ArcelorMittal S.A.: ArcelorMittal reports second quarter 2026 results

2Q 2026 key highlights:

Safety focus: Protecting employee health and safety is a core Company value. The multi-year safety transformation continues to deliver measurable improvements, with LTIF rate of 0.60x in 2Q'26.
Delivering structurally improved margins: The Group’s results continue to demonstrate resilience; 2Q 2026 EBITDA of $2.1bn, which represents a margin of $155/t, significantly higher than historical per tonne averages, reflecting the benefits of strategic investments, optimized assets and diversified market exposures. Europe EBITDA per tonne improved by $28/t sequentially, with further upside expected as the benefits of the new TRQ trade tool are realized. Net income in 2Q 2026 was $0.7bn (basic EPS of $0.90/sh).
Financial strength: After returning $0.6bn to shareholders and net working capital investment, net debt increased modestly compared with the prior quarter to $9.5bn⁴. Liquidity⁷ remains robust at $10.4bn, and the Company’s free cash flow outlook for 2026 and beyond remains unchanged.
Strong underlying cash generation, supporting shareholder returns and growth investment: The business generated $0.5bn of underlying free cash flow in 1H 2026, after investing $0.8bn in strategic growth projects and excluding the seasonal $2.0bn working capital investment. Given the positive prospects for 2H 2026 profitability, healthy cash generation in 2H 2026 should support continued returns to shareholders and lower net debt.
Capital return policy is creating significant value for shareholders: During 1H 2026, the Company returned $0.7bn to shareholders ($0.2bn dividends and $0.5bn share buybacks). Following the partial monetization of its Vallourec stake, the proceeds of which have been allocated to share buybacks, shareholder returns in 2026 are expected to exceed the policy minimum (i.e. quarterly base dividend of $0.15/sh plus 50% of post-dividend FCF allocated to buybacks). The fully diluted share count has been reduced by 38% since September 2020⁵.

Strategic focus:

Positive outlook across the near, medium and long term: ArcelorMittal is well positioned to deliver value-accretive growth, with robust shareholder returns, whilst maintaining a strong investment-grade balance sheet. Our medium and long-term growth prospects are underpinned by a unique portfolio of opportunities. Alongside the next phase of our growth in India, the world's fastest-growing major steel market, the Company is currently reviewing potential downstream expansions in Brazil (leveraging our low-cost assets and long slab position), and further capacity growth in Liberia (leveraging existing infrastructure). Electrical steels is a core growth focus globally, with projects underway in the US and Europe, and opportunities under development in other key regions. We also see significant opportunities to further expand our renewable energy portfolio, generating more resilient, non-cyclical earnings while enhancing the competitiveness and sustainability of our steel business. Renewables is a key pillar of the Sustainable Solutions segment which remains on track to double its EBITDA by 2028 (vs. 2023).

Europe business gathering momentum under a more balanced trade framework: The Company believes that CBAM, together with the TRQ trade tool implemented from July 1, 2026, can support higher domestic capacity utilization and restore profitability and returns on capital to healthy, sustainable levels. The introduction of comprehensive and more granular country-specific import quotas represents a meaningful improvement, while the introduction of 'Melt & Pour' requirements could further strengthen the integrity and effectiveness of the system. Activity levels have improved following the implementation of the TRQ measures, with stronger order books supporting capacity restarts across Europe. Consequently, European shipments are expected to be stable to slightly higher in 3Q 2026 versus 2Q 2026, compared with the typical high-single-digit seasonal decline. Furthermore, shipments in 2H 2026 are expected to exceed those in 1H 2026 across all segments.

Strategic growth projects support higher EBITDA and ROCE: The Company’s portfolio of organic growth projects and completed M&A is expected to increase EBITDA potential by approximately $1.8bn⁶ from 2026 and beyond, unchanged from previous guidance. 2026 capex guidance remains unchanged at $4.5bn-$5.0bn, including $1.7bn-$1.9bn of strategic capex.

Financial highlights (on the basis of IFRS¹):

Commenting, Aditya Mittal, ArcelorMittal Chief Executive Officer, said:

“Today’s results, with second quarter EBITDA per tonne of $155, demonstrate the continued evolution of our business towards structurally higher levels of profitability. A key element is the improved outlook for our European business. The implementation of the new tariff rate quota alongside CBAM is creating a more balanced competitive environment. With Europe volumes in the third quarter projected to be stable to higher compared with the second quarter - counter to normal seasonal trends - and positive momentum across our other businesses, we anticipate higher shipments in both the third quarter and the second half of the year, with all segments expected to outperform first‑half volumes.

On safety, we are making encouraging progress. While there is more work to do, we are reporting a record low LTIF for the first half of the year, reflecting the growing impact of our safety transformation programme and the strong commitment of teams across the Group to create safer workplaces every day.

On 1st August, ArcelorMitttal will celebrate its 20th anniversary. Over the past two decades, we have expanded into some of the world’s most attractive steel and mining markets, including India and Southern United States, enhancing the quality of our earnings and increasing our exposure to long-term growth drivers. Our strategic growth initiatives are a key differentiator and position us to create value well beyond the current cycle. From 2026 onwards, this project portfolio is expected to add a collective US$1.8 billion of incremental EBITDA. These projects increase our exposure to long-term growth themes including electrification, renewable energy and grid infrastructure.

Our growing pipeline of future growth opportunities, strengthening contributions from our strategic JV portfolio, and focus on disciplined capital allocation – all backed by an investment grade balance sheet – mean ArcelorMittal is well positioned to deliver structurally higher quality earnings and continue to provide attractive shareholder returns over the long-term. With steel reaffirming its critical importance as a material that supports not only economic growth, but also the energy transition and AI led infrastructure build out, we look forward to further growth, innovation and digitalization in the next decade and beyond.”

Safety and sustainable development

Health and safety:

Protecting employee health and safety is a core Company value. The multi-year safety transformation continues to deliver measurable improvements, with an LTIF rate of 0.53x in 1H 2026 vs 0.66x in 1H 2025.

In 2026, the safety transformation program progressed into its implementation and scale-up phase, focused on embedding execution discipline and delivering consistent, high-quality safety performance across all regions. During 1H 2026, more than 8,000 leaders were assessed against the updated Health and Safety Competency Model, supporting a consistent One ArcelorMittal safety culture globally. In addition, an upgraded Contractor Health and Safety Management Standard was rolled out, establishing a consistent framework to strengthen contractor safety performance across all operations. These initiatives form part of the Company's ongoing efforts to achieve its ambition of zero fatalities and serious injuries.

Own personnel and contractors – Lost time injury frequency rate

Sustainable development highlights:

Analysis of results for the six months ended June 30, 2026 versus results for the six months ended June 30, 2025

Sales for 1H 2026 increased by 4.9% to $32.2 billion as compared with $30.7 billion for 1H 2025, primarily due to 10.2% higher average steel selling prices partially offset by lower shipments.

Operating income for 1H 2026 was $1.8 billion, broadly stable with the underlying performance recorded in 1H 2025. 1H 2025 operating income of $2.8 billion included $1.0 billion of net exceptional gains (a $1.2 billion exceptional gain mainly related to the acquisition of Nippon Steel's 50% stake in AM/NS Calvert, partly offset by $0.2 billion of impairment charges related to the divestment of the Zenica integrated steel plant and Prijedor iron ore mining business in Bosnia).

Depreciation cost for 1H 2026 was $1,529 million, higher than $1,353 million in 1H 2025, primarily due to the consolidation of Calvert (since June 2025) and foreign exchange impact. 12M 2026 depreciation guidance remains unchanged at approximately $3.0 billion.

EBITDA increased by 8.8% to $3,743 million in 1H 2026 as compared to $3,440 million in 1H 2025, primarily driven by stronger results in Europe, North America (reflecting the impact of the Calvert acquisition) and the India and JVs segment partly offset by weaker results in Brazil and Mining.

Income from associates, joint ventures and other investments increased to $406 million in 1H 2026, as compared to $298 million in 1H 2025, reflecting stronger contributions from AMNS India and European investees partially offset by the full consolidation of Calvert since June 2025.

Foreign exchange and net financing charges amounted to $366 million in 1H 2026 as compared to an income of $123 million in 1H 2025 primarily on account of foreign exchange impacts. 1H 2026 was negatively impacted by a 3.0% appreciation of the US dollar against the Euro, while 1H 2025 benefited from a 12.8% depreciation of the US dollar against the Euro.

Net interest expense increased to $269 million in 1H 2026 as compared to $121 million in 1H 2025, primarily due to higher average gross debt (including impact from consolidation of Calvert) and lower interest income. Interest income in 1H 2025 included interest on the amounts receivable (related to the disposal of the Kazakhstan operations, that were fully repaid in 4Q 2025), as well as returns on U.S. dollar-linked investments in Argentina used to preserve the dollar value of cash balances. 12M 2026 net interest expense is expected to be approximately $550 million.

Net income in 1H 2026 of $1,258 million (EPS of $1.65/sh) compares to adjusted net income⁴ of $1,810 million (adjusted EPS of $2.37/sh) in 1H 2025. The year‑on‑year decline in net income primarily reflects higher foreign exchange losses and increased net interest expense, as explained above.

Net cash provided by operating activities in 1H 2026 was $952 million as compared to $1,062 million in 1H 2025 and includes a working capital investment of $1,981 million as compared to $1,491 million in 1H 2025. Free cash outflow during 1H 2026 of $1,493 million includes capex of $2,373 million (including strategic growth projects totaling $0.8 billion). The free cash outflow, together with shareholder returns of $0.7 billion offset in part by net M&A proceeds during the period, led to an increase in net debt to $9.5 billion on June 30, 2026, as compared to $7.9 billion on December 31, 2025. Gross debt amounted to $14.4 billion on June 30, 2026, as compared to $13.7 billion on June 30, 2025.

Analysis of results for 2Q 2026 versus 1Q 2026

Sales increased by 8.4% to $16.8 billion in 2Q 2026 as compared to $15.5 billion in 1Q 2026, primarily reflecting 4.4% higher average steel prices and 4.1% increase in steel shipments. Average steel selling prices and steel shipments increased in all steel segments.

Operating income increased to $1.1 billion in 2Q 2026 as compared to $0.8 billion in 1Q 2026, reflecting improved operating performance.

Depreciation cost for 2Q 2026 was $780 million as compared to $749 million in 1Q 2026.

EBITDA increased by 22.9% to $2,064 million in 2Q 2026 as compared to $1,679 million in 1Q 2026, driven by improved performance across all steel segments.

Income from associates, joint ventures and other investments increased to $229 million in 2Q 2026, as compared to $177 million in 1Q 2026, primarily due to stronger AMNS India results. 2Q 2026 includes a $0.3 billion gain on the disposal of a 10% stake in Vallourec which was fully offset by $0.3 billion impairment relating to the associate investment in Baffinland.

Foreign exchange and other net financial charges amounted to $286 million in 2Q 2026 as compared to $80 million in 1Q 2026, primarily on account of foreign exchange impacts.

Income tax expense of $175 million in 2Q 2026 compares with an income tax expense of $136 million in 1Q 2026.

Net income in 2Q 2026 increased to $683 million (EPS of $0.90/sh) as compared with $575 million (EPS of $0.76/sh) in 1Q 2026.

Net cash provided by operating activities in 2Q 2026 amounted to $1.0 billion (including a $0.5 billion investment in working capital) as compared to net cash used in operating activities in 1Q 2026 of $9 million (including a $1.5 billion seasonal investment in working capital). Capex totalled $1.1 billion (including strategic growth projects totaling $0.4 billion) for 2Q 2026 and $1.3 billion for 1Q 2026 (including strategic growth projects totaling $0.4 billion and $0.2 billion payment on signing the new Mineral Development Agreement in Liberia)¹⁰. Net debt increased to $9.5 billion as at June 30, 2026, as compared to $9.3 billion as at March 31, 2026.

Analysis of operations

North America

Crude steel production increased by 3.2% to 2.2Mt in 2Q 2026, as compared with 2.1Mt in 1Q 2026 following the full recovery of Mexico long operations which were restarted late January 2026.

Sales increased by 11.3% in 2Q 2026 to $3.7 billion, as compared to $3.3 billion in 1Q 2026, primarily reflecting higher steel shipments (+7.9%) and higher average steel selling prices (+6.7%).

Operating income improved to $333 million in 2Q 2026 as compared with $206 million in 1Q 2026.

EBITDA in 2Q 2026 increased by 27.4% to $488 million as compared to $383 million in 1Q 2026, driven mainly by a positive price-cost effect and higher steel shipments.

Brazil⁹

Crude steel production increased by 5.6% to 3.7Mt in 2Q 2026, as compared with 3.5Mt in 1Q 2026.

Sales in 2Q 2026 increased by 12.2% to $3.2 billion as compared to $2.8 billion in 1Q 2026. The improvement was driven by higher average steel selling prices (+8.0%) reflecting both stronger Brazilian slab prices and the impact of a 4% appreciation of the Brazilian real, as well as increased steel shipments (+3.9%), primarily into the domestic market benefiting from lower import penetration.

Operating income increased to $274 million in 2Q 2026 as compared to $223 million in 1Q 2026.

EBITDA in 2Q 2026 increased by 20.0% to $401 million as compared to $334 million in 1Q 2026, primarily reflecting a positive price-cost effect and higher steel shipments.

Europe

Crude steel production increased by 10.5% to 7.6Mt in 2Q 2026, as compared with 6.8Mt in 1Q 2026, primarily reflecting the restart of production facilities at Asturias (Spain) following maintenance activities since September 2025, and the restart of the Dabrowa blast furnace (Poland) on April 28, 2026, in response to improving demand.

The Fos blast furnace (France), which had been idled since September 2023, was successfully restarted at the end of July 2026, reflecting improving demand and strengthening market conditions in Europe.

Sales increased by 4.7% to $7.8 billion in 2Q 2026 as compared to $7.4 billion in 1Q 2026, primarily reflecting higher average steel selling prices (+3.9%).

Year-on-year order books have inflected positively following the implementation of the TRQ from July 1, 2026. Consequently, steel shipments are expected to be stable to slightly higher in 3Q 2026 versus 2Q 2026, compared with the typical high-single-digit seasonal decline.

Operating income increased to $410 million in 2Q 2026 as compared to $239 million in 1Q 2026.

EBITDA in 2Q 2026 increased by 39.3% to $697 million as compared to $501 million in 1Q 2026, primarily reflecting a positive price-cost effect.

Sustainable Solutions

Sales in 2Q 2026 increased by 13.9% to $3.0 billion as compared to $2.6 billion in 1Q 2026.

Operating income increased to $84 million in 2Q 2026 from $69 million in 1Q 2026.

EBITDA increased by 14.3% to $142 million in 2Q 2026 as compared to $124 million in 1Q 2026, primarily driven by improved performance across all businesses in particular the Building Solutions business.

Mining

Note: Mining segment comprises iron ore operations of ArcelorMittal Mines Canada (AMMC) and ArcelorMittal Liberia.

Iron ore production in 2Q 2026 increased by 3.5% to 10.1Mt, compared with 9.7Mt in 1Q 2026, driven by seasonally higher volumes at ArcelorMittal Mines Canada (“AMMC”), partly offset by lower output in Liberia due to heavy rainfall.

Compared to 2Q 2025, iron ore production increased by 22.0%, driven primarily by improved performance in Liberia, where operational improvements and the continued concentrator ramp up supported higher mining volumes.

In 2Q 2026, iron ore shipments (9.4Mt) were lower than iron ore production (10.1Mt), primarily due to shipment timing delays in Liberia caused by heavy rainfall and weather-related constraints impacting port operations at AMMC. In comparison, iron ore shipments in 2Q 2025 were higher than iron ore production, as AMMC shipped approximately 2Mt of inventory from prior periods that had accumulated at Port Cartier (AMMC) during the wharf rehabilitation. Liberia 2026 iron ore shipment guidance remains at 18Mt, supported by the ongoing ramp-up of the concentrator.

Sales in 2Q 2026 were 15.0% lower at $0.8 billion as compared to $0.9bn in 1Q 2026 reflecting lower iron ore shipments.

Operating income decreased to $93 million in 2Q 2026, compared with $215 million in 1Q 2026.

EBITDA in 2Q 2026 decreased to $179 million as compared with $299 million in 1Q 2026, primarily reflecting lower iron ore shipments and higher freight costs.

India and JVs

Income from associates, joint ventures and other investments increased to $229 million in 2Q 2026, as compared to $177 million in 1Q 2026, due to stronger AMNS India results.

ArcelorMittal has investments in various joint ventures and associate entities globally. The Company considers AMNS India (60% equity interest) joint venture to be of particular strategic importance, warranting more detailed disclosures to improve the understanding of its operational performance and value to the Group.

AMNS India

Sales increased by 2.4% to $1.7 billion in 2Q 2026 as compared to $1.6 billion in 1Q 2026, driven by higher average steel selling prices.

EBITDA increased by 31.5% to $257 million in 2Q 2026 as compared to $195 million in 1Q 2026, primarily due to a positive price-cost effect.

ArcelorMittal Condensed Consolidated Statements of Financial Position¹

ArcelorMittal Condensed Consolidated Statements of Operations¹

ArcelorMittal Condensed Consolidated Statements of Cash flows¹

Appendix 1: Capital expenditures¹

Appendix 1a: Strategic growth projects completed during the last 4 quarters¹⁰

Appendix 1b: Ongoing strategic growth projects

Appendix 2: Debt repayment schedule as of June 30, 2026

As of June 30, 2026, the average debt maturity is 7.6 years.

Appendix 3: Reconciliation of gross debt to net debt

Appendix 4: Adjusted net income and adjusted basic EPS

Appendix 5: Terms and definitions

Unless indicated otherwise, or the context otherwise requires, references in this earnings release to the following terms have the meanings set out next to them below:

Adjusted basic EPS: refers to adjusted net income divided by the weighted average common shares outstanding.

Adjusted net income: refers to reported net income less impairment items and exceptional items and related tax impacts and one-off tax charges.

Apparent steel consumption: calculated as the sum of production plus imports minus exports.

Average steel selling prices: calculated as steel sales divided by steel shipments.

Cash and cash equivalents: represent cash and cash equivalents, restricted cash and short-term investments.

Capex: represents the purchase of property, plant and equipment and intangibles. The Group’s capex figures do not include capex at the JVs level (i.e. AM/NS Calvert until June 18, 2025 and AMNS India).

Crude steel production: steel in the first solid state after melting, suitable for further processing or for sale.

Depreciation: refers to amortization and depreciation.

EPS: refers to basic or diluted earnings per share.

EBITDA: defined as operating income plus depreciation, impairment items and exceptional items and income (loss) from associates, joint ventures and other investments (excluding impairments and exceptional items if any).

EBITDA/tonne or margin: calculated as EBITDA divided by total steel shipments.

Exceptional items: income / (charges) relate to transactions that are significant, infrequent or unusual and are not representative of the normal course of business of the period.

Free cash flow (FCF): refers to net cash provided by operating activities less capex less dividends paid to minority shareholders. The term free cash outflow is used when the difference is negative (i.e. negative free cash flow)

Foreign exchange and other net financing income/(loss): include foreign currency exchange impact, bank fees, interest on pensions, impairment of financial assets, revaluation of derivative instruments and other charges that cannot be directly linked to operating results.

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

Impairment items: refers to impairment charges net of reversals.

Income from associates, joint ventures and other investments: refers to income from associates, joint ventures and other investments (excluding impairments and exceptional items, if any).

Investable cash flow: refers to net cash provided by operating activities less maintenance/normative capex.

Iron ore reference prices: refers to iron ore prices for 62% Fe CFR China. Pricing is generally linked to market price indexes and uses a variety of mechanisms, including current spot prices and average prices over specified periods. Therefore, there may not be a direct correlation between market reference prices and actual selling prices in various regions at a given time.

Kt: refers to thousand metric tonnes.

Liquidity: defined as cash and cash equivalents (included cash held as part of assets held for sale) plus available revolving credit facilities

LTIF: refers to lost time injury ("LTI") frequency rate equals lost time injuries per 1,000,000 worked hours (own personnel and contractors) and includes fatalities; an LTI is an incident that causes an injury that prevents the person from returning to his/her next scheduled shift or work period.

Maintenance/normative capex: refers to capital expenditures outside of strategic capital expenditures projects (and includes cost reduction plans and environment projects as well as general maintenance capital expenditures).

Mt: refers to million metric tonnes.

Net debt: long-term debt and short-term debt less cash and cash equivalents (including cash and cash equivalents held as part of assets held for sale)

Net interest expense: includes interest expense less interest income.

Operating results: refers to operating income/(loss).

Operating segments: North America segment includes the Flat, Long and Tubular operations of US, Canada and Mexico; and also includes all Mexico mines. The Brazil segment includes the Flat, Long and Tubular operations of Brazil and its neighboring countries including Argentina, Costa Rica, Venezuela; and also includes Andrade and Serra Azul captive iron ore mines. The Europe segment includes Flat and Long operations, and through October 30, 2025, included Bosnia and Herzegovina captive iron ore mines; Sustainable Solutions division includes Downstream Solutions and Tubular operations of the European business and our renewables operations in India. The Others segment includes the Flat, Long and Tubular operations of Ukraine and South Africa, the captive iron ore mines in Ukraine, holding companies and intragroup stock margin eliminations. Mining segment includes iron ore operations of ArcelorMittal Mines Canada and ArcelorMittal Liberia.

Own iron ore production: includes total of all finished production of fines, concentrate, pellets and lumps and includes share of production.

Price-cost effect: a lack of correlation or a lag in the corollary relationship between raw material and steel prices, which can either have a positive (i.e. increased spread between steel prices and raw material costs) or negative effect (i.e. a squeeze or decreased spread between steel prices and raw material costs).

ROCE (Return on capital employed): refers to operating income, excluding impairment and exceptional items, plus income from associates, JVs and other investments (excluding impairments and exceptional items, if any), minus income taxes (excluding one-off tax charges) divided by the average equity plus net debt for the period.

Shipments: information at segment and Group level eliminates intra-segment shipments (which are primarily between Flat/Long plants and Tubular plants) and inter-segment shipments respectively. Shipments of Downstream Solutions are excluded.

Working capital change (working capital investment / release): refers to movement of change in working capital - trade accounts receivable plus inventories less trade and other accounts payable.

Footnotes

Second quarter 2026 earnings analyst conference call

ArcelorMittal Management will host a conference call for members of the investment community to present and comment on the three-month period ended June 30, 2026 on: Thursday July 30, 2026, at 10.00 US Eastern time, 15.00 London time and 16.00 CET.

To access via the conference call and ask a question during the Q&A, please register in advance: https://register-conf.media-server.com/register/BIf1abb75c869a4ab5a6215076919b3fc2

Alternatively, the webcast can be accessed at: https://edge.media-server.com/mmc/p/nup3k9ud

A copy of the earnings call transcript will also be available on the website.

Forward-Looking Statements

This document contains forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words “believe”, "will", “expect”, “anticipate”, “target”, "projected", "potential", "intend" or similar expressions. Although ArcelorMittal’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal’s securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of ArcelorMittal, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier) and the United States Securities and Exchange Commission (the “SEC”) made or to be made by ArcelorMittal, including ArcelorMittal’s latest Annual Report on Form 20-F on file with the SEC. ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.

Non-GAAP/Alternative Performance Measures

This press release also includes certain non-GAAP financial/alternative performance measures. ArcelorMittal presents EBITDA, EBITDA/tonne, free cash flow (FCF), adjusted net income and adjusted basic earnings per share which are non-GAAP financial/alternative performance measures, as additional measures to enhance the understanding of its operating performance. The definition of EBITDA includes income from share of associates, JVs and other investments (excluding impairments and exceptional items if any, of associates, JVs and other investments) because the Company believes this information provides investors with additional information to understand its results, given the increasing significance of its joint ventures. ArcelorMittal believes such indicators are relevant to provide management and investors with additional information. ArcelorMittal also presents net debt, liquidity and change in working capital as additional measures to enhance the understanding of its financial position, changes to its capital structure and its credit assessment. Investable cash flow is defined as net cash provided by operating activities less maintenance/normative capex, and the Company thus believes that it represents a cash flow that is available for allocation at management’s discretion. The Company’s guidance as to free cash flow, EBITDA from Sustainable Solutions segment and additional EBITDA estimated to be generated from certain projects is based on the same accounting policies as those applied in the Company’s financial statements prepared in accordance with IFRS. ArcelorMittal is unable to reconcile, without unreasonable effort, such guidance to the most directly comparable IFRS financial measure, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of items impacting comparability. For the same reasons, ArcelorMittal is unable to address the significance of the unavailable information. Non-GAAP financial/alternative performance measures should be read in conjunction with, and not as an alternative to, ArcelorMittal's financial information prepared in accordance with IFRS. Comparable IFRS measures and reconciliations of non-GAAP financial/alternative performance measures are presented herein.

About ArcelorMittal

ArcelorMittal is one of the world's leading steel and mining companies, with a presence in 60 countries and primary steelmaking facilities in 14 countries. In 2025, ArcelorMittal had revenues of $61.4 billion and crude steel production of 55.6 million metric tonnes, while iron ore production reached 48.8 million metric tonnes.

Our goal is to help build a better world with smarter steels. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for electric vehicles and renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change. This is what we believe it takes to be the steel company of the future.

ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). For more information about ArcelorMittal please visit: https://corporate.arcelormittal.com/

Enquiries

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

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

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