Acerinox stock weighs profit rebound against softer Q4 outlook

Published on 11/10/2026 at 10:30 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Acerinox stock is being reassessed after a sharp nine-month profit rebound. Management expects lower fourth-quarter EBITDA as U.S. demand cools.

Profit Recovery Meets Cautious Outlook

EBITDA increased 46 percent in the first nine months, supported by Acerinox's U.S. operations.
Third-quarter EBITDA reached 199 million euros, 13 percent above the second quarter.
Management expects fourth-quarter EBITDA to fall below the third-quarter level because of U.S. year-end seasonality.

Acerinox, ES0132105018, Illustration mit AI erstellt.

Acerinox reported net profit of 162 million euros for the first nine months of 2026, compared with 7 million euros a year earlier. The stainless-steel producer said the improvement came despite stagnant demand and a challenging macroeconomic environment in its results release published on Friday, October 30, 2026. The Acerinox release said cumulative EBITDA rose 46 percent to 470 million euros.

Acerinox stock traded at 15.56 euros on Lang & Schwarz at 10:12 CET on Tuesday, November 10, 2026.

U.S. Operations Drive Quarterly Improvement

Third-quarter EBITDA reached 199 million euros, 13 percent above the second quarter. Acerinox attributed the progress largely to its position in the United States through North American Stainless, which remains the main pillar of group profitability.

Chief Executive Bernardo Velazquez said the quarterly performance demonstrated the resilience of the company's strategy despite persistent demand weakness and broader macroeconomic uncertainty. The company also said European stainless-steel imports fell 42 percent during the first nine months, helped by the Carbon Border Adjustment Mechanism and new trade measures, while the recovery in local consumption remained slower than expected.

The High Performance Alloys division showed mixed trends. Aerospace and industrial gas turbines for power generation provided positive momentum, while oil and gas and chemical processing continued to face weak demand.

Seasonality Weighs On Fourth-Quarter View

Acerinox expects activity in its stainless-steel division to decline in the fourth quarter because of normal year-end seasonality in the United States. Management therefore expects fourth-quarter EBITDA to come in below the third-quarter level. The company also anticipates 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, 174 million euros above the previous quarter. Acerinox attributed the increase mainly to 152 million euros of higher operating working capital and dividend payments of 77 million euros during the quarter. The company said it had distributed 155 million euros to shareholders during the year.