ArcelorMittal announces the publication of its third quarter 2026 sell-side analyst consensus figures

Adjusted earnings estimates exclude anticipated non-cash charges related to idling ArcelorMittal Kryvyi Rih in Ukraine.

Rhea-AI Summary

ArcelorMittal (MT) published third-quarter 2026 sell-side analyst consensus estimates, including expected earnings before interest, taxes, depreciation and amortization of $1,972 million.

The consensus also puts adjusted net income at $652 million and adjusted earnings per share at $0.84. These adjusted measures exclude anticipated non-cash charges related to idling ArcelorMittal Kryvyi Rih in Ukraine. Visible Alpha compiled the estimates, dated October 30, 2026, with participation from 12 brokers. Analysts whose estimates did not appropriately reflect the Ukraine impairment were excluded from the adjusted earnings measures. The figures are third-party forecasts, not reported results or company guidance.

Positive

• Minor point. Forward-looking: it has not happened yet and may not happen.Third-quarter 2026 analyst consensus forecasts $1,972 million EBITDA, before interest, taxes, depreciation and amortization.
• Minor point. Forward-looking: it has not happened yet and may not happen.Third-quarter 2026 analyst consensus forecasts $652 million adjusted net income, excluding anticipated Ukraine idling charges.
• Minor point. Forward-looking: it has not happened yet and may not happen.Third-quarter 2026 analyst consensus forecasts $0.84 adjusted earnings per share, excluding anticipated Ukraine idling charges.

Negative

• Minor point. Forward-looking: it has not happened yet and may not happen.ArcelorMittal Kryvyi Rih idling carries anticipated non-cash charges, excluded from the adjusted earnings consensus.

Key Figures

3Q26 EBITDA consensus: $1,972m Adjusted net income consensus: $652m Adjusted earnings per share consensus: $0.84

3Q26 EBITDA consensus

$1,972m

3Q26 sell-side analyst consensus estimate

Adjusted net income consensus

$652m

3Q26 consensus; excludes anticipated non-cash charges related to idling Kryvyi Rih

Adjusted earnings per share consensus

$0.84

3Q26 consensus; excludes anticipated non-cash charges related to idling Kryvyi Rih

Historical Context

1 past event · Latest: Sep 25

1 event

1. Sep 25

   Ukraine impairment

   24h Move

   -0.8%

   Company said it could not safely restart Kryvyi Rih and expected a non-cash impairment charge.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

ebitda, non-cash charges, sell-side analyst

3 terms

ebitda financial

"3Q’26 EBITDA ($m) $1,972"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

non-cash charges financial

"excludes the anticipated non-cash charges related to the idling"

Non-cash charges are accounting entries that reduce reported profit without any immediate cash leaving the company, such as depreciation (spreading the cost of equipment over time), amortization (spreading intangible costs), share-based pay, or write-downs when an asset loses value. They matter to investors because they can make earnings look weaker even though the business still generates cash; comparing profits with cash flow helps reveal the company’s true financial strength, like accounting for a car’s wear-and-tear without paying for repairs today.

sell-side analyst financial

"Equity analyst contributing to consensus: Sell-side analyst participation"

A sell-side analyst is a researcher employed by a brokerage or investment bank who studies companies and industries, talks with company managers, reviews financial information and publishes reports, forecasts and buy/hold/sell guidance for the firm's clients. Their work is like a critic’s review: it helps investors decide what to buy or sell, shapes market sentiment and trading activity, and can influence a stock’s price and liquidity.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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2 November 2026, 13:30 CET

ArcelorMittal (‘the Company’) today announces the publication of its third quarter 2026 sell-side analyst consensus figures.

The consensus figures are based on analysts’ estimates recorded on an external web-based tool provided and managed by an independent company, Visible Alpha.

To arrive at the consensus figures below, Visible Alpha has aggregated the expectations of sell-side analysts who, to the best of our knowledge, cover ArcelorMittal on a continuous basis. The listed sell-side analysts follow ArcelorMittal on their own initiative and ArcelorMittal is not responsible for their views. ArcelorMittal is neither involved in the collection of the information nor in the compilation of the estimates.

3Q’26 consensus estimates:

     3Q’26    

• EBITDA ($m)   $1,972  
• Adjusted net income* ($m)  $652 
• Adjusted earnings per share* ($) $0.84  
  
  

* Adjusted net income and adjusted earnings per share excludes the anticipated non-cash charges related to the idling of ArcelorMittal Kryvyi Rih (Ukraine), as announced on September 25, 2026 (click here).

Equity analyst contributing to consensus:

Sell-side analyst participation of 12 brokers (i.e., those with updated estimates in Visible Alpha). The sell-side analysts who cover ArcelorMittal and whose estimates are included in the 3Q’26 consensus outlined above are the following:

1. Bank of America – Reinhardt Van Der Walt**
2. CITI – Ephrem Ravi, Krishan Agarwal
3. Deutsche Bank – Bastian Synagowitz
4. Goldman Sachs – Matt Greene
5. ING – Stijn Demeester**
6. Jefferies – Cole Hathorn
7. Kepler – Boris Bourdet
8. Keybanc – Samuel Mckinney**
9. Morgan Stanley – Alain Gabriel
10. Oddo – Maxime Kogge
11. UBS – Andrew Jones
12. Wells Fargo – Timna Tanners**

**Analysts whose estimates have not yet been appropriately updated to reflect the previously announced Ukraine impairment have been excluded from the adjusted net income and adjusted EPS consensus.

Disclaimer

Estimates based on Visible Alpha consensus dated 30.10.26. The disclaimer is:

The information provided by Visible Alpha cited herein is provided “as is” and “as available” without warranty of any kind. Use of any Visible Alpha data is at a user’s own risk and Visible Alpha disclaims any liability for use of the Visible Alpha data. Although the information is obtained or compiled from reliable sources Visible Alpha neither can nor does guarantee or make any representation or warranty, either express or implied, as to the accuracy, validity, sequence, timeliness, completeness or continued availability of any information or data, including third-party content, made available herein. In no event shall Visible Alpha be liable for any decision made or action or inaction taken in reliance on any information or data, including third-party content. Visible Alpha further explicitly disclaims, to the fullest extent permitted by applicable law, any warranty of any kind, whether express or implied, including warranties of merchantability, fitness for a particular purpose and non-infringement.

The consensus estimate is based on estimates, forecasts and predictions made by third party financial analysts, as described above. It is not prepared based on information provided or checked by ArcelorMittal and can only be seen as a consensus view on ArcelorMittal's results from an outside perspective. ArcelorMittal has not provided input on these forecasts, except by referring to past publicly disclosed information. ArcelorMittal does not accept any responsibility for the quality or accuracy of any individual forecast or estimate. This web page may contain forward-looking statements based on current assumptions and forecasts made by ArcelorMittal or third parties. Various known and unknown risks, uncertainties and other factors could lead to material differences between ArcelorMittal's actual future results, financial situation, development or performance, and the estimates given here. These factors include those discussed in ArcelorMittal's periodic reports available on http://corporate.arcelormittal.com/.

ENDS

About ArcelorMittal
 
ArcelorMittal is one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 14 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia through its joint venture AM/NS India. ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2025 generated revenues of $61.4 billion, produced 55.6 million metric tonnes of crude steel and 48.8 million tonnes of iron ore. Our purpose is to produce smarter steels for people and planet. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for the renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change.
 
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
   
http://corporate.arcelormittal.com/  

ArcelorMittal Investor Relations contact information
General	+44 20 7543 1128
Retail	+44 20 3214 2893
Bonds/Credit	+33 157 955 035

ArcelorMittal Corporate Communications contact information
Paul Weigh
Tel:	+44 20 3214 2419
E-mail	press@arcelormittal.com

Attachment

• ArcelorMittal announces the publication of its third quarter 2026 sell-side analyst consensus figures FINAL 021126

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What are ArcelorMittal's third-quarter 2026 analyst consensus earnings estimates?

The analyst consensus forecasts $1,972 million EBITDA, $652 million adjusted net income and $0.84 adjusted earnings per share for third-quarter 2026. The adjusted measures exclude anticipated non-cash charges related to idling ArcelorMittal Kryvyi Rih in Ukraine. These are third-party estimates, not actual results.

Which analysts were excluded from ArcelorMittal's adjusted earnings consensus for third-quarter 2026?

Estimates from Bank of America, ING, Keybanc and Wells Fargo were excluded from adjusted net income and adjusted earnings per share consensus because they had not yet been appropriately updated to reflect the previously announced Ukraine impairment.