AMAG Austria Metall AG

XMUN:AM8

Revenue: AMAG said first-half revenue rose 8.2% year over year to EUR 850.7 million, helped by higher aluminum prices, stronger rolling volumes, and a better mix.

Profitability: EBITDA climbed 25% to above EUR 100 million, with the margin improving to almost 12% from 10% last year, driven by a strong ramp-up in Ranshofen, better market conditions in Alouette, and higher LME prices.

Guidance: Management raised full-year 2026 EBITDA guidance to EUR 170 million to EUR 190 million from EUR 150 million to EUR 180 million, while warning that tariffs, inflation, and geopolitical volatility still matter.

Cash flow: Free cash flow was negative EUR 76 million, mainly because of higher working capital needs tied to the ramp-up and inventory valuation effects; management said this is temporary and under control.

Demand: Rolling demand was especially strong, with record Q2 shipments of 62,000 tonnes and gains in automotive, heat exchangers, aerospace, and industrial applications.

Balance sheet: Net debt to EBITDA moved to 2.7 from 2.3 at the end of 2025, but management said leverage remains stable and below 3.

Q&A focus: Analysts focused on gas costs, automotive demand, valuation effects, and the timing of a free cash flow recovery; management said gas costs are included in guidance and that valuation remains volatile but manageable.