AMAG Austria Metall (AMAG) H2 2025 earnings summary

Executive summary

• Revenue increased by 2.1% year-over-year to EUR 1,478.5 million, driven by higher aluminium prices and operational strength.

• EBITDA declined 23.5% to EUR 137.0 million due to margin pressure, higher costs, and increased competition.

• Net income after taxes fell 21.3% to EUR 34.0 million, with EPS at EUR 0.96 versus EUR 1.23 in 2024.

• Free cash flow surged 262.5% to a record EUR 115.3 million, supported by strong operating cash flow and working capital optimization.

• Dividend proposal of EUR 0.75 per share, down from EUR 1.20 in 2024.

Financial highlights

• Operating cash flow grew 41.3% to EUR 168.1 million; inventories reduced to lowest level since 2019.

• Net financial debt reduced to EUR 321.0 million, with gearing down to 44.8%.

• Equity ratio increased to 47.0%, reflecting improved financial stability.

• EBITDA margin dropped to 9.3% from 12.4% year-over-year.

• Shipments totaled 417,600 tonnes, down 1.7% year-over-year.

Outlook and guidance

• No specific EBITDA forecast for 2026 due to ongoing market volatility and trade policy uncertainties, but positive signals are visible.

• Global aluminium demand projected to rise, but Western European rolled product demand to remain subdued.

• Rolling Division anticipates sales growth, especially in aerospace and U.S. automotive; automotive remains challenging.

• Metal Division expects full utilization and favorable aluminium and alumina prices.

• Casting Division remains under pressure, highly dependent on European automotive sector and scrap prices.