AGM 2026

May 6, 2026

Good morning, ladies, gentlemen, dear shareholders. On behalf of the board of directors, which I have the honor of chairing, and on my own behalf, I'd like to thank you for your attendance, both to those of you who are physically present in this room and also to those that are joining us remotely. I would like to welcome you to this ordinary general shareholders meeting. The meeting will be available on the company's website for a period of one month following the general shareholders meeting. Next, in accordance with the provisions of the Acerinox General Meetings Regulations, it is necessary first to verify compliance with the legal and statutory requirements for the valid convening of the meeting. To that end, I give the floor to the Secretary of the Board of Directors. Thank you, Mr. Chair. Good day, ladies and gentlemen, shareholders. As the chairman has stated, it is necessary to verify that the legal and statutory requirements for the valid convening of the meeting have been met. This general meeting is being held on 2nd call as an ordinary meeting, as established on Article 15 of the bylaws and Article 10 of the General Meeting Regulations. This meeting is chaired by the Chairman of the Company's Board of Directors, Mr. Carlos Ortega Arias-Paz, assisted by the Secretary of the Board of Directors, who's speaking to you now. In addition, we have the chairman and the secretary, the presiding committee, and the Chief Executive Officer, Mr. Bernardo Velázquez Herreros, and the following directors. Ms. Rosa María García Piñeiro, Mr. Francisco Javier García Sanz, Mr. Tomás Hevia Armengol, Ms. Leticia Iglesias Herraiz, Ms. Marta Martínez Alonso, Ms. Ana María García Fau, Mr. Santos Martínez-Conde Gutiérrez-Barquín, and Mr. Pedro Sainz de Baranda Riva. The mentioned board members are attending this general meeting and are present in the room. The call for this general shareholders meeting was approved by the board of directors at the meeting held on March 25th, 2026, and the notice of the meeting was published on March 27th, 2026 on the website of the Spanish Securities Markets Commission, the CNMV, and all the relevant information in the official Gazette of the Mercantile Registry, number 60, and the newspaper Expansión, and on the company's website. The agenda for this meeting is included in the notice of the meeting, and given that it is extensive and known to all of you, it is deemed to have been read, unless anyone wishes to manifest an opinion against it. The implementation relating to this general meeting has been available to the shareholders at the company's registered office and on the company's website without interruption since the publication of the notice of the meeting, in accordance with the provision of Article 518 of the Capital Companies Act and Article 5th of the General Meeting Regulation. Likewise, shareholders have been able to request that the implementation be sent to them free of charge under the terms provided by the law. It is hereby noted that no supplements to the notice of this ordinary general meeting, nor any alternative resolutions to those approved by the board of the directors regarding the items on the agenda, have been submitted by the shareholders. The board of directors, in accordance with the provisions of Article 203 of the Capital Companies Act and Article 10.3 C of the General Meetings Regulations, has agreed to request the presence of Ms. Ana López-Monís Gallego, a notary public of the National Notarial Association, who is present in the room to draw up the minutes of the general meeting. Next, on behalf of the chairman, I will report on the provisional attendance figures for the purpose of verifying the valid constitution of this general meeting. Pending the counting of all the attendance cards, we have a provisional quorum that is sufficient to commence this general shareholders meeting. I will now read the data just got. We have in this meeting, connected online and physically in the room, 583 shareholders, holders of 68,146,342 shares. That amount to 27.3% of the share capital. Represented, 1,546 shareholders that hold 88,207,803 shares. That equals 35.3% of the share capital. In accordance with the above-mentioned data, the share capital represented with voting rights is EUR 39,865,225, representing 56,000 shares, more than 156,000 shares, representing 70% of the share capital. Therefore, we are compliant with the requirements of Article 198 of the Capital Companies Act for the valid convening of the general shareholders meeting on second call. Nonetheless, we will provide the final attendance figures for the general meeting before proceeding to read the proposed resolutions related to the agenda, which will subsequently be put to vote. Thank you, Mr. Secretary. In view of the fact that based on the data presented by the secretary, there is sufficient representation of the share capital present, I hereby declare this general meeting convened on second call to be validly constituted to deliberate and resolve on all items of the agenda that are put to a vote. In compliance with the provisions of the Commercial Registry Regulations, now the notary will ask the meeting whether there are any reservations or objections regarding the statements concerning the number of attending shareholders and the capital present. In compliance with the provisions of Article 101 of the Commercial Registry Regulations and Article 11.3 of the General Meeting Regulations, I hereby state that I have been called to attend this general shareholders meeting and to draw up the minutes of the meeting. I have assessed the capacity of the requester and verified that the meeting has been convened in accordance with the legal and statutory requirements. It is my duty to ask whether any shareholders who wishes to raise any reservations or objections regarding the statements concerning the number of shareholders present and the share capital represented. Should there be any shareholder representative that wishes to record any reservation or objection regarding the valid constitution of the meeting or the overall data in the attendance list, please state so. In the case of attendees present in this room, or in the case of attendees participating online via the link available in the remote attendance platform on the website in order to submit their reservation or objection in writing, thereby having it included in the minutes. Thank you, Ms. Notary. I will now give the floor to the secretary. Thank you, Mr. Chair. In accordance with the provisions of the General Meeting Regulations, the ladies and gentlemen, shareholders or the representatives attending online who wish to speak and, where applicable, request information or clarification regarding any items on the agenda or the publicly available information that the company has provided to the CNMV, since the last general meeting and the auditor's report, or simply to submit proposals in cases permitted by law. They were able to do so today via the remote participation platform available on the website from the time of their connection and until 11:45 A.M. today. If there are any shareholders or representatives present in the room who wish to speak, they may request to do so from this moment until the Q&A session begins by proceeding to the right side of the theater from the entrance where the lectern is located. To ensure that their statements are recorded in the minutes, please present your national identity card to the staff managing your speaking order, indicating the number of shares that you hold and whether you are the shareholder or acting as a representative. Further to that, if any of the shareholders or representatives present in the room wish for their remarks to be recorded literally verbatim in the minutes of the meeting, they must submit them in writing at the time of requesting their turn so that they may be verified when the shareholder speaks. Please be advised that all statements made will be answered either verbally during this general meeting or in writing within seven days following the meeting, in compliance with Article 197.2 of the Capital Companies Act. Furthermore, please note that since the proposed resolutions submitted by the board of directors have been made available to you and published on the company's website, online attendees wishing to cast their vote on any of the resolutions pertaining to the items on the agenda may continue to do so via the link to the remote attendance platform provided for this purpose on the corporate website until following the reading of the summary of the proposed resolutions, the chairman declares the conclusion of the voting period for the proposed resolutions stated in the notice of the meeting. In turn, any shareholders or representatives present in the room who wish to vote against or abstain from any voting on any of the proposals on the agenda may do so at this time by notifying the notaries desk, providing proper identification, and indicating their status as a shareholder or representative for inclusion in the minutes. Next, we will give the floor to Mr. Carlos Ortega Arias-Paz, who will be delivering his remarks in his capacity as Chairman of the Board of Directors. Thank you, Secretary. Dear shareholders, ladies and gentlemen, it is an honor to address you at this 2026 general shareholders meeting. Thank you for joining us today, whether in person or remotely. Your continued trust and commitment to Acerinox are once again the best endorsement of our strategy and long-term industrial project. I am here today to report on the fiscal year 2025, a year that once again tested the strength of our business model and the company's ability to adapt. It was undoubtedly a demanding year, but it also confirms that Acerinox is a stronger and more resilient company today, better prepared to face the future. The international context in which we operated in 2025 was marked by high geopolitical and macroeconomic volatility. The conflicts in Ukraine and the Middle East, in addition to the human tragedy they represent, have continued to affect trade flows, supply chains, and energy markets. These issues have been exacerbated by new international tensions and a shift in political landscape on both sides of the Atlantic. These developments have reinforced long-anticipated trends, increased regionalization of trade, the pursuit of strategic autonomy by major economies, and heightened regulatory sensitivity to supply chain security and sustainability. In this new global framework, the stainless steel and high-performance alloys industry plays an essential role once again. Against this backdrop, Acerinox has acted with foresight and strategic vision, relying on a strategy that combines geographic diversification, financial discipline, and a clear focus on higher value-added products. This strategy enables us to navigate economic cycles with greater resilience and transform structural changes in the environment into growth opportunities. Today, we can confidently say that Acerinox is aligned with major industrial trends and poised to capture more value when economic activity returns to normal. The U.S. has solidified its role as the primary driver of growth and value creation for our group. It has a dynamic economy with a solid industrial base and policies that favor local production and long-term investment. The country protects itself, its producers, by increasing important taxes on steel. Our long-standing commitment to producing in the U.S., through North American Stainless, NAS, provides us with a competitive advantage that is difficult to replicate. Adding to the strength is the full integration of Haynes International, which experienced its first full year within the group in 2025. The incorporation of Haynes has elevated our industrial profile. It has decisively strengthened our global leadership in high-performance alloys and enabled us to expand our presence in strategic high-growth sectors such as aerospace, energy, and advanced chemical. Beyond operational and commercial synergies, this operation has transformed the group's DNA and protected our future growth. Today, the combination of NAS, Haynes, and VDM's assets in the country makes us an industry benchmark in North America offering a unique product portfolio. In Europe, the 2025 financial year was marked by contained demand still and the need for more decisive regulatory progress. In this regard, positive signs are beginning to emerge. In January of this year, the Carbon Border Adjustment Mechanism, the CBAM, took effect, and further measures are anticipated in July. These measures are expected to limit steel inputs to half of current levels, imposing tariffs of 50% on excess imports. All this represents a significant step toward a fair and more balanced environment for European producers. These measures are essential for correcting distortions caused by imports that do not adhere to the same environmental and social standards. Acerinox anticipated this scenario by establishing a robust industrial model in Europe and the United States. This balanced implementation will enable us to maximize returns and improve profitability as industrial demand rebounds. In this challenging context, the group has shown remarkable adaptability. We closed the 2025 financial year with revenues of EUR 5.8 billion, a 7% increase year-over-year. An adjusted EBITDA of EUR 422 million reflected our ability to maintain profitability despite pricing and demand pressures. I would especially like to highlight the strength of our operating cash flow generation. Throughout the year, we managed working capital very carefully, improving it by EUR 406 million and achieving a historic reduction in inventories, in stocks. This cash generation strengthens our finances and provides us with the flexibility to continue investing and creating value. Acerinox's share performance in 2025 reflects the strengthening of the group. After several years of moving within a limited range between approximately 9 EUR and 11 EUR per share, the share price closed the year at 12.66 EUR per share, with an annual revaluation of 34%. This positive trend continued in 2026, demonstrating an enhancement of our strategic strengths. The market seems to be recognizing our leadership in the U.S. and our unique position in high-performance alloys more clearly, as well as the prospects for regulatory improvement in Europe. Currently, 78% of analysts' recommendations are to buy our stock, revealing the confidence in the group's ability to generate recurring long-term value. As you may recall, at this time last year, I told you that we were trading at around 10 EUR per share, a price that did not reflect our intrinsic strengths. Yesterday, the share price closed at the maximum compared to the last 10 years, but I consider that still the market price has a long way to go before fully reflecting our value. The group's strong financial performance is supported by a solid and demanding corporate governance framework. As you may recall, several amendments to the company's articles of association were approved at the 2025 General Shareholders' Meeting, as well as the corresponding updates to the Regulations of the General Shareholders' Meeting and the Regulations of the Board. If I were to highlight 2 of those approved modifications, I would mention the reduction of the directors' terms of office to 2 years in accordance with the best international corporate governance practices and the reorganization of the board committees to improve operational efficiency and transparency. The suggestions of the CNMV's technical guidelines have also been included, in particular, those pertaining to the audit committee. I would also like to mention that Acerinox did not wait for the publication of the Equal Representation Act in order to have a balanced and legally compliant gender representation on the board. The board has also approved a new wording for the code of conduct and the corporate policy of the whistleblowing channel. All this has helped us to improve our internal governance, with the standards expected by the market and our shareholders. These reforms allow us to align fully with international best practices, strengthening diversity, transparency, and oversight of financial and non-financial risks. Acerinox already operates under the new European frameworks for cybersecurity, due diligence, and artificial intelligence. The board directly oversees climate and sustainability risks. In 2026, the board has also launched a review process for some corporate policies as well as the preparation of new ones, especially in the fields of cybersecurity and artificial intelligence. The board is expected to begin updating the internal rules of conduct for the securities markets in the coming months. We will report on all these developments at next year's meeting. Our sustainability roadmap continues to make steady progress. We continue to apply ESG criteria to the compensation of our management team and our CEO. We continue to promote an industrial model based on decarbonization, circular economy, and operational excellence. Our historic presence at the prestigious Stainless Steel Industry Awards 2025 was indeed historic and demonstrates our leadership capacity in all business areas and in our various factories. We obtained gold, silver, and bronze medals in innovation and market, cutting-edge technology, sustainability, and operational safety. As a testament to our commitment to sustainability, I am honored to announce that Acerinox has been included in the S&P Global Sustainability Yearbook 2026. After being evaluated under their rigorous standards, we can proudly say today that we are among the elite of the world's steel industry. Out of over 9,000 companies analyzed, Acerinox stood out for its integrity and operational excellence, achieving the historic milestone of receiving the highest score in transparency and reporting. This result reflects our unwavering commitment to flawless accountability and long-term value creation. Creating shareholder value remains an ongoing priority for Acerinox. In 2025, we distributed EUR 155 million in dividends, equivalent to EUR 0.62 per share. Our dividend policy is a tangible demonstration of the group's financial strength and commitment to sustainable shareholder returns. Acerinox is a stronger, more diversified, and better prepared company today than ever before. We have a unique industrial platform, clear leadership in the United States, global leadership in high-performance alloys, and more favorable regulatory outlooks in Europe, and a strong focus on high value-added products. I would like to end by thanking everyone who makes this project possible. Our employees for their commitment and professionalism. Thank you. Our customers and suppliers for their trust. Thank you. Most especially, you, our shareholders, for your constant support. Many thanks. We have the right strategy to take full advantage of the upcoming industrial recovery. Let us continue to move forward with determination, responsibility, and confidence in the future. Thank you very much. Next, Mr. Bernardo Velázquez Herreros will deliver his remarks in his capacity as Chief Executive Officer of the company. Shareholders, ladies and gentlemen, good morning. It is an honor to have the opportunity once again to address you and report on Acerinox activities and results in 2025, as well as to explain how the international context has affected our operations. In describing the past year, one must use terms as turbulent, volatile, and uncertain. Not only have the conflicts in Ukraine and Gaza continued, but major repercussions have arisen from other conflicts, such as the intervention of American forces in Venezuela and the tensions that led to the confrontation between Israel and Iran, supported by United States, and which has already led to more tensions in 2026. Considering that almost all of these conflicts involved energy-producing countries, the impact on the economy has been, and continues to be, significant. Affecting businesses closely linked to the cycle, such as those in the stainless steel and high-performance alloys industries. Additionally, the U.S. administration's decision to impose new tariffs in April 2025, the reciprocal tariffs, sparks a global response in the form of other tariffs, further exacerbating trade tensions. These tensions remain unresolved and are subject to continuous negotiation and review between countries and within the United States. The circumstances that I have attempted to summarize here have only added to the uncertainty and volatility of the market, preventing the stability and positive outlook necessary to promote investment and stimulate industrial production, and hindering the expected recovery. In our sector, apparent stainless steel consumption in the U.S. and Europe has remained flat for three consecutive years, well below pre-pandemic levels. Apparent consumption in the U.S. in 2025 was 0.7% lower than in 2024, and 18 lower than 2019, the year before the pandemic. Consumption in Europe was 2.8% higher than in 2024, yet still 13% lower than in 2019. In an increasingly turbulent world with unstable relations between traditional partner countries and a clear loss of influence by international organizations, the fragility of constantly reformulated supply chain is evident. To diversify and shorten supply chains, we cannot rely solely on suppliers far away, even for the ships must detour around Southern Africa. In these circumstances, we must reflect on the importance of strategic autonomy and the need for a domestic industry, which is key to reducing dependence. During the pandemic, we saw how masks were in short supply, how European industry depended on Ukrainian cables, and how the lack of Russian oil affected it. Conflicts, sanctions, and other circumstances have complicated the lives of companies committed overly to globalization. It's important to note that in, like, steel, in stainless steel, like steel in general, stainless steel has been identified as a strategic material in both the United States and Europe. Not only has the tariff on steel imports under Section 232 not been challenged in the U.S., but the current administration, including Trump's second term, has also doubled the tariff to 50%, eliminating country and product sections and extending it to downstream products made of steel, where steel constitutes a significant portion of the cost. In Europe, the response is slower but just as forceful. As these words are written, new trade measures affecting steel imports have been approved, and the European Commission's proposal is expected to be implemented on July 1. First, the objective is to limit imports to half from current levels and to impose 50% tariffs on surplus imports. Additionally, the Carbon Border Adjustment Mechanism has been in force since January 1, 2026, which is essential for decarbonization and compensates European manufacturers for their efforts to reduce CO₂ emissions. We hope this awareness among governments and societies on the urgent need for strategic autonomy will show the importance of local industry in ensuring these strategic supplies and generating wealth and quality employment. At least this is the direction in which Europe seems to be moving, having been incentivized by the reports of Letta and Draghi and the European Commission's publication of the report entitled Steel and Metals Action Plan, which aligns with the claims of our sector. We also hope that this new flow will promote industrial activity, spreading downstream to other sectors and favoring greater consumption of our products. This will limit the unfair competition that we have suffered for too long. As I mentioned before, due to a lack of visibility, all stainless steel consumers were placed on hold in 2025 and remain so until the situation becomes clearer. They are only buying the strictly necessary volumes, and new industrial projects are being postponed with the exception of the aerospace and defense industries and energy investments to power data centers. Under these circumstances, our melting shops have not been able to operate at full capacity. In 2025, melting shop production was 1.9 million metric tons, 6% higher than the previous year, but well below the 2.6 million metric tons achieved in 2021. Broken down by markets where consumption behavior is similar, the U.S. has maintained stable prices thanks to the tariffs. However, Europe, the world's largest free market, has suffered from a 25 increase in imports within the safeguard measure quotas, which have largely proven ineffective. The prices of our products have remained low, reducing our profits in the region. The performance of the high-performance alloy sector has been mixed. Our German factories have reduced activity due to lower purchases in the chemical and fossil fuel sectors. In contrast, our U.S. factories have improved due to a better situation in the aerospace and power generation turbine sectors. This demonstrates the wisdom of our diversification strategy in terms of both geography and product, and we evolve towards more sophisticated, higher-value materials. It is also important to note that we have adapted our supplies of raw materials and consumables to changing circumstances with agility, ensuring that our supply chains have not been disrupted. Sales in 2025 were EUR 5.8 billion and a 7% increase from the previous year. This increase was partly due to the contribution of Haynes International, which joined our accounts for the first full year. Adjusted EBITDA was EUR 422 million, a 5% decrease from 2024. The Stainless division adjusted EBITDA was EUR 276 million, which is 13% lower than in 2024. Meanwhile, the high-performance alloy division adjusted EBITDA was EUR 146 million, which is 15% higher. We reduced working capital by EUR 406 million primarily through inventory reduction, which kept net financial debt at EUR 1.2 billion, only 6% higher than at the end of 2024, despite our ambitious investment plan, for which we allocated EUR 311 million in the year. Over the years, we have learned to generate cash during low points in the cycle to ensure our financial strength. In 2025, our operating cash flow was EUR 455 million, 55% higher than the previous year. It is also relevant to mention that we have returned to normal operations at Acerinox Europa's Campo de Gibraltar factory, where a strike lasting almost 5 months due to the negotiation of the collective bargaining agreement occurred in 2024. We are recovering the confidence of our clients in spite of the fire that affected our hot material pickling lines at the end of 2025. It is important to talk about the flexibility of this factory that allows us to adapt to the market, but also to melt our steel in low costs energy periods. The markets require agility and speed in adapting our businesses to rapidly changing cycles and situations. For these reasons, we have sought to become more flexible in an industry traditionally characterized by great inertia and to diversify our products ranging from carbon steel to the most sophisticated nickel alloys. What distinguishes us within the sector is a clearly defined long-term strategy, which we updated at the end of 2025, insisting in our four pillars: operational excellence, production of high value-added materials, commitment to sustainability, and financial strength. In this regard, we continue to pursue our organic growth strategy. Investments in our stainless steel factory in the U.S., North American Stainless, amounting up to EUR 249 million, have already started in early 2026. Will allow us to increase our output by 20%. This increase is due to greater productivity in the melting shop and hot rolling using digital techniques, as well as a new cold rolling mill, which is currently undergoing testing. This project aims to maintain our leadership in the North American market, provide the best quality service to our customers, and promote growth and greater autonomy in this region. Our investment in Haynes International, a company with a long-standing presence in the U.S. high-performance alloys market and a focus on manufacturing alloys for the aerospace sector and turbines for electric power generations, also aligns with this goal. After the first year of integration, we have achieved synergies of $12 million in line with initial estimates. Additionally, we are investing in a new rotary forge, a vacuum furnace, and finishing lines to expand our production capacity and access the buoyant markets of long products made of high-performance alloys through the combination of Haynes and NAS equipment. The investment amounts up to EUR 154 million. The other major project, worth EUR 67 million in equipment for the German factories, will increase VDM's supply capacity by 15%. It's already the world leader in high-performance alloy production. Some of the equipment is already operational and the rest is progressing according to schedule. Finally, we remain committed to the Acerinox Europa factory in Campo de Gibraltar, in which we have EUR 22 million investment on the way to support our strategic plans. We also are investing EUR 13 million in the Columbus Stainless factory in South Africa, mainly in a coating line that will allow us to access the electrical steel market. This will make us the only company in Africa capable of producing stainless steel and electrical steel. Factory will undoubtedly be the most versatile in the world. These projects will provide the group with around EUR 300 million in EBITDA growth potential per year. We are also continuing to work on another one of our pillars, operational excellence. Our Beyond Excellence project has enabled us in the first 2 years to achieve recurrent savings of EUR 83 million out of the planned EUR 100 million, with 1 year of implementation still to go. This has encouraged us to increase our savings target to EUR 120 million by the end of 2026. Almost all projects in this initiative focus on improving productivity and efficiency, often through greater process control using data and digital tools. These projects of organic growth, taking advantage of synergies and operational excellence, provide a total growth potential of EUR 500 million at the EBITDA level. This guarantees Acerinox future success, especially in the new international framework, with the search of strategic autonomy, bringing supply chains close together and a renewed commitment to industry and local manufacturing. We, of course, remain committed to sustainability with a very pragmatic approach, focusing on process efficiency and the use of recycled materials. Our investments provide a reasonable return, and we aspire to valorize our waste. We are committed to becoming the paradigm of the circular economy by manufacturing recyclable raw materials, minimizing emissions throughout the product's life cycle. In our annual report, you have a lot of metrics related to our progress in this area. But as an example, we have reduced our scope one and two emissions intensity by 13% compared to 2024. In addition, we have successfully developed our premium Eco ACERINOX steel, for which we guarantee as certified by an independent accredited body that it is produced using more than 90% recycled material, renewable energy and with CO₂ emissions that are 50% lower than those of the standard production. We collaborate with customers to ensure their products are recognized as examples of responsible low emission production, thanks in large part to our Eco ACERINOX, as evidenced in the stainless steel tubes on the Ferreños Group, a leading company in this sector. We have also reduced the rate of lost time accidents by 15% while maintaining the target of zero accidents as the only acceptable goal. In 2025, we hired 901 people, 314 of whom were in Spain. Of those, 424 were under 30 years of age, 141 of whom were in Spain. Additionally, 172 were women, 62 of whom were in Spain. In other words, we generate employment for young people in the regions in which we operate. Little by little, we are also attracting a greater number of women to our industry, which has traditionally been off limits or unattractive to them. We provide appropriate training for our business and encourage more women to join our group, which is a significant challenge, but we are trying to collaborate with universities and vocational training centers. I am delighted to say that the 10X Foundation, funded to help companies play a more relevant role in society, chose us to represent the industry in a pilot program. The program will verify our social work, find metrics to quantify our efforts, and serve as a guide for other companies that wish to participate. Finally, I would like to thank you all once again for this opportunity to address you, our shareholders. I would like to thank you for your continued support. We promise you will not be disappointed. I want to thank all our customers and suppliers for trusting our project and the Acerinox personnel, more than 9,000 people who work in this group for their daily energy and enthusiasm in our leading sector. It is an honor to work with you. Thank you very much. Thank you very much, Bernardo. The period for requesting the floor is now closed, and we will now open the floor to the shareholders. To that end, I give the floor to the Secretary. Thank you, Mr. Chairman. We haven't received any remote comments online. We will now give the floor to any shareholders who would like to take the floor here in the room. Shareholders or representatives who wish to make statements should approach the podium located on the right side of the theater as you enter. Preparing these remarks takes some time. We invite you to watch the company's new corporate video in the meantime. Imagine a world that is constantly evolving. A world in which every step forward is worthwhile. Evolution and the capacity to go further. This is a story that Acerinox has built for more than half a century. It's not just about manufacturing stainless steels and high-performance alloys. We transform raw materials into solutions that push industries forward, that connect people, and build infrastructures that last. From the pioneering ideas of our founders, to the advanced plans that are today designing the future, our trajectory is defined by commitment, excellence, and the capacity to anticipate challenges that come with times. Our stainless steels and the high-performance alloys, don't die, they reinvent themselves in a planet that demands that we become increasingly more responsible. We manufacture materials that, because of their very nature, they stand out as lasting and 100% recyclable materials. The materials of the future, because for Acerinox, sustainability is not a bonus, but rather the heart of our identity. It's our DNA. We were the pioneers in circular economy way before it became a trend. We recycle, we optimize, and we reinvent every single process, not because of obligations, but rather because we fully believe that every decision that we make today will have an impact tomorrow. From this commitment arises Eco ACERINOX, our even more sustainable stainless steel. A milestone that makes our efforts make sense, and that shows that true sustainability stems from every action that we implement today, will result in a better future. It's present in the quality of your cooking, in the elevator that takes you to your home, and bridges that unite pathways. Stainless steels and our alloys are way more than materials. They are trust, security, and lasting durability designed to endure the passing of generations. We don't just produce, we design. We create added value solutions that push strategic industries from the engines that help us travel to enjoy new experiences, the power that lights up our homes, and even the rockets that help us explore further. We work to respond to the needs of today, and we innovate to anticipate the demands of tomorrow. Our story is written in every single corner of the world. With factories in 3 continents and presence in more than 80 countries, we're a global company with a local vision. This network allows us to be closer, to be more agile, and to respond more efficiently to the demands of the different markets and of each customer. We're connected to the heartbeat of the industry anywhere in the world. Innovation is an essential part of our culture. We invest in R&D, technology, and digitization in order to elevate quality, to reinforce security, and improve every process. Now, we introduce AI to improve control, efficiency, and decision-making. Why stop when there's so much to do? We innovate not just to make progress, but also to transform and to open the door to new possibilities. We keep an eye on the future with a clear ambition. We want to lead an industry that grows smarter, more efficient and sustainable. At Acerinox, we go beyond materials. We build a more resistant, connected world prepared for tomorrow's challenges. Acerinox, supporting a more resistant, efficient, and sustainable future. President. Chairman, I have been told that no request to speak from the shareholders and representatives have been placed by those present in the room. I would like to report on the attendance, the final attendance data. They are as follows: We have 650 shareholders present in the room, representing 470% of the share capital. Represented in this general shareholders meeting, we have 1,586 shareholders amounting to 35.45% of the share capital. The quorum amounts to 66.96% of the share capital. Figures are very similar to the ones that we shared in the beginning of this meeting. Sorry, apologies. Next, the secretary will inform you of the voting procedure for the proposed resolutions submitted for your approval. Thank you, Mr. Chairman. We hereby inform you that the tallying of votes on the resolutions proposed by the board of directors regarding the items on the agenda will be conducted using a negative deduction system. For this purpose, votes in favor will be considered to be those corresponding to all shares present and represented at this meeting, minus the votes corresponding to shares whose holders or representatives indicate that they are voting against the resolution or abstaining. Votes corresponding to shares whose holders have voted against or have stated their abstention prior to this meeting through the remote communication means made available to shareholders, and votes corresponding to shares whose holders or representatives have left the meeting prior to the vote on the proposed resolution in question, and that have made their express intention to leave the meeting known either through the link on the telematic attendance platform provided for this purpose on the website, or in the case of shareholder present in this room before the Notary Public and the staff assisting her. Likewise, it is hereby noted that the conflicts of interest involving certain directors in relation to some of the items on the agenda have been taken into account in accordance with the provisions of the Capital Companies Act. Given that the proposed resolutions submitted to this meeting are known to all and in view of their length, in accordance with the provisions of Article 11.5 of the General Meeting Regulations, I dispense with a full reading and proceed to a summary reading of their essential elements. You may recall that under the first item on the agenda, the approval of the annual financial statements of management report for Acerinox, S.A. and its consolidated group, all corresponding to fiscal year-end, December 31st, 2025, is submitted to the meeting. Under the second item on the agenda, the board is asked to approve the consolidated non-financial information statement of the same entity information for the fiscal year ended on December 31st, 2025. Under the third item of the agenda, the meeting is asked to approve the proposed appropriation of earnings of Acerinox, S.A. for the fiscal year ending December 31st, 2025. The net income for the fiscal year was EUR 202,307,452. For dividend distribution, we have EUR 154,587,930, and to voluntary reserves, EUR 47,719,522. The proposal includes the payment of supplementary dividend for the 2025 fiscal year in the amount of EUR 0.31 gross per share, to be paid on July 17th, 2026. Under item 4 of the agenda, the board's management for the fiscal year ending December 31st, 2025, is submitted to the meeting for approval. Under item 5 of the agenda, the meeting is asked to approve the re-election of the auditors for both Acerinox S.A. and its consolidated group for the 2026 fiscal year. Under item 6 of the agenda, the re-election of the auditors for both Acerinox S.A. and its consolidated group for fiscal year 2027, 2028, and 2029 is submitted to the meeting for approval. Under item 7 of the agenda, we'll summarize this. The meeting is asked to approve the authorization to increase the share capital through cash contributions up to 60%, and then the current share capital, with delegation to the board of directors of the power to exclude the right of refusal if the company's interest so require with respect to a maximum of 10% of the company's share capital. This authorization, by the way, supersedes the delegation granted in the previous ordinary General Shareholders' Meeting. Under item 8 of the agenda, the meeting is asked to approve the authorization for a period of 2 years of the company's board of directors to acquire treasury shares up to 10% of those issues. Once again, this authorization supersedes the one granted under item 10 in the previous General Shareholders' Meeting. Under item nine of the agenda, the meeting is asked to approve the delegation to the company's board of directors for a previous period of five years, the authority to issue securities convertibles and non-exchangeable into shares of the company, as well as warrants of other similar securities that may entitle the holder directly or indirectly until up to a total of EUR 1 billion, as well as the authority to increase the share capital by the amount necessary. By the way, this delegation does not include the authority of the board of directors to exclude the right of first refusal. Under item 10 of the agenda, the meeting starts to approve a multi-year compensation plan, this is broken down into 10 points. 10 points. First, has the fourth, multi- To 653,943 shares, intended for the payment of the second multi-year compensation plan or long-term incentive plan, for executive personnel of the Acerinox Group for the period 2024, 2028. Under item, we submit to the vote the annual report and the remuneration of the directors of Acerinox, S.A. for the fiscal year ended on December 31st, 2025. Under item 12 of the agenda, the meeting is asked to approve the delegation of authority to the Board of Directors for the implementation, rectification, and formalization of the resolutions adopted at the ordinary General Shareholders' Meeting. Having read, and believe me, in summary, the proposed resolution, I hereby declare the voting period on the proposals relating to the items on the agenda closed. Now I give the floor back to the secretary. Thank you, Mr. Chairman. Given that the meeting has been validly convened on second call with a quorum of attendance exceeding by far the percentage of subscribed share capital with voting rights required by law for the items on the agenda. It is sufficient for the proposed resolutions put to a vote to be approved by a simple majority of the vote, except for the proposed resolutions relating to item seven and nine of the agenda, which are taken into account. Given that the quorum exceeds 50% of the capital present or represented exceeds 50%, absolute majority is required for their approval. After counting the different votes cast in relation to each of the proposed resolutions regarding items on the agenda taken into account for this purpose, the votes cast prior to this meeting via remote communication means, those cast by attendees present in the room, as well as the votes cast via the telematic attendance platform, as recorded by the board of this meeting. In accordance with the votes cast and tallied, the shareholders are hereby informed that the required number of affirmative votes has been reached for the approval of each and every one of the proposed resolutions regarding the various agenda items put to a vote at this general meeting. The foregoing also applies to the 11th item on the agenda, but as mentioned before, this is a consultative point. In accordance with the data on record with the board of the meeting, I hereby declare all resolutions put to a vote to be validly approved. As I mentioned, I didn't read in full the different items. Nonetheless, detailed information regarding the specific number of votes in favor, against, and abstentions cast in relations to each of the resolutions put to a vote at this ordinary general meeting. In accordance with Article 525 of the Capital Companies Act, these results will be published on the corporate website within the next 5 years and will be included in the minutes drawn up by the notary, which shall redeem the minutes of the meetings and the resolutions contained therein and may be implemented as of the date of their closing. This will be made public on the company's website within the next five days. Ladies and gentlemen, shareholders, on behalf of the board of directors and on my own behalf, I would like to conclude by once again thanking all of you for attending this general meeting and for your commitment to the company. I hereby formally declare the session closed. Thank you very much.