Acerinox (ACX) AGM 2026 summary

Opening remarks and agenda

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

• The agenda was made available to shareholders in advance, with no supplements or alternative resolutions submitted.

• A notary was present to draw up the official minutes, and the final quorum reached 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% annually, with 78% of analysts recommending a buy.

Board and executive committee updates

• Board composition changes included reduced director terms to 2 years and reorganization of committees for efficiency.

• New policies on code of conduct, whistleblowing, and gender representation were implemented.

• The board launched reviews of cybersecurity and AI policies, with updates expected next year.