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 CBAM.

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

• Strategic focus on long-term growth, efficiency, and diversification across products and geographies.

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

• Q2 2026 net income: €71 million; H1 2026: €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 future quarters, supported by high order books and sector diversification.

• Stainless Steel division's positive trend is set to continue, supported by U.S. strength and European trade measures.

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

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