Saudi Arabian Mining Company (Maaden) (1211) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $2.917bn (SAR 19.7 billion for six months), up 16% YoY, driven by higher commodity prices, especially in gold and aluminum, despite lower phosphate sales volumes.

• Net profit attributable to shareholders for the six months was SAR 3.8 billion, with basic and diluted EPS at SAR 0.98.

• All gold mines are back in operation, and the aluminum segment delivered its best quarterly performance since inception.

• Operational resilience was maintained amid regional geopolitical uncertainties, leveraging a diversified portfolio and integrated business model.

• Opened a new Singapore office to support phosphate business growth in Asia.

Financial highlights

• Q2 2026 revenue reached $2,917m, up 16% YoY; EBITDA was $1,040m, a 3% increase YoY, with a margin of 36% (down 5pp YoY).

• Gross profit for the six months was SAR 6.5 billion, down from SAR 6.7 billion YoY; operating profit was SAR 4.8 billion, slightly up YoY.

• Net debt to EBITDA improved to 1.3x, with net debt at $5.7bn and cash & equivalents at $3.2bn.

• Net cash from operating activities was SAR 2.1 billion, down from SAR 3.6 billion YoY.

• Sustaining run-rate free cash flow (ex. working capital) was $550m, down 20% YoY.

Outlook and guidance

• 2026 production guidance: DAP 6,000–7,100 kmt, ammonia 3,000–3,200 kmt (guidance withdrawn in some reports), alumina 1,800–1,900 kmt, aluminum 950–1,020 kmt, gold 470–515 koz, AISC $1,380–1,500/oz.

• Gold and aluminum production are tracking the upper end of guidance; phosphate and ammonia guidance maintained or revised due to sulfur constraints.

• Phosphate 3 project remains on schedule for year-end 2026 commissioning.

• Management continues to monitor geopolitical and supply chain risks, maintaining operational agility.