AMAG operating profit jumps 58.9% to €181.4 million in nine months
Key Facts
AMAG Austria Metall AG said on October 29 that EBITDA for the first nine months of 2026 rose 58.9% to €181.4 million, from €114.2 million in the year-earlier period. The company said the increase reflected improved performance across its operating divisions, while the third quarter posted the second-best quarterly result in its history. Revenue for the period reached €1,323.4 million, up 16.4% from €1,137.0 million a year earlier. Net income after taxes also rose 141.6% to €81.7 million, from €33.8 million. The figures put strong earnings in the context of growing activity, with the decline in operating cash flow remaining a counterpoint in the period's results.
Revenue growth came as total shipments increased 6.9% to 342,900 tonnes, from 320,800 tonnes in the first nine months of 2025, alongside higher aluminum prices. AMAG attributed revenue growth particularly to positive shipment trends in its Rolling Division and higher aluminum price levels, and said the euro's strength against the dollar had a negative foreign-exchange effect. The EBITDA margin rose to 13.7% from 10.0%, indicating improved profitability compared with the year-earlier period. Net income after taxes rose in parallel with positive performance in the operating divisions, according to the company statement. In the Rolling Division, shipment growth included the automotive, heat-exchanger and aviation sectors, while cost-efficiency measures helped improve profitability.
In the third quarter alone, revenue rose 34.7% to €472.7 million, compared with €350.8 million in the third quarter of 2025. Quarterly total shipments increased 21.0% to 121,500 tonnes. The company posted EBITDA of €80.3 million and described the result as the second-best quarterly performance in its history. The company said in its announcement that "third-quarter performance was exceptional." The quarterly comparison highlights the breadth of growth in revenue and shipments during the quarter, as well as the contribution of that result to performance over the nine months.
On liquidity, cash flow from operating activities turned negative at €36.2 million in the first nine months, after reaching positive €134.8 million a year earlier. AMAG attributed the change particularly to an increase in working capital tied to higher activity volumes and aluminum prices. This means that revenue and shipment growth was accompanied by a greater need to finance working capital during the period, according to the company's explanation. The comparison shows a divergence between higher EBITDA and net income on one hand, and operating cash flow on the other. This divergence is part of the results published for the same period and did not lead the company to change its announced annual outlook.
AMAG had raised its EBITDA outlook for fiscal 2026 on October 7 to a range of €200–220 million, based on preliminary third-quarter figures and fourth-quarter expectations, and reaffirmed the range in its nine-month results announcement. On October 29, the chief executive said business performance to date and the current order book gave management confidence in closing the year within that range. The company expected strong operating performance in the Rolling Division in the fourth quarter, alongside continued stable production at the Canadian Alouette smelter, in which it holds a 20% stake. The company identified risks including short-term changes in market prices, any changes in U.S. tariffs, the possibility that Rolling Division shipments would fall short of expectations, and short-term increases in energy prices. AMAG is an Austrian supplier of rolled and cast aluminum products.