⁷ remains at a robust $9.9bn and the Company's positive FCF outlook for 2026 and beyond remains unchanged

Consistent cash generation, supporting balanced capital allocation and continued growth investment: Over the past 12 months, the Company generated $2.0bn in investable cash flow⁶ (net cash provided by operating activities less maintenance/normative capex). Over the same period, the Company invested $1.5bn in strategic capex to build incremental long-term EBITDA capacity, returned $0.7bn to shareholders, and allocated $0.2bn to M&A

Capital return policy is creating significant value for shareholders: The Company paid its first quarterly interim dividend of $0.15 per share in March 2026, as part of a proposed annual dividend of $0.60 per share. The Company will continue to return a minimum of 50% of post-dividend free cash flow to shareholders through share buybacks. The fully diluted share count has been reduced by 38% since September 2020⁵

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Strategic focus:

Well positioned to benefit from a balanced and fair European steel market: The Company believes that CBAM (which now imposes a carbon cost on imports), together with the recently agreed tariff rate quota (TRQ) trade tool (expected to be effective from July 1, 2026), structurally resets the outlook for the European steel industry. Lower imports will lead to higher capacity utilization, restoring profitability and returns on capital to healthy, sustainable levels. ArcelorMittal is well positioned to capture the volume upside through: improved utilization of its existing operating capacity; restart of idled blast furnaces (Fos (France) & Dabrowa (Poland) currently in preparation); and the commissioning of the new Gijon EAF and expanded EAF capacity at Sestao

Strategic growth projects have good momentum and support higher EBITDA and ROCE: 1Q 2026 capex of $1.3bn includes $0.2bn payment on signing new Mineral Development Agreement in Liberia¹¹. 2026 capex guidance remains unchanged at $4.5bn-$5.0bn and includes $1.7-$2.0bn of strategic capex on high return projects. The potential incremental EBITDA impact of strategic capex projects (including completed M&A) is now $1.8bn⁶ and includes the benefits of the recently approved electric arc furnace at Dunkirk and previously announced EAF investments at Sestao and Gijón

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Financial highlights (on the basis of IFRS1):

(USDm) unless otherwise shown	1Q26	4Q25	3Q25	2Q25	1Q25
Sales	15,457	14,971	15,657	15,926	14,798
Operating income	753	327	544	1,932	825
Net income attributable to equity holders of the parent	575	177	377	1,793