Aperam SA reported adjusted EBITDA of €90 million for the first quarter, a result the company said matched analyst expectations of €87 million. The Luxembourg-based stainless steel producer said the quarter marked an improvement from the prior quarter's €67 million, driven primarily by a seasonal recovery in Europe and positive valuation effects that helped offset higher energy costs and seasonally weak shipments in Brazil.
Breaking down performance by business unit, Aperam said its Stainless & Electrical Steel division produced €35 million of EBITDA. Services & Solutions delivered €20 million, a figure the company noted exceeded the €9.5 million consensus estimate. Alloys & Specialties accounted for €27 million and Recycling & Renewables contributed €23 million.
Despite the EBITDA improvement, Aperam reported negative free cash flow of €44 million for the quarter. The company attributed the cash outflow in part to €112 million in working capital movements and €30 million in capital expenditures. Aperam’s net debt position stood at €1,057 billion at quarter-end.
On the cost side, the company highlighted progress in its Leadership Journey phase 6 program, which targets €150 million in savings across 2026 through 2028. Aperam recorded €18 million in cost reductions during the quarter as part of that program.
Looking ahead, Aperam forecast that adjusted EBITDA for the second quarter will be significantly higher than the first quarter. Management pointed to seasonally improving conditions in Brazil and a reduction in import pressure into Europe as the primary supports for the expected sequential improvement.
The company also left its full-year 2026 EBITDA outlook broadly unchanged, keeping it near analyst consensus of €488 million.
Bottom line: Aperam posted a quarter-over-quarter EBITDA improvement to €90 million while generating negative free cash flow and recording a substantial net debt balance. Management expects materially stronger adjusted EBITDA in Q2 and maintained its 2026 EBITDA outlook near the consensus mark of €488 million.