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

Executive summary

• Q1 2026 delivered stable financial results with revenue of $2,343m (SAR 8.79 billion), up 3% year-over-year, driven by higher commodity prices, especially in gold, despite lower phosphate and aluminum volumes.

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

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

• Comprehensive income was impacted by a SAR 338 million one-off impairment in an equity-accounted investment and a 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 SAR 1.64 billion, up 6% year-over-year.

• Operating profit rose to SAR 2.53 billion from SAR 2.28 billion year-over-year.

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

• Committed growth capex for 2026–2028 projected at ~$4.15bn.

• Management continues to monitor regional and global developments, with limited direct impact observed in Q1 2026.

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