Acerinox
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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.
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Q1 2026 earnings summary8 May, 2026

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.

Impact of July 2026 EU import quota reductions
Timeline for the €500M EBITDA strategic target
Recovery outlook for the HPA division margins
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Q2 202624 Jul, 2026
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