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

Executive summary

• Revenue for the nine months ended 30 September 2025 rose to 27.94bn SAR, up 24% year-over-year, driven by higher commodity prices and increased sales volumes in phosphate and aluminum segments.

• Net profit attributable to shareholders reached 5.7bn SAR, a 91% increase year-over-year, with EPS up 83% to 1.48 SAR.

• Major strategic transactions included the acquisition of remaining non-controlling interests in Maaden Aluminum Company (MAC) and Maaden Bauxite and Alumina Company (MBAC), and a 3.6bn SAR investment in Aluminium Bahrain (Alba).

• Operational milestones include record DAP production, 50% completion of Phosphate 3 Phase 1, and consolidation of the aluminum value chain.

• Safety metrics improved, with All Injury Frequency Rate dropping to 0.04 in 9M 2025.

Financial highlights

• Q3-FY25 revenue was 10,011m SAR, up 6% quarter-over-quarter and 24% year-over-year.

• EBITDA margin improved to 41% YTD, up from 39% in the prior year.

• Net profit margin rose to 20% YTD from 13% in the prior year.

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

• Net cash generated from operating activities was 7.53bn SAR, up from 6.48bn SAR in the prior year period.

Outlook and guidance

• Production guidance for 2025: DAP 5,900–6,200 KMT, Ammonia 3,000–3,200 KMT, Aluminum 850–1,100 KMT, Gold 475–560 koz.

• 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 expects continued monitoring of international trade policy impacts, including new US tariffs, but does not anticipate material direct effects for the remainder of 2025.

• The Group is assessing the impact of new IFRS standards and OECD Pillar Two tax rules, with no material effect expected in the current period.