ArcelorMittal reports fourth quarter 2025 and full year 2025 results in Commodity News 06/02/2026 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 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