Acerinox stock gains on stronger nine-month profit, cautious Q4 outlook

Acerinox reported a sharp improvement in earnings for the first nine months of 2026, but warned that seasonal weakness in the United States will weigh on the final quarter. The results were published by Acerinox on Friday, October 30, 2026, in its investor communication.

The company generated net profit of 162 million euros from January through September, compared with 7 million euros in the same period of 2025. Cumulative EBITDA rose 46% year over year to 470 million euros, despite stagnant demand and a complex macroeconomic environment.

U.S. operations drive quarterly improvement

Third-quarter EBITDA reached 199 million euros, 13% above the second quarter. Acerinox said the improvement was driven largely by its position in the U.S. market through North American Stainless, which remains the group's main profitability driver.

CEO Bernardo Velázquez said the results showed the strength of Acerinox's strategy despite persistent demand weakness and macroeconomic uncertainty. The company also said the results were in line with forecasts.

The regional picture remains uneven. The U.S. market has been more stable, while European consumption is recovering slowly. Acerinox said imports into Europe fell 42% in the first nine months, helped by the Carbon Border Adjustment Mechanism and new trade measures, but local demand has not yet strengthened as expected.

Seasonality clouds the fourth quarter

Acerinox expects fourth-quarter activity in stainless steel to decline because of the usual year-end slowdown in the United States. As a result, management expects Q4 EBITDA to be lower than the third-quarter figure. The company did not provide a precise numerical range.

Working capital is expected to fall before year-end, which should support a reduction in net financial debt. Net financial debt stood at 1.5 billion euros at the end of the third quarter, 174 million euros above the prior quarter, after higher operating working capital and dividend payments.

The High Performance Alloys division delivered a mixed picture. Aerospace and industrial gas turbines showed positive momentum, while oil and gas and chemical processing remained weak. Management said financial discipline, working-capital optimization and operational execution would remain priorities.

Acerinox stock traded at 15.76 euros on Lang & Schwarz at 10:06 CET on Wednesday, November 4, 2026. Investors now face a stronger earnings base against a softer near-term outlook, with U.S. seasonality and the timing of a European recovery likely to shape the next update.

The Acerinox investor communication contains the company's results and outlook. Broader sentiment for Spanish equities can be followed in the IBEX 35 market environment.

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