Key figures for 3Q 2025

3Q 2025 key highlights:

Safety focus: Protecting employee health and safety is a core value of the Company. LTIF rate of 0.76x in 3Q 2025. In the first year of our three-year safety transformation program, the whole Company is working to build strong foundations for ‘one safety culture’ across the Group

Resilient operating results at the bottom of the cycle: 3Q 2025 EBITDA of $1.5bn, with a margin of $111/tonne continuing to show improvement vs. prior cycles reflecting the benefits of (i) asset optimization, (ii) regional and end market diversification, and (iii) strategic growth investments (including another record quarterly iron ore production and shipments from Liberia). Net income of $0.4bn in 3Q 2025 (EPS of $0.50/sh). Adjusted net income of $0.5bn (adjusted EPS of $0.62/sh) in 3Q 20254

Financial strength maintained: Net debt increased to $9.1bn at the end of the quarter (gross debt of $14.9bn and cash and cash equivalents of $5.7bn as of September 30, 2025) from $8.3bn as of June 30, 2025 due largely to working capital investment ($0.4bn) and M&A investing activities ($0.3bn)9. Following the normal seasonal pattern, the 9M'25 investment in working capital of $1.9bn is expected to unwind in 4Q 2025, supporting a strong free cash flow outlook. Liquidity remains at a robust $11.2bn7

Cash flow being reinvested for growth: Over the past 12 months, the Company has generated investable cash flow6 (net cash provided by operating activities less maintenance/normative capex) of $1.5bn. Over the same period, the Company has invested $1.2bn in strategic capex projects to enhance long-term EBITDA capacity, returned $0.8bn to shareholders via dividends/buybacks, and deployed $0.2bn to M&A

Outlook

Encouraging EU trade policy momentum to restore fair competition: The European Commission  presented on October 7, 2025, a new trade tool for the steel sector to restore the industry to healthy capacity utilization. Together with an effective Carbon Border Adjustment Mechanism (CBAM) this can provide the foundation for our European business to earn its cost of capital

Positive on medium/long term outlook: Through its global asset portfolio, ArcelorMittal is uniquely positioned to capture the anticipated growth in steel demand over the medium/long-term; including the steel required for the transition to new energy and mobility systems, infrastructure development and modernization, and defense

Organic growth: The Group's strong financial position (positive FCF outlook for 2025 and beyond) enables the consistent funding of organic growth projects to support future profitability and investable cash flow. The Group‘s high return strategic growth projects, together with the impact of recent M&A, are expected to increase future EBITDA potential by $2.1bn6 including $0.7bn and $0.8bn targeted in 2025 and 2026, respectively

Consistent shareholder returns: In addition to its base dividend ($0.55/sh, paid in 2 equal instalments), the Company will continue to return a minimum of 50% of post-dividend annual free cash flow to shareholders. Since September 20205, the Company has used buybacks to reduce its fully diluted shares outstanding by 38%10. So far in 2025, the Company has repurchased 8.8m shares at a total cost of $262m. The Company plans to cancel the majority of the 92.3m shares currently held in treasury before year-end

Financial highlights (on the basis of IFRS 1):

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

“It is a year since we embarked on our three-year safety transformation program. There is strong engagement across the Group that is reflected in visible progress on a number of key performance indicators. I am conscious we have more to do, and all businesses are fully aware of the imperative of continuing to implement their bespoke safety roadmaps.

Turning to financial performance, the Company reported resilient results in what is typically a seasonally weak quarter. The underlying strength of the business is again evident in the structurally higher margins delivered over the first nine months of the year.

Perhaps the most significant development during the quarter was the European Commission’s proposal of strengthened trade measures. Once enacted, this will support the European steel industry’s ability to improve capacity utilization, improve profitability, and invest with confidence for the future. We now hope for swift approval and implementation of the proposal, as well as supportive revisions to the Carbon Border Adjustment Mechanism.

Supported by a strong balance sheet, we continue to evolve the business towards higher return on capital, focusing strategic capex on low-cost, added-value markets and exiting higher-cost businesses. The energy transition also represents an attractive opportunity for ArcelorMittal – and we recently launched a revolutionary, low-carbon, all-in-one insulated steel roof integrating solar cells.

While markets are challenging and tariff-related headwinds persist, we are seeing signs of stabilization and are optimistic on the outlook for our business in 2026, when we will benefit from more supportive industry policies in key markets.”

Aditya Mittal, CEO ArcelorMittal