and a warm welcome to our conference call for the financial year results 2025 of AMAG Austria Metall AG. I'm Christoph Gabriel, Head of Investor Relations, and I'm delighted to welcome our management board members: Dr.

Helmut Kaufmann, CEO and COO; Claudia Trampitsch, CFO; and Victor Breguncci, CSO. All board members are guiding you through the business development in 2025 based on our full-year's presentation.

At this stage, I would like to remind you that our full-year's presentation, as well as the financial report and the magazine for 2025, have already been published on our website under Investor Relations this morning. After the presentation, you will have the opportunity to ask questions during the Q&A session.

Please also feel free to reach out directly to me in case of any further questions that might occur after the Q&A session. As always, please note the disclaimer, especially regarding forward-looking statements that can be found at the beginning of our presentation on slide two.

I'm now handing over to Helmut Kaufmann, CEO, who will start with presenting the main highlights in 2025. Thank you.

Good morning, ladies and gentlemen, from my side. As Christoph mentioned, I will start with the slide on financial highlights for the year 2025 and would like to point out that in a difficult year, operational strength, consistent cost management, and some tailwinds from the Canadian investment in the primary metal smelter, Alouette, supported our revenues and earning trends and ensured, again, financial stability.

The revenues grew by 2.1% to €1.478 million and compared to the 2024 number of €1.448 million. EBITDA resulted in €137 million, slightly above the announced upper limit despite some challenging conditions throughout the year, especially for the site Ranshofen, which was actually 23.5% down to the €179.2 million EBITDA for AMAG in 2024.

Net income after taxes resulted in exactly €34 million, which was 21.3% down compared to the €43.2 million in the year 2024, which resulted in earnings per share of €0.96 compared to €1.23 in 2024. The operating cash flow grew by 41.3% to €168.1 million and resulted in a very strong free cash flow, a growth of 262.5% to €115.3 million compared to the 2024 numbers, €119 million for the operating and €31.8 million for the free cash flow.

The dividend proposal, which we will present to the General Assembly in April, is €0.75 per share compared to €1.20 per share in 2024. Finally, brief outlook for this year, 2026.

Of course, it's very early in the year. We see a lot of volatility, and therefore a precise EBITDA forecast at that point in time is not possible.

However, we can point out that we see some positive signals from the markets. Let me shift to the operational highlights for last year.

I mentioned already that we had volatile surroundings, but the operational strength was supporting AMAG. Metal Division, let me start with this one.

Very important for the future development of AMAG is that an agreement was reached in the middle of last year for the key terms and conditions for a long-term electricity contract for our Canadian smelter, Alouette, which shall last to the end of 2045, for the next 20 years. In the Casting Division, productivity grew compared to 2024.

The delivery performance was high, and customer satisfaction was also high. In the Rolling Division, continuous process optimization in the internal slab production significantly reduced the scrap rate and increased delivery performance.

Productivity gains were made in the rolling slab production as well as in the rolling mill, and productivity grew in both areas compared to 2024. The utilization of the rolling mills was successfully stabilized, which was not so easy in this volatile environment.

We were even able to increase the capacity for plate production and able to sell this additional capacity so that we could achieve record sales for heat-treated aluminum plates last year. Generally speaking, for AMAG Ranshofen, we had a successful continuation of ongoing working capital measures.

Metal inventories were reduced to the lowest level since 2019, and investments in equipment were deliberately reduced to a minimum and are focused mostly on replacement activities because, as we are very well-invested, very modern plant in the center of Europe. Let me continue with innovation.

Highlights there were, of course, in the area of sustainable alloys, especially sustainable alloys for the foundry industry at the beginning. It is important to develop materials which can consume higher amounts of scrap and are, therefore, optimized for recycling.

We focus here on the utilization of mixed scrap and try to develop materials which are fully capable for safety-critical components. We were also able to develop and introduce high-strength, ductile structural components for the automotive industry.

Our alloy developments for our sustainable material brand, ALforever, continued. ALforever stands for CO2-optimized materials where we actually guarantee levels of CO2 emissions connected to the production of this material.

This was now also introduced in the area of the aircraft products, where maximum strength, corrosion resistance, and safety are combined with minimum CO2 impact. We also continued in the development of virtual rolling techniques, computer-optimized process development and product development at the site in Ranshofen.

Of course, our customers can benefit from such solutions because we customize the products, and we are quicker in the introduction of new products. Let me have a short look at last year's in a little bit more detail.

I think for the first time, we show here a summary of the four quarters because it was so volatile that the four quarters actually were different. At the very beginning, in Q1 last year, very volatile aluminum prices, you remember from 2024 into 2025, very high alumina cost, significant increases in the US Midwest premium, and an announcement of 25% of the US tariffs, of course, had a strong impact.

The general market sentiment was subdued globally. This was connected to a weakening industrial activity, and, of course, increased the pressure on us to sell and to sell at good margins in Casting and Rolling Division.

In the second quarter of 2025, the aluminum price increased significantly. The alumina price, on the other hand, was reduced.

Because of the now to 50% increased American US tariffs, US Midwest premium grew. Direct and indirect effects—we talked about indirect effects because of an impact on our customers in Europe—because of the US import tariffs gradually were reflected in our earnings performance and at AMAG's operating divisions.

Challenges in the availability and the price development of aluminum scrap because of scrap export from Europe to international markets also led to rather unfavorable conditions. Basically, we had to be very careful and selective with products and markets for the Rolling Division.

In Q3 last year, the conditions for the Metal Division remained rather attractive: so, aluminum prices high, alumina prices low, rising premiums. This was good.

Nevertheless, cautious optimism was evident, partly due also to some positive attitude of the purchasing managers reflected into purchasing managers index, including Germany. On the other hand, competition increased, especially in the area of industrial applications.

Effects of US tariffs, again, were intensifying the margin pressure in the Rolling Division. Finally, in Q4 last year, again, further increase in aluminum price and stable alumina prices were positive for us.

Sustained increase in the US Midwest premium now was really fully offsetting the negative effects of the US tariffs. In the Rolling Division, competition remained high, connected to continued high competitive pressure on pricing, especially in Europe, especially again for recycled foundry alloys and aluminum products.

For the foundry alloys, also because again of scrap availability and pricing of scrap. The increased price pressure particularly had influence on the margin in the area of industrial applications, and this was reflected in the earning situation in the rolling divisions.

Of course, we did not just sit and watch the development. We responded with stabilizing measures that we quickly were able to implement.

Also in the past, we often times mentioned that AMAG is flexible and flexibility helps. We had to show flexibility in basically all our product areas.

In the Metal Division, of course, there was a strong impact on the American tariffs, and our sales had to decide continuously, basically on a daily basis, into which global area we would sell our primary metal. We were able to quickly change and try to find the best solution for AMAG.

As you can see, in 2024, we sold 100% of the primary metal to North America. In 2025, only 60% of the products went to North America, 40% already to Europe.

As I mentioned, this was daily activity to decide. Let me continue with the Casting Division.

We were here rather indirectly affected. As I mentioned before, the Casting Division do about 95% sales into the automotive industry.

Automotive customers from Europe were affected by the American tariffs. It was more difficult or partly impossible for them to sell into the American market, and this had some negative influence on the Casting Division.

Again, we had to adjust, and we did so. In the Rolling Division, tariff clauses in our contracts and difficult-to-produce products with some complexity enabled AMAG Rolling to stabilize the delivery even to the American customers in terms of volumes.

It is shown on this slide that roughly 15% of our overall shipments in the past, and also last year, go to the American market. Of course, these changes and the adjustments in pricing had of course some influence on our competitive situation, and it increased the price pressure and the earnings quality in the Rolling Division.

In operational words, I can tell you that we of course looked into the subject of productivity, and we were able to achieve productivity gains in both casthouses and in both rolling mills. The numbers here are certainly better than in the years before, where we also reported good numbers.

The shipments of rolled products more or less remained unchanged in terms of tonnage to the year before, to the year 2024. Let me say, as we always say, the wide product portfolio allowed us to adjust, we again were able to sell 204,000 tonnes of flat rolled products, but the product mix was different, and Victor will explain in detail later.

The supply of raw materials, especially the supply of aluminum scrap, could be secured. This was also possible because of our ability to utilize lower scrap qualities, but even for these lower scrap qualities, the prices increased, this certainly had an influence.

I have to tell you also that we successfully continued our cost efficiency measures at the site in Ranshofen, we were able to achieve savings in excess of the inflation and a little bit more, and this helped us to cushion the effects of the increased price pressure that came from basically all global markets. In addition, finally, I can tell you that we were also very strict in terms of investment discipline and working capital optimization.

This contributed very nicely to AMAG Group's financial position. With this information, I would like to hand over to Victor, who will tell you about the market and shipment situation 2025.

Thank you, Helmut, very much. Good morning from my side.

I'm turning to page 12 where, as Helmut just described, the challenging year of 2025, we can see in the sentiment indicator of the PMI index that we're still not yet completely in a reversal of the trend, but we saw that at the end of the year, we were coming from an economical situation with a little bit of more positive and more better expectations for the economic situation globally. We still don't see strength in all the markets, but we see that reflected in our order intake that I will mention more towards the end of my slides.

When we come to the global demand for aluminum, it remains solid, very promising for the next four, five years, not only in the primary side, but also in the flat rolled product in all the areas. China is a main driver of growth.

Europe, still subdued. We don't see necessarily a strong recovery from the demand in the Western market where we ship the magnitude of 70% to 75% of our sales.

It's important to mention that the flat rolled product demand for aluminum, especially for our site in Ranshofen, remains strong in the medium to long term. When we try to translate that into segments, as we have been showing in the last three, five years, transport, driven by aerospace, automotive, transportation, remains a strong user of aluminum, where we are very well positioned in our capabilities, in our assets.

Packaging and industry, with mechanical engineering being also good drivers. This gives us, as we saw in the execution of our strategy last year, how can we mitigate fluctuations in markets with a broad portfolio of capabilities in the flat rolled in Ranshofen.

This steady growth gives us a positive outlook that we have reached somehow the bottom of this demand cycle and that '26 might show better signs of recovery. I would like to explain a little bit and give a little bit of more details on what happened last year in our shipments.

From 2024, when we go to page 15, in 2024 to 2025, we saw a drop of almost 2% on our total shipments. How did it happen?

In the metal business in our smelter in Canada, there was a drop of a magnitude of 5,000 tonnes last year, due mainly for pot relining and temporary availability of pots. This is back into full capacity in our smelter in 2026, this was an important impact in our sales from our Canadian Alouette smelter.

As Helmut already mentioned, casting business has been very much impacted not only in our shipments, but also in the margins, but also as well in the mix. We tried to mitigate the lower demand and the overcapacity we have in foundry alloys, primary and secondary alloys, with more liquid material, which gives us a little bit more flexibility in where we can position our capacity.

Nevertheless, we saw a reduction in our shipments in the region of Western and Central Europe in the magnitude of 2,500 tonnes. Rolling, our main business in Ranshofen, we saw a big impact from the mix changes that happened when compared to 2024.

A reduction in aerospace business, which created—and we saw this in the whole market, not only the US tariffs impacted, but also the very strong inventory quantity we had in North America, but also in Europe, together with fluctuations in the build rates on the main airframers. We saw that the availability of heat treat capacity impacted very much the aerospace demand during the year of 2025.

We used this capacity to shift this availability of rolling hours into the industrial application segment, not only in Europe, but in the United States as well, but also in Asia, especially driven for semicon industry and also some industrial machinery where we saw at the end of the year an improvement in the sentiment and in the demand. Packaging was also a big driver.

We saw this happening here in Europe, and we took advantage of the situation to support those customers in that area. As we've been saying, Helmut mentioned this, I'm mentioning again, the overcapacity, the scrap availability, the pressure on the pricing of scrap, and we saw also the impact on how can we position our products in the most profitable markets impacted us especially in Q3, Q4, that we saw, as I said before, sort of the bottom of our shipments capability.

When we shift into the distribution of how our shipments in the rolling business happened, it's just giving a little bit of numbers. We saw a reduction in demand in automotive, driven mostly from United States tariffs implications from some customers, but also some indirect impact from our OEMs here in Europe, where had issues in placing orders for their platform.

We saw the indirect impact in our shipments in the magnitude of 3%. Aerospace, as I mentioned before, we used the capacity into the industrial applications, which grew 8% compared to 2024.

In the heat exchanger business, we saw a little bit of adjustments in the market here in Europe and a little bit of growth more towards the United States, where having this ability to play with premium products and the rise of the Midwest gave us the chance to penetrate the United States and North America with better product mix in the heat exchangers as well. In any sense, based on this scenario and on the situation that we saw during the year, we are believing, and we're going to mention this towards the end of the discussions today, that we have a noticeable increase in the average order backlog.

We see a little bit of improvements coming back from aerospace in the beginning of this year towards the middle of this year, this is a positive trend. There are some supply chain shortages happening in North America, where also see the reflection in our order intake.

Industrials in Europe also show a positive trend in our order intake, we're coming from a very difficult Q3, Q4 from a volume, mix, and margin point of view into a scenario where we see, based on the economical trend, but also we see in our order intake, in our order book, positive signs that '25 difficulties is in the direction of improvement. I will transfer now the part of the slides to Claudia, who will give a flavor on how the numbers are looking like.

Thank you.

Hello from my side. I will start with some information on the market prices that are relevant for our group earnings.

We heard it before from my colleagues, we had a very strong aluminum price development the last year, where you see that at the end of the year we were above $3,000, we still are keeping this level. That is relevant for our sales out of Canada and as well has influence on our group revenues, but also on our working capitals.

When we now go to the Midwest premium development, here you can see reflected all of the information you got before on the US tariffs, because all the high increase we can see here is due to higher US tariffs that are offset by the premium, and therefore now the Midwest premium is at the level above $2,200, which fully covers now the tariffs in there. On the positive side, compared to last year, where we had a more or less record high for quite a long time on alumina price, which directly affects our revenue costs, now the level really went down, and we are now seeing a level at about $300 per tonne.

Compared with the high aluminum price I mentioned before, we now have a very attractive relation between these two market prices that affects especially our revenues and earnings out of the Metal segment. When I go now to the revenues, you can see that compared to 2024, and even given the difficulties we heard about before, we had an increase in the revenues with 2%.

That's mainly, as you can see in our reconciliation, it's mainly due to the aluminum price, as I mentioned before, which had a steep increase in the last year compared to the year before. When I now go to the EBITDA, we can tell that even though we had an increase in the revenues, which is, you can see, in nearly all segments, we can't transfer that increase fully to the EBITDA.

That has several reasons. One of them was mentioned before by my colleagues that we had mixed shifts due to market conditions.

We had price effects due to the price pressures Victor mentioned before in the relevant markets where we are in. We had the effects by the US tariffs, the direct and indirect effects we were talking about before.

In addition to all of that, we also see that we had to deal with negative impacts out of personnel costs, energy costs. This all sums up to that our EBITDA 2025 is lower, but at least at a very solid level given all the circumstances we're in, at €137 million.

I now want to give you a little bit more detail on the several segments so that I can sum it up in that areas. For the Metal Division, we have the effect that the lower shipments we mentioned before.

Out of the US tariffs, even though the US tariffs are compensated by the US Midwest premium, what changes for us is that in the years before, we had an advantage out of Canada to the US, as we had a tariff exemption, which sums up to 10% for the rest of the companies who sell. This exemption is now eliminated, and therefore we have as well a decrease in our earnings in the Metal Division.

The positive effect I showed you before is that our raw material costs for alumina especially in the second half are going down. For the Casting Division, we have a lower EBITDA due to the challenging market condition we mentioned before and the price pressure as well.

For the Rolling Division, I think Victor explained everything that leads to the changes in the product mix, the increased competition, and the price pressure. I want to mention again, these are all negative influences, but as Helmut elaborated before on, we didn't sit and wait, but did a lot of measures where we were able to influence and contribute to make the best out of the macroeconomic situation we're not able to change.

When we have a short look also on the EBITDA of the fourth quarter, it shows even more precise or drastically the things I mentioned before, because when you see the whole year, if we had a first quarter which wasn't influenced by tariffs and so on, but when you just look at the fourth quarter, you see it even more, namely the effects of the tariffs and the changed product mix in there. This leads to a different picture than one year ago for the fourth quarter.

The net income after tax, just to finalize it up to there, is influenced by a much lower depreciation than last year. Just to remind you, last year we had an impairment loss we had to balance in.

This year, it's more or less a normal depreciation. Given the lower investment, also our depreciation is below our investments.

This now brings me up to our cash flow statement. When I mentioned before that we did everything and worked very hard on make all the best out of the situation and influence where we are able to do it, many of these things you see reflected in our cash flow, as we have a cash flow out of €168 million from the operating activities.

In there, we have a positive impact out of our working capital measurements, where we have a level not in value, because the value is influenced by the alumina price, but in tonnes, a level that is lower than 2019 on the metal side. We reduced our inventories.

We did measures on the receivables sides to do all things possible to increase our cash flow. The same is true for the investing activities.

From AMAG that we are a very modern and well built facility in Ranshofen, and had very big investments in the last years. We are now in a phase where we at the one side have lower investments because of our past activities, but also are very strict on where and how we now do our investments there.

This all sums up to a record level of a free cash flow we had in 2025 of €115 million. To sum it up, we can give you a short view on all our key figures for the group.

As I mentioned before, we were able in this difficult environments to keep our revenues. We did everything to achieve a EBITDA of €137 million, and had a very attractive influence then on our balance sheet.

This leads me now to the balance sheet. Everything that we mentioned before leads to a effect on the net financial debt as well, we could significantly reduce our net financial debt with 16% alone this year.

We could reduce our ratio of the EBITDA to net debt as well with 23.5%, we're now at a level of 2.3. This is a very solid and good basis for us for the year to come.

Again, given all the measurements on balance sheets and working capital and our financial stability, we see that we could increase our equity ratio with 1%. Also, in times where we have to figure on our financial stability, we do not lose the lens on the ESG key figures.

We heard before about flexibility, mix shifts, and so on. Still, we were able to have a high or even higher than last year scrap utilization rate.

That's given to the efforts of our team to source and recycle all the scrap needed to achieve this numbers. Also for the CFR, I also want to point out we were able to reduce it even more, we are also proud of that achievement as well.

Now I can hand over to Helmut again, who will give you some information on the dividends and the outlook for 2026.

Thank you, ladies and gentlemen. I try to speed up a little now so that we will have some time for Q&A as well.

I already mentioned that we will propose €0.75 as a dividend to the Annual General Assembly on 16th of April, and one week later, the dividend payment date will happen. I try to be quick here as well.

We do expect general growth continuation in the various global markets as is shown here, and we do see already some positive signals, especially in our Rolling Division. In more detail, for Metal Division this year, we expect the full utilization of the installed capacity, combined with good prices for aluminum, and still positive for us, relatively low prices for alumina.

This lets us expect general positive development for this division. Casting Division still under pressure, as we said, very strongly dependent on the European automotive industry.

The availability of scrap and the scrap prices connected to this business are of major importance. Here, of course, there is some fight on the market to be expected.

For the Rolling Division, we expect sales increase. Victor already mentioned some reasons: aerospace is one, where we expect a continued growth or ramp-up of the two big aircraft producers.

Automotive, on the one hand side, remains challenging in Europe. However, there are some short-term market opportunities in the United States.

We do expect a positive effect from this, and we therefore expect stronger sales this year. Packaging, architecture, sports remain stable, and industrial applications, which is also of global importance for us, remains price-sensitive.

This means also that our internal programs to optimize our cost position have to continue. Of course, it's impossible at the moment to tell you detailed numbers, but the signal that I want to send to you is as positive as we see it from the market.

We expect a positive development this year. Very finally, in a little more than a year from now, we celebrate the 15-year anniversary— In

a month.

What did I say?

A year.

In a month from now, yes. Sorry.

On April 8th, we will celebrate 15 years of AMAG being listed at the Vienna Stock Exchange. I think this was a positive move for us.

It secured our long-term future. It was very positive for our investment program at the site in Ranshofen, and it helped us to achieve autonomy and independence and a positive development also for the future.

Thank you very much for now. We are now open for your questions.

Thank you so much for the presentation. We will now move on with the questions from your side.

For a dynamic conversation, we kindly ask you to ask questions in person via the audio line. To do so, just raise your virtual hand.

If you have dialed in via phone, you can use the key combination *9 to enter the queue, followed by pressing *6 to unmute yourself. We will start with Patrick Speck, please go ahead with your questions.

Yes, good morning. Can you hear me?

Yes.

Congratulations on the very solid performance in 2025, and thanks a lot for the very detailed presentation. My first question is about the current situation of tariffs in the US.

After the Supreme Court decision on general tariffs, do you see any chance that the still existing tariffs on aluminum could be lifted too? Are there any lawsuits against those types of tariffs, too?

What's your knowledge about that?

As you correctly mentioned, the current US Supreme Court is only relevant for other tariffs, but not for the tariffs on the steel and aluminum. I'm not aware of any lawsuits there.

At the moment, also the sentiment we get from the US Aluminum Association, the Canadians, and so on, is that people are expecting it to stay.

Okay. As you mentioned, the premium now

covers

those tariffs, right?

It's true. The premium covers the tariffs, and at the end, it's reflected then in there, in the input price for every company which processes the aluminum.

Because you must take into account when you bought, let's say as a US producer, you bought aluminum 2024, it was let's say price of $2,200 and $400 premium, $2,600. Now you have $3,000 aluminum and $2,200 Midwest, you're now at the double price for the same product one year ago.

It's really really affecting their input costs.

Understood. Secondly, your capex spendings came down significantly, I think as planned, as you mentioned.

What should we expect for the current year, maybe a sidestep or further reduction? What should we type in the models?

What our goal is, or our plan is, to stay below depreciation because we invested a lot the last years. Now we're in a situation where we could maintain the high quality of our equipment, and to stay there modern.

There is no big investment plan, therefore we are below depreciation. That's the plan.

Could be anything below €80 million then maybe or that's roughly your depreciation?

That's roughly there,

okay. Thirdly, maybe I missed it, but I think you did not mention the new CBAM regulation, or at least the sharpened CBAM regulation.

Could you comment on that, how it's affecting your business, and maybe also what's the financial burden you expect from this regulation in the current year?

I didn't mention it, you're right, because the phase where you have to, let's say, pay for CBAM starts with January 2026, and therefore we didn't had it in there. I think the big issue is that even though it's now in the phase where you have to pay for CBAM, the calculation itself and the input numbers are still at the one side unclear.

At the other side, if you need to use actual numbers, you will be able in 2027 to calculate the real numbers for 2026. That's, I think, one of globally the big issues with CBAM, that it's very difficult to figure out what's the real impact on that side.

How do we deal with it? On the one side, we are affected when bringing the aluminum from Canada to Europe, because then it's a non-European import.

Therefore, we normally sell it duty uncleared so that it's not on our balance, not in our duties, let's put it that way. On the other hand, when we have to import for our Ranshofen site, we try to import it at least duty cleared or in a way that we can minimize the risk of additional payments, importing from the EU, for example.

It's a interesting topic, and it will, let's say, evolve over the next years, because when the free CO2 allowances we get in Europe will go down until 2034, it will be more and more a cost factor there. In one sentence, a lot of things unclear.

We have a lot of people working on that on a daily basis to look at it so that we know which measures we need to do if there's more information on that.

Yes, exactly. I think it's a bit early to tell, but in any way, it's facing the whole industry.

Thanks a lot for commenting. That's it from my side so far.

Thanks.

Thank you so much for your questions. Then we will move on with the questions from Michael Marschallinger, please unmute yourself.

Yeah?

Oh, Mr. Marschallinger, I can see that you're speaking into your microphone, but unfortunately we cannot hear you.

Maybe you need to switch to another device. Let's move on in the meantime to a person who has dialed in with the phone ending 6609, please go ahead, unmute yourself by pressing *6, and then please ask your questions and introduce yourself to us.

Therefore, we can't hear you as well. Mr.

Marschallinger, let's try again.

Hello, can you hear me now?

Yes.

Perfect. Thank you.

Thanks also for the presentation and your remarks. I have two questions left.

Firstly, on the pricing pressure you see in rolling. I believe you always face some kind of price pressure on the end market.

How does this pricing pressure in the fourth quarter compare to the previous quarters? Is it possible to provide some numbers here?

Also, would you expect the same degree of pricing pressure to continue now in the following quarters?

Let me take that one, Michael. It's important that we recognize that for some products that we have in our portfolio, especially those that are more commercial and commodity-oriented, there is a very strong overcapacity, not only in Europe, but globally, right?

Rolling capacity. When we have any relaxation in demand, this overcapacity really takes its toll on us, and you see what's happening in the direction of executing our commercial strategy.

Q3 and Q4 were the moments where we saw the direct and indirect impacts of the US tariffs, and we saw the impact of capacity in Europe and as well as in the US. We shifted our capacity from this high-premium products to products in the industrial areas, where we saw that we were competing face-to-face with regional and global players, where we were able to shift the capacity from aerospace, as I said before, into the industrial, right?

Q3 and Q4 were very difficult because of the order intake we had in Q1 and Q2, which was full of uncertainties. We saw now in Q4, in terms of shipments, the impact on the numbers, as we said before.

We expect this trend, especially now, and as Claudia was mentioning, the CBAM has put in a little bit of more pressure on the Rotterdam premium. We see the Rotterdam premiums increasing a little bit more.

This all impacts the whole dynamics in the European landscape. We expect that demand will be an improvement, as I said in the sentiment indicator.

We have more clarity and more understanding and how the players can play in the United States in North America given the geopolitical conditions. In the end, we are seeing the recovery of some premium markets that will remove the need to sell into industrial, and gives us a chance to be more fierce on our commercial execution for industry.

To your question, I explained Q3 and Q4, and I gave you a little bit of sentiment on what's expected for Q1 and Q2, specifically maybe for the whole year of '26.

Okay. Then it's also fair to assume, I believe, that the fourth quarter also marked the bottom clearly in results for rolling.

Is it fair to assume, yeah?

It's not wrong to say that for reasons that are far beyond our capability to define from a market-oriented condition, but also from how we could deploy our capacity in the right market. It was, in my view today, and the view of our company, the moment of recovery that we're seeing now in the order intake that I mentioned in the end of my slides.

Understood. That's it for me.

Thank you.

Thank you so much for your questions. Then in the meantime, Mr.

Steiner from the phone dial-in has sent his questions over to us, on behalf of him, I would read them out. His first question is: How do you see product mix developing in rolling and casting over the year?

Any expected changes worth highlighting that could affect margins and the current year?

Let me take that one. Thank you, Patrick, for the question.

In the casting business, we are navigating the better recovery on the casting products in Europe, right? In Germany specifically, we see potential improvement.

Our order intake is demonstrating that. Still very much challenged on the mix of combustion engine and electric cars.

How can we position our products there if we sell ingots or we sell liquid material? We're navigating as we see the opportunities.

In rolling, as I said before, we see the shortages in the US for automotive and the improvements in the heat exchanger business. These are premium products where we are placing confidently that we increase shipments during the year of '26.

Needless to say, recovery given the destocking that is finishing from the aerospace not only in Europe, but also in North America, we see recovery on our shipments in aerospace as well. In all sense, despite the uncertainties we see ahead of us as regards mainly to the tariffs and how this affects us in the United States, but also in Europe, we see a positive trend in our order book for 2026 given these mix changes that I just mentioned now.

All right, thank you so much. His second question is: Primary aluminum production capacity over 2026, any maintenance or other reducing events expected over the current year?

At the end of 2025 and beginning this year, we were back to full capacity in the smelter, and this is also the plan for the year 2026. Even though we're doing maintenance, it's a regular way, we do not expect any losses there at the moment.

Thank you so much. Then Mr.

Steiner says, "Thanks a lot. Very helpful."

Then we have two questions left from Mr. Matejka, his first one is: Could you give some words on the features of ALforever, and what happened to your CrossAlloy developments?

Das übernehme ich. Herr Matejka, danke für die Frage.

Sorry. I have to answer in English.

I know Mr. Matejka understands German.

Yes, ALforever is a general brand name that applies to all our products where customers request defined upper limits for the connected CO2 level. Actually, we sold such products to various branches: automotive, packaging, sports.

We see that a growing number of customers is asking for this. At the moment, or beginning, I would say, with Trump last year, there was a feeling in the market that sustainability questions are now less important, but new development is maybe a little more difficult.

This has some influence on the development of CrossAlloy. The development is slower than we expected.

Nevertheless, we continue with trials with different customers in again various application areas. I think this is generally true through material development, and the convincing of customers to use alternative materials to their already well-known current use is time-consuming and difficult.

This is one of the activities that we are used to and keep doing.

Thank you so much. Then the last question is from Mr.

Matejka as well. It's a bit longer: You mentioned new energy contract in Canada gives some comfort on future energy price developments.

In respect to the actual expanding need for electricity from data centers, is this a competitive advantage against your competitors, besides your partner at Alouette?

For the smelter, it is very relevant to have a secured energy supply. Of course, as it is a monopoly in Canada, we are talking to the politicians there to negotiate the contract.

They have the possibility to decide which strategy they are going on, if they want to support it or supply the energy to existing industry that provides work or employment there, or to give it to new companies. I think that's always something that they have to measure out.

I would say we are now in the region for more than 30 years, and we are very reliable energy consumer there. We ourselves do not see us at the moment that they are building their data center and we have some issues there, because it's quite regional.

You have to buy from the region the energy, it's not something we can buy somewhere else. I think in globally, there is some issues or pressure on who and where we will distribute the energy.

We saw it in the industry, for example, that there was in Mozambique a smelter which will be closed in 3 months because of exactly this issue, that they do not get any further energy contract because of the government decision to transfer or distribute the energy to other areas. That's definitely a issue and very very key topic for a smelter to be competitive.

Thank you so much. In the meantime, we have received no further questions.

Therefore, I hand back to Christoph.

Ladies and gentlemen, thanks a lot for your participation to this call. Again, feel free to give me a call or write me an email should there be any questions left.

I'm happy to assist. Otherwise, I wish you a great weekend.

The weather forecast certainly looks promising. Thanks a lot, and goodbye.