Jan 15, 2026 (MarketLine via COMTEX) --
ASTA Energy Solutions AG is a global, vertically integrated producer of high-quality copper-based solutions used in mid- to high-voltage transformers, industrial generators, and data centers.
ASTA Energy Solutions AG (the “Company” or “ASTA”), a global, vertically integrated producer of high-quality copper-based solutions, which are embedded in the heart of modern energy systems, powering mid- to high-voltage transformers, industrial generators, and the expanding network of data centers, today announces its plans for an Initial Public Offering (“IPO” or “Offering”). The Offering is intended to comprise both new and existing shares in the Company with subsequent inclusion of the Company’s shares to trading on the Regulated Market of the Frankfurt Stock Exchange (Prime Standard) in the first quarter of 2026, subject to market conditions (the “Admission”). The targeted total deal size of up to c. EUR 190 million is expected to create a substantial free float and a liquid market for the Company’s shares. The existing shareholders ETV Montana Tech Holding GmbH (41%) and Makra GmbH (59%), both controlled by DDr. Michael Tojner, will jointly remain the majority shareholders following the IPO, with a combined stake of over 50%. The existing shareholders, the Company and its management and certain members of the supervisory board are expected to commit to customary lock-up agreements.
ASTA goes beyond being a supplier – it is a mission-critical enabler of both energy security and the energy transition. Its management believes that the Company is one of the market leaders in its industry, and it holds strong market positions in the key geographic regions where it operates, namely Europe, as well as select countries in the South American and Asia-Pacific regions. Its customized, continuously transposed conductors (CTCs) are core components in high-performance transformers of various sizes, while its specialized Roebelbars are core components in generators used in power plants. ASTA is also active in the e-mobility market, supplying very thin insulated copper components for use in railways and electric vehicles, albeit on a smaller scale.
ASTA aims to outperform growth in its addressable markets, which are characterized by structurally rising demand driven by the energy transition globally. The Company intends to achieve this by leveraging its strong technological capabilities, vertically integrated value chain and global production footprint. To support this strategy, ASTA plans to invest in total approximately EUR 90-120 million over the mid-term, which should be financed through a combination of IPO proceeds and operating cash flow. Gross proceeds of approximately EUR 125 million from the issuance of new shares would be primarily used to further accelerate the Company's profitable growth path worldwide. ASTA intends to use the net proceeds to:
Increase capacity at all of its existing facilities in all regions to meet strongly increased demand levels from OEM customers, and complete the ramp-up of its site in Cazin, Bosnia and Herzegovina, to support the European market (approx. 40% of proceeds);
Make full use of and extend the existing recycling and casting platform in Brazil, complemented by the construction of a second recycling and casting platform in Europe, to further enhance the Company’s supply chain resilience and improve its environmental footprint (approx. 20%);
Strengthen the capital structure to enhance financial flexibility, improve the leverage metrics and secure more favorable financing terms, particularly with suppliers (approx. 20%); and
Reduce leverage across the ASTA Group through the repayment of loans extended by Montana Aerospace Austria GmbH and Montana Aerospace AG to improve debt metrics and enhance its capacity to self-finance future growth initiatives (approx. 20%).
ASTA has accumulated extensive knowledge of materials and manufacturing processes, particularly with regard to copper, and has a successful operating track record spanning over 210 years. The Company routinely develops its highly specialized products in collaboration with its customers, generating a wide range of innovations and creating strong customer lock-in by being deeply embedded in their R&D and operational roadmaps. Its customers include globally leading power transformer and generator manufacturers such as Siemens Energy, Hitachi Energy, GE Vernova and Andritz.
ASTA’s products are manufactured “made-to-order” at lot size 1 for its blue-chip customer base by over 1,400 employees across six sites worldwide: Austria, Bosnia and Herzegovina, Brazil (two sites), China and India, following a dedicated “local-to-local” approach. ASTA’s global footprint and best-cost-country approach enable high-quality, cost-efficient production and foster close customer relationships by placing production facilities in close proximity to its customers. This proximity reduces lead times, transportation-related costs, CO2 emissions and geopolitical risks, while enabling highly responsive, customized solutions. ASTA's state-of-the-art facilities and strategic locations also provide capacity for further growth and facilitate the transfer of technology and know-how across the ASTA Group.
SIGNIFICANT, FAST-GROWING ADDRESSABLE MARKETS FOR POWER TRANSMISSION AND GENERATION BACKED BY STRONG FIRM ORDER BACKLOG
The energy transition, which aims to reduce greenhouse gas emissions and combat climate change, is the main force behind growth in the power transmission and generation markets. Meanwhile, global energy demand continues to grow due to megatrends such as electrification, urbanization, and increased AI usage. ASTA's management has identified a structural undersupply in its operating markets, alongside rising investments across the value chain to meet the demands of the energy transition.
With its high-performance products and focus on high-end applications in power transmission and generation, as well as e-mobility, ASTA operates at the heart of attractive, fast-growing market segments. The Company considers itself well-positioned with its specialized products, which are geared towards increasing the efficiency of power transmission and generation. Furthermore, ASTA expects to capitalize on its record-high firm order backlog, which has grown significantly across all sites due to favorable market conditions. ASTA Europe, for instance, has increased its firm order backlog sevenfold since 2022, with prices almost doubling during that period. ASTA believes that this high volume of firm orders provides strong visibility for future net sales.
STRONG MARKET POSITIONING DRIVEN BY VERTICALLY INTEGRATED AND SUSTAINABLE VALUE CHAIN
ASTA believes that its strong market positioning stems predominantly from its vertically integrated value chain for producing increasingly sustainable copper-based winding materials. This integration covers key parts of the value chain, including the recycling of copper scrap, the casting of copper rod, round drawing, flat rolling, enameling, extrusion and transposition (a one-stop-shop approach). These complex production processes can be adapted to meet specific customer requirements and product features, providing a high degree of flexibility and responsiveness while achieving high production throughput in a cost- and time-efficient manner.
Furthermore, as part of its “low-carbon copper” initiative, ASTA began its own copper recycling activities by acquiring São Marco in Brazil in 2022. Copper scrap from ASTA's two Brazilian sites is recycled at its own casthouse in Três Corações, Brazil, using an upcasting process. This reduces reliance on the primary copper market and lowers ASTA's direct CO2 footprint. Currently, around 40% of the raw material used by ASTA Group in production is from recycled copper.
LONG-STANDING RELATIONSHIPS WITH DIVERSIFIED AND RENOWNED CUSTOMER BASE
ASTA has long-standing relationships with a diverse customer base that often operates globally across multiple end markets. These customers include renowned industrial engineering companies such as Siemens Energy, Hitachi Energy, GE Vernova and Andritz, as well as a wide range of regional and more local multi-site manufacturers, which rely on ASTA’s specialized solutions. Many of these relationships span several decades, particularly in the mid- to high-voltage power transmission and generation markets, where ASTA often collaborates with customers and end users to develop new products and solutions tailored to their specifications.
Through these long-term collaborations, ASTA believes it has become deeply embedded in the operational, R&D and financial roadmaps of its key customers. ASTA has also concluded several long-term contracts with blue-chip customers in the power transmission market in all regions, which evidence the mutually beneficial nature of these relationships and support a high degree of net sales visibility beyond 2030.
DEDICATED BEST-COST-COUNTRY APPROACH WITH GLOBAL PRODUCTION FOOTPRINT AND STRATEGIC LOCATION OF KEY FACTORIES (CLOSE-TO-CUSTOMER STRATEGY)
ASTA has a global manufacturing footprint, with sites in Austria, Bosnia and Herzegovina, Brazil (two sites), China and India, which it believes provides a significant and largely flexible production capacity, with room for further output increases, particularly through continued investment in its best-cost site in Cazin, Bosnia and Herzegovina. ASTA's best-cost-country approach enables it to produce high-quality products with the help of highly qualified employees while managing direct manufacturing costs effectively. The Cazin site currently has one drawing line and two flat rolling lines for copper, and a vertical enameling machine is expected to be installed there in 2026.
The geographical spread of ASTA’s state-of-the-art production facilities supports its “local-to-local” strategy, which allow production and sales to be managed locally and simultaneously. ASTA believes that placing production facilities in close proximity to its customers enables it to reduce lead times and transportation-related costs, as well as CO2 emissions. It also mitigates geopolitical risks and simplifies the sourcing of raw materials and components. Furthermore, a local production presence strengthens collaboration between ASTA and its customers, which is particularly important for product customization. ASTA’s global footprint also facilitates the transfer of technology across the ASTA Group, enabling it to meet the growing needs of customers in all regions.
TECHNOLOGICAL EXPERTISE AND MARKET LEADERSHIP
Based on its proven long-standing track record and customer feedback, ASTA believes that it is one of the global market leaders in the development and production of high-performance CTCs and Roebelbars for power transformers and generators. ASTA particularly considers itself to be one of the global market leaders in the field of CTCs, where it believes it has, based on its knowledge of existing global capacities for the production of CTCs, an estimated market share of approximately 30% globally.
With over 210 years of experience and competence in copper-based material treatment, ASTA combines specialized production processes and advanced R&D to maintain very low tolerances in terms of dimensions and insulation layers. Its proprietary enameling and insulation technologies, including multi-layer micrometer-thin coatings and customized epoxies, enhance efficiency, conductivity and reliability in power transformers and generators. These innovations, along with a focus on sustainable materials and processes, underpin ASTA’s position as a global leader in high-performance copper winding material.
EXCELLENT FINANCIAL PROFILE
ASTA's operational strength is clearly reflected in its attractive and improving financial profile. Driven by strong volume growth and favorable pricing momentum, net sales increased rapidly from EUR 479.6 million in the twelve-month period ending December 31, 2022, to EUR 642.6 million in the same period ending December 31, 2024, representing a CAGR of 15.8%. ASTA generated net sales of EUR 526.3 million in the nine-month period ending September 30, 2025, representing growth of 12.1% compared to EUR 469.4 million in the same period of the previous year.
Strong net-value sales growth (one of ASTA’s key KPIs, calculated based on net sales net of cost of materials (which are passed through directly to the customer), supplies and services) from EUR 82.8 million in the twelve-month period ending December 31, 2022, to EUR 125.4 million in the same period ending December 31, 2024, represents a CAGR of 23.0% and demonstrates ASTA’s ability to increase pricing in excess of input cost inflation. ASTA generated net-value sales of EUR 110.8 million in the nine-month period ending September 30, 2025, representing growth of 35.6% compared to EUR 81.6 million in the same period of the previous year, supported by the favorable pricing dynamics across all of ASTA’s end markets.
ASTA shows an over-proportional EBITDA growth from EUR 16.4 million [2] in the twelve-month period ending December 31, 2022, to EUR 35.5 million in the same period ending December 31, 2024, representing a CAGR of 46.9%. EBITDA also increased as a proportion of net-value sales from 19.8% to 28.3% during that period, driven by a healthy combination of pricing power, volume growth and sustained cost efficiency gains. ASTA generated an EBITDA of EUR 36.6 million in the nine-month period ending September 30, 2025, representing growth of 43.8% compared to EUR 25.5 million in the same period of the previous year. EBITDA as a proportion of net-value sales increased even further in the nine-month period ending September 30, 2025 compared to the previous-year period, from 31.2% to 33.1%, primarily driven by customer pricing and increased operational leverage.
On the back of its excellent market position, ASTA estimates its net sales to be approximately EUR 680 million and its EBITDA to be between EUR 45 million and EUR 47 million for FY 2025. In the long term, ASTA has the ambition to achieve annual net sales of more than EUR 1.0 billion, supported by an expected mid-single digit net sales CAGR in the medium to long term. In terms of net-value sales ratio (calculated as net-value sales divided by net sales), the Group has formulated a long-term ambition to enhance the value contribution of its net sales. This includes a strategic pathway with an aspiration that it could approach a net-value sales ratio in the mid-twenties percentage range over time, subject to market conditions. Because the Group's cost structure is not rigid, the Company expects that the Group's costs will fluctuate significantly over time.
STRATEGIC GROWTH PILLARS FOR LONG-TERM VALUE CREATION
ASTA’s strategy is based on three pillars:
Expand manufacturing capacities in existing facilities in all regions to serve the growing customer demand in the energy business due to the energy transition
ASTA is investing to expand its global manufacturing footprint to meet growing customer demand and strengthen its “local-to-local” strategy. In Europe, ASTA is ramping up its site in Cazin, Bosnia and Herzegovina, which is intended to increase total production capacity in Europe by more than one-third once the ramp-up is complete. In Asia, the Company is expanding its operations in both China and India to better serve regional market growth. In South America, the Company is adding capacity at its Brazilian sites to meet the increasing demand from OEM customers in the energy sector. These initiatives are expected to be supported by the net proceeds from the Offering and aim to strengthen ASTA’s production capabilities and foster long-term customer relationships worldwide.
Integrate the supply chain by fully utilizing and expanding the existing recycling and casting platform in Brazil and building a second recycling and casting platform in Europe
ASTA plans to fully utilize and expand its existing recycling and casting platform in Brazil and build a second recycling and casting platform in Europe. Copper scrap recycling and copper rod casting are already integrated into the production process at Três Corações in Brazil. Through these initiatives, ASTA aims to increase its use of recycled copper in production to around 70% by 2030. This approach is designed to reduce emissions, support customers in advancing along their sustainability map and strengthen ASTA’s competitive position by enhancing supply chain independence. Building on its experience in South America, ASTA plans to replicate the successful Brazilian model and expand its product portfolio to include low-carbon copper products in Europe.
Enhance financial flexibility and de-leverage
ASTA aims to strengthen its capital structure with the proceeds from the Offering. A stronger equity base will enhance ASTA’s credit profile, which is expected to result in more favorable financing terms, particularly with suppliers, and enable a higher conversion of EBITDA to net income. Furthermore, it is planned that a portion of the net proceeds of the Offering will support debt reduction across the ASTA Group, which was partly used to finance the initial expansion phase. This is expected to result in improved debt metrics and an enhanced capacity to self-finance the growth initiatives.
ASTA's strong management board consists of CEO Dr. Karl Schäcke and CFO Daniela Klauser, M.Sc. Both have extensive industry experience and are committed to ASTA's values. They will be supported by a highly experienced Supervisory Board, including two newly appointed independent members: Johannes Linden, Co-CEO of Pfisterer Holding SE, and Christian Kern, former Chancellor of Austria and CEO of the European Locomotive Leasing Group.
CORNERSTONE INVESTORS
In the context of the planned IPO, Siemens Energy, as part of strengthening its long-standing relationship with the Company has pre-committed to purchase shares in the IPO at the final offer price for an amount of c. EUR 25 million. Furthermore, three international institutional investors, namely (i) funds managed by the Environmental Strategies Group at BNP Paribas Asset Management, (ii) Invesco Asset Management Limited, on behalf of certain collective investment funds and/or accounts, and (iii) WCM Investment Management, LLC, directly or indirectly through a wholly-owned subsidiary, through funds managed by WCM Investment Management, LLC, or through custody accounts for clients managed by WCM Investment Management, LLC, have each pre-committed, severally and not jointly, to purchase shares in the IPO at the final offer price for an amount of c. EUR 10 million as cornerstone investors. In total, the cornerstone investors have pre-committed for an aggregate amount of c. EUR 55 million, in exchange for guaranteed allocations.
http://www.datamonitor.com
Republication or redistribution, including by framing or similar means,
is expressly prohibited without prior written consent. Datamonitor shall
not be liable for errors or delays in the content, or for any actions
taken in reliance thereon
COMTEX_472481524/2227/2026-01-27T18:38:38
Copyright (C) 2026 Datamonitor. All rights reserved
