Interim report
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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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Results for the third quarter of 2026 1 Results for the third quarter of 2026 Q3 EBITDA amounted to €199 million, up 13% from the previous quarter, despite typical European seasonality; and 85% higher than in the same period of 2025. Highlights ● The Group’s LTIFR was 3.6 in the first nine months of 2026. ● Steel production totaled 501 thousand metric tons in the third quarter, down 7% from the second quarter of 2026, reflecting seasonal ity in Europe. A total of 1.5 million metric tons were produced during the first nine months of 2026, which is a 5% increase compared to the same period in 2025. ● The Group’s EBITDA for the third quarter was €199 million, up 13% from the second quarter of 2026. For the first nine months of the year, EBITDA totaled €470 million, a 46% increase from the same period in 2025. ● Profit after taxes and minority int erests was €85 million for the quarter, compared to €25 million in the third quarter of 2025. In the first nine months of the year, profit after taxes and minority interests totaled €162 million (€7 million in the same period of the previous year). ● Net financial debt increased by €174 million compared to the previous quarter, reaching €1 .5 billion. This increase was primarily driven by a €152 million rise in working capital and a €77 million dividend payment. Outlook Throughout the first nine months of 2026, the Acerinox Group has seen a steady improvement in its results in an environment marked by stagnant demand. In the stainless steel division, the U.S. subsidiary continues to make a strong contribution. The European market, however, has not recovered as expected. We will have to wait until early 2027 since low consumption means products purchased before the measures took effect are selling slowly. In the High -Performance Alloys (HPA) division, the aerospace and industrial gas turbine sectors continue to grow. There are also faint signs of improvement in projects related to the chemical processing and oil & gas sectors. Due to typical year-end seasonality in the United States, which involves a decline in activity during the fourth quarter, we expect the Group’s fourth -quarter EBITDA to be lower than in the third quarter. We also anticipate a decrease in working capital by the end of the year, resulting in a corresponding reduction in net financial debt.
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Results for the third quarter of 2026 2 Comments by Bernardo Velázquez, CEO “The third -quarter results reaffirm Acerinox’s consistency in a highly complex and challenging market environment. During this perio d, we achieved quarterly EBITDA of €199 million, representing a 13% increase compared to the second quarter. For the first nine months of the year, EBITDA totaled €470 million, a 46% increase over the same period in 2025. These results are in line with our forecasts and demonstrate the strength of our strategy, despite persistent weakness in demand and numerous macroeconomic uncertainties. In the stainless steel division, the U.S. market remains the cornerstone of the Group’s profitability through our subsidiary North American Stainless (NAS), demonstrating remarkable resilience in the face of global volatility. This division has largely offset the challenges we continue to face across all regions, enabling us to maintain consistently positive margins. In Europe, however, the situation continues to call for caution. While we have seen a 42% decline in imports during the first nine months, driven by the implementation of the Carbon Border Adjustmen t Mechanism (CBAM) and new trade defense measures that took effect on July 1, the full impact of these measures has yet to materialize. The European stainless steel market came under pressure in the third quarter due to seasonal summer factors and weaker-than-expected demand. However, we are confident that implementing these regulations will gradually help restore a fair competitive environment and strengthen the local industry. For its part, the High-Performance Alloys (HPA) division has shown mixed results. While we continue to integrate Haynes and establish a foothold in strategic sectors such as aerospace, continued weak demand in key industries such as oil and gas and chemicals has dampened this division’s performance during the quarter. Looking ahead to the fourth quarter, our top priorities will be financial discipline, working capital optimization, and operational excellence. We are sticking to our roadmap to ensure that Acerinox remains a global leader, poised to capitalize on the normalization of the economic cycle once it takes hold”. Bernardo Velázquez CEO
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Results for the third quarter of 2026 3 1. Key indicators Quarter Nine months Consolidated Group Q1 2026 Q2 2026 Q3 2026 2026 2025 Variation 26/25 Melting shop production (thousands of metric tons) 493 540 501 1,534 1,463 5% Revenue (EUR million) 1,384 1,582 1,591 4,556 4,473 2% EBITDA (EUR million) 95 176 199 470 321 46% EBITDA margin 7% 11% 13% 10% 7% - Depreciation and amortization (EUR million) -49 -51 -54 -153 -146 5% EBIT (EUR million) 45 125 146 315 176 79% EBIT margin 3% 8% 9% 7% 4% - Profit before tax and non-controlling interests (EUR million) 27 102 123 252 119 112% Profit after tax and non-controlling interests (EUR million) 5 71 85 162 7 2,144% Income/loss per share after tax and minority interests 0.02 0.29 0.34 0.62 0.03 2,237% Operating cash flow 34 9 -16 27 299 -91% Net financial debt (EUR million) 1,295 1,361 1,535 1,535 1,243 23% Gearing ratio (%) 61% 64% 69% 69% 56% - ROCE annualized 5% 9% 11% 11% 7% - No. of shares (millions) 249 249 249 249 249 - Shareholder remuneration (per share) 0.31 - 0.31 0.62 0.62 - Average daily volume of trading (millions of shares) 1.32 0.89 0.67 0.95 0.87 9% No. of employees at period-end 9,094 9,168 9,151 9,151 9,276 -1%
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Results for the third quarter of 2026 4 1.1 Results of the Consolidated Group Third quarter of 2026 9M 2026 EUR million Stainless High- performance alloys Consolidated Group Stainless High- performance alloys Consolidated Group Melting shop production (thousands of metric tons) 482 19 501 1,474 59 1,534 Net sales 1,232 367 1,591 3,479 1,096 4,556 EBITDA 175 24 199 411 59 470 EBITDA margin 14% 7% 13% 12% 5% 10% Depreciation and amortization charge -31 -22 -54 -94 -60 -153 EBIT 144 2 146 317 -1 315 EBIT margin 12% 0% 9% 9% 0% 7%
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Results for the third quarter of 2026 5 Third quarter The Group’s operational strength and the slight improvement in its key market, the United States, continued throughout the third quarter. This positive trend is reflected in the strong results reported, reaffirming the company’s business model amid a complex macroeconomic environment. In a third quarter marked by seasonal trends in the European market, revenue totaled €1.59 billion (€1.58 billion in the previous quarter), representing a 1% increase compared with the previous quarter. The Group’s EBITDA totaled €199 million, up 13% from €176 million in the second quarter and up from €108 million in the same period last year. The stainless steel division’s results have been very positive. Its EBITDA totaled €175 million, up from €154 million in the second quarter and €76 million in the same period last year. The positive trend in the aerospace sector continues in the high-performance alloys division. EBITDA totaled €24 million, compared to €22 million in the second quarter of 2026 and €32 million in the same period last year. Beyond the downturn in the oil and gas sector, the direct impact of the conflict in the Mi ddle East is estimated at €16 million at the EBITDA level, driven by higher energy and transportation costs. The Group's profit after taxes and minority interests was €85 million, compared to €71 million in the second quarter of 2026 and €25 million in the same period of the previous year. Operating cash flow was negative €16 million, driven by tax payments of €38 million and an increase in working capital of €152 million. A strong order backlog in the aerospace sector, combined with increased production in anticipation of shutdowns in the fourth quarter, led to a €71 million increase in inventory. During the quarter, investment payments totaled €80 million, and the final dividend payment amounted to €77 million. As a result, net financial debt increased by €174 million from the previous quarter, reaching €1.5 billion. EBITDA and EBITDA Margin
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Results for the third quarter of 2026 6 Nine months Despite a challenging environment, Acerinox has improved its results, reaffirming the success of its strategy. On the regulatory front, Section 232 in the U.S. and the implementation of CBAM in Europe have progressively reduced imports. The European Union’s new trade defense measures are expected to help consolidate this situation. Revenue totaled €4.6 billion, representing a 2% increase over the same period of the previous year. Meanwhile, EBITDA totaled €470 million (€411 million in the stainless steel division and €59 million in the alloys division), up 46% year-on-year. The direct impact of the conflict in the Middle East is estimated at €24 million, due to higher energy and transportation costs. This situation is having a particularly severe impact on the oil and gas sector. The Group's profit after taxes and minority interests was €162 million, compared to €7 million in the first nin e months of 2025, which was impacted by a €48 million impairment charge on tax credits. Operating cash flow totaled €27 million. This result was driven by an increase in operating working capital of €297 million. Raw material prices and increased activity led to a €288 million increase in inventory. Net financial debt, at €1 .5 billion, has increased by €347 million compared with December 31, 2025. This increase followed investment payments totaling €228 million and a dividend payment of €155 million.
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Results for the third quarter of 2026 7 2. Analysis of the main markets 2.1 Stainless steel market During the first nine months of 2026, both the U.S. and European markets continued to experience low demand. United States Section 232 and the global tariff of 15% on imports provide stability in the market, in relation to prices and volumes, and continue to support major domestic manufacturers. ● Apparent consumption of flat products increased by 6% in the third quarter, according to estimates, but remained down 2% for the first nine months of 2026. ● The share of imports dropped from 24% in 2025 to 21% as of September 2026. This decline represents a 5% drop for the quarter and an 18% drop for the first nine months. ● Distributor inventories have stabilized at levels below the average of recent years, with deliveries rebounding in recent months. ● Section 232 remains in effect, and a reduction in these tariffs is not anticipated. Europe In Europe, the CBAM (Carbon Border Adjustment Mechanism) and trade measures have led to a significant decline in imports. However, local producers have been unable to capitalize on this decline due to high inventory levels and weak economic conditions. These measures are reshaping trade flows and giving domestic products an edge over imports: the CBAM levels the playing field with producers outside the EU who have lower environmental standards. The new trade measure is based on two pillars: reducing annual quotas by 55% and doubling the tariff on all volumes exceeding the allocated quotas (from 25% to 50%). ● Apparent consumption of flat products fell 22% in the third quarter and 11% over the first nine months of 2026, according to estimates. ● Imports of flat products fell 50% this quarter and 42% in the first nine months and now account for 16% of the total market. ● We estimate that inventories increased at the end of the second quarter due to increased imports in anticipation of the new trade measures. ● On January 1, 2026, the CBAM came into force, which is the main reason for the drastic drop in imports at the beginning of the year. ● On July 1, 2026, the European Union’s new trade defense measures took effect.
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Results for the third quarter of 2026 8 2.2 High-performance alloys market The performance of the high-performance alloys market has varied by geographic region and target industry. Since the second quarter, Haynes' order backlogs have shown positive momentum, driven by increased investment in the defense sector and a clear acceleration in the aerospace sector. Similarly, growing energy needs have significantly boosted demand for gas turbine applications. Meanwhile, sectors such as automotive and electronics have remained stable, with no significant fluctuations. Conversely, global geopolitical tensions continue to impact the oil and gas sector negatively, and the chemical sector is experiencing significant weakness in demand, particularly affecting the European market. 3. Other highlights of the quarter Shareholder remuneration On May 6, 2026, the General Shareholders' Meeting was held and the proposal to distribute a dividend of €0.62 per share was approved. An interim dividend of €0.31 per share was paid in January, and a supplementary dividend of €0.31 per share was distributed in July. Total shareholder remuneration for the year amounted to €155 million. 4. Presentation of results for the third quarter of 2026 Acerinox will present its third-quarter results today, October 30, at 11:00 a.m. CET. The presentation will be led by the Chief Corporate Officer, Miguel Ferrandis, the Chief Financial Officer, Esther Camós, and the Director of Investor Relations, Communication, and Reporting , Carlos Lora-Tamayo, together with the Investor Relations team. To access the presentation via telephone, please join 5-10 minutes before the event. You can follow the presentation through the Acerinox website, in the Shareholders and Investors section. Both the presentation and all the audiovisual material will be available on the Acerinox website.
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Results for the third quarter of 2026 9 5. Relevant figures Consolidated Group EUR million Q3 2026 Q3 2025 Q2 2026 9M 2026 9M 2025 % Q3 26 / Q3 25 % 9M26 / 9M25 Melting shop production (thousands of metric tons) 501 451 540 1,534 1,463 11% 5% Net sales 1,591 1,415 1,582 4,556 4,473 12% 2% EBITDA 199 108 176 470 321 85% 46% EBITDA margin 13% 8% 11% 10% 7% - - EBIT 146 60 125 315 176 144% 79% EBIT margin 9% 4% 8% 7% 4% - - Pre-tax income 123 46 102 252 119 169% 112% Profit after tax and non- controlling interests 85 25 71 162 7 245% 2,144% Operating cash flow -16 152 9 27 299 - -91% Net financial debt 1,535 1,243 1,361 1,535 1,243 24% 24% Stainless steel division EUR million Q3 2026 Q3 2025 Q2 2026 9M 2026 9M 2025 % Q3 26 / Q3 25 % 9M26 / 9M25 Melting shop production (thousands of metric tons) 482 431 521 1,474 1,399 12% 5% Net sales 1,232 991 1,234 3,479 3,167 24% 9% EBITDA 175 76 154 411 218 131% 89% EBITDA margin 14% 8% 12% 12% 7% - - Depreciation and amortization charge -31 -28 -32 -94 -89 10% 5% EBIT 144 47 122 317 129 204% 145% EBIT margin 12% 5% 10% 9% 4% - -
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Results for the third quarter of 2026 10 High-performance alloys division EUR million Q3 2026 Q3 2025 Q2 2026 9M 2026 9M 2025 % Q3 26 / Q3 25 % 9M26 9M25 Melting shop production (thousands of metric tons) 19 20 19 59 64 -2% -8% Net sales 367 429 353 1,096 1,322 -14% -17% EBITDA 24 32 22 59 103 -24% -43% EBITDA margin 7% 7% 6% 5% 8% - - Depreciation and amortization charge -22 -19 -19 -60 -57 15% 5% EBIT 2 12 3 -1 47 -87% - EBIT margin 0% 3% 1% 0% 4% - -
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Results for the third quarter of 2026 11 Cash generation Consolidated Group Cash Flow (EUR million) Q3 2026 Q3 2025 Q2 2026 9M 2026 9M 2025 EBITDA 199 108 176 470 321 Changes in working capital -152 85 -98 -297 165 Income tax -38 -15 -62 -107 -65 Finance costs -19 -11 -16 -47 -38 Other adjustments -7 -15 10 8 -84 Operating cash flow -16 152 9 27 299 Sale of assets (Bahru Stainless) - - - - 68 Payments due to investment -80 - -75 -228 -212 Free cash flow -96 64 -66 -201 155 Dividends and treasury shares -77 -77 -3 -157 -155 Cash flow after dividends -173 -13 -68 -358 0 Conversion and other differences -1 -7 2 12 -123 Changes in net financial debt -174 -21 -66 -347 -123
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Results for the third quarter of 2026 12 Stainless steel division EUR million Q3 2026 Q3 2025 Q2 2026 9M 2026 9M 2025 EBITDA 175 76 154 411 218 Changes in working capital -103 12 -45 -194 13 Income tax -32 -5 -61 -94 -16 Finance costs -16 -7 -13 -38 -25 Other adjustments -5 7 4 -11 -24 OPERATING CASH FLOW 20 82 38 73 165 High-performance alloys division EUR million Q3 2026 Q3 2025 Q2 2026 9M 2026 9M 2025 EBITDA 24 32 22 59 103 Changes in working capital -49 74 -53 -103 152 Income tax -6 -9 -1 -12 -49 Finance costs -3 -4 -3 -9 -12 Other adjustments -1 -22 6 19 -60 OPERATING CASH FLOW -36 70 -28 -47 134
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Results for the third quarter of 2026 13 Balance sheet ASSETS LIABILITIES EUR million Sep 2026 2025 Sep 2025 Variation Sep 26/Dec 25 EUR million Sep 2026 2025 Sep 2025 Variation Sep 26/Dec 25 Non-current assets 2,524 2,383 2,323 6% Equity 2,229 2,098 2,213 6% Current assets 3,686 3,238 3,777 14% Non-current liabilities 1,829 1,809 1,947 1% Inventories 1,966 1,679 1,861 17% Bank borrowings 1,334 1,322 1,450 1% Receivables 761 541 689 41% Other non-current liabilities 495 487 497 2% Customers 673 476 593 41% Current liabilities 2,151 1,714 1,939 26% Other receivables 88 65 96 36% Bank borrowings 1,104 837 971 32% Cash 903 970 1,178 -7% Trade payables 801 614 673 30% Other current financial assets 56 48 49 16% Other current liabilities 246 263 295 -6% TOTAL ASSETS 6,210 5,621 6,099 10% TOTAL EQUITY AND LIABILITIES 6,210 5,621 6,099 10% Production stainless steel division 2025 2026 Variation Thousands of metric tons Q1 Q2 Q3 Q4 12M Q1 Q2 Q3 9M Q3´26 /Q3´25 9M´26 /9M´25 Melting shop 488 480 431 385 1,783 471 521 482 1,474 12% 5% Cold-rolling 306 318 286 250 1,160 297 318 272 887 -5% -3% Long products (hot-rolling) 35 39 33 30 137 36 42 39 117 17% 9% Production high-performance alloys division 2025 2026 Variation Thousands of metric tons Q1 Q2 Q3 Q4 12M Q1 Q2 Q3 9M Q3´26 /Q3´25 9M´26 /9M´25 Melting shop 24 21 20 18 83 21 19 19 59 -2% -8% Finishing shop 13 12 11 10 47 11 10 9 30 -20% -19%
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Results for the third quarter of 2026 14 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: EBIT for Q3 2026 amounted to €146 million. EBITDA: Operating income + Depreciation and amortization + Variation of current provisions. EUR million Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 EBIT 60 -23 45 125 146 Depreciation and amortization charge 48 50 49 51 54 Changes in current provisions 0.2 -5.5 -0.6 -0.4 0.1 EBITDA 108 32 95 176 199 Adjusted EBITDA: EBITDA net of extraordinary events during the year EUR million Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 EBITDA 108 32 95 176 199 Provision for Acerinox Europa’s Staff Rejuvenation Plan - 9 - - - Inventory adjustment - 60 25 - - Adjusted EBITDA 108 101 119 176 199 Alternative performance measures related to the Balance sheet and leverage ratios Net financial debt: Current bank borrowings + Non-current bank borrowings - Cash EUR million Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Current loans 971 837 858 991 1,104 Non-current loans 1,450 1,322 1,281 1,287 1,334 Cash 1,178 970 845 917 903 Net financial debt 1,243 1,189 1,295 1,361 1,535
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Results for the third quarter of 2026 15 Net financial debt / EBITDA: EUR million Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net financial debt 1,243 1,189 1,295 1,361 1,535 EBITDA 108 32 95 176 199 Net financial debt/EBITDA annualized 2.9x 3.4x 3.4x 2.5x 2.5x Debt ratio: Net financial debt / Equity EUR million Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net financial debt 1,243 1,189 1,295 1,361 1,535 Equity 2,213 2,098 2,136 2,140 2,229 Net financial debt / Equity 56% 57% 61% 64% 69% Alternative performance measures related to cash flow Working capital: Inventories + Trade debtors - Trade payables EUR million Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Inventories 1,861 1,679 1,777 1,895 1,966 Customers 593 476 552 682 673 Trade payables 674 615 741 891 801 Working capital 1,781 1,541 1,588 1,686 1,838 Alternative performance measures related to company profitability ROCE (Return on Capital Employed): Operating income/(Equity + Net financial debt) EUR million Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 EBIT 60 -23 45 125 146 Equity 2,213 2,098 2,136 2,140 2,229 Net financial debt 1,243 1,189 1,295 1,361 1,535 ROCE 7% 5% 5% 10% 11%
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Results for the third quarter of 2026 16 ROE (Return on Equity): Profit after tax and non-controlling interests / Equity EUR million Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Profit after tax and non-controlling interests 25 -47 5 71 85 Equity 2,213 2,098 2,136 2,140 2,229 ROE 0% -2% 1% 7% 9% Other Alternative Performance Measures Book value per share: Equity / no. of shares Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Equity (EUR million) 2,213 2,098 2,136 2,140 2,229 Number of shares at year-end 249,335,371 249,335,371 249,335,371 249,335,371 249,335,371 Share book value (EUR) 8.88 8.41 8.57 8.58 8.94 Earnings per share: Profit per share after tax and non-controlling interests / No. of shares Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Profit after tax and non-controlling interests (EUR million) 25 -47 5 71 85 Number of shares at year-end 249,335,371 249,335,371 249,335,371 249,335,371 249,335,371 Earnings per share (EUR) 0.10 -0.19 0.02 0.29 0.34 LTIFR (Lost Time Injury Frequency Rate): (Total number of accidents reported / No. Of hours worked) * 1,000,000 2024 2025 2026 LTIFR 3.8 3.0 3.6
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Results for the third quarter of 2026 17 Disclaimer 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 correspondin g 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 project ions 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”, “s hould”, “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 guaran tee 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.
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Results for the third quarter of 2026 18 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 t heir 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 disc laimer 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.