Acerinox (ACX) AGM 2025 summary

Opening remarks and agenda

• Meeting held both in-person and online, with live broadcast and recording available for one month.

• Legal and statutory requirements for valid constitution were verified, with sufficient quorum present and represented.

• All directors were present; meeting notice published in official channels.

• Agenda was extensive and taken as read; all documentation made available to shareholders in advance.

Financial performance review

• 2024 turnover reached EUR 5.413 billion, net result EUR 325 million, and EBITDA EUR 500 million, with a 9% margin on sales.

• Revenue declined 18% year-on-year, EBITDA down 29%, but net profit only 1% lower due to prior asset impairments.

• Share price closed the year down 11.3%, outperforming main European competitors.

• Dividend of EUR 154.5 million distributed in 2024, up 3.3% from previous year, with a yield over 6%.

Board and executive committee updates

• Board updated compliance, data protection, and tax policies, reinforcing transparency and accountability.

• Directors' terms reduced from four to two years; executive committee renamed as strategic committee.

• Over 40 board and committee meetings held during the year to address extraordinary challenges.