Saudi Arabian Mining Company (Maaden) (1211) Q4 2025 earnings summary

Executive summary

• Achieved record DAP/phosphate production and added 7.8 million ounces of gold resources in 2025, with major project milestones met on time and on budget.

• Strong operational year across phosphate, aluminum, and gold segments, with robust safety performance improvements.

• Strategic partnerships and JVs established for rare earths and exploration, and secured gas allocation for future projects.

• Became first Middle Eastern company to join ICMM, reinforcing commitment to international standards and ESG.

• Secured final investment decision for aluminum recycling project and gas allocation for Phosphate 4.

Financial highlights

• FY2025 revenue increased 19% to $10.3 billion (38.6B), EBITDA up 30% to $4.3 billion (16.2B), and net profit up 156% to 7.3B.

• Q4 2025 revenue was $2.8 billion (10.6B), up 7% YoY; Q4 EBITDA $1.3 billion (4.6B), up 30% YoY.

• Sustaining free cash flow (ex working capital) up 30% to $2.9 billion for FY2025; cash conversion/working capital days improved from 58 to 48.

• Net debt to EBITDA improved to 1.3x from 1.7x; net debt $5.8bn, cash & equivalents $2.9bn.

• Share of profit from JVs increased by $275 million, including a $200 million bargain purchase gain from Alba.

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 at $1,291–1,500/oz; total 2026 CapEx projected at ~$4.2 billion (15.5B), with $3.4 billion (12.6B) for growth and $400 million for exploration.

• Guidance provided through February 28, 2026, with ongoing monitoring due to regional uncertainties.

• Phosphate 3 Phase 1 commissioning expected in 2026; Ar Rjum and recycling projects are major CapEx drivers.