Q2 preview - Expecting a solid performance

Research evidence excerpt

Q2 preview - Expecting a solid performance

Deutsche Bank

Research

Rating Company Date

Buy Acerinox SA 30 June 2026

Forecast Change

Europe

Spain

Reuters Bloomberg Exchange Ticker Price at 29 Jun 2026 (EUR) 15.15

ACX.MC ACX SM MCE ACX

Price Target (EUR) 16.00

Steel

ADR ISIN 52-week range (EUR) 16.98 - 9.94

ANIOY US00444E1038

Q2 preview - Expecting a solid

Valuation & Risks performance

Bastian Synagowitz

Significant portfolio value - and more room for improvement - Buy Research Analyst

Acerinox is due to report Q2 results, and we expect a solid sequential improvement, +41-44-227-3377

in-line with guidance, driven by stronger volume seasonality in Europe as well as

Liam Fitzpatrick

better margins and metal tailwinds. While the Americas should continue to benefit Research Analyst

from dual pricing mechanism, European business is expected to improve in Q2, +44-20-754-13233

although remaining in loss-territory. Although underlying demand in Europe

remains soft and side effects of the conflict in the Middle East remain a risk for the Key changes

economy, we believe policy measures should support volumes and prices for DB EPS (EUR) 1.05 to 1.01 ↓ -3.0%

European domestic players. We make only small changes to our numbers and keep Source: Deutsche Bank

our PT unchanged (E16). Acerinox has been running behind expectations over

recent quarters as demand in several end markets (including the industrials part of

HPA) remains soft and the EU business remains a drag on performance. However,

we continue to see a positive backdrop for the stock: the planned import policy

should provide a meaningful tailwind for the turnaround of the European business

which has been a significant value leak in its portfolio over the last few years. Also