Aperam: Feedback from meetings with CFO

Research evidence excerpt

Aperam: Feedback from meetings with CFO

Deutsche Bank

Research

Rating Company Date

Buy Aperam 14 May 2026

Company Update

Europe

Luxembourg

Reuters Bloomberg Exchange Ticker Price at 13 May 2026 (EUR) 47.82

APAM.AS APAM NA AEX APAM

Price Target (EUR) 65.00

Steel

ADR ISIN 52-week range (EUR) 49.42 - 25.00

APEMY US03754H1041

Feedback from meetings with CFO

Valuation & Risks

Bastian Synagowitz

We recently hosted a day of meetings with Nicolas Changeur, Aperam‘s CFO.

Research Analyst

Aperam has been one of our top picks for some time, and in our view, the equity +41-44-227-3377

story revolves around two key points: 1) the company‘s strong bottom-of-the-cycle

cash generation; and 2) its significant earnings growth potential, driven by leverage Liam Fitzpatrick

to an EU market rebound combined with the benefits of structural measures (cost

+44-20-754-13233

improvement, synergies and growth in new markets and products). We feel

assured that the strategy is on track, the market recovery is becoming more

tangible, and visibility for the mid-cycle target EBITDA of E700-800m+ has started

to improve. We noted the following key takeaways:

Lean inventories and market share shift a big tailwind to volumes

Overall demand remains weak, with good demand in food/beverage but weak

demand in most other markets. Management sees limited incremental risks to

volumes because: 1) While distributors and the broader supply chain increased

imports in Q4, they have struggled to rebuild inventories. Hence, overall stock levels

remain very moderate and below normal in core EU markets; 2) The market share

shift from imports to domestic mills due to upcoming regulation should support

volumes by 10-15%, clearly outweighing any reasonable risk scenario for

underlying demand.