Acerinox stock adds 1.54% as Q4 outlook remains cautious

Published on 11/10/2026 at 17:08 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Acerinox stock remains focused on a sharp nine-month earnings recovery. Management expects fourth-quarter EBITDA to fall below the third-quarter level.

Earnings recovery meets seasonal caution

Acerinox lifted nine-month net profit to 162 million euros from 7 million euros a year earlier.
Cumulative EBITDA rose 46 percent to 470 million euros through September.
Management expects fourth-quarter EBITDA to fall below the third-quarter level as US seasonality weighs on stainless-steel activity.

Acerinox, ES0132105018, Illustration mit AI erstellt.

Acerinox reported a sharp recovery in first-nine-month profitability on October 30, while management warned that US seasonality will make the final quarter softer. The company published the results and investor materials on its investor-relations page.

Acerinox stock traded at 15.80 euros on Lang & Schwarz at 17:03 CET on Tuesday, November 10, 2026. That was 1.54 percent above the 15.56-euro quote in the previous AD HOC NEWS report at 10:12 CET the same day.

US operations drive earnings recovery

Net profit reached 162 million euros from January through September, compared with 7 million euros in the same period of 2025. Cumulative EBITDA rose 46 percent to 470 million euros despite stagnant demand and a challenging macroeconomic environment.

Third-quarter EBITDA reached 199 million euros, 13 percent above the second quarter. North American Stainless remained the main pillar of group profitability, supporting the quarterly improvement through Acerinox's US operations.

Seasonality clouds the final quarter

Management expects activity in the stainless-steel division to decline during the fourth quarter because of normal year-end seasonality in the United States. Fourth-quarter EBITDA is therefore expected to come in below the third-quarter level.

The company also expects lower working capital by year-end, which should reduce net financial debt. Net financial debt stood at 1.5 billion euros at the end of September after rising by 174 million euros from the previous quarter, mainly because of higher operating working capital and dividend payments.