Acerinox (ACX) Q4 2024 earnings summary

Executive summary

• 2024 was a transformational year with the acquisition of Haynes International, sale of Bahru Stainless, and a new production model at Acerinox Europa.

• Focus shifted to high-value-added materials, core markets, and sustainability, with reduced Asian market exposure.

• Organic and inorganic growth strategies included major investments and expansion in NAS and VDM.

• ESG initiatives advanced, including a new decarbonization plan and launch of EcoAcerinox/EcoACXⓇ.

• Integration of Haynes and expansion in High-Performance Alloys (HPA) are expected to drive future growth and sector leadership.

Financial highlights

• FY2024 revenue was EUR 5,413 million, down 18% year-over-year; EBITDA was EUR 500 million, down 29%.

• Adjusted EBITDA for FY2024 was EUR 445 million, with Q4 at EUR 91 million.

• Net financial debt rose to EUR 1.1 billion, mainly due to the Haynes acquisition and Bahru sale timing.

• Operating cash flow for FY2024 was EUR 294 million, down 39% year-over-year.

• Dividend of EUR 0.62/share paid in 2024, with a 3% increase and payout ratio of 69%.

Outlook and guidance

• Q1 2025 EBITDA expected to be slightly better than Q4 2024, with gradual improvement anticipated through the year.

• CapEx guidance for 2025 is EUR 300–350 million, reflecting ongoing expansion plans.

• Net financial debt expected to remain stable in 2025, with higher EBITDA reducing leverage over time.

• Haynes synergies will materialize gradually, with major contributions expected after 2025.

• Order book and margins expected to improve, especially in HPA segment.