Acerinox (ACX) Q2 2025 earnings summary

Executive summary

• Q2 2025 EBITDA rose 10% sequentially to EUR 112 million, despite geopolitical conflicts, tariff disruptions, and USD depreciation impacting performance.

• H1 2025 EBITDA reached EUR 214 million, down 9% year-over-year, with revenue up 10% to EUR 3.1 billion, reflecting recovery from prior-year strike impacts.

• Maintained resilience through diversification, U.S. market strength, and expansion into High-Performance Alloys (HPA) via Haynes acquisition.

• Strategic focus on cost control, sustainability, and organic growth, with significant CapEx in the U.S. and ongoing Haynes integration.

• Financial strength supports ongoing growth, shareholder remuneration, and operational excellence initiatives.

Financial highlights

• H1 2025 group sales increased 10% year-over-year to EUR 3,058 million; Q2 sales were EUR 1,507 million.

• Q2 EBITDA was EUR 112 million (7% margin), up 10% sequentially; H1 EBITDA EUR 214 million.

• Operating cash flow for H1 was EUR 148 million; Q2 operating cash flow at EUR 48 million.

• Net financial debt rose to EUR 1.2 billion, mainly due to Haynes acquisition and USD depreciation.

• EUR 48 million non-cash tax impairment in Spain and EUR 28 million inventory adjustment in Europe impacted H1 results.

Outlook and guidance

• Q3 2025 EBITDA expected to be in line with Q2, with stable volumes and prices; no significant price recovery anticipated in Europe.

• U.S. market remains a focus for price increases, though implementation is gradual and customer-specific.

• High-performance alloys outlook mixed: aerospace improving, but CPI and O&G projects delayed.

• CapEx for 2025 projected at EUR 300 million, with higher spending in H2 for ongoing expansion projects.

• Strategic focus remains on Haynes integration and operational excellence.