Acerinox (ACX) Q1 2026 earnings summary

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.