Acerinox S A : Q1 2023 Results Presentation

Q1 2023

Results presentation

Disclaimer	2

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Q1 2023 Results Presentation

Q1 2023 at a Glance

3

Q1 EBITDA (226 million EUR) clearly better than Q4, even though market conditions remained challenging in Europe

Solid strategy: control the controllables and focus on our

sustainability commitments

Outlook: Q2 EBITDA slightly higher than Q1

Q1 2023 Results Presentation

Strong Contributor to the Circular Economy	4

Key ESG Targets

• Acerinox establishes 6 sustainability targets with a vision to 2030 associated with the pillars of the 360º Positive Impact Plan.
• The Group seeks to reduce, reuse and recycle the resources used as possible in order to establish a more sustainable and productive model.

Circular economy and

sustainable products

Eco-efficiency

and

climate change

mitigation

Engaged team, culture, diversity

and safety

TARGET FOR 2030

WASTE REDUCTION

90% valorization

GHG EMISSIONS

20% reduction intensity (Scope 1 & 2)

from 2015 baseline

WATER REDUCTION

20% reduction withdrawal intensity

from 2015 baseline

ENERGY EFFICIENCY

7.5% reduction from 2015 baseline

SAFETY PERFORMANCE 10% year-on-year reduction in LTIFR

GENDER DIVERSITY Increase total number of women to 15%

Q1 RESULTS

79%

-8%

23%

40% reduction vs FY 2022

14% female in 2023 YTD

Already recycling

100% of:

Grinders / Oily paper /

Oil (decantation, flame-retardant

and hydraulic)/ Process scrap and metal

recovered / Machined electrodes /

Paper / Plastic / Cardboard

Others

Low capacity

utilization impacted

some of our

sustainable KPIs

Q1 2023 Results Presentation

Q1 2023: The Trough Is Behind Us

MARKET HIGHLIGHTS

CONSOLIDATED RESULTS

5

	STAINLESS STEEL
	Destocking process in the market
	Energy prices in Europe remain high
	Apparent demand of flat products decreased 31% YoY
USA	Imports dropped 43% YoY
Inventories end the quarter normalized
	Stable base price
EUROPE	Apparent demand of flat products decreased 33% YoY
Imports dropped 70% YoY
	Inventories remain above average
	Prices stood at very low levels

HIGH-PERFORMANCE ALLOYS (HPA)

Market maintained its strength and good prospects

Million EUR	Q1 2023	Q1 2022	Q4 2022
Melting production	534	668	397
(thousands of metric tons)
Net Sales	1,782	2,287	1,693
EBITDA	226	422	90
EBITDA margin	13%	18%	5%
EBIT	182	375	-163
EBIT margin	10%	16%	-10%
Results before Taxes	179	367	-178
and Minorities
Results after Taxes	136	266	-185
and Minorities
Operating cash flow	-19	74	517
(before investments)
Net Financial Debt	605	628	440

Strong EBITDA of	Downward inventory
adjustment of
€226 million
€82 million

% Q1 23 /	% Q1 23 /
Q1 22	Q4 22
-20%	34%
-22%	5%
-47%	150%
-51%	-
-51%	-
-49%	-
-	-
-4%	37%

Healthy net debt of

€605 million