EarningsQ2 2026 Earnings Report
MX:MTN Q2 2026 EPS Results
Actual EPS$15.73
Consensus EPS$18.35
Beat/MissMissed by -$2.62
One Year Ago EPS$41.37
MX:MTN Q2 2026 Revenue Results
Actual Revenue$570.15B
Expected Revenue$301.93B
Beat/MissBeat by +$268.22B
YoY Revenue Growth+4.13%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
MX:MTN Upcoming Earnings
ArcelorMittal's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:MTN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed clear positive operational and financial momentum across the portfolio: stronger Q2 EBITDA ($2.1bn), elevated per-ton margins ($155/ton company-wide; $98/ton in Europe), counterseasonal production restarts, improved order books and positive free cash flow prospects (annualized $2.5bn excluding seasonal items). Strategic growth projects (targeting $1.8bn incremental EBITDA) and progress on Calvert, India expansion and sustainable solutions add to the constructive outlook. Headwinds are manageable but notable — rising carbon costs in Europe, import/inventory dynamics earlier in the year, China overcapacity timing risk, and near-term execution disruptions (Liberia rainy season). On balance, the highlights and catalysts materially outweigh the challenges.Company Guidance
Record Safety Performance
Frequency rate of lost time injuries in the first six months reached a record low for the company, indicating measurable progress on safety.
Strong Quarterly EBITDA and Margins
Second-quarter EBITDA improved to $2.1 billion with an EBITDA margin of $155 per ton — described as well above through-the-cycle averages.
European Segment Profitability Rebound
Europe delivered EBITDA per ton of $98 in Q2 — a three-year high and roughly a $28/ton increase from ~ $70/ton in Q1 (approximately +40% quarter-on-quarter as noted in the call).
Operational Restarts and Counterseasonal Shipment Guidance
Production restarts announced in Spain, Poland and France and the group expects all European blast furnaces in operation in August. Management is guiding Q3 shipments to be stable to higher than Q2 — a counterseasonal outcome versus historical mid- to high-single-digit Q3 declines.
Strong Free Cash Flow Run-Rate
Underlying free cash flow in H1 annualized at $2.5 billion (excluding seasonal working capital investments and strategic growth CapEx). Company reiterated prospect of positive free cash flow this year and beyond.
Delivering Strategic Growth Projects
A portfolio of high-return projects is expected to contribute incremental EBITDA of $1.8 billion from 2026 onward. Management noted $700 million of this is expected to be captured in 2025–2026, with $300 million already captured in H1 and a further ~$400 million expected in H2.
U.S. and India Expansion Momentum
Calvert EAF #1 ramping to full capacity later in H2; detailed engineering underway for a second EAF. India operations showing strength with record shipments and a run rate ~8 Mtpa; long-term plan to grow India capacity toward 40 Mtpa.
Sustainable Solutions & Diversification
Sustainable solutions division run-rate already in excess of $500 million of EBITDA with a medium-term target of $750 million; growth drivers include renewables (additional ~1 GW in India) and sustainable construction products expansion across regions.
Trade Policy Tailwinds (TRQ / CBAM)
New TRQ trade tool and CBAM are reducing import pressure, improving customer engagement and order books in Europe, and helping the company regain market share from imports.
Liberia Mine Ramp-Up On Track
Guidance maintained for Liberian shipments of 18 million tons; production and concentrator ramp progressing with expectation to ship ~10 million tons in H2 to reach the target.
MX:MTN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed