Interim report
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Results Third quarter 2025 In-house translation of the original Spanish version. This version does not constitute an official translation. In the event of any discrepancy, the original Spanish version prevails.
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Page 2 of 13 Results for the third quarter of 2025 Amid current market uncertainty , the Acerinox Group has obtained 108 million euros of EBITDA and has generated a significant cash flow of 152 million euros. Highlights • The Group’s LTIFR (Lost Time Injury Frequency Rate) has decreased by 21% compared to year-end 2024. • Melting shop production in Q3, namely 451 thousand tons, has fallen by 10% compared with Q2 2025, as a result of weak demand. Melting shop production for the first 9M was 1,463 thousand tons, 8% higher than that of the same 9M period of 2024, which was affected by the strike at Acerinox Europa. • EBITDA, that amounted to 108 million euros, was 4% lower than in Q2 2025. During the first nine months of the year, EBITDA has amounted to 321 million euros. • The operating cash flow during Q3 was 152 million euros, 299 million euros during 9M 2025, driven by a reduction in working capital of 165 million euros. • This cash generation has enabled payment of the final dividend, together with investments provided fo r in our strategic plan, that have resulted in a total net financial debt for the Group of 1.2 billion euros, 21 million euros higher than that of Q2 2025. • The annualized ROCE through 9M 2025 was 7%. • The European Commission has proposed measures for the purposes of mitigating the adverse effects of global overcapacity by limiting imports of steel into the European Union. Outlook The situation in the stainless steel and high-performance alloys markets continues to show the same trends as over recent months. Demand remains at low levels, reflecting an uncertain macroeconomic environment that means that investments are being postponed. In the stainless steel sector, Europe continues to be under strong pricing pressure due to the high volume of low-priced imports. On the other hand, demand in the United States has remained relatively stable , although we foresee a decline in Q4 due to the seasonal low activity at the end of the year. The high -performance alloys market also continues to be affected by geopolitical tensions. The Chemicals Process Industry (CPI) and the Oil & Gas (O&G) sectors are delaying a significant number of projects, which negatively impacts the order book. We are o bserving a recovery in the aerospace sector in the United States, that is taking place gradually. Given the traditional year-end seasonality in our main market, namely the U.S., sales will undoubtedly fall, and accordingly we estimate that EBITDA for Q4 will be lower than that of Q3. In light of these circumstances, we maintain our policy of prioritizing working capital and cash generation for the end of the year.
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Page 3 of 13 Statement by our CEO, Bernardo Velázquez, on the results Although the short-term continues to be affected by the geopolitical situation and low demand in our two main markets, namely the United States and Europe, nonetheless we look toward the medium -term with a certain degree of optimism. This feeling is enhanced in light of the compa ny’s strategy of geographical diversification and a shift toward higher value-added products. In this context of uncertainty, we must focus our attention on the continuous improvement of working capital and solid cash generation. Although demand remains weak in both markets, the situation in the United States is significantly better than in Europe due to the trade defense measures established during the second quarter, which have resulted in a reduction of import pressure. Regarding the European market, prices continue to be significantly affected by the excess of imports. We consider a positive step forward the recent proposal of trade defense measures in the EU aimed at protecting the steel sector against unfair competition and global overcapaci ty. It is expected that these initiatives, once implemented, will positively impact the results of Acerinox as well as the rest of the steel sector. The provisions adopted by the European Commission respond to the demands of the sector and reinforce the im portance of the steel sector in safeguarding strategic autonomy and ensuring quality employment. We urge the EU to approve these measures as soon as possible. We are also optimistic about the improvement of European market conditions once the new Carbon B order Adjustment Mechanism (CBAM) is implemented, as from January 1, 2026. These actions will decisively contribute to the implementation of the Acerinox strategic plan, which continues to progress as planned, with the integration of Haynes and new investments constituting fundamental parts of this process.
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Page 4 of 13 1. Main economic and financial figures Consolidated Group Quarter Nine months Q1 2025 Q2 2025 Q3 2025 2025 2024 Variation 2025/2024 Melting shop production (thousands of metric tons) 512 500 451 1,463 1,357 8% Revenue (EUR million) 1,551 1,507 1,415 4,473 4,088 9% EBITDA (EUR million) 102 112 108 321 350 -8% % of sales 7% 7% 8% 7% 9% Depreciation and amortization (EUR million) -49 -49 -48 -146 -119 22% EBIT (EUR million) 53 64 60 176 232 -24% % of sales 3% 4% 4% 4% 6% Profit before tax and non-controlling interests (EUR million) 28 45 46 119 221 -46% Profit after tax and non-controlling interests (EUR million) 10 -28 25 7 162 -96% Income/loss per share after tax and minority interests 0.04 -0.11 0.10 0.03 0.65 -96% Operating cash flow 99 48 152 299 203 48% Net financial debt (EUR million) 1,195 1,222 1,243 1,243 453 175% Gearing ratio (%) 48% 56% 56% 56% 18% ROCE annualized 6% 7% 7% 7% 10% No. of shares (millions) 249 249 249 249 249 0% Shareholder remuneration (per share) 0.31 — 0.31 0.62 0.62 0% Average daily volume of trading (millions of shares) 0.94 0.83 0.84 0.87 0.77 13% No. of employees at period-end 9,344 9,344 9,276 9,276 8,002 16% 1.1. Results of the Consolidated Group Third Quarter 2025 9M 2025 EUR million Stainless HPA Consolidated Group Stainless HPA Consolidated Group Melting shop production (thousands of metric tons) 431 20 451 1,399 64 1,463 Net sales 991 429 1,415 3,167 1,322 4,473 EBITDA 76 32 108 218 103 321 EBITDA margin 8% 7% 8% 7% 8% 7% Depreciation and amortization charge -28 -19 -48 -89 -57 -146 EBIT 47 12 60 129 47 176 EBIT margin 5% 3% 4% 4% 4% 4%
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Page 5 of 13 Third quarter The Acerinox Group's Q3 results demonstrate the success of the company’s strategy implemented over recent years. This performance, which represents the Group’s operational resilience, has been achieved despite the persistent situation of worldwide geopolitical and economic uncertainty. This instability has continued to paralyze long-term investment decisions and, simultaneously, has significantly hampered the expected recovery in demand across key markets. Revenue was 6% lower than during the previous quarter due to lower volumes in Europe, but 8% higher than during the same period last year. The Group’s EBITDA, that amounted to 108 million euros, was 4% lower than in Q2 2025 (112 million euros). Although, the sales margin was 8% (7% in Q2 2025). As of September 30, a negative inventory adjustment to net realizable value of 31 million euros was registered, mainly due to low prices in Europe as a result of imports. At 76 million euros, the stainless steel division’s EBITDA was 2% lower than in Q2. This result reflects the strength of the U.S. market, driven by tariff measures that limit imports. This situation contrasts with Europe, where the increase in imports has led to a reduction in volumes and downward pressure on prices. EBITDA of the high -performance alloys division amounted to 32 million euros, which is 7% lower than that of the previous quarter. The sales margin was 7%. This result is due to two factors: delays in orders in sectors such as the chemical industry and oil & gas, and a gradual recovery of demand in the aerospace sector. The Group’s profit before tax amounted to 46 million euros, in harmony with that of the previous quarter. Thanks to the generation of operating cash flow in the sum of 152 million euros during this quarter, primarily driven by a reduction of 85 million euros in operating working capital, net financial debt only increased by 21 million euros, and amounted to 1.2 billion euros at the close of the third quarter. And this was despite significant quarterly investments, already provided for in the strategic plan, of 88 million euros and the payment of a final dividend to shareholders in the sum of 77 million euros. Nine months The first nine months of the year have been marked by uncertainty, and after two consecutive years of a significant contraction in apparent demand, the sector remains at low levels, with a much slower recovery than initially projected. Revenue amounted to 4.5 billion euros, 9% higher than the same period last year, which was impacted by the strike at Acerinox Europa. In turn, EBITDA amounted to 321 million euros, 8% lower than during the first nine months of last year. The Group has generated a cash flow aft er investments of 155 million euros, that has been fully allocated to dividend distribution. The increase in net financial debt, 123 million euros, is due to the depreciation of the U.S. dollar.
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Page 6 of 13 2. Analysis of our main markets 2.1. Stainless steel market In the stainless steel sector, the third quarter has continued with low levels of demand. The geopolitical context and the tariff wars have complicated supply chains and have delayed investment decisions, which has affected consumption. Demand in the U.S. market has remained at a low level throughout the third quarter. The prevailing mood of reserve and caution has continued, in which major distributors have only replenished what they have sold, awaiting greater clarity on the economic future. The trade defense measures that were established during Q2 have resulted in reduced import pressure, a factor that has reflected positively during Q3. Demand in Europe has also remained at weak levels, in line with the situation throughout the year, and pr ices have had a downward trend as a result of the pressure of import, that still represent a market share close to 24%. United States: • The manufacturing PMI of the ISM (Institute of Supply Management) for September was 49.1, which represents the seventh month of contraction. Although, it has improved in comparison to the minimum recorded for the month of July (48.0) • Apparent consumption of flat products has remained stable with a slight increase of 0.4% until July. • Imports of flat product until July have fallen 6% and represent 26% of the total market, according to our most recent estimations. • Distributor inventories remain 8% lower than the average over recent years. • The U.S. Administration continues with the Section 232 measures without exemptions since March 12, and has increased the tariff from 25% to 50% as from June 4 and has also extended the measures to final products with a high content of stainless steel, such as home appliances, tubes, sinks and tanks , which is expected to positively impact the steel sector in the medium term. Europe: • The manufacturing PMI in the Eurozone for September was 49.8, which has remained in contraction after registering a more positive result in August (50.7). • Apparent consumption of flat product increased by 10% u ntil August. A large part of this increase corresponds to imports, which have risen by 36% during the year, which have gone from a share of 21% to 24% of the total market. The European Commission has presented a proposal for measures to mitigate the adverse effects of global overcapacity within the steel market. This initiative will replace the current safeguard measures for steel, which will expire on June 30, 2026, and forms part of the commitments e stablished in the Steel and Metals Action Plan (SMAP) adopted in March 2025. The proposal focuses on offering an effective level of protection while maintaining a necessary degree of free trade. Furthermore, the proposal responds to widespread demand from Member States and the industry sector as a whole, that have requested a permanent and robust instrument against the growing pressure from imports to safeguard strategic autonomy and protect jobs in the steel sector. The following key measures stand out: • 55% reduction in stainless steel quotas (compared to the last year of safeguard measures). • Tariffs above the quota double from 25% to 50%. • Any anti-dumping or anti-subsidy measure will be cumulative. • The system will apply to all exporting countries with no exclusions, and quotas are quarterly, with no possibility of carry-over so as to avoid accumulation. • Melted and poured will avoid unfair circumvention.
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Page 7 of 13 2.2. High-performance-alloys market The high-performance alloys sector continues to be affected by the macroeconomic situation, stemming from current geopolitical uncertainties and tariff disputes. This situation fosters prudence within the corporate arena, which in turn results in the delay of a considerable number of investment projects throughout the world. The Chemical Process Industry (CPI) and Oil & Gas (O&G) markets have continued to show weakness, remaining in a “wait-and-see mode” due to market uncertainty, which has led to a decrease in orders. The Electronics and Electrical Engineering (E&E) and Automotive markets have remained stable. The anticipated increase in demand in the aerospace sector is taking place gradually. The Industrial Gas Turbines (IGT) sector has performed well due to higher energy demand for AI data centers and the hydrogen sector. 3. Other highlights 3.1. Shareholder remuneration A total of 77 million euros was disbursed on July 18, 2025 as a dividend, equating to 0.31 euros per share. This dividend supplements the interim dividend of the same amount paid out in January. The total remuneration for the year amounts to 0.62 euros p er share, totaling 155 million euros. Accordingly, Acerinox maintains the same shareholder remuneration as last year. 3.2. Appointments Effective from November 1, 2025, Fernando Gutiérrez, formerly the CEO of Acerinox Europa, will assume the position of Group Chief Strategy Officer; Johan Strydom, formerly the CEO of Columbus St ., will assume the position of CEO of Acerinox Europa; a nd Riaan Van Coller, formerly the General Manufacturing Officer of Columbus St., will assume the position of Chief Operating Officer of Columbus St. (COO). 4. Presentation of Third Quarter 2025 results Acerinox will present its Third Quarter 2025 results today, October 31, at 11:00 a.m. (CET), led by the CEO, Bernardo Velázquez; the Chief Corporate Officer (CCO), Miguel Ferrandis; and the Chief Financial Officer (CFO), Esther Camós; who will be accompanied by the Investor Relations team. To join the presentation by telephone, please connect 5 –10 minutes before the event by using one of the following numbers: From Spain: 919 01 16 44. PIN: 518149 From the United Kingdom: 020 3936 2999. PIN: 518149 From the United States: 1 646 233 4753. PIN: 518149 From any other country: +44 20 3936 2999. PIN: 518149 You can watch the presentation through the Shareholders and Investors section of the Acerinox website (www.acerinox.com). Both the presentation and all audiovisual material will be available on the Acerinox website.
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Page 8 of 13 5. Relevant figures Consolidated Group Stainless steel division High-performance alloys division EUR million Q3 2025 Q3 2024 Q2 2025 9M 2025 9M 2024 % Q325 / Q324 % 9M25 / 9M24 Melting shop production (thousands of metric tons) 451 491 500 1,463 1,357 -8% 8% Net sales 1,415 1,307 1,507 4,473 4,088 8% 9% EBITDA 108 114 112 321 350 -6% -8% EBITDA margin 8% 9% 7% 7% 9% EBIT 60 77 64 176 232 -22% -24% EBIT margin 4% 6% 4% 4% 6% Pre-tax income 46 67 45 119 221 -32% -46% Profit after tax and non-controlling interests 25 48 -28 7 162 -48% -96% Operating cash flow 152 -63 48 299 203 - 48% Net financial debt 1,243 453 1,222 1,243 453 175% 175% EUR million Q3 2025 Q3 2024 Q2 2025 9M 2025 9M 2024 % Q325 / Q324 % 9M25 / 9M24 Melting shop production (thousands of metric tons) 431 473 480 1,399 1,297 -9% 8% Net sales 991 1,001 1,080 3,167 3,103 -1% 2% EBITDA 76 86 78 218 258 -12% -15% EBITDA margin 8% 9% 7% 7% 8% Depreciation and amortization charge -28 -29 -30 -89 -93 -2% -4% EBIT 47 57 48 129 165 -17% -22% EBIT margin 5% 6% 4% 4% 5% EUR million Q3 2025 Q3 2024 Q2 2025 9M 2025 9M 2024 % Q325 / Q324 % 9M25 / 9M24 Melting shop production (thousands of metric tons) 20 18 21 64 60 8% 8% Net sales 429 312 433 1,322 1,001 37% 32% EBITDA 32 28 34 103 93 13% 11% EBITDA margin 7% 9% 8% 8% 9% Depreciation and amortization charge -19 -9 -19 -57 -26 120% -114% EBIT 12 19 15 47 67 -36% -30% EBIT margin 3% 6% 4% 4% 7%
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Page 9 of 13 Cash generation Consolidated Group Cash Flow (EUR million) Q3 2025 Q3 2024 Q2 2025 9M 2025 9M 2024 EBITDA 108 114 112 321 350 Changes in working capital 85 -122 73 165 -38 Income tax -15 -20 -47 -65 -93 Finance costs -11 -5 -13 -38 -3 Other adjustments -15 -30 -77 -84 -13 OPERATING CASH FLOW 152 -63 48 299 203 Payment for the purchase of Haynes International - - - - - Sale of Bahru Stainless - - 68 68 - Payments due to investment -88 -48 -68 -212 -126 FREE CASH FLOW 64 -111 49 155 77 Dividends and treasury shares -77 -78 -1 -155 -155 CASH FLOW AFTER DIVIDENDS -13 -189 48 0 -78 Conversion and other differences -7 -71 -76 -123 -33 Changes in net financial debt -21 -261 -27 -123 -112 Stainless steel division EUR million Q3 2025 Q3 2024 Q2 2025 9M 2025 9M 2024 EBITDA 76 86 78 218 258 Changes in working capital 12 -117 25 13 -76 Income tax -5 -18 -11 -16 -91 Finance costs -7 0 -10 -25 10 Other adjustments 7 -35 -39 -24 -4 OPERATING CASH FLOW 82 -84 43 165 97 High-performance alloys division EUR million Q3 2025 Q3 2024 Q2 2025 9M 2025 9M 2024 EBITDA 32 28 34 103 93 Changes in working capital 74 -5 48 152 38 Income tax -9 -2 -37 -49 -2 Finance costs -4 -4 -3 -12 -13 Other adjustments -22 5 -38 -60 -10 OPERATING CASH FLOW 70 22 6 134 106
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Page 10 of 13 Balance sheet ASSETS LIABILITIES EUR million Sep 25 2024 (*) Sep 24 Variation EUR million Sep 25 2024 (*) Sep 24 Variation NON-CURRENT ASSETS 2,323 2,415 1,838 -4% EQUITY 2,213 2,575 2,524 -14% CURRENT ASSETS 3,777 4,053 4,422 -7% NON-CURRENT LIABILITIES 1,947 2,015 1,736 -3% Inventories 1,861 2,062 1,880 -10% Bank borrowings 1,450 1,464 1,320 -1% Receivables 689 606 605 14% Other non-current liabilities 497 551 416 -10% Customers 593 551 546 8% Other receivables 96 55 58 75% CURRENT LIABILITIES 1,939 1,877 1,998 3% Cash 1,178 1,263 1,882 -7% Bank borrowings 971 919 1,015 6% Other current financial assets 49 123 55 -60% Trade payables 673 666 754 1% Other current liabilities 295 292 229 1% TOTAL ASSETS 6,099 6,467 6,259 -6% TOTAL EQUITY AND LIABILITIES 6,099 6,467 6,259 -6% (*) Year 2024 figures restated due to the conclusion of the provisional goodwill valuation pursuant to IFRS-3. Production stainless steel division 2024 2025 Variation Thousands of metric tons Q1 Q2 Q3 Q4 12 Months Q1 Q2 Q3 9M Q325/ Q324 9M25/ 9M24 Melting shop 440 384 473 378 1,674 488 480 431 1,399 -9% 8% Cold rolling 282 247 303 256 1,088 306 318 286 910 -5% 9% Long products (hot rolling) 32 37 41 29 140 39 42 32 113 -21% 2% Production high-performance alloys division 2024 2025 Variation Thousands of metric tons Q1 Q2 Q3 Q4 12 Months Q1 Q2 Q3 9M Q325/ Q324 9M25/ 9M24 Melting shop 21 20 18 18 78 24 21 20 64 8% 8% Finishing shop 11 10 11 10 42 13 12 11 37 6% 16%
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Page 11 of 13 Alternative Performance Measures In accordance with European Securities and Markets Authority (ESMA) guidelines, a description of the main indicators is included in this report. These indicators are recurrently and consistently used by the Group to evaluate financial performance and explain the evolution of its business: Alternative performance measures related to the income statement EBIT: Operating income. EBIT for Q3 2025 amounted to 60 million euros EBITDA (or Gross operating income): Operating income + Asset impairment + Depreciation + Amortization + Change in current provisions EUR million Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 EBIT 77 116 53 64 60 Depreciation and amortization charge 38 40 49 49 48 Changes in current provisions 0.3 7 0 0.4 0.2 EBITDA 114 150 102 112 108 Adjusted EBITDA 2024: EBITDA including the sale of Bahru Stainless, the acquisition expenses of Haynes International, the provision of the Rejuvenation Plan for the workforce of Acerinox Europa and the inventory adjustment at the end of the fiscal year: EUR million Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 EBITDA 114 150 102 112 108 Sale of assets (Bahru Stainless) - -146 - - - Acquisition expenses for Haynes International - +17 - - - Provision for Acerinox Europa’s Staff Rejuvenation Plan - +12 - - - Inventory adjustment - +58 - - - Adjusted EBITDA 114 91 102 112 108 Alternative performance measures related to the Balance sheet and leverage ratios Net financial debt: Current bank borrowings + Non-current bank borrowings - Cash EUR million As at September 30, 2024 As at December 31, 2024 As at March 31, 2025 As at June 30, 2025 As at September 30, 2025 Non-current loans 1,320 1,464 1,450 1,385 1,450 Current loans 1,015 919 829 975 971 Cash 1,882 1,263 1,084 1,138 1,178 Net financial debt 453 1,120 1,195 1,222 1,243 Net financial debt / EBITDA: EUR million Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net financial debt 453 1,120 1,195 1,222 1,243 EBITDA annualized 457 600 407 448 430 Net financial debt/EBITDA annualized 1.0x 1.9x 2.9x 2.7x 2.9x
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Page 12 of 13 Debt ratio: Net financial debt / Equity EUR million As at September 30, 2024 As at December 31, 2024 As at March 31, 2025 As at June 30, 2025 As at September 30, 2025 Net financial debt 453 1,120 1,195 1,222 1,243 Equity 2,524 2,575 2,498 2,195 2,213 Net financial debt / Equity 18% 44% 48% 56% 56% Alternative performance measures related to cash flow Working capital: Inventories + Trade debtors - Trade payables EUR million As at September 30, 2024 As at December 31, 2024 As at March 31, 2025 As at June 30, 2025 As at September 30, 2025 Inventories 1,880 2,062 2,074 1,923 1,861 Customers 546 551 657 638 593 Trade payables 754 666 791 695 673 Working capital 1,672 1,946 1,940 1,867 1,781 Alternative performance measures related to company profitability ROCE (Return on Capital Employed): Operating income annualized / (Equity + Net financial debt) EUR million Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 EBIT annualized 307 465 211 254 239 Equity 2,524 2,575 2,498 2,195 2,213 Net financial debt 453 1,120 1,195 1,222 1,243 ROCE annualized 10% 13% 6% 7% 7% Other Alternative Performance Measures Book value per share: Equity / no. of shares (249,335,371) As at September 30, 2024 As at December 31, 2024 As at March 31, 2025 As at June 30, 2025 As at September 30, 2025 Equity (EUR million) 2,524 2,575 2,498 2,195 2,213 Number of shares at year-end 249,335 249,335 249,335 249,335 249,335 Share book value (EUR) 10.12 10.33 10.02 8.80 8.88 Earnings per share: Profit per share after tax and non-controlling interests / No. of shares (249,335,371) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Profit after tax and non-controlling interests (EUR million) 48 63 10 -28 25 Number of shares at year-end 249,335 249,335 249,335 249,335 249,335 Earnings per share (EUR) 0.19 0.25 0.04 -0.11 0.10 LTIFR (Lost Time Injury Frequency Rate): (Total number of accidents reported / No. Of hours worked) * 1,000,000 2021 2022 2023 2024 2025 LTIFR 7.47 4.57 3.42 3.83 2.82
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Page 13 of 13 Disclaimer 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., it s 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 in ternational 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 ma terially 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 warra nty, 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, o r 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.