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Acerinox (ACX) investor relations material
Acerinox Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Q3 2025 marked the cycle's trough, with persistent geopolitical conflicts, tariffs, and USD depreciation impacting global demand and pricing, but resilience maintained through diversification and strategic investments.
EBITDA reached €108 million in Q3 and €321 million for the first nine months, with strong operating cash flow of €152 million in Q3 and €299 million in 9M.
Revenue for Q3 was €1,415 million, 6% lower sequentially but 8% higher year-over-year; nine-month revenue rose 9% to €4,473 million.
Net financial debt increased to €1.24 billion, mainly due to investments, Haynes acquisition, and dividend payments.
The Group's LTIFR improved by 21% compared to year-end 2024.
Financial highlights
Q3 EBITDA was €108 million (8% margin); nine-month EBITDA reached €321 million (7% margin), consistent with average profits over the last decade.
Q3 EBIT was €60 million (4% margin); nine-month EBIT was €176 million.
Operating cash flow was €152 million in Q3 and €299 million for nine months, up 48% year-over-year.
Net financial debt at quarter-end was €1.24 billion, up from €453 million YoY.
Free cash flow after investments for nine months was €155 million, matching dividend payments.
Outlook and guidance
Q4 EBITDA is expected to be lower than Q3 due to seasonality and continued weak demand, especially in the U.S. and Europe.
Working capital reduction and cost-cutting remain key priorities, with further cash generation expected in Q4.
No inventory revaluation is included in Q4 EBITDA guidance; only adjusted EBITDA is considered.
Gradual recovery anticipated in the U.S. aerospace sector; project delays in CPI and Oil & Gas due to geopolitical tensions.
EU trade measures: expected impact timing?
How will debt levels and ROCE evolve?
HPA market recovery drivers and timeline?
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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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