AMAG Austria Metall (AMAG) investor relations material

Executive summary

• Q1 2026 delivered strong earnings growth across all divisions, with EBITDA up 23.9% to EUR 57.1 million and net income after taxes rising 63.8% to EUR 26.5 million, supported by favorable aluminium prices and positive contributions from the Canadian Alouette investment.

• Revenue increased 0.6% year-over-year to EUR 403.8 million, with robust demand and improved product mix, especially in the Rolling Division.

• All business segments outperformed Q1 2025, with notable growth in automotive and industrial applications.

• Operating cash flow was negative at EUR -8.4 million, mainly due to higher working capital from increased aluminium prices and inventory valuation.

• CEO Dr. Helmut Kaufmann announced retirement following robust quarterly performance.

Financial highlights

• EBITDA margin improved to 14.1% (Q1 2025: 11.5%), and EBIT margin rose to 9.4% (Q1 2025: 5.9%).

• Earnings per share increased 63.8% to EUR 0.75.

• Equity grew 2.9% to EUR 737.5 million, with an equity ratio of 41.1%.

• Net financial debt increased, with figures reported at EUR 183 million and EUR 341.7 million, and a net debt/EBITDA ratio of 2.1.

• Free cash flow was negative at EUR -19.7 million due to working capital build-up.

Outlook and guidance

• 2026 EBITDA guidance set at EUR 150–180 million, reflecting positive performance expectations but accounting for market uncertainties and price sensitivities.

• Management expects a better year overall, with growth in volume, improved mix, and price execution.

• Positive development anticipated across all divisions, with Metal Division earnings expected to exceed prior year and Rolling Division sales projected to rise, especially in automotive and heat exchanger sectors.

• Free cash flow is expected to recover later in the year as working capital effects reverse.