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Presentation on the first half of 2026 30 July 2026
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2 2 Presentation H1/2026 AMAG Austria Metall AG DISCLAIMER › The forecasts, plans and forward-looking assessments and statements contained in this presentation have been made on the basis of all information available to AMAG up to 14 July 2026. The economic and trade policy environment has changed several times in recent months. Internal calculations and performance analyses are based on various assumptions. These include, amongst other things, the continued validity of the US global import tariffs on aluminium products. Should the assumptions underlying the forecasts prove incorrect, targets not be met or risks materialise, actual earnings may differ from those currently anticipated. We accept no obligation to update such forecasts in the light of new information or future events. › This presentation has been prepared with the utmost care and the data has been checked. However, rounding, transmission or printing errors cannot be ruled out. AMAG and its representatives accept no guarantees, in particular, for the completeness and accuracy of the information contained in this presentation. This presentation is also available in German. In cases of doubt, the German-language version shall prevail. › This presentation does not constitute a recommendation or an invitation to buy or sell AMAG securities.
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3 3 Presentation H1/2026 AMAG Austria Metall AG AMAG MANAGEMENT NEW MANAGEMENT BOARD WITH EXTENSIVE AMAG EXPERIENCE AND LONG-TERM CONTINUITY Mag.a Claudia Trampitsch › CFO since 1 January 2024 Contract until 31 December 2029 Dr. Alexander Moser-Parapatits › CSIO since 1 May 2026 Contract until 30 April 2029 Victor Breguncci, MBA › CEO since 1 May 2026 (prev. CSO) Contract until 31 May 2029 CEO: Chief Executive Officer | CSO: Chief Sales Officer | CFO: Chief Financial Officer | CSIO: Chief Strategy and Innovation Officer
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4 4 Presentation H1/2026 AMAG Austria Metall AG FINANCIAL PERFORMANCE IN H1/2026 EUR 850.7 million H1/2025: EUR 786.2 million Significant revenue growth, driven by increased shipment volumes in the Rolling Division and high aluminium prices Revenue +8.2% EUR 101.1 million H1/2025: EUR 80.6 million Strong operational performance at the Ranshofen site and an attractive market environment for the Canadian interest Alouette; EBITDA margin at 11.9% (H1/2025: 10.3%) EBITDA +25.4% EUR 40.7 million H1/2025: EUR 23.4 million Net income after taxes clearly reflects the positive business performance across all operating divisions Net income after taxes EUR -76.0 million H1/2025: EUR 49.1 million High contribution to operating profit, but significantly higher capital tied up due to aluminium price and volume growth Free cash flow EUR 186.1 million 31 Dec. 2025: EUR 276.5 million Liquidity reflects the increase in working capital and dividend distributions; net debt/EBITDA* at a solid 2.7 (31 Dec. 2025: 2.3) Liquidity and Debt -32.7% EUR 170–190 million previously: EUR 150–180 million Based on the current order and market situation, as well as the underlying price and geopolitical assumptions Outlook for 2026 KPIs REFLECT POSITIVE PERFORMANCE IN THE FIRST HALF OF 2026 +73.7% -255.0% *Ratio represents net debt/EBITDA (LTM).
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5 5 Presentation H1/2026 AMAG Austria Metall AG OPERATIONAL PERFORMANCE IN H1/2026 Successful ramp-up at the Ranshofen site Productivity at the Ranshofen site at an all-time high; quality and delivery performance also at a strong level Record quarterly shipments in the Rolling Division, at just under 62 thousand tonnes in Q2/2026 Despite high capacity utilisation achieved within a short timeframe and numerous new hires at the Ranshofen site, TRIFR* improved to 0.7 in H1/2026 (H1/2025: 1.3), reflecting continued focus on workplace safety Production and shipments Improved market environment in key industries A broad product range and high flexibility enabled the successful exploitation of market opportunities in the Rolling Division Positive order momentum, especially from the automotive and heat exchanger sectors (including data centres) Positive developments in the aerospace sector and improved sentiment in the field of industrial applications Order situation in the Rolling Division SUCCESSFUL RAMP-UP AT THE RANSHOFEN SITE *Total Recordable Injury Frequency Rate = accidents per head with absence and incidents with medical treatment in relation to total productive hours x 200,000 hours
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Presentation H1/2026 AMAG Austria Metall AG MARKET AND SHIPMENTS H1/2026
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7 7 Presentation H1/2026 AMAG Austria Metall AG TOTAL SHIPMENTS OF THE AMAG GROUP SHIPMENT VOLUME GREW COMPARED TO THE PREVIOUS YEAR Total shipments in tonnes Change in total shipment volume compared with H1/2025 in tonnes -9,300 +1,800 +8,500 Metal: Sales variance especially due to logistical factors resulting from changes in shipping capacity; stable production at the Canadian aluminium smelter Casting: Total shipments of recycled cast alloys exceeded the previous year’s figure Rolling: Significant rise in sales driven by growth in the automotive and heat exchanger sectors, as well as in aerospace products and industrial applications 201,100 198,800 19,300 22,600 H1/2025 H1/2026 220,400 221,400 +0.5% *Internal shipment volume primarily represents the interdivisional volume (so-called ‘Remelted Secondary Ingots’ – RSI), which are produced in the Casting Division and resold to the Rolling Division. External shipments Internal shipments*
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8 8 Presentation H1/2026 AMAG Austria Metall AG ROLLING DIVISION: RELEVANT MARKETS Demand in Europe remains subdued (including pressure on OEMs) AMAG has capitalised on short-term market opportunities and achieved growth of +30% in H1/2026; record shipments anticipated in 2026 CRU forecast*: Transport +4.3% p.a. PMI June 2026**: Eurozone 51 Automotive + Transport Positive demand, driven by data centres and battery systems AMAG is benefiting from this positive trend sales up by +23% in H1/2026 CRU forecast*: Mechanical engineering +3.0% p.a. and +4.3% p.a. for transport PMI June 2026**: Eurozone 51, USA 54 Heat exchangers Positive growth in build rates forecast; aluminium destocking at OEMs is softening AMAG well positioned within major OEM platforms and distribution channels Shipments up by around +9% in H1/2026 CRU forecast*: Transport +4.3% p.a. PMI June 2026**: Global 52 Aerospace Broad portfolio spanning different cycles and sectors ( esp. mechanical engineering) More positive market sentiment, shipment growth already visible in H1/2026, and better price execution CRU forecast*: Mechanical eng. +3.0% p.a. PMI June 2026**: Germany 50, Italy 52, Spain 50, USA 54 Industrial applications Demand for aluminium packaging materials remains stable Segment ensures stable capacity utilisation and mitigates volatility Shipments in H1/2026 adjusted by -19% CRU forecast*: Packaging +3.3% p.a. PMI June 2026**: Eurozone 51 Packaging Stable demand in the small but high- margin sports segment No significant change in architectural products Shipments in H1/2026 up by +3% CRU forecast*: Other +6.6% p.a. PMI June 2026**: Global 52 POSITIVE TREND IN STRATEGICALLY IMPORTANT SALES MARKETS Others *The forecasts by CRU (Commodity Research Unit) reflect the annual growth of the sectors covered by CRU over the period 2025 to 2030. **The PMI index reflects the sentiment among purchasing managers in the manufacturing sector of the region relevant to the respective market. Sources: CRU, Aluminium Market Outlook, April/June 2026 & Aluminium Rolled Products Market Outlook, May 2026, and Bloomberg, Purchasing Managers’ Index
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9 9 Presentation H1/2026 AMAG Austria Metall AG Change in market share by industry (compared with H1 2025): +4 pp +1 pp no change no change no change -2 pp -4 pp ROLLING DIVISION: SHIPMENTS BY INDUSTRY STRATEGIC CAPABILITIES ESSENTIAL FOR PORTFOLIO OPTIMISATION The chart shows the sales share by industry in % and the change in shipment volume compared with H1/2025 in thousand tonnes. 23% +6.3 kto 13% +1.3 kto 3% +0.5 kto 32% +0.7 kto 12% +2.6 kto 6% +0.2 kto 12% -3.1 kto
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10 10 Presentation H1/2026 AMAG Austria Metall AG ROLLING DIVISION: ORDER DEVELOPMENT FURTHER INCREASE IN AVERAGE ORDER BOOK › Average order book volume saw further growth in Q2/2026: › High order volume in the automotive sector due to supply chain bottlenecks in North America › Market share in the heat exchanger division successfully expanded › Demand for aerospace products and industrial applications remains positive › Weak global demand and intense competitive pressure in sports and architectural products › Orders in the packaging sector adjusted 0 50 100 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Q2/2026 [in thousands tonnes] Target range
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Presentation H1/2026 AMAG Austria Metall AG BUSINESS PERFORMANCE H1/2026
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12 12 Presentation H1/2026 AMAG Austria Metall AG PRICE TRENDS FOR KEY RAW MATERIALS ATTRACTIVE TERMS FOR THE CANADIAN INTEREST ALOUETTE Ø Aluminium price (3-month LME) Source: London Metal Exchange (LME); S&P Global Commodity Insights, ©2026 by S&P Global Inc. 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Q2/’25 Q2/’26 H1/’25 H1/’26 2,462 3,524 2,545 3,359 +43% +32% Ø US Midwest premium (duty paid) 982 853 0 500 1,000 1,500 2,000 2,500 3,000 Q2/’25 Q2/’26 H1/’25 H1/’26 2,518 2,406 +156% +182% Ø Alumina price 355 308 435 307 0 100 200 300 400 500 14.4% Q2/’25 8.7% Q2/’26 17.1% H1/’25 9.2% H1/’26 -13% -29% All prices are quoted in USD per tonne Price as at 14 July: 3,168 USD/t Price as at 14 July: 2,358 USD/t Price as at 14 July: 330 USD/t (10.4 LME-%)
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13 13 Presentation H1/2026 AMAG Austria Metall AG AMAG GROUP REVENUES GROWTH DRIVEN BY PRICE AND VOLUME FACTORS Revenues in EUR million Revenue reconciliation compared with H1/2025 in EUR million 167.4 149.4 69.5 74.8 545.4 623.1 3.8 3.3 H1/2025 H1/2026 786.2 850.7 +8.2% Metal Casting Rolling Service +75.3 +0.5 +21.5 H1/2025 Aluminium price Price/premiums Volume/mix -32.9Other H1/2026 786.2 850.7 Particularly due to a stronger average EUR against the USD
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14 14 Presentation H1/2026 AMAG Austria Metall AG AMAG GROUP EBITDA OPERATING PROFIT GREW SIGNIFICANTLY EBITDA reconciliation compared with H1/2025 in EUR million EBITDA in EUR million 80.6 101.1 +30.0 +2.1 +14.8 H1/2025 Aluminium price -5.2Price/premiums Raw materials/energy Volume/mix -21.2Other H1/2026 Positive valuation effects in the previous year and negative roll-over results in H1/2026 H1/2025 H1/2026 80.6 101.1 +25.4%
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15 15 Presentation H1/2026 AMAG Austria Metall AG CHANGE IN EBITDA BY DIVISIONS IMPROVED PERFORMANCE ACROSS ALL AMAG DIVISIONS Change in EBITDA compared with H1/2025 in EUR million Metal Division › Attractive aluminium and alumina price levels, as well as high production at aluminium smelter › Lower shipment volumes due to logistical issues (approx. -9 thousand tonnes) are delaying the realisation of earnings › A sharply falling aluminium price forward curve is currently leading to negative roll-over results. Valuation effects* in H1/2026 at +5 million EUR, following +3 million EUR in H1/2025 Casting Division › More positive business performance in a persistently challenging environment due to increased productivity and positive price effects › Focus on scrap availability and price trends, as well as cost efficiency, remains in place Rolling Division › Positive management of volumes and product mix, alongside consistent cost management: › Significant rise in sales of automotive and heat exchanger products, with growth also seen in aerospace and industrial applications; a decline in the packaging sector › Cost-efficiency measures are taking effect; rising energy prices cushioned by hedging, amongst other factors › Valuation effects* in H1/2026 at -3 million EUR, following +8 million EUR in H1/2025 +12.6 +2.7 +10.5 *Valuation effects were redefined as at 30 June 2026 and adjusted retrospectively.
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16 16 Presentation H1/2026 AMAG Austria Metall AG EBITDA OF AMAG GROUP IN Q2/2026 OPERATING PROFIT SAW SIGNIFICANT GROWTH EBITDA reconciliation compared with Q2/2025 in EUR million EBITDA in EUR million 34.6 44.0 +22.8 +0.9 +12.3 Q2/2025 Aluminium price Price/premiums -3.6Raw materials/energy Volume/mix -23.0Other Q2/2026 Q2/2025 Q2/2026 34.6 44.0 +27.3% Negative prolongation results and valuation effects in Q2/2026
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17 17 Presentation H1/2026 AMAG Austria Metall AG NET INCOME AFTER TAXES, AMAG GROUP THE EARNINGS REFLECT ESPECIALLY THE POSITIVE TREND IN EBITDA Net income after taxes in EUR million Net income after taxes reconciliation compared with H1/2025 in EUR million H1/2025 H1/2026 23.4 40.7 +73.7% 23.4 40.7 +20.5 +3.5 +2.6 H1/2025 EBITDA Depreciation Financial result -9.3Income taxes H1/2026
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18 18 Presentation H1/2026 AMAG Austria Metall AG AMAG GROUP CASH FLOW HIGH ALUMINIUM PRICES AND INCREASED VOLUMES WEIGHING ON CASH FLOW Cash flow from investing activities in H1/2026 › Consistent and budgeted continuation of reduced investment activities at the Ranshofen site Cash flow from operating activities in H1/2026 › Strong operating profit (EBITDA) has a positive impact, but › significantly higher capital tied up has the opposite effect: i) an increase in inventories, primarily due to higher volumes at the Ranshofen site and a logistics-related shift in sales in the Metal Division ii) the sharp rise in the aluminium price is tying up noticeably more capital 76.2 -56.7 -27.2 -19.3 49.1 -76.0 -174.4% -28.9% -255.0% H1/2025 H1/2026 [in EUR million] Free cash flow in H1/2026 › Cash flow negative due to working capital trends
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19 19 Presentation H1/2026 AMAG Austria Metall AG AMAG GROUP BALANCE SHEET FIGURES (1/2) NET FINANCIAL DEBT REFLECTS HIGHER CAPITAL TIED UP Net financial debt in EUR million EBITDA (LTM) in EUR million and net debt/EBITDA* *The figures shown represent EBITDA for the last 12 months (LTM) and the net debt/EBITDA ratio as at the respective reporting date. 382 356 386 344 321 342 422 0 100 200 300 400 500 31/12/ 2024 31/03/ 2025 30/06/ 2025 30/09/ 2025 31/12/ 2025 31/03/ 2026 30/06/ 2026 +31.4% 179 183 164 146 137 148 157 2.1 1.9 2.3 2.4 2.3 2.3 2.7 0 50 100 150 200 31/12/ 2024 31/03/ 2025 30/06/ 2025 30/09/ 2025 31/12/ 2025 31/03/ 2026 30/06/ 2026
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20 20 Presentation H1/2026 AMAG Austria Metall AG AMAG GROUP BALANCE SHEET FIGURES (2/2) HIGH RESILIENCE EVEN WITH SHORT-TERM CAPITAL TIED UP Equity in EUR million and equity ratio in % Cash and cash equivalents in EUR million 279 306 197 333 277 257 186 0 100 200 300 400 31/12/ 2024 31/03/ 2025 30/06/ 2025 30/09/ 2025 31/12/ 2025 31/03/ 2026 30/06/ 2026 -32.7% 741 760 736 736 717 738 740 0 200 400 600 800 42.3% 31/12/ 2024 41.7% 31/03/ 2025 44.3% 30/06/ 2025 42.5% 30/09/ 2025 43.2% 31/12/ 2025 41.1% 31/03/ 2026 41.0% 30/06/ 2026 +3.3%
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21 21 Presentation H1/2026 AMAG Austria Metall AG KEY FINANCIAL FIGURES AT A GLANCE KEY FIGURES FOR AMAG GROUP IN EUR MILLION Q2/2026 Q2/2025 Dev. (%) H1/2026 H1/2025 Dev. (%) Total shipments in tonnes 111,700 109,600 +1.9 221,400 220,400 +0.5 Revenues 446.9 384.8 +16.1 850.7 786.2 +8.2 EBITDA 44.0 34.6 +27.3 101.1 80.6 +25.4 EBITDA margin in % 9.8 9.0 11.9 10.3 Operating profit (EBIT) 24.8 15.0 +65.8 62.8 38.8 +61.9 EBIT margin in % 5.6 3.9 7.4 4.9 Net income after taxes 14.2 7.2 +95.9 40.7 23.4 +73.7 Earnings per share in EUR 0.40 0.21 +95.9 1.15 0.66 +73.7 Equity 740.4* 717.1** +3.3 740.4* 717.1** +3.3 Equity ratio in % 41.0* 43.2** 41.0* 43.2** Ø Number of employees (FTE) 2,125 2,198 -3.3 2,121 2,215 -4.3 *Figure as at 30 June 2026 **Figure as at 31 December 2025
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22 22 Presentation H1/2026 AMAG Austria Metall AG ESG INDICATORS AT A GLANCE KEY FIGURES FOR THE RANSHOFEN SITE Unit H1/2026 H1/2025 Dev. (%) Ø Scrap utilisation rate % 74.7 77.6 Ø Share of specialities % 57 52 Specific energy consumption* kWh/tonne 1,124 1,150 -2.3 Specific CO2 emissions (Scope 1 & 2)* tonnes of CO2 /tonne 0.159 0.159 Accident rate TRIFR** 1) 0.7 1.3 -46.2 Proportion of women** % 16 16 Ø Number of hours for training and development** hours/employee 8.8 12.9 -31.8 Compliance violations** quantity 0 0 The environmental key figures are affected by the production volume and the product mix, among other things. *The conversion of energy consumption and emissions is based on the standard factors of the Austrian Greenhouse Gas Inventory (Level 2a) most recently published by the Federal Ministry in December 2025. **Key figures also include AMAG components 1) Total Recordable Injury Frequency Rate = accidents per head with absence and incidents with medical treatment in relation to total productive hours x 200,000 hours
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Presentation H1/2026 AMAG Austria Metall AG OUTLOOK FOR 2026 AND SHARE
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24 24 Presentation H1/2026 AMAG Austria Metall AG Excellent operational performance with a significant increase in volume and productivity Optimisation of the product mix contributes to an increase in profits Focus on cost efficiency The market environment remains challenging, but increased productivity and high flexibility focus on cost efficiency and scrap availability OUTLOOK FOR 2026 (1/2) EBITDA guidance: EUR 170–190 million Based on the current order book and market situation, as well as the assumptions made regarding price trends and geopolitical conditions Stable production expected at Alouette Attractive price levels for aluminium and alumina Negative effects resulting from falling aluminium price forward curves Metal GROWTH IN VOLUMES, REVENUE AND EARNINGS EXPECTED Casting Rolling Arrows show the EBITDA trend compared with the previous year
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25 25 Presentation H1/2026 AMAG Austria Metall AG OUTLOOK FOR 2026 (2/2) Key assumptions Market conditions in the primary aluminium sector remain attractive Achievement of volume growth in the Rolling Division and sustained robust demand in key sales markets Maintenance of the current tariff regime and no further escalation of the conflict in the Middle East Further improvement in market conditions for primary aluminium Stronger-than-anticipated shipments trend among key customers in the Rolling Division Short-term economic recovery and, consequently, the implementation of price increases for aluminium rolled products Opportunities Adverse changes in relevant market prices Short-term changes to US import duties, including greater regionalisationof demand Further escalation of the Middle East conflict and its consequent impact on energy prices and economic development Risks GROWTH IN VOLUMES, REVENUE AND EARNINGS EXPECTED Valuation issues (particularly regarding risk provisions and derivative valuations) may cause significant fluctuations in both directions
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26 26 Presentation H1/2026 AMAG Austria Metall AG AMAG SHARE [since the IPO until 30 June 2026, in %] Performance of the AMAG share Stable ownership structure *B&C Industrieholding GmbH and Raiffeisenlandesbank Oberösterreich entered into an investment agreement on 1 April 2015. **B&C Industrieholding GmbH and Esola Beteiligungsverwaltungs GmbH concluded a shareholding agreement on 14 February 2019. 52.7% 16.5% 11.9% 8.5% 4.4% 6.1% B&C Privatstiftung*,**, Austria Raiffeisenlandesbank Oberösterreich AG*, Austria AMAG Arbeitnehmer Privatstiftung, Austria Treibacher Industrieholding GmbH, Austria Esola Beteiligungsverwaltungs GmbH**, Austria Free float -50 0 50 100 150 200 IPO 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 +44.2% +124.3% AMAG ATX
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Presentation H1/2026 AMAG Austria Metall AG APPENDIX
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28 Presentation H1/2026 AMAG Austria Metall AG METAL DIVISION TEMPORARY SALES EFFECTS AND BACKWARDATION AFFECTED Q2/2026 EBITDA performance in EUR million Q1 Q2 Q3 Q4 17.2 20.6 31.8 25.7 11.3 12.7 24.2 14.0 9.8 19.6 2024 2025 2026 IN EUR MILLION Q2 2026 Q2 2025 Dev. (%) H1 2026 H1 2025 Dev. (%) Total shipments in tonnes 23,000 30,900 -25.6 54,500 63,700 -14.4 External shipments in tonnes 21,500 30,900 -30.4 53,000 63,700 -16.8 Revenues 349.9 266.6 +31.2 674.3 584.6 +15.3 External revenues 64.3 74.6 -13.8 149.4 167.4 -10.8 EBITDA 12.7 11.3 +12.3 44.5 31.9 +39.6 EBIT 7.6 6.2 +22.3 34.4 19.1 +80.1 Ø Employees (FTE) 196 196 +0.0 196 197 -0.3 Financial KPIs at a glance
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29 Presentation H1/2026 AMAG Austria Metall AG CASTING DIVISION SIGNIFICANT INCREASE IN EARNINGS IN Q2/2026 EBITDA performance in EUR million Q1 Q2 Q3 Q4 2.2 0.9 1.3 2.1 2.3 4.5 2.2 0.8 0.5 0.1 2024 2025 2026 IN EUR MILLION Q2 2026 Q2 2025 Dev. (%) H1 2026 H1 2025 Dev. (%) Total shipments in tonnes 27,100 24,200 +12.0 49,700 47,900 +3.8 External shipments in tonnes 14,800 14,900 -0.7 28,900 29,400 -1.7 Revenues 45.5 39.4 +15.6 83.8 77.4 +8.3 External revenues 40.4 35.4 +14.0 74.8 69.5 +7.6 EBITDA 4.5 2.3 +99.5 5.8 3.2 +84.0 EBIT 3.9 1.7 +130.0 4.5 2.0 +127.6 Ø Employees (FTE) 111 116 -4.4 111 117 -5.0 Financial KPIs at a glance
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30 Presentation H1/2026 AMAG Austria Metall AG ROLLING DIVISION POSITIVE PERFORMANCE ACROSS ALL FINANCIAL KPIs EBITDA performance in EUR million Q1 Q2 Q3 Q4 22.5 24.4 25.4 24.8 20.9 30.4 26.8 19.3 22.1 2.6 2024 2025 2026 IN EUR MILLION Q2 2026 Q2 2025 Dev. (%) H1 2026 H1 2025 Dev. (%) Total shipments in tonnes 61,600 54,600 +12.8 117,200 108,800 +7.7 External shipments in tonnes 61,500 54,300 +13.3 117,000 107,900 +8.4 Revenues 402.9 317.8 +26.8 741.0 645.8 +14.7 External revenues 340.6 272.9 +24.8 623.1 545.4 +14.2 EBITDA 30.4 20.9 +45.3 55.8 45.3 +23.1 EBIT 18.4 8.4 +118.0 31.7 20.3 +55.9 Ø Employees (FTE) 1,618 1,672 -3.2 1,611 1,685 -4.4 Financial KPIs at a glance
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AMAG Austria Metall AG Lamprechtshausener Straße 61 5282 Ranshofen, Austria Telephone: +43 (0) 7722 8010 Email: office@amag.at Website: www.amag.at