Aperam S.A. (APEMY) Q1 2026 Earnings Call Transcript
Aperam S.A. (APEMY) Q1 2026 Earnings Call April 30, 2026 8:00 AM EDT
Company Participants
Sudhakar Sivaji – Chief Executive Officer
Nicolas Changeur – Chief Financial Officer
Conference Call Participants
Tristan Gresser – BNP Paribas, Research Division
Adahna Ekoku – Morgan Stanley, Research Division
Maxime Kogge – ODDO BHF Corporate & Markets, Research Division
Bastian Synagowitz – Deutsche Bank AG, Research Division
Krishan Agarwal – Citigroup Inc., Research Division
Presentation
Operator
Ladies and gentlemen, welcome to the Aperam First Quarter 2026 Results Conference Call. I’m Vicki, the Chorus Call operator. [Operator Instructions] The conference is being recorded. The conference must not be recorded for publication or broadcast. At this time, it’s my pleasure to hand over to Sud Sivaji, CEO. Please go ahead.
Sudhakar Sivaji
Chief Executive Officer
Hi. Good afternoon. Thank you very much for joining our conference call today. All our comments were contained in the podcast that we published this morning, which supports our quarterly financial reporting and where applicable, our disclosure of regulated information. We hope we can also save more time so you can ask pertinent questions during this call.
Together with my colleague, Nicolas Changeur, I’m looking forward to this dialogue with you. So, let’s start right away with the Q&A. Operator, can you please open the lines?
Question-and-Answer Session
Operator
[Operator Instructions] We will take the first question from Tristan Gresser with BNP Paribas.
Tristan Gresser
BNP Paribas, Research Division
The first one is on Stainless Europe. We’ve seen U.S. stainless price rising close to EUR 600 per tonne since Q4. Scrap prices are also up, maybe EUR 400 per tonne. So, it looks like you have a solid spread expansion year-to-date. But in your guidance, I have been surprised you do not mention any price cost effects into Q2. So maybe can you discuss the other elements of your cost base and if we
