Aperam (AO) | Hold | Reconfirms Q226 outlook

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Aperam (AO) | Hold | Reconfirms Q226 outlook

Aperam Hold | Target Price: EUR41.60

Strategy is paying off. Much stronger company with the capacity to generate EUR300m higher EBITDA over EUR700-800m

Back in May 2025, we reinitiated coverage of Aperam. Through its well-executed investment strategy to diversify its activities

along the stainless-steel value chain (R&R, S&E, A&S, and S&S) and its strict 2011-26 savings plan, it has become a much stronger

company, with the capacity to lift its normalised adjusted earnings. EBITDA by EUR300m to over EUR700-800m.

It also offers exposure to the entire stainless-steel value chain (R&R and S&S) and provides increasing exposure to an attractive

niche, the growing A&S markets, via the integration of Universal Stainless & Alloy (more alloys, the US, and aerospace). At the

same time, it is reducing its exposure to the cyclicality of the stainless-steel business (<50% of EBITDA).

The confirmation of Q226 outlook is good news and a positive sign that Aperam’s diversification strategy, which we outlined in

our note after the domestic roadshow we organised with Aperam´s CEO in Madrid, is starting to pay off.

During the roadshow, Aperam´s CEO's main messages were as follows:

-Aperam's capacity to generate EUR400-500m EBITDA from other businesses, and EUR200-250m from the European stainless steel

business unit. EUR700-800m normalised EBITDA goal by 2028.

-Stainless steel Europe can make an EBITDA of EUR200-250m. Keeps investing in the stainless-steel business (EUR160m growth

capex plan, including 3 stainless steel plants and one alloy plant in Europe).

-EUR400-500m EBITDA from other businesses different from the European stainless steel business unit, the diversification

strategy started 5 years ago is paying off.