MT

Research · Sep 3, 2026

[MT] ArcelorMittal Thesis 2026: European Trade Protection Becomes Key Earnings Variable

ArcelorMittal FY25 (Dec 31, 2025) at $61.35B revenue (-2%). NI $3.15B (+135%); EPS $4.11 (+143%). EBITDA $6.5B = $121/tonne shipped. Cash flows $1.9B ($1.1B strategic projects + $0.7B shareholder return + $0.2B M&A). Base dividend $0.60/share (doubled over 5 years). EU CBAM + tariff-rate quota reset. FY26: higher production + shipments + positive FCF.