Acerinox (ACX) AGM 2026 summary

Opening remarks and agenda

• The meeting was convened with both in-person and remote attendance, confirming compliance with legal and statutory requirements.

• The agenda was deemed read and documentation was made available to shareholders in advance.

• A notary was present to draw up the minutes, and the quorum was confirmed at 66.96% of share capital.

Financial performance review

• 2025 revenues reached EUR 5.8 billion, a 7% increase year-over-year, with adjusted EBITDA at EUR 422 million.

• Net income for 2025 was EUR 202.3 million; operating cash flow rose 55% to EUR 455 million.

• Working capital improved by EUR 406 million, and net financial debt stood at EUR 1.2 billion.

• Share price closed 2025 at EUR 12.66, up 34% year-over-year, with strong analyst confidence.

Board and executive committee updates

• Board members and executives attended, with recent reforms reducing director terms to two years and reorganizing committees.

• New policies on cybersecurity, AI, and whistleblowing were introduced, aligning with best practices.