MT Q1 2026 EBITDA/t $131; Net Income $575M; EPS $0.76
ArcelorMittal reported resilient Q1 2026 results with EBITDA per tonne of $131, an increase of $15 year-on-year, and net income of $575 million (EPS $0.76). The company achieved its lowest quarterly LTIFR and record iron ore production in Liberia. A seasonal working capital investment of $1.5 billion resulted in a free cash outflow of $1.3 billion, increasing net debt to $9.3 billion, though liquidity remains robust. ArcelorMittal is strategically positioned to benefit from a structurally reset European steel market due to CBAM and new tariff rate quotas, and continues to invest in high-return growth projects, including new EAF capacity at Dunkirk. The company also paid its first quarterly interim dividend of $0.15 per share and reaffirmed its capital return policy.
Key Highlights
- Q1 2026 EBITDA per tonne increased to $131/t, up $15/t year-on-year.
- Net income for Q1 2026 was $575 million (basic EPS $0.76/share).
- Lost Time Injury Frequency Rate (LTIFR) improved to 0.45x in Q1 2026 from 0.63x in Q1 2025.
- Seasonal working capital investment of $1.5 billion led to a free cash outflow of $1.3 billion.
- Net debt increased to $9.3 billion, with robust liquidity of $9.9 billion.
- Paid first quarterly interim dividend of $0.15 per share in March 2026.
- 2026 capex guidance remains unchanged at $4.5 billion-$5.0 billion, including $1.7 billion-$2.0 billion strategic capex.
- Potential incremental EBITDA impact from strategic capex projects is now $1.8 billion.