Acerinox (ACX) Q3 2026 earnings summary

Executive summary

• Q3 EBITDA reached €199m, up 13% QoQ and 85% YoY; 9M EBITDA was €470m, up 46% YoY, despite weak demand and geopolitical uncertainty.

• U.S. stainless steel was the strongest contributor, while Q4 EBITDA is expected to decline seasonally; working capital and net debt are expected to fall.

Financial highlights

• Q3 net sales were €1,591m, up 12% YoY; 9M net sales were €4,556m, up 2% YoY.

• Q3 EBIT was €146m versus €60m in Q3 2025; 9M EBIT was €315m versus €176m.

• Profit after taxes and minorities was €85m in Q3 and €162m in 9M, versus €25m and €7m, respectively, in 2025.

• Middle East conflict-related energy and transport costs reduced EBITDA by €16m in Q3 and €24m in 9M.

• Q3 operating cash flow before investments was negative €16m; 9M cash flow was €27m versus €299m in 9M 2025.

Outlook and guidance

• Q4 EBITDA is expected below Q3 due to typical year-end seasonality and lower U.S. activity; lower stainless steel volumes are anticipated.

• Working capital is expected to decline by year-end, supporting a reduction in net financial debt; Q4 priorities include financial discipline and operational excellence.

• European recovery is expected to take time, with improvement anticipated from early 2027 as inventories normalize and trade measures support market stability.

• HPA outlook includes consistent aerospace, IGT and nuclear performance, with early recovery signs in oil and gas and CPI; order-book momentum is expected to benefit results mainly in 2027.