AMAG Austria Metall (AMAG) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw strong financial performance, with revenue up 20% to EUR 401.4 million and net income after taxes rising 22% to EUR 16.2 million year-over-year, driven by higher aluminum prices and increased volumes in the Rolling Division, despite emerging headwinds from new U.S. aluminum tariffs effective mid-March 2025.

• EBITDA increased 9% to EUR 46.1 million, supported by higher aluminum prices, improved cash flow, and volume growth in the Rolling Division.

• Operating cash flow rose over 40% to EUR 51.1 million, and free cash flow reached EUR 34 million.

• US tariffs on aluminum (25% since March 2025) had limited Q1 impact but are expected to negatively affect results from Q2 onward.

• The Metal Division benefited from higher premiums and stable production, while the Casting Division faced price pressure and weaker performance due to challenges in the European automotive sector.

Financial highlights

• Revenue increased 20% year-over-year to EUR 401.4 million, mainly due to higher aluminum prices and increased shipments.

• EBITDA grew 9% to EUR 46.1 million; EBIT rose 18% to EUR 23.8 million.

• Net income after taxes was EUR 16.2 million, up 22% from Q1 2024.

• Operating cash flow improved to EUR 51.1 million, and free cash flow reached EUR 34 million.

• Total shipments grew 6% to 110,800 tonnes, with significant gains in rolled products.

Outlook and guidance

• Full-year 2025 EBITDA is forecasted between EUR 110 million and EUR 140 million, with increasing negative effects from US tariffs expected from Q2 onward.

• Management expects stable volumes but significant price pressure, especially in automotive and heat exchanger segments.

• Volatile trade policy and economic environment create significant uncertainty for the remainder of 2025.

• Assumptions for guidance include stable tariff conditions for the rest of the year.