Aperam S.A. — Earnings Release 2024

May 3, 2024

• Health and Safety: LTI frequency rate of 1.5x in Q1 2024 compared to 2.1x in Q4 2023
• Shipments of 585 thousand tonnes in Q1 2024, 8% increase compared to shipments of 541 thousand tonnes in Q4 2023
• Adjusted EBITDA of EUR 55 million in Q1 2024, similar to Adjusted EBITDA of EUR 55 million in Q4 2023
• Net loss of EUR (19) million in Q1 2024, compared to net income of EUR 70 million in Q4 2023
• Basic earnings per share of EUR (0.26) in Q1 2024, compared to EUR 0.97 in Q4 2023
• Free cash flow before dividend and share buy-back amounted to EUR (141) million in Q1 2024, compared to EUR 217 million in Q4 2023
• Net financial debt of EUR 674 million as of March 31, 2024, compared to EUR 491 million as of December 31, 2023

(in millions of Euros, unless otherwise stated)	Q1 24	Q4 23	Q1 23
Sales	1,657	1,551	1,876
Operating income / (loss)	(3)	(10)	81
Net income / (loss) attributable to equity holders of the parent	(19)	70	132
Basic earnings per share (EUR)	(0.26)	0.97	1.83
Diluted earnings per share (EUR)	(0.26)	0.96	1.83
Free cash flow before dividend and share buy- back	(141)	217	85
Net Financial Debt (at the end of the period)	674	491	419
Adj. EBITDA	ਦ ਦ	ટ ટ	127
Exceptional items		(11)
EBITDA	55	44	127
Adj. EBITDA/tonne (EUR)	ਰੇ ਕੇ	102	215
EBITDA/tonne (EUR)	94	81	215
Shipments (000t)	285	541	591

(in millions of Euros, unless otherwise stated)	Q1 24	Q4 23	Q1 23
Sales	1,022	1,015	1,233
Adjusted EBITDA	6	(34)	80
Exceptional items		(11)
EBITDA	6	(45)	80
Depreciation & amortization	(27)	(28)	(25)

(In IIImonis of Lurus) unless otherwise stated)	Q1 24	Q4 23	Q1 23
Sales	616	ਦੇ ਤੋਂ ਦੇ	671
EBITDA	15	17	13
Depreciation & amortization	(4)	(4)	(3)
Operating income	11	13	10
Steel shipments (000t)	201	160	180
Average steel selling price (EUR/t)	2,936	3,157	3,603

unless otherwise stated)	Q1 24	Q4 23	Q1 23
Sales	282	242	211
EBITDA	24	19	11
Depreciation & amortization	(3)	(1)	(3)
Operating income	21	18	8
Steel shipments (000t)	11	9	9
Average steel selling price (EUR/t)	25,483	25,000	22,733

EBITDA	18	65	45
Depreciation & amortization	(24)	(20)	(15)
Operating income / (loss)	(6)	45	30
Shipments (000t)	343	337	375
Average selling price (EUR/t)	1,408	1,353	1,499

• On February 15, 2024, Aperam and Metalshub announced a partnership for a Digital Source-to-Contract solution.
• On March 26, 2024, Aperam announced the publication of its Annual Report 2023 (Link).
• On March 29, 2024, Aperam announced the publication of the convening notice for its Annual General Meeting of shareholders to be held on April 30, 2024.
• On April 2, 2024, Aperam BioEnergia kicked off Patch partnership by selling 15,000 metric tons of carbon removal.
• On April 24, 2024, Aperam announced the publication of its sustainability performance report for 2023 called 'made for life' (Link).
• On April 30, 2024, Aperam announced that the Annual General Meeting of Shareholders of Aperam approved all resolutions on the agenda by a large majority.

riludy,	08:00	13:00	14:00
3 May 2024
		1000 COLOR 11

Shareholders' Equity (excluding Trade Payables)	4,967	5,084	5,098
Total Liabilities and
Total Equity	3,390	3,450	3,481
Non-controlling interest	8	8	7
Equity attributable to the equity holders of the parent	3,382	3,442	3,474
Payables)		1,634	1,617
Total Liabilities (excluding Trade	1,577
Other long-term liabilities	ਦਰ	71	74
Deferred tax liabilities	104	115	132
Deferred employee benefits	153	153	138
Long-term debt, net of current portion (A)	563	574	658
Total Current Liabilities (excluding Trade Payables)	633	721	645
Accrued expenses and other current liabilities	370	361	412
Short-term debt and current portion of long- term debt (B)	318	360	233
LIABILITIES AND SHAREHOLDERS' EQUITY
Total Assets (net of Trade Payables)	4,967	5,084	5,098
Other non-current assets	134	131	118
Deferred tax assets	217	213	90
Investments in associates, joint ventures and other	8	8	3
Property, plant and equipment (incl. Biological assets)	2,114	2,111	1,913
Goodwill and intangible assets	449	452	451
Working Capital	2,045	2,169	2,523
Total Current Assets &
Prepaid expenses and other current assets	148	146	179

Sales	1,657	1,551	1,876
Adjusted EBITDA (E = C-D)	55	55	127
Adjusted EBITDA margin (%)	3.3%	3.5%	6.8%
Exceptional items (D)		(11)
EBITDA (C = A-B)	55	ব	127
EBITDA margin (%)	3.3%	2.8%	6.8%
Depreciation & amortization (B)	(28)	(54)	(46)
Operating income / (loss) (A)	(3)	(10)	81
Operating margin (%)	(0.2)%	(0.6%)	4.3%
Results from associates and other investments		(1)
Financing income / (costs), (net)	(16)	(37)	86
Income / (loss) before taxes and non- controlling interests	(19)	(48)	167
Income tax benefit / (expense)	1	118	(35)
Effective tax rate (%)	3.8%	248.7%	20.5%
Net income / (loss) including non- controlling interests	(18)	70	132
Non-controlling interests	(1)
Net income / (loss) attributable to equity holders of the parent	(19)	70	132
Basic earnings per share (EUR)	(0.26)	0.97	1.83
Diluted earnings per share (EUR)	(0.26)	0.96	1.83
Weighted average common shares outstanding (in thousands)	72,249	72,249	72,184
Diluted weighted average common shares outstanding (in thousands)	72,628	72,776	72,525

Interest paid, (net)	(5)	3	(4)
Exceptional items		11
Other operating activities (net)	(23)	(26)	53
Net cash provided by (used in) operating activities (A)	(61)	318	138
Purchase of PPE and intangible assets (CAPEX)	(77)	(93)	(44)
Purchase of biological assets and other investing activities (net)	(3)	(8)	(a)
Net cash used in investing activities (B)	(80)	(101)	(53)
(Payments) / Proceeds from payables to banks and long term debt	(54)	5	(60)
Dividends paid	(36)	(36)	(36)
Other financing activities (net)	(4)	(3)	(3)
Net cash used in financing activities	(94)	(34)	(99)
Effect of exchange rate changes on cash	(1)	(25)	(1)
Change in cash and cash equivalent	(236)	158	(12)
Free cash flow before dividend and share buy- back (C = A+B)	(141)	217	85

	Three Months Ended
Health & Safety Statistics	March 31, 2024	December 31, 2023	September 30, 2023
Frequency Rate	1.5	2.1	1.4

Stainless Total	Quarter
--------------------	---------	--	--	--	--	--	--

n
Shipment (000t)	415	201	11	343	(382)	585
Average selling price (EUR/ t)	2,358	2,936	25,483	1,408		2,832
Financial informatio n (EURm)
Sales	1,022	616	282	483	(746)	1,657
EBITDA	6	15	24	18	(8)	ਦੇ ਦ
Depreciatio n & amortizatio n	(27)	(4)	(3)	(24)		(28)
Operating income / (loss)	(21)	11	21	(6)	(8)	(3)

Quarter Ending December 31, 2023	Stainless & Electrical Steel	Services & Solutions	Alloys & Specialties	Recycling & Renewable S	Others & Eliminatio પડ	Total
Operation al

price (EUR/ t)	2,390	3,157	25,000	1,353		2,867
Financial informatio n (EURm)
Sales	1,015	ટે 3 ટ	242	456	(697)	1,551
Adjusted EBITDA	(34)	17	19	୧୮	(12)	ટર્ડ
Exceptional items	(11)					(11)
EBITDA	(45)	17	19	୧୮	(12)	44
Depreciatio n & amortizatio വ	(28)	(4)	(1)	(20)	(1)	(ટત)
Operating income / (loss)	(73)	13	18	45	(13)	(10)

	Inree Months Ended
(in million of EURO)	March 31, 2024	December 31, 2023	March 31, 2023
Net income / (loss)	(19)	70	132
Exceptional items		11
(Recognition) / derecognition of deferred tax assets on tax losses carried forward and other tax benefits	(4)	(101)

Ⓡ

The outlook for the quarter depends on the future development of metal and product prices. Both are assumed as constant at their current level.