Financial snapshot
Acerinox SA reported adjusted EBITDA of €101 million for the fourth quarter of 2025, a result that surpassed the analyst consensus of €85 million and edged above a €95 million internal projection. The company also noted that its third quarter adjusted EBITDA stood at €108 million. Reported EBITDA for the period was €32 million, which the company said reflected a €9 million hit from its Rejuvenation plan together with a €60 million inventory adjustment.
Business environment and synergies
The company described market conditions for stainless steel and high-performance alloys as challenging, with weak demand across several core sectors and greater volatility. Acerinox said the integration of Haynes delivered €12 million in synergies during 2025.
Cash flow, working capital and capital expenditure
Acerinox generated positive free cash flow of €58 million in the quarter, supported by working capital inflows totaling €240 million. Capital expenditure amounted to €98 million in the quarter, bringing total capex for 2025 to €311 million - slightly above the company's guidance range of €250-300 million.
Performance by division
In the stainless steel division, adjusted EBITDA for the fourth quarter reached €58 million, marginally below the €61 million consensus. Results for the division incorporated a €48 million inventory adjustment and a €9 million contribution from the Rejuvenation plan in the European Union. The company reported that production in the United States continued its recovery, helped by limited imports tied to tariffs, while European production contracted as imports rose ahead of the Carbon Border Adjustment Mechanism implementation.
By contrast, the high-performance alloys segment posted adjusted EBITDA of €53 million, beating a consensus estimate of €28 million. That figure included a €12 million inventory adjustment and €12 million attributable to Haynes synergies. Performance within the segment was mixed - oil and gas and chemicals markets remained weak, aerospace continued to improve, and electronics, power and automotive sectors were stable.
Outlook and initiatives
For the first quarter of 2026, Acerinox expects adjusted EBITDA to be slightly higher than in the fourth quarter. The company cited anticipated benefits from trade measures in the European Union and Section 232 tariffs in the United States. Within high-performance alloys, Acerinox expects a strong aerospace market in the United States to offset weakness at VDM in Europe, where oil and gas and chemicals demand remains subdued.
The company's Beyond Excellence 2024-26 program delivered €42 million in savings during 2025, lifting cumulative savings to €83 million. Acerinox plans to deploy cash flow generated from working capital optimization to fund investments primarily at NAS and VDM, and to support a dividend payment of €0.62 per share.
What the numbers show
The quarter's headline adjusted EBITDA outperformance was driven by a combination of inventory adjustments, cost-savings measures and acquisition-related synergies, while operational performance varied across regions and end markets. Cash flow dynamics were aided by substantial working capital inflows, even as capex finished modestly above the company's guidance range.
Investors will likely watch early 2026 trading measures and sector demand trends - particularly in aerospace, oil and gas, and chemicals - to gauge whether the company can sustain or improve profitability from the levels reported in Q4.