APERAM S.A.

Aperam reported adjusted EBITDA of €130m and free cash flow of €106m in the second quarter, both broadly in line with expectations after an earlier communicated improvement. Because the numbers contained no surprises and internal consensus had already been raised, the release triggered a "sell the news" reaction. Additional pressure came from a downgrade by BNP Paribas Exane and profit-taking after the stock's strong recovery from its 52-week low. » More on de.investing.com

Aperam shares fell 3.7% after BNP Paribas Exane downgraded the stock from "neutral" to "underperform" and set a price target of €38.00. The rating is the first sell recommendation from a major research house for Aperam and triggered a wave of selling that pushed the stock intraday down to €42.10. Analyst sentiment for the stainless steel sector remains cautious; InvestingPro’s estimated fair value is €40.12 and the next quarterly result is not due until July 30, so few fundamental counterforces are expected in the short term. » More on de.investing.com

Aperam sees an improved operational performance for the second quarter of 2026, citing higher capacity utilization in its European stainless steel business due to lower imports as a driver. Brazil is expected to see a volume increase after seasonal weakness, and the specialty alloys business benefits from solid order intake in LNG as well as aerospace. Consensus for Q2 EBITDA is around €121m (Q1: €90m) and the VA segment at about €130m, after which the share rose by around 2%. » More on de.investing.com