Acerinox S A : Otra información relevante

Q2 2022

Results presentation

Disclaimer	2

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Q2 2022 Results Presentation

Strong Contributor to the Circular Economy

Main KPIs performance during the first six months of 2022:

3

Circular economy

WASTE REDUCTION

TARGET 90% valorisation of waste by 2030 from 2020 baseline

76% Achieved

Already recycling

100% of:

Grinders

Oily paper

Oil (decantation, hydraulic) Process scrap and metal scale Acids

Machined electrodes Plastic

Cardboard

Environment

GHG EMISSIONS

TARGET 20% reduction in GHG emissions intensity

(Scope 1 & 2) by 2030 from 2015 baseline

11% Achieved

ENERGY EFFICIENCY

TARGET 7.5% reduction in energy intensity by 2030 from 2015 baseline

2% Achieved

WATER REDUCTION

Setting new targets

TARGET 20% reduction in water withdrawal intensity by 2030 from 2015 baseline

25% Achieved

Social

SAFETY PERFORMANCE

TARGET 10% year on year reduction in Lost Time Injury Frequency Rate

26% reduction vs FY 2021

Acerinox, reference in the circular economy for our processes and products

Q2 2022 Results Presentation	4
H1 2022: Record EBITDA of 945 million EUR

EBITDA of 945 million EUR a new

Group record with EBITDA margin of 20%

Net profit of 609 million EUR a new record

Net debt remains well under control

at 574 million EUR with gearing of only 20%

Operating cash flow of 77 million EUR after 807 million EUR investment in working capital

Million EUR	H1 2022	H1 2021	% H1 22 /
H1 21
Melting production ('000 Mt)	1,290	1,344		-4%
Net Sales	4,821	3,066		57%
EBITDA	945	378		150%
EBITDA margin	20%	12%
EBIT	847	290		192%
EBIT margin	18%	9%
Results before Taxes	823	269		207%
and Minorities
Results after Taxes	609	203		201%
and Minorities
Operating cash flow	77	108		-29%
(before investments)
Net Financial Debt	574	838		-32%

Q2 2022 Results Presentation	5
The best performance in the history of the Group

Q2 Market Highlights

Q2 Acerinox Highlights

	Restocking process	Ongoing price increases
	Positive impact of raw	in stainless steel
	material prices	HPA recovery continuing
	Stainless steel strong	Energy prices
	demand continued	skyrocketing in Spain
	Flat products apparent demand increased 14% until May
USA	Inventories increased to historical average
Prices continue to increase
	Imports increased
	Section 232 remains in place
Europe	Flat products apparent demand increased 13% until June
Inventories increased to historical average
	Prices impacted by raw materials and energy costs
	Imports moving up
RoW	Lockdowns in China caused a sharp drop in domestic demand

Excess of production continues to put pressure on prices in the Asia region

Q2 Production of 622 thousand tonnes down due to various operational issues:

• -7%melting production QoQ
• -8%melting production YoY

Q2 EBITDA of 523 million EUR:

• +24% QoQ
• +141% YoY

Energy cost 2.5x higher than Q2 2021

Net profit of 343 million EUR, another record quarter

Operating CF, 2 million EUR, after an investment of 462 million EUR in NWC and the payment of 92 million of cash taxes

Conversion differences of 78 million EUR due to the appreciation of USD vs EUR

Best quarter of HPA since the acquisition of VDM

Net debt at 574 million EUR with a gearing ratio of 20%

New Sharebuyback programme of 4%