Acerinox (ACX) Q2 2026 earnings summary

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 the CBAM.

• Net income after tax and minorities was €77 million in H1 2026, compared to a €-18 million loss in H1 2025.

• The group remains focused on long-term strategy, operational efficiencies, and diversification by product and geography.

• 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 was €176 million (up 85% QoQ); H1 2026 EBITDA €271 million (up 27% YoY).

• Q2 2026 net income was €71 million; H1 2026 net income €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 the remainder of the year, driven by high order books, especially in aerospace.

• Targeting a debt/EBITDA ratio of around 2 by year-end.

• Annualized EBITDA projected above €500 million under current conditions.

• High-Performance Alloys division sees continued growth in aerospace and gas turbines, with oil & gas recovery dependent on geopolitical developments.