Acerinox (ACX.MC): Q2‘26 results - EBITDA beat with higher net debt; Q3‘26 guidance ahead of VA consensus

Research evidence excerpt

Acerinox (ACX.MC): Q2‘26 results - EBITDA beat with higher net debt; Q3‘26 guidance ahead of VA consensus

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24 Jul 2026 03:10:46 ET │ 14 pages

Acerinox (ACX.MC)

Q2'26 results - EBITDA beat with higher net debt; Q3'26 guidance

ahead of VA consensus

CITI'S TAKE Buy

Price (23 Jul 26 17:30) €16.45 Q2'26 results for ACX came in better than expectations with reported

Target price €18.00 EBITDA at €176 million, +47% q/q and 14% ahead of VA consensus. The

better than expected EBIDA was led by stainless steel business, where the Expected share price return 9.4%

company has alluded to solid earnings in US footprint, while the activity Expected dividend yield 4.0%

levels in Europe have also improved. The improving pricing and activity Expected total return 13.4%

levels have led the working capital outflow for the quarter, while capex Market Cap €4,102M

also stayed at higher levels. This has led the FCF to stay negative at €66 US$4,666M

million, vs our expectations for a breakeven. The net debt at €1.36 billion

increased vs last quarter. Q3'26 guidance by ACX is encouraging with

expectations for q/q increase in EBITDA despite the European seasonality.

The VA consensus at €160 million is currently factoring in a flat EBITDA. Krishan M AgarwalAC

We see mid single digit upgrades for full year 2026 consensus EBITDA. +44-020-7986-4092

krishan.agarwal@citi.com

Strength of the stainless business somewhat offset by weakness in alloys — Ephrem Ravi

Stainless business EBITDA at €120 million nearly double vs last year and increased +44-20-7986-2462

c60% vs Q1'26. The solid results in the business was led by continued better ephrem.ravi@citi.com

evolution of US volume/pricing and improving activity level in Europe. The €120