The effect of homogenization treatment on the recrystallization process in a twin-roll cast AlFeSi alloy was investigated by means of calorimetry, microstructural analysis, electrical conductivity, and hardness measurements and cupping tests. The response to annealing of cold-rolled AlFeSi sheet processed with a homogenization treatment at the cast gauge is a typical two-stage, recovery and recrystallization process, while that processed without homogenization softens without recovery. The rather limited precipitation capacity in the former allows recrystallization to occur largely discontinously, favoring the annealing texture. The nucleation rate and the volume fraction of the discontinously recrystallized grains are largely reduced in the sheet processed without homogenization, owing to extensive dynamic precipitation. This reduces the strength of the annealing texture components and gives a more or less random crystallographic texture after annealing. With a relatively finer-grain structure and a nearly random crystallographic texture, AlFeSi sheet processed to soft temper at 1 mm without a homogenization treatment is an attractive foil stock material.