AMAG Austria Metall (AMAG) Q3 2025 earnings summary

Executive summary

• Revenues for Q1–Q3/2025 grew by 5.4% to EUR 1,137.0 million, mainly due to higher aluminium prices despite a challenging environment.

• EBITDA for the first nine months reached EUR 114.2 million, exceeding the lower end of the full-year guidance but down 22.6% year-over-year.

• Net income after taxes declined 37.7% year-over-year to EUR 33.8 million due to lower operating profit.

• Free cash flow surged by 134% to over EUR 94 million, supported by strong operating cash flow and reduced investments.

• Efficiency and stabilization measures helped maintain earnings resilience in a difficult market.

Financial highlights

• Total shipments for Q1–Q3/2025 were 320,800 tonnes, down 0.8% year-over-year.

• EBITDA margin dropped to 10.0% from 13.7% year-over-year.

• EBIT for Q1–Q3/2025 was EUR 53.2 million, down 34.1% year-over-year; EBIT margin decreased to 4.7%.

• Net financial debt reduced to EUR 164 million as of September 30, 2025, with net debt/EBITDA ratio improving to 1.9.

• Cash flow from operating activities for Q1–Q3/2025 was EUR 134.8 million, up 23.3% year-over-year.

Outlook and guidance

• Full-year 2025 EBITDA is expected at the upper end of the EUR 110–130 million range, though valuation effects may impact results.

• Q4/2025 is expected to be weaker due to planned maintenance, with volumes returning to full capacity by year-end.

• The economic environment remains challenging, with continued focus on cost efficiency and subdued market conditions into 2026.