Acerinox Sa · BME:ACX
Acerinox Sa — Q2 2026 Earnings Presentation
16 slides from Acerinox Sa's earnings presentation, Jul 24, 2026
Slide 1: Q2 2026 Results Presentation
Slide 2: Disclaimer
Q2 2026 RESULTS PRESENTATION 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 o
Slide 3: Q2 2026 Highlights
Q2 2026 RESULTS PRESENTATION Q2 2026 Highlights Acerinox reaffirms its strategy with its strong position in the US and an improving situation in Europe Financial Highlights Net sales Q2: €1.58 billion H1: €2.97 billion EBITDA Q2: €176 million H1: €271 million Operating cash flow Q2: €9 million H1: €43
Slide 4: Stainless steel market in the USA
Q2 2026 RESULTS PRESENTATION Stainless steel market in the USA ● Macro indicators demonstrate enhanced confidence in the market, although apparent demand remains low ● Stainless steel prices up due to the rise in the alloy surcharge Market Section 232 continues to provide Apparent demand up 4% QoQ, s
Slide 5: New trade measures a game-changer in Europe
Q2 2026 RESULTS PRESENTATION New trade measures a game-changer in Europe ● Strong reduction of imports with customers seeking local suppliers ● Prices increased during H1 compensating raw material prices Market Steel and Metals Action Plan Apparent demand in line QoQ, ○ CBAM down 3% in H1 2026 YoY ■
Slide 6: HPA environment
Q2 2026 RESULTS PRESENTATION HPA environment Strong demand Demand remains subdued due to geopolitical uncertainties Market Market Consistent order entry improvement Waiting for investment projects O&G and CPI Aerospace Investments in aerospace and defense - O&G affected by current geopolitical confli
Slide 7: Q2 & H1 2026: Consolidated group highlights
Q2 2026 RESULTS PRESENTATION Q2 & H1 2026: Consolidated group highlights Strong contribution from the stainless steel division Million EUR Q2 Q1 Q2 H1 H1 2026 2026 2025 2026 2025 Melting production 540 493 500 1,032 1,012 (thousands of metric tons) 85% EBITDA increase QoQ Net sales 1,582 1,384 1,507
Slide 8: Q2 & H1 2026: Stainless steel highlights
Q2 2026 RESULTS PRESENTATION Q2 & H1 2026: Stainless steel highlights Q2 2026 • Higher volumes in all regions Million EUR Q2 Q1 Q2 H1 H1 2026 2026 2025 2026 2025 • Prices up due to increase Melting production in raw materials (thousands of metric tons) 521 471 480 992 968 Net sales 1,234 1,012 1,080
Slide 9: Q2 & H1 2026: High-performance alloys highlights
Q2 2026 RESULTS PRESENTATION Q2 & H1 2026: High-performance alloys highlights Q2 2026 Mixed results across regions and end-markets Q2 Q1 Q2 H1 H1 Million EUR 2026 2026 2025 2026 2025 Melting production 19 21 21 40 45 (thousands of metric tons) 76% EBITDA increase QoQ Net sales 353 376 433 729 893 EB
Slide 10: Q2 & H1 2026: Capital allocation
Q2 2026 RESULTS PRESENTATION Q2 & H1 2026: Capital allocation € Million Q2 H1 / 10
Slide 11: Acerinox long term vision
Q2 2026 RESULTS PRESENTATION Acerinox long term vision Synergies Investments Beyond Excellence Plan (24-26) EBITDA upside: ≈€68 M EBITDA upside: ≈€300 M EBITDA upside: ≈€120 M Achieved over $16 million in synergies to date US HPA (Haynes and NAS): Progress in key Increase competitiveness through dig
Slide 12: Sustainability at the core of our strategy
Q2 2026 RESULTS PRESENTATION Sustainability at the core of our strategy Committed to a sustainable future Reduction of Recycled Women 2030 Targets carbon emissions waste LTIFR on staff intensity (scope 1+2) utilization ● -46% reduction of carbon emissions scope 1+2 Q2 2026 vs 2025 -5% +1% +10% +3% ●
Slide 13: Conclusions and Outlook
Q2 2026 RESULTS PRESENTATION Conclusions Acerinox in Q2 2026 Solid EBITDA achieved in a low demand scenario and with numerous geopolitical conflicts Game-changer in Europe Reduction of imports in H1 with customers seeking local suppliers Long-term strategy Successful diversification strategy in region
Slide 14: Events post Q2 2026 Results
Q2 2026 RESULTS PRESENTATION Events post Q2 2026 Results EVENT ORGANIZATION JUL 27 MADRID ROADSHOW ALANTRA JUL 28-29 LONDON ROADSHOW MORGAN STANLEY SEP 8 NEW YORK ROADSHOW ACERINOX SEP 9 INDUSTRIAL CONFERENCE - NY JEFFERIES SEP 16 IBERIAN CONFERENCE - MADRID BPI – CAIXABANK SEP 29 PARIS ROADSHOW BPI
Slide 15: Alternative Performance Measures (definitions)
Q2 2026 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-con
Slide 16: Q&A
Q&A Q2 2026 Results Presentation