Acerinox stock holds gains as U.S. strength lifts earnings

Published on 11/04/2026 at 17:55 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Acerinox stock draws support from stronger nine-month profitability. Seasonal U.S. weakness is set to weigh on fourth-quarter earnings.

Earnings improve as outlook cools

Acerinox reported stronger nine-month profitability, led by its North American Stainless business.
Management expects seasonal U.S. weakness to reduce fourth-quarter EBITDA.
Higher working capital and dividend payments lifted net financial debt during the third quarter.

Acerinox, ES0132105018, Illustration mit AI erstellt.

Acerinox stock traded at 15.91 euros on Lang & Schwarz at 17:45 CET on Wednesday, November 4, 2026. That was 1.53 percent above the 15.67-euro quote cited in the latest relevant report published on November 3, giving the second report a fresh market update alongside new earnings context.

The company said in its official release dated Friday, October 30, that net profit reached 162 million euros from January through September 2026, compared with 7 million euros in the same period of 2025. Cumulative EBITDA rose 46 percent to 470 million euros, while revenue increased 2 percent to 4.556 billion euros.

U.S. operations lead the recovery

Third-quarter EBITDA reached 199 million euros, 13 percent above the second quarter. Acerinox said its U.S. position, particularly North American Stainless, remained the main contributor to group profitability, while European demand recovered more slowly.

The High Performance Alloys division showed a mixed trend. Aerospace and industrial gas turbine demand improved, but oil and gas and chemical processing remained weak. The regional mix therefore remains important for margins as the company seeks to sustain the improvement.

Seasonality clouds the final quarter

Management expects activity in the stainless steel division to decline in the fourth quarter because of typical year-end seasonality in the United States. Fourth-quarter EBITDA is consequently expected to come in below the third-quarter level, although Acerinox did not publish a precise range.

Net financial debt stood at 1.5 billion euros at the end of the quarter, 174 million euros above the previous quarter. The increase was linked mainly to a 152 million euro rise in operating working capital and 77 million euros of dividend payments. Management expects working capital to decline by year-end, which would support lower net debt.

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