Q4 2025 Aperam SA Earnings Call Transcript
Key Points
- Aperam SA (APEMY) reported a seasonal recovery in order books in Europe, indicating a positive start to the year.
- The company expects a positive impact from higher duties in Brazil, potentially boosting EBITDA in the coming quarters.
- Aperam SA (APEMY) has sufficient capacity to increase utilization by 7% to 10% due to reduced imports, which could enhance production efficiency.
- The company is fully hedged against nickel price fluctuations, minimizing financial risk from raw material cost volatility.
- Aperam SA (APEMY) is investing in new technologies and automation to improve productivity and efficiency, positioning itself for future growth.
- The European market faces an overhang from increased imports in Q4, which may affect the first half of the year.
- There is uncertainty regarding the immediate effectiveness of CBAM, which could impact the company's financial performance.
- Aperam SA (APEMY) is experiencing a low cycle in Brazil, with EBITDA at the lower end of expectations.
- The company is cautious about providing full-year guidance due to short order book visibility and market uncertainties.
- The normalized EBITDA guidance has been adjusted downwards, reflecting potential challenges in achieving previous targets.
Thank you very much for joining our conference call today. All our comments were contained in the podcast that we published this morning which, you know, supports our quarterly financial reporting and, where applicable, our disclosure of regulated information. We also save more time for your pertinent questions during this call.
Good afternoon to everyone joining this call. Together with my colleague, Nicolas Changeur, we're looking forward to answering your questions. So let's start straight away with Q&A. Thank you.
Operator, if you could open the lines.
Questions & Answers
(Operator Instructions) Gresser, Tristan; BNP Paribas.
Hi. Thank you for taking my questions. I have 2. The first, could you help us understand a bit the current situation in Europe if your order books are improving at the moment or not? Are more buyers of stainless steel turning domestic? Are
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