• The demand for stainless steels and high-performance alloys continues to be affected by  the uncertainties as a result of the geopolitical and tariff policy situation  
• Melting shop production, 512 thousand tons, has increased by 29% compared with Q4 2024 ● Revenue, 1.6 billion euros, was 17% higher than that of the previous quarter 

Acerinox has announced its main Q1 figures today, in which it has  managed to secure solid results in an uncertain context, marked by the geopolitical and  tariff situation.  

In the first quarter of 2025, the company has reported an operating profit (EBITDA), of 102  million euros, higher than the 91 million euros of adjusted EBITDA reported in Q4. Revenue  has increased by 17% with respect to the previous quarter and was 5% higher than the  same period last year, thanks to an improvement in activity.  

The greater dynamism is also reflected in melting shop production, which was 512 thousand  tons in the first three months of the year, representing a 29% increase compared to  production in Q4 2024. 

Operating cash flow for the quarter has amounted to 99 million euros. It is noteworthy to  mention that at a time of an increase in activity, the Group’s operating working capital has  decreased by 6 million euros. Inventories have only increased by 13 million euros, which  reflects the positive results of the Group’s management of working capital. 

“The uncertainties as a result of the tariff policies and a highly complex macroeconomic  context have caused markets to slow down, waiting for more visibility and postponing the  recovery of demand. Acerinox is focusing on controlling what is within our sphere of control  and implementing our strategic plan”, has stated the Chief Executive Officer of Acerinox,  Bernardo Velázquez.

The Group’s net financial debt, 1.2 billion euros, has increased by 75 million euros with  respect to December 31, which was also affected in the sum of 40 million euros by the  effect of the depreciation of the U.S. dollar on the euro-denominated value of the cash  reserves of its subsidiary North American Stainless (NAS). The Group’s profit after tax and  non-controlling interests amounted to 10 million euros. 

The investments carried out have amounted to 57 million euros (compared to 36 million  euros in Q1 2024) and an interim dividend has been paid against the results of fiscal year  2024 in the sum of 77 million euros. 

Outlook  

Acerinox remains focused on the implementation of its strategy and the integration of  Haynes International, a leading U.S. manufacturer of high-performance alloys, the  acquisition of which was completed in November of last year.  

Despite the fact that the uncertainties as a result of the geopolitical and tariff policy  situation persist and continue to significantly affect the demand for stainless steels and  high-performance alloys, the company expects Q2 EBITDA to be higher than that of Q1. 

Estimated synergies  

“The integration of Haynes and the implementation of the strategic plan at Acerinox Europa  are two priority objectives for this year”, has affirmed the CEO of Acerinox. “The integration  of Haynes within the Group is being carried out in a very satisfactory way and the estimated  synergies between Haynes, VDM, and NAS have increased from USD 71 million to USD 75  million”.