ArcelorMittal reports fourth quarter 2025 and full year 2025 results

Core Insights - ArcelorMittal reported resilient financial performance in 2025 despite significant headwinds, with an EBITDA of $6.5 billion and a net income of $3.2 billion, reflecting strong operational improvements and strategic investments [1][4][16]. Financial Performance - In 4Q 2025, sales decreased by 4.4% to $15.0 billion compared to 3Q 2025, primarily due to lower shipments [5][25]. - For the full year 2025, sales decreased by 1.7% to $61.4 billion, driven by a 2.3% reduction in average steel selling prices [16]. - Operating income for 12M 2025 was $3.6 billion, a 9.6% increase from $3.3 billion in 12M 2024, reflecting a positive impact from exceptional items [17]. - EBITDA for 12M 2025 decreased by 7.3% to $6.5 billion, influenced by weaker results in North America and lower contributions from India and Brazil [18]. - The company generated $1.9 billion in investable cash flow over the past 12 months, consistent with the previous year [1][24]. Safety and Sustainability - The company has made significant progress in safety performance, with a lost time injury frequency rate (LTIF) improving to 0.65x in 2025 from 0.70x in 2024 [10][11]. - ArcelorMittal is in the second year of a three-year safety transformation program aimed at establishing a consistent safety culture across the Group [1][11]. Strategic Initiatives - The company is well-positioned to benefit from a balanced and fair European steel market, with expectations of increased domestic demand due to new trade measures [2][8]. - ArcelorMittal is focusing on capturing opportunities in the energy transition, with plans to build renewable energy capacity of 2.8GW by the end of 2028 and expand low carbon-intensity steel production [2][15]. - Strategic growth projects contributed $0.7 billion to EBITDA in 2025, with an additional $1.6 billion anticipated from ongoing projects [2][9]. Capital Management - The Board proposed to increase the annual base dividend to $0.60 per share for FY 2026, reflecting improved earnings [1][53]. - The company repurchased 8.8 million shares for $262 million in 2025, reducing the fully diluted share count by 38% since September 2020 [1][54]. Outlook - The company expects world ex-China apparent steel demand to grow by 2% in FY 2026, with production and shipments anticipated to increase across all regions [4][8]. - Capital expenditures for 2026 are projected to be between $4.5 billion and $5.0 billion, supporting growth initiatives [4].