Slide 1: 2024: Transformational year – FY 2024 Results Presentation
2024: Transformational year FY 2024 Results Presentation
Slide 2: Disclaimer
FY 2024 RESULTS PRESENTATION 2 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
Slide 3: 2024: Transformational year – Milestones
FY 2024 RESULTS PRESENTATION 33 2024: Transformational year Control the Controllables | True to our defined strategy MILESTONES 3 Acquisition of 2 New business model Supported by the Collective bargaining agreement 2024-2027 1 a leading producer of Flexibility advanced HPA. Customer-centric High-Valu
Slide 4: 2024: Transformational year – Impact
FY 2024 RESULTS PRESENTATION 44 2024: Transformational year Control the Controllables | True to our defined strategy IMPACT 3 Acquisition of 2 New business model Acerinox Europa strike: €84 million 1 Rejuvenation plan: €12 million Equity value:€769 million NFD acquired: €51 million Bahru St. Acq. exp
Slide 5: 2024: Transformational year - Market highlights
FY 2024 RESULTS PRESENTATION 5 2024: Transformational year - Market highlights Metric tons STAINLESS STEEL Dec.24 ISM manufacturing PMI: 49.2 → 26 consecutive months of contraction. Apparent demand of flat products down 1% in 2024 / +1% QoQ USA Inventories reach new historical lows YoY Imports of flat
Slide 6: 2024: Transformational year
FY 2024 RESULTS PRESENTATION 6 2024: Transformational year Financial & operating Strategy ESG Organic growth: Net sales Investment in NAS and Launched our ESG of €5.4 billion New business model in Acerinox Eur. solution: EcoACX® Beyond Excellence: EBITDA Achievement: €41 million of €500 million at E
Slide 7: FY 2024 Adjusted EBITDA
FY 2024 RESULTS PRESENTATION 7 FY 2024 Adjusted EBITDA Million EUR ACERINOX 2020 RESULTS PRESENTATION
Slide 8: Q4 & FY 2024: Consolidated group highlights
FY 2024 RESULTS PRESENTATION 8 Q4 & FY 2024: Consolidated group highlights Q4 Q4 % Q4 24 / FY FY % FY 24 / Million EUR Q4 23 FY 23 2024 2023 2024 2023 Melting production 396 486 -19% 1,753 1,946 -10% Q4 seasonality impacted (thousands of metric tons) both stainless steel Net sales 1,325 1,529 -13% 5
Slide 9: Q4 & FY 2024: Stainless steel highlights
FY 2024 RESULTS PRESENTATION 9 Q4 & FY 2024: Stainless steel highlights Million EUR Q4 Q4 % Q4 24 / FY FY % FY 24 / Q4 affected by low 2024 2023 Q4 23 2024 2023 FY 23 volumes and margins Melting production 378 468 -19% 1,674 1,869 -10% in all regions (thousands of metric tons) Net sales 997 1,166 -1
Slide 10: Q4 & FY 2024: High-performance-alloys highlights
FY 2024 RESULTS PRESENTATION 10 Q4 & FY 2024: High-performance-alloys highlights Q4 Q4 % Q4 24/ FY FY % FY 24/ Million EUR 2024 2023 Q4 23 2024 2023 FY 23 One month of Haynes contribution Melting production 18 18 - 77 76 +1% (thousands of metric tons) Net sales 333 366 -9% 1,334 1,437 -7% Softer Q4
Slide 11: FY 2024: Capital allocation
FY 2024 RESULTS PRESENTATION 11 FY 2024: Capital allocation Million EUR FY FY Highlights Bahru sale effect in cash: €18 million in Q4 2024 €73 million in Q2 2025 Strong Operating CF of €294 million CAPEX of €205 million Net Debt increase of €779 million impacted by Haynes acquisition Shareholder ret
Slide 12: NFD at Dec´24 without Haynes acq. and the sale of Bahru
FY 2024 RESULTS PRESENTATION 12 NFD at Dec´24 without Haynes acq. and the sale of Bahru Million EUR ACERINOX 2020 RESULTS PRESENTATION
Slide 13: Sustainable development
208 FY 2024 RESULTS PRESENTATION 13 Sustainable development Sustainability targets 2030 360º Positive Impact Plan Engaged team, Eco-efficiency and culture, diversity, climate change NEW Carbon Target 2030 and safety mitigation Scope 1+2: Scope 3: 45% reduction 15% reduction GHG emissions (Scope 1&2):
Slide 14: Acerinox Group Positioning: 5 years plan
FY 2024 RESULTS PRESENTATION 14 Acerinox Group Positioning: 5 years plan ACERINOX 2020 RESULTS PRESENTATION
Slide 15: Beyond Excellence: 2024 in figures
FY 2024 RESULTS PRESENTATION 15 Beyond Excellence 2024-2026: EBITDA savings of €100 million Creating value in all areas of the company 2024 in figures Efficiency: €19 million Target of €45 million Productivity: €6 million €41* million achieved Customer Centric: €6 million 91% consecution R&D - Added V
Slide 16: Acerinox Europa: new organizational model
FY 2024 RESULTS PRESENTATION 16 Acerinox Europa: new organizational model Optimizing+ New organizational model ● Flexibility ● Polyvalence ● New production bonus ● 5% up in high added value ● 10% up in end users ● HPA
Slide 17: Columbus: product mix diversification
FY 2024 RESULTS PRESENTATION 17 Columbus: product mix diversification ● Product mix diversification ○ Ferritic stainless steel ○ Mild steel ○ Electrical steel ○ Development of HPA in collaboration with VDM ● Focus in the local market: ○ 70% local vs 30% exports ● Developing new materials ○ Support gro
Slide 18: NAS expansion plan
FY 2024 RESULTS PRESENTATION 18 NAS expansion plan ● NAS Expansion Plan ● Increase capacity to support US market growth ● Growing through digitalization NAS Expansion Plan
Slide 19: VDM expansion plan
FY 2024 RESULTS PRESENTATION 19 VDM expansion plan ● VDM Expansion Plan Expansion plan of ● Synergies achieved (2020-2023) with Acerinox: €67 million to increase sales in €70 million (46% overachievement) by 15% ● Powder atomizer for additive manufacturing (3D printing) VDM Expansion Plan
Slide 20: VDM-Metals evolution with Acerinox
FY 2024 RESULTS PRESENTATION 20 VDM-Metals evolution with Acerinox Integration of VDM Metals into Acerinox Group creates new opportunities Million EUR Av. 2021-2024: €120 million
Slide 21: Haynes acquisition: Equity of $799 million and EV of $890 million
FY 2024 RESULTS PRESENTATION 21 Haynes acquisition: Equity of $799 million and EV of $890 million Further expansion into High Performance Alloys aligned with Acerinox’s strategy Strengthens presence in the US and Aerospace segments: high growth markets Creating additional value through the expansion
Slide 22: Haynes: $200 million CAPEX for the integration
FY 2024 RESULTS PRESENTATION 22 $200 million CAPEX for the integration We aim to integrate Haynes into our existing Stainless & HPA platform and plan to invest additional c.$200M over the next 4 years in the US Rationale for Capex Investments Where Will the Capex be Invested? Accelerate Haynes growt
Slide 23: Significant Identified Long-Term Synergy Potential
FY 2024 RESULTS PRESENTATION 23 Significant Identified Long-Term Synergy Potential Significant Potential Identified, with c.$200 M of Capex, earmarked to unlock most of the synergies by 2027e and full Synergies by 2030e Sources of Potential Synergies $75 million Operational improvement 34% Initial Syner
Slide 24: Enhanced combined HPA global footprint
FY 2024 RESULTS PRESENTATION 24 Enhanced combined HPA global footprint
Slide 25: HPA clear peer-leader with an innovative portfolio of patented alloys
FY 2024 RESULTS PRESENTATION 25 HPA clear peer-leader with an innovative portfolio of patented alloys and suite of applications Innovation leadership as a strong differentiation strategy 53 Patents 17 Patents #1 Leading portfolio of alloy patents Innovation leader in Europe Innovation leader in USA
Slide 26: Conclusions & outlook
FY 2024 RESULTS PRESENTATION 26 Conclusions & outlook 01 02 03 Building a new Acerinox: Solid balance sheet Strong and - Organic and inorganic growth to maintain successful strategy - Increasing presence in final customer - Added value shareholder remuneration in a very in an expansion phase - From p
Slide 27: Events post FY 2024 Results
FY 2024 RESULTS PRESENTATION 27 27 Events post FY 2024 Results EVENT ORGANIZATION 3 MAR. MADRID ROADSHOW JB Capital 4 - 5 MAR. LONDON ROADSHOW Caixabank 4 - 5 MAR. NY / CHICAGO ROADSHOW Jefferies 11 MAR. PARIS ROADSHOW Kepler Cheuvreux 12 - 13 MAR. FRANKFURT / ZURICH ROADSHOW JB Capital 19 MAR. MATE
Slide 28: Alternative Performance Measures (Definitions)
FY 2024 RESULTS PRESENTATION 28 Alternative Performance Measures (Definitions) Beyond Excellence: Plan to improve Acerinox’s operational excellence and competitiveness through specific objectives for its pillars. OWC (Operating working capital): Inventories + Trade receivables – Trade payables Net cas
Slide 29: Q&A FY 2024 Results Presentation
Q&A FY 2024 Results Presentation