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.

Financial highlights

• 2025 revenue increased 19% to $10.3 billion; EBITDA grew 30% to $4.3 billion year-over-year.

• Q4 2025 revenue rose 7% year-over-year to $2.8 billion; Q4 EBITDA up 30% to $1.3 billion.

• Sustaining free cash flow (ex working capital) up 30% to $2.9 billion for FY25; Q4 sustaining free cash flow $1.3 billion.

• Net debt to EBITDA declined to 1.3x from 1.7x last year.

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

Outlook and guidance

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

• 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 $1,380–1,500/oz; total CapEx for 2026 projected at ~$4.2 billion, with $400 million for exploration.

• Continued focus on growth projects, including Phosphate 3, Ar Rjum, and aluminum recycling.