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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Acerinox
Acerinox (ACX) investor relations material
Acerinox Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary30 Oct, 2026
Executive summary
Q3 EBITDA reached €199m, up 13% QoQ and 85% YoY; 9M EBITDA was €470m, up 46% YoY, despite weak demand and geopolitical uncertainty.
U.S. stainless steel was the strongest contributor, while Q4 EBITDA is expected to decline seasonally; working capital and net debt are expected to fall.
Financial highlights
Q3 net sales were €1,591m, up 12% YoY; 9M net sales were €4,556m, up 2% YoY.
Q3 EBIT was €146m versus €60m in Q3 2025; 9M EBIT was €315m versus €176m.
Profit after taxes and minorities was €85m in Q3 and €162m in 9M, versus €25m and €7m, respectively, in 2025.
Middle East conflict-related energy and transport costs reduced EBITDA by €16m in Q3 and €24m in 9M.
Q3 operating cash flow before investments was negative €16m; 9M cash flow was €27m versus €299m in 9M 2025.
Outlook and guidance
Q4 EBITDA is expected below Q3 due to typical year-end seasonality and lower U.S. activity; lower stainless steel volumes are anticipated.
Working capital is expected to decline by year-end, supporting a reduction in net financial debt; Q4 priorities include financial discipline and operational excellence.
European recovery is expected to take time, with improvement anticipated from early 2027 as inventories normalize and trade measures support market stability.
HPA outlook includes consistent aerospace, IGT and nuclear performance, with early recovery signs in oil and gas and CPI; order-book momentum is expected to benefit results mainly in 2027.
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Latest events from Acerinox
- Q2 2026 EBITDA surged 85% QoQ to €176M, led by U.S. strength and EU trade measures.ACX
Q2 2026 - 2025 results showed growth, all resolutions passed, and strategic investments advanced.ACXAGM 2026
- Adjusted EBITDA up 18% sequentially to €119M, with resilient performance amid global uncertainty.ACXQ1 2026
- Net sales up 7%, adjusted EBITDA €422M, strong cash flow, Haynes integration, recovery ahead.ACXQ4 2025
- Q3 EBITDA was €114 million; Bahru sale and Haynes deal to lift Q4 amid weak demand.ACXQ3 2024
- Q2 EBITDA of €125M and net debt reduction show resilience despite market and strike challenges.ACXQ2 2024
- Strategic investments and sustainability drive future growth as all AGM proposals are approved.ACXAGM 2025
- Q1 EBITDA reached €102M with strong cash flow and Q2 outlook improving.ACXQ1 2025
- 2024 marked transformation with Haynes acquisition, Bahru sale, and resilient financials.ACXQ4 2024
Next Acerinox earnings date
Q4 202626 Feb, 2027
Acerinox
Next Acerinox earnings date
Q4 202626 Feb, 2027
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Frequently asked questions
Acerinox, S.A., through its subsidiaries, manufactures, transforms and markets stainless steel products. The company operates through three segments: Flat Products, Long Products and Stainless Wire. The Flat Products segment comprises flat products made of stainless steel and manufactured by rolling, sheeting or extrusion. The Long Products segment is involved in the manufacture of welded tubes, pipes, bars and sections from billets and plates. The company is based in Madrid, Spain.