Acerinox Sa (ACRXF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning to you all, and welcome to Atherinox's third quarter 2025 results presentation. As you well know, geopolitical uncertainties, regional conflicts, and tariff wars continue to affect world markets. Consequently, the third quarter has been another challenging quarter. However, as a group, we have demonstrated our resilience in the light of the difficult market situation. As we will explain in this presentation, we continue to focus on working capital reduction and solid cash generation. During this call, we will hear from our CEO, Bernardo Velazquez, our chief corporate officer, Miguel Fernandez, and also Esther Camoz, our CFO, who will explain our third quarter results and provide outlook for Q4. Before we start the presentation, let me remind you that this conference call is being broadcast on our website, atherinox.com. And now I'll hand you over to our CEO. Bernardo, please go ahead. Thank you, Carlos. Good morning, everyone, and thank you for attending this presentation. We have released this set of results in the lowest part of a long cycle that is basically defined by the geopolitical conflicts, tariffs, negotiations, and uncertainty. If something can define this part of the cycle, it's uncertainty and confusion. How can you prepare a budget for next year? How can you organize your commercial strategy if you don't know whether you will have tariffs with several countries or not? You will be able to export or not. And then everybody is just working on a daily basis. It's what we call from hand to mouth. From hand to mouth means that our customers are only buying when it's strictly necessary for them to replace materials. So in this situation, logically, the consumption is quite low. and everything has been postponed. The recovery that we expected has ...