AMAG Austria Metall (AMAG) H1 2025 earnings summary

Executive summary

• Revenue increased 11.1% year-over-year to EUR 786.2 million in H1 2025, driven by higher aluminium prices and shipment volumes, but earnings were negatively impacted by US tariffs and rising costs.

• EBITDA declined 15.4% to EUR 80.6 million, with net income after taxes down 29.9% to EUR 23.4 million.

• Free cash flow increased 80% to EUR 49.1 million, supported by reduced investments and disciplined working capital management.

• Secured a long-term power contract for the Alouette smelter in Canada, ensuring operational stability through 2045.

• Recognized for supplier quality by Airbus and awarded by COMAC, expanding the aerospace customer base.

Financial highlights

• Revenue rose to EUR 786.2 million (+11.1% year-over-year); EBITDA: EUR 80.6 million (-15.4%); EBIT: EUR 38.8 million (-23.6%).

• Net income after taxes: EUR 23.4 million (-29.9%); EPS: EUR 0.66.

• Operating cash flow stable at EUR 76.2 million.

• Dividend of EUR 1.20 per share paid in April 2025, yielding 5.0%.

• Free cash flow increased due to reduced investments and working capital management.

Outlook and guidance

• Full-year 2025 EBITDA guidance narrowed to EUR 110–130 million due to market and tariff uncertainties.

• Economic environment expected to remain volatile and challenging, with subdued demand and ongoing trade policy uncertainty.

• U.S. tariffs, especially the new 50% rate, will have a greater impact in the second half.

• Rolling Division shipments expected to at least match prior year, but earnings to decline; Metal and Casting Divisions face continued margin pressure.

• Flexibility in regional delivery and product mix remains a key strategy.