AMAG Austria Metall AG Reports Solid Half-Year Performance Amid Market Weakness

Ranshofen, July 25, 2024 – Despite challenging market conditions, particularly in Europe, AMAG Austria Metall AG reports solid financial results for the first half of 2024. The company’s diversified strategy and higher aluminum prices in the second quarter cushioned the subdued demand for aluminum rolled products.

Revenue stood at EUR 707.7 million, down from EUR 796.4 million in the same period last year. EBITDA was EUR 95.3 million, lower than the EUR 117.8 million recorded in H1/2023 but representing an improvement over the second half of 2023. Net income after taxes was EUR 33.4 million, compared to EUR 51.0 million last year, while operating cash flow increased to EUR 75.7 million.

Demand from certain industries remained weak, especially in Europe. However, the company's broad international customer base provided stability. The Metal Division benefited from higher aluminum prices, and the Casting Division maintained good shipment levels despite industry difficulties. The Rolling Division faced challenges but managed to adapt through product mix flexibility.

Looking ahead, AMAG expects an EBITDA between EUR 160 million and EUR 180 million for the full year 2024, relying on current aluminum prices, shipment volumes, and economic trends. Long-term demand for aluminum products is anticipated to rise, supporting positive prospects for the company.