New Risk • Jul 26
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Dividend per share is over 8x cash flows per share. Revenue is less than US$1m. Minor Risk Large one-off items impacting financial results. Reported Earnings • Jul 25
Second quarter 2026 earnings released: EPS: €0.29 (vs €0.11 loss in 2Q 2025) Second quarter 2026 results: EPS: €0.29 (up from €0.11 loss in 2Q 2025). Revenue: €1.60b (up 6.0% from 2Q 2025). Net income: €71.6m (up €99.1m from 2Q 2025). Profit margin: 4.5% (up from net loss in 2Q 2025). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Metals and Mining industry in South America. Board Change • Jul 17
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 6 highly experienced directors. External Independent Director Ana García Fau was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 6 highly experienced directors. External Independent Director Ana García Fau was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 30
Acerinox, S.A., Annual General Meeting, May 05, 2026 Acerinox, S.A., Annual General Meeting, May 05, 2026. Location: circulo de bellas artes, planta 2, teatro fernando de rojas, calle del marques de casa riera 2, madrid Spain Announcement • Apr 02
Acerinox, S.A., Annual General Meeting, May 06, 2025 Acerinox, S.A., Annual General Meeting, May 06, 2025. Location: paseo de la castellana 33, auditorio mutua madrilena., madrid Spain Announcement • Jan 14
Acerinox, S.A. to Report Q4, 2024 Results on Feb 28, 2025 Acerinox, S.A. announced that they will report Q4, 2024 results at 9:00 AM, Romance Standard Time on Feb 28, 2025 Announcement • Oct 11
Worldwide Stainless Sdn. Bhd, agreed to acquire Bahru Stainless, Sdn. Bhd. from Acerinox, S.A. (BME:ACX) for $95 million. Worldwide Stainless Sdn. Bhd, agreed to acquire Bahru Stainless, Sdn. Bhd. from Acerinox, S.A. (BME:ACX) for $95 million on October 10, 2024. A cash consideration of $95 million will be paid by Worldwide Stainless Sdn. Bhd,. As part of consideration, $95 million is paid towards common equity of Bahru Stainless, Sdn. Bhd.
The expected completion of the transaction is at the end of November 2024. Reported Earnings • Apr 29
First quarter 2024 earnings released: EPS: €0.21 (vs €0.52 in 1Q 2023) First quarter 2024 results: EPS: €0.21 (down from €0.52 in 1Q 2023). Revenue: €1.48b (down 17% from 1Q 2023). Net income: €53.0m (down 61% from 1Q 2023). Profit margin: 3.6% (down from 7.6% in 1Q 2023). Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Metals and Mining industry in South America. Announcement • Mar 15
Acerinox, S.A., Annual General Meeting, Apr 19, 2024 Acerinox, S.A., Annual General Meeting, Apr 19, 2024, at 12:00 Central European Standard Time. Location: Paseo de Juan XXIII, nº 3 Madrid Spain Agenda: To consider and approve the annual financial statements and management reports referring to Acerinox, S.A. and its Consolidated Group, all of which pertain to the year ended December 31, 2023; to examine and approve the Consolidated Nonfinancial Information Statement for the year ended December 31, 2023; to consider and approve the management of the board of directors for the year ended December 31, 2023; and to consider and approve the other matters of business. New Risk • Mar 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.4% net profit margin). Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: €0.92 (vs €2.16 in FY 2022) Full year 2023 results: EPS: €0.92 (down from €2.16 in FY 2022). Revenue: €6.61b (down 24% from FY 2022). Net income: €228.0m (down 59% from FY 2022). Profit margin: 3.5% (down from 6.4% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Metals and Mining industry in South America. Board Change • Mar 05
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 3 highly experienced directors. President of the Board Carlos Arias-Paz was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 01
Acerinox, S.A. (BME:ACX) announces an Equity Buyback for 213,000 shares, representing 0.08% for €2.56 million. Acerinox, S.A. (BME:ACX) announces a share repurchase program. Under the program, the company will repurchase up to 213,000 shares, representing 0.08% of its share capital for a total of €2.56 million. The purpose of this plan is to use the repurchased shares for its possible later amortization and to redeem the shares that were issued in the years when the dividend paid was made through scrip dividend. The repurchase program is valid till June 29, 2023. Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 3 highly experienced directors. President of the Board Carlos Arias-Paz was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jan 18
Upcoming dividend of €0.24 per share Eligible shareholders must have bought the stock before 25 January 2023. Payment date: 27 January 2023. Payout ratio is a comfortable 22% but the company is paying out more than the cash it is generating. Trailing yield: 5.8%. Within top quartile of Mexican dividend payers (5.7%). Lower than average of industry peers (6.7%). Reported Earnings • Oct 29
Third quarter 2022 earnings released: EPS: €0.51 (vs €0.63 in 3Q 2021) Third quarter 2022 results: EPS: €0.51 (down from €0.63 in 3Q 2021). Revenue: €2.18b (up 28% from 3Q 2021). Net income: €133.0m (down 22% from 3Q 2021). Profit margin: 6.1% (down from 10.0% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 8.8% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Mexico are expected to grow by 1.8%. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 28
Second quarter 2022 earnings released: EPS: €1.35 (vs €0.46 in 2Q 2021) Second quarter 2022 results: EPS: €1.35 (up from €0.46 in 2Q 2021). Revenue: €2.55b (up 57% from 2Q 2021). Net income: €342.9m (up 175% from 2Q 2021). Profit margin: 13% (up from 7.7% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 6.9% compared to a 3.5% decline forecast for the industry in Mexico. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 24
Upcoming dividend of €0.41 per share Eligible shareholders must have bought the stock before 01 July 2022. Payment date: 05 July 2022. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of Mexican dividend payers (5.8%). Lower than average of industry peers (14%). Reported Earnings • Mar 04
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €2.12 (up from €0.18 in FY 2020). Revenue: €6.71b (up 44% from FY 2020). Net income: €571.9m (up €522.8m from FY 2020). Profit margin: 8.5% (up from 1.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 9.9%, compared to a 3.9% growth forecast for the mining industry in Mexico. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS €0.46 (vs €0.16 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €1.64b (up 40% from 2Q 2020). Net income: €124.6m (up €150.5m from 2Q 2020). Profit margin: 7.6% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. 
