Acerinox, S.A. Q1 2026 Earnings Recap

Acerinox’s Q1 results were broadly in line with expectations, with a mixed operational performance and no clear catalysts to drive the stock higher, reflected by a modest -0.3% share price decline. Despite a 6% sales increase and volume growth, market uncertainties and only gradual improvement in key regions tempered enthusiasm.

Key Takeaways

• Sales rose approximately 6% quarter-over-quarter, driven mainly by a 22% increase in melting production.
• Adjusted EBITDA improved to EUR 119 million, representing an 18% increase from Q4 2025.
• Operating cash flow remained positive despite a EUR 47 million increase in working capital, supported by disciplined capital management.
• Net financial debt grew by around EUR 100 million, partly due to EUR 73 million in planned CapEx investments.
• Regional market conditions contrasting: US stainless steel maintained relative strength with protective tariffs lowering imports by 33%, while European demand softened 7% amid ongoing uncertainties, despite recent trade protections.