Q1 2026 Acerinox SA Earnings Call Transcript
Key Points
- Acerinox SA (ACRXF) reported a 6% increase in sales and a 22% growth in melting production quarter-on-quarter.
- The company's adjusted EBITDA grew by 18% to EUR 119 million, demonstrating improved financial performance.
- Acerinox SA (ACRXF) maintained positive operating cash flow despite increased volumes and higher raw material prices.
- The company is expanding its North American stainless steel capacity by 20%, reflecting confidence in the robust U.S. market.
- Acerinox SA (ACRXF) has a strong order book in the aerospace sector, with record entries in March and April, indicating future growth potential.
- The European market remains challenging with demand down 7% year-on-year, affecting overall performance.
- High-performance alloys (HPA) division is underperforming due to low demand in oil and gas and chemical sectors.
- The company faced a EUR 25 million inventory adjustment, primarily in Europe, due to market conditions.
- Acerinox SA (ACRXF) experienced a fire in one of its European pickling lines, impacting production capacity.
- Geopolitical tensions and energy crises continue to create uncertainties, delaying demand recovery and impacting customer behavior.
Good morning, everyone, and welcome to the Acerinox first quarter 2026 results presentation. As you well know, the global landscape is defined by numerous uncertainties, including regional conflicts and ongoing tariff wars. The results obtained in Q1 2026 confirmed that the situation is improving despite the continued uncertainty.
For this presentation, we have here with us, our Chief Corporate Officer, Miguel Ferrandis, our Chief Financial Officer, Esther Camos; and the IR Communication, Consolidation and Reporting Director, Carlos Lora-Tamayo, who will explain our Q1 results. Before we start with our presentation, let me remind you that this conference call is being broadcast on our website, acerinox.com.
And now I will hand you over to our Chief Corporate Officer, Miguel. Go ahead, please.
Thank you, Borja. Thank you all of you for attending this presentation. Just 10 weeks ago, we were presenting the year 2025 figures. We define year '25
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