Saudi Arabian Mining Company (Maaden) (1211) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $2,343m (SAR 8.79 billion), up 3% year-over-year, with EBITDA of $964m, up 4% year-over-year, and attributable net profit of $436m (SAR 1.64 billion), up 6%, driven by higher commodity prices and resilient core performance.

• Strong operational performance in phosphate, aluminum, and gold segments, with record or near-record production levels despite safety-related stoppages at two gold mines.

• Net profit attributable to ordinary shareholders was SAR 1.64 billion, a 6% increase compared to Q1 2025.

• Comprehensive income was impacted by a SAR 338 million one-off impairment in an equity-accounted investment and SAR 375 million insurance income in the phosphate segment.

• Market conditions remained robust, with commodity prices for gold and aluminum rising significantly, offsetting volume impacts.

Financial highlights

• Revenue reached $2,343m (SAR 8.79 billion), a 3% increase year-over-year.

• EBITDA was $964m, up 4% year-over-year, with an EBITDA margin of 41%.

• Net profit attributable to shareholders was $436m (SAR 1.64 billion), up 6% year-over-year.

• Sustaining run-rate free cash flow (excluding working capital) was $827m, up 32% year-over-year.

• Net debt stood at $5.3bn, with net debt to EBITDA at 1.2x, improved by 0.6x year-over-year.

Outlook and guidance

• 2026 production guidance: DAP 6,500–7,100 kmt, ammonia 3,000–3,200 kmt, alumina 1,800–1,900 kmt, aluminum 950–1,020 kmt, gold 470–515 koz.

• Gold AISC expected between $1,380–$1,500/oz for 2026.

• Full-year 2026 CAPEX guidance unchanged at ~$4.2bn, with $3.4bn allocated to growth projects.

• Phosphate supply expected to remain tight through 2026 due to geopolitical factors and Chinese export restrictions.

• Aluminum market expected to face a global deficit of ~2.5 million tons in 2026.