AMAG Austria Metall (AMAG) Q2 2026 earnings summary

Executive summary

• Revenue increased by 8.2% year-over-year to EUR 850.7 million in H1 2026, driven by higher shipment volumes, growth in the Rolling Division, and favorable aluminium prices.

• EBITDA rose 25.4% to EUR 101.1 million, with margin improving to 11.9% from 10.3% last year.

• Net income after taxes surged 73.7% to EUR 40.7 million, reflecting successful strategic execution.

• Productivity at the Ranshofen site reached an all-time high, with record shipments in the Rolling Division and improved workplace safety.

• All three divisions—Rolling, Metal, and Casting—delivered positive performance in the first half of 2026.

Financial highlights

• Revenue reached EUR 850.7 million, up 8.2% compared to the first half of 2025.

• EBITDA increased 25.4% to EUR 101.1 million, with margin at 11.9%.

• Net financial debt rose to EUR 421.7 million, with net debt/EBITDA at 2.7 versus 2.3 at year-end 2025.

• Equity increased by 3.3% to EUR 740.4 million, though the equity ratio declined slightly to 41.0% due to higher total assets.

• Free cash flow was negative at EUR -76 million, mainly due to working capital build-up and inventory valuation effects.

Outlook and guidance

• EBITDA guidance for 2026 raised to EUR 170–190 million, reflecting strong divisional performance, robust demand, and a strong order book.

• Growth in volumes, revenue, and earnings expected, with stable production and continued focus on cost efficiency.

• Key assumptions include stable market conditions, no escalation in geopolitical risks, and maintenance of current tariff regimes.

• Risks from metal price volatility, geopolitical tensions, and tariffs are factored into the outlook.

• Management remains confident in achieving guidance, with strong order books through year-end.