In 2025, AMAG’s performance reflected strong aluminium prices against a backdrop of operational pressure. Revenue increased 2.1 per cent to EUR 1.47 billion, up from EUR 1.44 billion in 2024. The improvement was largely driven by market pricing. The three-month LME aluminium average rose 7.4 per cent to USD 2,639 per tonne, helping to offset the impact of a stronger euro against the US dollar, which moved to 1.13 from 1.08, as well as softer shipment volumes in key segments.

Total shipments declined 1.7 per cent to 417,600 tonnes. External shipments fell 2.0 per cent to 382,800 tonnes as lower volumes in the Metal and Casting divisions outweighed stable performance in rolling operations. The European automotive sector remained challenging, shaped by volatile demand, increasing imports and a structural transition toward battery electric vehicles.

Profitability came under pressure during the year. Gross profit decreased 4.9 per cent to EUR 215.5 million from EUR 226.6 million in 2024. EBITDA declined 23.5 per cent to EUR 137 million compared with EUR 179.2 million a year earlier. Net income after taxes fell 21.3 per cent to EUR 34 million from EUR 43.2 million.

Despite lower earnings, the financial position improved. Net financial debt reduced 16.0 per cent to EUR 321.0 million. Gearing declined to 44.8 per cent from 51.6 per cent, and the equity ratio strengthened to 43.2 per cent.

Aluminium scrap processing increased slightly to 296,700 tonnes in 2025 from 294,700 tonnes in 2024, reflecting the continued role of recycled material in operations.

For 2026 aluminium market outlook, download our report TOC: Global Aluminium Industry Outlook 2026

Metal division: Output constraints meet premium pressure

The Metal Division, which oversees primary aluminium production, metal flow management, aluminium price hedging and marketing, recorded revenue growth of 1.9 per cent to EUR 1,070.0 million. Internal revenue amounted to EUR 755.0 million. Higher aluminium prices supported the increase despite currency headwinds.

Shipments declined to 122,700 tonnes from 126,400 tonnes due to fewer active pots at the Alouette smelter.

EBITDA fell 14.9 per cent to EUR 65.5 million, with the margin narrowing to 6.1 per cent from 7.3 per cent. Lower regional premiums following changes in US tariffs, reduced shipment volumes and the absence of the positive hedging valuation effect recorded in 2024, when it stood at plus EUR 12.7 million compared with minus EUR 0.2 million in 2025, outweighed the benefit of softer alumina prices.

EBIT decreased 12.1 per cent to EUR 43.0 million. Investment spending dropped 31.6 per cent to EUR 23.2 million, mainly due to lower expenditure on cell relining.

Casting division: Automotive exposure weighs heavily

The Casting Division produces high-quality aluminium casting alloys from scrap for the automotive and supplier industries as well as mechanical and electrical engineering sectors. Revenue declined 5.4 per cent to EUR 146.1 million, while internal revenue stood at EUR 14.8 million. Import pressure and scrap shortages compounded weakness in the European automotive market.

Shipments decreased 2.7 per cent to 90,700 tonnes. External volumes fell to 57,100 tonnes from 61,300 tonnes, while internal remelt volumes supplied to the Rolling Division increased to 33,600 tonnes.

EBITDA dropped 42.5 per cent to EUR 4.0 million, with the margin narrowing to 2.8 per cent from 4.5 per cent. Pricing pressure, higher energy and personnel costs and subdued automotive demand weighed on performance. Productivity improvements and IFRS 16 accounting effects of EUR 2.4 million provided partial support.

EBIT declined 64.7 per cent to EUR 1.7 million. Investments were reduced 42.3 per cent to EUR 2.1 million.

Rolling division: Stable volumes, narrower margins

The Rolling Division manufactures sheets, coils and plates for automotive, aerospace, transport, sports and industrial uses. Its portfolio also includes brightening materials, cathode elements for zinc smelters, brazing materials, special tread plates, high-strength alloys and foil stock for packaging. AMAG components, part of this division, produces precision aircraft parts by machining and cutting plates, forgings and castings.

Revenue increased 2.2 per cent to EUR 1,198.1 million, with internal revenue reaching EUR 173.4 million. Aluminium price effects supported performance despite shifts in product mix.

Shipments remained stable at 204,200 tonnes. Growth in industrial and packaging applications offset weaker transport demand.

EBITDA declined 30.0 per cent to EUR 67.3 million, and the margin fell to 5.6 per cent from 8.2 per cent. US tariff impacts, weak European industrial activity, competitive pressure and high costs at the Ranshofen site weighed on earnings. Mix adjustments, contract provisions and IFRS 16 accounting effects of EUR 24.5 million partly mitigated these pressures.

EBIT fell 41.3 per cent to EUR 17.8 million. Investments decreased 30.9 per cent to EUR 22.0 million, focused on decarbonisation and safety initiatives.

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Outlook 2026

Aluminium market projections indicate that primary demand is expected to rise 2.2 per cent to 75.7 million tonnes in 2026. Rolled products demand is projected to grow 3.6 per cent to 33.5 million tonnes, driven by transport growth of 3.7 per cent and packaging growth of 4.1 per cent. EU auto registrations are forecast to increase 2 per cent to 13.4 million units. However, German vehicle production is expected to decline 1 per cent to 4.11 million units, and US light vehicle output is projected to fall 4 per cent. 

Recycling expansion plans include upgrades to sorting plants for mixed scrap and research initiatives focused on scrap simulation and energy optimisation under the SMART project, scrap characterisation and automation under SCRAdP, upcycling under SORA II and the development of new recycling flows under ART. Also read: AMAG receives €75 million EIB loan for cutting-edge research and development.

1 USD is equal to 0.86 EUR as of march 3, 2026

Image source: AMAG Austria Metall AG