Acerinox has presented its results for Q1 2026, a period defined by  the company’s operational strength in a complex global context. The Group’s adjusted  EBITDA amounted to 119 million euros, representing an 18% improvement compared with  Q4 2025 (101 million euros). 

Despite weak demand and macroeconomic uncertainty, Group revenue amounted to 1.4  billion euros, 6% higher than the previous quarter. Profit after tax and non-controlling  interests amounted to 5 million euros, compared with the losses of 47 million euros  reported in Q4 of last year. 

Operating cash flow was 34 million euros, after absorbing an increase in working capital  of 47 million euros as a result of enhanced activity. During the quarter, the Group made  payments for investments (CAPEX) of 73 million euros and paid an interim dividend of 77  million euros. Net financial debt has increased only by 106 million euros and has  amounted to 1.3 billion euros. 

Operational and regulatory milestones  

In Europe, Q1 has been marked by the entry into force of the Carbon Border Adjustment  Mechanism (CBAM) this past January 1, which has caused a significant decrease in  imports, favoring the domestic market. It is expected that the European Union’s new  trade defense measures will apply as from July 1 of this year. 

In the United States, Section 232 remains in force, which has led to a reduction in  stainless steel imports from 24% to 21% of market share, favoring local producers such as  Acerinox (through its subsidiary North American Stainless).  

“We are moving forward with our Strategic Plan”, stated Bernardo Velázquez, CEO of  Acerinox. “At NAS, the expansion of the melting shop and the new cold rolling mill have  been in operation since the beginning of this year. The projects included in our Strategic  Plan both for organic growth as well as improved efficiency and leveraging synergies, ensure Acerinox’s leadership in the new geopolitical context, and we estimate they have  a potential to increase the Group’s EBITDA by €500 million”. 

In a global landscape characterized by strategic autonomy and the reshoring of supply  chains, Velázquez added, “our dedication to strengthening the European and American  industry positions us as an undisputed leader”. 

Performance by divisions  

By division, the Stainless Steel division reported an EBITDA of 82 million euros (compared  to 1 million in Q4 2025), driven by a gradual recovery of prices in key markets.  Nevertheless, the rising cost of raw materials and energy has slowed the recovery of  margins in Europe. 

The High-Performance Alloys division, whose EBITDA amounted to 13 million euros, has  been affected by the contraction of investments in the oil, gas, and chemical processing  sectors due to geopolitical instability, although the aerospace and industrial gas turbine  sectors are increasing their activity. 

With regard to the conflict in Iran, the direct operational impact is limited as the company  has a solid energy hedging strategy that mitigates price volatility. The impact on Q1  EBITDA was approximately -2 million euros. 

Outlook for Q2  

Acerinox faces the rest of the year with caution due to geopolitical uncertainty. However,  the company is optimistic thanks to its geographic diversification and the normalization of  production in Europe. 

“We expect Q2 EBITDA to be higher than in Q1. The improvement in order books in  Europe and the United States, added to the decrease in imports, will allow us to improve  sales volumes in the coming months”, the Group has stated. 

General Shareholders’ Meeting  

The company held its General Shareholders’ Meeting this week, in which all items on the  agenda were approved, including, among others, the approval of the accounts for the  past financial year, the Board’s management, and the approval of the final dividend for  2025 in the amount of 0.31 euros gross per share, to be paid on July 17.