Acerinox Sa · BME:ACX
Acerinox Sa — Q3 2025 Earnings Presentation
13 slides from Acerinox Sa's earnings presentation, Oct 31, 2025
Slide 1: Q3 2025 Results Presentation
Q3 2025 Results Presentation October 31, 2025 1
Slide 2: Disclaimer
Q3 2025 RESULTS PRESENTATION 2 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
Slide 3: Q3 2025 at a glance
Q3 2025 RESULTS PRESENTATION Q3 2025 at a glance Group holds firm in Q3 despite market weakness and uncertainties EBITDA of €108 million in Q3 and €321 million in 9M in challenging conditions: geopolitical conflicts, tariff wars, import pressure in Europe and USD depreciation Positive operating cash fl
Slide 4: 2025 Market highlights
Q3 2025 RESULTS PRESENTATION 2025 Market highlights Stainless Steel High-performance Alloys USA ● Sep.25 ISM manufacturing PMI: 49.1 ● HPA market driven by a slow demand during Q3 2025 ● Apparent demand remained stable at low levels ● Oil and Gas (O&G) and Chemical Process Industry (CPI) slowdown ●
Slide 5: New Steel Trade Measures
Q3 2025 RESULTS PRESENTATION New Steel Trade Measures These measures are aimed at helping the steel sector mitigate overcapacity, ensuring quality employment, and safeguarding the green transition Main aspects: ● Drastic reduction of quotas (-55% for Stainless compared to the last year of safeguard
Slide 6: Q3 & 9M 2025 Consolidated group highlights
Q3 2025 RESULTS PRESENTATION Q3 & 9M 2025 Consolidated group highlights Q3 Results: Q3 Q3 Q2 9M 9M Million EUR 2025 2024 2025 2025 2024 ❏ Impacted by weak demand ❏ Solid EBITDA: €108 million Melting production 451 491 500 1,463 1,357 (thousands of metric tons) ❏ Better margin despite lower volumes t
Slide 7: Q3 & 9M 2025 Stainless steel highlights
Q3 2025 RESULTS PRESENTATION Q3 & 9M 2025 Stainless steel highlights Solid American market in the midst Q3 Q3 Q2 9M 9M Million EUR 2025 2024 2025 2025 2024 of many uncertainties Melting production 431 473 480 1,399 1,297 (thousands of metric tons) Q3 affected by Net sales 991 1,001 1,080 3,167 3,103
Slide 8: Q3 & 9M 2025 High-performance-alloys highlights
Q3 2025 RESULTS PRESENTATION Q3 & 9M 2025 High-performance-alloys highlights Q3 Q3 Q2 9M 9M Weaker Q3 market conditions: Million EUR 2025 2024 2025 2025 2024 - slowdown in Oil & Gas and CPI Melting production 20 18 21 64 60 (thousands of metric tons) - gradual recovery in aerospace Net sales 429 312
Slide 9: Capital allocation
Q3 2025 RESULTS PRESENTATION Capital allocation Q3 Million EUR Q3 2025 Highlights Significant OWC decrease: €85 million Important expansion phase: CAPEX of €88 million Shareholder returns of €77 million 9M 2025 Highlights 9M Significant OWC decrease: €165 million Important expansion phase: CAPEX of €2
Slide 10: Focusing on our clear strategy
Q3 2025 RESULTS PRESENTATION Focusing on our clear strategy Investments to Investments to increase production increase production capacity by 20% capacity by 15% New business model Diversification for Acerinox Europa at Columbus Moving forward successfully with the Control of Haynes integration Worki
Slide 11: Conclusions & outlook
Q3 2025 RESULTS PRESENTATION Conclusions & outlook Uncertainties persist and lead to low visibility 01 02 03 Strategic diversification Focus on working capital reduction Stainless: drives mid-term optimism and cash generation - Section 232 in USA despite short-term geopolitical - EU proposes measures
Slide 12: Events post Q3 & 9M 2025 Results
Q3 2025 RESULTS PRESENTATION Events post Q3 & 9M 2025 Results EVENT ORGANIZATION 3 NOV. MADRID ROADSHOW 5 NOV. LONDON ROADSHOW 12-13 NOV. AMSTERDAM - BRUSSELS ROADSHOW 18 NOV. PARIS MIDCAP CEO CONFERENCE 25 NOV. BARCELONA ROADSHOW 10 DEC. GENEVA EUROPEAN MIDCAP CONFER. 12
Slide 13: Q&A
Q3 2025 Q&A October 31, 2025 13