Acerinox, S.A. Q3 2026 Earnings Recap

Acerinox shares fell 6.9% after earnings, despite higher EBITDA, with investors likely focused on weak underlying demand, rising energy costs and working-capital pressure that pushed debt to a yearly peak. Management expects working capital to unwind in Q4, but that remains an important caveat to the cash-flow picture.

Key Takeaways

• Q3 sales were €1.6bn, broadly similar to Q2; EBITDA rose 13% quarter over quarter to €199m, a 12.5% margin.
• For the first nine months, sales increased 2% year over year to €4.5bn, while EBITDA rose 46% to €470m.
• Operating cash flow was slightly negative in Q3 and slightly positive for the nine months. Management attributed the pressure to working capital, alongside capex and the semiannual dividend.
• Debt reached €1.5bn, a peak for the year; management expects it to decline in Q4, mainly as working capital reduces.
• Demand remains low in many markets, and energy costs have risen. North America—56% of sales—was stable, while Acerinox’s European business was near EBITDA breakeven; domestic appliances remained weak.