Dividend

Dividend Policy

In coherence with Aperam’s Financial Policy, Aperam’s dividend policy consists of a base dividend, anticipated to progressively increase over time. The Company targets a Net Financial Debt/EBITDA ratio of <1x (through the cycle). In the (unlikely) event that Net Financial Debt/EBITDA exceeds 1x, then the Company will review the dividend policy.

Dividend technicalities

On 10 February 2023 Aperam announced its detailed dividend payment schedule for 2023.

The Company proposes to maintain its base dividend at EUR 2.00/share, subject to shareholders approval at the next Annual General Meeting to be held on 2 May 2023.

The dividend payments would occur in four equal quarterly installments of EUR 0.50 (gross) per share in 2023 as described below in the detailed dividend schedule.

Dividends are announced in Euros. Dividends are paid in Euros for shares listed on the European Stock Exchanges (Amsterdam, Brussels, Paris, Luxembourg). Dividends are paid in US dollars for shares traded in the United States on the over-the-counter market in the form of New York registry shares and converted from Euros to US dollars based on the European Central Bank exchange rate at the date mentioned in the table below. A Luxembourg withholding tax of 15% is applied on the gross dividend amounts.

Table: Detailed dividend schedule 2023

 1st Quarterly Payment (interim)2nd Quarterly Payment3rd Quarterly Payment4th Quarterly Payment
Announcement DateFebruary 23, 2023May 9, 2023August 14, 2023November 08, 2023
Ex-DividendFebruary 28, 2023May 12, 2023August 18, 2023November 13, 2023
Record DateMarch 01, 2023May 15, 2023August 21, 2023November 14, 2023
Payment DateMarch 23, 2023June 9, 2023September 14, 2023December 08, 2023
FX Exchange rateFebruary 24, 2023May 10, 2023August 16, 2023November 09, 2023

In order to benefit from exemption of Luxembourg dividend withholding tax at source, an “Informative Memorandum” describing the procedure to obtain an exemption at source of the Luxembourg dividend withholding tax is available HERE.

With respect to the shares held via ABN AMRO, the bank is offering a dividend reinvestment plan (DRIP). Shareholders have the opportunity to reinvest their net dividend in ordinary shares Aperam. Shareholders should make the election to participate in the DRIP via their own bank, broker, custodian or financial institution.