Amag Sees Strong Q4 Earnings but Faces Full-Year Decline in 2024

Amag

Fourth Quarter Delivers 22.5% EBITDA Growth as Metal Division Outperforms

Full-Year Results Slip Despite Resilient Shipments and Revenue

Austrian aluminium producer Amag reported robust fourth-quarter results for 2024, with EBITDA up 22.5% year-on-year to €31.6 million ($33.1 million). However, the company saw a slight decline in full-year performance, as EBITDA dropped 4.88% to €179.2 million, landing at the top end of its guidance range.

Metal Division Helps Offset Broader Demand Weakness

Q4 revenues climbed 17.26% to €371 million, driven by a 3.67% increase in shipment volumes to 101,700 tonnes. Full-year revenue was €1.45 billion, just 0.71% below the previous year. Shipments remained steady at 425,000 tonnes for 2024, down only 0.19%. Amag credited its metal division for supporting earnings despite an overall weak demand environment. Stable production at its Canadian smelter, higher aluminium prices, and lower average raw material costs helped offset negative factors, though rising alumina prices hurt margins in the second half.

Cautious Outlook for 2025, but Rolled Product Demand Set to Grow

Looking ahead, Amag forecasts subdued GDP growth in 2025, with 1% for Europe and just 0.3% for Germany. Nevertheless, the company expects demand for aluminium rolled products to rise by 4.5% next year, which could help underpin future results.