Acerinox Sa · BME:ACX
Acerinox Sa — FY2025 Earnings Presentation
21 slides from Acerinox Sa's earnings presentation, Feb 27, 2026
Slide 1: FY 2025 Results Presentation
Slide 2: Disclaimer
FY 2025 RESULTS PRESENTATION Disclaimer 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, and statements regarding the i
Slide 3: 2025 Highlights
FY 2025 RESULTS PRESENTATION 2025 Highlights The results obtained in 2025 highlight the effectiveness of our strategy in an environment of great uncertainty Financial Highlights Acerinox Strategy Excellence Net sales Beyond Excellence new target FY: €5,781 million of €120 million Added value Adjuste
Slide 4: 2025 Market Highlights
FY 2025 RESULTS PRESENTATION 2025 Market Highlights Stainless Steel High-performance alloys • Manufacturing PMI <50 from March to December • Aerospace demand was improving gradually • Apparent demand down 1.5% in `25 during 2025. • Inventories below historical average • Industrial Gas Turbine (IGT)
Slide 5: Q4 & FY 2025: Consolidated group highlights
FY 2025 RESULTS PRESENTATION Q4 & FY 2025: Consolidated group highlights Adjusted EBITDA Q4 Q4 FY FY Million EUR FY 2025: €422 million 2025 2024 2025 2024 Q4 2025: €101 million Melting production 403 396 1,866 1,753 (thousands of metric tons) Adjustments include: Net sales 1,308 1,325 5,781 5,413 In
Slide 6: Q4 & FY 2025: Stainless steel highlights
FY 2025 RESULTS PRESENTATION Q4 & FY 2025: Stainless steel highlights Q4 & 2025 Million EUR Q4 Q4 FY FY affected by low demand 2025 2024 2025 2024 in all regions Melting production 385 378 1,783 1,674 (thousands of metric tons) Net sales 952 997 4,119 4,100 EBITDA 1 126 219 384 Adjusted EBITDA EBITD
Slide 7: Q4 & FY 2025: High-performance alloys highlights
FY 2025 RESULTS PRESENTATION Q4 & FY 2025: High-performance alloys highlights Q4 Q4 FY FY Market conditions: Million EUR 2025 2024 2025 2024 - recovery in aerospace - slowdown in O&G and CPI Melting production 18 18 83 79 (thousands of metric tons) Net sales 361 333 1,683 1,334 EBITDA 31 24 135 117
Slide 8: Q4 2025: Capital allocation
FY 2025 RESULTS PRESENTATION Q4 2025: Capital allocation Million EUR EBITDA Reduction Taxes Financial Others Operating CF CAPEX Free CF Dividend & Conversion NFD In OWC cost own shares dif. & others reduction Important reduction in OWC Strong Operating CF NFD reduction €240 million €156 million €55
Slide 9: FY 2025: Capital allocation
FY 2025 RESULTS PRESENTATION FY 2025: Capital allocation Million EUR EBITDA Reduction Taxes Financial Others Operating CF CAPEX Sale of Free CF Dividend & Conversion NFD in OWC cost Bahru St. (*) own shares dif. & others increase Important reduction in OWC High CAPEX 2025 NFD increase €406 million €
Slide 10: Controlling the working capital
FY 2025 RESULTS PRESENTATION Controlling the working capital Acerinox aims to effectively control its working capital 2025 OWC reduced by €406 million €383 million €74 million €-52 million Inventories Accounts receivable Accounts payable At the lowest point of the cycle, Acerinox has been focused on
Slide 11: Delivering our strategy
FY 2025 RESULTS PRESENTATION Delivering our strategy Centered around four key pillars Excellence Added Sustainability Financial value strength Main operational Rebalancing product Core to our business Accountable, transparent pillar to increase mix to HPAs and model and a driver for through-cycle ca
Slide 12: Sustainability at the core of our strategy
FY 2025 RESULTS PRESENTATION Sustainability at the core of our strategy Committed to a sustainable future 2025 KPI´s Reduction of Reduction of Recycled LTIFR Women carbon emissions carbon emissions waste reduction on staff 2030 Targets intensity (scope 1+2) intensity (scope 3) utilization -13.4% -5.
Slide 13: Beyond Excellence
FY 2025 RESULTS PRESENTATION Beyond Excellence 2024-2026: Accelerated delivery of efficiency plan. 83% of the €100 million EBITDA savings target achieved in the first two years. €83 million realized €100 million Consistent delivery: Savings by year (€ million) Creating value in all areas of the comp
Slide 14: Synergies
FY 2025 RESULTS PRESENTATION Synergies Significant Potential Identified, with c.$200 million of Capex 2025 achieved $75 million $12 million Synergies Potential Identified In line with target 2026 expected $23 million 34% 66% Cost Synergies Revenue Synergies 2025 2026e 2027e 2028e 2029e / 14
Slide 15: Organic growth: ongoing projects
FY 2025 RESULTS PRESENTATION Organic growth: ongoing projects Growth plan Overview Stage Execution CAPEX Expansion plan to increase capacity and produce long products ´23-´26 €249 of high-performance alloys million POTENTIAL Investment plans aim to increase capacity in long and flat products ´25-´28
Slide 16: Acerinox long term vision
FY 2025 RESULTS PRESENTATION Acerinox long term vision Through the cycle Million € 120 ≈500 Acerinox Focus on: Added value 68 Excellence ≈300 Sustainability Return to our shareholders / 16
Slide 17: New environment
FY 2025 RESULTS PRESENTATION New environment Redefining competition landscape and prioritizing strategic autonomy UNITED STATES of AMERICA EUROPE • Steel and Metals Action Plan • S232 • New steel trade measures • Quotas per country: No • Quotas per country: 55% total quota reduction for Stainless •
Slide 18: Conclusions & Outlook
FY 2025 RESULTS PRESENTATION Conclusions & Outlook Acerinox in 2025 US and European markets Guidance Solid EBITDA amid low demand Looking for strategic autonomy, Adjusted EBITDA: Q1 2026 and global uncertainty, achieved that provides us with a to be slightly higher than Q4 2025 at the lowest point o
Slide 19: Events post FY 2025 Results
FY 2025 RESULTS PRESENTATION Events post FY 2025 Results EVENT ORGANIZATION 2 MAR MADRID ROADSHOW CAIXABANK BPI 3-4 MAR LONDON ROADSHOW DEUTSCHE BANK 4-5 MAR NEW YORK ROADSHOW MORGAN STANLEY 10 MAR PARIS ROADSHOW ODDO – BHF 11 MAR FRANKFURT ROADSHOW JB CAPITAL 17 MAR CEO CONFERENCE - LONDON BNP – PA
Slide 20: Alternative Performance Measures (definitions)
FY 2025 RESULTS PRESENTATION Alternative Performance Measures (definitions)) • Beyond Excellence: Plan to improve Acerinox operational excellence and competitiveness. • OWC (Operating working capital): Inventories + Trade receivables – Trade payables • Net cash flow: Profit/(loss) after tax and non-
Slide 21: Q&A
Q&A FY 2025 Results Presentation