Acerinox Sa · BME:ACX

Acerinox Sa — Q3 2023 Earnings Presentation

14 slides from Acerinox Sa's earnings presentation, 2023

1. Slide 1: Q3 2023 Results presentation

   1 Q3 2023 Results presentation

2. Slide 2: Disclaimer

   2 Disclaimer This document may contain forward-looking information and statements about ACERINOX, S.A., its subsidiaries and/or its management. These forward-looking statements include financial projections and estimates and their underlying assumptions, and statements regarding the intent, belief or

3. Slide 3: Q3 2023 at a glance

   Q3 2023 Results Presentation 3 Q3 2023 at a glance Resilient Q3 EBITDA at 146 million EUR despite challenging market conditions Strong cash generation, 298 million EUR, supported by inventory reduction Outlook: We expect Q4 EBITDA slightly below Q3 ACERINOX 2020 RESULTS PRESENTATION

4. Slide 4: Contribution to circular economy and sustainable development

   208 Q3 2023 Results Presentation 4 Contribution to circular economy and sustainable development Sustainability targets 2030 Positive Impact 360º Plan Eco-efficiency Engaged team, and climate change culture, diversity, Q3 2023 most relevant and safety sustainability initiatives mitigation GHG emission

5. Slide 5: Q3 2023: Market backdrop

   Q3 2023 Results Presentation 5 Q3 2023: Market backdrop Q3 MARKET HIGHLIGHTS STAINLESS STEEL Seasonality exacerbated by decreased consumption North American prices remain stable Differences across markets Stable base price at good levels Inventories remain at low levels USA Imports dropped 40% Year-

6. Slide 6: Q3 2023: Group financial highlights

   Q3 2023 Results Presentation 6 Q3 2023: Group financial highlights Reflects strategy of growth, diversification & strength Income statement Cash flow statement Balance sheet Sales decrease Strong operating cash flow Net financial debt (NFD) of -11% QoQ of 298 million EUR reduction: 221 million EUR EBITDA

7. Slide 7: Q3 2023: Resilient results

   Q3 2023 Results Presentation 7 Q3 2023: Resilient results CONSOLIDATED RESULTS Q3 Q2 Q3 % Q3 23 % 9M 23 9M 2023 9M 2022 / Q3 22 / 9M 22 2023 2023 2022 Remarkable 2023 EBITDA Melting production of 608 million EUR (thousands of 440 486 502 1,460 1,792 -12% -19% metric tons) (12% margin): Q1: 226 milli

8. Slide 8: Q3 2023: Solid EBITDA above last decade average

   Q3 2023 Results Presentation 8 Q3 2023: Solid EBITDA above last decade average Quarterly EBITDA Million EUR More competitive through excellence Benefiting from Strong contribution by HPA Division Benefiting from regionalization (1) Adjusted EBITDA Q4 2019: EUR 112 million, EBITDA without taking into a

9. Slide 9: Stainless steel highlights

   Q3 2023 Results Presentation 9 Stainless steel highlights Million EUR % Q3 23 / % 9M 23 Q3 2023 Q2 2023 Q3 2022 9M 2023 9M 2022 Q3 22 / 9M 22 Melting production 422 465 482 1,402 1,729 -12% -19% (thousands of metric tons) 8% EBITDA margin Net sales 1,183 1,369 1,838 4,029 6,075 -36% -34% in Q3 and 1

10. Slide 10: High-performance-alloys highlights

    Q3 2023 Results Presentation 10 High-performance-alloys highlights Million EUR Q3 Q2 Q3 9M 9M % Q3 23 / % 9M 23 / 2023 2023 2022 2023 2022 Q3 22 9M 22 Melting production (thousands of metric 17 21 20 58 63 -12% -9% Record 9M EBITDA tons) of 129 million EUR Net sales 380 387 337 1,072 921 13% 16% EBI

11. Slide 11: Capital allocation

    Q3 2023 Results Presentation 11 Capital allocation Million EUR Q3 3Q Highlights Strong operating cash flow (OCF) of 298 million EUR Debt reduction of 221 million EUR aided by 125 million EUR operating working capital (OWC) reduction Shareholder returns of 75 million EUR 9M 9M Highlights OCF 221 milli

12. Slide 12: Conclusions & outlook

    Q3 2023 Results Presentation 12 Conclusions & outlook 01 02 03 Resilient results despite Strong OCF and Global situation: challenging market debt reduction in Q3 Macroeconomic uncertainties, conditions in stainless geopolitical tensions, energy steel prices, weak demand and low visibility 04 05 06 G

13. Slide 13: Definitions of alternative performance measures

    13 Excellence 360º Plan: estimated efficiency savings for the period of 2019 to 2023 Operating Working Capital: Inventories + trade receivables − trade payables Net Cash Flow: Profit/(Loss) after tax and minorities + depreciation and amortization Net Financial Debt: Bank borrowings + bond issuance − c

14. Slide 14: Q&A

    14 Q&A

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