EQS-News: AMAG Austria Metall AG: Strong operating performance enabled solid business performance in 2025

Investor information

Ranshofen, 27 February 2026
 

AMAG Austria Metall AG: Strong operating performance enabled solid business performance in 2025

• Operational strength, consistent cost management and tailwinds from the Canadian aluminium smelter interest supported revenue and earnings trends
• Revenues grew by +2.1% to EUR 1,478.5 million (2024: EUR 1,448.8 million)
• EBITDA at EUR 137.0 million – despite challenging conditions, especially for the Ranshofen site (-23.5% compared to 2024: EUR 179.2 million)
• Net income after taxes of EUR 34.0 million (-21.3% compared to 2024: EUR 43.2 million), earnings per share at EUR 0.96 (2024: EUR 1.23)
• Operating cash flow recorded growth of +41.3% to EUR 168.1 million and free cash flow grew +262.5% to EUR 115.3 million (2024: EUR 119.0 million and EUR 31.8 million respectively)
• Dividend proposal of EUR 0.75 per share (2024: EUR 1.20 per share)
• Outlook for 2026: Specific EBITDA forecast for 2026 currently not possible; positive signals visible in the market

Against the backdrop of challenging conditions in 2025, AMAG Group was able to achieve robust shipment volumes overall thanks to its diverse set-up, high flexibility in operational processing and customer-oriented agility. Nevertheless, earnings were negatively impacted by a changed competitive environment in relevant sales markets affected by trade policy and the associated decline in margins. Rapidly implemented stabilisation measures helped to significantly cushion the impact on operating profit.

Dr. Helmut Kaufmann, Chief Executive Officer of AMAG: "The environment in 2025 was particularly challenging in many respects. This makes us all the more proud of the resilience of our organisation and the earnings we have achieved. Our operational flexibility, consistent cost management and the continued excellent performance of our strategic aluminium smelter investment in Canada contributed significantly to achieving strong financial results. There was growth in the equity ratio and, with free cash flow of EUR 115.3 million, a new record high was achieved since our listing on the stock exchange."

Revenues grew to EUR 1,478.5 million (+2.1% compared to 2024: EUR 1,448.8 million). In particular, the +7.4% increase in the average aluminium price (3-month LME) to USD 2,639/t more than offset the negative impact on sales revenue resulting from lower shipment volumes and product mix shifts as well as the stronger EUR against the USD. At 417,600 tonnes, total shipments were slightly below the previous year's level (-1.7% compared to 2024: 425,000 tonnes) in a challenging market environment overall. 

Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 137.0 million (-23.5% compared to 2024: EUR 179.2 million). In the Metal Division, higher aluminium prices offset the negative effects of declining premium revenues, lower shipment volumes and a stronger EUR/USD exchange rate. In addition, favourable alumina costs supported earnings development, while valuation effects from the EUR forward curve were significantly lower than in the previous year. The Casting Division experienced growth in productivity in a persistently challenging market environment in the European automotive industry, but its earnings continued to be impacted by increased price sensitivity and indirect trade policy influences. In the Rolling Division, rapid shifts in the product mix stabilised capacity utilisation. Weak sales, especially in the transport sector, were offset by sales increases in the industrial applications and packaging sectors. However, overall increasing competitive pressure, the effects of US tariffs and persistently high energy and personnel costs at the Ranshofen site led to increased margin pressure.

At EUR 80.1 million, depreciation and amortisation was significantly below the previous year's level (-21.5% compared to 2024: EUR 102.1 million). This is mainly attributable to the special depreciation carried out at AMAG components in the previous year. This resulted in an operating profit (EBIT) of EUR 56.9 million (-26.2% compared to 2024: EUR 77.1 million). Net income after taxes amounted to EUR 34.0 million in the 2025 financial year (-21.3% compared to 2024: EUR 43.2 million).

At EUR 168.1 million, cash flow from operating activities reflects the solid operating profit and successful working capital measures (+41.3% compared to 2024: EUR 119.0 million). Metal inventories were reduced to a level last achieved in 2019. At EUR -52.8 million, cash flow from investing activities reflects the targeted reduction in investment activity (2024: EUR -87.2 million). Given the state-of-the-art Ranshofen site, investment requirements will remain low in the future. Free cash flow experienced significant growth in the 2025 financial year, reaching EUR 115.3 million (+262.5% compared to 2024: EUR 31.8 million).

The AMAG Group's balance sheet figures reflect its usual stable financial set-up. Equity amounted to EUR 717.1 million as at the balance sheet date (31 December 2024: EUR 740.9 million), and there was growth in the equity ratio to 43.2% (31 December 2024: 42.3%).

Net financial debt was reduced from EUR 382.3 million at the end of 2024 to EUR 321.0 million at the end of 2025. The gearing was significantly reduced to 44.8% at the end of 2025 (31 December 2024: 51.6%).

Dividend proposal:

The Management Board and Supervisory Board will propose a dividend of EUR 0.75 per share to the Annual General Meeting. This corresponds to a dividend yield of 3.1% based on the year-end closing price of AMAG shares of EUR 24.10. The Annual General Meeting will take place on 16 April 2026. The dividend payment date is 23 April 2026.

Outlook for 2026:

In the 2026 financial year, the AMAG Group will continue to operate in a challenging environment. Global markets remain volatile, with trade policy uncertainties – in particular the tariffs imposed by the USA on aluminium imports – potentially affecting international goods flows and pricing. At the same time, current economic forecasts for 2026 predict an overall improvement in industrial activity.^[1] Global demand for aluminium (primary and secondary aluminium) is forecast to rise, although demand for aluminium rolled products is anticipated to remain subdued in Western Europe.[2] From today's perspective, business performance in the three operating divisions of the AMAG Group is assessed as follows:

In the Metal Division, the Alouette smelter is currently benefiting from attractive aluminium and alumina prices. From today's perspective, production volume is expected to experience growth in 2026. With a cost structure that remains highly competitive, earnings development will continue to be affected primarily by the further development of aluminium and alumina prices, the structure of US tariffs and the USD/CAD and EUR/USD exchange rate relationships.

The Casting Division will remain dependent on the European automotive industry in 2026 and continues to face pressure on earnings due to a tense market environment, intense competition and higher input costs. The division continues to focus on high operational flexibility and the production of CO2-optimised alloys.

In the Rolling Division, earnings quality depends largely on the European industrial economy and the development of raw material and energy prices. Based on current estimates, an overall increase in shipment volume is expected. Despite global growth in aerospace, demand at AMAG could remain subdued due to existing inventories in the international aerospace value chain. Automotive and heat exchanger applications remain challenging, particularly in Europe. Nevertheless, from today's perspective, sales are anticipated to increase, mainly due to short-term market opportunities. In industrial applications, high competition and increased price sensitivity are affecting margins, while the packaging sector is expected to remain stable and no significant changes are anticipated in the sports and architecture sectors.

Against the backdrop of current economic forecasts, sentiment, customs arrangements and order intake, there are positive signs in the market from today's perspective. The AMAG Group will continue to leverage its broad set-up and high flexibility to realise opportunities and strengthen earnings quality as much as possible.

Annual Report 2025:

The 2025 Annual Report is now available on the AMAG website under "Investor Relations". It consists of the comprehensive Financial Report, including the non-financial statement, and a magazine summarising the most important information on business performance in 2025.

AMAG key figures: 

About the AMAG Group

AMAG Austria Metall AG is a leading Austrian premium supplier of high-quality aluminium casting and rolled products used in a wide range of industries, including aerospace, automotive, sporting goods, lighting, mechanical engineering, construction and packaging. The Canadian Alouette smelter, in which AMAG holds a 20% interest, produces high-quality primary aluminium with an exemplary ecological balance. The AMAG components division, headquartered in Übersee am Chiemsee (Germany), also manufactures ready-to-install metal parts for the aerospace industry.

Website: www.amag.at

NOTE

The forecasts, plans and forward-looking assessments and statements contained in this publication were made on the basis of all information available to AMAG as of 16 February 2026. The economic and trade policy environment has changed several times in recent months. Internal calculations/earnings analyses are based on various assumptions. These include, among other things, the continued validity of global US import duties on aluminium products. If the assumptions underlying the forecasts do not materialise, targets are not achieved or risks arise, actual earnings may differ from those currently anticipated. We undertake no obligation to update such forecasts in light of new information or future events.

This publication has been prepared with the utmost care and the data has been checked. However, rounding, transmission or printing errors cannot be ruled out. In general, rounding may result in deviations in the values, totals and percentages shown. AMAG and its representatives accept no liability for the completeness and accuracy of the information contained in this publication. This publication is also available in German, whereby in case of doubt, the German version shall prevail.

This publication does not constitute a recommendation or invitation to buy or sell AMAG securities.

^[1] WIFO, Economic Forecast 4/2025, December 2025

^[2] CRU, Aluminium Market Outlook, October 2025; CRU, Aluminium Rolled Products Market Outlook, November 2025