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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 Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary24 Jul, 2026
Executive summary
Q2 2026 EBITDA rose 85% quarter-on-quarter to €176 million, with H1 2026 EBITDA at €271 million, up 27% year-over-year.
Strong performance in the U.S. stainless-steel division and gradual improvement in Europe, supported by new trade measures and CBAM.
Net income after tax and minorities was €77 million in H1 2026, compared to a €-18 million loss in H1 2025.
Strategic focus on long-term growth, efficiency, and diversification across products and geographies.
Integration of Haynes International generated $16 million in synergies to date, supporting growth in high-value markets.
Financial highlights
Q2 2026 net sales were €1.58 billion; H1 2026 sales reached €2.97 billion.
Q2 2026 EBITDA: €176 million (up 85% QoQ); H1 2026: €271 million (up 27% YoY).
Q2 2026 net income: €71 million; H1 2026: €77 million.
Net financial debt at quarter-end was €1.36 billion, with a debt/EBITDA ratio of 2.5.
Operating cash flow for H1 2026 was €43 million, impacted by a €146 million increase in working capital.
Outlook and guidance
Q3 2026 EBITDA is expected to be slightly higher than Q2, despite seasonality and low demand.
Positive trend anticipated for future quarters, supported by high order books and sector diversification.
Stainless Steel division's positive trend is set to continue, supported by U.S. strength and European trade measures.
High-Performance Alloys division sees continued growth in aerospace and gas turbines, with oil & gas recovery dependent on geopolitical developments.
Targeting a debt/EBITDA ratio of around 2 by year-end.
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Latest events from Acerinox
- 2025 results showed growth, all resolutions passed, and strategic investments advanced.ACX
AGM 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
- Q2 EBITDA up 10% sequentially, but H1 profit fell on European weakness and tax impairment.ACXQ2 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
Q3 202630 Oct, 2026
Acerinox
Next Acerinox earnings date
Q3 202630 Oct, 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.