• Resilient adjusted EBITDA margin of 30 per cent, supported by favourable aluminium pricing; adjusted EBITDA of $1,572 million, 10 per cent lower year-on-year despite a 36 per cent reduction in aluminium sales volumes.
  • Sustained strong progress with Al Taweelah smelter restoration, with 61 per cent of reduction cells restarted and full production targeted during Q1 2027.
  • Supply chain resilience strengthened through increased diversification of metal export and raw material import routes, and a renewed CBG agreement securing long-term bauxite supply.
  • Global recycling platform expanded through ongoing ramp-up of Al Taweelah recycling plant and acquisition of 80 per cent stake in Eco Green, increasing EGA's recycling capacity to more than 400ktpa, with a further 200ktpa under development.
  • Technology leadership momentum, with the launch of E40 pilot and selection of EGA technology for NALCO's 500ktpa expansion.
  • Najah 2.0 and cash preservation measures delivering $213 million of value creation.
  • Robust balance sheet and strong liquidity position, with $1.93 billion of cash and term deposits and net debt to adjusted EBITDA of 1.5x.

 

 

9M 2026

9M 2025

YoY (%)

Financial highlights* (USD million)

 

 

Revenue

5,282

6,279

-16%

Adjusted EBITDA**

1,572

1,738

-10%

Adjusted EBITDA margin

29.8%

27.7%

 

Adjusted net profit**

744

817

-9%

Cash generated from operating activities

613

1,422

-57%

Net debt to adjusted EBITDA

1.5x

1.5x

 

Operational highlights*

 

 

 

Alumina production (kt)

899

1,747

-49%

Cast metal production*** (kt)

1,376

2,126

-35%

Total aluminium sales (kt)

1,327

2,083

-36%

Out of which low carbon primary****(kt)

68

76

-11%

Out of which recycling*****(kt)

71

68

4%

VAP %

88%

83%

 

United Arab Emirates, 12 November 2026: Emirates Global Aluminium, the world's largest 'premium aluminium' producer, expanded its adjusted EBITDA margin to 30 per cent in the first nine months of 2026, despite significant operational and logistical disruption arising from the regional conflict in the Gulf, supported by favourable aluminium pricing, a richer value-added product mix and disciplined cost management.

EGA delivered Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of $1,572 million (AED 5,773 million), down 10 per cent compared with $1,738 million (AED 6,383 million) in 9M 2025, as higher realised aluminium prices, a stronger value-added product mix and focused cost controls largely offset a 36 per cent reduction in sales volumes.

Adjusted EBITDA margin improved to 30 per cent in 9M 2026, compared with 28 per cent in 9M 2025. Value-added products increased to 88 per cent of sales, from 83 per cent in 9M 2025, as EGA prioritised higher-margin products for available metal.  

After recognising a $53 million (AED 195 million) impact related to the Iranian attack on Khalifa Economic Zone Abu Dhabi on 28 March which led to an emergency shutdown of all EGA's Al Taweelah facilities, reported EBITDA was $1,519 million (AED 5,579 million).

Adjusted net profit decreased by nine per cent to $744 million (AED 2,734 million), compared with $817 million (AED 3,000 million) in 9M 2025, reflecting lower adjusted EBITDA, partially offset by lower net finance costs and taxes. 

Reported net profit was $547 million (AED 2,009 million) in 9M 2026, after recognising a net impact of $197 million (AED 725 million) related to the incident.  

Revenue decreased to $5,282 million (AED 19,398 million) in 9M 2026 from $6,279 million (AED 23,060 million) in 9M 2025, as the impact of lower sales volumes more than offset higher realised aluminium prices and an improved VAP mix. 

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: "In the first nine months of 2026, EGA has been tested like never before. These results demonstrate our deep operational expertise, our people's resilience and adaptability, and the fundamental strength of our business. During this challenging period of recovery, we have continued our focus on delivering long-term growth. While challenges remain ahead of us, across EGA we share determination and full confidence that EGA will come back stronger than ever."

Cast metal production was 1.376 million tonnes in 9M 2026, compared with 2.126 million tonnes in 9M 2025, reflecting reduced output from Al Taweelah. Operations at Jebel Ali and EGA's international recycling plants remained uninterrupted throughout the period.

Total aluminium sales were down 36 per cent to 1.327 million tonnes in 9M 2026, compared with 2.083 million tonnes in 9M 2025, primarily reflecting lower metal availability from Al Taweelah and constraints on outbound logistics from the UAE during the period.

Following the temporary suspension of new outbound shipments from the UAE in March due to logistics constraints arising from the regional conflict, EGA established alternative export routes through corridors to ports outside the Strait of Hormuz, supporting continued customer shipments.

Integrated production and logistics planning is supporting outbound shipments and maximising available export capacity as production at Al Taweelah recovers.

Further actions are underway to expand export capacity, further diversify routes and increase outbound shipments. This includes a strategic agreement in September with Gulftainer to expand aluminium exports from the UAE's East Coast. Under the agreement, EGA will route up to 250 thousand tonnes of aluminium in the first year, increasing to up to 300 thousand tonnes in the second year, with potential for further increases in subsequent years. Gulftainer will further develop its port capabilities to accommodate EGA's requirements.

On inbound logistics, EGA has diversified supply routes across alternative regional ports and corridors, supporting the availability of critical raw materials and the ramp-up of the Al Taweelah smelter and Al Taweelah alumina refinery. Centralised logistics tracking and alternative port options are helping prioritise critical materials and mitigate supply risks. EGA remains well covered in raw materials, with established inbound supply chains.

EGA continues to make strong progress in restoring operations at Al Taweelah following the emergency shutdown of all facilities on 28 March.

Restoration of hot metal production at Al Taweelah smelter requires the progressive restart of 1,262 reduction cells. To date 766, or 61 per cent, of the reduction cells have been restarted and EGA expects to complete the restart of all the cells during Q1 2027. Hot metal production is increasing in line with the cell restart progress. EGA continues to work to accelerate the restart programme wherever possible.

At the new Al Taweelah recycling plant, production ramp-up resumed in May following the incident, having initially commenced in February. Casting stations at the recycling plant are currently producing cast metal at 50 per cent capacity, mainly utilising primary hot metal from the smelter. Following delays in commissioning certain equipment due to unforeseen external factors including the regional conflict, full production is now expected in H2 2027.  

Al Taweelah alumina refinery produced 899 thousand tonnes of alumina in 9M 2026, compared with 1.747 million tonnes in 9M 2025. Following the restart in early July, the alumina refinery operated at approximately 50 per cent capacity and was then ramped-up in early September to approximately 70 per cent capacity. While the alumina refinery is technically ready for further ramp-up, the pace will be determined by supply chain considerations and the optimisation of EGA's alumina sourcing strategy.

EGA secured a renewed long-term bauxite supply agreement with Compagnie des Bauxites de Guinée (CBG) for up to 4.9 million tonnes per year until 2044. The first shipment under the renewed agreement, comprising approximately 66 thousand tonnes of Guinean bauxite, was delivered in October. The agreement strengthens the security and resilience of EGA's long-term bauxite supply.

EGA continues to expect that the capital expenditure required to restore production at Al Taweelah is approximately $400 million (AED 1.5 billion), with most of the expenditure expected during 2026 and some during 2027.

In 2026, EGA embarked on the second phase of its improvement programme, Najah 2.0. As part of the programme, EGA delivered $153 million (AED 562 million) in improvements in 9M 2026 compared with the 2024 baseline, driven by alumina refinery improvements, efficiency gains and procurement savings. EGA is targeting $440 million (AED 1.6 billion) in annual improvements by 2030. 

In response to regional uncertainty, EGA acted swiftly to launch a dedicated cash preservation programme for 2026, focused on reducing discretionary expenditure and strengthening cash generation. The programme delivered $60 million (AED 220 million) in cash savings during 9M 2026, separate from the improvements delivered under Najah 2.0. 

EGA sustained its focus on workforce safety, recording a Total Recordable Injury Frequency Rate of 1.39 per million hours worked in 9M 2026. EGA continued to enhance critical risk management, safety assurance and workforce protection, and received two top honours at the Contractor Safety Management Leaders MENA 2026 Awards, recognising HSE and operational excellence leadership and worker protection practices.

EGA continued to advance the development of its US primary aluminium project across several key workstreams. The joint development agreement with Century Aluminum strengthens the project's local presence and financial position, while the Bechtel-led bankable feasibility study is progressing, building on EGA's proprietary aluminium smelting technology. Discussions on commercial terms for power supply and financing are advancing. The project sponsors are also expected to benefit from Section 232 onshoring provisions, under which eligible import volumes would be subject to half the prevailing Section 232 duties. In September 2026, the Inola Town Council extended the existing moratorium on primary aluminium smelting through 7 April 2027. The matter is being pursued through the courts, while other project development workstreams continue to progress.

On recycling growth, EGA completed the acquisition of an 80 per cent stake in Italian aluminium recycler Eco Green in September, following all necessary regulatory approvals. The acquisition establishes a strategic foothold in Europe's aluminium scrap market and strengthens EGA's European and global recycling platform. Through direct collection from more than 350 suppliers, Eco Green helps secure feedstock for EGA's secondary aluminium growth in Europe, while bringing valuable scrap market intelligence and long-standing relationships with more than 60 customers.

Eco Green is investing approximately $8 million to expand its Nogara di Verona facility, adding 20 thousand tonnes per year of recycled aluminium capacity. Between 2021 and 2025, Eco Green generated average annual EBITDA of $25 million, with an average EBITDA margin of around 18 per cent. Eco Green's existing management team continues to lead the business, and integration activities are underway.

The transaction increases EGA's recycling capacity to more than 400 thousand tonnes per year across the UAE, Europe and the United States, with an additional 200 thousand tonnes of capacity under development in Europe and the US.

EGA markets its recycled aluminium globally under the brand RevivAL. In 9M 2026, EGA sold 71 thousand tonnes of RevivAL recycled aluminium, compared with 68 thousand tonnes in 9M 2025.

In low carbon primary, EGA sold 56 thousand tonnes of CelestiAL solar aluminium and 11 thousand tonnes of MinimAL produced with nuclear power in 9M 2026, for total low carbon primary aluminium sales of 68 thousand tonnes, compared with 76 thousand tonnes in 9M 2025.

Pål Kildemo, Chief Financial Officer of Emirates Global Aluminium, said: "We have acted decisively to protect EGA's financial strength. Najah 2.0 and our dedicated cash preservation programme together delivered $213 million of value in the first nine months, and we are strengthening Najah further to embed lasting improvements in cost and performance. Our robust balance sheet and strong liquidity allow us to complete the restoration of Al Taweelah while continuing to pursue disciplined strategic growth, from the acquisition of Eco Green to the licensing of our technology to NALCO. While the aluminium market remains undersupplied today, we expect it to move towards a more balanced position in 2027, and our focus on cost discipline and cash generation will ensure EGA is well prepared for that environment."

EGA's balance sheet remains strong, with net debt to adjusted EBITDA of 1.5x and total liquidity of $2.93 billion. As of 30 September 2026, the company held cash and term deposits of $1.93 billion (AED 7.07 billion), alongside an undrawn revolving credit facility of $1.0 billion (AED 3.67 billion).

Building on more than 30 years of in-house development in the UAE, EGA continued to advance and commercialise its proprietary smelting technology.

During the restoration process, EGA accelerated the implementation of a pilot of its new E40 technology, an upgrade of its existing DX technology, on 13 reduction cells at Al Taweelah. If successful, E40 could be rolled out across 808 DX cells, enabling EGA to add 52 cells within the existing power supply and increase hot metal production by up to 67 thousand tonnes per year, around 2.5 per cent of EGA's primary production capacity. The technology could also reduce net specific energy consumption and associated carbon dioxide emissions from power generation by approximately six per cent per tonne of metal produced.

In September 2026, EGA signed an agreement with India's National Aluminium Company (NALCO) to license its DX+ Ultra technology for NALCO's 500 thousand tonnes per year brownfield smelter expansion in Odisha. EGA will provide its technology, know-how and technical support for the project, further strengthening EGA's position as a global provider of aluminium smelting technology.

As EGA progresses its long-term decarbonisation strategy, carbon capture is being explored as a potential pathway to address hard-to-abate emissions from aluminium smelting. During the period, installation and commissioning activities were underway for a pilot plant at the Jebel Ali fume treatment plant. The next phase R&D programme will assess the potential of various materials to capture CO2 under real smelter operating conditions and identify the most promising pathways for further development.

The average London Metal Exchange aluminium price was $3,328 per tonne in 9M 2026, up from $2,566 per tonne in 9M 2025.

Regional premiums rose sharply in 9M 2026, more than doubling year-on-year in Japan, Europe and the United States.

In Japan, the MJP index averaged around $294 per tonne in 9M 2026 compared with around $135 per tonne in 9M 2025.

In Europe, the MB premium averaged around $429 per tonne in 9M 2026 compared with around $192 per tonne in 9M 2025. 

In the United States, the MW premium averaged around $2,409 per tonne in 9M 2026 compared with around $1,100 per tonne in 9M 2025.

Cash flow from operations was $613 million (AED 2,251 million), compared with $1,422 million (AED 5,222 million) in 9M 2025. The decrease reflected lower adjusted EBITDA generation and higher working capital requirements, including increased finished metal inventories and a strategic build-up of raw materials to support operational resilience. EGA expects this working capital to be progressively released as Al Taweelah production and export capacity recover, supporting stronger cash generation. 

Total debt was $4.9 billion (AED 18.1 billion) in 9M 2026 compared with $3.5 billion (AED 12.7 billion) in 9M 2025.