AMAG reports record-breaking EBIDTA of EUR 217.4 million in 3Q2022; shows Y-o-Y growth of 47% in revenue

AMAG Austria Metall AG, the biggest company in the Austrian Aluminium industry sector, announced a positive third quarter, with sales and profitability showing significant Y-o-Y growth. In the company's history, this was the first time an operational result (EBITDA) of over EUR 200 million was produced.

In the first three quarters of 2022, AMAG group's revenue surged by 47 per cent to EUR 1,353.9 million, from EUR 923.8 million recorded between Q1 to Q3 in 2021. The main reason behind this increment can be credited to higher aluminium prices, price changes brought on by rising costs and product mix optimisation. Total sales were marginally higher than the same period in the previous year (Q1–Q3/2021: 337,800 tonnes), coming in at 341,500 tonnes.

"Despite numerous challenges, we have achieved the best operating result in the company's history. With our innovative and sustainable products as well as a clear focus on sustainable production, we made the best possible use of the positive market environment. However, the course of business going forward is characterised by uncertainties. We will continue to make the best possible use of our broad positioning and respond flexibly to changes in demand," said Gerald Mayer, CEO of AMAG Austria Metall AG.

Earnings before interest, tax, depreciation and amortisation (EBITDA) dramatically increased by 48.3 per cent to reach EUR 217.4 million during the third quarter of 2022 (3Q2022), from EUR 146.5 million recorded last year for the same period. The Metal Division profited from the favourable average aluminium price, and relatively low alumina costs as production levels stayed steady. The casting and rolling divisions stood out for their excellent output and efficient utilisation of available resources. Positive effects were also produced by executing product mix optimisations and pricing modifications effectively to reflect increased prices for raw materials and energy.

The financial year has thus far been primarily distinguished by a favourable market environment. However, the economic climate slowed down more and more throughout the third quarter of 2022, principally owing to uncertainty related to the Ukraine crisis and significant cost inflation, mainly brought on by rising energy costs. Additionally, there is still concern regarding the consistency of the energy supply.

The AMAG Management Board projects EBITDA to range between EUR 230 million and EUR 250 million for the entire fiscal year 2022 based on current forecasts for shipment volumes and pricing developments and assuming a steady energy supply.