This article first appeared on GuruFocus .
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Net Sales:Increased by 7% to 5.78 billion.
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Adjusted EBITDA:Decreased by 5% to 422 million.
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Operating Cash Flow:Increased by over 50% to 455 million.
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Capital Expenditure (CapEx):Over 300 million invested.
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Net Debt:Increased by 68 million to 1.189 billion.
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Dividend Payments:155 million paid, maintaining a stable dividend policy.
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Inventory Adjustment:69 million adjustment due to price declines and strategic inventory management.
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Stainless Division EBITDA:Adjusted EBITDA of 226 million for the year.
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High Performance Alloys (HPA) EBITDA:Contributed 40% of total EBITDA with 146 million adjusted EBITDA.
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Working Capital Reduction:406 million reduction, primarily from inventory management.
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Interest Payments:47 million on a debt of $1.4 billion.
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Exchange Rate Impact:Negative impact of 126 million due to US dollar devaluation.
Release Date: February 27, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Acerinox SA ( ANIOY ) reported a 7% increase in net sales for 2025, reaching 5.78 billion, despite challenging market conditions.
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The company achieved a significant operating cash flow of 455 million, more than 50% higher than the previous year.
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Acerinox SA ( ANIOY ) maintained a stable dividend policy, distributing 155 million in dividends.
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The Beyond Excellence program exceeded expectations, with savings targets increased from 100 million to 120 million by 2026.
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The company was included in the S&P sustainability report for 2026, marking it as the only stainless steel producer recognized for sustainability.
Negative Points
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Adjusted EBITDA for 2025 was 5% below the previous year, at 422 million.
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The company faced a 69 million inventory adjustment due to price declines, particularly in Europe.
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Net debt increased by 68 million to 1.18 billion, partly due to foreign exchange impacts and investments.
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The European market experienced a critical situation with low prices, partly due to ineffective safeguard measures and increased imports.
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Uncertainty in the market, driven by geopolitical tensions and tariff issues, continues to challenge strategic planning and demand forecasting.
Q & A Highlights
Q: What should be the key drivers in terms of regional volumes and pricing to achieve the 500 million EBITDA improvement? A: The potential of new investments and strategy is calculated at historical averages, without assuming price increases. The focus is on developing CapEx programs, ramping up new equipment, and increasing production with these investments, which are deemed reasonable based on current prices. - Bernardo Velazquez Herreros, CEO
Q: How is the US market, particularly NAS, performing in the current environment, and what is the impact of inventory write-downs? A: NAS is performing well, operating at 85% capacity utilization with stable prices and costs. The inventory write-downs are primarily in Europe, with 12 million allocated to HPAs. The US market remains stable despite lower apparent consumption. - Bernardo Velazquez Herreros, CEO
Q: Can you provide insights on the impact of CBAM and safeguard measures in Europe on profitability and market conditions? A: CBAM is in place, but its full impact is yet to be seen. Initial observations show reduced imports and slight price increases, but these are attributed more to market activity and raw material costs rather than CBAM alone. The effectiveness of these measures will be clearer over time. - Bernardo Velazquez Herreros, CEO
Q: What is the outlook for EBITDA growth in 2026, and how will it be distributed throughout the year? A: The recovery is expected to be gradual, with a more stable environment in North America and anticipated improvements in Europe in the second half of the year. The new European trade measures effective from July should aid in improving conditions. - Miguel Torres, Chief Corporate Officer
Q: What are the expectations for CapEx in 2026 compared to 2025? A: CapEx for 2026 is expected to be slightly below the 311 million invested in 2025, as the company completes final payments on NAS expansion and continues investments in other areas like Haines. - Miguel Torres, Chief Corporate Officer
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
