Saudi Arabian Mining Company (Maaden) (1211) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 rose 24% year-over-year to 27.94bn SAR, driven by higher commodity prices and increased sales volumes in phosphate and aluminum, partially offset by lower gold sales volumes.

• EBITDA increased 30% YoY to 11.5bn SAR, with net profit attributable to shareholders up 91% YoY to 5.7bn SAR and EPS up 83% to 1.48 SAR.

• Major strategic transactions included the acquisition of Alcoa's 25.1% stake in key aluminum assets, consolidation of the aluminum value chain, and a 3.6bn SAR investment in Aluminium Bahrain (Alba).

• Operational milestones included record or near-record DAP production, 50% completion of Phosphate 3 Phase 1, and improved safety metrics with All Injury Frequency Rate dropping to 0.04 in 9M 2025.

• Became the first Middle Eastern member of the International Council on Mining and Metals (ICMM), reinforcing ESG commitments.

Financial highlights

• Q3 2025 revenue was 10.01bn SAR, up 6% quarter-over-quarter and 24% year-over-year, with EBITDA at 4.28bn SAR, up 13% QoQ, and net profit at 2.21bn SAR, up 15% QoQ.

• EBITDA margin improved to 41% YTD (43% in Q3), up from 39% in the prior year; net profit margin rose to 20% YTD (22% in Q3), up from 13% in the prior year.

• Gross profit for the nine months was 10.67bn SAR, up from 7.00bn SAR year-over-year.

• Strong cash generation with 8.0bn SAR in operating cash flow YTD and closing cash position of 10.9bn SAR.

• Net debt/EBITDA improved to 1.5x, below the guided range of 2-3x.

Outlook and guidance

• Full-year production guidance maintained: DAP 5,900–6,200 KMT (high end expected), Ammonia 3,000–3,200 KMT (lower end expected), Aluminum 850–1,100 KMT, Gold 475–560 koz (lower end expected).

• Total CAPEX guidance for 2025 is 7,550–9,550m SAR, with 70–75% allocated to growth.

• Priorities include advancing Phosphate 3 construction, exploration at Wadi Al Jaww, and progressing the Ar Rjum gold project.

• Management is monitoring international trade policy impacts and new tax regulations, with no material effects expected for 2025.