Acerinox S.A.

Investor Presentation • May 8, 2025

Q1 2025

Results Presentation

Q1 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 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, statements about intention, belief, expressions, objectives or expectations or forecasts of ACERINOX, S.A. and/or its management, as well as statements about future performance, plans, objectives, operations, business, strategy, capital expenditures, operating results, markets, and products. This document may also contain references to the situation and trends of the markets of raw materials, especially nickel and chrome.

In most cases, words or phrases like "anticipates", "believes", "relies", "might", "estimates", "expects", "intends", "objective", "potential", "can", "will", "could", "plans", "path", "should", "approximately", "our planning assumptions", "forecast", "outlook" and variations or negatives of these terms and similar expressions, or future or conditional verbs, identify forward-looking statements and/or future expectations.

These forward-looking statements or future expectations refer only to events as of the date the statements are made and do not include historical or current facts. Unless required by applicable law, ACERINOX, S.A. assumes no obligation to publicly update or revise any forward-looking statement or future expectation or information, even if new information is published or new events occur.

These forward-looking statements or future expectations, including financial projections and estimates, are based largely on information currently available to ACERINOX, S.A., and are subject to various risks and uncertainties that could cause actual results to differ materially from historical results or those expressed or implied in such forward-looking statements or future expectations.

Although ACERINOX, S.A. believes that these expectations are based on reasonable estimates and assumptions, the foregoing is no guarantee of compliance, performance, prices, operating results, profits or dividend payment policies. There is no guarantee whatsoever that ACERINOX, S.A.'s expectations will be met or that the estimates or assumptions are correct, and ACERINOX, S.A. cautions investors and all third parties not to place undue reliance on such forward-looking statements or future expectations.

Factors, risks, and uncertainties that could cause actual results to differ materially from such plans, estimates, or expectations include, but are not limited to, the unpredictability and severity of market risks and uncertainties, and those set forth in ACERINOX, S.A.'s most recent annual report. Said risk factors may be modified, supplemented, or replaced from time to time by other reports or communications submitted by ACERINOX, S.A. to the Spanish National Securities Market Commission (CNMV), which will make them available to the general public on its website https://cnmv.es/. Furthermore, such factors should not be construed as exhaustive and must be read in conjunction with the other forward-looking statements or future expectations and the development of international events and those within the local markets in which ACERINOX, S.A. operates.

If one or more of these or other risks or uncertainties materialize, or if ACERINOX's underlying assumptions prove incorrect, ACERINOX's actual results may differ materially from what ACERINOX has expressed or implied in its forward-looking statements or future expectations.

All subsequent oral or written forward-looking statements or information attributable to ACERINOX, S.A. or any of its members, directors, managers, employees or any other person acting on its behalf are expressly qualified in their entirety by this cautionary statement.

Neither this document nor the information contained herein constitute an offer to sell, purchase or exchange or an invitation to make an offer to buy, purchase or exchange, or a recommendation or advice regarding any asset or financial instrument issued by the Acerinox Group. Any person who acquires any type of securities should do so upon the basis of their own judgement after receiving any professional advice deemed necessary. No kind of investment activity should be carried out upon the basis of the information or forecasts contained in this documentation.

This document and the statements contained herein are without warranty, express or implied, as to their impartiality, accuracy, integrity or correctness. Neither ACERINOX nor any of its subsidiaries, advisors or representatives shall have any liability for any loss arising from any use of this document, or its content, or otherwise arising in connection with this document.

The aspects contained in this disclaimer must be fully taken into account by all persons or entities required to make decisions or to prepare or publish opinions on securities issued by ACERINOX, S.A., in particular, by analysts and investors who read this document.

Alternative performance measures (APMs)

In accordance with the guidelines of the European Securities and Markets Authority (ESMA), the description of the main indicators in this Report is included in the following link:APMs. These indicators are frequently and consistently used by the Group to assess financial performance and explain the evolution of its business.

Control the Controllables

… while focusing on our internal and strategic certainties

Q1 2025 at a glance

ACERINOX 2020 RESULTS PRESENTATION

Q1 2025 Market highlights: waiting for better visibility

Dejar datos PMI a diciembre

feb)

• AC Q4 dato YoY -0.8% Y QoQ +0.8%

• AC Q4 dato YoY +8.5% Y QoQ +3.2%

• ISM Manuf PMI. Dijimos mejor meter enero por invertirse la tendencia después de esos 26 meses seguidos de contracción a los que viene haciendo ref Bernardo. Pero se puede poner el dato Dic 49.2 en la slide y verbalmente el apunte de dicho cambio tendencia en enero con

• Dato PMI Eurozona Dic 45.1. En Ene y Feb ha 'mejorado' pero seguimos en zona de contraccion… en niveles de 47 (46.6 ene y 47.1 flash

ese 50.9 y si acaso hacer ref a los datos del otro PMI de S&P que también muestra ese repunte en ene-feb (flash)

USA

EU

STAINLESS STEEL

• March 25 manufacturing PMI: 49.0: back to contraction
• Final demand remained flat
• Inventories stabilized at low levels, and are 19% lower than the average of recent years
• Imports of flat products account for 27% of the total market USA
  • Base prices remained stable QoQ
  • Section 232 reset, with no exclusions, and includes final products with high stainless steel content. This is an opportunity for local producers
  • March 25 Eurozone manufacturing PMI: 48.6 contraction persists.
  • Final demand remained stable
• EUROPEInventories remained stable at low levels in most of the markets but moved up in some due to import pressure
  • Imports of flat products increased to 22%, up to March (14% Q1 2024)

favorable challenging

Market prices remained at a low point

HIGH-PERFORMANCE ALLOYS (HPAs)

• Oil & Gas is in a "wait-and-see" situation due to ongoing uncertainties
  • Chemical Process Industry affected by customers postponing capital investments
  • Demand in the Electronics and Automotive sectors has remained stable.
• In the Aerospace sector, manufacturers have a solid order book, however there has not yet been a recovery after the supply chain disruptions.

Q1 2025: Consolidated group highlights

Higher activity QoQ and YoY

Q1 EBITDA 2025 12% higher than Q4 2024 adjusted EBITDA of €91 million

Strong operating cash flow by controlling working capital, even with an increase in activity

Million EUR	Q1 2025	Q1 2024	% Q1 25 / Q1 24	Q4 2024	% Q1 25 / Q4 24
Melting production (thousands of metric tons)	512	461	11%	396	29%
Net sales	1,551	1,481	5%	1,325	17%
EBITDA	102	111	-8%	150 (*)	-32%
EBITDA margin	7%	7%		11%
EBIT	53	71	-26%	116	-55%
EBIT margin	3%	5%		9%
Results before taxes and minorities	28	71	-60%	120	-76%
Results after taxes and minorities	10	53	-80%	63	-83%
Operating cash flow (before investments)	99	188	-47%	91	10%
Net financial debt	1,195	234	410%	1,120	7%

(*) The adjusted EBITDA for the fourth quarter of 2024 was 91 million EUR (EBITDA margin 7%)

Q1 2025: Stainless steel highlights

Million EUR	Q1 2025	Q1 2024	% Q1 25 / Q1 24	Q4 2024	% Q1 25 / Q4 24	Alloy surcharge decreased
Melting production (thousands of metric tons)	488	440	11%	378	29%
Net sales	1,097	1,109	-1%	997	10%	Strategic and cost efficient
EBITDA	65	80	-19%	126	-49%	plans (Beyond Excellence) are
EBITDA margin	6%	7%		13%		enhancing the
Amortization and depreciation	-31	-32	-4%	-31	0%	competitiveness of the plants
EBIT	34	49	-30%	102	-67%
EBIT margin	3%	4%		10%		Operating cash flow
Operating cash flow (before investments)	41	112	-64%	57	-28%	of €41 million

Strategic and cost efficient plans (Beyond Excellence) are enhancing the competitiveness of the plants

Q1 2025: High-performance-alloys highlights

Full contribution of Haynes for the first time

Decline in nickel prices impacted margins

EBITDA: var QoQ +55% var YoY +20%

Increase in Amortization and depreciation due to Haynes acquisition

Operating cash flow of €58 million

Million EUR	Q1 2025	Q1 2024	% Q1 25 / Q1 24	Q4 2024	% Q1 25 / Q4 24
Melting production (thousands of metric tons)	24	21	13%	18	29%
Net sales	460	378	22%	333	38%
EBITDA	37	31	20%	24	55%
margin EBITDA	8%	8%		7%
Amortization and depreciation	-18	-9	103%	-10	86%
EBIT	19	22	-16%	14	33%
EBIT margin	4%	6%		4%
Operating cash flow (before investments)	58	76	-23%	34	73%

Q1 2025: Capital allocation

Million EUR

Q1

El gráfico editable está en la carpeta del 1Trimestre, en

Prensa, 2025.

(María, 30-04-2025)

Strong Operating CF of €99 million

Working capital reduction: €6 million

CAPEX of €57 million (€36 million in Q1 2024)

Shareholder returns of €77 million

Net Debt increase of €75 million

ACERINOX 2020 RESULTS PRESENTATION

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208

178, 211,

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1, 108, 100

Contribution to circular economy and sustainable development

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228, 132, 57

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249, 228, 211

360º Positive Impact Plan

Most significant sustainability initiatives in Q1 2025

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204, 213, 225

●	Energy efficiency certification ISO 50001
	(CLB & NAS)
●	Biodiversity Impact assessment applying
	IBAT STAR

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2, 44, 106

Supply chain and impact in the community

Committed team, culture, diversity,

and safety

● Meeting the needs of society with EcoACX®

● Leadership Academy Program

• Empowering Women's Talent and Diversity Leading Company Program ● Acerinox Group HSE Week
• Social Impact Measurement (Social Footprint)
• Critical Supplier Audit Plan

● Fiscal Transparency Award

Ethical, responsible, and transparent governance

● ISO 37001 Anti-Bribery Management Certification

EcoACX® … the first stainless steel in the world that features three indicators in an exclusive tool validated by SGS

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… more than 50% reduction in CO2 emissions versus standard product, …

… using 100% renewable energy…

… more than 90% recycled material

Conclusions & outlook

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ACERINOX 2020 RESULTS PRESENTATION

Q1 2025 Results Presentation