Emirates Global Aluminium (EGA) expanded its adjusted EBITDA margin to 30% in the first nine months of 2026, despite disruption caused by the conflict in the Gulf.
Its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) was $1,572 million (AED 5,773 million), down 10% compared with $1,738 million (AED 6,383 million) in the first nine months of 2025.
It said higher aluminium prices, a stronger value-added product mix and focused cost controls largely offset a 36% reduction in sales volumes.
The adjusted EBITDA margin improved to 30% the first nine months of this year compared with 28% in the same period last year.
Value-added products increased to 88% of sales, from 83% compared to the same period in 2025 as EGA prioritised higher-margin products for available metal.
Adjusted net profit decreased by 9% to $744 million (AED 2,734 million), compared with $817 million (AED 3,000 million) in the first nine months of 2025.
Reported net profit was $547 million (AED 2,009 million) in the first nine months of this year, with a net impact of $197 million (AED 725 million) related to the attack on its site earlier this year.
Revenue decreased to $5,282 million (AED 19,398 million) from $6,279 million (AED 23,060 million) in 9M 2025, as the impact of lower sales volumes more than offset higher 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, which reflcted the reduced output from Al Taweelah.
Total aluminium sales were down 36% to 1.327 million tonnes in 9M 2026, compared with 2.083 million tonnes in 9M 2025.
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 an agreement in September with Gulftainer to expand aluminium exports from the UAE’s East Coast.
On inbound logistics, EGA has diversified supply routes across alternative regional ports and corridors, to support the availability of raw materials and the ramp-up of the Al Taweelah smelter and alumina refinery.
Restoration of hot metal production at Al Taweelah smelter requires the progressive restart of 1,262 reduction cells.
To date 766, or 61%, of the reduction cells have been restarted. EGA expects to complete the restart of all the cells during Q1 2027.
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 full production is now expected in H2 2027.
Al Taweelah alumina refinery produced 899,000 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% capacity and was then ramped-up in early September to approximately 70%.
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 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.
