Acerinox (ACX) Q4 2025 earnings summary

Executive summary

• Net sales rose 7% year-over-year to €5.78 billion, with adjusted EBITDA at €422 million, despite a challenging macroeconomic environment, low demand, and tariff tensions.

• EBITDA margin declined to 6% from 9% in 2024, with reported EBITDA at €354 million after €69 million in year-end adjustments.

• Operating cash flow surged 55% to €455 million, driven by a €406 million reduction in working capital.

• Net financial debt increased by €68 million to €1.189 billion, mainly due to investments, dividends, and FX impacts.

• Haynes International was fully integrated, contributing to diversification and €12 million in synergies.

Financial highlights

• Adjusted EBITDA for 2025 was €422 million; reported EBITDA was €354 million after €69 million in year-end adjustments.

• Net sales grew 7% year-over-year to €5.78 billion.

• Operating cash flow reached €455 million, driven by a €406 million reduction in working capital, mainly from inventory reductions.

• CAPEX totaled €311 million, focused on strategic projects and modernization.

• Dividend payout totaled €155 million (€0.62/share).

Outlook and guidance

• Positive outlook for 2026, expecting gradual EBITDA recovery, especially in the second half as new European trade measures take effect.

• Q1 2026 adjusted EBITDA is expected to be slightly higher than Q4 2025.

• Market normalization expected as inventory levels remain low and new trade defense measures support local producers.