Acerinox (ACX) returns to profitability in Q1, net profit halves year-on-year
Acerinox reported a net profit of €5 million for the first quarter of 2026, marking a return to profitability following a €47 million loss in the fourth quarter of the previous year. This result, however, represents a 50% decrease compared with the same period in 2025. Shares in the Spanish stainless steel manufacturer, ACX, are trading down 0.2% at €14.49 today.
The company reported adjusted EBITDA of €119 million, an 18% improvement from the preceding quarter. Total sales reached €1,384 million. Acerinox anticipates a more robust second quarter, driven by increased activity and an improved order book in both Europe and the United States.
The current trading price of €14.49 follows a previous close of €14.52 on Friday. This announcement comes after Acerinox shares fell 5.1% on 8 May despite exceeding first-quarter EBITDA forecasts, as the market continues to assimilate the quarterly results.
Why Acerinox's Year-on-Year Profit Dip Overshadows Its Return to Profitability
Acerinox is a Spanish industrial company focused on producing stainless steel and high-performance alloys. These specialised metals are critical components across a wide range of sectors, from automotive manufacturing and construction to household appliances and general industrial goods. Their business model involves taking raw materials and transforming them into these essential metals, which are then supplied to other manufacturers for use in their own products.
Today's slight dip in Acerinox's share price stems from the market's careful digestion of the company's latest quarterly results. While the figures showed a welcome sequential improvement, they also revealed a significant year-on-year weakness. Acerinox reported a net profit of €5 million for the first quarter of 2026, marking a return to profitability after a €47 million loss in the previous quarter. However, this profit represents a 50% decrease compared to the same period in 2025, a contrast that the market has noted, despite adjusted EBITDA exceeding forecasts at €119 million and the company anticipating a stronger second quarter.
This mixed financial picture has led to Acerinox shares trading down 0.2% today, currently at €14.49, compared to yesterday's close of €14.52. The market is weighing the positive step of returning to profit against the underlying softness when compared to the previous year.
Consider a student who, after failing a difficult exam, manages to pass the next one. That's a clear improvement and a relief. But if their passing grade is still significantly lower than the score they achieved on the same exam a year ago, it might temper the celebration. While the immediate progress is good, the comparison to past performance raises questions about the true strength of their current understanding.
Acerinox
Acerinox, S.A. (ACX) operates as a global producer and distributor of stainless steel products, serving a diverse range of industries. Established in 1970, the Spanish basic materials firm manufactures and processes a comprehensive portfolio of steel offerings. Its flat products encompass coil cold rollings, hot rolled and black coils, teardrop steel, and hot and cold rolled sheets, alongside roughing materials, discs, billets, and plates. Additionally, Acerinox supplies various long products, including steel and colour-coated wires, corrugated wires, hexagonal wire rods, bars, hot and cold rebars, decorticated bars, black bars, steel profiles, and corrugated hot rolls. The company's operations span Spain, the Americas, Africa, Asia, Oceania, and Europe, with its headquarters located in Madrid.