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Acerinox
Acerinox (ACX) investor relations material
Acerinox Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
Executive summary
Net sales rose 7% year-over-year to €5.78 billion, with adjusted EBITDA at €422 million, despite a challenging macroeconomic environment, low demand, and tariff tensions.
EBITDA margin declined to 6% from 9% in 2024, with reported EBITDA at €354 million after €69 million in year-end adjustments.
Operating cash flow surged 55% to €455 million, driven by a €406 million reduction in working capital.
Net financial debt increased by €68 million to €1.189 billion, mainly due to investments, dividends, and FX impacts.
Haynes International was fully integrated, contributing to diversification and €12 million in synergies.
Financial highlights
Adjusted EBITDA for 2025 was €422 million; reported EBITDA was €354 million after €69 million in year-end adjustments.
Net sales grew 7% year-over-year to €5.78 billion.
Operating cash flow reached €455 million, driven by a €406 million reduction in working capital, mainly from inventory reductions.
CAPEX totaled €311 million, focused on strategic projects and modernization.
Dividend payout totaled €155 million (€0.62/share).
Outlook and guidance
Positive outlook for 2026, expecting gradual EBITDA recovery, especially in the second half as new European trade measures take effect.
Q1 2026 adjusted EBITDA is expected to be slightly higher than Q4 2025.
Market normalization expected as inventory levels remain low and new trade defense measures support local producers.
What import share reduction is needed for Europe?
What is the HPA long products strategy for NAS?
Beyond Excellence: What share of EUR500M EBITDA upside?
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Next Acerinox earnings date
Q1 20268 May, 2026
Acerinox
Next Acerinox earnings date
Q1 20268 May, 2026
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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.
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