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 six-month periods ended June 30, 2026.
Delivering structurally improved margins: The Group's results continue to demonstrate resilience; 2Q 2026 EBITDA of $2.1bn, which represents a margin of $155/t, significantly higher than historical per tonne averages, reflecting the benefits of strategic investments, optimized assets and diversified market exposures. Europe EBITDA per tonne improved by $28/t sequentially, with further upside expected as the benefits of the new TRQ trade tool are realized. Net income in 2Q 2026 was $0.7bn (basic EPS of $0.90/sh).
Financial strength: After returning $0.6bn to shareholders and net working capital investment, net debt increased modestly compared with the prior quarter to $9.5bn4. Liquidity7 remains robust at $10.4bn, and the Company's free cash flow outlook for 2026 and beyond remains unchanged.
Strong underlying cash generation, supporting shareholder returns and growth investment: The business generated $0.5bn of underlying free cash flow in 1H 2026, after investing $0.8bn in strategic growth projects and excluding the seasonal $2.0bn working capital investment. Given the positive prospects for 2H 2026 profitability, healthy cash generation in 2H 2026 should support continued returns to shareholders and lower net debt.
Capital return policy is creating significant value for shareholders: During 1H 2026, the Company returned $0.7bn to shareholders ($0.2bn dividends and $0.5bn share buybacks). Following the partial monetization of its Vallourec stake, the proceeds of which have been allocated to share buybacks, shareholder returns in 2026 are expected to exceed the policy minimum (i.e. quarterly base dividend of $0.15/sh plus 50% of post-dividend FCF allocated to buybacks). The fully diluted share count has been reduced by 38% since September 20205.
Electrification is a structural growth driver for steel: Investments in electrification (wind power, solar power and grid expansion) currently targeted by various government policies could require 240-290Mt of steel ex-China through to 2035. ArcelorMittal is well positioned to capture growth through its portfolio of high-value add, high-margin products serving solar, wind, electrical steel and also transmission infrastructure markets.
Operating income for 1H 2026 was $1.8 billion, broadly stable with the underlying performance recorded in 1H 2025. 1H 2025 operating income of $2.8 billion included $1.0 billion of net exceptional gains (a $1.2 billion exceptional gain mainly related to the acquisition of Nippon Steel's 50% stake in AM/NS Calvert, partly offset by $0.2 billion of impairment charges related to the divestment of the Zenica integrated steel plant and Prijedor iron ore mining business in Bosnia).
Depreciation cost for 1H 2026 was $1,529 million, higher than $1,353 million in 1H 2025, primarily due to the consolidation of Calvert (since June 2025) and foreign exchange impact. 12M 2026 depreciation guidance remains unchanged at approximately $3.0 billion.
EBITDA increased by 8.8% to $3,743 million in 1H 2026 as compared to $3,440 million in 1H 2025, primarily driven by stronger results in Europe, North America (reflecting the impact of the Calvert acquisition) and the India and JVs segment partly offset by weaker results in Brazil and Mining.
Income from associates, joint ventures and other investments increased to $406 million in 1H 2026, as compared to $298 million in 1H 2025, reflecting stronger contributions from AMNS India and European investees partially offset by the full consolidation of Calvert since June 2025.
Foreign exchange and net financing charges amounted to $366 million in 1H 2026 as compared to an income of $123 million in 1H 2025 primarily on account of foreign exchange impacts. 1H 2026 was negatively impacted by a 3.0% appreciation of the US dollar against the Euro, while 1H 2025 benefited from a 12.8% depreciation of the US dollar against the Euro.
Net interest expense increased to $269 million in 1H 2026 as compared to $121 million in 1H 2025, primarily due to higher average gross debt (including impact from consolidation of Calvert) and lower interest income.
Net income in 1H 2026 of $1,258 million (EPS of $1.65/sh) compares to adjusted net income4 of $1,810 million (adjusted EPS of $2.37/sh) in 1H 2025.
Net cash provided by operating activities in 1H 2026 was $952 million as compared to $1,062 million in 1H 2025 and includes a working capital investment of $1,981 million as compared to $1,491 million in 1H 2025.
Operating income increased to $1.1 billion in 2Q 2026 as compared to $0.8 billion in 1Q 2026.
EBITDA increased by 22.9% to $2,064 million in 2Q 2026 as compared to $1,679 million in 1Q 2026, driven by improved performance across all steel segments.
Net income in 2Q 2026 increased to $683 million (EPS of $0.90/sh) as compared with $575 million (EPS of $0.76/sh) in 1Q 2026.
2Q 2026 key highlights:
Safety focus: Protecting employee health and safety is a core Company value. The multi-year safety transformation continues to deliver measurable improvements, with LTIF rate of 0.60x in 2Q'26.Delivering structurally improved margins: The Group's results continue to demonstrate resilience; 2Q 2026 EBITDA of $2.1bn, which represents a margin of $155/t, significantly higher than historical per tonne averages, reflecting the benefits of strategic investments, optimized assets and diversified market exposures. Europe EBITDA per tonne improved by $28/t sequentially, with further upside expected as the benefits of the new TRQ trade tool are realized. Net income in 2Q 2026 was $0.7bn (basic EPS of $0.90/sh).
Financial strength: After returning $0.6bn to shareholders and net working capital investment, net debt increased modestly compared with the prior quarter to $9.5bn4. Liquidity7 remains robust at $10.4bn, and the Company's free cash flow outlook for 2026 and beyond remains unchanged.
Strong underlying cash generation, supporting shareholder returns and growth investment: The business generated $0.5bn of underlying free cash flow in 1H 2026, after investing $0.8bn in strategic growth projects and excluding the seasonal $2.0bn working capital investment. Given the positive prospects for 2H 2026 profitability, healthy cash generation in 2H 2026 should support continued returns to shareholders and lower net debt.
Capital return policy is creating significant value for shareholders: During 1H 2026, the Company returned $0.7bn to shareholders ($0.2bn dividends and $0.5bn share buybacks). Following the partial monetization of its Vallourec stake, the proceeds of which have been allocated to share buybacks, shareholder returns in 2026 are expected to exceed the policy minimum (i.e. quarterly base dividend of $0.15/sh plus 50% of post-dividend FCF allocated to buybacks). The fully diluted share count has been reduced by 38% since September 20205.
Strategic focus:
Positive outlook across the near, medium and long term: ArcelorMittal is well positioned to deliver value-accretive growth, with robust shareholder returns, whilst maintaining a strong investment-grade balance sheet. Our medium and long-term growth prospects are underpinned by a unique portfolio of opportunities. Alongside the next phase of our growth in India, the world's fastest-growing major steel market, the Company is currently reviewing potential downstream expansions in Brazil (leveraging our low-cost assets and long slab position), and further capacity growth in Liberia (leveraging existing infrastructure). Electrical steels is a core growth focus globally, with projects underway in the US and Europe, and opportunities under development in other key regions. We also see significant opportunities to further expand our renewable energy portfolio, generating more resilient, non-cyclical earnings while enhancing the competitiveness and sustainability of our steel business. Renewables is a key pillar of the Sustainable Solutions segment which remains on track to double its EBITDA by 2028 (vs. 2023).Financial highlights (on the basis of IFRS1):
| (USDm) unless otherwise shown | 2Q 26 | 1Q 26 | 2Q 25 | 1H 26 | 1H 25 |
|---|---|---|---|---|---|
| Sales | 16,761 | 15,457 | 15,926 | 32,218 | 30,724 |
| Operating income | 1,055 | 753 | 1,932 | 1,808 | 2,757 |
| Net income attributable to equity holders of the parent | 683 | 575 | 1,793 | 1,258 | 2,598 |
Commenting, Aditya Mittal, ArcelorMittal Chief Executive Officer, said: "Today's results, with second quarter EBITDA per tonne of $155, demonstrate the continued evolution of our business towards structurally higher levels of profitability. A key element is the improved outlook for our European business. The implementation of the new tariff rate quota alongside CBAM is creating a more balanced competitive environment. With Europe volumes in the third quarter projected to be stable to higher compared with the second quarter - counter to normal seasonal trends - and positive momentum across our other businesses, we anticipate higher shipments in both the third quarter and the second half of the year, with all segments expected to outperform first-half volumes."
On safety, we are making encouraging progress. While there is more work to do, we are reporting a record low LTIF for the first half of the year, reflecting the growing impact of our safety transformation programme and the strong commitment of teams across the Group to create safer workplaces every day.
On 1st August, ArcelorMitttal will celebrate its 20th anniversary. Over the past two decades, we have expanded into some of the world's most attractive steel and mining markets, including India and Southern United States, enhancing the quality of our earnings and increasing our exposure to long-term growth drivers. Our strategic growth initiatives are a key differentiator and position us to create value well beyond the current cycle. From 2026 onwards, this project portfolio is expected to add a collective US$1.8 billion of incremental EBITDA. These projects increase our exposure to long-term growth themes including electrification, renewable energy and grid infrastructure.
Our growing pipeline of future growth opportunities, strengthening contributions from our strategic JV portfolio, and focus on disciplined capital allocation - all backed by an investment grade balance sheet - mean ArcelorMittal is well positioned to deliver structurally higher quality earnings and continue to provide attractive shareholder returns over the long-term. With steel reaffirming its critical importance as a material that supports not only economic growth, but also the energy transition and AI led infrastructure build out, we look forward to further growth, innovation and digitalization in the next decade and beyond."
In 2026, the safety transformation program progressed into its implementation and scale-up phase, focused on embedding execution discipline and delivering consistent, high-quality safety performance across all regions. During 1H 2026, more than 8,000 leaders were assessed against the updated Health and Safety Competency Model, supporting a consistent One ArcelorMittal safety culture globally. In addition, an upgraded Contractor Health and Safety Management Standard was rolled out, establishing a consistent framework to strengthen contractor safety performance across all operations. These initiatives form part of the Company's ongoing efforts to achieve its ambition of zero fatalities and serious injuries.
On safety, we are making encouraging progress. While there is more work to do, we are reporting a record low LTIF for the first half of the year, reflecting the growing impact of our safety transformation programme and the strong commitment of teams across the Group to create safer workplaces every day.
On 1st August, ArcelorMitttal will celebrate its 20th anniversary. Over the past two decades, we have expanded into some of the world's most attractive steel and mining markets, including India and Southern United States, enhancing the quality of our earnings and increasing our exposure to long-term growth drivers. Our strategic growth initiatives are a key differentiator and position us to create value well beyond the current cycle. From 2026 onwards, this project portfolio is expected to add a collective US$1.8 billion of incremental EBITDA. These projects increase our exposure to long-term growth themes including electrification, renewable energy and grid infrastructure.
Our growing pipeline of future growth opportunities, strengthening contributions from our strategic JV portfolio, and focus on disciplined capital allocation - all backed by an investment grade balance sheet - mean ArcelorMittal is well positioned to deliver structurally higher quality earnings and continue to provide attractive shareholder returns over the long-term. With steel reaffirming its critical importance as a material that supports not only economic growth, but also the energy transition and AI led infrastructure build out, we look forward to further growth, innovation and digitalization in the next decade and beyond."
Safety and sustainable development
Health and safety:
Protecting employee health and safety is a core Company value. The multi-year safety transformation continues to deliver measurable improvements, with an LTIF rate of 0.53x in 1H 2026 vs 0.66x in 1H 2025.In 2026, the safety transformation program progressed into its implementation and scale-up phase, focused on embedding execution discipline and delivering consistent, high-quality safety performance across all regions. During 1H 2026, more than 8,000 leaders were assessed against the updated Health and Safety Competency Model, supporting a consistent One ArcelorMittal safety culture globally. In addition, an upgraded Contractor Health and Safety Management Standard was rolled out, establishing a consistent framework to strengthen contractor safety performance across all operations. These initiatives form part of the Company's ongoing efforts to achieve its ambition of zero fatalities and serious injuries.
Own personnel and contractors - Lost time injury frequency rate
| 2Q 26 | 1Q 26 | 2Q 25 | 1H 26 | 1H 25 | |
|---|---|---|---|---|---|
| North America | 0.28 | 0.15 | 0.29 | 0.21 | 0.26 |
| Brazil | 0.17 | 0.17 | 0.39 | 0.17 | 0.35 |
| Europe | 1.17 | 0.85 | 1.23 | 1.00 | 1.21 |
| Sustainable Solutions | 1.21 | 0.72 | 1.26 | 0.96 | 1.24 |
| Mining | 0.37 | 0.19 | 0.11 | 0.28 | 0.17 |
| Others | 0.48 | 0.49 | 0.54 | 0.54 | 0.50 |
| Total | 0.60 | 0.45 | 0.68 | 0.53 | 0.66 |
Sustainable development highlights:
Sustainable solutions: Continuing to build exposure to attractive low-carbon infrastructure growth markets. In June 2026, ArcelorMittal Building Solutions announced plans to construct a new manufacturing facility in the United States. Together with recent investments in India and Brazil, the facility will further strengthen ArcelorMittal's global presence in insulated panels for more energy-efficient buildings. These investments are expected to contribute approximately $0.1bn of incremental EBITDA by 2031 once fully ramped up.Electrification is a structural growth driver for steel: Investments in electrification (wind power, solar power and grid expansion) currently targeted by various government policies could require 240-290Mt of steel ex-China through to 2035. ArcelorMittal is well positioned to capture growth through its portfolio of high-value add, high-margin products serving solar, wind, electrical steel and also transmission infrastructure markets.
Analysis of results for the six months ended June 30, 2026 versus results for the six months ended June 30, 2025
Sales for 1H 2026 increased by 4.9% to $32.2 billion as compared with $30.7 billion for 1H 2025, primarily due to 10.2% higher average steel selling prices partially offset by lower shipments.Operating income for 1H 2026 was $1.8 billion, broadly stable with the underlying performance recorded in 1H 2025. 1H 2025 operating income of $2.8 billion included $1.0 billion of net exceptional gains (a $1.2 billion exceptional gain mainly related to the acquisition of Nippon Steel's 50% stake in AM/NS Calvert, partly offset by $0.2 billion of impairment charges related to the divestment of the Zenica integrated steel plant and Prijedor iron ore mining business in Bosnia).
Depreciation cost for 1H 2026 was $1,529 million, higher than $1,353 million in 1H 2025, primarily due to the consolidation of Calvert (since June 2025) and foreign exchange impact. 12M 2026 depreciation guidance remains unchanged at approximately $3.0 billion.
EBITDA increased by 8.8% to $3,743 million in 1H 2026 as compared to $3,440 million in 1H 2025, primarily driven by stronger results in Europe, North America (reflecting the impact of the Calvert acquisition) and the India and JVs segment partly offset by weaker results in Brazil and Mining.
Income from associates, joint ventures and other investments increased to $406 million in 1H 2026, as compared to $298 million in 1H 2025, reflecting stronger contributions from AMNS India and European investees partially offset by the full consolidation of Calvert since June 2025.
Foreign exchange and net financing charges amounted to $366 million in 1H 2026 as compared to an income of $123 million in 1H 2025 primarily on account of foreign exchange impacts. 1H 2026 was negatively impacted by a 3.0% appreciation of the US dollar against the Euro, while 1H 2025 benefited from a 12.8% depreciation of the US dollar against the Euro.
Net interest expense increased to $269 million in 1H 2026 as compared to $121 million in 1H 2025, primarily due to higher average gross debt (including impact from consolidation of Calvert) and lower interest income.
Net income in 1H 2026 of $1,258 million (EPS of $1.65/sh) compares to adjusted net income4 of $1,810 million (adjusted EPS of $2.37/sh) in 1H 2025.
Net cash provided by operating activities in 1H 2026 was $952 million as compared to $1,062 million in 1H 2025 and includes a working capital investment of $1,981 million as compared to $1,491 million in 1H 2025.
Analysis of results for 2Q 2026 versus 1Q 2026
Sales increased by 8.4% to $16.8 billion in 2Q 2026 as compared to $15.5 billion in 1Q 2026, primarily reflecting 4.4% higher average steel prices and 4.1% increase in steel shipments.Operating income increased to $1.1 billion in 2Q 2026 as compared to $0.8 billion in 1Q 2026.
EBITDA increased by 22.9% to $2,064 million in 2Q 2026 as compared to $1,679 million in 1Q 2026, driven by improved performance across all steel segments.
Net income in 2Q 2026 increased to $683 million (EPS of $0.90/sh) as compared with $575 million (EPS of $0.76/sh) in 1Q 2026.
Net cash provided by operating activities in 2Q 2026 amounted to $1.0 billion (including a $0.5 billion investment in working capital) as compared to net cash used in operating activities in 1Q 2026 of $9 million (including a $1.5 billion seasonal investment in working capital). Capex totalled $1.1 billion (including strategic growth projects totaling $0.4 billion) for 2Q 2026 and $1.3 billion for 1Q 2026 (including strategic growth projects totaling $0.4 billion and $0.2 billion payment on signing the new Mineral Development Agreement in Liberia)10. Net debt increased to $9.5 billion as at June 30, 2026, as compared to $9.3 billion as at March 31, 2026.
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