Saudi Arabian Mining Company (Maaden) (1211) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $3.0B, up 11% YoY; EBITDA was $870M, down 24% YoY, and net profit attributable to shareholders was $0.4B.

• Phosphate production recovered to 1,635kmt as sulfur shortages eased; Aluminum and Gold delivered record financial performance.

• Best year-to-date safety performance amid difficult logistics and supply conditions.

Financial highlights

• Q3 revenue was $3.0B, up 11% YoY; EBITDA was $870M, down 24% YoY; sustaining run-rate free cash flow was $639M, excluding working capital.

• EBITDA bridge: pricing contributed $478M, sales volumes were a $172M headwind, and costs were a $672M headwind, principally from sulfur.

• Finance payments and taxation used $167M; net dividends used $440M. Exploration and sustaining CapEx were $102M and $130M, respectively.

• Net profit attributable to shareholders was $0.4B in Q3 2026.

Outlook and guidance

• FY DAP production guidance remains 6,000–6,500kt; ammonia production guidance remains withdrawn. Full-year production guidance was unchanged from Q2.

• Aluminum production is trending to the upper half of 950–1,020kmt guidance; alumina guidance remains 1,800–1,900kmt.

• Gold production is trending to the upper end of 470–515koz guidance; FY AISC is expected below the $1,380–1,500/oz range.

• Total CapEx guidance was reduced by $1B from February 2026 guidance of $4.15B, mainly through timing optimization and identified savings.

• Phosphate margins are expected to improve as sulfur prices ease and DAP prices remain firm; some growth-project investment decisions may shift to 2027 or early 2028 depending on cash availability.