Acerinox SA (ACE) Q3 2026 Earnings Report
DE:ACE Q3 2026 EPS Results
- Actual EPS
- EUR 0.18
- Consensus EPS
- EUR 0.18
- Beat/Miss
- Missed by -EUR 0.01
- One Year Ago EPS
- EUR 0.05
DE:ACE Q3 2026 Revenue Results
- Actual Revenue
- ―
- Expected Revenue
- EUR 1.63B
- Beat/Miss
- ―
- YoY Revenue Growth
- ―
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/30/2026
- Time
- Before Open
- Conference Call
- Friday, October 30, 2026
Acerinox SA's next earnings date is estimated for February 26, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. The company reported substantial EBITDA growth, record-level quarterly operating performance, strong North American stainless and high-performance alloy demand, progress in the Acerinox Europe turnaround, continued strategic investment and confidence in 2027. These positives were partly offset by weak European demand, energy and geopolitical pressures, negative Q3 operating cash flow, higher net debt, challenges at Columbus and an expected sequential EBITDA decline in Q4.
For Q4, management said “the EBITDA of the Q4 is going to be lower than the Q3,” with Q3 the peak of 2026, because the United States will contribute “2/3 of the normal contribution from America” as Q4 is “a quarter of 2 months”; prices are not expected to increase, margins should be kept stable, and activity will be lower by “1 month of activity.” Working capital is expected to be reduced, with “EUR 200 million” achieved in Q4 2025 cited as a reference and “anything about the” prior-year reduction considered achievable, which should also reduce net financial debt from EUR 1.5 billion. Acerinox Europe’s Q4 contribution should be “worse than that of the third quarter,” while base prices are around EUR 500 per ton and energy costs are expected to increase; HPA’s main profit contribution is expected in 2027, VDM’s worst year is expected to be 2026 with gradual recovery in 2027, more visible in the second half of 2027 and “more evident probably for '28,” and management’s impression is that 2027 will be “better than '26, no doubt.”
- Strong Q3 and Nine-Month EBITDA GrowthQ3 sales were EUR 1.6 billion, broadly similar to the previous quarter, while EBITDA increased 13% to EUR 199 million. For the first nine months, sales reached EUR 4.5 billion, up 2% year over year, and EBITDA rose 46% to EUR 470 million.
- Best Operating Result in 13 QuartersGroup Q3 EBITDA of EUR 199 million was described as the best operating result in the last 13 quarters, with an EBITDA margin of approximately 13%, supported mainly by higher activity in the United States in both divisions.
- Higher Activity Versus Prior YearAlthough Q3 activity was lower than in Q2, activity increased 11% compared with Q3 2025 and was up 5% for the first nine months.
- North American Market Stability and Growth DriversNorth America represented 56% of January-to-September sales. Stainless prices remained solid, imports declined by more than 18% to represent 21% of the market, and inventories remained low. Aerospace, data-center construction, energy-related end uses, pipes, food and catering were identified as areas with positive momentum.
- Strong Stainless Steel Division PerformanceThe stainless steel division delivered its best quarter since Q2 2023. Q3 EBITDA was EUR 175 million, up 14% sequentially and more than double Q3 2025. The division's EBITDA margin improved from 8% in Q1 to 12% in Q2 and 14% in Q3.
- Nine-Month Stainless Steel ImprovementNine-month stainless steel EBITDA was EUR 411 million versus EUR 218 million in the prior-year period, an increase of almost 90%. EBIT reached EUR 317 million, up 145% year over year, while operating cash flow was EUR 73 million despite a EUR 195 million increase in working capital.
- U.S. Stainless Steel Volume and Pricing BenefitsHigher U.S. volumes and activity were the main drivers of the stronger stainless steel performance. Price increases introduced during the second half of 2025 and fully implemented for the remaining order book from the beginning of 2026 also supported profitability.
- Acerinox Europe Turnaround Nears BreakevenThe Acerinox Europe turnaround program, focused on margins, higher-value products and product mix, enabled the business to reach EBITDA breakeven in June despite depressed base prices of approximately EUR 500 per ton. The unit remained very close to breakeven in Q3 despite higher energy costs.
- High-Performance Alloy Order Book MomentumU.S. high-performance alloy demand remained very strong, with improving order entries, a higher backlog, higher capacity utilization and extended lead times. Aerospace, industrial gas turbines and space applications were identified as the strongest areas, with the strongest growth in industrial gas turbines.
- High-Performance Alloy Q3 ImprovementHigh-performance alloy sales increased 4% sequentially in Q3 and EBITDA increased 9%. Management said the strong aerospace and industrial gas turbine order book is expected to contribute more significantly to the income statement in 2027.
- Positive Signs in European High-Performance AlloysAlthough European demand remained subdued, the company reported signs of recovery in oil and gas and chemical processing. For the first time, the European high-performance alloy order book was slightly higher than the comparable 2025 level, and VDM's order book increased year over year for the first time in the last 12 months.
- Diversification Into Nuclear and SemiconductorsTo offset weaker chemical process industry demand, the company is shifting production and commercial focus toward nuclear applications, including small modular reactors, and semiconductors. Semiconductors were described as lower-volume but higher-margin, while the nuclear business was growing.
- European Import Reduction and Regulatory SupportEuropean imports declined 50% in Q3 to 16% of the total market, compared with 24% import penetration in the first nine months of the prior year. Management also said imports were down 42% in the first nine months, with CBAM contributing in the first half and new trade measures expected to be the larger game changer.
- Strategic Capital Investment ContinuesThe company continues executing its strategic investment plan in its most profitable markets. The EUR 244 million NAS capacity investment has been completed, cogging for long products for Haynes is planned, and civil works have started for the new VDM building and new forge at Haynes. Total Q3 investment, including maintenance, was EUR 80 million and EUR 228 million for the year.
- Energy Cost Mitigation Through PPAsDespite September electricity prices being 74% higher and gas prices 100% higher than the prior year, the company estimated the Q3 energy-cost impact at EUR 16 million and the nine-month impact at EUR 24 million. PPAs covered approximately 40% to 50% of energy requirements and helped limit the impact.
- Shareholder Remuneration MaintainedThe company maintained its annual shareholder remuneration policy at EUR 155 million, with EUR 77 million, representing half of the annual dividend, paid during Q3.
- Expected 2027 ImprovementManagement expressed confidence that 2027 will be better than 2026, citing continued strength in data-center construction and aerospace, potential recovery in European demand, improving signs in VDM, and a possible future recovery in oil and gas.
DE:ACE Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 26, 2027 | 2026 (Q4) | 0.16- | -0.1 | ― | ― |
| Oct 30, 2026 | 2026 (Q3) | 0.180.18 | 0.05 | 241.38% (+0.12) | |
| Jul 24, 2026 | 2026 (Q2) | 0.140.14 | -0.06 | 351.56% (+0.20) | |
| May 08, 2026 | 2026 (Q1) | 0.080.01 | 0.02 | -54.17% (-0.01) | |
| Feb 27, 2026 | 2025 (Q4) | 0.05-0.10 | 0.13 | -178.01% (-0.22) | |
| Oct 31, 2025 | 2025 (Q3) | 0.070.05 | 0.09 | -43.69% (-0.04) | |
| Jul 24, 2025 | 2025 (Q2) | 0.09-0.06 | 0.12 | -147.06% (-0.18) | |
| May 08, 2025 | 2025 (Q1) | 0.070.02 | 0.1 | -78.57% (-0.08) | |
| Feb 28, 2025 | 2024 (Q4) | 0.140.13 | -0.23 | 154.86% (+0.36) | |
| Oct 29, 2024 | 2024 (Q3) | 0.100.09 | 0.13 | -31.33% (-0.04) |
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.