Spain · Delayed Price · Currency is EUR Acerinox Earnings Call Transcripts
Fiscal Year 2025
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Despite a tough 2025 with low demand and tariff tensions, net sales rose 7% and strong cash flow enabled continued investment and dividends. Outlook for 2026 is positive, with gradual EBITDA recovery expected as new trade measures take effect and strategic projects ramp up.
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Q3 2025 results reflect the cycle's trough, with weak demand and pricing, especially in Europe, but resilience from diversification and strong cash generation. New EU trade measures and U.S. market strength are expected to support future recovery.
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Despite ongoing geopolitical and tariff uncertainties, results showed resilience with 10% sales growth and stable cash flow, driven by U.S. market strength and diversification. Q3 is expected to mirror Q2, with continued focus on cost control, CapEx, and integration of Haynes.
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EBITDA rose to €102M in Q1 2025, with strong cash flow and a 29% production increase, despite weak European demand and tariff uncertainty. US operations remain robust, Haynes integration is on track, and Q2 is expected to outperform Q1.
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The meeting reviewed a challenging year marked by lower revenues and market volatility, but highlighted strategic investments, the Haynes acquisition, and sustainability initiatives. All board proposals, including dividends and governance changes, were approved.
Fiscal Year 2024
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2024 was a transformational year, highlighted by the Haynes acquisition, Bahru sale, and a new production model in Europe. Despite market headwinds and a major strike, EBITDA reached EUR 500 million, with strong cash flow and a solid balance sheet supporting ongoing expansion and sustainability initiatives.
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Q3 2024 EBITDA reached €114M, with YTD at €350M, showing resilience despite historic market lows. The Bahru Stainless sale will boost Q4 reported EBITDA, while underlying demand remains weak and recovery is expected in 2025.
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Strong H1 results achieved despite a weak stainless steel market and a prolonged strike, with EBITDA of EUR 236 million and net debt reduced to EUR 191 million. Outlook for Q3 is stable, with continued focus on cost savings, strategic investments, and ramp-up at key plants.