安赛乐米塔尔报告第四季度业绩好坏参半;启动26财年展望

2026-02-05 14:09

ArcelorMittal S.A. press release (MT): Q4 Non-GAAP EPS of $0.86 beats by $0.31.
Revenue of $14.97B (+1.8% Y/Y) misses by $630M.
Net cash provided by operating activities during 4Q 2025 amounted to $3.0 billion and includes a $2.4 billion release of working capital.
Capex totalled $1.2 billion for 4Q 2025 (including $0.3 billion spent on strategic projects), resulting in free cash flow of $1.7 billion.
Net debt declined to $7.9 billion as of December 31, 2025, as compared to $9.1 billion on September 30, 2025.
Crude steel production reached 1.8Mt in 4Q 2025, an 8.5% increase compared with 1.7Mt in 3Q 2025.
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 2020.
Outlook: The company's capex in 2026 is projected to be within the range of $4.5-$5.0B. 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.

More on ArcelorMittal S.A.