Highlights

  • ArcelorMittal reported FY2025 EBITDA of USD 6.5bn despite operational and market headwinds.
  • The company generated USD 1.9bn in investable cash flow over the past twelve months.
  • NYSE-listed shares closed lower following the earnings release amid cautious market response.

ArcelorMittal SA (NYSE:MT) reported its fourth-quarter and full-year 2025 financial results, outlining resilient earnings delivery amid a challenging operating environment. For FY2025, the Group recorded EBITDA of USD 6.5bn, including USD 0.7bn from strategic growth investments. EBITDA per tonne increased to USD 121, reflecting asset optimization and portfolio diversification.

Net income for the year stood at USD 3.2bn, translating to basic earnings per share of USD 4.13. Adjusted net income was reported at USD 2.9bn, with adjusted EPS of USD 3.85. Management attributed performance contributions to iron ore shipments in Liberia, renewable energy expansion in India, and recently completed capital projects.

Cash Flow Allocation and Balance Sheet Position
Over the past twelve months, ArcelorMittal generated USD 1.9bn in investable cash flow, broadly consistent with the prior year. During FY2025, the company allocated USD 1.1bn toward strategic capital expenditure, USD 0.7bn to shareholder returns, and USD 0.2bn to mergers and acquisitions.

At year-end, net debt was reported at USD 7.9bn, comprising gross debt of USD 13.4bn and cash and cash equivalents of USD 5.5bn. Total available liquidity reached USD 11.0bn. During 2025, credit rating agencies Moody’s and S&P upgraded the company’s ratings to Baa2 and BBB respectively, both with stable outlooks.

Capital Returns and Share Count Reduction
The Board proposed an increase in the annual base dividend to USD 0.60 per share for FY2026, up from USD 0.55 per share in FY2025. The dividend is scheduled to be paid quarterly beginning March 2026.

In addition, the company reiterated its policy of returning at least 50% of post-dividend free cash flow through share buybacks. During FY2025, ArcelorMittal repurchased 8.8 million shares for USD 262m, contributing to a 38% reduction in fully diluted share count since September 2020.

Strategic Projects and Forward Capacity Additions
Several growth initiatives contributed to FY2025 earnings, including the Vega CMC expansion in Brazil, renewable capacity additions in India, iron ore capacity expansion in Liberia, and the full consolidation of Calvert operations in the US from June 2025. Ongoing and completed projects are expected to add USD 1.6bn in EBITDA potential, with USD 0.7bn anticipated in 2026 and USD 0.9bn from 2027 onward.

Demand Outlook and Capital Spending
For FY2026, ArcelorMittal expects global apparent steel demand excluding China to grow by approximately 2%. Steel production and shipments are projected to increase across regions, supported by operational improvements and evolving trade protection measures in Europe. Capital expenditure for 2026 is projected in the range of USD 4.5bn to USD 5.0bn.

Share Price Performance
ArcelorMittal shares on the NYSE closed at USD 55.98 on 4 February, declining 1.22% following the results announcement.

ArcelorMittal’s FY2025 results highlighted stable cash generation, ongoing capital deployment, and incremental capacity additions across key regions. While earnings reflected pressure from broader market conditions, the company maintained its balance sheet position and shareholder return framework. Investors are monitoring demand recovery trends, project execution timelines, and capital allocation as the company moves into FY2026.

FAQs

Q1. What EBITDA did ArcelorMittal report for FY2025?
ArcelorMittal reported FY2025 EBITDA of USD 6.5bn, including contributions from strategic investments.

Q2. How much cash flow did the company generate in FY2025?
The company generated USD 1.9bn in investable cash flow over the twelve-month period.

Q3. What was ArcelorMittal’s share price reaction after results?
NYSE-listed shares closed at USD 55.98 on 4 February, down 1.22% on the day.