Maaden Q2 Earnings Surge as Aluminum Prices Soar

Key Moments

Aluminum revenue climbed 49 per cent to USD 1.01 billion in Q2 2026, driving a 16 per cent increase in Maaden’s total revenue to USD 2.9 billion.
Group EBITDA for the quarter ended June 30, 2026 rose to USD 1 billion, while net profit attributable to shareholders reached USD 600 million.
Phosphate EBITDA dropped 49 per cent year-on-year to USD 328 million, prompting Maaden to cut full-year DAP production guidance and withdraw ammonia guidance.

Aluminum Segment Delivers Record Quarter

Aluminium was the standout performer for Saudi Arabian Mining Co. (Maaden) in the second quarter of 2026. Segment revenue advanced 49 per cent to USD 1.01 billion, while EBITDA more than doubled to USD 411 million, making aluminum the company’s strongest business over the period.

This robust performance in aluminum underpinned Maaden’s consolidated quarterly revenue, which increased 16 per cent to USD 2.9 billion.

For the quarter ended June 30, 2026, Maaden reported group EBITDA of USD 1 billion, a 3 per cent improvement from the prior-year period. Net profit attributable to shareholders rose to USD 600 million.

Pricing, Margins, and Production Dynamics

The aluminum division recorded its highest-ever quarterly financial results since inception, supported by an EBITDA margin of 41 per cent.

Average realized aluminum prices grew 51 per cent year-on-year to USD 3,915 per tonne, backed by firm regional premiums. Despite the stronger pricing environment, aluminum production edged down slightly to 242,000 tonnes during the quarter.

Metric	Q2 2026	Year-on-year Change
Aluminum revenue	USD 1.01 billion	+49 per cent
Aluminum EBITDA	USD 411 million	More than doubled
Average aluminum price	USD 3,915 per tonne	+51 per cent
Aluminum production	242,000 tonnes	Slight decline

Chief Executive Officer Bob Wilt said, “Despite challenges relating to sulfur supply and logistics in phosphate, the aluminium business delivered its best-ever financial performance with a very strong performance from our gold business.”

Market View and Aluminum Outlook

Maaden noted that aluminum prices eased toward the end of the quarter. However, the company indicated that it expects underlying market fundamentals to remain favorable.

According to Maaden, the global aluminum market is projected to stay in a deficit of around 1.7 million tonnes for the remainder of 2026, which it believes will continue to support prices.

Gold and Growth Minerals Segment Strength

The Gold and Growth Minerals business also contributed meaningfully to group results. Gold production increased 10 per cent to 118,000 ounces. Segment revenue climbed 34 per cent to USD 523 million.

EBITDA from this segment rose 46 per cent to USD 334 million, helped by higher gold prices and lower production costs.

Gold and Growth Minerals	Q2 2026	Year-on-year Change
Gold production	118,000 ounces	+10 per cent
Segment revenue	USD 523 million	+34 per cent
Segment EBITDA	USD 334 million	+46 per cent

Phosphate Weighed Down by Supply and Logistics Issues

In contrast to the aluminum and gold businesses, Maaden’s phosphate segment came under significant pressure. EBITDA for phosphate declined 49 per cent year-on-year to USD 328 million.

The company attributed this drop to sulfur supply disruptions and logistics challenges, which constrained production of diammonium phosphate (DAP) and ammonia.

As a result, Maaden reduced its full-year DAP production guidance to a range of 6,000-6,500 kilotonnes and withdrew its ammonia production guidance.

First-Half 2026 Performance

For the first half of 2026, Maaden generated revenue of USD 5.2 billion, representing a 10 per cent increase compared with the same period a year earlier. The company said this was supported by stronger commodity prices.

Net profit attributable to shareholders for the first six months of 2026 also rose 10 per cent to USD 1 billion.

Maaden stated that higher aluminum and gold prices, combined with improved earnings from its investments in Alba and Maaden Barrick Copper, helped counterbalance weaker phosphate performance and a loss related to its stake in Vale.