Acerinox Sa Adr Stock Earnings Reports

Acerinox reported a constructive Q1 2026 despite geopolitical uncertainty and elevated energy/logistics costs. Key operational highlights: melting production rose 22% quarter-over-quarter, sales improved ~6%, and adjusted EBITDA reached EUR 119 million (up 18% vs Q4 2025). Operating cash flow remained positive (EUR 34 million) with working capital only up EUR 47 million, despite higher volumes and raw material prices. Net financial debt increased by about EUR 100–106 million after dividends and EUR 73 million of Q1 CapEx; the group is mid-cycle on substantial investment programs (notably NAS in the U.S. and Haynes/HPA in the U.S.). Market commentary: North America remains the strongest and most protected market (higher prices and effective alloy surcharge pass-through), Europe is improving but demand is still weak and pass-through is less effective, and HPA (high-performance alloys) is at a trough in some segments (oil & gas/chemicals) while aerospace and gas turbines are showing recovery and stronger order intake (Haynes saw record order entries in April). Management reiterated balance-sheet strength, the strategic focus on diversification (geography and product), continued execution of productivity program 'Beyond Excellence', and that preparations are underway to study a potential U.S. listing of the North American business (no timing decided). They expect Q2 adjusted EBITDA to be higher than Q1 and see breakeven in European operations as achievable later in 2026 (likely in H2).