Acerinox posts €162 million profit in nine months as European recovery lags
Key Facts
Acerinox posted net profit after tax and non-controlling interests of €162 million in the first nine months of 2026, compared with €7 million in the same period of 2025, according to the company's third-quarter results presentation. EBITDA was €470 million, up from €321 million a year earlier. In the third quarter alone, EBITDA reached €199 million, compared with €108 million in the corresponding quarter of 2025 and €176 million in the second quarter of 2026. The chief executive said the third-quarter results "confirm Acerinox's good progress in a market environment that remains highly complex and challenging." The figures reflect improved profitability, while the company described its results trajectory as unfolding in a market marked by weak demand and geopolitical uncertainty.
Net sales totalled €4,556 million in the first nine months, compared with €4,473 million in the same period a year earlier. Melt shop production increased to 1,534 thousand metric tonnes from 1,463 thousand a year earlier. Production and sales growth came alongside a year-on-year increase in EBITDA, from €321 million to €470 million. However, overall activity growth was uneven across markets, according to the company's presentation. Acerinox said performance in the United States remained solid, while the expected recovery in Europe was delayed.
The company said apparent demand for stainless steel in Europe fell 22% quarter on quarter in the third quarter and 11% in the first nine months year on year. Inventories also remained 1.4% above their historical average, slowing the market's improvement. Imports of flat products into Europe fell 42% year on year in the first nine months, but the company said an increase in imports at the end of the second quarter, ahead of new trade measures, lifted inventories. It added that the inventory build-up delayed the recovery expected in the market during the third quarter. The divergence between falling imports and weak demand shows that lower imports have not yet translated into a swift return to balance in the European market.
First-half results showed net profit of €77 million, following a loss of €18 million in the first half of 2025. EBITDA then stood at €271 million, up 27% year on year. By segment, the stainless steel division posted second-quarter EBITDA of €154 million, compared with €82 million in the first quarter. The high-performance alloys division generated €22 million in the second quarter, against €13 million in the first. In a first-half statement, the chief executive said "our position in the North American market remains the main driver of our profitability," underscoring the U.S. market's role in the group's results.
Net financial debt stood at €1,535 million at the end of the third quarter, compared with €1,361 million at the end of the second quarter. The company said it expects net debt to decline as working capital falls. Acerinox, however, expects fourth-quarter EBITDA to be below its third-quarter level. It attributed this to lower stainless steel volumes due to the usual seasonality in the United States. The outlook puts an end to expectations of continued quarter-on-quarter earnings improvement, with the U.S. market remaining a key support for the group.
Acerinox said the effect of the Carbon Border Adjustment Mechanism and new European trade measures on market stability may emerge in early 2027, after inventories return to normal levels. The measures took effect on July 1 and included a 55% cut in annual quotas and a 50% tariff on imports exceeding the quotas. The company linked the delayed impact of the measures to the flow of imports at the end of the second quarter and the subsequent rise in inventories. This expected timing follows a period of weak European demand and a decline in apparent demand in the first nine months. In the broader economy, Spain's gross domestic product grew 2.6% year on year in the third quarter, after growth of 2.7% in the second quarter.