Acerinox Sa · BME:ACX
Acerinox Sa — Q1 2026 Earnings Presentation
17 slides from Acerinox Sa's earnings presentation, May 8, 2026
Slide 1: Q1 2026 Results Presentation
Slide 2: Disclaimer
FY 2025 RESULTS PRESENTATION 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 statement
Slide 3: Q1 2026 Highlights
Q1 2026 RESULTS PRESENTATION The results obtained in Q1 2026 confirm that the Q1 2026 Highlights situation is improving, despite the continued uncertainty Financial Highlights Net sales Q1: €1,384 million Adjusted EBITDA Q1: €119 million Operating cash flow Q1: €34 million Net financial debt €1,295
Slide 4: Stainless steel market in the USA
Q1 2026 RESULTS PRESENTATION Stainless steel market in the USA The market remains solid due to the effective trade defense measures in place and despite low demand Market Section 232 to defend local steel Apparent demand up 5% QoQ, production although down 11% YoY - • Tariffs on steel: remain at 50%
Slide 5: Stainless steel market in Europe
Q1 2026 RESULTS PRESENTATION Stainless steel market in Europe Demand remains low, however volumes are improving due to the reduction of imports under CBAM Market Steel and Metals Action Plan Apparent demand up 12% QoQ, • CBAM although down 7% YoY • Compensates for European efforts in decarbonization
Slide 6: Stainless steel price evolution
Q1 2026 RESULTS PRESENTATION Stainless steel price evolution Source: CRU /6
Slide 7: HPA environment
Q1 2026 RESULTS PRESENTATION HPA environment Flat products have finally started to follow Demand remains low in the O&G and CPI, the same upward trend of long products affected by geopolitical uncertainties Market Market Consistent order book improvement Still awaiting the expected recovery O&G and
Slide 8: Effects of Iran conflict: Acerinox's operational resilience
Q1 2026 RESULTS PRESENTATION Effects of Iran conflict: Acerinox’s operational resilience EBITDA impact Logistics & Costs Supply Stability Around €-2 million in Q1; Core pressure focused on No disruptions to our supply higher impact expected for Q2 gas price spikes and freight chain, with production
Slide 9: EBITDA vs. adjusted EBITDA
Q1 2026 RESULTS PRESENTATION EBITDA vs. adjusted EBITDA Q4 2025 vs. Q1 2026 119 0 101 +18% 25 9 Due to improved market conditions, the inventory write-down was reduced from €60 million to €25 million Rejuvenation plan Inventory devaluation 60 EBITDA 95 Significant increase in EBITDA from Q4 2025 to
Slide 10: Q1 2026: Consolidated group highlights
Q1 2026 RESULTS PRESENTATION Q1 2026: Consolidated group highlights Adjusted EBITDA Million EUR Q1 Q4 Q1 2026 2025 2025 Q1 2026: €119 million Melting production 493 403 512 (thousands of metric tons) Adjustments include: Net sales 1,384 1,308 1,551 Inventory adjustment of €25 million EBITDA 95 32 10
Slide 11: Q1 2026: Stainless steel highlights
Q1 2026 RESULTS PRESENTATION Q1 2026: Stainless steel highlights Q1 2026 Q1 Q4 Q1 Million EUR • Low demand in all regions 2026 2025 2025 • Alloy surcharge increase in USA Melting production 471 385 488 (thousands of metric tons) Net sales 1,012 952 1,097 EBITDA 82 1 65 Adjusted EBITDA EBITDA margin
Slide 12: Q1 2026: High-performance alloys highlights
Q1 2026 RESULTS PRESENTATION Q1 2026: High-performance alloys highlights Market conditions: Million EUR Q1 2026 Q4 2025 Q1 2025 • Stability in aerospace and IGT • Slowdown in O&G and CPI Melting production (thousands of metric tons) 21 18 24 Net sales 376 361 460 EBITDA 13 31 37 Adjusted EBITDA EBIT
Slide 13: Q1 2026: Capital allocation
Q1 2026 RESULTS PRESENTATION Q1 2026: Capital allocation Million EUR EBITDA OWC Taxes Financial Others Operating CF CAPEX Free CF Dividend & Conversion NFD Increase cost own shares dif. & others increase OWC increase CAPEX Dividend payment €47 million €73 million €77 million Moderated increase in NF
Slide 14: Conclusions & Outlook
Q1 2026 RESULTS PRESENTATION Conclusions & Outlook Acerinox in Q1 2026 Acerinoxś unique position Guidance Solid EBITDA achieved in a Strategic autonomy provides us Adjusted EBITDA: Q2 2026 low demand scenario and with a competitive advantage in with numerous geopolitical conflicts to be higher than
Slide 15: Events post Q1 2026 Results
Q1 2026 RESULTS PRESENTATION Events post Q1 2026 Results EVENT ORGANIZATION MAY 11 MADRID ROADSHOW SANTANDER MAY 12 LONDON ROADSHOW CAIXABANK BPI MAY 12-13 MIAMI CONFERENCE BANK OF AMERICA MAY 19 PARIS ROADSHOW KEPLER CHEVREAUX JUN 4 PLANT VISIT ACERINOX EUROPA / 15
Slide 16: Alternative Performance Measures (definitions)
Q1 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-
Slide 17: Q&A Q1 2026 Results Presentation
Q&A Q1 2026 Results Presentation