ArcelorMittal (referred to as “ArcelorMittal” or the “Company” or the "Group") (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading integrated steel and mining company, today announced results¹ for the three-month and twelve-month periods ended December 31, 2025.

• Earnings Release - EN - PDF
• Analysts slides – EN – PDF
• Analyst model - XLS
• Analyst & investor webcast - link

4Q 2025 key highlights:

Safety focus is driving improved performance: Protecting employee health and safety is a core Company value. Progress is evident across all key safety KPIs, including a significant improvement in fatality prevention. The Company is now entering the second year of its three‑year safety transformation program, moving into the implementation and scale‑up phase and embedding the foundations for a consistent ‘one safety culture’ across the Group

Strategy is delivering structurally improved margins: Despite facing significant headwinds in 2025, the Company delivered a resilient performance with EBITDA of $6.5bn, supported by $0.7bn from strategic growth investments. This included record Liberia iron ore shipments and the ongoing expansion of renewables capacity in India. EBITDA per tonne rose to $121, more than double previous cycle lows, reflecting continued asset optimization, diversified market exposure, and the benefits of the strategic investment program. FY 2025 net income was $3.2bn and basic EPS $4.13/sh (adjusted net income of $2.9bn and EPS $3.85/sh)⁴

Business continues to generate significant cash flow for investment and returns: Over the past 12 months, the Company generated $1.9bn in investable cash flow⁶ (net cash provided by operating activities less maintenance/normative capex), broadly in line with $2.0bn generated in FY 2024. In 2025, the Company invested $1.1bn in strategic capex to build long‑term EBITDA capacity, returned $0.7bn to shareholders, and allocated $0.2bn to M&A

A solid investment grade balance sheet is our strategic foundation: In 2025, both Moody’s (Baa2, stable outlook) and S&P (BBB, stable outlook) upgraded ArcelorMittal's credit ratings, reflecting the stronger credit profile, consistent cash generation and improved resilience. Year-end net debt was $7.9bn (gross debt of $13.4bn and cash and cash equivalents of $5.5bn) with total liquidity of $11.0bn⁷

Capital return policy is creating significant value for shareholders: Reflecting the continued structural improvement in earnings, the Board proposes to increase the annual base dividend to shareholders to $0.60/sh in FY 2026 (from $0.55/sh in FY 2025), to be paid in four equal quarterly installments starting March 2026. The Company will continue to return a minimum of 50% of post-dividend free cash flow to shareholders via share buybacks. In 2025, the Company repurchased 8.8m shares for $262m, bringing the total reduction in the fully diluted share count to 38% since September 2020⁵

Strategic priorities

A balanced and fair European steel market: CBAM, together with the new tariff-rate quota (TRQ) trade tool 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 meet the anticipated increase in domestic demand with high-quality European steel delivered with premium service levels

Harness the economic opportunities of the energy transition to create shareholder value: Steel is central to the global energy transition, and ArcelorMittal is positioning its portfolio to capture the best opportunities across the value chain. This includes building high-quality renewable energy with a clear pipeline to 2.8GW capacity by end 2028, expanding capability to meet rising demand for low carbon-intensity steels with 3.4Mt new EAF capacity, and growing automotive electrical steels capacity to 0.4Mt NOES by end of 2028. These investments will continue to support a higher‑quality, higher‑margin earnings profile for the Group

Strategic growth delivery: The Group's strong financial position (supported by a positive free cash flow outlook for 2026 and beyond) continues to enable disciplined organic investment aimed at strengthening future profitability and cash generation

• In 2025, EBITDA benefited from key strategic projects, including the Vega CMC expansion in Brazil (completed in 2024), the 1GW renewables project in India, Liberia iron ore capacity expansion, and contributions from recent M&A including the 100% consolidation of Calvert in the US (from June 2025)
• Recently completed and ongoing projects are expected to add a further $1.6bn of EBITDA potential ($0.7bn in 2026 and $0.9bn from 2027 onward). Growth in 2026 will be supported by: start-up of the 4.5Mtpa DRI-quality pellet feed plant at Serra Azul (Brazil); ramp up of the new 400kt sections and bar mill in Barra Mansa (Brazil); continued progress towards 20Mtpa iron ore capacity in Liberia (expected to be completed by the end of 2026); and ongoing ramp‑up of the 1.5Mtpa EAF in Calvert toward full utilization, and the full impacts of recently completed M&A
• From 2027 onward, further potential uplift is expected to come from: the AMNS India expansion to 15Mtpa (2H 2026); the Las Truchas (Mexico) concentrate capacity increase and Mardyck (France) electrical steels project, both expected to start up in 1H 2027; the non-grain oriented electrical steel (NOES) facility in the US (2H 2027) and the completion of the new 1GW India renewables program in 2028

Outlook

Demand expected to increase in 2026: The Company expects world ex-China apparent steel demand to grow by +2% in FY 2026. The Company forecasts steel production and shipments to increase across all regions in 2026 versus 2025, supported by operational improvements and the impact of trade protections. In Europe in particular, ArcelorMittal is expecting to benefit as domestic mills progressively regain market share from imports with the combined effect of CBAM and the new TRQ mechanism strengthening through the year

Capex in support of growth: ArcelorMittal’s global asset base positions the Company to capture medium‑ and long‑term growth in steel demand, driven by investments in the energy transition, new infrastructure and mobility systems, defence security and data‑center capacity. The Company's capex in 2026 is projected to be within the range of $4.5-$5.0bn

Financial highlights (on the basis of IFRS¹):

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

"2025 was a pivotal year for the global steel industry and ArcelorMittal. While the ongoing geopolitical volatility brought significant challenges, important foundations were also laid for a more supportive operating environment moving forwards. On safety, there is a visible improvement in our results, reflecting the foundations for change we have embedded across all operations. Through consistent and tangible actions, we are fundamentally transforming our approach to health and safety globally.

The global economy has seen a shift towards greater domestic supply resilience, including the introduction of widespread tariffs. This led to an increasing number of countries finally taking steps to address the competitiveness of their manufacturing industries. Nowhere was this more necessary than in Europe, where ArcelorMittal has significant, high-quality operations. One of the most important developments was the proposal for new trade measures in Europe and the enhancements to the CBAM, to level the playing field on carbon costs. Combined, this will enable European producers to recover to sustainable utilization levels, and generate healthy returns on capital. And while the full benefits of the changes in the regulatory environment will emerge over time - more visibly in the second half and into 2027 - we are very well positioned to benefit from this direction.

Globally the outlook is also more favorable, including in India where we are growing our presence and enhancing our product offering. With $0.7bn of additional EBITDA generated already from strategic growth projects in 2025, a further $1.6bn is anticipated in the coming years as other projects are commissioned. We are also uniquely exposed to emerging macro growth drivers such as the energy transition, defence, data centers and infrastructure. Overall, this combination of positive regulatory developments, structurally supportive macro trends and an improved operating environment leave us well placed to continue delivering on our long-term commitment to achieve consistent returns for shareholders."

Fourth quarter 2025 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 and twelve-month period ended December 31, 2025 on: Thursday February 5, 2026, at 9.30am US Eastern time, 14.30pm London time and 15.30pm 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/BI2d188f63d8224cb7ae9aa3ec211e9c7c

Alternatively, the webcast can be accessed live on the day: https://edge.media-server.com/mmc/p/wmbcpqs6

Footnotes

1. The financial information in this press release has been prepared consistently with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and as adopted by the European Union. The interim financial information included in this announcement has also been prepared in accordance with IFRS applicable to interim periods, however this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standard 34, “Interim Financial Reporting”. The numbers in this press release have not been audited. The financial information and certain other information presented in a number of tables in this press release have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this press release reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers. Segment information presented in this press release is prior to inter-segment eliminations and certain adjustments made to operating results of the segments to reflect corporate costs, income from non-steel operations (e.g. logistics and shipping services) and the elimination of stock margins between the segments.
2. Impairment charges of $204 million in 12M 2025 primarily relates to announced divestment of Zenica integrated steel plant and Prijedor iron ore mining business in Bosnia for $194 million in 2Q 2025.
3. For 12M 2025, the Company reported an exceptional net gain of $871 million, which includes a $1,645 million net gain from the acquisition of Nippon Steel’s 50% stake in ArcelorMittal Calvert partially offset by a $0.4 billion charge related to settling the purchase‑price dispute concerning Votorantim’s long steel business in Brazil, exceptional charges totalling $194 million ($105 million of restructuring costs in Europe, $28 million related to Sustainable Solutions, and a non‑cash loss of $61 million arising from the sale of ArcelorMittal Zenica and Prijedor in Bosnia). For adjusted net income calculations, the Company also treated certain deferred tax asset and related deferred tax expense impacts as exceptional items: 4Q 2025 in the amount of $273 million; 2Q 2025 in the amount of $228 million.
4. See Appendix 4 for the reconciliation of adjusted net income and adjusted basic earnings per share.
5. September 2020 was the inception date of the ongoing share buyback programs. Under the new 10 million share buyback program launched in April 2025, the Company has repurchased 2 million shares (20% of the tranche) up to the end of 4Q 2025.
6. The estimate of potential additional contribution to EBITDA is based on assumptions once ramped up to full capacity and assuming prices/spreads generally in line with the averages of 2015-2020. Other projects under development include the construction of a new high added value finishing line (cold rolling mill) and a continuous coating line at Tubarão facility. The project is undergoing internal approvals, and ArcelorMittal Brasil is currently moving forward with detailed engineering (full feasibility study). As of December 31, 2025, last twelve-months investable cash flow of $1.9 billion consisting of cash flow from operations of $4.8 billion less normative/maintenance capex of $2.9 billion. As of December 31, 2025, last twelve-month capex of $4.3 billion included strategic capex of $1.1 billion and decarbonization capex of $0.3 billion.
7. Liquidity at the end of December 31, 2025, of $11.0 billion consisted of cash and cash equivalents of $5.5 billion (including cash and cash equivalents held as part of assets held for sale) and $5.5 billion of available credit lines. On April 30, 2025, the facility agent confirmed that all Revolving Credit 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 extended by one year to May 29, 2030.
8. Assets and liabilities held for sale are related to the announced divestment of Tubular subsidiary.
9. The acquisition of Votorantim’s long steel business in Brazil in 2018 significantly strengthened ArcelorMittal’s market position, adding approximately 2Mt of annual production capacity, increasing market share, and unlocking cost efficiencies alongside substantial operational, logistics, and procurement synergies. As part of the original deal structure, Votorantim and ArcelorMittal retained certain put and call option rights. In March 2022, Votorantim exercised its put option, resulting in a valuation dispute that proceeded to arbitration in Brazil. Following hearings in October 2024, the parties reached a settlement in June 2025, under which ArcelorMittal Brasil will pay approximately $546 million over three years. Net of amounts previously provisioned, ArcelorMittal recorded a net amount of $0.4 billion in 2Q 2025 as an exceptional item. The first instalment of $0.2 billion was paid in 3Q 2025, with 3 further annual payments of $0.1 billion due.
10. Strategic capex project updates: The ~$0.2 billion Las Truchas project will supply 2.3Mt/year of concentrate to ArcelorMittal Mexico, with production now expected in 1H 2027 following permitting delays.
11. On December 19, 2025, ArcelorMittal extended the conversion date for the $0.7 billion privately placed mandatory convertible bond (MCB) issued on December 28, 2009 by one of its wholly-owned Luxembourg subsidiaries. The mandatory conversion date of the bond has been extended to January 28, 2028. The other main features of the MCB remain unchanged. The bond was placed privately with Credit Agricole Corporate and Investment Bank and is not listed.
12. New EAF provides highest quality, domestically melted and poured slabs; EBITDA benefit of $85m is calculated versus the prior Cliffs slab supply contract (versus imported slabs the benefit is significantly higher).

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”, “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.