ArcelorMittal studies third quarter 2025

Luxembourg, November 6 , 20 25 – ArcelorMittal (known as “ArcelorMittal” or the “Firm” or the “Group”) (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s main built-in metal and mining firm, at the moment introduced outcomes ¹ for the three-month and nine-month durations ended September 30, 2025.

3Q 2025 key highlights:

Security focus: Defending worker well being and security is a core worth of the Firm. LTIF fee of 0.76x in 3Q 2025. Within the first yr of our three-year security transformation program, the entire Firm is working to construct robust foundations for ‘one security tradition’ throughout the Group
Resilient working outcomes on the backside of the cycle: 3Q 2025 EBITDA of $1.5bn, with a margin of $111/tonne persevering with to indicate enchancment vs. prior cycles reflecting the advantages of (i) asset optimization, (ii) regional and finish market diversification, and (iii) strategic development investments (together with one other report quarterly iron ore manufacturing and shipments from Liberia). Web earnings of $0.4bn in 3Q 2025 (EPS of $0.50/sh). Adjusted web earnings of $0.5bn (adjusted EPS of $0.62/sh) in 3Q 2025 ⁴
Monetary power maintained: Web debt elevated to $9.1bn on the finish of the quarter (gross debt of $14.9bn and money and money equivalents of $5.7bn as of September 30, 2025) from $8.3bn as of June 30, 2025 due largely to working capital funding ($0.4bn) and M&A investing actions ($0.3bn) ⁹ . Following the traditional seasonal sample, the 9M’25 funding in working capital of $1.9bn is predicted to unwind in 4Q 2025, supporting a robust free money stream outlook. Liquidity stays at a sturdy $11.2bn ⁷
Money stream being reinvested for development: Over the previous 12 months, the Firm has generated investable money stream ⁶ (web money offered by working actions much less upkeep/normative capex) of $1.5bn. Over the identical interval, the Firm has invested $1.2bn in strategic capex tasks to boost long-term EBITDA capability, returned $0.8bn to shareholders through dividends/buybacks, and deployed $0.2bn to M&A

Outlook

Encouraging EU commerce coverage momentum to revive honest competitors: The European Fee introduced on October 7, 2025, a brand new commerce device for the metal sector to revive the trade to wholesome capability utilization. Along with an efficient Carbon Border Adjustment Mechanism (CBAM) this may present the muse for our European enterprise to earn its price of capital
Constructive on medium/long run outlook: Via its international asset portfolio, ArcelorMittal is uniquely positioned to seize the anticipated development in metal demand over the medium/long-term; together with the metal required for the transition to new power and mobility techniques, infrastructure improvement and modernization, and protection
Natural development: The Group’s robust monetary place (optimistic FCF outlook for 2025 and past) permits the constant funding of natural development tasks to help future profitability and investable money stream. The Group‘s excessive return strategic development tasks, along with the affect of current M&A, are anticipated to extend future EBITDA potential by $2.1bn ⁶ together with $0.7bn and $0.8bn focused in 2025 and 2026, respectively
Constant shareholder returns: Along with its base dividend ($0.55/sh, paid in 2 equal instalments), the Firm will proceed to return a minimal of fifty% of post-dividend annual free money stream to shareholders. Since September 2020 ⁵ , the Firm has used buybacks to cut back its absolutely diluted shares excellent by 38% ¹⁰ . To date in 2025, the Firm has repurchased 8.8m shares at a complete price of $262m. The Firm plans to cancel the vast majority of the 92.3m shares presently held in treasury earlier than year-end

Monetary highlights (on the premise of IFRS ¹ ):

Commenting, Aditya Mittal, ArcelorMittal Chief Government Officer, mentioned:

“It’s a yr since we launched into our three-year security transformation program. There may be robust engagement throughout the Group that’s mirrored in seen progress on plenty of key efficiency indicators. I’m acutely aware now we have extra to do, and all companies are absolutely conscious of the crucial of continuous to implement their bespoke security roadmaps.

Turning to monetary efficiency, the Firm reported resilient ends in what is often a seasonally weak quarter. The underlying power of the enterprise is once more evident within the structurally increased margins delivered over the primary 9 months of the yr.

Maybe probably the most important improvement through the quarter was the European Fee’s proposal of strengthened commerce measures. As soon as enacted, this may help the European metal trade’s capacity to enhance capability utilization, enhance profitability, and make investments with confidence for the long run. We now hope for swift approval and implementation of the proposal, in addition to supportive revisions to the Carbon Border Adjustment Mechanism.

Supported by a robust steadiness sheet, we proceed to evolve the enterprise in direction of increased return on capital, focusing strategic capex on low-cost, added-value markets and exiting higher-cost companies. The power transition additionally represents a lovely alternative for ArcelorMittal – and we just lately launched a revolutionary, low-carbon, all-in-one insulated metal roof integrating photo voltaic cells.

Whereas markets are difficult and tariff-related headwinds persist, we’re seeing indicators of stabilization and are optimistic on the outlook for our enterprise in 2026, after we will profit from extra supportive trade insurance policies in key markets.”

Security and sustainable improvement

Well being and security:

Defending worker well being and security is a core worth of the Firm. LTIF fee of 0.76x in 3Q 2025 (vs 0.68x in 2Q 2025 and 0.88x in 3Q 2024).

The Firm is finishing the primary yr of its three-year security transformation program, which helps ArcelorMittal’s journey to be a zero fatality and 0 critical harm firm. The primary yr is concentrated on constructing the muse for enchancment throughout the enterprise.

Key updates in 3Q 2025 embody:

• Persevering with to strengthen the three strains of assurance, a brand new device has been adopted globally to trace the extent 2 audits and to make sure constant audit methodology throughout the Group. Greater than 30 stage 2 audits have been accomplished up to now this yr with stage 3 audits additionally now underway
• To enhance contractor security administration, a brand new fatality prevention customary for contractors will probably be launched throughout the Group in 4Q 2025; all segments might want to full a full self-assessment inside 6 months
• The primary course of security administration (PSM) pilots (coke plant, sinter plant, DRI and EAF) have commenced. These are ongoing to implement best-in-class PSM at our property. The learnings are being shared throughout the group

All of those actions will present a robust basis for “one security tradition,” underpinned by enhanced governance and assurance throughout all operations.

Personal personnel and contractors – Misplaced time harm frequency fee

Sustainable improvement highlights:

• European Fee acted decisively on the Metal and Metals Motion plan with the commerce quota proposal. The proposal for a brand new commerce device would restrict the quantity of low-priced imports arriving within the EU, decreasing import market share to roughly half of current ranges, supporting a restoration in home capability utilization charges to extra viable ranges. It’s now crucial that it’s carried out as swiftly as potential. Earlier than yr finish, the European Fee will make a proposal on enhancements to the carbon border adjustment mechanism that are required to shut the foremost loopholes within the present system. As well as, of essential significance is visibility of trade entry to aggressive power. At that time, the Firm will be capable of overview its funding priorities in its Europe section. The brand new 1.1Mt EAF in Gijon and EAF enlargement to 1.6Mt in Sestao proceed to progress on monitor.
• ArcelorMittal is capturing demand from the power transition with new merchandise: ArcelorMittal has inaugurated its Helioroof® manufacturing line in Contrisson, France, reflecting ArcelorMittal’s capacity to seize demand from sustainable development. Helioroof® is an revolutionary roofing product which mixes metal roofing panels, thermal insulation and photo voltaic cells whereas additionally delivering a carbon footprint that’s 25% decrease than conventional insulated metal roofs.

Evaluation of outcomes for 3Q 2025 versus 2Q 2025

Gross sales decreased by 1.7% to $15.7 billion in 3Q 2025 as in comparison with $15.9 billion in 2Q 2025 primarily as a consequence of seasonally decrease shipments.

EBITDA in 3Q 2025 decreased to $1,508 million as in comparison with $1,860 million in 2Q 2025, primarily as a consequence of seasonally decrease metal shipments in Europe, decrease metal costs in Brazil, decrease iron ore cargo volumes within the Mining section (normalization following exceptionally increased shipments within the prior quarter) partially offset by an enchancment within the North America section reflecting the consolidation of ArcelorMittal Calvert (following the acquisition of Nippon Metal’s 50% stake in AM/NS Calvert).

Working earnings of $0.5 billion in 3Q 2025 (together with distinctive fees of $97 million for the acquisition worth adjustment associated to the acquisition of Nippon Metal’s 50% stake in AM/NS Calvert) was decrease as in comparison with $1.9 billion in 2Q 2025 (which was positively impacted by $1.0 billion of web distinctive objects and impairments) ^2,3 for the explanations mentioned above.

Web earnings decreased to $377 million in 3Q 2025 as in comparison with $1,793 million in 2Q 2025. Adjusted web earnings was $474 million in 3Q 2025 as in comparison with $1,005 million in 2Q 2025, with adjusted fundamental earnings per widespread share of $0.62 in 3Q 2025 as in comparison with $1.32 for 2Q 2025 ⁴ . Adjusted web earnings in 3Q 2025 was decrease primarily as a consequence of decrease working earnings and decrease international change positive aspects ($21 million in 3Q 2025 as in comparison with $130 million in 2Q 2025).

Web money offered by working actions throughout 3Q 2025 amounted to $751 million, decrease as in comparison with $1,416 million in 2Q 2025 largely as a consequence of $0.4 billion funding of working capital in 3Q 2025 as in comparison with a working capital launch of $0.2 billion in 2Q 2025. Capex for 3Q 2025 was increased at $1,237 million (together with $0.4 billion spent on strategic development tasks and $0.1 billion for decarbonization spend) as in comparison with $886 million in 2Q 2025. Capex for 2025 stays guided at $4.5–$5.0 billion, together with $1.4–$1.5 billion for strategic development and $0.3–$0.4 billion for decarbonization tasks.

Free money outflows of $0.5 billion and $0.2 billion Votorantim first instalment of settlement cost ⁹ led to a rise in web debt to $9.1 billion on September 30, 2025, as in comparison with $8.3 billion on June 30, 2025.

Evaluation of operations

North America

Crude metal manufacturing in 3Q 2025 declined by 18.3% to 1.7Mt as in comparison with 2.0Mt in 2Q 2025. Mexico operations have been impacted by the shutdown for preventive upkeep of the blast furnace within the Lengthy merchandise enterprise for a majority of the quarter with an anticipated restart by yr finish. The Flat merchandise enterprise was impacted by an unplanned outage at Lazaro Cardenas DRI plant on August 18, 2025. The DRI plant is predicted to renew full operations by the tip of November 2025. The incremental affect on shipments in 3Q 2025 was restricted to 0.25Mt, partly mitigated by buying semis and HBI (Scorching Briquetted Iron) from Texas and liquidation of stock. Following the consolidation of Calvert, metal shipments elevated 3.3% as in comparison with 2Q 2025.

Gross sales in 3Q 2025 elevated by 6.7% to $3.3 billion, as in comparison with $3.1 billion in 2Q 2025.

Working earnings in 3Q 2025 was $28 million (together with distinctive cost of $97 million for the acquisition worth adjustment associated to the acquisition of Nippon Metal’s 50% stake in AM/NS Calvert) as in comparison with $1.8 billion 2Q 2025 (which included a $1.7 billion distinctive achieve from the acquisition of Nippon Metal’s 50% stake in AM/NS Calvert).

EBITDA in 3Q 2025 elevated to $300 million as in comparison with $258 million in 2Q 2025, with the Calvert consolidation greater than offsetting the impacts of Mexico deliberate and unplanned outage prices (roughly $90m).

Brazil

Gross sales have been broadly steady at $2.8 billion in 3Q 2025 as in comparison with 2Q 2025. Gross sales in native forex phrases decreased through the quarter as common metal promoting costs within the home market (in addition to for exports) have been decrease, offset partly by the appreciation of the Brazilian actual by 4%.

Working earnings was $210 million in 3Q 2025 as in comparison with an working loss in 2Q 2025 of $137 million (which included an distinctive cost of $453 million primarily associated to the settlement of the dispute associated to the acquisition worth of Votorantim’s lengthy enterprise in Brazil ⁹ ). With out this distinctive merchandise, working earnings in 3Q 2025 declined as a consequence of a unfavourable worth price impact.

EBITDA in 3Q 2025 decreased by 26.2% to $301 million as in comparison with $407 million in 2Q 2025 for the explanations mentioned above.

Europe

Crude metal manufacturing in 3Q 2025 declined by 3.7% to 7.3Mt as in comparison with 7.5Mt in 2Q 2025 primarily as a consequence of seasonality. Through the quarter, the Dunkirk BF4 was restarted following its reline in 2Q 2025.

Gross sales in 3Q 2025 declined by 6.1% to $7.2 billion as in comparison with $7.7 billion in 2Q 2025, primarily as a consequence of a 4.2% decline in metal cargo quantity and 1.2% lower in common metal promoting costs. 3Q 2025 metal shipments have been 2.9% increased year-on-year, reflecting a 3.6% enhance in Flat product shipments while Lengthy product shipments elevated 1.3%.

Working earnings in 3Q 2025 was $233 million as in comparison with $150 million in 2Q 2025 (which included impairments of $194 million associated to the disposal of Zenica and Prijedor in Bosnia).

EBITDA in 3Q 2025 of $513 million was 18.2% decrease as in comparison with $627 million in 2Q 2025, primarily as a consequence of seasonally decrease metal shipments and decrease common metal promoting costs.

Sustainable Options

Gross sales in 3Q 2025 decreased by 4.7% to $2.6 billion as in comparison with $2.7 billion in 2Q 2025.

Working earnings in 3Q 2025 was $38 million as in comparison with $77 million in 2Q 2025.

EBITDA in 3Q 2025 of $101 million was 21.8% decrease as in comparison with $128 million in 2Q 2025, primarily as a consequence of seasonally decrease enterprise exercise in Europe offset partly by improved EBITDA contribution from the ramp-up of the India renewables challenge (working at >90% of goal plant load and contributing $30 million EBITDA, consistent with focused profitability).

Mining

Be aware: Mining section includes iron ore operations of ArcelorMittal Mines Canada (AMMC) and ArcelorMittal Liberia.

Gross sales in 3Q 2025 decreased by 14.6% to $732 million as in comparison with $857 million in 2Q 2025, primarily as a consequence of 16.0% decrease iron ore shipments, offset partly by a 4.5% enhance in iron ore reference costs.

Iron ore manufacturing in 3Q 2025 marginally elevated to eight.5Mt as in comparison with 8.3Mt in 2Q 2025. 3Q 2025 cargo and manufacturing in Liberia reached a report stage pushed by operational enhancements and continued ramp up of the part 2 challenge. Liberia stays on monitor to fulfill its FY 2025 targets and expects to ship 10Mt in shipments and obtain its EBITDA goal of $0.2 billion.

Iron ore shipments decreased by 16.0% in 3Q 2025 as in comparison with 2Q 2025. 2Q 2025 volumes have been supported by the catch-up cargo of ~2Mt product that had collected at Port Cartier (AMMC) through the rehabilitation of the wharf.

Working earnings in 3Q 2025 decreased to $142 million as in comparison with $196 million in 2Q 2025, pushed by decrease iron ore shipments and better freight prices, offset partly by increased iron ore reference costs.

Because of this, EBITDA in 3Q 2025 of $209 million was 20.2% decrease as in comparison with $262 million in 2Q 2025.

India and JVs

Earnings from associates, joint ventures and different investments was decrease in 3Q 2025 at $131 million, as in comparison with $199 million in 2Q 2025, reflecting a decrease web earnings of AMNS India (as decrease deferred tax earnings) in addition to the lack of fairness earnings contribution from AM/NS Calvert following its consolidation from June 18, 2025.

ArcelorMittal has investments in varied joint ventures and affiliate entities globally. The Firm considers AMNS India (60% fairness curiosity) three way partnership to be of specific strategic significance, warranting extra detailed disclosures to enhance the understanding of its operational efficiency and worth to the Firm.

AMNS India

Gross sales in 3Q 2025 have been steady at $1.5 billion as in comparison with 2Q 2025, primarily as a consequence of a 9.3% enhance in metal shipments volumes, partially offset by the lower in common metal costs.

EBITDA throughout 3Q 2025 elevated by 8.6% to $217 million as in comparison with $200 million in 2Q 2025, pushed primarily by increased cargo volumes.

Different current improvement

• On September 30, 2025, ArcelorMittal introduced the issuance of €650,000,000 3.250 per cent notes due 30 September 2030. The notes have been issued below ArcelorMittal’s wholesale Euro Medium Time period Notes Programme. The proceeds of the issuance will probably be used for common company functions and refinancing current indebtedness.

ArcelorMittal Condensed Consolidated Statements of Monetary Place ¹

ArcelorMittal Condensed Consolidated Statements of Operations ¹

ArcelorMittal Condensed Consolidated Statements of Money flows ¹

Appendix 1: Capital expenditures ¹

Appendix 2: Debt compensation schedule as of September 30, 2025

As of September 30, 2025, the common debt maturity is 7.0 years.

Appendix 3: Reconciliation of gross debt to web debt

Appendix 4: Adjusted web earnings and adjusted fundamental EPS

Appendix 5: Phrases and definitions

Until indicated in any other case, or the context in any other case requires, references on this earnings launch to the next phrases have the meanings set out subsequent to them under:

Adjusted fundamental EPS: refers to adjusted web earnings divided by the weighted common widespread shares excellent.

Adjusted web earnings: refers to reported web earnings(loss) much less impairment objects and distinctive objects (together with mark-to-market on buy of Vallourec shares and associated tax impacts and one-off tax fees).

Obvious metal consumption: calculated because the sum of manufacturing plus imports minus exports.

Common metal promoting costs: calculated as metal gross sales divided by metal shipments.

Money and money equivalents : characterize money and money equivalents, restricted money and short-term investments.

Capex: represents the acquisition of property, plant and gear and intangibles. The Group’s capex figures don’t embody capex on the JVs stage (i.e. AM/NS Calvert till June 18, 2025 and AMNS India).

Crude metal manufacturing: metal within the first strong state after melting, appropriate for additional processing or on the market.

Depreciation: refers to amortization and depreciation.

EPS: refers to fundamental or diluted earnings per share.

EBITDA: outlined as working earnings (loss) plus depreciation, impairment objects and distinctive objects and earnings (loss) from associates, joint ventures and different investments (excluding impairments and distinctive objects if any).

EBITDA/tonne: calculated as EBITDA divided by whole metal shipments.

Distinctive objects: earnings / (fees) relate to transactions which are important, rare or uncommon and aren’t consultant of the traditional course of enterprise of the interval.

Free money stream (FCF) : refers to web money offered by working actions much less capex much less dividends paid to minority shareholders. The time period free money outflow is used when the distinction is unfavourable (i.e. unfavourable free money stream)

Overseas change and different web financing earnings(loss) : embody international forex change affect, financial institution charges, curiosity on pensions, impairment of economic property, revaluation of by-product devices and different fees that can not be straight linked to working outcomes.

Gross debt : long-term debt and short-term debt.

Impairment objects: refers to impairment fees.

Earnings from associates, joint ventures and different investments : refers to earnings from associates, joint ventures and different investments (excluding impairments and distinctive objects if any).

Investable money stream: refers to web money offered by working actions much less upkeep/normative capex.

Iron ore reference costs: refers to iron ore costs for 62% Fe CFR China. Pricing is usually linked to market worth indexes and makes use of a wide range of mechanisms, together with present spot costs and common costs over specified durations. Due to this fact, there is probably not a direct correlation between market reference costs and precise promoting costs in varied areas at a given time.

Kt: refers to thousand metric tonnes.

Liquidity: outlined as money and money equivalents (included money held as a part of property held on the market) plus out there revolving credit score services

LTIF: refers to misplaced time harm (“LTI”) frequency fee equals misplaced time accidents per 1,000,000 labored hours, based mostly on personal personnel and contractors; an LTI is an incident that causes an harm that stops the particular person from returning to his/her subsequent scheduled shift or work interval.

Upkeep/normative capex: refers to capital expenditures exterior of strategic capital expenditures and decarbonization tasks (and contains price discount plans and setting tasks in addition to common upkeep capital expenditures).

Mt: refers to million metric tonnes.

Web debt: long-term debt and short-term debt much less money and money equivalents (together with money and money equivalents held as a part of property held on the market)

Web curiosity expense: contains curiosity expense much less curiosity earnings.

Working outcomes: refers to working earnings(loss).

Working segments: North America section contains the Flat, Lengthy and Tubular operations of US, Canada and Mexico; and in addition contains all Mexico mines. The Brazil section contains the Flat, Lengthy and Tubular operations of Brazil and its neighboring international locations together with Argentina, Costa Rica, Venezuela; and in addition contains Andrade and Serra Azul captive iron ore mines. The Europe section contains the Flat, Lengthy and contains Bosnia and Herzegovina captive iron ore mines; Sustainable Options division contains Downstream Options and Tubular operations of the European enterprise and our renewables operations in India. The Others section contains the Flat, Lengthy and Tubular operations of Ukraine and South Africa, the captive iron ore mines in Ukraine, holding corporations and intragroup inventory margin eliminations. Mining section contains iron ore operations of ArcelorMittal Mines Canada and ArcelorMittal Liberia.

Personal iron ore manufacturing: contains whole of all completed manufacturing of fines, focus, pellets and lumps and contains share of manufacturing.

Value-cost impact: an absence of correlation or a lag within the corollary relationship between uncooked materials and metal costs, which may both have a optimistic (i.e. elevated unfold between metal costs and uncooked materials prices) or unfavourable impact (i.e. a squeeze or decreased unfold between metal costs and uncooked materials prices).

Shipments: data at section and Group stage eliminates intra-segment shipments (that are primarily between Flat/Lengthy crops and Tubular crops) and inter-segment shipments respectively. Shipments of Downstream Options are excluded.

Working capital change (working capital funding / launch): refers to motion of change in working capital – commerce accounts receivable plus inventories much less commerce and different accounts payable.

Footnotes

1. The monetary data on this press launch has been ready constantly with Worldwide Monetary Reporting Requirements (“IFRS”) as issued by the Worldwide Accounting Requirements Board (“IASB”) and as adopted by the European Union. The interim monetary data included on this announcement has additionally been ready in accordance with IFRS relevant to interim durations, nonetheless this announcement doesn’t comprise adequate data to represent an interim monetary report as outlined in Worldwide Accounting Commonplace 34, “Interim Monetary Reporting”. The numbers on this press launch haven’t been audited. The monetary data and sure different data introduced in plenty of tables on this press launch have been rounded to the closest complete quantity or the closest decimal. Due to this fact, the sum of the numbers in a column might not conform precisely to the overall determine given for that column. As well as, sure percentages introduced within the tables on this press launch replicate calculations based mostly upon the underlying data previous to rounding and, accordingly, might not conform precisely to the odds that may be derived if the related calculations have been based mostly upon the rounded numbers. Phase data introduced on this press launch is previous to inter-segment eliminations and sure changes made to working outcomes of the segments to replicate company prices, earnings from non-steel operations (e.g. logistics and transport companies) and the elimination of inventory margins between the segments.
2. Impairment fees of $194 million in 2Q 2025 associated to introduced divestment of Zenica built-in metal plant and Prijedor iron ore mining enterprise in Bosnia.
3. Distinctive fees in 3Q 2025 of $97 million relate to buy worth changes in reference to the acquisition of Nippon Metal’s 50% stake in AM/NS Calvert. Distinctive positive aspects of $1,162 million in 2Q 2025 included a $1,742 million achieve associated to the acquisition of Nippon Metal’s 50% stake in ArcelorMittal Calvert (North America section), partially offset by settlement of the dispute associated to the acquisition worth of Votorantim’s lengthy enterprise in Brazil ($0.4 billion). One-off tax fees for $0.2 billion in 2Q 2025 associated to the reversal of a deferred tax asset and corresponding deferred tax expense, which was partly offset by the optimistic tax affect associated to the Votorantim settlement (each of which have been thought of distinctive objects for the calculation of adjusted web earnings for 2Q 2025).
4. See Appendix 4 for the reconciliation of adjusted web earnings and adjusted fundamental earnings per share.
5. September 2020 was the inception date of the continued share buyback applications. Beneath the brand new 10 million share buyback program launched in April 2025, the Firm has repurchased 2 million shares (20%) as much as 3Q 2025 of the tranche.
6. The estimate of potential further contribution to EBITDA is predicated on assumptions as soon as ramped as much as full capability and assuming costs/spreads typically consistent with the averages of 2015-2020; the estimate of potential further contribution to EBITDA in 2025 is predicated on present circumstances and for 2026 and past on normalized circumstances. Different tasks below improvement embody the development of a brand new excessive added worth ending line (chilly rolling mill) and a steady coating line at Tubarão facility. The challenge is present process inside approvals, and ArcelorMittal Brasil is presently transferring ahead with detailed engineering (full feasibility research). As of September 30, 2025, final twelve months investable money stream of $1.5 billion consisting of money stream from operations of $4.3 billion much less normative/upkeep capex of $2.7 billion. As of September 30, 2025, final twelve month capex of $4.2 billion included strategic capex of $1.2 billion and decarbonization capex of $0.3 billion.
7. Liquidity on the finish of September 30, 2025, of $11.2 billion consisted of money and money equivalents of $5.7 billion (together with money and money equivalents held as a part of property held on the market) and $5.5 billion of accessible credit score strains. On April 30, 2025, the ability agent confirmed that each one Revolving Credit score Facility (RCF) lenders have agreed to our one-year extension request dated February 2, 2025. Consequently, the maturity of the ArcelorMittal $5.5 billion RCF is prolonged by one yr to Could 29, 2030.
8. Property and liabilities held on the market are associated to the introduced divestment of Zenica built-in metal plant and Prijedor iron ore mining enterprise in Bosnia (Europe) and Tubular subsidiaries.
9. The acquisition of Votorantim’s lengthy metal enterprise in Brazil in 2018 considerably strengthened ArcelorMittal’s market place, including roughly 2 million tonnes of annual manufacturing capability, growing market share, and unlocking price efficiencies alongside substantial operational, logistics, and procurement synergies. As a part of the unique deal construction, Votorantim and ArcelorMittal retained sure put and name possibility rights. In March 2022, Votorantim exercised its put possibility, leading to a valuation dispute that proceeded to arbitration in Brazil. Following hearings in October 2024, the events reached a settlement in June 2025, below which ArcelorMittal Brasil pays roughly $546 million over three years. Web of quantities beforehand provisioned, ArcelorMittal recorded a web quantity of $0.4 billion in 2Q 2025 as an distinctive merchandise. The primary instalment of $0.2 billion was paid in 3Q 2025, with 3 additional annual funds of $0.1 billion due.
10. In accordance with its capital return coverage, the Firm expects to pay a base annual dividend (to be progressively elevated over time). As well as, a minimal of fifty% of the quantity of free money stream (calculated as web money offered by working actions much less purchases of property, plant and gear and intangibles (“capital expenditures”) much less dividends paid to non-controlling shareholders) remaining after paying the bottom annual dividend is allotted to a share buyback program. Ought to the ratio of web debt to EBITDA be higher than 1.5x then the share buyback won’t be made.

Third quarter 2025 earnings analyst convention name

ArcelorMittal Administration will host a convention name for members of the funding neighborhood to current and touch upon the three-month interval ended September 30, 2025 on: Thursday November 6, 2025, at 9.30am US Japanese time. 14.30pm London time and 15.30pm CET.

To entry through the convention name and ask a query through the Q&A, please register upfront: Convention Registration

Alternatively, the webcast will be accessed at: ArcelorMittal Convention Name 3Q 2025 .

A duplicate of the earnings name transcript will even be out there on the web site.

Ahead-Wanting Statements

This doc incorporates forward-looking data and statements about ArcelorMittal and its subsidiaries. These statements embody monetary projections and estimates and their underlying assumptions, statements relating to plans, aims and expectations with respect to future operations, services and products, and statements relating to future efficiency. Ahead-looking statements could also be recognized by the phrases “consider”, “anticipate”, “anticipate”, “goal”, “projected”, “potential”, “intend” or comparable expressions. Though ArcelorMittal’s administration believes that the expectations mirrored in such forward-looking statements are cheap, buyers and holders of ArcelorMittal’s securities are cautioned that forward-looking data and statements are topic to quite a few dangers and uncertainties, a lot of that are troublesome to foretell and usually past the management of ArcelorMittal, that would trigger precise outcomes and developments to vary materially and adversely from these expressed in, or implied or projected by, the forward-looking data and statements. These dangers and uncertainties embody these mentioned or recognized within the filings with the Luxembourg Inventory Market Authority for the Monetary Markets (Fee de Surveillance du Secteur Financier) and the US Securities and Trade Fee (the “SEC”) made or to be made by ArcelorMittal, together with ArcelorMittal’s newest Annual Report on Kind 20-F on file with the SEC. ArcelorMittal undertakes no obligation to publicly replace its forward-looking statements, whether or not because of new data, future occasions, or in any other case.

Non-GAAP/Various Efficiency Measures

This press launch additionally contains sure non-GAAP monetary/various efficiency measures. ArcelorMittal presents EBITDA and EBITDA/tonne, free money stream (FCF), adjusted web earnings and adjusted fundamental earnings per share that are non-GAAP monetary/various efficiency measures, as further measures to boost the understanding of its working efficiency. The definition of EBITDA contains earnings from share of associates, JVs and different investments (excluding impairments and distinctive objects if any, of associates, JVs and different investments) as a result of the Firm believes this data supplies buyers with further data to grasp its outcomes, given the growing significance of its joint ventures. ArcelorMittal believes such indicators are related to offer administration and buyers with further data. ArcelorMittal additionally presents web debt, liquidity and alter in working capital as further measures to boost the understanding of its monetary place, modifications to its capital construction and its credit score evaluation. Investable cashflow is outlined as web money offered by working actions much less upkeep/normative capex, and the Firm thus believes that it represents a cashflow that’s out there for allocation at administration’s discretion. The Firm’s steering as to free money stream for 2025 and extra EBITDA estimated to be generated from sure tasks is predicated on the identical accounting insurance policies as these utilized within the Firm’s monetary statements ready in accordance with IFRS. ArcelorMittal is unable to reconcile, with out unreasonable effort, such steering to probably the most straight comparable IFRS monetary measure, as a result of uncertainty and inherent problem of predicting the prevalence and the monetary affect of things impacting comparability. For a similar causes, ArcelorMittal is unable to deal with the importance of the unavailable data. Non-GAAP monetary/various efficiency measures needs to be learn together with, and never as a substitute for, ArcelorMittal’s monetary data ready in accordance with IFRS. Comparable IFRS measures and reconciliations of non-GAAP monetary/various efficiency measures are introduced herein.

About ArcelorMittal

ArcelorMittal is likely one of the world’s main metal and mining corporations, with a presence in 60 international locations and first steelmaking services in 15 international locations. In 2024, ArcelorMittal had revenues of $62.4 billion and crude metal manufacturing of 57.9 million metric tonnes, whereas iron ore manufacturing reached 42.4 million metric tonnes.

Our objective is to assist construct a greater world with smarter steels. Steels made utilizing revolutionary processes which use much less power, emit considerably much less carbon and scale back prices. Steels which are cleaner, stronger and reusable. Steels for electrical autos and renewable power infrastructure that may help societies as they remodel by way of this century. With metal at our core, our ingenious folks and an entrepreneurial tradition at coronary heart, we’ll help the world in making that change. That is what we consider it takes to be the metal firm of the long run.

ArcelorMittal is listed on the inventory exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish inventory exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). For extra details about ArcelorMittal please go to: https://company.arcelormittal.com/

Enquiries

ArcelorMittal investor relations: +44 207 543 1128; ESG: +44 203 214 2801 and Bonds/credit score: +33 1 57 95 50 35.
E-mail: investor.relations@arcelormittal.com

ArcelorMittal company communications (e-mail: press@arcelormittal.com ) +44 207 629 7988. Contact: Paul Weigh +44 203 214 2419

• 3Q25 Earnings launch Nov 6 Closing.pdf