/ 2Disclaimer Q2 2026 RESUL TS PRESENTATION
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 T ax I.D. No. A-28250777, on the basis of the information available on the day of its publication. This document should be read together with all the public information provided and/or published by Acerinox with the Spanish National Securities Market Commission (CNMV), available at www.cnmv.es , as well as on the corporate website www.acerinox.com .
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/ 3Acerinox 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 Operating cash flow Q2: €9 million H1: €43 million
EBITDA
Q2: €176 million H1: €271 million Q2 2026 Highlights Net financial debt
€1.36 billion
Q2 2026 RESUL TS PRESENTATION
Stainless steel market in the USA
/ 4Market
Apparent demand up 4% QoQ, down 8% in H1 2026 Y oY -
T rade
Imports of flat products down 24% Y oY, representing 22% of total market
Stocks
Inventories remain 10% below historical average ● 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 Section 232 continues to provide stability to the market •Tariffs on steel: remain at 50% •No quotas per country •No country exclusions
•Melted & Poured Q2 2026 RESUL TS PRESENTATION
New trade measures a game-changer in Europe / 5
Market
Apparent demand in line QoQ, down 3% in H1 2026 Y oY
T rade
Imports of flat products down 31% Y oY, representing 16% of total market
Stocks
Inventories remain 15% below
historical average
● Strong reduction of imports with customers seeking local suppliers ● Prices increased during H1 compensating raw material prices Steel and Metals Action Plan
○CBAM
■ Compensates for European efforts in decarbonization ■ In place since January 1st, 2026 ○New trade measures (July 1st, 2026) ■ Quotas per country: 55% total quota reduction ■ Duty: Increased from 25% to 50% (over quota) in addition to existing anti-dumping and anti-subsidy measures ■ No country exclusions ■ Positive allocation of the quotas with drastic reduction penalizing Taiwan and China for their overcapacity ■ South Africa quotas allocation: maintaining normal levels
Q2 2026 RESUL TS PRESENTATION
HP A environment / 6Consistent order entry improvement
Industrial Gas T urbines (IGT) Driven by the power generation requirements for data centers and electrification Strong demand Demand remains subdued due to geopolitical
uncertainties
Market
Waiting for investment projects O&G and CPI
- O&G affected by current geopolitical conflicts
- CPI remains dormant
Other markets
- E&E: stable demand
- Automotive: increased demand for electric
vehicles Market
Investments in aerospace and defense accelerating demand Aerospace Q2 2026 RESUL TS PRESENTATION
Q2 & H1 2026: Consolidated group highlights / 7Million EUR Q2
2026Q1
2026Q2
2025H1
2026H1
2025
Melting production
(thousands of metric tons) 540 493 500 1,032 1,012 Net sales 1,582 1,384 1,507 2,966 3,058
EBITDA 176 95 112 271 214
EBITDA margin 11% 7% 7% 9% 7%
EBIT 125 45 64 170 116
EBIT margin 8% 3% 4% 6% 4% Results before taxes and minorities 102 27 45 129 74 Results after taxes and minorities 71 5 -28 77 -18 Operating cash flow (before investments) 9 34 48 43 148 Net financial debt 1,361 1,295 1,222 1,361 1,222Strong contribution from the stainless steel division Operating cash flow driven by an increase in working capital
Net debt
€1.36 billion Q2 2026 RESUL TS PRESENTATION
Middle East conflict has impacted energy and transport costs Q2: €-6 million H1: €-9 million 85% EBITDA increase QoQ (48% vs. Q1 adjusted EBITDA)
Q2 & H1 2026: Stainless steel highlights / 8Million EUR Q2
2026Q1
2026Q2
2025H1
2026H1
2025
Melting production
(thousands of metric tons) 521 471 480 992 968 Net sales 1,234 1,012 1,080 2,246 2,177
EBITDA 154 82 78 236 142
EBITDA margin 12% 8% 7% 11% 7%
EBIT 122 51 48 173 82
EBIT margin 10% 5% 4% 8% 4% Operating cash flow (before investments) 38 16 43 54 84 •Higher volumes in all regions •Prices up due to increase in raw materials EBITDA margin improvement 12% in Q2 vs. 8% in Q1 Operating cash flow driven by an increase in working capital due to higher prices and volumes Q2 2026 Q2 2026 RESUL TS PRESENTATION Solid performance in the US and gradual improvement in Europe
Q2 & H1 2026: High-performance alloys highlights / 9Million EUR Q2
2026Q1
2026Q2
2025H1
2026H1
2025
Melting production
(thousands of metric tons) 19 21 21 40 45 Net sales 353 376 433 729 893
EBITDA 22 13 34 35 72
EBITDA margin 6% 3% 8% 5% 8%
EBIT 3 -6 15 -3 34
EBIT margin 1% -2% 4% 0% 4% Operating cash flow (before investments) -28 17 6 -11 64Q2 2026 Mixed results across regions
and end-markets
Operating cash flow due to higher raw material prices and strong order book in aerospace Q2 2026 RESUL TS PRESENTATION
Accumulated synergies
$16 million
76% EBITDA increase QoQ
/ 10Q2 2026 RESUL TS PRESENTATION
Q2 H1 Q2 & H1 2026: Capital allocation
€ Million
Acerinox long term vision
Synergies
Achieved over $16 million in synergies to date based on initial plan (70% of the estimated cumulative target for 2026) Streamlined organization: Development of a flexible, efficient and diversified organization US HP A (Haynes and NAS): Progress in key equipment focused on aerospace Expansion projects at NAS and VDM: All new lines completed except the powder atomizer at VDM planned for Q2 ‘27 Columbus: Investments in electrical steel on track for January 2027 Investments Beyond Excellence Plan (24-26) Increase competitiveness through digital transformation, innovation and collaboration Key pillars: Comprehensive focus on decarbonization, productivity, supply chain and
customers
Accumulated: €112 million to date (93% of the new 3-year target). Contribution of €29 million during H1 2026 EBITDA upside: ≈€68 M EBITDA upside: ≈€300 M Acerinox aims to secure global leadership through geographic and product diversification, projecting a ≈€500 million boost to EBITDA ≈ €500M
EBITDA UPSIDE Q2 2026 RESUL TS PRESENTATION
/ 11EBITDA upside: ≈€120 M
Q2 2026 RESUL TS PRESENTATION
/ 12Sustainability at the core of our strategy Committed to a sustainable future ● -46% reduction of carbon emissions scope 1+2 ● -15% reduction of carbon emissions scope 3* ● 90% recycled waste utilization ● -10% L TIFR reduction annually ● 15% women on staff 2030 Targets Reduction of
carbon emissions
intensity (scope 1+2)
L TIFR
Women
on staff
Recycled
waste
utilization
+10% +3%
-5% +1%
/ 12
/ 12
/ 12
* Reported annually ** Working on new target / 12-100% ** 89% 44% Q2 2026 vs 2025
Achievement of
2030 Targets
Conclusions
/ 13Acerinox in Q2 2026 Solid EBITDA achieved in a low demand scenario and with numerous geopolitical conflicts
EBITDA guidance
Q3 2026 to be slightly higher than Q2 2026 HPA New trade measures in Europe Optimism in Europe as a result of the new trade measures Gradual improvement driven by better performance in aerospace and Industrial Gas turbines (IGT) Q2 2026 RESUL TS PRESENTATION
Stainless
Stable level of demand in the US, with European seasonality in Q3 / 13Game-changer in Europe Reduction of imports in H1 with customers seeking local suppliers
Long-term strategy
Successful diversification strategy in regions and end-sectors
Outlook
/ 14 / 14 / 14
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 P ARIS ROADSHOW BPI – CAIXABANK
SEP 30 CONFERENCE - P ARIS BME Q2 2026 RESUL TS PRESENTATION
•Beyond Excellence: Plan to improve Acerinox operational excellence and competitiveness.
•OWC (Operating working capital): Inventories + T rade receivables – T rade payables •Net cash flow: Profit/(loss) after tax and non-controlling interests + depreciation and amortization •NFD (Net financial debt): Bank borrowings + bond issuance - cash •Net financial debt / EBITDA: Net financial debt / annualized EBITDA •EBIT: Operating income •Adjusted EBIT: EBIT , net of material extraordinary items •EBITDA: Operating income + depreciation and amortization + variation of current provisions •Adjusted EBITDA: EBITDA, net of material extraordinary items •L TIFR: (T otal number of lost time injuries / T otal hours worked) * 1,000,000 •Debt ratio: Net financial debt / Equity •Net financial result: Financial income – financial expenses ± exchange rate variations •ROCE (Return on Capital Employed): Annualized net operating income / (equity + net financial debt) •ROE (Return on Equity): Profit/(loss) after tax and non-controlling interests / equity •ICR (Interest Coverage Ratio): EBIT / Financial expenses •Payout: Shareholder remuneration / Profit/(loss) after tax and non-controlling interests
/ 15
Alternative Perfo rmance Measures (definitions) )
Q2 2026 RESUL TS PRESENTATION
Q&A Q2 2026 Results Presentation