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/ 2 Disclaimer Q3 2026 RESULTS PRESENTATION This document has been drawn up in good faith by ACERINOX, S.A. (hereinafter, “Acerinox”), with registered office at Calle Santiago de Compostela 100, 28035, Madrid, Spain, and with Tax I.D. No. A-28250777, on the basis of the information available on the day of its publication. This document should be read together with all the public information provided and/or published by Acerinox with the Spanish National Securities Market Commission (CNMV), available at www.cnmv.es, as well as on the corporate website www.acerinox.com. Both this document and its content, including texts, images, graphics, logos, icons, designs, and data, are the exclusive property of Acerinox. Consequently, the total or partial reproduction, distribution, public communication, transformation, or any other form of utilization of this document or its content, by any means or procedure, without the prior, express, and written authorization of Acerinox, is expressly prohibited. Failure to comply with this prohibition may result in the exercise of corresponding legal actions to protect Acerinox’s rights and interests. This document may contain forward-looking information and statements about Acerinox, its subsidiaries and/or its management and/or administration, including, but not limited to, financial projections and estimates and their underlying assumptions, statements regarding the intent, belief, expressions, objectives or expectations or forecasts of Acerinox and/or its management, as well as statements regarding 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 addition to mentions of energy costs (gas, electricity, etc.) and their foreseeable evolution. 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 the negative of these terms and/or similar expressions, and/or future or conditional verbs, identify and refer to 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 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, 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 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 expectations will be met or that the estimates or assumptions are correct, and Acerinox 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 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 to the CNMV. 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 operates. If one or more of these or other risks or uncertainties materialize, or if Acerinox’s underlying assumptions prove incorrect, Acerinox’s official results may differ materially from what Acerinox has indicated, expressly or impliedly, in its forward-looking statements or future expectations. All subsequent oral or written forward-looking statements or information attributable to Acerinox or any of its members, directors, managers, employees or any other person acting on its behalf are expressly included in their entirety by this cautionary statement. Neither this document nor the information contained herein constitute an offer to sell, purchase or swap or an invitation to make an offer to buy, purchase or swap, or a recommendation or advice regarding any asset or financial instrument issued by the Acerinox Group. This document does not constitute investment research or financial advice and has not been prepared in accordance with the independence requirements for independent financial analysis. 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 document. In cases where this document contains certain sustainability indicators, Acerinox warns that these may be subject to evolving (non-definitive) measurement methodologies, so the data presented must be interpreted in the context of the standards in force at the time of the document's publication. Non-financial information has not been subject to external verification with the same scope as audited financial information, unless expressly stated otherwise. 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. 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, in particular, by analysts and investors who read this document. This Disclaimer shall be governed, in any event, by the Spanish law applicable at the time of its preparation. In particular, it is hereby expressly stated that it is not directed at any individual or legal entity located in other jurisdictions where it may not comply with the mandatory rules or applicable legal requirements.
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/ 3 Acerinox demonstrates the strength of its strategy in a complex market environment Financial Highlights Net sales Q3: €1.6 billion 9M: €4.5 billion Operating cash flow Q3: €-16 million 9M: €27 million EBITDA Q3: €199 million 9M: €470 million Q3 2026 Highlights Net financial debt €1.5 billion Q3 2026 RESULTS PRESENTATION
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/ 4 Q3 2026 RESULTS PRESENTATION EBITDA gradual improvement In the current scenario of weak demand and geopolitical uncertainty, Acerinox’s financial results continue on a path of gradual recovery * affected by the sale of Bahru Stainless (EBITDA income of €146 million); expenses associated with the acquisition of Haynes Intl. (€-17 million); a provision for the Rejuvenation Plan for Acerinox Europa (€-12 million); and an inventory regularization (€-58 million). ** affected by an inventory adjustment (€60 million) and a provision for the Rejuvenation Plan for Acerinox Europa (€9 million). 2024 2025 2026 111 125 114 150* 102 112 108 32** 95 176 199 7.5% 9.6% 8.7% 11.3% 6.6% 7.4% 7.6% 2.5% 6.9% 11.1% 12.5% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
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●Steady improvement of apparent demand throughout the quarter ●Stainless steel prices remain solid Stainless steel market in the USA / 5 Market Apparent demand up 6% QoQ, down 2% in 9M 2026 YoY - Trade Imports of flat products down 18% YoY, representing 21% of total market Stocks Inventories 9% below historical average Section 232 and the global tariff of 15% on imports provide stability to the market Q3 2026 RESULTS PRESENTATION
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Stainless steel market in Europe / 6 Market Apparent demand down 22% QoQ, down 11% in 9M 2026 YoY Trade Imports of flat products down 42% YoY, representing 16% of total market Stocks Inventories 1.4% above historical average Increase in imports at the end of Q2, before the New Trade Measures, has driven inventories up and delayed the expected recovery in the market during Q3 New European regulations a game-changer in Europe ○ Due to the increase in inventory levels and weak economic conditions, local producers have been unable to benefit from the reduction in imports ○ Once inventories return to normal levels, the effects of the CBAM and the New Trade Measures should be appreciable in early 2027 and provide stability for the market Q3 2026 RESULTS PRESENTATION
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HPA environment / 7 - Steady impr ovement in order entries - Global tariff of 15% on imports supports the local market Strong demand Demand remains subdued due to geopolitical uncertainties Market Still awaiting investment projects O&G and CPI Signs of improvement are beginning to emerge in projects related to the chemical and oil sectors Other markets - E&E: stable demand - Nuclear: demand improving Market Aerospace Investments in aerospace and defense accelerating demand Industrial Gas Turbines (IGT) Driven by the power generation requirements for electrification Q3 2026 RESULTS PRESENTATION Mixed performance in the HPA market in different geographic regions and end-use industries
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Q3 & 9M 2026: Consolidated group highlights Million EUR Q3 2026 Q2 2026 Q3 2025 9M 2026 9M 2025 Melting production (thousands of metric tons) 501 540 451 1,534 1,463 Net sales 1,591 1,582 1,415 4,556 4,473 EBITDA 199 176 108 470 321 EBITDA margin 13% 11% 8% 10% 7% EBIT 146 125 60 315 176 EBIT margin 9% 8% 4% 7% 4% Results before taxes and minorities 123 102 46 252 119 Results after taxes and minorities 85 71 25 162 7 Operating cash flow (before investments) -16 9 152 27 299 Net financial debt 1,535 1,361 1,243 1,535 1,243 / 8 Strong contribution from the stainless steel division Increase in working capital • Inventory increase due to Q4 maintenance shutdowns and higher order book in HPA • T rade creditors reduction as lower activity expected in Q4 Net debt €1.5 billion Q3 2026 RESULTS PRESENTATION Middle East conflict has impacted energy and transport costs Q3: €-16 million 9M: €-24 million
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Q3 & 9M 2026: Stainless steel highlights / 9 Million EUR Q3 2026 Q2 2026 Q3 2025 9M 2026 9M 2025 Melting production (thousands of metric tons) 482 521 431 1,474 1,399 Net sales 1,232 1,234 991 3,479 3,167 EBITDA 175 154 76 411 218 EBITDA margin 14% 12% 8% 12% 7% EBIT 144 122 47 317 129 EBIT margin 12% 10% 5% 9% 4% Operating cash flow (before investments) 20 38 82 73 165 Q3 EBITDA contribution: Best quarter since Q2 2023 Gradual improvement EBITDA Q1:€82 / Q2:€154 / Q3:€175 EBITDA margin Q1:8% / Q2:12% / Q3:14% Solid performance in the U.S. and Europe impacted by seasonality and energy prices Q3 2026 RESULTS PRESENTATION
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Q3 & 9M 2026: High-performance alloys highlights / 10 Million EUR Q3 2026 Q2 2026 Q3 2025 9M 2026 9M 2025 Melting production (thousands of metric tons) 19 19 20 59 64 Net sales 367 353 429 1,096 1,322 EBITDA 24 22 32 59 103 EBITDA margin 7% 6% 7% 5% 8% EBIT 2 3 12 -1 47 EBIT margin 0% 1% 3% 0% 4% Operating cash flow (before investments) -36 -28 70 -47 134 Q3 2026 Mixed results across regions and end-markets Working capital impacted by higher inventories as a result of strong order book 9% EBITDA increase QoQ Q3 2026 RESULTS PRESENTATION
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/ 11 Q3 9M Q3 & 9M 2026: Capital allocation € Million Q3 2026 RESULTS PRESENTATION
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- Q4 EBITDA expected to be lower than Q3 - Reduction of NFD as a result of a decline in working capital Conclusions / 12 Acerinox in Q3 Strong EBITDA achieved in a market with low demand and geopolitical uncertainties Guidance HPA - Consistent performance in the aerospace, IGT and nuclear sectors - Signs of recovery are beginning to appear in the oil & gas industry and CPI Stainless Lower volumes in Q4 due to typical seasonality in the U.S. / 12 Main markets Solid performance in the U.S., while expected recovery in Europe delayed Long-term strategy Successful diversification strategy in regions and end-sectors Outlook Q3 2026 RESULTS PRESENTATION
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/ 13/ 13/ 13 Events post Q3 2026 Results EVENT ORGANIZATION NOV 3 MADRID ROADSHOW KEPLER CHEUVREUX NOV 4 LONDON ROADSHOW ALANTRA NOV 17-19 US & CANADA ROADSHOW SANTANDER JAN 13 SPAIN INVESTORS DAY - MADRID BNP-PARIBAS JAN 28 IBERIAN CONFERENCE - MADRID SANTANDER Q3 2026 RESULTS PRESENTATION
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• Beyond Excellence: Plan to improve Acerinox operational excellence and competitiveness. • OWC (Operating working capital): Inventories + Trade receivables – Trade payables • NFD (Net financial debt): Bank borrowings + bond issuance - cash • Net financial debt / EBITDA: Net financial debt / annualized EBITDA • EBIT: Operating income • EBITDA: Operating income + depreciation and amortization + variation of current provisions • LTIFR: (Total number of lost time injuries / Total hours worked) * 1,000,000 • Debt ratio: Net financial debt / Equity • Net financial result: Financial income – financial expenses ± exchange rate variations • ROCE (Return on Capital Employed): Annualized net operating income / (equity + net financial debt) • ROE (Return on Equity): Profit/(loss) after tax and non-controlling interests / equity • ICR (Interest Coverage Ratio): EBIT / Financial expenses • Payout: Shareholder remuneration / Profit/(loss) after tax and non-controlling interests / 14 Alternative Performance Measures (definitions)) Q3 2026 RESULTS PRESENTATION
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Q&A Q3 2026 Results Presentation