AMAG Austria Metall (AMAG) Q4 2024 earnings summary

Executive summary

• Revenues reached EUR 1,448.8 million, nearly flat year-over-year, with stable shipment volumes and record sales in automotive, transport, and aerospace, despite subdued European demand and market volatility.

• EBITDA was EUR 179.2 million, near the upper end of guidance but down 4.9% year-over-year; net income after taxes declined 34.9% to EUR 43.2 million, mainly due to impairment losses at AMAG components.

• Strong cash flow from operating activities at EUR 119 million, though down year-over-year, with a proposed dividend of EUR 1.20 per share, yielding 5%.

• Innovation, sustainability, and recycling remained strategic priorities, with new product qualifications, 76% scrap utilization, and 100% renewable electricity at all sites.

• Impairment losses at AMAG components totaled around EUR 13.2 million, reflecting challenges in the aerospace market and cost pressures.

Financial highlights

• Revenue of EUR 1,448.8 million, down 0.7% year-over-year; EBITDA margin at 12.4% (prior year: 12.9%).

• EBIT fell 24.7% to EUR 77.1 million; net income after taxes at EUR 43.2 million; earnings per share at EUR 1.23.

• Cash flow from operating activities at EUR 119 million, with free cash flow at EUR 31.8 million.

• Equity at EUR 749.4 million as of 31/12/2024; equity ratio at 42.3%.

• Gearing ratio increased to 51.6% at year-end 2024.

Outlook and guidance

• No EBITDA or earnings guidance for 2025 due to ongoing global uncertainties and weak European demand.

• Operating profit expected below 2024 levels, with continued price pressure, high energy costs, and structural expenses.

• Rolling Division to rely on flexibility and broad product setup; Metal Division earnings to be influenced by aluminum and raw material prices.

• CapEx for 2025 expected around EUR 80-90 million, in line with depreciation.

• Global demand for aluminum rolled products forecast to rise by 4.5% in 2025.