Acerinox SA

F:ACE

EBITDA jump: Acerinox reported Q2 EBITDA of EUR 176 million, up 85% versus Q1, helped by stronger U.S. stainless steel and a recovery in Europe.

Europe improving: Management said Acerinox Europa reached positive monthly EBITDA in June, while noting Q3 will still be affected by summer seasonality and August shutdowns.

U.S. strength: The U.S. stainless business continued to benefit from alloy surcharges, stronger aerospace and defense demand, and solid order books, although management still sees broader demand as weak.

HPA momentum: High-performance alloys posted better results in Q2, driven by aerospace and industrial gas turbines, with management saying the backlog is at or near record levels.

Debt up: Net financial debt rose to EUR 1.266 billion, mainly because of higher working capital, but management still targets debt-to-EBITDA of around 2x by year-end.

Guidance nudged higher: Management said Q3 EBITDA should be slightly higher than Q2 and implied an annualized EBITDA figure above EUR 500 million, while also saying EUR 540 million is a reasonable annualized run-rate reference.