EarningsQ2 2026 Earnings Report
DE:ACE Q2 2026 EPS Results
Actual EPS€0.14
Consensus EPS€0.14
Beat/MissBeat by +<€0.01
One Year Ago EPS-€0.06
DE:ACE Q2 2026 Revenue Results
Actual Revenue€3.08B
Expected Revenue€1.59B
Beat/MissBeat by +€1.49B
YoY Revenue Growth+3.59%
Earnings Announcement Details
QuarterQ2 2026
Date07/24/2026
TimeBefore Open
Conference CallFriday, July 24, 2026
DE:ACE Upcoming Earnings
Acerinox SA's next earnings date is estimated for October 30, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:ACE Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a constructive and improving operational picture: strong Q2 EBITDA (EUR 176m, +85% QoQ), higher production and visible recovery in the U.S. stainless and HPA order books, meaningful synergy capture and active investment for growth. These positives were balanced against short-term headwinds — weak demand, working capital-driven debt increase (net debt ~EUR 1.266bn; debt/EBITDA ~2.5), sector-specific softness (oil & gas, CPI), metal-price volatility and seasonal slowdown. Management expressed confidence in structural improvements in Europe (CBAM/quota reductions) and reiterated targets (reduce debt/EBITDA to ~2x; annualized EBITDA ambition above ~EUR 500m) while warning of limited short-term visibility and possible Q3 seasonality impacts.Company Guidance
Strong Q2 EBITDA Growth
Q2 EBITDA of EUR 176 million, an 85% quarter-on-quarter increase versus Q1; management highlights this as the primary driver of the quarter's positive performance.
Improved Semester Performance and Annualized Outlook
Semester EBITDA reported at EUR 271 million (management commentary), a 27% increase versus the same period last year; management noted an annualized run-rate above EUR 500 million under current circumstances and reiterated an upward trend with Q3 expected to be slightly better than Q2.
Production and Volume Recovery
Melting production increased more than 10% to c.540,000 tonnes in Q2 and ~1.0 million tonnes in H1 (+2% vs prior year). Restart of the P4 hot-rolling/pickling line (post-fire) restored full Algeciras capacity and enabled ~20% higher delivery capacity vs Q1.
Stainless Division Strength — U.S. & Europe
Stainless division delivered an 80% higher result than Q1; division margin returned to 12% (back to two-digit margins not seen since 2023). U.S. business benefitted from higher volumes/margins and an effective alloy surcharge mechanism; Europe reached positive monthly EBITDA in June driven by higher volumes and reduced imports.
HPA Momentum and Order Book
High-performance alloys (HPA) showed quarter-on-quarter improvement with Q2 HPA EBITDA around EUR 22 million (management: ~76% improvement vs prior period) and the Haynes business recording its two highest order-entry months; backlog expected to reach historical maximums, with stronger P&L impact anticipated toward end of 2026 and into 2027/2028.
Synergies and Operational Excellence
Cumulative synergies of EUR 16 million achieved (≈70% of the EUR 23 million target for the year). Beyond Excellence operational program target increased to EUR 120 million for 2026, with EUR 29 million already realized to date.
Strategic CapEx and Expansion Plans
On-track investment programs include North American stainless expansions (c.20% capacity increase planned), HPA investments in Kokomo and Kentucky, and Columbus plant developments. Management continues to invest despite the low cycle, accelerating longer‑term growth levers.
Trade Measures Driving Europe Market Improvement
CBAM and new trade measures reduced import penetration in Europe from ~24% to ~16% (management expects further consolidation toward target levels of ~12–13%); EU quotas significantly reduced for Taiwan/China (≈69%) and Vietnam (≈30%), which management says improves market structure and should support local volumes and margins.
Sustainability and Non-Financial Achievements
Material progress on sustainability targets vs 2021 baseline: 44% reduction in carbon emissions target achieved (to date), 89% waste utilization, and the 2030 goal for 15% women in staff already met; maintained EcoVadis gold medal and included in S&P Sustainability Yearbook (top 15% of companies globally).
DE:ACE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed