Acerinox (ACX) Q3 2025 earnings summary

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.