Acerinox closed the first nine months of 2026 with a net profit of 162 million euros, which means multiplying by 23 the earnings of 7 million euros obtained in the same period of the previous fiscal year, according to the company reported this Friday.
The steel group’s gross operating result (Ebitda) reached 470 million euros between January and September, an increase of 46% compared with the first nine months of 2025.
In the third quarter, Ebitda rose to 199 million euros, 13% more than in the second quarter. The company largely attributes this improvement to its strength in the U.S. market, which it considers the main support for its profitability through its subsidiary North American Stainless (NAS).
Acerinox CEO Bernardo Velázquez positively highlighted these figures by stressing that the results demonstrate the "strength" of the group’s strategy despite "persistent weakness in demand" and the context of macroeconomic uncertainty, and that they remain in line with internal forecasts.
Performance by division
In the stainless steel division, Acerinox noted that the U.S. market showed a more stable evolution compared with a European environment that continues to require caution.
In the case of Europe, the company indicated that, although imports were reduced by 42% in the first nine months, supported by the Carbon Border Adjustment Mechanism (CBAM) and by new trade defense measures, the recovery of domestic consumption is advancing at a slower pace than expected.
As for the High Performance Alloys (HPA) division, the group posted mixed performance: an upward trend was observed in sectors such as aerospace and gas turbines for electricity generation, while demand remained weak in the oil and gas business and in the chemical industry.
Debt and forecasts
In financial terms, net financial debt stood at the end of September at 1.535 billion euros, which represents an increase of 174 million compared with the previous quarter.
The company specified that this increase is mainly due to the rise of 152 million in operating working capital and to shareholder remuneration, to which it allocated 77 million in the quarter and 155 million euros so far this year.
For the fourth quarter of 2026, Acerinox anticipates lower activity in the stainless steel division due to the usual year-end seasonality in the United States, so it expects an Ebitda below that recorded in the third quarter.
Even so, the company expects a reduction in working capital that should translate into a decrease in net financial debt at the end of the fiscal year.