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Acerinox (ACX) investor relations material
Acerinox Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q1 2026 results improved despite ongoing global uncertainties, regional conflicts, and energy crises, with adjusted EBITDA reaching €119 million, up 18% from Q4 2025.
Revenue was €1.4 billion, a 6% sequential increase, though down 11% year-over-year.
Strategic autonomy and diversification between stainless steel and high-performance alloys (HPA) supported business stability.
Melting production rose 22% quarter-on-quarter to 493 thousand metric tons.
Operational resilience was maintained with no supply chain disruptions despite geopolitical tensions.
Financial highlights
Adjusted EBITDA for Q1 2026 was €119 million, with a margin of 9%, up 18% sequentially.
Net sales for Q1 2026 reached €1,384 million.
Operating cash flow remained positive at €34 million, despite higher activity and raw material prices.
Net financial debt increased by €106 million to €1.3 billion, after dividend payments and CapEx.
Inventory adjustments/write-downs of €25 million were made, mainly in Europe.
Outlook and guidance
Adjusted EBITDA for Q2 2026 is expected to be higher than Q1, with further margin improvement anticipated.
Stable base prices in the US and gradual recovery in Europe projected, with European breakeven likely in Q3 2026.
High-performance alloys (HPA) expected to improve in H2 2026, with American contribution rising.
Geopolitical uncertainty, especially in the Middle East, remains the main risk, impacting energy and commodity costs.
- Shareholders approved all resolutions amid robust financials, investments, and sustainability gains.ACX
AGM 20268 May 2026 - Net sales up 7%, adjusted EBITDA €422M, strong cash flow, Haynes integration, recovery ahead.ACX
Q4 202527 Feb 2026 - Q2 EBITDA of €125M and net debt reduction show resilience despite market and strike challenges.ACX
Q2 20243 Feb 2026 - Q3 EBITDA was €114 million; Bahru sale and Haynes deal to lift Q4 amid weak demand.ACX
Q3 202418 Jan 2026 - 2024 marked transformation with Haynes acquisition, Bahru sale, and resilient financials.ACX
Q4 202415 Dec 2025 - Strategic investments and sustainability drive future growth as all AGM proposals are approved.ACX
AGM 202519 Nov 2025 - Q1 EBITDA reached €102M with strong cash flow and Q2 outlook improving.ACX
Q1 202519 Nov 2025 - Q2 EBITDA up 10% sequentially, but H1 profit fell on European weakness and tax impairment.ACX
Q2 202513 Nov 2025 - Q3 EBITDA €108M, cash flow strong, but demand weak; Q4 outlook cautious amid market headwinds.ACX
Q3 20253 Nov 2025
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