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1 Results Presentation Q3 2025 October 31, 2025
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2 2 This document has been drawn up in good faith on the basis of the data and facts available on the day of its publication and should be read together with all the public information provided and/or published by ACERINOX, S.A. This document may contain forward-looking information and statements about ACERINOX, S.A., its subsidiaries and/or its management, including, but not limited to, financial projections and estimates and their underlying assumptions, statements about intention, belief, expressions, objectives or expectations or forecasts of ACERINOX, S.A. and/or its management, as well as statements about future performance, plans, objectives, operations, business, strategy, capital expenditures, operating results, markets, and products. This document may also contain references to the situation and trends of the markets of raw materials, especially nickel and chrome. In most cases, words or phrases like “anticipates”, “believes”, “relies”, “might”, “estimates”, “expects”, “intends”, “objective”, “potential”, “can”, “will”, “could”, “plans”, “path”, “should”, “approximately”, “our planning assumptions”, “forecast”, “outlook” and variations or negatives of these terms and similar expressions, or future or conditional verbs, identify forward-looking statements and/or future expectations. These forward-looking statements or future expectations refer only to events as of the date the statements are made and do not include historical or current facts. Unless required by applicable law, ACERINOX, S.A. assumes no obligation to publicly update or revise any forward-looking statement or future expectation or information, even if new information is published or new events occur. These forward-looking statements or future expectations, including financial projections and estimates, are based largely on information currently available to ACERINOX, S.A., and are subject to various risks and uncertainties that could cause actual results to differ materially from historical results or those expressed or implied in such forward-looking statements or future expectations. Although ACERINOX, S.A. believes that these expectations are based on reasonable estimates and assumptions, the foregoing is no guarantee of compliance, performance, prices, operating results, profits or dividend payment policies. There is no guarantee whatsoever that ACERINOX, S.A.’s expectations will be met or that the estimates or assumptions are correct, and ACERINOX, S.A. cautions investors and all third parties not to place undue reliance on such forward-looking statements or future expectations. Factors, risks, and uncertainties that could cause actual results to differ materially from such plans, estimates, or expectations include, but are not limited to, the unpredictability and severity of market risks and uncertainties, and those set forth in ACERINOX, S.A.’s most recent annual report. Said risk factors may be modified, supplemented, or replaced from time to time by other reports or communications submitted by ACERINOX, S.A. to the Spanish National Securities Market Commission (CNMV), which will make them available to the general public on its website https://cnmv.es/. Furthermore, such factors should not be construed as exhaustive and must be read in conjunction with the other forward-looking statements or future expectations and the development of international events and those within the local markets in which ACERINOX, S.A. operates. If one or more of these or other risks or uncertainties materialize, or if ACERINOX’s underlying assumptions prove incorrect, ACERINOX’s actual results may differ materially from what ACERINOX has expressed or implied in its forward-looking statements or future expectations. All subsequent oral or written forward-looking statements or information attributable to ACERINOX, S.A. or any of its members, directors, managers, employees or any other person acting on its behalf are expressly qualified in their entirety by this cautionary statement. Neither this document nor the information contained herein constitute an offer to sell, purchase or exchange or an invitation to make an offer to buy, purchase or exchange, or a recommendation or advice regarding any asset or financial instrument issued by the Acerinox Group. Any person who acquires any type of securities should do so upon the basis of their own judgement after receiving any professional advice deemed necessary. No kind of investment activity should be carried out upon the basis of the information or forecasts contained in this documentation. This document and the statements contained herein are without warranty, express or implied, as to their impartiality, accuracy, integrity or correctness. Neither ACERINOX nor any of its subsidiaries, advisors or representatives shall have any liability for any loss arising from any use of this document, or its content, or otherwise arising in connection with this document. The aspects contained in this disclaimer must be fully taken into account by all persons or entities required to make decisions or to prepare or publish opinions on securities issued by ACERINOX, S.A., in particular, by analysts and investors who read this document. Alternative performance measures (APMs) In accordance with the guidelines of the European Securities and Markets Authority (ESMA), the description of the main indicators in this Report is included in the following link:APMs. These indicators are frequently and consistently used by the Group to assess financial performance and explain the evolution of its business. Disclaimer Q3 2025 RESULTS PRESENTATION
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3 Q3 2025 at a glance Group holds firm in Q3 despite market weakness and uncertainties Positive operating cash flow of €152 million in Q3 and €299 million in 9M Geographical diversification of Acerinox presents an opportunity in the current trend of regionalization and tariff wars Outlook: We expect Q4 EBITDA to be lower than Q3, due to traditional seasonality in USA EBITDA of €108 million in Q3 and €321 million in 9M in challenging conditions: geopolitical conflicts, tariff wars, import pressure in Europe and USD depreciation Q3 2025 RESULTS PRESENTATION
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4 2025 Market highlights Sources: Acerinox, AISI and Eurofer Stainless Steel USA ● Sep.25 ISM manufacturing PMI: 49.1 ● Apparent demand remained stable at low levels ● Inventories below historical levels ● Imports down QoQ ● Prices increase QoQ ● Section 232 increase from 25% to 50% during Q2 2025, extending to downstream products EUROPE ● Sep.25 S&P manufacturing PMI: 49.8 ●● Apparent demand of flat products up 10% through August ● Inventories growing ● Imports of flat products sharply up 36% through August ● Market prices significantly low and dropped further in Q3 High-performance Alloys ● HPA market driven by a slow demand during Q3 2025 ● Oil and Gas (O&G) and Chemical Process Industry (CPI) slowdown ● Electronics and automotive showed a stable performance ● Aerospace demand improving gradually ● Industrial Gas Turbine (IGT) had a better performance thanks to the AI data center energy demand and the hydrogen transition CHALLENGINGFAVORABLE Q3 2025 RESULTS PRESENTATION
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5 New Steel Trade Measures Q3 2025 RESULTS PRESENTATION Main aspects: ● Drastic reduction of quotas (-55% for Stainless compared to the last year of safeguard measures) ● Combined with the increase of over the quota tariff from 25% to 50% ● Any AD/ AS in place will be cumulative i.e. “on top” ● It will apply to all exporting countries without exception, and quotas are quarterly, with no carryover to prevent accumulation ● Melted and poured will avoid unfair circumvention ● We urge the EU to adopt these measures as soon as possible These measures are aimed at helping the steel sector mitigate overcapacity, ensuring quality employment, and safeguarding the green transition
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6 Q3 & 9M 2025 Million EUR Q3 2025 Q3 2024 Q2 2025 9M 2025 9M 2024 Melting production (thousands of metric tons) 451 491 500 1,463 1,357 Net sales 1,415 1,307 1,507 4,473 4,088 EBITDA 108 114 112 321 350 EBITDA margin 8% 9% 7% 7% 9% EBIT 60 77 64 176 232 EBIT margin 4% 6% 4% 4% 6% Results before taxes and minorities 46 67 45 119 221 Results after taxes and minorities 25 48 -28 7 162 Operating cash flow (before investments) 152 -63 48 299 203 Net financial debt 1,243 453 1,222 1,243 453 Q3 Results: ❏ Impacted by weak demand ❏ Solid EBITDA: €108 million ❏ Better margin despite lower volumes than Q2 ❏ Strong cash generation: OCF of €152 million Net Financial Debt (NFD): increased by €21 million compared to Q2 2025 due to dividend and CAPEX Consolidated group highlights 9M 2025 marked by low demand and price differences: solid performance in the US and pressure from imports in Europe Q3 2025 RESULTS PRESENTATION Inventory adjustment: €-31 million
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7 Q3 & 9M 2025 Solid American market in the midst of many uncertainties Million EUR Q3 2025 Q3 2024 Q2 2025 9M 2025 9M 2024 Melting production (thousands of metric tons) 431 473 480 1,399 1,297 Net sales 991 1,001 1,080 3,167 3,103 EBITDA 76 86 78 218 258 EBITDA margin 8% 9% 7% 7% 8% EBIT 47 57 48 129 165 EBIT margin 5% 6% 4% 4% 5% Operating cash flow (before investments) 82 -84 43 165 97 Q3 affected by imports in Europe EBITDA: Q3: -2% QoQ 9M: -15% YoY Stainless steel highlights 9M operating cash flow of €165 million Q3 2025 RESULTS PRESENTATION
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8 Q3 & 9M 2025 Million EUR Q3 2025 Q3 2024 Q2 2025 9M 2025 9M 2024 Melting production (thousands of metric tons) 20 18 21 64 60 Net sales 429 312 433 1,322 1,001 EBITDA 32 28 34* 103 93 EBITDA margin 7% 9% 8% 8% 9% EBIT 12 19 15 47 67 EBIT margin 3% 6% 4% 4% 7% Operating cash flow 70 22 6 134 106 High-performance-alloys highlights Weaker Q3 market conditions: - slowdown in Oil & Gas and CPI - gradual recovery in aerospace EBITDA: Q3: -7% QoQ 9M: +11% YoY Operating cash flow of €134 million in 9M 2025 *Includes €3 million reversal of a PPA inventory fair value adjustment from Haynes acquisition Q3 2025 RESULTS PRESENTATION
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9 Capital allocation 9M 2025 Highlights Significant OWC decrease: €85 million Important expansion phase: CAPEX of €88 million Important expansion phase: CAPEX of €212 million Shareholder returns of €155 million 9M Q3 Q3 2025 Highlights Results affected by the depreciation of the USD Q3 2025 RESULTS PRESENTATION Million EUR Significant OWC decrease: €165 million Shareholder returns of €77 million
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10 Focusing on our clear strategy New business model for Acerinox Europa Diversification at Columbus Control of Working Capital Investments to increase production capacity by 15% Investments to increase production capacity by 20% Moving forward successfully with the Haynes integration Q3 2025 RESULTS PRESENTATION
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11 Conclusions & outlook Strategic diversification drives mid-term optimism despite short-term geopolitical and low demand headwinds 01 Lower volumes due to seasonality in the USA and weak demand in Europe 04 Focus on working capital reduction and cash generation 02 HPA: - Project delays in CPI and O&G due to geopolitical tensions - Gradual upturn in the U.S. aerospace sector 05 Stainless: - Section 232 in USA - EU proposes measures to limit imports and protect domestic Industry against overcapacity 03 Q4 EBITDA lower than Q3, due to traditional seasonality 06 Uncertainties persist and lead to low visibility Q3 2025 RESULTS PRESENTATION
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12 Events post Q3 & 9M 2025 Results EVENT ORGANIZATION 3 NOV. MADRID ROADSHOW 5 NOV. LONDON ROADSHOW 12-13 NOV. AMSTERDAM - BRUSSELS ROADSHOW 18 NOV. PARIS MIDCAP CEO CONFERENCE 25 NOV. BARCELONA ROADSHOW 10 DEC. GENEVA EUROPEAN MIDCAP CONFER. Q3 2025 RESULTS PRESENTATION
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13 Q&A October 31, 2025 Q3 2025