Q2 2026 Aperam SA Earnings Call Transcript
Key Points
- Aperam SA (APEMY) achieved EUR130 million EBITDA in Q2 2026 despite significant headwinds, demonstrating strong operational resilience.
- The company's diversified business model, including alloys, recycling, and distribution, reduces reliance on European stainless steel and supports stable performance.
- Aperam SA (APEMY) is benefiting from new trade measures (TRQs) in Europe, which have improved net margins by EUR75 per tonne on a spot basis.
- The company is investing in growth areas like aerospace, electrical engineering, and innovation products (e.g., OLED screens, Magnetec), with positive order books in aerospace.
- Aperam SA (APEMY) expects a lower effective tax rate (ETR) going forward, particularly in Brazil, which could boost net income.
- Aperam SA (APEMY) faces weak underlying demand in Europe, with no strong order book expected until Q4 2026 at the earliest.
- The company experienced a low double-digit negative valuation effect in Q2 2026 due to declining scrap prices, impacting results.
- Alloys segment performance fell year-over-year, primarily due to weakness in the oil and gas sector, which remains a key headwind.
- Volumes in Q2 2026 were slightly lower than guided, as Aperam SA (APEMY) prioritized margins over volume in a weak demand environment.
- The company faces ongoing risks from trade policy loopholes, such as the Mertert Port issue and carryover mechanisms in TRQs, which could limit margin improvements.
Ladies and gentlemen, welcome to the Aperam second-quarter 2026 results conference call. I'm Iruna, the Chorus Call operator. I'd like to remind you that all participants will be in listen-only mode, and the conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast.
At this time, it's my pleasure to hand over to Mr. Sud Sivaji, CEO. Please go ahead, sir.
Hi. Welcome, everyone, and thank you for joining our Q2 2026 conference call. Our presentation covering the Q2 performance was published earlier today in our morning podcast alongside our financial results and relevant regulatory disclosures.
You know we have always set up things this way, so we can jump straight into Q&A and spend more time addressing what's top of the mind for you. I know it was a busy day for a lot of you, and hopefully, our podcast online helps make that day a little bit more easier for you.
Together with my
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