Acerinox: Europe's Turning Point and a Record Order Book in Alloys
Q2 EBITDA jumps 85% QoQ as Europe hits breakeven and HPA rides aerospace and data center demand
ACX.MC · Earnings Call · 2026-07-24
Europe's Turning Point
The second quarter marked a decisive inflection for Acerinox. Group EBITDA of EUR 176 million rose 85% quarter-on-quarter, and the first half reached EUR 271 million, up 27% year-on-year. Much of that comes from the alloy surcharge mechanism in the U.S., but the real change is in Europe, where trade measures are finally biting.
CBAM started 1st of January. And since that time, imports have gone down from 24% to 16%.
That collapse in import penetration has allowed the local industry to reclaim volume, and Acerinox Europa reached positive EBITDA in June — a milestone that had been pushed back repeatedly. “we reached the positive EBITDA in June” — Bernardo Velázquez Herreros, Senior Executive or CFO · 2026-07-24 In the prior quarter call, management had guided for breakeven in the third quarter, but execution came early. “we may reach it in the third quarter” — Miguel Ferrandis Torres, Chief Executive Officer · 2026-05-09 This is more than a cyclical bounce: the CEO emphasizes that steel is now central to EU industrial policy. “steel is in the X of the European industrial policy” — Bernardo Velázquez Herreros, Senior Executive or CFO · 2026-07-24 The combination of CBAM, new quotas, and anti-circumvention measures is restructuring the market.
HPA: Alloys and Aerospace in Overdrive
The High Performance Alloys division, anchored by Haynes, is enjoying a record order book. Two of the highest monthly order entries in the company's history occurred in Q2, and backlog is at historical highs. “the momentum in alloys in America is brilliant” — Miguel Ferrandis Torres, Senior Executive · 2026-07-24 This is driven by aerospace and power generation, particularly industrial gas turbines needed for data centers. The shift is stark: a year ago, management described the HPA order book as weak for the first half, owing to softness in oil and gas and chemicals. “the order book appeared to be weak for the first half” — Miguel Ferrandis Torres, Executive, likely CFO or Senior Management · 2025-10-31 Now the mix is heavily tilted toward aerospace and defense, and the U.S. expansion projects at Kokomo and Kentucky are on track for 2028. The company is also ahead on synergies — EUR 16 million cumulative, 70% of the full-year target.
Q3 Guidance and the Path Ahead
For Q3, management expects EBITDA slightly above Q2, even with summer shutdowns and the seasonal slowdown. The U.S. remains the profit engine, with Section 232 providing stability, while Europe continues to recover on the back of trade measures. The new situation in Europe is expected to consolidate as the European Commission penalizes high-footprint importers. On the balance sheet, net debt increased to EUR 1.27 billion (2.5x EBITDA) due to working capital build, but the company reaffirms its goal of 2x by year-end. The possible U.S. listing remains under study but no decision has been made. Overall, the report signals a company that has moved from crisis management to capitalizing on a structural shift in trade policy, with a strong order book and improving margins.