regulation No 537/2014, the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with the EU Regulation No 537/2014, the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control;
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors;
• conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audit report. However, future events or conditions may cause the Group to cease to continue as a going concern;
• evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation;
• plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities and business units within the Group as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit.We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate to them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our audit report unless law or regulation precludes public disclosure about the matter. We assess whether the consolidated financial statements have been prepared, in all material respects, in compliance with the requirements laid down in the ESEF Regulation.

186 Annual Report 2025

Report on other legal and regulatory requirements

The Management report is consistent with the consolidated financial statements and has been prepared in accordance with applicable legal requirements. The Corporate Governance Statement is included in the Management report. The information required by Article 68ter Paragraph (1) Letters c) and d) of the Law of 19 December 2002 on the commercial and companies register and on the accounting records and annual accounts of undertakings, as amended, is consistent with the consolidated financial statements and has been prepared in accordance with applicable legal requirements. We have been appointed as “Réviseur d’Entreprises Agréé” by the General Meeting of the Shareholders on 6 May 2025 and the duration of our uninterrupted engagement, including previous renewals and reappointments, is 5 years. We have checked the compliance of the consolidated financial statements of the Group as at 31 December 2025 with relevant statutory requirements set out in the ESEF Regulation that are applicable to consolidated financial statements. For the Group it relates to the requirement that:
* the consolidated financial statements are prepared in a valid XHTML format;
* the XBRL markup of the consolidated financial statements uses the core taxonomy and the common rules on markups specified in the ESEF Regulation.

In our opinion, the consolidated financial statements of the Group as at 31 December 2025 have been prepared, in all material respects, in compliance with the requirements laid down in the ESEF Regulation.

Luxembourg, 24 March 2026

PricewaterhouseCoopers Assurance, Société coopérative

Represented by Gilles Vanderweyen

187 Annual Report 2025

Aperam Société Anonyme

Annual accounts as of and for the year ending 31 December 2025

Aperam S.A.
24-26, Boulevard d'Avranches
L-1160 Luxembourg
R.C.S. Luxembourg B 155.908

This version of the annual accounts has been prepared based on the ESEF version, which is the only authoritative one.

188 Annual Report 2025

Paneum – Wunderkammer des Brotes (Asten, Austria) by COOP HIMMELB(L)AU © Markus Pilhofer. Executed in Aperam 316L / 1.4404 grade stainless steel with a Uginox Mat surface finish.

189 Annual Report 2025

Balance Sheet

Aperam, Société Anonyme (in thousands of euros)

	December 31, 2025	December 31, 2024
Assets
C. Fixed assets	5,570,007	4,532,321
I. Intangible assets	Note 3	1,509
2.a) Concessions, patents, licences, trademarks and similar rights and assets, if they were acquired for valuable consideration		622
4. Payments on account and intangible assets under development		887
III. Financial assets	Note 4	5,568,498
1. Shares in affiliated undertakings		4,292,489
2. Loans to affiliated undertakings		1,275,969
6. Other loans		40
D. Current assets		169,807
II. Debtors		147,148
2.a) Amounts owed by affiliated undertakings becoming due and payable within one year	Note 5	145,946
4.a) Other debtors becoming due and payable within one year		1,202
III. Investments		22,659
2. Own shares	Note 6	22,659
IV. Cash at bank and in hand		—
E. Prepayments	Note 7	2,579
Total assets		5,742,393

The accompanying notes are an integral part of these annual accounts.

190 Annual Report 2025

Balance Sheet

Aperam, Société Anonyme (in thousands of Euros)

	December 31, 2025	December 31, 2024
Capital, reserves and liabilities
A. Capital and reserves	Note 8	4,356,932
I. Subscribed capital		383,487
II. Share premium account		986,442
IV. Reserves		79,025
1. Legal reserve		56,366
2. Reserve for own shares		22,659
V. Profit brought forward		2,853,280
VI. Profit or loss for the financial year		54,698
C. Creditors	Note 9	1,385,308
1. Debenture loans		460,856
b) Non convertible loans		460,856
i) becoming due and payable within one year	Note 10	60,856
ii) becoming due and payable after more than one year	Note 11	400,000
2. Amounts owed to credits institutions	Note 12	718,045
a) becoming due and payable within one year		140,834
b) becoming due and payable after more than one year		577,211
6. Amounts owed to affiliated undertakings		184,642
a) becoming due and payable within one year	Note 13	184,642
8. Other creditors		21,765
a) Tax authorities		3,418
b) Social security authorities		309
c.i) Other creditors becoming due and payable within one year	Note 14	18,038
D. Deferred income		153
Total capital, reserves and liabilities		5,742,393

The accompanying notes are an integral part of these annual accounts.

191 Annual Report 2025

Profit and Loss account

Aperam, Société Anonyme (in thousands of euros)

	Year ending December 31, 2025	Year ending December 31, 2024
4. Other operating income	Note 15	100,568
5. b) Other external expenses	Note 16	(86,621)
6. Staff costs		(15,179)
a) Wages and salaries		(13,020)
b) Social security costs		(812)
i) relating to pensions		(580)
ii) other social security costs		(232)
c) Other staff costs		(1,347)
7. Value adjustments		(571)
a) In respect of formation expenses and of tangible and intangible fixed assets	Note 3	(571)
8. Other operating expenses		(140)
9. Income from participating interests	Note 17	166,866
a) Derived from affiliated undertakings		166,866
10. Income from other investments and loans forming part of the fixed assets		55,094
a) Derived from affiliated undertakings		55,094
11. Other interest receivable and similar income	Note 18	16,804
a) Derived from affiliated undertakings		14,934
b) Other interest and similar income		1,870
13. Value adjustments in respect of financial assets and of investments held as current assets	Note 4	(161,000)
14. Interest payable and similar expenses	Note 18	(49,228)
a) Concerning affiliated undertakings		(4,245)
b) Other interest and similar expenses		(44,983)
15. Tax on profit or loss	Note 19	30,149
16. Profit or loss after taxation		56,742
17. Other taxes not shown under items 4 to 16		(2,044)
18. Profit or loss for the financial year		54,698

The accompanying notes are an integral part of these annual accounts.

192 Annual Report 2025

NOTE 1 – GENERAL INFORMATION

Aperam S.A. (“the Company”) was incorporated as a “Société Anonyme ” under Luxembourg law on September 9, 2010 for an unlimited period. The Company has its registered office in 24-26, boulevard d’Avranches, L-1160 Luxembourg and is registered at the Register of Trade and Commerce of Luxembourg under the number B155.908. The financial year of the Company starts on January 1 and ends on December 31 each year. The corporate purpose of the Company is the manufacture, processing and marketing of stainless steel, stainless steel products and all other metallurgical products, as well as all products and materials used in their manufacture, their processing and their marketing, and all industrial and commercial activities connected directly or indirectly with those objects, including mining and research activities and the creation, acquisition, holding, exploitation and sale of patents, licences, know-how and, more generally, intellectual and industrial property rights. The Company may perform and carry out its corporate purpose either directly or through the creation of companies, the acquisition, holding or acquisition of interests in any companies or partnerships, membership in any associations, consortia and joint ventures. In general, the Company’s corporate purpose comprises the participation, in any form, in companies and partnerships, and the acquisition by purchase, subscription or in any other manner as well as the transfer by sale, exchange or in any other manner of shares, bonds, debt securities, warrants and other securities and instruments of any kind. The Company may grant assistance of any kind (including financial assistance) to any affiliated company and take any measure for the control and supervision of such companies. In general it may carry out any commercial, financial or industrial activity, operation or transaction which it considers to be directly or indirectly necessary or useful in order to achieve or further its corporate purpose. The Company controls directly and indirectly 94 subsidiaries. In conformity with the requirements of Luxembourg laws and regulations, the Company publishes consolidated financial statements in accordance with IFRS Accounting Standards as adopted in the European Union.The consolidated financial statements as of and for the year ending December 31, 2025 are available at Aperam Headquarters, 24-26, boulevard d’Avranches, L-1160 Luxembourg, Grand-Duchy of Luxembourg.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 – Basis of preparation

These annual accounts, corresponding to the standalone financial statements of the parent company, Aperam S.A., have been prepared in accordance with generally accepted accounting principles and in accordance with the laws and regulations in force in the Grand-Duchy of Luxembourg. They comply in particular with the amended law of December 19, 2002, under the historical cost convention.

2.2 – Significant accounting policies

The Company maintains its accounting records in euros (‘EUR’ or ‘EURO’) and the annual accounts are prepared in this currency. Unless otherwise stated, all amounts in the annual accounts are stated in thousands of euros. The main valuation rules applied by the Company are the following:

Intangible assets

Intangible assets are carried at acquisition cost, less accumulated depreciation and value adjustments when a permanent diminution in value is identified. A reversal of a value adjustment is recorded if the reasons for which the value adjustment was made have ceased to apply. Intangible assets are amortised on a linear basis over five years.

Financial assets

Shares in affiliated undertakings and investments held as fixed assets are recorded at acquisition cost including the expenses incidental thereto. At the end of each accounting period, shares in affiliated undertakings are subject to an impairment review performed by comparing the carrying amount of the shares in affiliated undertakings to the pro-rata of the net equity of the related affiliated undertakings. In cases where the pro-rata of the net equity of an affiliated undertaking is below the carrying amount of the shares in affiliated undertakings, value in use or similar valuation is performed. Where a permanent diminution in value is identified, this diminution is recorded in the profit and loss account as a value adjustment.

Loans to affiliated undertakings and other loans are recorded in the balance sheet at their nominal value. At the end of each accounting period, value adjustments are recorded on loans which appear to be partly or wholly irrecoverable. A reversal of the value adjustments is recorded to the extent the factors, which caused its initial recording, have ceased to exist.

Debtors

Debtors are recorded in the balance sheet at their nominal value. At the end of each accounting period, value adjustments are recorded on debtors which appear to be partly or wholly irrecoverable. These value adjustments are not continued if the reasons for which the value adjustments were made have ceased to apply.

Own shares

Own shares are recorded at acquisition cost including the expenses incidental thereto. At the end of each accounting period, value adjustments are recorded on own shares which appear to be partly or wholly irrecoverable. These value adjustments are not continued if the reasons for which the value adjustments were made have ceased to apply.

Prepayments

This asset item includes expenditures incurred during the financial year but relating to a subsequent financial year.

Derivative financial instruments

The Company may enter into derivative financial instruments to manage its exposure to fluctuations in interest and foreign exchange rates. Unrealised gains and losses are recognised so as to offset unrealised gains and losses with respect to the underlying hedged items in the balance sheet.

Foreign currency translation

The following principles are applied to items denominated in a currency other than the EUR:
* Loans to affiliated undertakings are translated at historical exchange rates or at the exchange rate effective at the balance sheet date if unrealised exchange losses exist. Differences in the exchange rates leading to an unrealised loss are recorded in the profit and loss for the year. A reversal of the unrealised loss is recorded to the extent the factors, which caused its initial recording, have ceased to exist.
* Cash at bank is translated at the exchange rate effective at the balance sheet date. Exchange losses and gains are recorded in the profit and loss account of the year.
* Other assets and liabilities are translated separately respectively at the lower or at the higher of the value converted at the historical exchange rate or the value determined on the basis of the exchange rates effective at the balance sheet date. Solely the unrealised exchange losses are recorded in the profit and loss account. The exchange gains are recorded in the profit and loss account at the moment of their realisation.
* Profit and loss items are translated at the exchange rate prevailing at the transaction date.
* Off balance sheet commitments are disclosed based upon the exchange rate effective at the balance sheet date.

Provisions

Provisions are intended to cover losses or debts, the nature of which is clearly defined and which, at the date of the balance sheet, are either likely to be incurred or certain to be incurred but uncertain as to their amount or the date on which they will arise.

Liabilities

Liabilities are recorded in the balance sheet at their reimbursement value.

Deferred income

This liability item includes income received during the financial year but relating to a subsequent financial year.

194 Annual Report 2025

NOTE 3 – INTANGIBLE ASSETS

Intangible assets mainly include some licenses on IT systems. The movements for the year are as follows:

(in thousands of euros)

	Concessions, patents, licenses, trademarks and similar rights and assets, if they were acquired for valuable consideration	Payments on account and intangible assets under development	Total as of December 31, 2025
Gross book value
Opening balance	26,391	—	26,391
Additions	—	887	887
Closing balance	26,391	887	27,278
Accumulated value adjustments
Opening balance	(25,198)	—	(25,198)
Additions	(571)	—	(571)
Closing balance	(25,769)	—	(25,769)
Net book value
Opening balance	1,193	—	1,193
Closing balance	622	887	1,509

195 Annual Report 2025

NOTE 4 – FINANCIAL ASSETS

The movements for the year are as follows:

(in thousands of euros)

	Shares in affiliated undertakings	Loans to affiliated undertakings	Other loans	Total as of December 31, 2025
Gross book value
Opening balance	4,411,108	517,445	40	4,928,593
Additions	439,846	781,356	—	1,221,202
Disposals	—	(22,184)	—	(22,184)
Foreign exchange differences	—	(648)	—	(648)
Closing balance	4,850,954	1,275,969	40	6,126,963
Accumulated value adjustments
Opening balance	(397,465)	—	—	(397,465)
Additions	(161,000)	—	—	(161,000)
Closing balance	(558,465)	—	—	(558,465)
Net book value
Opening balance	4,013,643	517,445	40	4,531,128
Closing balance	4,292,489	1,275,969	40	5,568,498

4.1. – Shares in affiliated undertakings

(in thousands of euros)

Name of undertaking	Registered office	Percentage of capital held (%) as of December 31, 2025	Result for 2025 (1) (2)	Capital and reserves (including result for 2025) (1) (2)	Carrying amount as of December 31, 2025	Carrying amount as of December 31, 2024
Aperam Stainless Holdco S.à r.l.	Luxembourg	100.00	77,996	3,730,337	3,730,347	3,730,347
Aperam Alloys HoldCo S.à r.l.	Luxembourg	100.00	(6)	253,003	253,012	12
ACE Holdco S.à r.l.	Luxembourg	100.00	56,586	218,588	162,000	162,000
Aperam Stainless Services & Solutions Germany GmbH	Germany	25.00	(86,115)	46,548	71,392	55,092
Aperam Holdco Services & Solutions S.à r.l.	Luxembourg	100.00	(20,025)	32,129	52,157	44,997
Corea S.A.	Luxembourg	100.00	5,752	27,476	10,976	10,976
Aperam Brand Services S.à r.l.	Luxembourg	100.00	12,101	6,963	5,187	5,187
Aperam Stainless Services & Solutions Italy S.r.l.	Italy	25.00	(7,948)	3,370	4,386	2,750
Aperam Stainless Services & Solutions Iberica S.L.	Spain	25.00	(3,274)	1,591	2,975	2,225
Aperam Treasury S.C.A	Luxembourg	100.00	(165,948)	2,614	31	31
Other	Various	—	n/a	n/a	26	26
				Total	4,292,489	4,013,643

Notes:
(1) In accordance with the unaudited IFRS reporting packages. Unaudited IFRS reporting package relates to financial information used for the preparation of the consolidated financial statements of Aperam Group.
(2) Result for 2025 and Capital and reserves (including result for 2025) are based on an ownership of 100%.

196 Annual Report 2025

Description of the main changes during the year

On January 21, 2025, the Company made a cash contribution to the share premium account of Aperam Alloys HoldCo S.à r.l. for a total consideration of €240,000 thousands.

On October 28, 2025, the Company made a cash contribution to the share premium account of Aperam Stainless Services & Solutions Iberica S.L. for a total consideration of €750 thousands.

On October 28, 2025, the Company made a cash contribution to the share premium account of Aperam Stainless Services & Solutions Italy S.r.l. for a total consideration of €1,636 thousands.

On November 28, 2025, the Company made a cash contribution to the share premium account of Aperam HoldCo Services & Solutions S.à r.l. for a total consideration of €7,160 thousands.

On December 31, 2025, the Company made a cash contribution to the share premium account of Aperam Stainless Services & Solutions Germany GmbH for a total consideration of €16,300 thousands.

On December 31, 2025, the Company made a cash contribution to the share premium account of Aperam Treasury S.C.A. for a total consideration of €161,000 thousands.

On December 31, 2025, in order for the Company to reorganise its shareholding structure in the United States:
* Aperam Stainless HoldCo S.à r.l.repaid, via the distribution of profit brought forward and / or share premium, 100% of the shares it held in Aperam Stainless Services & Solutions USA, LLC to the Company at fair market value of zero euros;
* Aperam Stainless Services & Solutions Germany GmbH repaid, via the distribution of profit brought forward and / or share premium, 25% of the shares it held in ELG Metals US Holding Corp to the Company at fair market value of zero euros;
* ACE HoldCo S.à r.l. repaid, via the distribution of profit brought forward and / or share premium, 75% of the shares it held in ELG Metals US Holding Corp to the Company at fair market value of zero euros;
* Aperam Stainless Services & Solutions Germany GmbH repaid, via the distribution of profit brought forward and / or share premium, 25% of the shares it held in ELG Utica Alloys Holding Corp to the Company at fair market value of zero euros;
* ACE HoldCo S.à r.l. repaid, via the distribution of profit brought forward and / or share premium, 75% of the shares it held in ELG Utica Alloys Holding Corp to the Company at fair market value of zero euros;
* the Company contributed to Aperam Alloys HoldCo S.à r.l., 100% of the shares it owns in Aperam Stainless Services & Solutions USA, LLC, without any issuance of additional shares, at fair market value of zero euros;
* the Company contributed to Aperam Alloys HoldCo S.à r.l., 100% of the shares it owns in ELG Metals US Holding Corp, without any issuance of additional shares, at fair market value of zero euros;
* the Company contributed to Aperam Alloys HoldCo S.à r.l., 100% of the shares it owns in ELG Utica Alloys Holding Corp, without any issuance of additional shares, at fair market value of €13,000 thousands;

On December 31, 2025, the Board of Directors has reviewed the carrying value of the shares in affiliated undertakings of the Company and considered that there has been a decrease in the value of the shares held in Aperam Treasury S.C.A. Therefore, a value adjustment of €161,000 thousands has been recorded. No reversal of past accumulated value adjustments has been recorded.

197 Annual Report 2025

4.2 – Loans to affiliated undertakings (in thousands of euros, unless otherwise stated)

Currency	Amount in original currency as of December 31, 2025	December 31, 2025	December 31, 2024
Aperam Treasury S.C.A. EUR	1,026,000	1,026,000	326,000
Aperam Treasury S.C.A. BRL	1,390,000	215,589	169,262
Aperam Treasury S.C.A. GBP	30,000	34,380	—
Aperam Treasury S.C.A. PLN	—	—	22,183
Total		1,275,969	517,445

Description of the main changes during the year

Loans in BRL

On November 30, 2021, the Company signed an Export Prepayment Agreement (“the Facility#1”) with Aperam Treasury S.C.A. for a total amount of BRL 900,000 thousands with maturity December 1, 2032. The Facility#1 bears an interest rate of 11.9%. As of December 31, 2025 and 2024, the Facility#1 was fully drawn.

On April 12, 2023, the Company signed an Export Prepayment Agreement (“the Facility#2”) with Aperam Treasury S.C.A. for a total amount of BRL 2,700,000 thousands with maturity April 11, 2033. The Facility#2 bears an interest rate of 11.9%. On December 17, 2025, Aperam Treasury S.C.A. drew an amount of BRL 300,000 thousands (€46,513 thousands) from this Facility. As of December 31, 2025 and 2024, amounts of BRL 490,000 thousands (€75,999 thousands) and BRL 190,000 thousands (€29,504 thousands) were drawn under the Facility.

Loans in EUR

On January 2, 2024, Aperam HoldCo S.à r.l. distributed in kind from its share premium to the Company an amount of €1,096,000 thousands representing the fair market value of a loan portfolio receivable from Aperam Treasury S.C.A. On April 1 and June 20, 2024, amounts of €400,000 thousands and €370,000 thousands have been transferred into amounts owed by affiliated undertakings becoming due and payable within one year and have been repaid in 2025. The outstanding amount as of December 31, 2025 and 2024 was €326,000 thousands.

On April 1, 2025, the Company signed a Credit Facility Agreement with Aperam Treasury S.C.A. for a total amount of €650,000 thousands with maturity April 1, 2030. The Credit Facility bears an interest rate of 4.78%. On April 1, 2025 and June 20, 2025, Aperam Treasury S.C.A. drew amounts of €400,000 thousands and €250,000 thousands from this Credit Facility. As of December 31, 2025, the Credit Facility was fully drawn.

On May 2, 2025, the Company signed a Credit Facility Agreement with Aperam Treasury S.C.A. for a total amount of €50,000 thousands with maturity May 2, 2028. The Credit Facility bears an interest rate of 4.25%. As of December 31, 2025, the Credit Facility was fully drawn.

Loan in GBP

On August 14, 2025, the Company signed a Credit Facility Agreement with Aperam Treasury S.C.A. for a total amount of GBP 30,000 thousands (€34,843 thousands) with maturity August 14, 2028. The Credit Facility bears an interest rate of 5.33%. As of December 31, 2025, the Credit Facility was fully drawn.

Loan in PLN

On September 1, 2021, the Company signed a Credit Facility Agreement with Aperam Treasury S.C.A. for a total amount of PLN 100,000 thousands (€22,184 thousands) with maturity July 29, 2026. The Credit Facility bears an interest rate of 5.02%. The full outstanding amount of this Credit Facility of €22,184 thousands was early repaid on April 29, 2025.

All other movements during the year were due to foreign exchange differences.

198 Annual Report 2025

NOTE 5 – AMOUNTS OWED BY AFFILIATED UNDERTAKINGS BECOMING DUE AND PAYABLE WITHIN ONE YEAR (in thousands of euros)

	December 31, 2025	December 31, 2024
Loans to affiliated undertakings - current	—	770,000
Amounts receivable on corporate services	107,601	99,635
Accrued interests	35,620	10,915
Amounts receivable on tax integration	2,681	1,033
Derivative financial current asset	44	—
Total	145,946	881,583

Description of the main changes during the year

Amounts owed by affiliated undertakings becoming due and payable within one year decreased by €735,637 thousands during the year to €145,946 thousands as of December 31, 2025. This variance is mainly explained by:
* a decrease of €770,000 thousands of the loans to affiliated undertakings - current due to repayment at maturity by Aperam Treasury S.C.A. on April 1, 2025 and June 20, 2025 of credit facility amounts of €400,000 thousands and €370,000 thousands, partly offset by:
* an increase in accrued interest by €24,705 thousands,
* an increase in amounts receivable on corporate services charged by the Company to its subsidiaries by €7,966 thousands,
* an increase in amounts receivable on tax integration by €1,648 thousands, and
* an increase in the positive mark-to-market on interest rate derivatives with Aperam Treasury S.C.A. by €44 thousands.

NOTE 6 – OWN SHARES

On December 31, 2024, the Company had 895,263 own shares for a total book value of €24,348 thousands. During the year 2025, 52,356 own shares (64,894 shares, net of 12,538 shares retained for tax purposes) have been given to certain employees of the Company to serve the PSU and RSU Plans 2022. On December 31, 2025, the Company had 842,907 own shares for a total book value of €22,659 thousands.

NOTE 7 – PREPAYMENTS

As of December 31, 2025, prepayments amounted to €2,579 thousands (€1,584 thousands as of December 31, 2024) and were mainly related to prepaid charges on supplier invoices received and upfront fees paid on undrawn portion of loan agreements.

199 Annual Report 2025

NOTE 8 – CAPITAL AND RESERVES (in thousands of euros)

	Number of shares (1)	Subscribed capital	Share premium account	Legal reserve	Reserve for own shares	Profit brought forward	Profit or loss for the financial year	Total
Balance as of December 31, 2024	73,184,570	383,487	986,442	56,366	24,348	3,688,332	(691,612)	4,447,363
Allocation of net result	—	—	—	—	—	(691,612)	691,612	—
Directors’ fees (Note 22)	—	—	—	—	—	(550)	—	(550)
Dividend	—	—	—	—	—	(144,579)	—	(144,579)
Profit for the financial year	—	—	—	—	—	—	54,698	54,698
Net change in reserve for own shares	—	—	—	—	(1,689)	1,689	—	—
Balance as of December 31, 2025	73,184,570	383,487	986,442	56,366	22,659	2,853,280	54,698	4,356,932

Note: (1) Number of shares denominated in units.

8.1. Authorized share capital

As of December 31, 2025 and 2024, the total authorised share capital (including its issued share capital) was €434,700 thousands represented by 82,957,953 shares without nominal value.

8.2. Subscribed capital and share premium account

As of December 31, 2025 and 2024, the subscribed capital amounted to €383,487 thousands and was divided into 73,184,570 shares without par value and fully paid up. To the knowledge of the Board of Directors, the shareholding may be specified as follows:

	December 31, 2025	December 31, 2024
Significant Shareholder (1)	40.33%	40.33%
Treasury shares (2)	1.15%	1.22%
Other public shareholders	58.52%	58.45%
Total	100.00%	100.00%

Notes:
(1) Please refer to the share capital section of the Management Report for the definition of the term "Significant shareholder”.
(2) Treasury shares of 1.15% and 1.22% as of December 31, 2025 and December 31, 2024 includes 842,907 and 895,263 shares, respectively, held by Aperam S.A. (Note 6).

8.3. Legal reserve

In accordance with Luxembourg Company Law, the Company is required to transfer a minimum of 5% of its net profits for each financial year to a legal reserve. This requirement ceases to be necessary once the balance of the legal reserve reaches 10% of the subscribed capital. The legal reserve is not available for distribution to the shareholders. As of December 31, 2025, the legal reserve is fully constituted.

8.4.Reserve for own shares The Board of Directors shall request the upcoming General Meeting of Shareholders to approve the transfer of €1,689 thousands from the reserve for own shares in order to increase the profit brought forward and to align the non distributable reserve to an amount equivalent to the carrying value (Note 6) of its own shares in accordance with Luxembourg Company Law.

200 Annual Report 2025

NOTE 9 – MATURITY OF CREDITORS
(in thousands of Euros)

	December 31, 2025	December 31, 2024
	Up to 1 year	From 1 to 5 years
Non convertible debenture loans	60,856	363,000
Amounts owed to credit institutions	140,834	492,949
Amounts owed to affiliated undertakings	184,642	—
Other creditors	21,765	—
Total	408,097	855,949

NOTE 10 – NON CONVERTIBLE DEBENTURE LOANS BECOMING DUE AND PAYABLE WITHIN ONE YEAR
€190,000 thousands

Schuldscheindarlehen
On September 24, 2019, Aperam successfully priced an inaugural €190,000 thousands multi-tranches Schuldscheindarlehen (debt instrument governed by the laws of the Federal Republic of Germany) with maturities at 4, 5, 6 and 7 years. On the back of a very positive investor perception and significantly oversubscribed orderbook, Aperam was able to upsize the deal volume from the initially announced volume of €100,000 thousands to ultimately €190,000 thousands. The Company was able to price all tranches at the tight end of the announced spread ranges. Aperam took advantage of the very constructive market to secure attractive conditions and successfully diversify its creditors base. The Loan contains a financial covenant, specifically a maximum consolidated total debt of 90% of consolidated tangible net worth. On December 31, 2025, and December 31, 2024 this financial covenant was fully complied with. On December 31, 2025, an amount of €10,000 thousands was outstanding under this Schuldscheindarlehen (€40,000 thousands on December 31, 2024).

Commercial paper programme
On July 10, 2018, Aperam received confirmation from Banque de France, as foreseen by art. D.213-2 of “Code monétaire et financier” of the French law, that the conditions as described in the financial documentation of its programme of NEU commercial paper for a maximum outstanding amount of €200,000 thousands, fulfill the requirements of law. On June 11, 2024, the size of the programme has been increased by €50,000 thousands to reach a new maximum outstanding amount of €250,000 thousands. On December 31, 2025, an amount of €51,000 thousands was drawn under the Aperam NEU commercial paper programme (€145,000 thousands on December 31, 2024).

NOTE 11 – NON CONVERTIBLE DEBENTURE LOANS BECOMING DUE AND PAYABLE AFTER MORE THAN ONE YEAR
€400,000 thousands

Schuldscheindarlehen
On October 14, 2025, Aperam signed a €400,000 thousands multi-tranches Schuldscheindarlehen (debt instrument governed by the laws of the Federal Republic of Germany) structured as a private placement with institutional investors. The transaction includes several tranches with maturities of 3, 5 and 7 years and became effective on October 16, 2025. This financing was executed as part of Aperam’s long-term refinancing strategy. The loan documentation includes a financial covenant requiring that consolidated total debt does not exceed 90% of consolidated tangible net worth. As at 31 December 2025, this covenant was fully complied with. On December 31, 2025, an amount of €400,000 thousands was outstanding under this Schuldscheindarlehen.

NOTE 12 – AMOUNTS OWED TO CREDIT INSTITUTIONS
€500,000 thousands Bridge Credit Facility
On October 25, 2024, Aperam entered into a bridge term facility agreement (hereinafter, “Facility”) of €500,000 thousands with a syndicate of five core relationship banks. The Facility has a maturity of 12 months and two options of extension by 6 months. The purpose of this agreement was to finance the acquisition of Universal Stainless & Alloy Products Inc. and its related fees, costs and expenses but also the refinancing of existing financial indebtedness of Universal. In October 2025, the Facility was fully reimbursed. On 31 December, 2024 the Facility was fully undrawn.

€300,000 thousands Fixed Rate Term facility
On February 11, 2022, Aperam announced having entered into a 6-year sustainably linked amortising fixed rate term facility of €300,000 thousands with a syndicate of 10 banks (“The Loan”). The Loan is dedicated to the refinancing of maturing debts of ELG. The pricing of this financing contract is linked to two strategic commitments of the Company being firstly to become a best-in-class stainless steel manufacturer in terms of Health & Safety by constantly outperforming its industrial average in terms of Health & Safety metrics and to maintain its leadership in low carbon steel-making by setting an ambitious decarbonisation trajectory. The Loan was fully drawn as of December 31, 2025 and December 31, 2024.

€250,000 thousands loan with International Finance Corporation
On March 19, 2025 the International Finance Corporation (IFC), a member of the World Bank Group, and Aperam announced having signed on February 14, 2025, a financing package of €250,000 thousands which includes up to €150,000 thousands from IFC’s own account and up to €100,000 thousands in mobilized funds from other lenders. The financing supports Aperam’s decarbonisation efforts through the production of sustainably-produced charcoal, a renewable fuel for steel manufacturing (instead of commonly used coke). It also aligns with IFC's broader strategy to promote the sustainability of the steel industry. This funding will bolster the sustainable forest management programme of Aperam BioEnergia, Aperam's forestry and renewable energy subsidiary in Brazil. The transaction includes several tranches with maturities between 2026 and 2033. On December 31, 2025, an amount of €187,500 thousands was drawn under the IFC loan.

€240,000 thousands Term loan
On August 8, 2025, Aperam signed a sustainability-linked term facility agreement with Industrial and Commercial Bank of China (ICBC) and a syndicate of Chinese banking partners based in Luxembourg, for an initial committed amount of €210,000 thousands. The facility is structured as a term loan incorporating sustainability-linked features and was entered into to support Aperam’s overall refinancing strategy and general corporate purposes. The transaction includes several tranches with maturities between 2028 and 2030. On October 8, 2025, it was agreed to increase the total amount of the facility from €210,000 thousands, to €240,000 thousands. As of December 31, 2025, €100,000 thousands were drawn under the Facility.

€225,000 thousands EIB loans
On June 27, 2016, Aperam and the European Investment Bank (EIB) announced the signing of a financing contract in the amount of €50,000 thousands, which will be dedicated to financing a research and development programme over the 2016-2019 period, as well as an upgrade of two plants located in cohesion regions in France & Belgium (Isbergues, Hauts-de-France and Châtelet, Hainaut respectively). This project was funded under the Investment Plan for Europe, also known as the "Juncker Plan”. The financing contract, which is senior unsecured, was entirely drawn down on October 16, 2018, with a final maturity date of October 16, 2028.

On February 25, 2019, the Company announced the signature of a financing contract where the EIB will make available to Aperam an amount of €100,000 thousands. The purpose of this contract is the financing of ongoing investments in the cold rolling and annealing & pickling lines at Aperam’s Genk plant (Belgium), as well as the Company’s ongoing modernisation programmes in the cohesion regions of Hauts-de-France (France) - Isbergues plant, and Hainaut (Belgium) - Châtelet plant. The financing contract, which is senior unsecured, was entirely drawn down on March 15, 2019, with a final maturity date of March 15, 2029.

On September 30, 2020, Aperam strengthened its liquidity profile with the signature of a top-up financing contract where the EIB will make available to Aperam an amount of €75,000 thousands, in addition to the outstanding loan of €100,000 thousands, in relation to the financing of advanced stainless steel manufacturing technologies. This top up facility of €75,000 thousands was fully drawn on October 8, 2021, with a final maturity date of October 25, 2031.

202 Annual Report 2025

On December 31, 2025, an amount of €122,917 thousands was outstanding under EIB loans (€150,347 thousands on December 31, 2024).

€200,000 thousands Unsecured revolving credit facility
On September 26, 2023, Aperam entered into a 3+1 years sustainably linked senior unsecured revolving credit facility (“The Facility”) of €200,000 thousands with a syndicate of 7 banks. The Facility is for the repayment of amounts outstanding under the existing financial indebtedness, together with any breakage costs and other costs and expenses payable in connection with such repayment and for general corporate purposes. On September 9, 2024, Aperam confirmed the extension of the maturity of the Facility by one year, until September 22, 2027. On December 31, 2025, the Facility was fully undrawn. On December 31, 2024 an amount of €20,000 thousands was drawn under the Facility.

Covenant
All above facilities contain a financial covenant being a maximum consolidated total debt of 90% of consolidated tangible net worth. On December 31, 2025 and December 31, 2024, this financial covenant was fully complied with.# NOTE 13 – AMOUNTS OWED TO AFFILIATED UNDERTAKINGS BECOMING DUE AND PAYABLE WITHIN ONE YEAR
(in thousands of euros)

	December 31, 2025	December 31, 2024
Liabilities under cash pooling arrangements	136,647	281,857
Amounts payable on corporate services	31,645	27,648
Amount payable on equity contribution	16,300	—
Amounts payable on tax integration	50	226
Derivative financial current liabilities	—	1,184
Accrued interests	—	32
Total	184,642	310,947

Description of the main changes during the year

Amounts owed to affiliated undertakings becoming due and payable within one year decreased by €126,305 thousands during the year to €184,642 thousands as of December 31, 2025. This variance is mainly explained by:
* a decrease in the balance of liabilities under cash pooling arrangement with Aperam Treasury S.C.A. by €145,210 thousands, partly offset by:
* an amount payable as a cash contribution to the equity of Aperam Stainless Services & Solutions Germany GmbH for €16,300 thousands (Note 4), and
* an increase in amounts payable on corporate services charged to the Company by its subsidiaries by €3,997 thousands.

NOTE 14 – OTHER CREDITORS BECOMING DUE AND PAYABLE WITHIN ONE YEAR

As of December 31, 2025, other creditors becoming due and payable within one year amounted to €18,038 thousands (€22,740 thousands as of December 31, 2024) and were mainly related to supplier invoices received.

Balances of the Company with related parties outside the Group amounted to €1,121 thousands as of December 31, 2025 (€3,370 thousands as of December 31, 2024).

NOTE 15 – OTHER OPERATING INCOME

Other operating income of €100,568 thousands in 2025 (€91,335 thousands in 2024), mainly corresponds to corporate service fees, E-commerce fees and income related to information technology, procurement and Research and Development services provided to Group companies.

203 Annual Report 2025

NOTE 16 – OTHER EXTERNAL EXPENSES

Other external expenses of €86,621 thousands in 2025 (€83,647 thousands in 2024) mainly relate to staff, research and development and information technology costs invoiced by affiliated undertakings before being further re-invoiced to affiliated undertakings. Transactions of the Company with related parties outside the Group amounted to €1,410 thousands in 2024 (€4,926 thousands in 2024).

NOTE 17 – INCOME FROM PARTICIPATING INTERESTS

Income from participating interests of €166,866 thousands in 2025 and €24,219 thousands in 2024 includes annual and interim dividends received from affiliated undertakings for €153,866 thousands in 2025 and €24,219 thousands in 2024 as per table below:

(in thousands of euros)

	December 31, 2025	December 31, 2024
Aperam Stainless HoldCo S.à r.l.	78,000	—
ACE HoldCo S.à r.l.	49,529	—
Aperam Alloys HoldCo S.à r.l.	13,000	—
Aperam Brand Services S.à r.l.	12,243	21,706
Aperam Stainless Services & Solutions Germany GmbH	10,000	—
Aperam Treasury S.C.A.	4,092	2,511
Aperam Sourcing S.C.A.	2	2
Total	166,866	24,219

In 2025, the Company also realized a capital gain of €13,000 thousands on the contribution of 100% of the shares it owned in ELG Utica Alloys Holding Corp to Aperam Alloys HoldCo S.à r.l. (Note 4.1)

204 Annual Report 2025

NOTE 18 – INTEREST PAYABLE / RECEIVABLE AND SIMILAR EXPENSES / INCOME

(in thousands of euros)

	Year ending December 31, 2025	Year ending December 31, 2024
	Expenses	Income
Interests payable/receivable concerning affiliated undertakings	(2,858)	12,746
Effects of foreign exchange	(1,387)	2,022
Loss on disposal of shares in affiliated undertakings	—	—
Other income with affiliated undertakings	—	—
Total interests derived from affiliated undertakings	(4,245)	14,934
Interests in respect of debenture loans	(5,470)	—
Interests in respect of credit institutions	(38,516)	—
Effects of foreign exchange	(997)	1,870
Other	—	—
Total other interests and similar expenses	(44,983)	1,870
Total interests payable / receivable and similar expenses / income	(49,228)	16,804

Interests in respect of debenture loans relate to:
* Upfront fees on the €400,000 thousands Schuldscheindarlehen in 2025, and
* Interest expenses on the €400,000 thousands and €190,000 thousands Schuldscheindarlehen and commercial papers (Notes 10 and 11).

Interests in respect of credit institutions mainly relate to:
* Upfront fees on the €250,000 thousands loan with IFC and €240,000 thousands Term Loan in 2025 and €500,000 thousands bridge credit facility (in 2024) (Note 12),
* Interest expenses on EIB loans, Fixed Rate term facility, Term loan, loan with IFC and Unsecured Revolving Credit Facilities (Note 12), and
* Commitment fees related to both the €500,000 thousands and €200,000 thousands unsecured revolving credit facilities (Note 20).

NOTE 19 – TAX ON PROFIT OR LOSS

The Company is the head of the Luxembourg tax group which includes other subsidiaries located in Luxembourg and as such is fully liable for the tax liability of the tax group. Each of the entities included in the tax group is liable towards the Company for the amount of tax computed on its individual taxable profit. For 2025, the amount charged by the Company to affiliated undertakings amounted to €31,194 thousands (2024: €28,355 thousands).

Historically, the Company has not paid income tax due to the existence of tax losses carried forward of the tax group. The tax group has €1,706,817 thousands of tax losses carried forward available as of December 31, 2025, which could lead to a potential deferred tax asset of €407,417 thousands at a tax rate of 23.87%. The portion of the aforementioned losses that have been generated as from tax year 2017 (approximately €1,292,524 thousands) expire after seventeen years following the tax year in which the losses arose. The tax losses generated by the tax group prior to 2017 have no expiration dates. The utilisation of the aforementioned losses against potential future taxable profit is subject to review by the Luxembourg tax authorities under the usual statute of limitation rules that is 5 years for corporate income tax as from 1 January following the end of the fiscal year (with potential extension up to 10 years under certain conditions). The existence of the tax losses carried forward remains therefore uncertain (at least) until the end of the fifth fiscal year after the fiscal year in which they are used. The Company belongs to the Aperam Group that is within the scope of the OECD Pillar Two model rules ("Pillar Two"). Pillar Two legislation was enacted in Luxembourg and comes into effect for fiscal years starting on or after December 31, 2023.

205 Annual Report 2025

As of December 31, 2025, there is, based on our current understanding of the rules, the limited practical experience as well as the limited administrative guidance from OECD and Luxembourg tax administration, a potential liability in respect of China of €21 thousands (December 31, 2024: €374 thousands) The amount of withholding tax on corporate services with affiliated undertakings amounts to €1,045 thousands (2024: €946 thousands).

NOTE 20 – COMMITMENTS AND CONTINGENCIES

Commitments given
(in thousands of euros)

	December 31, 2025	December 31, 2024
Guarantees given relating to credit facilities (1)	1,702	1,925
Other commitments (2)	54,984	45,519
Total	56,686	47,444

Notes:
(1) The Company has given guarantees for certain credit facilities contracted by Aperam subsidiaries.
(2) Other commitments refer to guarantees given by the Company on behalf of Aperam subsidiaries for various obligations (other than debt) and renting obligations related to Aperam headquarters.

The Company is jointly and severally liable for the following entities:
* Aperam Sourcing S.C.A.
* Aperam Treasury S.C.A.

Available credit line facilities

€500,000 thousands Unsecured Revolving Credit Facility
On February 11, 2022, Aperam announced having entered into a 5+1+1 years sustainably linked senior unsecured revolving credit facility (“The Facility”) of €500 million with a syndicate of 16 banks. Such Facility replaced the senior unsecured revolving credit facility of €300 million signed in June 2017. The Facility is for general corporate purposes. The pricing of this financing contract is linked to two strategic commitments of the Company being firstly to become a best-in-class stainless steel manufacturer in terms of Health & Safety by constantly outperforming its industrial average in terms of Health & Safety metrics and to maintain its leadership in low carbon steel-making by setting an ambitious decarbonisation trajectory. , The Facility contains a financial covenant being a maximum consolidated total debt of 90% of consolidated tangible net worth. On December 31, 2025 and 2024, this financial covenant was fully met. On January 26, 2024, Aperam confirmed the extension of the maturity of the Facility by one year, until February 9, 2029. On December 31, 2025 and December 31, 2024, the Facility was not drawn.

€200,000 thousands Unsecured Revolving Credit Facility
On December 31, 2025, the Facility was fully undrawn (2024: an amount of €180,000 thousands was not drawn under the Facility).

Undrawn portion of loan agreements

€250,000 thousands loan with International Finance Corporation
On December 31, 2025, an amount of €62,500 thousands was undrawn under the IFC loan.

€240,000 thousands 2025 Term loan
As of December 31, 2025, an amount of €140,000 thousands was undrawn under the Facility.

€150,000 thousands Guaranteed loan
On October 28, 2025, Aperam finalized a loan agreement backed by a guarantee of up to €150,000 thousands from Gigarant NV, a Special Purpose Vehicle of the Flemish Government managed by PMV (“ParticipatieMaatschappij Vlaanderen”). The guarantee facilitated a loan from a consortium of ING, KBC and Belfius, supporting Aperam Genk’s continued development and reinforcing its role as a cornerstone of Flemish manufacturing.The transaction includes 206 Annual Report 2025 several tranches with maturities of 3, 4, and 5 years. These maturities will shift if the loan is extended by 1 year, and again if a second extension of 1 year is issued. On December 31, 2025 the Facility was fully undrawn.

Commercial paper programme

On December 31, 2025, an amount of €199,000 thousands was not drawn under the Aperam NEU commercial paper programme (€105,000 thousands on December 31, 2024).

Contingencies

The Company has no contingency as of December 31, 2025.

Share Unit Plans

On April 30, 2024, the annual general meeting of shareholders authorised the Board of Directors to issue, during the period between the 2024 and the 2025 annual general meeting, to key employees of Aperam a maximum of 400,000 of the Company's shares for grants under the Leadership Team PSU Plan and other grants below the Leadership Team level. In June 2024, a total of 141,176 PSUs and 103,600 RSUs were granted to a total of 39 employees and 101 employees at a fair value of €27.52 per share (out of which 113,626 PSUs were for the 10 Members of the Leadership Team).

On May 6, 2025, the annual general meeting of shareholders authorised the Board of Directors to issue, during the period between the 2025 and the 2026 annual general meeting, to key employees of Aperam a maximum of 600,000 of the Company's shares for grants under the Leadership Team PSU Plan and other grants below the Leadership Team level.

In June 2025:
* a total of 140,736 PSUs and 129,760 RSUs were granted to a total of 37 employees and 101 employees at a fair value of €28.10 per share (out of which 111,476 PSUs were for the 9 Members of the Leadership Team).
* a total of 37,191 PSUs and 49,102 RSUs were granted, under the specific Universal LTI plan, to a total of 9 employees and 40 employees at a fair value of 26.00 USD per share.

NOTE 21 – STAFF

The Company employed an average of 66 full time equivalent employees during the financial year (58 full-time equivalents during the previous year).

NOTE 22 – DIRECTORS’ REMUNERATION

The Company’s Board of Directors members are entitled to a total remuneration of €550 thousands for the year ending December 31, 2025 (€550 thousands for the year ending December 31, 2024). Please refer to Note 8.

As of December 31, 2025 and 2024, the Company did not have any outstanding loans or advances to members of Aperam’s Board of Directors or key management personnel and had not given any guarantees for the benefit of any member of Aperam’s Board of Directors or key management personnel.

NOTE 23 – SUBSEQUENT EVENTS

On February 6, 2026, the Company announced that the Board of Directors, during its meeting held on February 4, 2026, proposed to maintain its base dividend at €2.00 per share, subject to shareholders approval at the May 5, 2026 Annual General Meeting.

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Auditor’s report on the annual accounts

Audit report

To the Shareholders of Aperam S.A
24-26, Boulevard d’Avranches
L-1160 Luxembourg

Report on the Audit of the Annual Accounts

Our opinion

In our opinion, the accompanying annual accounts give a true and fair view of the financial position of Aperam S.A. (the “Company”) as at 31 December 2025, and of the results of its operations for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the annual accounts.

Our opinion is consistent with our additional report to the Company’s Audit, Risk and Sustainability Committee.

What we have audited

The Company’s annual accounts comprise:
* the balance sheet as at 31 December 2025;
* the profit and loss account for the year then ended; and
* the notes to the annual accounts, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with the EU Regulation No 537/2014, the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the EU Regulation No 537/2014, the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the annual accounts” section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Company in accordance with the International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics Standards Board for Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the annual accounts. We have fulfilled our other ethical responsibilities under those ethical requirements.

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To the best of our knowledge and belief, we declare that we have not provided non-audit services that are prohibited under Article 5(1) of the EU Regulation No 537/2014. The non-audit services that we have provided to the Company and its controlled undertakings, if applicable, for the year then ended, are disclosed in Note 31 to the Company’s consolidated financial statements.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the annual accounts of the current period. These matters were addressed in the context of our audit of the annual accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matter

How our audit addressed the key audit matter

Valuation of the shares in affiliated undertakings and recoverability of receivables from affiliated undertakings

Investments in shares in affiliated undertakings and receivables from affiliated undertakings (including loans to and amounts owed by affiliated undertakings) amount to EUR 5,714,404 thousand or approximately 99% of the Company’s total assets as at 31 December 2025. The shares in affiliated undertakings are initially recorded at acquisition cost, including the expenses incidental thereto. At the end of each accounting period, shares in affiliated undertakings are subject to an impairment review. Where a permanent diminution in value is identified, this diminution is recorded in the profit and loss account as a value adjustment. Receivables from affiliated undertakings are recorded in the balance sheet at their nominal value. At the end of each accounting period, value adjustments are recorded on these assets which appear to be partly or wholly irrecoverable. The valuation of the shares in affiliated undertakings and recoverability of receivables from affiliated undertakings is a key audit matter due to the inherent complexity and judgment in the estimate of their values and their significance as at 31 December 2025.

Other information

The Board of Directors is responsible for the other information. The other information comprises the information stated in the Annual Report including the Management report, the Corporate Governance Statement and the Sustainability Information but does not include the annual accounts and our audit report thereon.

Our opinion on the annual accounts does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the annual accounts, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the annual accounts or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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Responsibilities of the Board of Directors and Those Charged with Governance for the annual accounts

The Board of Directors is responsible for the preparation and fair presentation of the annual accounts in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the annual accounts, and for such internal control as the Board of Directors determines is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error.In preparing the annual accounts, the Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company’s financial reporting process. The Board of Directors is responsible for presenting the annual accounts in compliance with the requirements set out in the Delegated Regulation 2019/815 on European Single Electronic Format (“ESEF Regulation”).

Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the annual accounts

The objectives of our audit are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the EU Regulation No 537/2014, the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts.

As part of an audit in accordance with the EU Regulation No 537/2014, the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
* identify and assess the risks of material misstatement of the annual accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
* obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control;
* evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors;
* conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the related disclosures in the annual accounts or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audit report. However, future events or conditions may cause the Company to cease to continue as a going concern;
* evaluate the overall presentation, structure and content of the annual accounts, including the disclosures, and whether the annual accounts represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate to them all relationships and other matters that may

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reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the annual accounts of the current period and are therefore the key audit matters. We describe these matters in our audit report unless law or regulation precludes public disclosure about the matter. We assess whether the annual accounts have been prepared, in all material respects, in compliance with the requirements laid down in the ESEF Regulation.

Report on other legal and regulatory requirements

The Management Report is consistent with the annual accounts and has been prepared in accordance with applicable legal requirements. The Corporate Governance Statement is included in the Management report. The information required by Article 68ter Paragraph (1) Letters c) and d) of the Law of 19 December 2002 on the commercial and companies register and on the accounting records and annual accounts of undertakings, as amended, is consistent with the annual accounts and has been prepared in accordance with applicable legal requirements. We have been appointed as “Réviseur d’Entreprises Agréé” by the General Meeting of the Shareholders on 6 May 2025 and the duration of our uninterrupted engagement, including previous renewals and reappointments, is 5 years. We have checked the compliance of the annual accounts of the Company as at 31 December 2025 with relevant statutory requirements set out in the ESEF Regulation that are applicable to annual accounts. For the Company it relates to the requirement that annual accounts are prepared in a valid XHTML format. In our opinion, the annual accounts of the Company as at 31 December 2025 have been prepared, in all material respects, in compliance with the requirements laid down in the ESEF Regulation.

Luxembourg, 24 March 2026
PricewaterhouseCoopers Assurance, Société coopérative
Represented by Gilles Vanderweyen

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Proposed allocation of the 2025 results

In euros

Item	Amount
Profit for the financial year	54,698,007
Profit brought forward ( Report à nouveau) before transfer from the reserve for own shares	2,851,590,854
Results to be allocated and distributed	2,906,288,861
Transfer from the reserve for own shares	1,689,296
Dividend (1)	(144,683,326)
Directors’ compensation	(550,000)
Profit carried forward	2,762,744,831

Note: (1) To be submitted to shareholders’ approval at the Annual General Meeting of May 5, 2026, and related to the financial period ending December 31, 2025. On the basis of 72,341,663 shares outstanding as of December 31, 2025 (73,184,570 shares in issue, net of 842,907 treasury shares). Dividends are paid quarterly, resulting in a total annualised cash dividend per share of €2.00.

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