Accumulative Roll Bonding (ARB) is a severe plastic deformation process that allows producing ultrafine-grained materials (UFG). UFG sheets exhibit enhanced strength and very fine grain structure. Foils used as fins in heat exchangers have to be very thin but must exhibit high strength combined with relatively high formability. Thus, materials produced using ARB may fulfil the exacting requirements on foil properties for such applications. The thermal stability of Al-Fe- Mn-Si foils produced using ARB and subsequent cold rolling was studied and compared with conventionally cold rolled (CCR) counterparts. The stability was assessed by isothermal annealing in the temperature range from 200 to 450 °C. Electron back scatter diffraction in a scanning electron microscope and transmission electron microscopy examinations of foils microstructure in the deformed and annealed states allowed the monitoring of structural changes. The magnitude of mechanical properties changes due to annealing was evaluated by microhardness measurements. Significant hardness increase was observed after annealing at 200 °C only in the ARB samples and was assigned to an annealing-induced hardening. The CCR foil exhibits higher non-recrystallized fraction and smaller mean lamellae boundary spacing in the temperature interval of 200-250 °C than ARB foils. The annealing at 450 °C results in identical hardness values and fully recrystallized microstructure of all foils, regardless the method used for their manufacturing. However, the ARB samples show higher stability of the refined substructure than their cold rolled counterparts due to continuous recrystallization occurring in the ARB foils.