Aluminium lifts Maaden’s Q2 revenue 16% amid higher prices and strong regional premiums

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Aluminium was Saudi Arabian Mining Co. (Maaden)'s best-performing business in Q2 2026, with revenue rising 49 per cent to USD 1.01 billion and EBITDA more than doubling to USD 411 million. This helped push the company’s total quarterly revenue up 16 per cent to USD 2.9 billion. 

For the quarter ended June 30, 2026, Maaden posted EBITDA of USD 1 billion, up 3 per cent from a year earlier, while net profit attributable to shareholders increased to USD 600 million.

The aluminium business delivered its best quarterly financial performance since operations began, recording an EBITDA margin of 41 per cent.

Average realised aluminium prices increased 51 per cent year-on-year to USD 3,915 per tonne, supported by strong regional premiums. Aluminium production, however, eased slightly to 242,000 tonnes during the quarter.

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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.”  

Maaden said aluminium prices moderated towards the end of the quarter but expects market fundamentals to remain supportive. The company estimates the global aluminium market will remain in a deficit of around 1.7 million tonnes for the rest of 2026, which is expected to support prices.

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The company's Gold and Growth Minerals business also posted strong results. Gold production rose 10 per cent to 118,000 ounces, while revenue increased 34 per cent to USD 523 million. EBITDA from the segment climbed 46 per cent to USD 334 million, supported by higher gold prices and lower production costs.

In contrast, the phosphate business remained under pressure. EBITDA fell 49 per cent year-on-year to USD 328 million as sulphur supply disruptions and logistics challenges reduced production of diammonium phosphate (DAP) and ammonia. Maaden has lowered its full-year DAP production guidance to 6,000-6,500 kilotonnes and withdrawn ammonia production guidance.

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For the first half of 2026, Maaden reported revenue of USD 5.2 billion, up 10 per cent from the same period last year, supported by higher commodity prices. Net profit attributable to shareholders also increased 10 per cent to USD 1 billion. The company said higher aluminium and gold prices, along with stronger earnings from its investments in Alba and Maaden Barrick Copper, helped offset weaker phosphate results and a loss related to its stake in Vale.